---
title: "BlackRock earned $1.66 billion on $205 billion of inflows; FERC must still clear its $33.4 billion AES buyout"
description: "Net income rose 24.8 percent to $1.66 billion on $205 billion of inflows, answering the private-credit scare that had cut the stock more than 8 percent from its high. The bet still open is GIP's $33.4 billion AES takeover, now waiting on FERC."
publisher: "The Inference"
section: "Markets"
published: 2026-10-15T23:11:40.827Z
modified: 2026-10-15T23:11:40.827Z
canonical: https://theinference.org/article/blackrock-earned-1-66-billion-on-205-billion-of-inflows-ferc-must-still-clear-its-33-4-billion-aes-buyout
language: en
keywords: "BlackRock, Larry Fink, AES, Private Credit, Earnings, Infrastructure"
---

# BlackRock earned $1.66 billion on $205 billion of inflows; FERC must still clear its $33.4 billion AES buyout

> Net income rose 24.8 percent to $1.66 billion on $205 billion of inflows, answering the private-credit scare that had cut the stock more than 8 percent from its high. The bet still open is GIP's $33.4 billion AES takeover, now waiting on FERC.

## The quarter that answered the scare

[BlackRock](https://theinference.org/markets/companies/blackrock) earned $1.66 billion of net income in the third quarter, up 24.8 percent from $1.33 billion a year earlier, on revenue of $7.7 billion against the $7.52 billion analysts expected [1][2]. Adjusted earnings of $15.93 a share cleared the $14.13 consensus, [clients added a net $205 billion](https://www.aol.com/articles/blackrock-private-credit-fund-redemption-121011000.html), and assets under management reached $15.5 trillion, from $13.46 trillion a year earlier [3]. Technology contract value tied to the Aladdin platform grew 12 percent [1]. Chief executive Larry Fink tied the flows to the technology cycle: "Market fundamentals are strong and well supported, with higher margins and earnings momentum catalyzed by new technology" [3]. The stock rose as much as 5 percent on the print [3].

*Chart: **Net income jumped 24.8 percent in Q3 from a soft quarter a year earlier** Column chart of BlackRock quarterly net income from Q2 2024 to Q3 2026, dipping to $1.13B in Q4 2025 before recovering to $1.66B in Q3 2026*

*GAAP net income by calendar quarter, in billions of dollars; Q3 2026 as reported on October 14, 2026. Sources: BlackRock SEC filings; Private Banker International via Yahoo Finance. [1][10]*

## HPS redemptions eased, and the fee math still argues for the bet

The fear that had [cut the shares more than 8 percent from their 2026 high](https://www.benzinga.com/markets/equities/26/10/62289764/blackrock-stock-faces-a-test-can-aum-growth-offset-private-credit-worries) was private credit [2]. HPS, the manager with more than $197 billion in assets that BlackRock acquired, fielded redemption requests for 11.5 percent of its Corporate Lending Fund shares in the third quarter, after 13.3 percent in the second [2]. The fund now [plans to repurchase $600 million of shares](https://finance.yahoo.com/markets/stocks/articles/blackrock-backed-hps-fund-repurchase-140004971.html), and Reuters reports the pressure easing industry-wide [4][5]. Private markets are about 2 percent of BlackRock's assets but roughly 11 percent of its base fees [5], and Fink said the firm raised $68 billion for private markets in twelve months, $25 billion of it credit [3].

*Chart: **BlackRock revenue is up 49 percent in two years** Line chart of BlackRock quarterly revenue from Q3 2024 to Q3 2026, rising from $5.2B to $7.75B*

*GAAP revenue by calendar quarter, in billions of dollars; Q3 2026 as reported on October 14, 2026. Sources: BlackRock SEC filings; InvestmentNews. [5][6]*

