BlackRock's Q3 2024 earnings report

BlackRock Reports Record $10.6 Trillion AUM, $10.36 EPS, $4.81B Revenue in Q2 2024

Jul 15, 2024, 10:30 AM

BlackRock reported its second quarter 2024 earnings, revealing a record $10.6 trillion in assets under management (AUM), a 13% increase from the previous year. The firm's adjusted earnings per share (EPS) stood at $10.36, surpassing the estimated $9.96. Revenue was $4.81 billion, slightly below the estimated $4.87 billion. Net inflows for the quarter were $81.57 billion, falling short of the anticipated $101.24 billion. The company hauled in $51 billion of client cash to its long-term investment funds. Total fee revenue increased by 4% year-over-year to $3.4 billion. BlackRock's CEO highlighted the firm's growth, noting a 12% increase in operating income and a 160 basis point expansion in margins. The CEO attributed organic growth to private markets, retail active fixed income, and strong flows into ETFs, which had their best start to a year on record. The company also conducted $0.5 billion in buybacks during the quarter.