Exceeded expectations, with diversified growth and M&A integration (HPS, etc.) driving record revenue, profit, and net inflows. Revenue increased 31% YoY to $7.1B, operating profit up 39% to $2.9B, net inflows of $192B. iShares ETF net inflows of $178B, AUM of $15.3T; private markets net inflows of $15B, Aperio near $200B; Aladdin ACV up 15%, LifePath Paycheck at $30B, digital assets and insurance accelerating. Management increased buyback to at least $550M per quarter, confident in full-year growth, expecting sustained double-digit profit growth. Highlights: enhanced client trust, platform integration efficiency exceeded expectations; risks: market volatility, but management tone is extremely optimistic.