BlackRock, Inc. is a leading global investment management firm that provides a broad range of investment strategies across various asset classes, including equities, fixed income, and alternatives, to institutional and retail clients. The company also offers technology and subscription services, such as its Aladdin platform, for investment and risk management.
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Earnings call: Q1 2026 2026
Intel
Free
Apr 15, 2026Optimistic
● Full transcript on file
Laurence D. Fink (Chairman and Chief Executive Officer), Martin Small (Chief Financial Officer), Rob Goldstein (Chief Operating Officer)
Key metrics
Q1 2026 results included year‑over‑year growth in total AUM, positive long‑term net inflows, and higher base fee revenues supported by equity market appreciation. Adjusted EPS increased versus the prior‑year quarter, driven by revenue growth and operating leverage, while operating margin expanded modestly as management controlled core expenses.
Forward guidance
Management reiterated its focus on driving long‑term organic base fee growth through ETF, iShares and private markets flows, and indicated that 2026 expense growth would remain disciplined relative to revenue growth, excluding any impact from performance fees and market movements. They guided to continued investment in technology platforms includin
Notable Q&A
One notable Q&A exchange involved an analyst asking about the trajectory of organic base fee growth given competitive pressure in ETFs; management responded that product breadth, global distribution and technology integration are sustaining share gains and that organic base fee growth in the mid‑sin
Surprise items
There were no major negative surprises; management emphasized stronger‑than‑expected client demand in certain alternatives and infrastructure strategies, and indicated that operating margin could trend higher than previously expected if markets remain supportive and net inflows persist.
Wall Street consensus — sourced weekly via public disclosures
Analyst coverage data sourced from public filings. Xavier analyst thesis summary available after weekly Perplexity scan completes.
Financial summary — Gemini analysis
Signal
Revenue
$24,216 million
18.7% increase YoY
Operating margin
29.1%
Net income
$5,553 million
Free cash flow
$7,088 million
Dividend / share
$20.84
Total debt
$12,768 million
Cash: $11,468 million
Earnings quality:MEDIUM
Cash conversion:0.7x
Non-recurring items: Noncash acquisition-related expenses, Noncash Charitable Contribution of $109 million, Restructuring charge of $39 million (comprised of severance and accelerated vesting of deferred compensation), Discrete tax benefit of $29 million related to the Charitable Contribution
BLK is trading ~15% below its 52-week high with Q2 earnings due July 15 — just 3 trading days away — where analysts expect 4.1% EPS growth and 24.5% revenue growth YoY, building on a Q1 beat (EPS $12.53 vs. $11.67 est.). The forward P/E of ~16.7x is reasonable for a business posting 27% revenue growth, $13.9T AUM, and expanding margins (44.5% adj. operating margin in Q1). The earnings catalyst is near-term, specific, and underappreciated given the stock's 15% discount to its 52-week high.
Strongest bull case
Imminent Q2 earnings on July 15 with positive earnings ESP (+1.21%), analyst consensus expecting 24.5% revenue growth YoY, and a Q1 track record of beats — the stock is likely pre-positioning for an upside surprise that could close the gap to the $1,255 analyst consensus target.
Strongest bear case
BLK carries a TTM P/E of 26x — a premium to its asset management peer group (industry avg. forward P/E ~11.6x) — and any Q2 miss or cautious guidance on AUM flows, elevated restructuring costs, or macro-driven fee compression could trigger a sharp re-rating lower given Beta of 1.44 in a neutral-to-bearish macro regime.
What the market may be missing
The forward P/E of 16.7x embeds aggressive revenue growth assumptions partly fueled by the HPS and Preqin acquisitions — if Q2 organic fee growth decelerates or integration costs surprise to the upside, the 'quality at a discount' narrative collapses quickly. The gap between TTM P/E (26x) and Forward P/E (16.7x) implies the market is pricing in a very steep earnings ramp that must be validated this week.
Mr. Laurence Douglas Fink (CEO) · Beverly Hills, California
Larry Fink discussed the surging demand for computing power driven by AI, predicting it will create a new asset class around futures of compute. He emphasized how this shift will redefine investment opportunities in physical infrastructure for AI inf
“"A new asset class will be buying futures of compute."”
ConferenceMay 07, 2026
Milken Institute Global Conference - Global Markets Discussion Source ↗
Mr. Laurence Douglas Fink (CEO) · Beverly Hills, California, hosted by Michael Milken with Bruce Flatt
Joined Brookfield CEO Bruce Flatt to discuss global investment trends amid AI and tech shifts. Topics included evolving market dynamics, asset management strategies, and opportunities in emerging sectors like compute infrastructure. Forward-looking v
CEO letter to shareholders
Signal
No shareholder letter on file for BLK
Some companies file their annual report without a separate CEO letter.
When available, Xavier extracts strategic themes, tone analysis, and
forward-looking statements to help you read between the lines.
