BlackRock Surpasses Wall Street Expectations with 25% Revenue Jump in Q3
BlackRock reported a 25% increase in Q3 revenue, reaching $6.51 billion, driven by massive inflows into iShares ETFs. The growth was fueled by crypto's rally, alongside steady cash management and private market activity. Adjusted earnings per share stood at $11.55, outperforming the $11.19 consensus estimate.
Organic base fee growth hit 10% annualized, with systematic active equity, outsourced mandates, and private markets leading the charge. Technology subscriptions and new fee revenues from HPS and GIP transactions also contributed. However, GAAP operating income fell 3% to $1.96 billion due to non-cash acquisition-related charges.
Assets under management climbed 17% to $13.46 trillion, with ETFs pulling in $153 billion. Institutional index flows, however, declined again. The firm's performance underscores the growing influence of crypto and ETFs in global finance.
