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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Mike Cyprys | Morgan Stanley | 7 (0%) |
| Alex Blostein | Goldman Sachs | 7 (0%) |
| Craig Siegenthaler | Bank of America | 7 (0%) |
| Brian Bedell | Deutsche Bank | 5 (0%) |
| Mike Brown | UBS | 5 (20%) |
| Dan Fannon | Jefferies | 5 (0%) |
| Ben Budish | Barclays | 4 (0%) |
| Patrick Davitt | Autonomous Research | 3 (0%) |
| Ken Worthington | JPMorgan | 3 (0%) |
| Bill Katz | TD Cowen | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 1 | 7 (0%) |
| Bank of America | 1 | 7 (0%) |
| Morgan Stanley | 1 | 7 (0%) |
| UBS | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $5.68B | +22.6% | $10.64 | +16.3% | 36.6% | 29.4% |
| FY2025 Q1 | $5.28B | +11.6% | $9.64 | -8.0% | 32.2% | 28.6% |
| FY2025 Q2 | $5.42B | +12.9% | $10.19 | +2.0% | 31.9% | 29.4% |
| FY2025 Q3 |
| 5 (20%) |
| Deutsche Bank | 1 | 5 (0%) |
| Jefferies | 1 | 5 (0%) |
| Barclays | 1 | 4 (0%) |
| Autonomous Research | 1 | 3 (0%) |
| $6.51B |
| +25.2% |
| $8.43 |
| -22.7% |
| 31.4% |
| 20.3% |
| FY2025 Q4 | $7.01B | +23.4% | $7.16 | -32.7% | 23.7% | 16.1% |
| FY2026 Q1 | $6.70B | +27.0% | $14.06 | +45.9% | 33.8% | 33.0% |
| FY2026 Q2 | $7.08B | +30.6% | $12.39 | +21.6% | 42.5% | 28.8% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Revenue rose 27% year over year to $6.7 billion and as-adjusted earnings per share of $12.53 was 11% higher, as $130 billion of net inflows drove 8% organic base fee growth, BlackRock's seventh consecutive quarter at or above 5%. Record first-quarter ETF net inflows of $132 billion, a record $13 billion into Aperio, and contributions of roughly $230 million in base fees from HPS and about $65 million of revenue from Preqin lifted as-adjusted operating margin 130 basis points to 44.5%. Management pointed to accelerating institutional private credit demand, with new direct lending quoted 25 to 50 basis points wider than the fourth quarter, and to the Department of Labor's proposed rule opening the $14 trillion 401(k) channel to private assets. Against that, March 2026 was the worst month for broad markets since September 2022, and management reiterated a 45% or greater margin target and at least $450 million of quarterly share repurchases consistent with January guidance.
Demand | Product Launch | M&A | Competitive Dynamics | Capital Allocation | Regulation Policy | Revenue Growth | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 2 | 1 | 3 | 2 | 1 | ||
| 2025Q1 | 2 | 2 | 1 | 2 | 1 | 1 | ||
| 2025Q2 | 4 | 1 | 3 | 2 | 1 | 1 | 1 | |
| 2025Q3 | 3 | 3 | 3 | 2 | 1 | 2 | ||
| 2025Q4 | 5 | 1 | 1 | 1 | 1 | |||
| 2026Q1 | 2 | 1 | 1 | 3 | 1 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 3 | 2 | 4 | 3 | 5 | 2 |
| Product Launch | 2 | 2 | 1 | 3 | 1 | 1 |
| M&A | 1 | 1 | 3 | 3 | 1 | |
| Competitive Dynamics | 2 | 2 | 1 | 3 | ||
| Capital Allocation | 3 | 1 | 2 | 1 | ||
| Regulation Policy | 2 | 1 | 1 | 1 | 1 | |
| Revenue Growth | 1 | 2 | 2 | |||
| Margin | 1 | 1 | 1 | 1 |
What BLK and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“includes some of the world's largest asset managers, including Apollo Funds, Arc Invest, BlackRock, Janus Henderson Investors”
BlackRock participated as a strategic investor in Circle's Arc token presale.
“Frankly, BlackRock is the most recent win we have had; it is far from the only one.”
BlackRock awarded Citi a large securities-services / middle-office ETF servicing mandate, a read-through that BlackRock is outsourcing servicing to Citi's Services franchise.
“we will expand access to the Nasdaq-100 later in the spring with 2 new carefully selected partners, BlackRock and State Street, while continuing to work closely with our long-standing partner, Invesco.”
Nasdaq is licensing its flagship Nasdaq-100 index to BlackRock as a new ETF distribution partner, expanding reach into BlackRock's institutional and retail investor base.
“BlackRock’s is a $14 billion credit ETF, and STRC is the number two holding.”
STRC is the number two holding in BlackRock's $14 billion credit ETF, a read-through on the composition of BlackRock's credit ETF and its exposure to Strategy's digital-credit product.
“long-standing and continuously growing partnership with NASDAQ”
BlackRock is expanding its index-licensing partnership with Nasdaq, filing for a U.S. NASDAQ 100 iShares ETF and already being the largest manager of NASDAQ 100 ETFs outside the U.S.
“GIP V closed above its $25 billion target and is already majority committed through recently announced deals like TCR, AES, and Aligned”
AES is named as one of the recently announced deals BlackRock's GIP V infrastructure fund is committing capital to, a read-through on infrastructure/power M&A involving AES.
“The combinations of GIP and HPS with BlackRock, Inc. are surpassing the highest expectations we underwrote”
BlackRock's acquired infrastructure arm Global Infrastructure Partners is deploying its GIP V fund ahead of plan, with the integration exceeding underwriting expectations.
“a full-quarter impact of the Preqin transaction which closed on March 3, 2025”
BlackRock's acquisition of private-markets data provider Preqin added about $65 million of revenue and is positioned as core to its private-credit benchmarking and Aladdin data offering.
“the closing of the HPS transaction on July 1, 2025”
BlackRock closed its acquisition of private-credit manager HPS, which contributed roughly $230 million of base fees and performance fees this quarter and is described as accelerating within BlackRock.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BLK BlackRock | 9 | +26.9% | |
| AMP Ameriprise Financial | 8 | +9.0% | |
| ARES Ares Management Corporation | 9 | +40.8% | |
| BEN Franklin Resources | 8 | +8.7% | |
| BNY BNY Mellon | 9 | +2.2% | |
| BX Blackstone Inc. | 8 | +39.3% | |
| IVZ Invesco | 8 | +14.1% | |
| KKR KKR | 7 | +31.0% | |
| NTRS Northern Trust | 9 | +7.8% | |
| STT State Street Corporation | 9 | +2.2% | |
| TROW T. Rowe Price | 6 | +5.3% |