BlackRock (NYSE: BLK) Q1 2026 profit surges with higher fees and $13.9T AUM
Rhea-AI Filing Summary
BlackRock, Inc. reported a strong first quarter of 2026, with significant growth in earnings and assets. Revenue reached $6,698 million, up 27% from a year earlier, driven by higher base fees, stronger markets and contributions from recent acquisitions.
GAAP net income attributable to BlackRock rose to $2,212 million, and diluted EPS increased 46% to $14.06. On an adjusted basis, net income was $2,068 million and diluted EPS $12.53, both up 11–17% year over year. Assets under management grew to $13.9 trillion, supported by $135.9 billion of long-term net inflows and broad-based ETF and active fixed income demand.
Positive
- Strong top-line growth: Revenue rose to $6,698 million, a 27% year-over-year increase, supported by higher base fees, market appreciation and contributions from the HPS acquisition.
- Earnings expansion: GAAP diluted EPS increased 46% to $14.06, while adjusted diluted EPS grew to $12.53 from $11.30, reflecting higher profitability despite higher operating expenses.
- Scaled AUM and inflows: Assets under management reached $13.9 trillion, up from $11.6 trillion a year earlier, with $135.9 billion of long-term net inflows in the quarter and $620.0 billion over the last twelve months.
- Margin improvement: GAAP operating margin expanded to 42.0% from 32.2%, and adjusted operating margin improved to 44.5% from 43.2%, indicating better operating leverage.
- Diversified growth drivers: Technology services and subscription revenue grew 22% year over year to $530 million, aided by Aladdin demand and the Preqin acquisition, while performance fees more than tripled to $272 million.
Negative
- None.
Insights
BlackRock delivered strong Q1 2026 growth in revenue, earnings and AUM, helped by flows and acquisitions.
BlackRock posted Q1 2026 revenue of $6,698M, up 27% year over year, as higher base fees from larger average AUM and market gains combined with roughly $230M of HPS-related fees. GAAP operating income rose to $2,814M with a 42.0% margin.
On an as adjusted basis, operating income was $2,669M with a 44.5% margin, and net income attributable to BlackRock was $2,068M, up 17% from Q1 2025. Adjusted diluted EPS increased to $12.53, compared with $11.30 a year earlier, reflecting both higher profits and a modestly larger share base.
Assets under management reached $13,894,600M at March 31, 2026, compared with $11,583,928M a year ago, supported by $135,901M of long-term net inflows and a $620,035M long-term net inflow over the last twelve months. ETF, active fixed income and private markets strategies were notable contributors, while institutional index saw outflows but benefited from strong market appreciation.
8-K Event Classification
Key Figures
Key Terms
assets under management financial
investment advisory performance fees financial
technology services and subscription revenue financial
contingent consideration financial
Subco Units financial
operating margin, as adjusted financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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(IRS Employer Identification No.) |
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(Zip Code) |
Registrant’s telephone number, including area code:
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(Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Name of each exchange on which registered |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On April 14, 2026, BlackRock, Inc. (the “Company”) reported results of operations for the three months ended March 31, 2026. A copy of the earnings release issued by the Company is attached as Exhibit 99.1 to this Form 8-K.
