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Jun 30
BlackRock Q2 2025 Earnings Report
BlackRock reported strong Q2 2025 results with record AUM and solid net inflows despite a large institutional redemption.
Key Takeaways
BlackRock delivered solid Q2 2025 results, with revenue growth driven by ETFs and technology services. Net income rose, AUM reached a record $12.5 trillion, and iShares ETFs had a record first half, though institutional redemptions impacted total inflows.
Record AUM of $12.5 trillion
Total quarterly net inflows of $67.7 billion despite a $52 billion institutional redemption
Technology services revenue growth supported by Preqin acquisition
Share repurchases of $375 million in the quarter
BlackRock
BlackRock
BlackRock Revenue by Segment
BlackRock Revenue by Geographic Location
Revenue by Segment
Advisory & Admin Fees Revenue
CapyFin.comSecurities Lending Revenue
CapyFin.comPerformance Fees Revenue
CapyFin.comTech Services & Subs Revenue
CapyFin.comDistribution Fees Revenue
CapyFin.comAdvisory & Other Revenue
CapyFin.comRevenue by Geographic Location
Americas Net Flows Revenue
CapyFin.comEMEA Net Flows Revenue
CapyFin.comAPAC Net Flows Revenue
CapyFin.com Forward Guidance
BlackRock expects stronger growth in the second half of 2025, supported by private markets, technology, and ETF flows.
Positive Outlook
- Seasonally stronger second half anticipated
- HPS Investment Partners acquisition expected to add $165B in AUM
- Continued strong demand for iShares ETFs
- Technology services ACV growth at record 16%
- Private infrastructure fund surpassed $25.2B fundraising target
Challenges Ahead
- Institutional client redemption impacted net flows
- Higher effective tax rate expected
- GAAP operating income pressured by acquisition-related expenses
- Continued APAC net outflows
- Lower performance fees compared to prior year