If you felt like money was rushing back into markets, BlackRock just put a number on it: $205 billion in net new client cash for the quarter. That broke down to $135 billion into ETFs, $66 billion into actively managed funds, and another $31 billion parked in cash and money-market offerings. Long-term products brought in $175 billion, topping the $159 billion consensus.
Not everything was one way. The firm reported $27 billion moving out of index strategies used by institutions, and on its analyst call said those redemptions were concentrated in lower-fee offerings.
Revenue climbed 19% from a year earlier, while adjusted earnings per share reached $15.93, a 38% jump and better than the $14.15 average from Bloomberg's survey. Once trading opened in New York, shares rose 3.7% at their intraday peak to $1,106. Assets under management reached an all-time high of $15.5 trillion. BlackRock also said annualized organic base fee growth was 11% for the quarter, marking the ninth straight period above its 5% target.
Net inflows are the clearest measure of whether an asset manager is winning. Market Briefs covers that business free every weekday.
BlackRock is a year into a make-over aimed at faster-growing, higher-fee private markets. The HPS Investment Partners acquisition, priced at $12 billion, closed in July 2025, following earlier purchases of Global Infrastructure Partners and data provider Preqin. This quarter is the first with prior-year comparisons that include HPS's track record.
On the call, management said private credit fundraising reached $25 billion during the first full year with HPS. Alternatives totaled $800 billion in the quarter, and more than half of that came from private credit and infrastructure. "Demand for capital is growing across the global economy, and BlackRock is increasingly at the center of how that capital is deployed and managed," Chief Executive Officer Larry Fink said in the release. He added, "This quarter is the clearest view yet of the earnings power of our integrated platform."
Despite the strong print, investors have been cool on the stock this year. Through Tuesday, BlackRock shares were down 0.4% year to date, lagging the S&P 500's 14% gain. That gap underscores the bet BlackRock is making: move deeper into private credit and infrastructure, lean on technology and risk tools, and grow fees faster than the old-school asset management playbook can.
For your money, the signal is that clients are still putting cash to work, with ETF and active flows both contributing, while the firm leans into higher-fee areas that can thicken margins if fundraising holds up. Keep an eye on organic fee growth and alternatives fundraising next quarter to see if this momentum sticks.
The shift toward private assets is reshaping the whole industry. Join Market Briefs free and follow the flows.