Item 7.01. Regulation FD Disclosure
On April 14, 2026, the Company will hold an investor conference call and webcast to discuss the Company’s earnings results for the three months ended March 31, 2026. A copy of supplemental materials used during the conference call and webcast is furnished as Exhibit 99.2 to this Form 8-K.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
99.1 |
Earnings release dated April 14, 2026 issued by the Company |
99.2 |
First Quarter 2026 Earnings – Earnings Release Supplement |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BlackRock, Inc. |
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(Registrant) |
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Date: April 14, 2026 |
By: |
/s/ Martin S. Small |
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Martin S. Small |
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Senior Managing Director and |
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Chief Financial Officer |
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Exhibit 99.1
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INVESTOR RELATIONS: Caroline Rodda 212.810.3442 |
MEDIA RELATIONS: Patrick Scanlan 212.810.3622 |
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BlackRock Reports First Quarter 2026 Diluted EPS of $14.06, or $12.53 as adjusted |
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New York, April 14, 2026 – BlackRock, Inc. (NYSE: BLK) today reported financial results for the three months ended March 31, 2026. |
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$130 billion of quarterly total net inflows, led by a record first quarter for iShares® ETFs alongside active and private markets net inflows $744 billion of net inflows and 10% organic base fee growth over the last twelve months, broad-based across the platform and driven by private markets, ETFs, and systematic active strategies 27% increase in revenue year-over-year reflects the positive impact of markets, organic base fee growth, fees related to the HPS Transaction, and higher technology services and subscription revenue 22% growth in technology services and subscription revenue year-over-year, driven by continued momentum in Aladdin® and the impact of the Preqin Transaction 66% increase in GAAP operating income and 46% increase in GAAP diluted EPS year-over-year impacted by noncash acquisition-related items, which have been excluded from as adjusted results 31% increase in year-over-year operating income, as adjusted 11% increase in year-over-year diluted EPS, as adjusted also reflects lower nonoperating income, a higher diluted share count, and a higher effective tax rate in the current quarter $450 million of share repurchases in the current quarter and 10% increase in quarterly cash dividend to $5.73 per share |
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Laurence D. Fink, Chairman and CEO: “BlackRock delivered one of the strongest starts to a year in our history. Clients awarded us with $130 billion of net inflows in the first quarter, driving 8% organic base fee growth — our highest first quarter in five years. Technology services ACV grew 14%, and our adjusted margins expanded by over 100 basis points. Our results tell more than one quarter’s story. They reflect a business with accelerating momentum, deep client engagement, and a platform built to compound across market environments. Over the last twelve months, clients entrusted BlackRock with $744 billion of net new assets, powering 10% organic base fee growth. “BlackRock is a scale operator across public markets, private markets, and technology. That combination is proving more valuable every day. Capital is in motion as market fundamentals and provider relationships are re-evaluated, and BlackRock is the trusted destination. "iShares posted record first quarter net inflows of $132 billion and doubled net new base fees compared to a year ago, as clients rotated to our international and precision exposures. Active equity is a growth area at BlackRock, driving $3 billion of net inflows. Private markets net inflows of $9 billion were led by private credit and infrastructure, where we have strong fundraising and deployment momentum. “We’re engaged with clients across every channel, geography, and asset class. Our results and growing pipeline of business show that when clients are making big decisions about their portfolios, they are choosing BlackRock. They’re coming to BlackRock because we can meet them across their whole portfolio. We do that by bringing together asset management and technology across public and private markets seamlessly, on one integrated platform. Our model is working, and we’re more confident than ever in the opportunity we see ahead for our firm, clients, and shareholders.” |
FINANCIAL RESULTS |
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NET FLOW HIGHLIGHTS(1) |
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(in millions, |
Q1 |
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Q1 |
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Q1 |
