Blackrock Inc.

Strong growth + margin expansion (core “earnings power”): Q3’26 delivered $205B net inflows and 11% organic base fee growth (9th consecutive quarter ≥5% and 5th consecutive quarter ≥8%). Revenue $7.8B (+19% YoY), operating income $3.3B (+27%), EPS $15.93 (+38%). Operating margin: 47.8% (+320 bps YoY). Management emphasized that this is supported by the integrated platform (GIP/HPS/Preqin) and broad-based client activity across public/private/technology.

Outlook: continued high momentum and “all-weather” mix (expectations for fees and spend): Management framed client demand as shifting from inflation uncertainty to AI/technology opportunities, infrastructure, and income investing. They reiterated an expectation that organic base fee durability should remain roughly in a 6–8% sustainable band, with ability to run higher in strong activity periods. They also expect full-year G&A to increase mid-single digits, after annualizing HPS and Preqin impacts, and estimated Q4’26 adjusted tax rate ~25% (with variability risk from discrete/non-recurring items).

Flows mix signals where growth is coming from (and where it could stay resilient): In Q3, ETFs generated $135B net inflows, including $61B index bond ETFs and $41B precision ETFs; active ETFs added $22B; digital asset ETPs $8B. Retail +$23B and institutional +$44B inflows; institutional index ETFs had $27B outflows (concentrated in low-fee equities). Private markets inflows: $15B, with emphasis on diversified fundraising and fee-paying/scale-with-deployment structures; cash management +$31B. The call highlighted that higher-fee categories (active ETFs, private markets, systematic, SMAs, tech/digital) are driving more durable base-fee growth.