Filing Flows › BlackRock (BLK) › Q2 2026 › vs Q2 2025
BlackRock (BLK) Q2 2026 vs Q2 2025 (year over year)
BlackRock's revenue rose $1.7B (+31%) from $5.4B in Q2 2025 to $7.1B in Q2 2026. The biggest changes: Investment Advice +$1.3B (+29%); Investment Performance +$211M (+224%); Distribution and Shareholder Service +$75.0M (+23%). Operating margin 34.7% against 31.9% (+2.8 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 34.7% | 31.9% | +2.8 pts |
| Net margin | 27.0% | 29.4% | -2.4 pts |
| Free cash flow margin | 15.8% | 23.5% | -7.7 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Investment Advice | $5.7B | $4.5B | $1.3B | +29% |
| Technology Services and Subscription Revenue | $566M | $499M | $67.0M | +13% |
| Distribution and Shareholder Service | $395M | $320M | $75.0M | +23% |
| Investment Performance | $305M | $94.0M | $211M | +224% |
| Service Other | $92.0M | $56.0M | $36.0M | +64% |
| Revenue | $7.1B | $5.4B | $1.7B | +31% |
| Other income, net | $258M | $521M | −$263M | -50% |
| Operating profit | $2.5B | $1.7B | $730M | +42% |
| Costs & expenses | $4.6B | $3.7B | $931M | +25% |
| Pre-tax earnings | $2.7B | $2.3B | $467M | +21% |
| General & admin | $720M | $613M | $107M | +17% |
| Other operating costs | $3.9B | $3.1B | $824M | +27% |
| Net earnings | $1.9B | $1.6B | $321M | +20% |
| Minority interests | $128M | $72.0M | $56.0M | +78% |
| Income tax | $677M | $587M | $90.0M | +15% |
| Depreciation & amortization | $385M | $217M | $168M | +77% |
| Share-based compensation | $302M | $226M | $76.0M | +34% |
| Working capital & other | $1.4B | $672M | $702M | +104% |
| Operating cash flow | $1.2B | $1.4B | −$137M | -10% |
| Free cash flow (OCF − capex) | $1.1B | $1.3B | −$157M | -12% |
| Capital expenditures | $109M | $89.0M | $20.0M | +22% |
Questions
How much did BlackRock's revenue grow year over year in Q2 2026?
BlackRock's revenue rose $1.7B (+31%) from $5.4B in Q2 2025 to $7.1B in Q2 2026.
What drove BlackRock's revenue change in Q2 2026?
Investment Advice +$1.3B (+29%); Investment Performance +$211M (+224%); Distribution and Shareholder Service +$75.0M (+23%).