BlackRock Q2 earnings preview: What Wall Street expects from BLK stock

BlackRock BLK is set to report its second-quarter earnings before the opening bell on Wednesday, July 15, with Wall Street expecting the world's largest asset manager to deliver another quarter of revenue and earnings growth.

Analysts expect BlackRock to report earnings per share of $12.65, up 5.0% from a year earlier, on revenue of $6.74 billion, representing 24.4% year-over-year growth.

Another consensus estimate projects EPS of $12.57 on revenue of $6.72 billion, also pointing to strong annual growth.

The asset manager enters the earnings report with a solid track record, having exceeded consensus EPS estimates in each of the past four quarters while beating revenue expectations in three of those periods.

Investors will be looking for signs that BlackRock can sustain its momentum amid evolving market conditions and changing industry dynamics.

Analysts expect another quarter of growth

Sentiment heading into BlackRock's earnings report has improved in recent months.

Over the past three months, analysts have issued seven upward revisions and three downward revisions to EPS estimates.

Revenue forecasts have also strengthened, with four upward revisions compared with one downward revision.

Wall Street remains broadly optimistic about the stock.

Analysts maintain a Buy consensus with an average price target of $1,259, implying roughly 22% upside from the current share price of $1,029.85.

Of the 17 analysts covering the company, 14 recommend buying the stock, while three maintain Hold ratings and none recommend selling.

Several brokerages have also raised their price targets ahead of the earnings release.

Barclays increased its target to $1,340, while Morgan Stanley raised its target to $1,430.

Earnings estimates have climbed 0.75% over the past 60 days, while revenue estimates have increased 1.74%, reflecting growing confidence ahead of the quarterly report.

Client flows and AUM remain key focus

Investors will closely monitor BlackRock's assets under management, net inflows into iShares exchange-traded funds and active strategies, fee revenue, and the performance of its technology and private markets businesses.

During the first quarter, BlackRock reported $136 billion in long-term net inflows.

Although this was below the $150 billion Visible Alpha consensus estimate, it included a record $132 billion in net inflows into iShares exchange-traded products, alongside $3 billion in active equity inflows and $9 billion in private markets inflows led by private credit and infrastructure.

The company also exceeded Wall Street's expectations in the first quarter, supported by 8% year-over-year organic fee growth and adjusted operating margin expansion of more than 100 basis points.

Investors will also assess the early performance of BlackRock's recently launched iShares Nasdaq 100 ETF, along with trends in fee rates and demand across its investment products.

Technology and alternatives under the spotlight

Beyond traditional asset management, analysts will be watching the contribution from BlackRock's Aladdin technology platform and its alternatives business.

In a research note, Morgan Stanley said it believes BlackRock is "best-positioned within the asset management barbell given its leading iShares ETF platform, multi-asset and alternatives businesses, combined with a growing technology/Aladdin offering that should drive ~18% EPS CAGR (2025-28e) via ~5% average long-term organic growth."

Morgan Stanley also said its base-case outlook expects "+5.6% and +5.2% net inflows in 2026 and 2027, respectively, led by Alternatives and Fixed Income."

The earnings report is expected to provide further insight into whether BlackRock's scale, diversified business model, and technology offerings continue to offset broader industry pressure from lower management fees and rising operating costs.

Investors will also look for management commentary on client demand, market conditions, and capital deployment as they assess the firm's outlook for the second half of the year.