BlackRock ended the second quarter of 2026 with $15.34 trillion in assets under management, establishing a new high after strong financial markets and $191.7 billion of net client inflows expanded the company’s investment base. The June 30 total was 22% above the $12.53 trillion managed a year earlier and approximately $1.45 trillion higher than at the end of the first quarter.

The increase reflected both organic growth and a substantial market contribution. BlackRock recorded $199.1 billion of long-term net inflows, partly offset by $7.4 billion of cash-management outflows. Market movements added approximately $1.28 trillion during the quarter, while foreign-exchange changes reduced assets by $18.1 billion and private-market realizations removed another $7.2 billion.

The combination illustrates the operating leverage available to a global asset manager when financial markets rise while clients continue adding capital. Higher asset values increase the base on which BlackRock collects investment advisory and administration fees, while new inflows provide a more durable source of growth than market appreciation alone.

Revenue increased 31% from a year earlier to $7.08 billion. BlackRock attributed the gain to stronger markets, organic base-fee growth, performance fees, technology revenue and contributions associated with its HPS transaction. Investment advisory, administration and securities-lending revenue rose to $5.73 billion from $4.45 billion in the second quarter of 2025.

Performance fees more than tripled to $305 million from $94 million, adding another source of earnings growth. Technology services and subscription revenue, which includes the Aladdin investment-management platform, increased 13% to $566 million. Annual contract value for technology services and subscriptions grew 15%, according to management, as institutions continued adopting BlackRock’s risk, data and portfolio-management tools.

On a generally accepted accounting principles basis, operating income climbed 42% to $2.46 billion. Adjusted operating income, which excludes acquisition-related and other specified items, rose 39% to $2.92 billion. The adjusted operating margin expanded to 45.9% from 43.3% a year earlier and 44.5% in the first quarter.

The margin was BlackRock’s highest in almost five years, according to the company. Its expansion indicates that revenue growth outpaced adjusted operating costs despite higher compensation, distribution expenses and investment associated with integrating acquired businesses. Employee compensation and benefits increased to $2.27 billion from $1.76 billion, reflecting the larger organization and stronger operating performance.

Net income attributable to BlackRock rose 20% to $1.91 billion on a GAAP basis. Diluted earnings per share increased to $12.19 from $10.19. Adjusted net income advanced 22% to $2.29 billion, and adjusted diluted earnings per share rose 15% to $13.91 from $12.05, exceeding widely followed analyst estimates.

The slower percentage increase in adjusted earnings per share compared with adjusted net income reflected a higher diluted share count. Weighted-average diluted shares, including units issued in connection with BlackRock’s expanded private-markets platform, increased 5% to 164.6 million. The effect was partly countered by the company’s continuing repurchase program.

BlackRock bought back $450 million of shares during the quarter and said it planned to increase quarterly repurchases to $550 million. Chairman and Chief Executive Laurence Fink said the higher authorization would bring planned repurchases for 2026 to approximately $2 billion. The increased capital return follows stronger margins and a significant increase in recurring fee revenue.

The strongest source of client demand remained the company’s ETF business. BlackRock recorded $177.9 billion of ETF inflows in the quarter, bringing first-half ETF inflows to $310 billion. ETF assets reached $6.25 trillion at June 30, representing 41% of total company assets and 45% of quarterly base-fee and securities-lending revenue.

Fink said the iShares platform had doubled its assets in approximately three years. Equity ETFs gathered $110 billion during the quarter, while fixed-income ETFs attracted $66.4 billion. Multi-asset ETFs added $5.6 billion. Those gains were partially offset by $3.1 billion of digital-asset ETF outflows and nearly $1 billion of commodity-product withdrawals.

ETF flows accounted for most of BlackRock’s quarterly net subscriptions, but the company’s active business also delivered a meaningful contribution. Active strategies attracted $53.3 billion, including $43.8 billion from institutional clients. Management highlighted active fixed income, systematic equities and liquid alternatives as areas of accelerating demand.

The active result is significant because active products generally carry higher fee rates than large institutional index mandates. Active assets represented 24% of long-term assets under management but generated 42% of long-term base fees during the quarter. ETFs produced another 45% of those fees, while non-ETF index products represented 28% of long-term assets but only 7% of base-fee revenue.

That contrast helps explain why the company’s revenue and margins remained strong even though institutional index strategies experienced $41.5 billion of net outflows. BlackRock also reported $32.1 billion of overall non-ETF index withdrawals. The outflows were more than offset by growth in ETFs, active products and other higher-fee categories.

