Demand
← Отчётные звонки
01
02
03
04 05 06
Тон
AI
BLK
FY2026 Q1
Улучшается
Отчётный звонок BlackRock, Inc.
Вывод Buzzberg
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).
Вывод Buzzberg 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). Читать полный анализСвернуть анализ
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.
Выручка$6.698B-4% к/к
EPS$12.53-5% к/к
Валовая маржа48.01%Факт
Операционная маржа33.76%Факт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Demand
Active ETF AUM quadrupled in two years, exceeding $110 billion.
Private Markets
GIP5 closed above target, majority committed via TCR, AES, Aligned.
Показать ещё 3 тезиса
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.
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| Выручка | $6.698B | -4% к/к |
| EPS | $12.53 | -5% к/к |
| Валовая маржа | 48.01% | Факт |
| Операционная маржа | 33.76% | Факт |
| Свободный денежный поток | $-1.194B | Факт |
| Капзатраты | $0.106B | Факт |
AI, капзатраты и спрос
Оценка менеджмента
Confident
Management repeatedly emphasizes strong momentum, record inflows, broad-based growth, and expanding margins, framing market volatility as an opportunity to gain share.
Оценка AI от менеджмента
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.
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 0. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.