Infrastructure Partners and HPS Investment Partners. The world's biggest asset manager keeps getting bigger. BlackRock posted $6.70 billion in Q1 revenue - up 27% from a year ago - with adjusted earnings of $12.53 per share beating Wall Street's $11.82 estimate. Total assets under management climbed to a record $13.9 trillion as clients added $130 billion in new money during the quarter.
Two big buys are now fully adding to revenue. Global Infrastructure Partners, which closed in late 2024, and HPS Investment Partners, which wrapped up in January 2026, both brought scale to BlackRock's top line.
The firm's ETF business keeps growing too, especially during periods of market uncertainty when investors lean toward low-cost index funds. BlackRock runs iShares - the largest ETF platform in the world.
For perspective: $13.9 trillion is more than the GDP of every country except the U.S. and China. BlackRock's sheer size gives it influence over markets, corporate decisions, and the direction of capital flows that few other firms can match. Shares rose about 3% on the results.
The question going forward is whether the growth fueled by the two big acquisitions can hold up, and whether BlackRock's newer bets on private markets and infrastructure deliver the returns investors are counting on.
