BlackRock reported its second quarter expectation, which showed that total assets under management reached an all-time high of $15.34 trillion, compared with $13.89 trillion three months prior and $12.53 trillion in the year-ago period. This was fueled by surging equity markets, and the steady investor demand for funds.
The firm posted net income of $1.91 billion for the three months ended June 30. On an adjusted basis, earnings came in at $13.91 per share. According to reports, analysts had expected adjusted earnings of $12.59 per share and revenue reached $7.08 billion in the quarter. Analysts surveyed by Zacks Investment Research had forecasted $6.83 billion, according to the Associated Press.
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According to Reuters, equity products accounted for $71.6 billion of net flows in the quarter, while fixed-income products accounted for $92 billion. “Market fundamentals are strong and well supported, with higher margins and earnings momentum catalyzed by new technology. The scale and depth of our client relationships globally have never been greater,” CEO Larry Fink said in a statement.
Shares of BlackRock rose 6% before the market opened. The company also lifted its 2026 share repurchase target to $2 billion, up from the previously announced $1.8 billion, according to BlackRock.
The company said its second-quarter adjusted operating margin was 45.9%, its highest in almost five years. It also increased its planned share buybacks in 2026 to $2 billion from $1.8 billion.
The Reuters report also mentioned that major U.S. equity indexes had ended June with their biggest quarterly gains since 2020 as optimism grew over corporate earnings and investors looked beyond the volatility caused by the conflict in the Middle East.
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Last month, BlackRock announced it is laying off 200 employees, which comes to just under 1% of its workforce. This comes after the firm made cuts three times in the past 18 months. These measured cuts have reportedly helped redefine the company culture, adding several acquisitions to the mix in the past few years.
The cuts include roles as diverse as investment, operations and technology. It also includes jobs from the firm’s private financing arm, bolstered just a year ago with the $12 billion purchase of HPS Investment Partners — its biggest acquisition in private credit. BlackRock had resumed job reductions in 2023 after pausing layoffs during the pandemic period.