BlackRock Inc. pulled in $192 billion of net client cash in the second quarter, with investors pouring money into exchange-traded funds and pushing total assets above $15 trillion for the first time.
Investors added $53 billion to actively managed funds on a net basis and revenue rose 31% from a year earlier to $7.1 billion, BlackRock said Wednesday in a statement.
“Market fundamentals are strong and well supported, with higher margins and earnings momentum catalyzed by new technology,” Chief Executive Officer Larry Fink said in the statement.
The asset manager’s conviction in its growth led it to increase planned share repurchases for 2026 to $2 billion, he added.
Shares of the firm rose 5.3% at 6:28 a.m. in early trading in New York.
BlackRock pulled in record net inflows of $321 billion for the first half of the year, the company said. Net flows to long-term investment funds were $199 billion, beating the $170 billion average estimate of analysts surveyed by Bloomberg. BlackRock’s ETF business took in $178 billion, accounting for the vast majority of new money flowing into the firm, while cash and money-market funds lost $7 billion in net money.
BlackRock’s adjusted earnings per share in the quarter rose 15% from a year ago to $13.91. That beat the average analyst estimate of $12.66.
The money manager reported 8% growth in organic base fees, a metric that rises as more customers favor higher-fee products. Private markets vehicles, systematic funds and actively managed ETFs all deliver juicier fees than index funds. The second quarter was the eighth consecutive three-month period in which the firm reported 5% or higher growth. Performance fees increased $211 million from the year-ago quarter, driven primarily by higher revenue from alternative products.
Long a dominant player in stocks, bonds and public markets, BlackRock is in the midst of transforming itself into one of the largest firms as well in private credit and infrastructure markets — including by buying credit firm HPS Investment Partners for $12 billion in 2025. BlackRock said fees tied to the HPS deal helped drive the increase in revenue.
BlackRock took in $22 billion in liquid alternative and private assets in the quarter compared with $14.6 billion in the prior quarter. Private markets accounted for $15.4 billion of the alternatives flows in the period.
Shares of BlackRock fell 4.2% this year through Tuesday, trailing the 10.2% increase of the S&P 500 index.
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