BlackRock’s Total Assets Reach an All-Time High of $14 Trillion Amid ETF Boom

BlackRock Achieves Record $14 Trillion in Assets Amid Expansion

Photographer: Michael Nagle/Bloomberg

BlackRock Inc. attracted $342 billion in new client funds during the fourth quarter, boosting its total assets under management to an unprecedented $14 trillion. This surge comes as the company continues to absorb several recent acquisitions, strengthening its presence in private markets.

According to BlackRock’s latest earnings report, investors contributed a net $268 billion to its long-term investment products, with $181 billion flowing into its exchange-traded funds, which now collectively hold $5.5 trillion. The influx in the final quarter brought the firm’s total annual net inflows—including cash and money-market funds—to a record $698 billion.

Top Stories from Bloomberg

Net inflows into BlackRock’s long-term funds surpassed the $232 billion average forecast by analysts polled by Bloomberg. The results also reflect, for the first time, a major outsourcing agreement in which Citigroup entrusted BlackRock with approximately $80 billion in investment assets from its affluent clients.

“Clients worldwide are seeking to expand their relationship with BlackRock,” said CEO Larry Fink. “Our business pipeline now spans a broader range of products, regions, and client channels, including mandates in both public and private markets, as well as technology and data solutions.”

During the quarter, BlackRock’s adjusted earnings per share climbed 10% year-over-year to $13.16, outpacing the average analyst projection of $12.28. Revenue increased by 23% to $7 billion compared to the same period last year.

Operating costs rose to $5.3 billion for the quarter, reflecting BlackRock’s ongoing push into private markets.

The company is evolving from a leader in stocks, bonds, and public markets to a major player in private credit and infrastructure investments worldwide. BlackRock recently spent about $28 billion acquiring Global Infrastructure Partners, HPS Investment Partners, and Preqin Ltd., marking one of its most significant acquisition streaks to date.

Following these acquisitions, which concluded in July with the purchase of HPS, BlackRock continues to integrate the new businesses. The firm is also launching new offerings aimed at high-net-worth individuals and retirement plans such as 401(k)s. In the latest quarter, BlackRock attracted $15.6 billion into liquid alternatives and private asset products.

Additional Insights

Over the past year through Wednesday, BlackRock’s share price increased by 13.4%, lagging behind the S&P 500’s 18.6% gain.

Most Read from Bloomberg Businessweek

©2026 Bloomberg L.P.