BlackRock Roars Ahead: Record AUM, Double-Digit Growth, and Ambitious Expansion Plans
BlackRock, the world's largest asset manager, is continuing its impressive growth trajectory, with a record-breaking second quarter of 2025. Chairman and Chief Executive Officer Laurence D. Fink led the company's earnings teleconference, where key executives provided insights into the firm's performance and future plans.
BlackRock posted 6% organic base fee growth in the second quarter, its fourth consecutive quarter of 5% or higher organic base fee growth. This success has been built on multiyear sustained growth in iShares, fixed income, systematic tax-managed strategies in Aladdin, and now expansions in private markets. The company generated $650 billion of net inflows over the last 12 months, with a staggering $68 billion of net inflows in the second quarter alone.
Excluding low-fee institutional index redemptions that saw $48 billion of net outflows, BlackRock delivered approximately $116 billion of net inflows in the quarter. This strong performance drove record AUM to $12.5 trillion and significant revenue growth, with second-quarter revenue reaching $5.4 billion, a 13% year-over-year increase.
Operating income was up 12%, and earnings per share of $12.05 was 16% higher versus a year ago. Nonoperating results for the quarter included $433 million of net investment gains driven by mark-to-market noncash gains on minority investments, such as Circle and HPS Investment Partners.
BlackRock's aggressive expansion plans were also on full display during the teleconference. The company has built strength at the foundation of its platform in ETFs, Aladdin, whole portfolio, fixed income, cash management, which are the strong foundations to serve clients and deliver on organic growth objectives. BlackRock executed on organic business builds in structural growth categories, including digital assets, active ETFs, model portfolios, and systematic equities.
Laurence Fink highlighted that the company's record results in 2024 have been built on sustained growth in iShares, fixed income, systematic tax-managed strategies in Aladdin, and now expansions in private markets. He expressed confidence that these engines will enable BlackRock to more consistently rise above 5% organic base fee growth.
The acquisition of HPS Investment Partners marked a major milestone as the company evolves towards its ambitions of 30% revenue contribution from private markets and technology by 2030. GIP V closed above its $25 billion target, making it the largest private market fund raise in the histories of both BlackRock and GIP.
With these remarkable achievements, BlackRock is solidifying its position as a leader in the global investment management industry. The company's commitment to innovation, expansion, and delivering exceptional results for clients has never been more evident than in this quarter's performance."
