BlackRock's Strategic Expansion Drives Record Earnings and $12.5T AUM Growth

BlackRock's third-quarter 2025 financial results revealed a revenue of $6.51 billion, exceeding the estimated $6.25 billion BlackRock: Q3 Earnings Snapshot^[2]. The firm reported a net profit of $1.32 billion, or $8.43 per share, with adjusted earnings per share (EPS) reaching $11.55, surpassing the average analyst estimate of $11.19 BlackRock: Q3 Earnings Snapshot^[2]. This performance outpaced both Wall Street expectations and the prior year's results, where Q3 2024 revenue stood at $5.197 billion . The earnings release highlighted robust demand for BlackRock's investment advisory, administration fees, and securities lending services, which collectively contributed $4.454 billion to revenue in Q2 2025, a period preceding the Q3 results .

The firm's assets under management (AUM) reached $12.5 trillion as of Q2 2025, reflecting a 18% year-over-year increase . This growth was driven by strong net inflows, including $85 billion in ETF net inflows during Q2, despite a $52 billion redemption from a single institutional client . The Q3 results, while not detailing AUM figures explicitly, were bolstered by the integration of recent acquisitions, such as HPS Investment Partners, which added $165 billion in client AUM as of July 1, 2025 .

BlackRock's stock performance mirrored its earnings success, with shares rising 13% year-to-date through October 2025, aligning with the S&P 500's 13% gain BlackRock: Q3 Earnings Snapshot^[2]. The firm also executed $375 million in share repurchases during Q2 2025, underscoring its commitment to returning value to shareholders . However, the Q3 earnings report noted a 4% decline in GAAP operating income compared to Q2 2024, attributed to higher acquisition-related expenses and restructuring costs . Adjusted operating income, however, rose 12% year-over-year, reflecting efficient cost management and revenue growth .

BlackRock's leadership emphasized the firm's strategic focus on expanding its private markets and technology platforms. The acquisition of HPS and Preqin, totaling $3.2 billion, has enhanced BlackRock's capabilities in private market data analytics and private credit solutions . These moves are expected to strengthen its offerings in public-private portfolio management, particularly in retirement and institutional markets .

A teleconference and webcast were scheduled for October 14, 2025, at 7:30 a.m. ET, featuring CEO Laurence Fink, President Robert Kapito, and CFO Martin Small, to discuss the results in detail BlackRock Reports Third Quarter 2025 Earnings^[1]. The webcast replay was made available by 10:30 a.m. ET on the same day BlackRock Reports Third Quarter 2025 Earnings^[1].