BlackrockBLK

01AUM increased $2.8 trillion to $15.3 trillion at June 30, 2026 from $12.5 trillion at June 30, 2025 Long-term net inflows of $773 billion were comprised of net inflows of $644 billion, $126 billion and $4 billion from ETFs, retail clients and institutional clients, respectively ETFs net inflows of $644 billion were led by core equity and index bond ETFs net inflows of $240 billion and $191 billion, respectively Retail net inflows of $126 billion were led by net inflows into fixed income, equity and multi-asset strategies, driven by the onboarding of a significant separately managed account assignment in the fourth quarter of 2025 as well as demand for Aperio

02Aladdin is an enterprise risk-management and portfolio-management operating system embedded in client workflows at institutions, insurers, and wealth managers. Once installed, migrating off Aladdin requires rebuilding compliance, reporting, and risk analytics—creating high switching costs. Revenue grew ~17%, indicating continued wallet expansion and new client adoption. This recurring, fee-based revenue stream is decoupled from market beta and diversifies earnings away from pure AUM sensitivity.

03Institutional active net inflows of $106 billion were led by $74 billion in multi-asset net inflows reflecting continued growth from significant outsourcing mandates and Lifepath target-date offerings Private markets net inflows of $46 billion were led by private credit and infrastructure In connection with the HPS Transaction, approximately $460 million of fees related to the HPS Transaction were included in base fees

04Operating margin of 45.9% increased 260 bps from the three months ended June 30, 2025 on an as-adjusted basis Operating income of $5.6 billion increased $1.5 billion and operating margin of 45.2% increased 200 bps from the six months ended June 30, 2025 on an as-adjusted basis The Company was required to maintain approximately $2.2 billion in net capital in certain regulated subsidiaries and was in compliance with all applicable regulatory net capital requirements