It has been about a month since the last earnings report for BlackRock (BLK). Shares have added about 4.8% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is BlackRock due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. BlackRock Q3 Earnings Beat, Revenues & AUM Rise Y/YBlackRock’s third-quarter 2020 adjusted earnings of $9.22 per share hugely surpassed the Zacks Consensus Estimate of $7.81. The figure reflects a rise of 29% from the year-ago quarter’s number.Results benefited from an improvement in revenues, partly offset by higher expenses. Further, long-term net inflows resulted in a rise in AUM balance, which was a major positive for the company.Net income attributable to BlackRock (on a GAAP basis) was $1.36 billion, up 21.9% from the prior-year quarter.Revenues Improve & Expenses RiseRevenues (on a GAAP basis) were $4.37 billion, increasing 18.3% year over year. The upside stemmed from an increase in almost all components of revenues, except for advisory and other revenues. Moreover, the reported figure surpassed the Zacks Consensus Estimate of $3.92 billion.Total expenses amounted to $2.61 billion, up 19.3% from the year-ago quarter. The rise was due to an increase in all cost components except for costs related to the amortization of intangible assets.Non-operating income (on a GAAP basis) was $224 million against non-operating expenses of $42 million recorded in the year-ago quarter.BlackRock’s adjusted operating income was $1.76 billion, up 17% year over year.Net Inflows Support AUM GrowthAs of Sep 30, 2020, AUM totaled $7.81 trillion, reflecting a rise of 12.1% year over year. In the reported quarter, the company witnessed long-term net inflows of $98 billion.OutlookManagement expects growth in technology services revenues to be in low to mid-teens range over the long term.Core general and administration expenses in 2020 are expected to be up 2% year over year.The company expects fee waivers to accelerate in the fourth quarter and into 2021.Projected tax run rate for fourth-quarter 2020 is 23%.How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended upward during the past month.VGM ScoresAt this time, BlackRock has a poor Growth Score of F, however its Momentum Score is doing a lot better with a C. Charting a somewhat similar path, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise BlackRock has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BlackRock, Inc. (BLK): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research