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BlackRock (BLK) investor relations material
BlackRock Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Oct, 2025
Executive summary
Achieved record AUM of $13.5 trillion as of September 30, 2025, with $205 billion in net inflows for Q3, reflecting broad diversification across clients, products, and geographies.
Growth was highly diversified across ETFs, private markets, digital assets, systematic outsourcing, and cash management, with iShares and cash franchises surpassing $5 trillion and $1 trillion, respectively.
Closed major acquisitions, including HPS Investment Partners and Elmtree, adding $165 billion in client AUM and boosting fee revenue and share count.
Integration of GIP, HPS, and Preqin is progressing well, enhancing capabilities in private markets, technology, and data.
Financial highlights
Q3 2025 revenue reached $6.51 billion, up 25% year-over-year, driven by acquisitions, organic growth, and market appreciation.
Adjusted operating income was $2.62 billion, with an adjusted operating margin of 45.8%.
As adjusted EPS was $11.93, up 1% year-over-year; GAAP EPS was $8.43, down 23% due to noncash acquisition expenses.
Base fee and securities lending revenue rose to $5 billion, with performance fees up 33% year-over-year to $516 million, including $270 million from HPS.
Technology services and subscription revenue increased 28% year-over-year, with Preqin contributing $65 million.
Outlook and guidance
Entering Q4, traditionally the strongest for organic growth, with strong client engagement and momentum.
Expecting a low teens percentage increase in 2025 core G&A expense, mainly from onboarding GIP, Preqin, and HPS.
Projected as-adjusted tax rate for Q4 is 25%.
Anticipate at least $375 million in share repurchases in Q4, subject to market conditions.
Management expects continued growth from diversified sources, including technology, ETFs, private markets, and digital assets.
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Frequently asked questions
Investment management giants
BlackRock is a global investment management firm headquartered in NYC that offers a range of financial services to clients across the world. With a diverse portfolio of investment products and financial services, BlackRock serves both individual and institutional investors alike, providing asset management and advice for clients.
A global reach
BlackRock was founded in 1988 and has since grown to become one of the largest investment management firms globally. The company's growth can be attributed to a combination of strategic acquisitions, expansion into new markets, and the ability to deliver consistent results for clients. Over the years, BlackRock has built a strong reputation for its risk management capabilities and data-driven investment strategies. Today, the firm manages trillions of dollars in assets, serving a client base that includes individuals, corporations, pension funds, and governments worldwide.
Investment services
BlackRock offers a comprehensive range of investment services. Through its iShares brand, BlackRock provides exchange-traded funds (ETFs) that cover a spectrum of asset classes, including equities, fixed income, and commodities. These ETFs offer investors a cost-effective, accessible, and efficient way to gain exposure to different market segments.
Additionally, BlackRock's active management strategies aim to deliver strong investment performance through its actively managed mutual funds and separate accounts. The firm's investment teams employ rigorous research and analysis to identify attractive investment opportunities and manage portfolios in line with clients' objectives.
BlackRock also provides risk management and advisory services to institutional investors, including pension funds and insurance companies. These services help clients manage risks, optimize portfolio construction, and achieve their long-term investment goals. However, BlackRock operates in a cutthroat industry and competition is fierce. Some of their largest publicly traded competitors include names such as State Street, JPMorgan, and Goldman Sachs.
Serving both individuals and organizations
As previously mentioned, BlackRock serves both individual investors and institutional clients. For individuals, BlackRock offers mutual funds, ETFs, and managed accounts. Institutional clients, such as pension funds and endowments, have access to customized investment strategies and risk management services. BlackRock's expertise in portfolio construction and risk management is crucial in optimizing institutional clients' portfolios. Additionally, the firm provides digital investment platforms and tools, like Aladdin, for convenient access to portfolios and market information.
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