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except per share data) |
2026 |
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2025 |
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(in billions) |
2026 |
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LTM(2) |
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AUM |
$ |
13,894,600 |
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$ |
11,583,928 |
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Long-term net flows: |
$ |
136 |
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$ |
620 |
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% change |
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20 |
% |
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Average AUM |
$ |
14,240,929 |
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$ |
11,688,880 |
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By region: |
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% change |
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22 |
% |
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Americas |
$ |
123 |
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$ |
490 |
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Total net flows |
$ |
129,724 |
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$ |
84,171 |
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EMEA |
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13 |
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192 |
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APAC |
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- |
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(62 |
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GAAP basis: |
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Revenue |
$ |
6,698 |
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$ |
5,276 |
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By client type: |
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% change |
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27 |
% |
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Operating income |
$ |
2,814 |
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$ |
1,698 |
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Retail: |
$ |
15 |
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$ |
109 |
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% change |
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66 |
% |
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US |
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14 |
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68 |
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Operating margin |
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42.0 |
% |
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32.2 |
% |
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International |
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1 |
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41 |
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Net income(1) |
$ |
2,212 |
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$ |
1,510 |
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% change |
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46 |
% |
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ETFs: |
$ |
132 |
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$ |
551 |
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Diluted EPS |
$ |
14.06 |
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$ |
9.64 |
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Active |
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19 |
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64 |
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% change |
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46 |
% |
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Core equity |
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32 |
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155 |
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Weighted-average |
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Digital assets |
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1 |
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32 |
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diluted shares |
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165.0 |
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156.6 |
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Fixed income |
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41 |
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171 |
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% change |
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5 |
% |
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Precision & other |
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39 |
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129 |