Executive compensation
Signal
Name
Title
Total compensation
Robert S. Kapito
President
$25,742,506
Robert L. Goldstein
Senior Managing Director and Chief Operating Officer
$15,560,939
Martin S. Small
Senior Managing Director, Chief Financial Officer and Global Head of Corporate Strategy
$13,649,287
J. Richard Kushel
Senior Managing Director and Head of the Portfolio Management Group
$11,013,467
Source: DEF 14A proxy statement · 2026-04-10
Governance
Pro
Dual-class shares:Yes
Poison pill:No
Clawback policy:Yes
Stock ownership req.:Yes
Shareholder proposals
Election of Directors
FOR
Pending
Approval, in a Non-Binding Advisory Vote, of the Compensation for Named Executiv
FOR
Pending
Ratification of the Appointment of the Independent Registered Public Accounting
FOR
Pending
Amendment of Subsidiary Certificate of Incorporation to Remove Pass-Through Voti
Risk increasing — Changes in the value levels of equity, debt, real assets, commodities, foreign e
Mgmt narrative
Management tone: Bullish
Analyst drift
Consensus Buy — targets stable
Insider sentiment
Pattern detection — 90 days needed
Signal history
Signal
Date
Direction
Conf.
Agree.
Thesis
Price
Type
Jul 12, 2026
BULLISH
6.9/10
50%
BLK is trading ~15% below its 52-week high with Q2 earnings due July 15 — just 3 trading days away —...
$1,036.11
Sched.
Jul 11, 2026
NEUTRAL
6.3/10
100%
BLK is a high-quality franchise, but at 26.1x trailing earnings it is already priced above a market-...
$1,036.11
Sched.
Jun 07, 2026
NEUTRAL
6.3/10
75%
BLK trades at ~25x TTM P/E — at the upper bound of fair value for an asset manager with near-zero re...
$995.60
Sched.
May 31, 2026
NEUTRAL
5.6/10
100%
BLK posted a genuinely strong Q1 2026 — 27% revenue growth, $13.9T AUM, and a 9%+ EPS beat — but the...
$1,046.88
Sched.
May 24, 2026
NEUTRAL
6.0/10
100%
BLK trades at 27x TTM P/E — above the S&P 500 average — with negligible near-term revenue and earnin...
$1,073.00
Sched.
May 17, 2026
NEUTRAL
5.8/10
100%
BLK's Q1 2026 fundamentals are genuinely strong — $130B net inflows, 27% revenue growth YoY, and a Q...
$1,081.90
Sched.
May 10, 2026
BULLISH
7.0/10
67%
BLK has supportive macro exposure to a risk-on tape and still trades below analyst consensus target,...
$1,084.83
Sched.
May 03, 2026
NEUTRAL
6.6/10
75%
BLK delivered a genuine Q1 2026 earnings beat ($12.53 adj. EPS vs. $11.54 est.) with record iShares ...
$1,061.68
Sched.
Apr 12, 2026
BULLISH
7.2/10
75%
BLK reports Q1 2026 earnings on April 14 — two trading days away — with Wall Street expecting $12.01...
$999.31
Sched.
Showing last 9 signals
BLKBlackRock Inc.
Signal
FY2026 annual report (10-K filed 2026-02-25)
INCOME STATEMENT
?Revenue
$24,216 million18.7% increase YoY
Total revenue from interest income, trading, fees, commissions, and investment management. Down 18.7% increase from last year.
?Operating income
$7,045 million
What remains after subtracting all operating costs — salaries, materials, rent, R&D — from revenue. This is the profit from actually running the business, before interest and taxes. Operating margin is 29.1%, meaning 29 cents of every dollar of revenue becomes operating profit.
?Net income
$5,553 million
The bottom line — what the company actually earned after all expenses, interest, and taxes. This is the number that gets divided by shares outstanding to calculate earnings per share (EPS), which directly affects the stock price. Net margin is 33.0%. Note: results include non-recurring items (noncash acquisition-related expenses, noncash charitable contribution of $109 million) that may not repeat.
?Free cash flow
$7,088 million
Operating cash flow minus capital expenditure. This is the money available for dividends, share buybacks, debt repayment, or acquisitions. Free cash flow is what many professional investors consider the truest measure of financial health.
?EPS (diluted)
$14.06
Earnings per share — net income divided by total shares outstanding (including stock options and convertible bonds that could become shares). This is the single number most investors watch because it directly connects company profits to your ownership stake.
?Dividend per share
$20.84
Cash paid to shareholders each year for every share they own. Bank dividends are regulated — the Fed must approve capital returns, making them a signal of financial health.
BALANCE SHEET
?Total assets
$170.2B
Everything the company owns — cash, factories, equipment, patents, inventory, investments. Includes loans outstanding, trading positions, client deposits, and investment portfolios.
?Cash & equivalents
$11,468 million
Money available right now — bank accounts, money market funds, short-term government bonds. This is the company's financial cushion. More cash means more flexibility to invest, acquire, or survive a downturn without borrowing.
?Total debt
$12,768 million
All money the company owes — bonds, bank loans, credit facilities. Compare this to cash to understand the net debt position. The company holds $11,468 million in cash against this debt.