## The other private bet waits on FERC

The second wager has no quarterly print. BlackRock's Global Infrastructure Partners leads the consortium [taking the power company AES private at $15 a share, $33.4 billion including debt](https://theinference.org/article/blackrock-s-33-4-billion-aes-buyout-turns-on-one-question-can-20-percent-money-run-a-10-percent-utility), and the Federal Energy Regulatory Commission's public-interest review is the last gate before a close guided for late 2026 or early 2027 [7][8]. Five lawmakers, Senator Elizabeth Warren among them, [told FERC chair Laura Swett on September 28](https://www.usnews.com/news/politics/articles/2026-09-29/exclusive-us-lawmakers-including-sen-warren-push-energy-regulators-to-reject-acquisition-of-power-company-aes) that GIP seeks returns of 15 to 20 percent, roughly double the 10 percent historical median for regulated utilities, and that BlackRock's data-center holdings invite cross-subsidization [8]. [AES](https://theinference.org/markets/companies/aes) says no deal cost reaches ratepayers [8]. Indiana's commission [approved the 390-megawatt Google data center plan on October 7](https://www.wfyi.org/statewide/2026-10-12/indiana-approves-aes-plan-to-power-google-data-center-in-monrovia) while allowing $73.8 million of network upgrades into the transmission rate base that retail bills repay; Google pays $32.3 million for its direct connection [9]. [Ohio ordered directors with data-center ties to recuse](https://theinference.org/article/blackrock-s-33-billion-utility-buyout-got-two-answers-ohio-drew-a-line-indiana-kept-billing) [7]. Indiana's rehearing, covering the [Google](https://theinference.org/markets/companies/alphabet) project and the buyout, runs to a March 11, 2027, hearing [7].

## Two prints decide it: HPS's next redemption and FERC's word

Two prints matter now: the next HPS redemption request, which tests whether the easing holds, and FERC's word in docket EC26-99 [7]. The index funds carried this quarter. The regulator holds the next one.

## Takeaway

BlackRock's $205 billion inflow quarter and 24.8 percent profit jump answered the HPS redemption scare; the $33.4 billion AES buyout still waits on FERC, with an Indiana rehearing set for March 2027.

## Sources

1. [Private Banker International via Yahoo Finance, "BlackRock Q3 profit rises 24.8% on strong inflows", 15 October 2026](https://finance.yahoo.com/news/blackrock-q3-profit-rises-24-112924493.html)
2. [Benzinga, "BlackRock Stock Faces a Test: Can AUM Growth Offset Private Credit Worries?", 12 October 2026](https://www.benzinga.com/markets/equities/26/10/62289764/blackrock-stock-faces-a-test-can-aum-growth-offset-private-credit-worries)
3. [Reuters via AOL, "BlackRock draws $205 billion in client funds as quarterly profit beats estimates", 14 October 2026](https://www.aol.com/articles/blackrock-private-credit-fund-redemption-121011000.html)
4. [MT Newswires via Yahoo Finance, "BlackRock-Backed HPS Fund to Repurchase $600 Million After 11.5% Requests", 11 September 2026](https://finance.yahoo.com/markets/stocks/articles/blackrock-backed-hps-fund-repurchase-140004971.html)
5. [InvestmentNews, "BlackRock books Q3 earnings beat as AI rally offsets rate hike jitters", 14 October 2026](https://www.investmentnews.com/alternatives/blackrock-books-q3-earnings-beat-as-ai-rally-offsets-rate-hike-jitters/268598)
6. [BlackRock quarterly figures from its SEC filings, retrieved 15 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002012383)
7. [The Inference, "BlackRock's $33.4 billion AES buyout turns on one question: can 20 percent money run a 10 percent utility?", 10 October 2026](https://theinference.org/article/blackrock-s-33-4-billion-aes-buyout-turns-on-one-question-can-20-percent-money-run-a-10-percent-utility)
8. [Reuters via U.S. News & World Report, "Exclusive: US Lawmakers Including Sen. Warren Push Energy Regulators to Reject Acquisition of Power Company AES", 29 September 2026](https://www.usnews.com/news/politics/articles/2026-09-29/exclusive-us-lawmakers-including-sen-warren-push-energy-regulators-to-reject-acquisition-of-power-company-aes)
9. [WFYI, "Indiana approves AES plan to power Google data center in Monrovia", 12 October 2026](https://www.wfyi.org/statewide/2026-10-12/indiana-approves-aes-plan-to-power-google-data-center-in-monrovia)
10. [BlackRock, quarterly figures from its SEC filings, retrieved 15 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002012383)


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BlackRock earned $1.66 billion on $205 billion of inflows; FERC must still clear its $33.4 billion AES buyout — The Inference. Canonical: https://theinference.org/article/blackrock-earned-1-66-billion-on-205-billion-of-inflows-ferc-must-still-clear-its-33-4-billion-aes-buyout