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As Adjusted(2): |
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Institutional: |
$ |
(11 |
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$ |
(40 |
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Operating income |
$ |
2,669 |
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$ |
2,032 |
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Active |
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24 |
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69 |
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% change |
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31 |
% |
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Index |
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(35 |
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(108 |
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Operating margin |
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44.5 |
% |
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43.2 |
% |
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Net income |
$ |
2,068 |
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$ |
1,770 |
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Cash management net flows |
$ |
(6 |
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$ |
124 |
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% change |
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17 |
% |
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Diluted EPS |
$ |
12.53 |
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$ |
11.30 |
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Total net flows |
$ |
130 |
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$ |
744 |
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% change |
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11 |
% |
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_________________________ |
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_________________________ |
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(1) Net income represents net income attributable to BlackRock, Inc. |
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(1) Totals may not add due to rounding. |
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1
BUSINESS RESULTS
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Q1 2026 |
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Q1 2026 |
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Base fees(1) |
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Base fees(1) |
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March 31, 2026 |
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and securities |
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Q1 2026 |
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March 31, 2026 |
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and securities |
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AUM |
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lending revenue |
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(in millions), (unaudited) |
Net flows |
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AUM |
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lending revenue |
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% of Total |
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% of Total |
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RESULTS BY PRODUCT TYPE |
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Equity |
$ |
71,842 |
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$ |
7,661,385 |
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$ |
2,626 |
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55 |
% |
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48 |
% |
Fixed income |
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34,314 |
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3,270,863 |
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1,058 |
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24 |
% |
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19 |
% |
Multi-asset |
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17,827 |
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1,222,612 |
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381 |
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9 |
% |
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7 |
% |
Alternatives: |
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Private markets |
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9,076 |
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320,431 |
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658 |
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2 |
% |
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12 |
% |
Liquid alternatives |
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5,551 |
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108,639 |
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197 |
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1 |
