BlackRock $BLK reported second-quarter results on Wednesday showing total assets under management reached an all-time high of $15.34 trillion, compared with $13.89 trillion three months prior and $12.53 trillion in the year-ago period, buoyed by surging equity markets and steady investor demand for its funds.
The New York-based firm posted net income of $1.91 billion for the three months ended June 30. On an adjusted basis, earnings came in at $13.91 per share. Analysts had expected adjusted earnings of $12.59 per share, according to Reuters. Revenue reached $7.08 billion in the quarter. Analysts surveyed by Zacks Investment Research had forecast $6.83 billion, according to the Associated Press.
BlackRock attracted $192 billion in net new client money over the quarter, a sharp acceleration from $68 billion in the year-ago period and $130 billion in the prior quarter. Fixed-income strategies attracted $92 billion of the total, with equity products adding another $71.6 billion. The S&P 500 gained 15% in the quarter, the company said.
"Market fundamentals are strong and well supported, with higher margins and earnings momentum catalyzed by new technology. The scale and depth of our client relationships globally have never been greater," CEO Larry Fink said in a statement.
Shares of BlackRock jumped 6% before the market opened. BlackRock also lifted its 2026 share repurchase target to $2 billion, up from the previously announced $1.8 billion, the company said.
Private markets net inflows totaled $15.4 billion in the quarter, with infrastructure drawing $5.2 billion and private credit contributing $6 billion. BlackRock has deployed roughly $28 billion on a series of acquisitions — including infrastructure investor Global Infrastructure Partners, private credit firm HPS Investment Partners, and data provider Preqin — to build out its alternatives business, according to Reuters.
The firm's non-traded private credit fund, HLEND, faced redemption requests equal to 13.3% of shares in the second quarter. BlackRock kept redemptions at the fund to the standard 5% quarterly limit, the company said.