BlackRock closes $12B HPS acquisition, AUM surges 20% to $13.9T amid margin expansion

Filed May 6, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 7, 2025 · ~2 min read

Key Changes

• high

  HPS acquisition completed, adding $3.4B in contingent consideration liabilities tied to performance milestones payable in 2.8M-4.4M Subco Units over five years, materially increasing dilution risk beyond the 9.2M units issued at closing.

  MD&A: HPS Transaction verify on EDGAR →
• high

  AUM grew $2.3 trillion to $13.9T (up 20% year-over-year) while GAAP operating margin jumped 980 basis points to 42.0%, reflecting strong organic growth and operating leverage from scale.

  MD&A: Financial Highlights verify on EDGAR →
• high

  Diluted share count rose from 156.6M to 165.0M shares, driven by HPS Subco Units; as-adjusted EPS methodology now assumes all Subco Units exchanged into common stock, affecting period-over-period comparability.

  MD&A: EPS Definition verify on EDGAR →