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FY2026 Q2
Improving
BlackRock, Inc. earnings call
Buzzberg read
Record $868B net inflows, 10% organic base fee growth
BlackRock reported record Q2 2026 results with $7.1bn revenue, $13.91 EPS, 45.9% operating margin, and $192bn in net inflows. Management highlighted strong momentum in private markets, tokenization, and technology, raised share repurchases to $550mn/quarter, and expressed high optimism for future growth. Record first-half net inflows of $868bn and 8% organic base fee growth in Q2.
Buzzberg read Record $868B net inflows, 10% organic base fee growth BlackRock reported record Q2 2026 results with $7.1bn revenue, $13.91 EPS, 45.9% operating margin, and $192bn in net inflows. Management highlighted strong momentum in private markets, tokenization, and technology, raised share repurchases to $550mn/quarter, and expressed high optimism for future growth. Record first-half net inflows of $868bn and 8% organic base fee growth in Q2. Read full analysisCollapse analysis
BlackRock reported record Q2 2026 results with $7.1bn revenue, $13.91 EPS, 45.9% operating margin, and $192bn in net inflows. Management highlighted strong momentum in private markets, tokenization, and technology, raised share repurchases to $550mn/quarter, and expressed high optimism for future growth. Record first-half net inflows of $868bn and 8% organic base fee growth in Q2.
- Operating margin expanded 260bps YoY to 45.9%, with recurring FRE margin at 46.5%.
- Private markets flywheel accelerating: $15bn net inflows, $6bn private credit deployment, and major infrastructure transactions including the take private of AES.
- iShares ETFs gathered $178bn in Q2, with active ETFs at $20bn; European iShares crossed $1.5tn AUM.
Revenue$7.084B+6% QoQ
EPS$13.91+11% QoQ
Gross margin82%Reported
Operating margin35.69%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Margins
Operating margin 45.9%, highest in nearly five years
Demand
iShares $178B net inflows in Q2, record first half
Show 3 more callouts
Capital return
Increasing share repurchases to at least $550M per quarter
Other
Largest data center infrastructure transaction announced
Other
Filed for tokenized money market funds on Ethereum
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $7.084B | +6% QoQ |
| EPS | $13.91 | +11% QoQ |
| Gross margin | 82% | Reported |
| Operating margin | 35.69% | Reported |
| Net income | $1.914B | -13% QoQ |
AI, capex & demand read
Management read
confident
Management expressed strong confidence throughout the call, driven by record net inflows, organic growth, margin expansion, and accelerating momentum; no shift from prior optimistic stance.
all 1 named companies below
Companiesreturns since call
Investees
Investees
Martin S. Small
BlackRock, through its infrastructure platform, is acquiring AES, signaling a major bet on utility-scale energy and grid infrastructure, which may affect AES's capital structure and operations.
Evidence
“We announced the planned acquisitions, the take private of AES.”
Methodology & coverage
Management-only analysis. All 1 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.