$BLK · BlackRock, Inc.
BlackRock's Q3 FY2026 10-Q shows total revenue of $7.752B, up 19.1% from $6.509B a year earlier, driven by investment advisory and administration fees of $5.783B and performance fees of $630M. Net income attributable to BlackRock was $1.659B (diluted EPS $10.57), up from $1.323B ($8.43) a year ago. Operating margin was 30.0%. A $564M change in fair value of contingent consideration (vs $93M a year ago) weighed on expenses, tied to the HPS acquisition.
- Total revenue $7.752B, +19.1% YoY from $6.509B.
- Net income attributable to BlackRock $1.659B, diluted EPS $10.57 vs $8.43.
- Operating margin 30.0%; operating income $2.328B vs $1.955B.
- Change in fair value of contingent consideration was $564M vs $93M a year ago.
- Nine-month revenue $21.534B vs $17.208B; net income $5.785B vs $4.426B.
Shares rose 5.29% to $1,222.80 on the session, with only +0.15% since filing, suggesting the move was largely priced in ahead of the 10-Q release.
BlackRock delivered double-digit revenue and EPS growth while absorbing a large HPS-related contingent consideration charge, underscoring both scale and acquisition-driven earnings volatility.
BlackRock's 19.1% revenue growth and 30% operating margin reflect continued strength in fee-based asset management, amplified by the HPS acquisition's performance fees and technology/subscription revenue.
The $564M contingent consideration fair-value charge (vs $93M) tied to HPS introduces earnings volatility; a $5.86B contingent consideration liability remains on the balance sheet subject to remeasurement.