BlackRock (NYSE: BLK) Posts Q2 2026 Adjusted EPS of $13.91, AUM Hits $15.3 Trillion

BlackRock (NYSE: BLK) reported adjusted EPS of $13.91 for Q2 2026, topping the $12.70 analyst consensus by 9.5%, as assets under management climbed to $15.3 trillion at June 30, 2026. Total revenue rose 31% year-over-year, driven by broad-based growth across every line item in the firm's income statement.

Q2 2026 Results

• Adjusted EPS of $13.91 beat the $12.70 consensus estimate by $1.21, a 9.5% positive surprise, extending a run of consensus beats that includes a 7.5% upside in Q1 2026 and a 6.7% beat in Q4 2025.
• AUM of $15.3 trillion at June 30, 2026, crossing the $15 trillion threshold for the first time.
• Total revenue +31% year-over-year, with base fees up 28% and securities lending revenue up 40%.
• Performance fees surged 224% year-over-year, the single largest contributor to revenue outperformance relative to the prior-year period.
• Advisory and other revenue rose 64% year-over-year, while tech services and subscription revenue grew 13% and distribution fees increased 23%.

What Drove the Results

Adjusted EPS of $13.91 beat the $12.70 consensus by 9.5%, with revenue growth broad enough that every disclosed line item expanded year-over-year. The 224% year-over-year jump in performance fees was the standout driver, reflecting stronger-than-expected investment returns across fee-eligible strategies relative to Q2 2025. Securities lending revenue, up 40% year-over-year and 34% sequentially, added a second high-velocity revenue contributor above and beyond the firm's recurring base fee stream.

Base fees, which include investment advisory, administration fees, and securities lending revenue, rose 28% year-over-year and 4% sequentially. The press release supplement attributes Q2 2026 base fees and securities lending revenue to $5.7 billion. On the expense side, total adjusted expenses rose 25% year-over-year and 3% sequentially, with employee compensation and benefits up 28% year-over-year while general and administrative costs increased 17%.

The firm also disclosed plans to launch the iShares Nasdaq 100 ETF under the ticker IQQ on Nasdaq, with an initial net asset value of $24 per share and a gross expense ratio of 0.12%, temporarily reduced to 0.10% through July 31, 2027. This expands BlackRock's existing Nasdaq-100 product lineup, which it described as a $41.0 billion global toolkit, according to a Yahoo Finance report.

Wall Street View

Analyst sentiment on BlackRock heading into the print was firmly constructive, with the most recent consensus reflecting 15 Buy ratings and 4 Hold ratings, and no Sell or Strong Sell recommendations as of July 1, 2026. The earnings beat, the third consecutive quarter of consensus upside above 6%, gives analysts concrete data to anchor forward estimates, particularly given the step-change in performance fees and the milestone AUM level.

Investor Takeaway

The $15.3 trillion AUM figure is not merely symbolic: a larger asset base mechanically expands the denominator against which organic growth rates are measured, meaning BlackRock will need sustained net inflows to maintain its current organic asset growth trajectory. The 224% year-over-year performance fee surge, while significant, is inherently variable and unlikely to repeat at that magnitude, making the 28% base fee growth and the 40% securities lending gain the more durable signals for investors assessing earnings quality heading into the second half of 2026.