% |
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4 |
% |
Alternatives subtotal |
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14,627 |
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429,070 |
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855 |
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3 |
% |
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16 |
% |
Digital assets |
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935 |
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60,671 |
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42 |
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0 |
% |
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1 |
% |
Currency and commodities(2) |
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(3,644 |
) |
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176,676 |
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136 |
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1 |
% |
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3 |
% |
Long-term |
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135,901 |
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12,821,277 |
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5,098 |
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92 |
% |
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94 |
% |
Cash management |
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(6,177 |
) |
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1,073,323 |
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340 |
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8 |
% |
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6 |
% |
Total |
$ |
129,724 |
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$ |
13,894,600 |
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$ |
5,438 |
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100 |
% |
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100 |
% |
RESULTS BY CLIENT TYPE |
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Retail |
$ |
15,233 |
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$ |
1,262,374 |
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$ |
1,263 |
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9 |
% |
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23 |
% |
ETFs |
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131,692 |
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5,485,544 |
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2,406 |
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39 |
% |
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44 |
% |
Institutional: |
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Active |
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23,713 |
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2,509,266 |
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1,174 |
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18 |
% |
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22 |
% |
Index |
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(34,737 |
) |
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3,564,093 |
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255 |
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26 |
% |
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5 |
% |
Institutional subtotal |
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(11,024 |
) |
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6,073,359 |
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1,429 |
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44 |
% |
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27 |
% |
Long-term |
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135,901 |
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12,821,277 |
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5,098 |
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92 |
% |
|
94 |
% |
Cash management |
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(6,177 |
) |
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1,073,323 |
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|
340 |
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|
8 |
% |
|
6 |
% |
Total |
$ |
129,724 |
|
$ |
13,894,600 |
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$ |
5,438 |
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|
100 |
% |
|
100 |
% |
RESULTS BY INVESTMENT STYLE |
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Active |
$ |
29,620 |
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$ |
3,410,923 |
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$ |
2,350 |
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25 |
% |
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43 |
% |
ETFs |
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131,692 |
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5,485,544 |
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2,406 |
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39 |
