Higher-margin fees cushion BlackRock as assets slip from record peak
CC
Cora Caldwell
ETF inflows data · Apr 14, 2026
Source: DojiDoji Data Terminal
BlackRock's assets under management fell to $13.89 trillion from a record $14.04 trillion at the end of 2025. The sequential decline occurred as falling markets reduced the value of client portfolios, offsetting total net inflows of $130 billion, which included a record $132 billion for iShares ETFs and $9 billion for private markets.
The decline in asset scale did not prevent an earnings beat, as the firm shifted its revenue mix toward higher-margin strategies. Performance fees jumped to $272 million from $60 million a year earlier. Technology services and subscription revenue, driven by the Aladdin platform, grew 22%.
This pivot toward active ETFs, private markets, and alternatives provided a cushion against market volatility. Because these products generate richer fees per dollar managed than traditional index products, BlackRock maintained profit growth despite the dip in total assets.
First-quarter net profit rose to $2.21 billion, or $14.06 a share, compared to $1.51 billion, or $9.64 a share, a year earlier. Revenue rose 27% to $6.7 billion.