Fixed income produced the largest asset-class contribution to net flows, gathering $92.1 billion. Equity strategies attracted $71.6 billion, and multi-asset portfolios added $16.8 billion. Alternatives received $22 billion, including $15.4 billion in private markets and $6.6 billion in liquid alternatives.

Private-market assets reached $329.1 billion at the end of the quarter and generated $639 million of base fees, equal to 11% of BlackRock’s companywide base-fee and securities-lending revenue despite accounting for only about 2% of total assets. The difference demonstrates the higher fee rates associated with private credit, infrastructure and other alternative investments.

BlackRock has been building that business through acquisitions and fundraising as it seeks a larger position in private credit, infrastructure and private-market data. The integration of HPS is intended to broaden the company’s credit capabilities and deepen its relationships with institutional and wealth-management clients. Revenue associated with the transaction contributed to the year-over-year increase, while acquisition-related amortization and other expenses affected the difference between GAAP and adjusted results.

Liquid alternatives also delivered a strong quarter. BlackRock reported a record $7 billion of inflows into those strategies, while assets increased to $120.3 billion. Systematic equity performance remained another supportive factor: 86% of applicable systematic equity assets were above their benchmark or peer median over one year, rising to 92% over three years and 93% over five years.

Active fixed-income performance was also broadly favorable. At June 30, 85% of taxable fixed-income assets were above their benchmark or peer median over one year, while 86% were ahead over three years and 83% over five years. Stronger investment performance can support retention, new mandates and performance-fee opportunities, although BlackRock noted that the figures were based on preliminary data and did not predict future results.

Regional flows were concentrated in the Americas, which attracted $152 billion of long-term net inflows during the quarter. Europe, the Middle East and Africa added $55 billion, while Asia-Pacific recorded $8 billion of net outflows. For the first half, Americas inflows reached $275 billion and EMEA inflows totaled $68 billion, while Asia-Pacific remained negative by $8 billion.

Retail clients contributed $18.9 billion of quarterly long-term inflows, including $13 billion in the United States and $6 billion internationally. Retail assets ended the quarter at approximately $1.4 trillion. The figures point to broad participation across distribution channels, although ETFs and institutional active mandates accounted for most of the quarter’s overall growth.

BlackRock’s first-half net inflows reached a record $321 billion, more than double the level recorded in the comparable period of 2025. Over the 12 months ended June 30, clients added $868 billion, producing 10% organic base-fee growth. Second-quarter flows generated an annualized organic base-fee growth rate of 8%, above the company’s long-term target.

The results strengthen BlackRock’s position as a diversified provider spanning public-market funds, private investments and financial technology. The company is no longer relying exclusively on the expansion of low-cost index products. Active portfolios, private markets, performance fees and Aladdin subscriptions are becoming increasingly important to its revenue mix, even as iShares continues to supply the majority of net flows.

Investors responded positively to the earnings release. BlackRock shares rose 6.6% on July 15, their largest one-day increase in more than a year, after the company surpassed profit and revenue expectations. The advance also contributed to gains in the broader financial sector during a session supported by generally strong corporate earnings.

The market reaction reflected more than the headline increase in assets. Analysts and investors focused on the quality of the flows, stronger active demand, margin expansion and the higher repurchase plan. BlackRock’s ability to absorb institutional index withdrawals while still producing nearly $200 billion of long-term inflows demonstrated the breadth of its product platform.

The principal earnings sensitivity remains the level of global asset prices. More than $1.28 trillion of the quarterly AUM increase came from market appreciation, far exceeding the contribution from net inflows. A reversal in equity or bond markets would reduce reported assets and the fee base, even if underlying client subscriptions remained positive.

Execution in private markets is another central consideration. Acquisitions have increased BlackRock’s revenue opportunities but have also expanded amortization expense, integration requirements and the diluted share count. Management will need to demonstrate that private-credit and infrastructure growth can generate sufficient fees and investment performance to offset those costs over time.

For the second quarter, however, the operating indicators moved in BlackRock’s favor. Assets, revenue, operating income and adjusted net income all reached elevated levels; organic base-fee growth exceeded the company’s target; and the adjusted margin approached 46%. The higher buyback plan reinforces management’s view that earnings growth and cash generation can remain durable.

BlackRock’s record $15.3 trillion asset total therefore represents more than a market-driven milestone. The quarter showed that the company is attracting capital across ETFs, active fixed income, systematic strategies, liquid alternatives and private markets while expanding technology revenue. Whether that momentum persists will depend on market conditions, investment performance and the successful integration of its broader private-markets franchise.