% |
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44 |
% |
Non-ETF index |
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(25,411 |
) |
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3,924,810 |
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|
342 |
|
|
28 |
% |
|
7 |
% |
Long-term |
|
135,901 |
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|
12,821,277 |
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|
5,098 |
|
|
92 |
% |
|
94 |
% |
Cash management |
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(6,177 |
) |
|
1,073,323 |
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|
340 |
|
|
8 |
% |
|
6 |
% |
Total |
$ |
129,724 |
|
$ |
13,894,600 |
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$ |
5,438 |
|
|
100 |
% |
|
100 |
% |
INVESTMENT PERFORMANCE AT March 31, 2026(1)
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One-year period |
Three-year period |
Five-year period |
Fixed income: |
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Actively managed AUM above benchmark or peer median |
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Taxable |
81% |
86% |
82% |
Tax-exempt |
43% |
52% |
55% |
Index AUM within or above applicable tolerance |
98% |
99% |
100% |
Equity: |
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Actively managed AUM above benchmark or peer median |
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Fundamental |
39% |
51% |
42% |
Systematic |
73% |
91% |
94% |
Index AUM within or above applicable tolerance |
92% |
96% |
99% |
TELECONFERENCE, WEBCAST AND PRESENTATION INFORMATION
Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Martin S. Small, will host a teleconference call for investors and analysts on Tuesday, April 14, 2026 at 7:30 a.m. (Eastern Time). Members of the public who are interested in participating in the teleconference should dial, from the United States, (312) 471-1353, or from outside the United States, (800) 330-6710, shortly before 7:30 a.m. and reference the BlackRock Conference Call (ID Number 7276005). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.
The webcast will be available for replay by 10:30 a.m. (Eastern Time) on Tuesday, April 14, 2026. To access the replay of the webcast, please visit the investor relations section of www.blackrock.com.
ABOUT BLACKROCK
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.
2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION
(in millions, except per share data), (unaudited)
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Three Months |
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Three Months Ended |
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Ended |
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March 31, |
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December 31, |
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2026 |
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2025 |
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Change |
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2025 |
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Change |
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Revenue |
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Investment advisory, administration fees and |
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Investment advisory and administration fees |
$ |
5,259 |
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$ |
4,244 |
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$ |
1,015 |
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$ |
5,104 |
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$ |
155 |
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Securities lending revenue |
|
179 |
|
|
|
157 |
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|
|
22 |
|
|
|
|
174 |
|
|
|
5 |
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Total investment advisory, administration fees |
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5,438 |
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|
4,401 |
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|
|
1,037 |
|
|
|
|
5,278 |
|
|
|
160 |
|
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Investment advisory performance fees |
|
272 |
|
|
|
60 |
|
|
|
212 |
|
|
|
|
754 |
|
|
|
(482 |
) |
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Technology services and subscription revenue |
|
530 |
|
|
|
436 |
|
|
|
94 |
|
|
|
|
531 |
|
|
|
(1 |
) |
|
Distribution fees |
|
389 |
|
|
|
321 |
|
|
|
68 |
|
|
|
|
359 |
|
|
|
30 |
|
|
Advisory and other revenue |
|
69 |
|
|
|
58 |
|
|
|
11 |
|
|
|
|
86 |
|
|
|
(17 |
) |
|
Total revenue |
|
6,698 |
|
|
|
5,276 |
|
|
|
1,422 |
|
|
|
|
7,008 |
|
|
|
(310 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Employee compensation and benefits |
|
2,225 |
|
|
|
1,741 |
|
|
|
484 |
|
|
|
|
2,584 |
|
|
|
(359 |
) |
|
Sales, asset and account expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Distribution and servicing costs |
|
705 |
|
|
|
570 |
|
|
|
135 |
|
|
|
|
676 |
|
|
|
29 |
