BlackRock's assets hit record $15.34 trillion on buoyant markets and ETF inflows

BlackRock, the world's largest asset manager, closed the second quarter of 2026 with assets under management surpassing $15 trillion for the first time. The firm reported $15.34 trillion at 30 June, a 22% jump from $12.53 trillion a year earlier and a 10% sequential rise from $13.89 trillion on 31 March, as equity markets rallied and clients added $192 billion in net new money.

Assets and flows reach new peaks

Net inflows of $192 billion in the quarter compared with $68 billion in the same period of 2025 and $130 billion in the first three months of the year. For the first half, net new money totalled $321 billion, more than double the figure for the first half of 2025. Long-term funds alone gathered $199 billion, beating a consensus estimate of $170 billion, according to Il Messaggero. Within the quarter, equity products drew $71.6 billion of net flows and fixed income accounted for $92 billion.

The iShares ETF franchise remained the main engine. Active management funds added a further $53 billion, and overall organic fee growth, which strips out market effects, reached 8 percent, above the company's own 5 percent target.

Profit and revenue surge

Revenue jumped 31% year over year, while operating profit rose 42% on a reported basis and 39% on an adjusted basis. Operating margin widened to 45.9%, the highest in five years, Il Sole 24 Ore noted. Net income was $1.9 billion, up 20% from the prior-year quarter. Diluted earnings per share were $12.19 on a GAAP basis and $13.91 after adjustments for one-off items, comfortably ahead of analyst forecasts that ranged from $12.59 to $12.68, depending on the data provider. The S&P 500 index surged 15% during the quarter, its best quarterly performance since 2020, Reuters reported, lifting both passive and active portfolios.

Fink points to accelerating momentum

CEO Larry Fink told shareholders the results reflected more than market tailwinds.

Market fundamentals are strong and well supported, with higher margins and earnings momentum catalysed by new technology. The scale and depth of our client relationships globally have never been greater.

He later told analysts, "our momentum is accelerating and I have never been more optimistic about future growth," as reported by Il Sole 24 Ore. The firm said active assets of $3.7 trillion now generate 42% of total fee income, while passive assets of $4.4 trillion contribute only 7%. Technology services and subscription revenues, led by the Aladdin platform, rose 13%.

Private markets expansion attracts scrutiny

BlackRock's $28 billion acquisition spree (Global Infrastructure Partners, HPS Investment Partners, and data firm Preqin) has boosted its presence in alternative assets. Yet the private credit industry is facing greater regulatory and investor scrutiny. The HPS Corporate Lending Fund, a retail-focused vehicle, saw slowing inflows and elevated redemption requests in recent months, the articles noted, amid broader worries about lending standards and potential AI-driven disruption at software borrowers.

Stock jumps, buybacks raised

BlackRock shares rose as much as 8.3% on 15 July, the largest one-day gain since April 2025. The company increased its full-year share repurchase plan to $2 billion, up from $1.8 billion, and set a quarterly buyback pace of $550 million. It had already repurchased $450 million of stock in the second quarter.