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Call sheet · Q3'26

BlackRock (BLK)

Q3'26 earnings call · held October 14, 2026 · compared with the Q2'26 call · management-credibility review
9/12
Disclosure score
2 medium, 1 low flags
Financial quality
Bottom line
BlackRock reported stronger organic base fee growth and higher adjusted profitability, while technology ACV growth slowed. The useful tests are fee-bearing asset conversion, recurring-margin drivers and technology contract growth. Insurance allocation and compute securitization are different opportunities; a conditional conversion example is not a missed commitment.

The 30-second version

  • Separate adjusted profitability from GAAP results
  • Recurring-fee margin improved, with a different growth rate
  • Technology growth slowed while organic base fees accelerated

What changed this quarter

MetricQ2'26Q3'26Change
Revenue$7.1B, +31% YoY$7.8B, +19% YoYGrowth rate decelerated 1,200bps
Adjusted operating income$2.9B, +39% YoY$3.3B, +27% YoYGrowth decelerated despite record margin
Adjusted EPS$13.91, +15% YoY$15.93, +38% YoYAccelerated, but boosted by non-operating gains and lower share count
Adjusted operating margin45.9%, +260bps YoY47.8%, +320bps YoY+320bps, record level
Adjusted operating margin excluding performance fees and related compensation46.5%, +260bps YoY48.6%, +230bps YoYYoY expansion was 230bps versus 260bps in Q2; margin level increased sequentially
Performance fees$305M, incl. $115M HPS$630M, +22% YoY, incl. $110M HPSIncreased from $305M in Q2 to $630M in Q3; fee and compensation mix both matter
Net inflows$192B$205B+$13B sequential
Organic base fee growth8%11%, 9th straight quarter at/above 5%, 5th at/above 8%+300bps acceleration
Technology ACV growth+15% YoY+12% YoY (13% constant currency)Reported growth slowed 3 percentage points; Q3 constant-currency growth was 13%
G&A expense growth+17% YoY+6% YoYYoY expense growth slowed; separate acquisition effects from underlying costs

Accountability tracked

4 new promises made1 narrative shift flagged3 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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