In the first quarter, BlackRock recorded adjusted earnings of $12.53 per share, surpassing the analyst estimate of $11.62 and improving from $11.30 a year earlier.
The GAAP diluted EPS increased by 46 percent year-over-year, impacted by noncash acquisition-related items. Adjusted diluted EPS rose by 11 percent year-over-year, reflecting lower nonoperating income, a higher diluted share count, and a higher effective tax rate.
The firm generated $6.7 billion in revenue, up from $5.28 billion a year earlier, and above the $6.46 billion analyst estimate. Technology services and subscription revenue grew by 22 percent year-over-year, driven by Aladdin® and the Preqin Transaction.
Operating income, as adjusted, increased by 31 percent year-over-year. GAAP operating income rose by 66 percent.
Laurence D. Fink, Chairman and CEO, stated, “BlackRock delivered one of the strongest starts to a year in our history. Our results tell more than one quarter’s story. They reflect a business with accelerating momentum, deep client engagement, and a platform built to compound across market environments. Over the last twelve months, clients entrusted BlackRock with $744 billion of net new assets, powering 10 percent organic base fee growth.
