BlackRock (BLK) Q1 FY2026 earnings: revenue $6.7 billion, up 27.0% on the year

BlackRock, Inc. (BLK) reported revenue of $6.7 billion for Q1 FY2026, the quarter ended 31 March 2026, up 27.0% on the same quarter a year earlier. Net income was $2.2 billion, up 46.5% on the year, and diluted earnings per share $14.06. The figures are the company's own, from the 10-Q it filed with the SEC on 6 May 2026.

Revenue

$6.7 billion

+27.0% on the year · -4.4% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

42.0%

32.2% a year earlier

Q2 FY2024Q1 FY2026

Net income

$2.2 billion

+46.5% on the year · +96.3% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$14.06

+45.9% on the year · +96.4% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Revenue rose 27% year over year: Total revenue was $6,698 million, against $5,276 million a year earlier. Management attributed the increase to markets, organic base fee growth, HPS Transaction fees and technology revenue.
Diluted EPS as adjusted was $12.53: Diluted EPS as adjusted was $12.53, up 11% from $11.30. Operating income as adjusted rose 31%. Management noted lower nonoperating income, a higher diluted share count and a higher effective tax rate.
About $130 billion of net inflows: Total net inflows for the quarter were about $130 billion, with 8% organic base fee growth. Management said this was its highest first quarter in five years.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	6,698	7,008	5,276	-4.4%	+27.0%
Operating income	2,814	1,661	1,698	+69.4%	+65.7%
Operating margin	42.0%	23.7%	32.2%
Interest expense	134	140	166	-4.3%	-19.3%
Pre-tax income	2,842	1,607	1,763	+76.9%	+61.2%
Income tax	516	372	248	+38.7%	+108.1%
Effective tax rate	18.2%	23.1%	14.1%
Net income	2,212	1,127	1,510	+96.3%	+46.5%
Net margin	33.0%	16.1%	28.6%
Diluted EPS	$14.06	$7.16	$9.64	+96.4%	+45.9%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	-980	2,277	-1,128
Capital expenditure	106	130	78.0	-18.5%	+35.9%
Free cash flow	-1,086	2,147	-1,206
Free cash flow margin	-16.2%	30.6%	-22.9%
Cash from investing	-280	-212	-3,336
Cash from financing	-304	-588	-661
Depreciation and amortisation	380	369	194	+3.0%	+95.9%
Share-based compensation	319	421	241	-24.2%	+32.4%
Buybacks	n/a	n/a	657
Dividends paid	n/a	n/a	838
Dividend per share	$5.73	n/a	$5.21		+10.0%
Diluted shares, weighted	165m	161m	157m	+2.6%	+5.3%
Shares outstanding at period end	155m	155m	155m	+0.2%	+0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	56,688	55,888	48,036	+1.4%	+18.0%
Non-controlling interest	217	227	170	-4.4%	+27.6%
Redeemable equity	n/a	n/a	1,984
Debt	12,749	12,768	12,349	-0.1%	+3.2%
Other liabilities	100,583	101,115	79,403	-0.5%	+26.7%
Total liabilities and equity	170,237	169,998	141,942	+0.1%	+19.9%
Fixed assets	1,279	1,256	1,120	+1.8%	+14.2%
Goodwill	35,296	35,283	28,298	+0.0%	+24.7%
Intangible assets	27,691	27,968	21,850	-1.0%	+26.7%
Securities held for sale or to maturity	495	507	530	-2.4%	-6.6%
Cash and equivalents	9,841	11,468	7,747	-14.2%	+27.0%
Other assets	95,635	93,516	82,397	+2.3%	+16.1%
Total assets	170,237	169,998	141,942	+0.1%	+19.9%

Questions

What was BlackRock's revenue in Q1 FY2026?

BlackRock (BLK) reported revenue of $6.7 billion for Q1 FY2026, the quarter ended 31 March 2026, up 27.0% on the same quarter a year earlier.

How much did BlackRock earn in Q1 FY2026?

Net income for Q1 FY2026 was $2.2 billion, up 46.5% on the year, and diluted earnings per share $14.06.

When did BlackRock report Q1 FY2026 results?

BlackRock filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 6 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	5,106	4,699	4,526	4,311	4,337	4,243	4,463	4,522	4,631	4,728	4,805	5,197	5,677	5,276	5,423	6,509	7,008	6,698	7,084	7,752
Operating income	2,039	1,764	1,668	1,526	1,427	1,438	1,615	1,637	1,585	1,693	1,800	2,006	2,075	1,698	1,731	1,955	1,661	2,814	2,461	2,328
Operating margin	40%	38%	37%	35%	33%	34%	36%	36%	34%	36%	37%	39%	37%	32%	32%	30%	24%	42%	35%	30%
Interest expense	50.0	54.0	54.0	50.0	54.0	59.0	69.0	82.0	82.0	92.0	126	154	166	166	173	135	140	134	134	134
Pre-tax income	2,110	1,626	1,321	1,691	1,652	1,554	1,866	1,808	1,927	1,913	2,014	2,265	2,103	1,763	2,252	1,997	1,607	2,842	2,719	2,644
Tax rate	23%	16%	27%	20%	21%	25%	24%	12%	23%	15%	24%	25%	21%	14%	26%	24%	23%	18%	25%	27%
Net income	1,643	1,436	1,077	1,406	1,259	1,157	1,366	1,604	1,375	1,573	1,495	1,631	1,670	1,510	1,593	1,323	1,127	2,212	1,914	1,659
Net margin	32%	31%	24%	33%	29%	27%	31%	35%	30%	33%	31%	31%	29%	29%	29%	20%	16%	33%	27%	21%
Diluted EPS	$10.64	$9.35	$7.06	$9.25	$8.31	$7.64	$9.06	$10.66	$9.15	$10.48	$9.99	$10.90	$10.64	$9.64	$10.19	$8.43	$7.16	$14.06	$12.19	$10.57
Operating cash flow	1,917	-422	1,645	1,760	1,973	-394	985	1,576	1,998	-408	1,365	1,381	2,618	-1,128	1,364	1,414	2,277	-980	1,227	2,706
Capital expenditure	126	147	116	136	134	81.0	61.0	78.0	124	64.0	7.0	94.0	90.0	78.0	89.0	78.0	130	106	109	101
Free cash flow	1,791	-569	1,529	1,624	1,839	-475	924	1,498	1,874	-472	1,358	1,287	2,528	-1,206	1,275	1,336	2,147	-1,086	1,118	2,605
Buybacks	303	936	507	384	505	721	383	396	384	634	519	391	386	657	396	n/a	n/a	n/a	n/a	n/a
Dividends paid	627	786	737	736	731	796	748	748	743	795	758	757	791	838	808	n/a	n/a	n/a	n/a	n/a
Shares outstanding	152m	152m	151m	150m	150m	150m	149m	149m	149m	149m	148m	148m	155m	155m	155m	155m	155m	155m	155m	155m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 6 May 2026: the filing.