?Shares outstanding
163,156,051 shares
Total number of shares that exist — owned by all investors, insiders, and institutions combined. When the company reports EPS, this is the denominator. Share buybacks reduce this number, which increases EPS even without earnings growth.
?Debt-to-equity ratio
0.2%
How much debt the company uses for every dollar of shareholder equity. Under 100% means more equity than debt (conservative). Over 200% means heavy leverage. Banks and utilities naturally run higher ratios.
CASH FLOW
?Operating cash flow
-$980M
Actual cash generated from running the business — not accounting profits, real money coming in the door. This is more trustworthy than net income because it's harder to manipulate. A company can report profits but still run out of cash.
?Capital expenditure
$106M
Money spent on long-term assets — technology platforms, branch networks, and trading infrastructure. This is the cost of maintaining and growing the business.
?Free cash flow
-$1.1B
Operating cash flow minus capital expenditure. This is the money available for dividends, share buybacks, debt repayment, or acquisitions. Free cash flow is what many professional investors consider the truest measure of a company's financial health.
EARNINGS QUALITY
?Accrual quality
MEDIUM
Measures how well reported earnings match actual cash generation. HIGH means earnings are backed by real cash. LOW means the company may be using accounting techniques to inflate reported numbers. Professional investors check this before trusting EPS.
?Cash conversion
0.7x
Operating cash flow divided by net income. Above 1.0x means the company generates more cash than it reports in profits — a sign of high-quality earnings. At 0.7x, the company is generating less cash than reported profits — investigate why.
?Non-recurring items
6 identified
One-time items that affect the bottom line but won't repeat: noncash acquisition-related expenses, noncash charitable contribution of $109 million, restructuring charge of $39 million (comprised of severance and accelerated vesting of deferred compensation), discrete tax benefit of $29 million related to the charitable contribution. When evaluating the company's true earning power, investors strip these out to see what the business earns on a normal basis.
?Management tone
Bullish
How management sounds in their SEC filings — are they confident, cautious, or defensive? This is analyzed from the actual language used in the 10-K annual report. A shift in tone from prior years can signal changing conditions before the numbers reflect it.
?Top risk factor
Increasing
Changes in the value levels of equity, debt, real assets, commodities, foreign exchange or other asset markets, including from the impact of global trade policies and tariffs, may cause assets under management (AUM), revenue and earnings to decline. Risk trend: increasing. This is the single biggest threat to the company's future earnings as identified in their SEC filing.
Click any row to expand the plain-English explanation. Source: SEC EDGAR XBRL filings.
Capital intelligence
Signal
Weighted Average Cost of Capital · Return on Invested Capital · Economic Value Added
ROIC
10.66%
WACC
11.62%
🟡 NEUTRAL — EVA Spread: -0.97%
?WACC
11.62%
Weighted Average Cost of Capital — the minimum return BlackRock Inc. must earn on its investments to satisfy both debt holders and shareholders. Computed from a 92.90% equity / 7.10% debt capital structure. If the company earns less than 11.62% on its invested capital, it is destroying shareholder value.
?Cost of equity
12.19%
The return shareholders demand for holding BLK stock instead of a risk-free Treasury bond. Computed using the Capital Asset Pricing Model: Risk-Free Rate (4.25%) + Beta (1.44) × Equity Risk Premium (5.50%). A beta of 1.44 means BLK is more volatile than the overall market.
?Cost of debt (after-tax)
4.28%
What BlackRock Inc. effectively pays on its borrowed money after the tax deduction on interest. Interest is tax-deductible, so the true cost is lower than the stated rate. Effective tax rate used: 22.17%.
?Capital structure
E: 92.90% / D: 7.10%
How BlackRock Inc. finances its operations — the split between equity (stock market value: $166.7B) and debt (total borrowings: $12.7B). More debt means more leverage — higher potential returns but higher risk.
?ROIC
10.66%
Return on Invested Capital — how efficiently BlackRock Inc. turns its total invested capital into after-tax operating profit. NOPAT ($6.4B) ÷ Invested Capital ($59.6B). This is below WACC, meaning the company is not earning enough to cover its cost of capital.
?EVA
-$576M
Economic Value Added — the dollar amount of value BlackRock Inc. created (or destroyed) above its cost of capital. NOPAT ($6.4B) minus the capital charge (Invested Capital × WACC = $6.9B). Negative EVA means the company would create more value by returning capital to shareholders.
?NOPAT
$6.4B
Net Operating Profit After Tax — operating income adjusted for taxes, ignoring how the company is financed. Operating Income ($8.2B) × (1 - Tax Rate 22.17%). This isolates the company's core business profitability from its financing decisions.
Xavier consensus signals are intelligence outputs, not investment advice. All signals are generated by a multi-model AI system and reflect public information at time of generation. Past signal accuracy does not guarantee future performance. Wall Street analyst consensus sourced from public disclosures, summarized weekly. Financial data sourced from SEC EDGAR and yfinance. Insider transactions sourced from SEC EDGAR Form 4 filings. Updated Jul 12, 2026.