BlackRock Q3 Profit Jumps 26% as Assets Reach $15.49 Trillion

In the third quarter, BlackRock announced a net income of $1.66 billion, equating to $10.57 per share, an increase from $1.32 billion, or $8.43 per share, a year prior. Adjusted earnings per share reached $15.93, surpassing the analyst expectation of $13.97. The company's quarterly revenue stood at $7.75 billion, exceeding the forecast of $7.46 billion. Assets under management rose to $15.49 trillion from $13.46 trillion, bolstered by $134.5 billion in inflows into iShares ETFs and a buoyant equity market. CEO Larry Fink remarked on the robust market fundamentals, supported by enhanced margins and earnings momentum from new technologies. The stock gained nearly 4% in premarket trading on Wednesday. In the previous quarter, assets under management were $15.34 trillion, with $192 billion in net new client funds and adjusted earnings of $13.91 per share. Private markets saw net inflows of $15.4 billion, with $5.2 billion in infrastructure and $6 billion in private credit. BlackRock has invested around $28 billion in acquisitions, including Global Infrastructure Partners and HPS Investment Partners, to grow its alternatives sector. The firm aims for over $35 billion in annual revenue by 2030, with private markets and technology projected to contribute more than 30%. Redemption requests from the HPS Corporate Lending Fund decreased to approximately 11.5% of shares from 13.3% the previous quarter.