Investment manager giant BlackRock, Inc. (NYSE:BLK) reported that third-quarter 2025 revenue grew 25% year-over-year (Y/Y) to $6.51 billion, beating the consensus of $6.22 billion. 

Adjusted operating income rose 23% Y/Y to $2.62 billion. Adjusted EPS increased 1% Y/Y to $11.55, beating the consensus of $11.26.

Revenue and Profit Breakdown

Investment advisory, administration fees, and securities lending revenue increased to $5.05 billion from $4.03 billion a year ago.

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This was primarily driven by organic base fee growth of 10%, market beta effects on average AUM, and fees of about $215 million and $225 million from the GIP and HPS transactions, respectively.

Securities lending revenue rose to $203 million from $149 million in the third quarter of 2024, primarily ...