Filing Flows › BlackRock (BLK) › Q2 2026 › vs Q1 2026
BlackRock (BLK) Q2 2026 vs Q1 2026 (quarter over quarter)
BlackRock's revenue rose $386M (+6%) from $6.7B in Q1 2026 to $7.1B in Q2 2026. The biggest changes: Investment Advice +$288M (+5%); Technology Services and Subscription Revenue +$36.0M (+7%); Investment Performance +$33.0M (+12%). Operating margin 34.7% against 42.0% (-7.3 pts).
BlackRock, Q2 2026: revenue $7.1B (+31% year over year), operating margin 34.7%, net earnings $1.9B, operating cash flow $1.2B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 34.7% | 42.0% | -7.3 pts |
| Net margin | 27.0% | 33.0% | -6.0 pts |
| Free cash flow margin | 15.8% | -16.2% | +32.0 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Investment Advice | $5.7B | $5.4B | $288M | +5% |
| Technology Services and Subscription Revenue | $566M | $530M | $36.0M | +7% |
| Distribution and Shareholder Service | $395M | $389M | $6.0M | +2% |
| Investment Performance | $305M | $272M | $33.0M | +12% |
| Service Other | $92.0M | $69.0M | $23.0M | +33% |
| Revenue | $7.1B | $6.7B | $386M | +6% |
| Other income, net | $258M | $28.0M | $230M | +821% |
| Operating profit | $2.5B | $2.8B | −$353M | -13% |
| Costs & expenses | $4.6B | $3.9B | $739M | +19% |
| Pre-tax earnings | $2.7B | $2.8B | −$123M | -4% |
| General & admin | $720M | $674M | $46.0M | +7% |
| Other operating costs | $3.9B | $3.2B | $693M | +22% |
| Net earnings | $1.9B | $2.2B | −$298M | -13% |
| Minority interests | $128M | $114M | $14.0M | +12% |
| Income tax | $677M | $516M | $161M | +31% |
| Depreciation & amortization | $385M | $380M | $5.0M | +1% |
| Share-based compensation | $302M | $319M | −$17.0M | -5% |
| Working capital & other | $1.4B | $3.9B | −$2.5B | -65% |
| Operating cash flow | $1.2B | −$980M | $2.2B | — |
| Free cash flow (OCF − capex) | $1.1B | −$1.1B | $2.2B | — |
| Capital expenditures | $109M | $106M | $3.0M | +3% |
Questions
How much did BlackRock's revenue grow quarter over quarter in Q2 2026?
BlackRock's revenue rose $386M (+6%) from $6.7B in Q1 2026 to $7.1B in Q2 2026.
What drove BlackRock's revenue change in Q2 2026?
Investment Advice +$288M (+5%); Technology Services and Subscription Revenue +$36.0M (+7%); Investment Performance +$33.0M (+12%).