BLK US S&P 500Russell 1000 Earnings call · transcribed from the recording
BlackRock (BLK) · Q3 2026 results and valuation
Share price: $1226.31 · 2026-11-11
Results Q3 2026 vs Q2 2026 · previous quarter · published 14 Oct 2026 and 15 Jul 2026
Net income down 13.3% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−13.3%
Net income vs Q2 2026
Outlook given
Net income 1.66B vs 1.91B
Revenue +9.4%
Against the same quarter last year (Q3 2025) it is +25.4%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
Typical
More upbeat than 59% of company calls
Answers to analysts: upbeat, in line with the script.
Last call it was different: the answers were more upbeat than the script.
3 · What stood out
Key theme
Driving 10% organic base fee growth
Valuation
Is BlackRock undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.7% growth a year (3-year revenue growth), the model's fair value is $554.60 a share — the stock trades 121% above it. Today's price assumes 21.3% growth a year.
Current price
$1226.31
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+21.3% for 10 yrs
Fair value / share
$554.60
Buy below
$415.95
Price vs fair value
Overvalued 121%
Price vs buy-below price
Overvalued 195%
Read between the lines
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Guidance
At present, based on its capital spending plans for the year and subject to market and other conditions, BlackRock anticipates repurchasing at least $550 million worth of shares...
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Figure
In BlackRock's first comparable quarter since the HPS close, year-on-year EPS growth accelerated to over 35%.
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Fading
Excluding the impact of all performance fees and related compensation, BlackRock's adjusted operating margin for the second quarter would have been 46.5%…
Source quote
“Excluding the impact of all performance fees and related compensation, our adjusted operating margin for the second quarter would have been 46.5%... We continue to deliver even greater margin expansion on recurring fee-related earnings. Our capital management strategy continues to be invest first and then return excess cash to shareholders through a combination of dividends and share repurchases.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“We can do that through the acquired businesses, but we can also do it through highly scaled franchises that we have in ETFs, digital assets, and systematic equities, which have...”
“High momentum across our business is translating into stronger financial outcomes.”
“It is showing up in strong engagement in some of our highest value growth engines, including systematic equity, private markets, retirement, and technology.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-09-30)
| Metric | Q3 2026period end 2026-09-30 | Q2 2026period end 2026-06-30 | Change | Q3 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 7.75B | 7.08B | +9.4% | 6.51B | +19.1% |
| Operating income | 2.33B | 2.46B | −5.4% | 1.96B | +19.1% |
| Net income | 1.66B | 1.91B | −13.3% | 1.32B | +25.4% |
| EPS | 10.57 | 12.19 | −13.3% | 8.43 | +25.4% |
| P/E today 26.8 | 24.1 | 23.0 | +1.1 | 30.0 | −5.9 |
Topics
Most discussed now
- There's more money in motion across global capital markets, and there's expanding opportunities for BlackRock and BlackRock's clients.
- Year to date, net inflows and organic base fee growth are both more than 45% higher than this time last...
- BlackRock's direct indexing sort of traditional long only AUM is $175 billion, with about $13 billion of net inflows year...
- That's to deliver that durable premium organic base fee growth.
- You see that in high value category and strong markets.
Faded since Q2 2026
- Fading BlackRock will start by saying it is executing on a really strong pipeline for private markets deployment as well as fundraising.
- Fading Wealth managers and institutions all over the world are growing with BlackRock consistently through market cycles, from ETF model…
- Fading BlackRock sees great market fundamentals with higher corporate margins and earnings momentum catalyzed by new technology.
- Fading BlackRock's scale and position with clients in every region of the world enables us to capture upside to capital market...
Latest announcements
Official filings, newest first.
- Results of operations; Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K
- Shareholder vote results · SEC 8-K · routine
- Results of operations; Regulation FD disclosure · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
- Director or officer change · SEC 8-K
- Director or officer change · SEC 8-K