(https://www.marketwatch.com/story/blackrock-profits-jump-as-assets-under-management-hit-a-record-15-trillion-8e6fd54b?mod=mw_rss_topstories) and Wall Street is treating it like a mega-cap tailwind. But the real story is what the earnings actually show: revenue flat YoY at 25.2%, net income down 21.8% YoY, and operating cash flow deeply negative at -$980M. That $15 trillion in AUM is growing, but BlackRock's bottom line is contracting.

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