BlackRock, Inc. announced its financial results for the third quarter of 2025, reporting a diluted earnings per share (EPS) of $8.43, or $11.55 on an adjusted basis, for the period ending September 30, 2025.
The company recorded $205 billion in total net inflows during the quarter, with a significant contribution from iShares exchange-traded funds (ETFs), as well as inflows into private markets and cash management products. BlackRock noted that the 10% annualized organic base fee growth for the quarter reflected strong performance across iShares ETFs, systematic active equities, private markets, outsourcing, and cash solutions.
Revenue increased by 25% year-over-year. This rise was attributed to favorable market conditions, 8% organic base fee growth over the last twelve months, additional fees from the GIP and HPS transactions, and increased revenue from technology services and subscriptions.
However, BlackRock reported a 3% decrease in year-over-year GAAP operating income and a 23% decrease in GAAP diluted EPS. The company stated these declines were "impacted by noncash acquisition-related expenses, which have been excluded from as-adjusted results." On an adjusted basis, operating income rose by 23% year-over-year.
The company also noted a 1% increase in year-over-year as adjusted diluted EPS. This result "also reflects lower nonoperating income and a higher diluted share count, partially offset by a lower effective tax rate in the current quarter."
During the quarter, BlackRock repurchased $375 million worth of shares. The company also closed its acquisition of HPS Investment Partners on July 1st, which added $165 billion in client assets under management (AUM) and $118 billion in fee-paying AUM.
The full financial release is available for further details.