|
|
Direct fund expense |
|
481 |
|
|
|
392 |
|
|
|
89 |
|
|
|
|
470 |
|
|
|
11 |
|
|
Sub-advisory and other |
|
71 |
|
|
|
47 |
|
|
|
24 |
|
|
|
|
80 |
|
|
|
(9 |
) |
|
Total sales, asset and account expense |
|
1,257 |
|
|
|
1,009 |
|
|
|
248 |
|
|
|
|
1,226 |
|
|
|
31 |
|
|
General and administration expense |
|
674 |
|
|
|
615 |
|
|
|
59 |
|
|
|
|
814 |
|
|
|
(140 |
) |
|
Change in fair value of contingent consideration |
|
(549 |
) |
|
|
96 |
|
|
|
(645 |
) |
|
|
|
455 |
|
|
|
(1,004 |
) |
|
Amortization of intangible assets |
|
277 |
|
|
|
117 |
|
|
|
160 |
|
|
|
|
268 |
|
|
|
9 |
|
|
Total expense |
|
3,884 |
|
|
|
3,578 |
|
|
|
306 |
|
|
|
|
5,347 |
|
|
|
(1,463 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income |
|
2,814 |
|
|
|
1,698 |
|
|
|
1,116 |
|
|
|
|
1,661 |
|
|
|
1,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Nonoperating income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net gain (loss) on investments |
|
72 |
|
|
|
58 |
|
|
|
14 |
|
|
|
|
(38 |
) |
|
|
110 |
|
|
Net interest income (expense) |
|
(44 |
) |
|
|
7 |
|
|
|
(51 |
) |
|
|
|
(16 |
) |
|
|
(28 |
) |
|
Total nonoperating income (expense) |
|
28 |
|
|
|
65 |
|
|
|
(37 |
) |
|
|
|
(54 |
) |
|
|
82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income before income taxes |
|
2,842 |
|
|
|
1,763 |
|
|
|
1,079 |
|
|
|
|
1,607 |
|
|
|
1,235 |
|
|
Income tax expense |
|
516 |
|
|
|
248 |
|
|
|
268 |
|
|
|
|
372 |
|
|
|
144 |
|
|
Net income |
|
2,326 |
|
|
|
1,515 |
|
|
|
811 |
|
|
|
|
1,235 |
|
|
|
1,091 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income (loss) attributable to noncontrolling |
|
6 |
|
|
|
5 |
|
|
|
1 |
|
|
|
|
51 |
|
|
|
(45 |
) |
|
Net income (loss) attributable to NCI - Subco |
|
108 |
|
|
|
- |
|
|
|
108 |
|
|
|
|
57 |
|
|
|
51 |
|
|
Net income attributable to BlackRock, Inc. |
$ |
2,212 |
|
|
$ |
1,510 |
|
|
$ |
702 |
|
|
|
$ |
1,127 |
|
|
$ |
1,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Weighted-average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
155.3 |
|
|
|
155.0 |
|
|
|
0.3 |
|
|
|
|
155.1 |
|
|
|
0.2 |
|
|
Diluted (including Subco Units) |
|
165.0 |
|
|
|
156.6 |
|
|
|
8.4 |
|
|
|
|
165.4 |
|
|
|
(0.4 |
) |
|
Earnings per share attributable to BlackRock, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
$ |
14.24 |
|
|
$ |
9.74 |
|
|
$ |
4.50 |
|
|
|
$ |
7.27 |
|
|
$ |
6.97 |
|
|
Diluted |
$ |
14.06 |
|
|
$ |
9.64 |
|
|
$ |
4.42 |
|
|
|
$ |
7.16 |
|
|
$ |
6.90 |
|
|
Cash dividends declared and paid per share |
$ |
5.73 |
|
|
$ |
5.21 |
|
|
$ |
0.52 |
|
|
|
$ |
5.21 |
|
|
$ |
0.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Supplemental information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
AUM (end of period) |
$ |
13,894,600 |
|
|
$ |
11,583,928 |
|
|
$ |
2,310,672 |
|
|
|
$ |
14,041,518 |
|
|
$ |
(146,918 |
) |
|
Shares outstanding including Subco Units |
|
163.0 |
|
|
|
155.0 |
|
|
|
7.9 |
|
|
|
|
162.8 |
|
|
|
0.2 |
|
|
GAAP: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating margin |
|
42.0 |
% |
|
|
32.2 |
% |
|
|
980 |
|
bps |
|
|
23.7 |
% |
|
|
1,830 |
|
bps |
Effective tax rate |
|
18.2 |
% |
|
|
14.1 |
% |
|
|
410 |
|
bps |
|
|
23.9 |
% |
|
|
(570 |
) |
bps |
As adjusted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (1) |
$ |
2,669 |
|
|
$ |
2,032 |
|
|
$ |
637 |
|
|
|
$ |
2,848 |
|
|
$ |
(179 |
) |
|
Operating margin (1) |
|
44.5 |
% |
|
|
43.2 |
% |
|
|
130 |
|
bps |
|
|
45.0 |
% |
|
|
(50 |
) |
bps |
Nonoperating income (expense), less net income |
$ |
22 |
|
|
$ |
75 |
|
|
$ |
(53 |
) |
|
|
$ |
(122 |
) |
|
$ |
144 |
|
|
Net income attributable to BlackRock, Inc. (3) |
$ |
2,068 |
|
|
$ |
1,770 |
|
|
$ |
298 |
|
|
|
$ |
2,176 |
|
|
$ |
(108 |
) |
|
Diluted earnings attributable to BlackRock, Inc. |
$ |
12.53 |
|
|
$ |
11.30 |
|
|
$ |
1.23 |
|
|
|
$ |
13.16 |
|
|
$ |
(0.63 |
) |
|
Effective tax rate |
|
23.2 |
% |
|
|
16.0 |
% |
|
|
720 |
|
bps |
|
|
20.2 |
% |
|
|
300 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
See pages 11 through 13 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items. As of March 31, 2026, there were 155.4 million shares of common stock and 7.6 million Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC ("Subco") outstanding.
3
ASSETS UNDER MANAGEMENT
(in millions), (unaudited)
Current Quarter Component Changes by Product Type |
|
||||||||||||||||||||||||||
|
|
|
|
Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
December 31, |
|
|
inflows |
|
|
|
|
|
Market |
|
|
FX |
|
|
March 31, |
|
|
Average |
|
|||||||
|
2025 |
|
|
(outflows) |
|
|
Realizations(1) |
|
|
change |
|
|
impact(2) |
|
|
2026 |
|
|
AUM(3) |
|
|||||||
Equity |
$ |
7,793,875 |
|
|
$ |
71,842 |
|
|
$ |
- |
|
|
$ |
(179,623 |
) |
|
$ |
(24,709 |
) |
|
$ |
7,661,385 |
|
|
$ |
7,930,545 |
|
Fixed income |
|
3,272,021 |
|
|
|
34,314 |
|
|
|
(957 |
) |
|
|
(19,649 |
) |
|
|
(14,866 |
) |
|
|
3,270,863 |
|
|
|
3,303,591 |
|
Multi-asset |
|
1,223,625 |
|
|
|
17,827 |
|
|
|
- |
|
|
|
(12,714 |
) |
|
|
(6,126 |
) |
|
|
1,222,612 |
|
|
|
1,247,632 |
|
Alternatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Private markets |
