BlackRock's Shift to High-Margin Private Markets Drives Record $13.9 Trillion AUM

BlackRock's adjusted operating margin expanded by 130 basis points to 44.5% as the firm integrated high-margin alternative assets. The growth was fueled by the integration of Global Infrastructure Partners and HPS Investment Partners, which served as engines for fee growth. These private credit and infrastructure investments shifted the firm's revenue mix toward higher-fee offerings. Total revenue grew 27% year-over-year to $6.7 billion. Adjusted earnings per share reached $12.53, beating the analyst consensus of $11.48. This performance followed the report of first-quarter 2026 earnings. Assets under management climbed to $13.89 trillion.