Filing Flows › BlackRock (BLK) › Q3 2026 › vs Q2 2026
BlackRock (BLK) Q3 2026 vs Q2 2026 (quarter over quarter)
BlackRock's revenue rose $668M (+9%) from $7.1B in Q2 2026 to $7.8B in Q3 2026. The biggest changes: Investment Performance +$325M (+107%); Investment Advice +$310M (+5%); Technology Services and Subscription Revenue +$22.0M (+4%). Operating margin 30.0% against 34.7% (-4.7 pts).
BlackRock, Q3 2026: revenue $7.8B (+19% year over year), operating margin 30.0%, net earnings $1.7B, operating cash flow $2.7B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 30.0% | 34.7% | -4.7 pts |
| Net margin | 21.4% | 27.0% | -5.6 pts |
| Free cash flow margin | 33.6% | 15.8% | +17.8 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Investment Advice | $6.0B | $5.7B | $310M | +5% |
| Investment Performance | $630M | $305M | $325M | +107% |
| Technology Services and Subscription Revenue | $588M | $566M | $22.0M | +4% |
| Distribution and Shareholder Service | $414M | $395M | $19.0M | +5% |
| Service Other | $84.0M | $92.0M | −$8.0M | -9% |
| Revenue | $7.8B | $7.1B | $668M | +9% |
| Other income, net | $316M | $258M | $58.0M | +22% |
| Operating profit | $2.3B | $2.5B | −$133M | -5% |
| Costs & expenses | $5.4B | $4.6B | $801M | +17% |
| Pre-tax earnings | $2.6B | $2.7B | −$75.0M | -3% |
| General & admin | $731M | $720M | $11.0M | +2% |
| Other operating costs | $4.7B | $3.9B | $790M | +20% |
| Net earnings | $1.7B | $1.9B | −$255M | -13% |
| Minority interests | $261M | $128M | $133M | +104% |
| Income tax | $724M | $677M | $47.0M | +7% |
| Depreciation & amortization | $386M | $385M | $1.0M | +0.3% |
| Share-based compensation | $290M | $302M | −$12.0M | -4% |
| Working capital & other | $371M | −$1.4B | $1.7B | — |
| Operating cash flow | $2.7B | $1.2B | $1.5B | +121% |
| Free cash flow (OCF − capex) | $2.6B | $1.1B | $1.5B | +133% |
| Capital expenditures | $101M | $109M | −$8.0M | -7% |
Questions
How much did BlackRock's revenue grow quarter over quarter in Q3 2026?
BlackRock's revenue rose $668M (+9%) from $7.1B in Q2 2026 to $7.8B in Q3 2026.
What drove BlackRock's revenue change in Q3 2026?
Investment Performance +$325M (+107%); Investment Advice +$310M (+5%); Technology Services and Subscription Revenue +$22.0M (+4%).