BLK earnings analysis — 8-K, statement tables贝莱德 (BLK) 财报解读 — 8-K、statement tables

BlackRock 2026 Q2 Earnings Follow-Up Analysis

Performance vs Consensus

Per the July 15, 2026 official press release and SEC 8-K Exhibit 99.1, adjusted diluted EPS came in at $13.91, beating the consensus estimate of $12.69 by 9.6%. Total revenue hit $7.1B, exceeding the $6.7B consensus forecast by 5.3%.

Revenue Quality and Profitability

Year-over-year revenue growth reached 31% per the SEC 8-K filing, with a gross margin of 77.8%, GAAP operating margin of 42.5%, and adjusted operating margin of 45.9%—the highest level in nearly five years. EBITDA totaled $2.3B, with a 32.9% margin. GAAP diluted EPS was $12.39, with net income of $2.1B and a net margin of 30.3%.

Cash Flow and Capital Allocation

Operating cash flow was -$1.1B, capex was $106M, and free cash flow was -$1.2B. Ending cash balances were $9.8B, total debt $15.0B, and net debt $5.1B. The company completed $450M in share repurchases in the quarter, raised the quarterly repurchase plan to $550M, and increased full-year 2026 repurchase authorization to $2B.

Guidance and Outlook

No quantitative formal guidance was disclosed, with management only noting in official remarks that growth momentum is accelerating and expressing optimism about future growth.

GAAP vs Non-GAAP Reconciliation

GAAP diluted EPS was $12.39, while adjusted non-GAAP EPS was $13.91, with the difference driven by lower non-operating income and a higher diluted share count in the current quarter.

Management Commentary

No full earnings call transcript was available, but remarks from the 8-K filing noted record AUM of $15.3T, $192B in net inflows for the quarter, $6T in ETF AUM, 13% YoY growth in Aladdin technology services revenue, and 10% organic base fee growth over the prior year.

Unresolved Investor Questions

Missing details include segment-level cash flow metrics, backlog/RPO data, deferred revenue figures, specific full-year financial guidance, and complete 10-Q filing disclosures.