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BlackRock (BLK) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · BlackRock (BLK) Q3 2026 earnings results →
Q3 2026 Revenue up 19% year over year to $7.8B · 21¢ of every $1 of revenue kept as net profit · operating margin 30.0%
BlackRock made $7.8B in Q3 2026 (+19% Y/Y): Investment Advice $6.0B, Investment Performance $630M, Technology Services and Subscription Revenue $588M. Operating margin 30.0%, net earnings $1.7B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $7.8B in Q3 2026, up 19% year over year and up 9% from the previous quarter. Investment Advice was the largest line at 78% of revenue. Investment Advice added $1.0B year over year (up 20%), 80% of the total change.
Operating profit was $2.3B, a 30.0% margin (unchanged year over year). Of the extra revenue versus Q3 2025, 30% reached operating profit, below the 30% margin then. Total costs grew 19% against revenue growth of 19%. The fastest-growing cost line was Other operating costs (+21%). Net earnings were $1.7B, up 25% year over year. The effective tax rate was 27.4%.
Operating cash flow was $2.7B (up 91% year over year), 141% of net income including minority interests. Non-cash charges added back $0.39B of depreciation and amortization and $0.29B of share-based compensation. Capital expenditures of $0.10B left free cash flow of $2.6B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $7.8B | +19% | 30.0% | $1.7B | $2.7B |
| Q2 2026 | 10-Q | Aug 6, 2026 | $7.1B | +31% | 34.7% | $1.9B | $1.2B |
| Q1 2026 | 10-Q | May 6, 2026 | $6.7B | +27% | 42.0% | $2.2B | −$980M |
| Q4 2025 | 10-K | Feb 25, 2026 | $7.0B | +23% | 23.7% | $1.1B | $2.3B |
| Q3 2025 | 10-Q | Nov 5, 2025 | $6.5B | +25% | 30.0% | $1.3B | $1.4B |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
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About BlackRock
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate .
In its own words, from its 8-K, filed Jul 15, 2026.
BlackRock against its Security Brokers, Dealers & Flotation Companies peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +19% against the peers' median +13%. Operating margin: 30.0% against the peers' median 30.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| BLK BlackRock | Q3 2026 | $7.8B | +19% | 30.0% |
| MS Morgan Stanley | Q3 2026 | $20.3B | +12% | 31.9% |
| GS Goldman Sachs Group | Q3 2026 | $18.7B | +23% | 37.5% |
| GLXY Galaxy Digital | Q3 2026 | $8.1B | -72% | 4.3% |
| SCHW Schwab Charles | Q3 2026 | $7.2B | +17% | 52.7% |
| Jones Financial Companies Lllp | Q3 2026 | $5.2B | +13% | 0.0% |
| RJF Raymond James Financial | Q4 FY26 | $4.7B | +13% | 18.2% |
| JEF Jefferies Financial Group | Q3 FY26 | $3.2B | +11% | 10.9% |
| IBKR Interactive Brokers Group | Q3 2026 | $1.9B | +16% | 78.2% |
Source: BlackRock 10-Q on SEC EDGAR · CIK 2012383 · Security Brokers, Dealers & Flotation Companies
13F: who owns BLK and who is buying
More on BLK
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results
- BlackRock operating margin by quarter
- BlackRock net income by quarter
- BlackRock free cash flow by quarter
- BlackRock capital expenditures by quarter
- BlackRock Investment Advice revenue by quarter
- BlackRock Investment Performance revenue by quarter
- BlackRock Technology Services and Subscription Revenue revenue by quarter