BlackRock inflows hit record $192 billion

The Tip Desk · July 15, 2026 · 2 min read

The world’s largest asset manager saw long-term net inflows jump 46% sequentially to $199 billion in the second quarter.

BlackRock reported record quarterly net inflows of $192 billion in the second quarter, a 48% sequential increase that lifted long-term net inflows to $199 billion and reversed a declining trend from prior quarters. The surge was broad-based, with iShares ETF assets under management crossing $6 trillion for the first time—a 9% quarterly increase—and active equity net inflows jumping 567% to $20 billion.

Demand for liquid alternatives and private markets accelerated sharply. Liquid alternatives saw net inflows of $7 billion, up 141% from the prior quarter, while private markets inflows rose 69% to $15.4 billion, led by private credit and infrastructure. Institutional active strategies also rebounded, turning an $11 billion outflow in the first quarter into a $43.8 billion inflow, driven by active equity and multi-asset mandates.

Organic base fee growth picked up to 8% year-over-year, two percentage points faster than the first quarter, as higher-margin products gained traction. Technology services revenue grew 13% to $566 million, with annual contract value (ACV) growth for Aladdin and multi-product solutions accelerating to 15%. The combination lifted adjusted operating margin to 45.9%, a 140-basis-point sequential expansion and the highest level in nearly five years.

Retail channels contributed to the rebound, with net inflows rising 27% to $19 billion, while cash management saw a $7 billion outflow as clients continued to shift into higher-yielding products. Digital assets AUM declined to $48.8 billion from $60.7 billion, with net outflows of $3.1 billion following a brief return to inflows in the prior quarter.

Adjusted diluted earnings per share rose 15% year-over-year to $13.91, outpacing the 11% growth in the first quarter. BlackRock increased its planned quarterly share repurchases to $550 million, up from $450 million, and raised its full-year 2026 buyback target to $2 billion.

Management attributed the quarter’s strength to sustained client demand for diversified strategies, particularly in fixed income and multi-asset solutions. With pipelines across ETFs, private markets, and technology services remaining robust, the firm signaled confidence in maintaining its growth trajectory through the second half of the year.