BlackRock (BLK): Oops!... They Did It Again (And Probably Will Again in 4Q) — 3Q26 Earnings Review

Evercore ISI's BlackRock (BLK) 3Q26 earnings review. Adjusted EPS of $15.93 beat our/Street estimates of $14.08/$14.06. The firm took in $175bn of long-term net inflows, including $25bn in active equities, driving 11% annualized organic base fee growth. Revenue rose 19% y/y, AUM grew 15% to $15.5trn, and the adjusted operating margin expanded 320bps y/y to 47.8% (recurring fee margin 48.6%, +230bps). Private markets saw positive flows across all five asset classes totaling $15bn. Management believes 6-8% organic base fee growth is sustainable with recurring fee margins above 50% over time, and reiterated 2030 targets of $35bn revenue, $15bn operating income and 30% revenue contribution from private markets and technology. We lower our 2027E/2028E EPS to $64.20/$72.83 and maintain our $1,275 price target with an Outperform rating.