🔹 Adjusted EPS: $11.30 (Est. $10.76) 🟢
🔹 Revenue: $5.28B (Est. $5.38B) 🔴
🔹 AUM: $11.58T (Est. $11.62T) 🔴; UP +11% YoY
Inflows and Growth:
🔹 Total Net Inflows: $84B; 3% annualized organic asset growth
🔹 Organic Base Fee Growth: 6%; best Q1 start since 2021
🔹 Revenue Growth YoY: UP +12%, driven by market appreciation, base fees, and GIP-related fees
Revenue Composition:
🔹 Investment Advisory, Admin Fees & Securities Lending: UP $623M YoY
🔹 Securities Lending: $157M (vs. $151M YoY)
🔹 Performance Fees: DOWN $144M YoY; lower revenue from private markets and liquid alternatives
🔹 Technology Services & Subscription: UP +16% YoY, led by Aladdin and Preqin acquisition
Expenses:
🔹 Employee Compensation & Benefits: UP $161M YoY; driven by GIP-related retention expense
🔹 Sales, Asset & Account Expense: UP $121M YoY; due to higher AUM and servicing costs
🔹 G&A Expense: UP $182M YoY; acquisition costs, higher marketing, and travel expenses
🔹 Amortization of Intangibles: UP $79M YoY; related to GIP and Preqin transactions
Capital Returns:
🔹 Share Repurchases: $375M in Q1
🔹 Quarterly Dividend: $5.21/share; UP +2% YoY
🔸 CEO Larry Fink Commentary:
"BlackRock’s best start to a year since 2021 reflects our differentiated position and strong connectivity with clients. Despite market uncertainty, our diversified global platform – with strength in ETFs, private markets, and Aladdin – continues to deliver consistent growth."
Strategic & Operational Highlights:
🔸 Record first-quarter net inflows for iShares ETFs
🔸 Broad-based fee growth across private markets, ETFs, and systematic strategies
🔸 Preqin acquisition contributed ~$20M to Q1 technology revenue
🔸 Aladdin remains a key growth engine with 30% YoY growth in contract value (including Preqin), 14% ex-Preqin
🔸 Continued investment in platform and advisory services across 100+ countries and 23,000+ employees
