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FY2026 Q1
Improving
BlackRock, Inc. earnings call
Buzzberg read
Record Q1 inflows of $130 billion and 8% organic base fee growth.
BlackRock reported a standout Q1 2026 with $6.7bn revenue, $12.53 EPS, 44.5% operating margin, and $130bn net inflows. Organic base fee growth hit 8% (Q1) / 10% (TTM). Management emphasized strong wealth and institutional momentum, private markets infrastructure build-out, and the DOL proposal as a catalyst for retirement. No cross-company mentions were made; the call focused entirely on BlackRock's own performance and secular trends. Revenue $6.7bn (+27% YoY), EPS $12.53 (+11% YoY), operating margin 44.5% (+130bps).
Buzzberg read Record Q1 inflows of $130 billion and 8% organic base fee growth. BlackRock reported a standout Q1 2026 with $6.7bn revenue, $12.53 EPS, 44.5% operating margin, and $130bn net inflows. Organic base fee growth hit 8% (Q1) / 10% (TTM). Management emphasized strong wealth and institutional momentum, private markets infrastructure build-out, and the DOL proposal as a catalyst for retirement. No cross-company mentions were made; the call focused entirely on BlackRock's own performance and secular trends. Revenue $6.7bn (+27% YoY), EPS $12.53 (+11% YoY), operating margin 44.5% (+130bps). Read full analysisCollapse analysis
BlackRock reported a standout Q1 2026 with $6.7bn revenue, $12.53 EPS, 44.5% operating margin, and $130bn net inflows. Organic base fee growth hit 8% (Q1) / 10% (TTM). Management emphasized strong wealth and institutional momentum, private markets infrastructure build-out, and the DOL proposal as a catalyst for retirement. No cross-company mentions were made; the call focused entirely on BlackRock's own performance and secular trends. Revenue $6.7bn (+27% YoY), EPS $12.53 (+11% YoY), operating margin 44.5% (+130bps).
- Record Q1 ETF inflows of $132bn, led by international iShares and active ETFs.
- Appirio direct indexing hit a record $13bn quarterly inflows; SpiderRock $1bn.
- Private markets: $9bn net inflows; GIP5 closed above $25bn target; HPS integration ahead of expectations.
Revenue$6.698B-4% QoQ
EPS$12.53-5% QoQ
Gross margin48.01%Reported
Operating margin33.76%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Demand
Active ETF AUM quadrupled in two years, exceeding $110 billion.
Private Markets
GIP5 closed above target, majority committed via TCR, AES, Aligned.
Show 3 more callouts
Margins
Firm targets 45%+ margin; recurring fee margin to exceed 50%.
Regulation
DOL rule expected to unlock private assets in 401(k)s.
Private Credit
Private credit spreads widening 25-50 bps, presenting opportunities.
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $6.698B | -4% QoQ |
| EPS | $12.53 | -5% QoQ |
| Gross margin | 48.01% | Reported |
| Operating margin | 33.76% | Reported |
| Free cash flow | $-1.194B | Reported |
| Capex | $0.106B | Reported |
AI, capex & demand read
Management read
Confident
Management repeatedly emphasizes strong momentum, record inflows, broad-based growth, and expanding margins, framing market volatility as an opportunity to gain share.
Management AI read
Management notes both excitement and anxiety about AI's impact on day-to-day lives and business models, and sees AI reshaping how we live and work. They also highlight client demand to harness AI, decades of proprietary data, and BlackRock's track record of quantitative rigor in investment performance. AI is not a core revenue driver discussed explicitly.
Methodology & coverage
Management-only analysis. All 0 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.