NEW YORK, July 16, 2026, 11:26 a.m. EDT
- NYSE regular trading session was open. BlackRock traded up 1.1% at $1,105.12 as of 11:10 a.m. EDT.
- Early numbers show market gains made up roughly 89% of second-quarter AUM growth.
- Active strategies made up 24% of AUM but brought in 42% of base-fee and lending revenue.
BlackRock (NYSE: BLK) was up 1.1% at $1,105.12 late this morning, building on a 6.6% move after earnings Wednesday. The S&P 500 slipped.
Investors looked at fee growth instead of the all-time high in assets. The firm closed June with $15.34 trillion under management.
Market gains accounted for $1.284 trillion out of the $1.45 trillion increase for the quarter. That makes up roughly 89%, according to a preliminary estimate.
Net inflows boosted the total by about 13%. Currency moves and investment sales reduced that gain.
The more solid number was 8% organic base-fee growth. Active products made up 24% of assets but accounted for 42% of base-fee and lending revenue. Non-ETF index mandates had 28% of assets and brought in just 7%.
| Investment style | Q2 net flows | Share of AUM | Share of base-fee and lending revenue |
|---|---|---|---|
| Active | $53.3 billion came in | 24% | 42% |
| ETFs | $177.9 billion in inflows | 41% | 45% |
| Non-ETF index | -$32.1 billion outflow | 28% | 7% |
Numbers are for the second quarter, as reported by the company. Figures are rounded percentages.
Active assets brought in a lot more fee revenue per dollar. Early estimates show the ratio is about seven times that of non-ETF index assets.
Active funds pulled in $53.3 billion. Non-ETF index funds had $32.1 billion in outflows. So, the scale of withdrawals likely hurt fees less than the totals might show.
ETFs again led the way in trading volume. They pulled in $177.9 billion, making up roughly 93% of net inflows. BlackRock finished June with $6.25 trillion in ETF assets.
Private markets brought in $15.4 billion more. They made up 2% of assets under management but 11% of base-fee and lending revenue. HPS added about $230 million in fees for the quarter.
Adjusted earnings came in at $13.91 per share, beating the $12.59 average estimate. Revenue was up 31% to $7.08 billion. Adjusted margin hit 45.9%, the best level in nearly five years.
BlackRock CEO Larry Fink said “demand is building across our active franchise.” The firm now plans $2 billion in 2026 buybacks, up from $1.8 billion.
There are clear risks. If the market pulls back, asset values and fees get hit. Active demand might slow, too. Higher-margin bets in private credit could see pressure.
The stock is up for a second day, a sign investors have more earnings confidence. Next up is to see if active and private buy flows stick around.
