BlackRock Q2 2026: Revenue +31%, operating income +42% as HPS acquisition closes

Filed August 6, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 6, 2025 · ~2 min read

Key Changes

• high

  Operating income rose 42% YoY to $2.5B with margin expanding 280 bps to 34.7%, driven by higher revenue from markets, organic base fee growth, HPS Transaction fees, and higher performance fees, partially offset by HPS-related noncash acquisition costs.

  MD&A: Operating income and margin verify on EDGAR →
• high

  HPS acquisition closed July 1, 2025, delivering ~8.5M Subco Units valued at $8.5B to former HPS equityholders. Contingent consideration of ~2.8M and ~1.6M Subco Units tied to post-closing conditions and performance milestones may be paid in ~5 years.

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

  Contingent consideration liabilities increased from $4.5B to $7.9B, adding $3.4B related to HPS Transaction. On July 1, 2026, a cash-settlement provision expired, triggering Q3 2026 reclassification of ~2.8M Subco Units ($2.6B fair value) from liabilities to equity, eliminating future income statement volatility from this component.

  MD&A: Contingent consideration liabilities verify on EDGAR →