BlackRock Q3 earnings top consensus on strong performance fees, technology revenue growth

BlackRock (BLK) stock rose 3.7% in Wednesday premarket trading after the asset manager's Q3 earnings and revenue topped the Wall Street consensus even as its long-term net inflows fell short of the consensus.

Q3 adjusted EPS of $15.93, topping the average analyst estimate of $14.30, jumped from $13.91 in Q2 and $11.55 in last year’s Q3.

Revenue of $7.75B, beating the $7.43B consensus, climbed from $7.08B in the previous quarter and $6.51B a year ago. The 19% year-over-year growth reflected the positive impact of markets, organic base fee growth, higher performance fees, and higher technology services and subscription revenue, the company said.

Q3 long-term net quarterly inflows of $175B, lagging the Visible Alpha consensus of $177B, eased from inflows of $199B in the prior quarter.

"Our track record of strong investment performance drove $66B of active net inflows, led by our fixed income and systematic franchises," said Chairman and CEO Laurence D. Fink. "iShares generated $135B of net inflows, diversified across categories and global product lines."

Total investment advisory, administration fees, and security lending revenue of $6.04B grew from $5.73B in Q2 and $5.05B in Q3 2025.

Technology services and subscription revenue of $588M vs. $566M in the prior quarter and $515M a year ago.

BlackRock’s (BLK) assets under management of $15.49T (vs. $15.53T Visible Alpha consensus) compared with $15.34T at the end of Q2 and $13.46T at the end of Q3 2025.

Q3 total expenses of $5.42B increased $4.62B in the previous quarter and $4.55B in the year-ago period.

Adjusted operating margin of 47.8% vs. 45.9% in the previous quarter and 44.6% a year ago.