BlackRock reported first-quarter earnings on Monday that beat analyst expectations across the board. Adjusted earnings per share reached $12.53, topping the $11.48 consensus estimate. Revenue rose 27% year on year to $6.7 billion.
Why it matters: BlackRock manages more money than any other firm on the planet, and its record inflows signal that institutional and retail investors are pouring capital back into markets despite geopolitical uncertainty.
Record inflows
The firm attracted $130 billion in net inflows during the quarter, a company record. ETF products were the primary driver, pulling in $132 billion on their own, partially offset by outflows in other product categories.
Long-term organic asset growth accelerated to 13% on a trailing twelve-month basis. Two years ago, that figure was 3%.
Assets under management
Total assets under management reached $13.9 trillion, driven by inflows, market gains, and contributions from recent acquisitions. The figure represents a roughly 25% increase from the $11.6 trillion reported in the first quarter of 2025.
Active management grows
Institutional active strategies recorded positive flows of $24 billion, countering the narrative that passive investing is cannibalising active management. Retail long-term products attracted $15 billion.
Shareholder returns
BlackRock repurchased $450 million in shares during the quarter. Quarterly dividends per share rose to $5.73, up from $5.10 in the first quarter of 2024, a 12% increase over the two-year period.
What happens next
The results set the tone for the broader asset management sector. Investors will watch whether competitors report similar inflows or whether BlackRock’s scale and ETF dominance are pulling capital away from smaller rivals.