Image Source: Pixabay

When the stock market is performing well, you can bet that the world’s largest asset manager, BlackRock (NYSE: BLK) is doing well too.

On Tuesday, BlackRock reported huge gains in revenue, earnings, and assets under management. Here are the key metrics:

• Revenue: $6.5B, up 25% year-over-year and better than estimates of $6.3B.
• Net fund inflows: $205B, down from $221B.
• Assets under management: $13.5 trillion, up from $11.5 trillion.
• Net income: $1.9 billion, up 11% year-over-year.
• Earnings: $11.55 per share, up 1% and better than estimates of $11.31 per share.

While fund flows were strong, they were down from the same quarter a year ago. However, rising asset levels, due to strong markets, led to surging revenue. For example, the Nasdaq jumped more than 11% in Q3 of 2025, compared to about a 3% increase in Q3 of 2024.  When asset totals are higher, BlackRock makes more fee revenue.

iShares see record inflows

BlackRock saw record demand for its iShares lineup of exchange-traded funds (ETFs).

iShares ETFs drew a record $153 billion in fund flows in Q3, up from about $97 billion in the same quarter a year ago and up from $27 billion in Q2 2025. Retail mutual funds had inflows of about $10 billion while institutional funds saw about $8 billion flow in.

The main reason that total inflows were down year-over-year was because of lower inflows from money market funds — $34 billion compared to $61 billion in Q3 2024.

BlackRock delivered one of our strongest quarterly flows results, with net inflows of $205 billion, powering 10% organic base fee growth in the third quarter and 8% over the last twelve months. That growth is even more notable in its diversification,” Laurence Fink, BlackRock chairman and CEO, said.

Diversification has been a major focus for BlackRock as it seeks to perform better in various market cycles, not just stock market is not roaring.

Diversified assets

In Q3, BlackRock actually saw more overall inflows from fixed income, about $47 billion, than equities, about $46 billion. It also saw $33 billion in multi-asset flows, $17 billion in alternative or private equity flows, $17 billion in digital assets, including its Bitcoin ETF, and $10 billion in currency and commodity inflows.

When looking at ETFs alone, BlackRock saw $53 billion in equity ETF inflows compared to $41 billion in fixed income. Also, active ETFs drew $21 billion in inflows.

“We’re entering our seasonally strongest fourth quarter with building momentum and a fully unified platform,” Fink said. “One that’s anchored by a public-private investment model, backed by Aladdin technology, and united by a shared culture of performance and client service. I believe the scale of the opportunity ahead for BlackRock, our clients and shareholders far exceeds what we’ve ever seen before.”

BlackRock stock rose about 1% Tuesday and is up 14% YTD. Wall Street analysts see continued growth for BlackRock with a median price target of $1,300 per share, suggesting 12% growth.

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