BlackRock (NYSE:BLK) posted second-quarter results that exceeded expectations for earnings, revenue, and assets under management (AUM), despite weaker-than-anticipated net inflows.

The company reported earnings per share of $12.05, comfortably surpassing the consensus estimate of $10.60. Revenue climbed 13% year-over-year to $5.42 billion, slightly above the $5.41 billion forecast. Growth was driven by favorable market conditions, rising base fees, contributions from the GIP transaction, and gains in technology and subscription services, although lower performance fees weighed modestly on results.

BlackRock’s AUM reached $12.53 trillion, exceeding analyst projections of $12.31 trillion, marking a new milestone for the world’s largest asset manager.

However, net inflows fell short of expectations. Total inflows for the quarter were $67.74 billion versus the anticipated $84.72 billion. Long-term inflows came in at $45.79 billion, below the $61.35 billion forecast. The firm reported $41.03 billion in institutional net outflows, while retail net inflows totaled $1.96 billion.

Equity net inflows were a bright spot, reaching $28.78 billion—well above the $3.78 billion estimate—highlighting continued strength in stock market allocations. Despite the inflow miss, BlackRock’s scale and diversified revenue streams helped deliver another strong quarter.