BlackRock, the world's largest asset manager, reported second-quarter 2025 earnings with assets under management (AUM) reaching a record $12.53 trillion, surpassing estimates of $12.31 trillion. The company's adjusted earnings per share (EPS) rose to $12.05, beating expectations of approximately $10.87, while revenue increased 13% year-over-year to $5.42 billion, slightly below the estimated $5.45 billion. Net inflows for the quarter totaled $68 billion, driven by $28.7 billion in equity net inflows and $45.79 billion in long-term inflows, though these were below some estimates and represented declines compared to the previous year. The total year-to-date net inflows reached $152 billion, led by record inflows into iShares ETFs, private markets, and cash. However, BlackRock experienced a notable $52 billion redemption from a single institutional client during the quarter, which contributed to a 17% year-over-year decrease in total net flows and a 64% decline in long-term net flows. Despite the strong earnings and record AUM, BlackRock's shares fell more than 6% following the announcement of the large client withdrawal. The company also completed the acquisition of HPS Investment Partners and reported a 23% increase in total expenses year-over-year. BlackRock's growth in assets was supported by a market rally and client resilience amid volatility linked to Donald Trump's tariff policies.