Haverhill Financial Research · News · October 14, 2026
The short version
BlackRock ended September with $15.5 trillion of client money, up 15% from a year ago, after taking in $205 billion of net new assets in the quarter. Revenue rose 19% to $7.75 billion and, on the company's adjusted basis, earnings rose 38% to $15.93 a share. The more telling number is the margin: adjusted operating margin widened to 47.8% from 44.6%.
The numbers
| Measure | Q3 2026 | Change |
|---|---|---|
| Assets under managementPeriod end | $15.49T | +15% |
| Total net inflows | $205.5B | $204.6B a year ago |
| Organic base fee growthAnnualized | 11% | 10% a year ago |
| Revenue | $7.75B | +19% |
| Operating margin, as adjustedGAAP margin 30.0% | 47.8% | 44.6% a year ago |
| Diluted earnings per share, as adjustedGAAP $10.57, +25% | $15.93 | +38% |
| Technology services revenueIncludes Aladdin | $588M | +14% |
| Performance fees | $630M | +22% |
| Share repurchases | $550M | $375M a year ago |
Net inflows by type, third quarter 2025 and 2026. Source: BlackRock earnings releases.
Where the money came from
ETFs still lead, just less so. Exchange-traded funds took in $134.5 billion, down from a record $153 billion a year ago. Long-term funds overall brought in $174.8 billion, and cash management added $30.7 billion.
Private markets are growing. Net inflows there rose to $15.3 billion from $13.2 billion, and private markets assets now total $336 billion. These products charge much higher fees than index funds, which helps explain why base fees grew 11% even though total flows were flat.
Technology keeps compounding. Technology services revenue, which includes the Aladdin platform BlackRock sells to other investors, rose 14% to $588 million, and annual contract value rose 12%.
What we will be watching
The fourth quarter. It is usually BlackRock's strongest for flows, and chief executive Larry Fink said the firm is heading into it with momentum.
Private markets fundraising. Management cites $68 billion raised over the past year, which isn't the same as the $52.5 billion of net inflows in the table. We'll watch both.
Margins. A 320 basis point gain in a year is large. Holding it depends on markets staying firm.
Our take
Flows were flat on a year ago, yet revenue and earnings grew sharply. That is the story BlackRock has been telling: a growing share of its money is in higher-fee private funds and technology, so each dollar of assets earns more. This quarter backs that up.
Sources and disclosures
Every company figure comes from BlackRock's third-quarter 2026 earnings release and supplement, furnished to the SEC on Form 8-K, and its third-quarter 2025 release for prior-year flows by type.
Disclosures. Haverhill Financial Research is a publisher of general financial commentary. This article is not personalized investment advice and does not consider any reader's financial situation; readers should do their own research. Nothing here is a recommendation to buy or sell any security. Company figures and guidance can change. The author of this post does not hold positions in BlackRock or the other companies named. Data as of October 14, 2026.