|
322,624 |
|
|
|
9,076 |
|
|
|
(8,471 |
) |
|
|
(1,989 |
) |
|
|
(809 |
) |
|
|
320,431 |
|
|
|
322,399 |
|
Liquid alternatives |
|
100,990 |
|
|
|
5,551 |
|
|
|
(695 |
) |
|
|
2,707 |
|
|
|
86 |
|
|
|
108,639 |
|
|
|
105,904 |
|
Alternatives subtotal |
|
423,614 |
|
|
|
14,627 |
|
|
|
(9,166 |
) |
|
|
718 |
|
|
|
(723 |
) |
|
|
429,070 |
|
|
|
428,303 |
|
Digital assets |
|
78,435 |
|
|
|
935 |
|
|
|
- |
|
|
|
(18,694 |
) |
|
|
(5 |
) |
|
|
60,671 |
|
|
|
67,740 |
|
Currency and commodities(4) |
|
169,216 |
|
|
|
(3,644 |
) |
|
|
- |
|
|
|
11,305 |
|
|
|
(201 |
) |
|
|
176,676 |
|
|
|
190,349 |
|
Long-term |
|
12,960,786 |
|
|
|
135,901 |
|
|
|
(10,123 |
) |
|
|
(218,657 |
) |
|
|
(46,630 |
) |
|
|
12,821,277 |
|
|
|
13,168,160 |
|
Cash management |
|
1,080,732 |
|
|
|
(6,177 |
) |
|
|
- |
|
|
|
2,206 |
|
|
|
(3,438 |
) |
|
|
1,073,323 |
|
|
|
1,072,769 |
|
Total |
$ |
14,041,518 |
|
|
$ |
129,724 |
|
|
$ |
(10,123 |
) |
|
$ |
(216,451 |
) |
|
$ |
(50,068 |
) |
|
$ |
13,894,600 |
|
|
$ |
14,240,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Current Quarter Component Changes by Client Type and Product Type (Long-Term) |
|
||||||||||||||||||||||||||
|
|
|
|
Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
December 31, |
|
|
inflows |
|
|
|
|
|
Market |
|
|
FX |
|
|
March 31, |
|
|
Average |
|
|||||||
|
2025 |
|
|
(outflows) |
|
|
Realizations(1) |
|
|
change |
|
|
impact(2) |
|
|
2026 |
|
|
AUM(3) |
|
|||||||
Retail: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Equity |
$ |
629,081 |
|
|
$ |
7,434 |
|
|
$ |
- |
|
|
$ |
(18,708 |
) |
|
$ |
(2,764 |
) |
|
$ |
615,043 |
|
|
$ |
638,493 |
|
Fixed income |
|
384,887 |
|
|
|
2,816 |
|
|
|
- |
|
|
|
(3,815 |
) |
|
|
(1,065 |
) |
|
|
382,823 |
|
|
|
386,517 |
|
Multi-asset |
|
199,655 |
|
|
|
999 |
|
|
|
- |
|
|
|
(4,447 |
) |
|
|
(227 |
) |
|
|
195,980 |
|
|
|
201,964 |
|
Private markets |
|
30,681 |
|
|
|
1,261 |
|
|
|
(295 |
) |
|
|
(338 |
) |
|
|
(119 |
) |
|
|
31,190 |
|
|
|
31,195 |
|
Liquid alternatives |
|
34,428 |
|
|
|
2,723 |
|
|
|
(185 |
) |
|
|
414 |
|
|
|
(42 |
) |
|
|
37,338 |
|
|
|
36,190 |
|
Retail subtotal |
|
1,278,732 |
|
|
|
15,233 |
|
|
|
(480 |
) |
|
|
(26,894 |
) |
|
|
(4,217 |
) |
|
|
1,262,374 |
|
|
|
1,294,359 |
|
ETFs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Equity |
|
4,006,014 |
|
|
|
88,113 |
|
|
|
- |
|
|
|
(85,765 |
) |
|
|
(6,829 |
) |
|
|
4,001,533 |
|
|
|
4,112,258 |
|
Fixed income |
|
1,205,953 |
|
|
|
45,438 |
|
|
|
- |
|
|
|
(9,362 |
) |
|
|
(3,004 |
) |
|
|
1,239,025 |
|
|
|
1,233,149 |
|
Multi-asset |
|
14,402 |
|
|
|
884 |
|
|
|
- |
|
|
|
(90 |
) |
|
|
(110 |
) |
|
|
15,086 |
|
|
|
15,005 |
|
Digital assets |
|
78,435 |
|
|
|
935 |
|
|
|
- |
|
|
|
(18,694 |
) |
|
|
(5 |
) |
|
|
60,671 |
|
|
|
67,740 |
|
Commodities |
|
162,906 |
|
|
|
(3,678 |
) |
|
|
- |
|
|
|
10,158 |
|
|
|
(157 |
) |
|
|
169,229 |
|
|
|
183,413 |
|
ETFs subtotal |
|
5,467,710 |
|
|
|
131,692 |
|
|
|
- |
|
|
|
(103,753 |
) |
|
|
(10,105 |
) |
|
|
5,485,544 |
|
|
|
5,611,565 |
|
Institutional: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Active: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Equity |
|
247,993 |
|
|
|
4,385 |
|
|
|
- |
|
|
|
(2,238 |
) |
|
|
(1,451 |
) |
|
|
248,689 |
|
|
|
255,779 |
|
Fixed income |
|
905,566 |
|
|
|
(7,192 |
) |
|
|
(957 |
) |
|
|
(2,368 |
) |
|
|
(2,918 |
) |
|
|
892,131 |
|
|
|
905,463 |
|
Multi-asset |
|
1,006,106 |
|
|
|
15,877 |
|
|
|
- |
|
|
|
(8,295 |
) |
|
|
(5,784 |
) |
|
|
1,007,904 |
|
|
|
1,027,077 |
|
Private markets |
|
291,943 |
|
|
|
7,815 |
|
|
|
(8,176 |
) |
|
|
(1,651 |
) |
|
|
(690 |
) |
|
|
289,241 |
|
|
|
291,204 |
|
Liquid alternatives |
|
66,562 |
|
|
|
2,828 |
|
|
|
(510 |
) |
|
|
2,293 |
|
|
|
128 |
|
|
|
71,301 |
|
|
|
69,714 |
|
Active subtotal |
|
2,518,170 |
|
|
|
23,713 |
|
|
|
(9,643 |
) |
|
|
(12,259 |
) |
|
|
(10,715 |
) |
|
|
2,509,266 |
|
|
|
2,549,237 |
|
Index |
|
3,696,174 |
|
|
|
(34,737 |
) |
|
|
- |
|
|
|
(75,751 |
) |
|
|
(21,593 |
) |
|
|
3,564,093 |
|
|
|
3,712,999 |
|
Institutional subtotal |
|
6,214,344 |
|
|
|
(11,024 |
) |
|
|
(9,643 |
) |
|
|
(88,010 |
) |
|
|
(32,308 |
) |
|
|
6,073,359 |
|
|
|
6,262,236 |
|
Long-term |
$ |
12,960,786 |
|
|
$ |
135,901 |
|
|
$ |
(10,123 |
) |
|
$ |
(218,657 |
) |
|
$ |
(46,630 |
) |
|
$ |
12,821,277 |
|
|
$ |
13,168,160 |
|
4
ASSETS UNDER MANAGEMENT
(in millions), (unaudited)
Current Quarter Component Changes by Investment Style and Product Type (Long-Term) |
|
||||||||||||||||||||||||||
|
|
|
|
Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
December 31, |
|
|
inflows |
|
|
|
|
|
Market |
|
|
FX |
|
|
March 31, |
|
|
Average |
|
|||||||
|
2025 |
|
|
(outflows) |
|
|
Realizations(1) |
|
|
change |
|
|
impact(2) |
|
|
2026 |
|
|
AUM(3) |
|
|||||||
Active: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Equity |
$ |
546,028 |
|
|
$ |
3,150 |
|
|
$ |
- |
|
|
$ |
(10,493 |
) |
|
$ |
(2,690 |
) |
|
$ |
535,995 |
|
|
$ |
558,046 |
|
Fixed income |
|
1,257,358 |
|
|
|
(5,033 |
) |
|
|
(957 |
) |
|
|
(5,867 |
) |
|
|
(3,510 |
) |
|
|
1,241,991 |
|
|
|
1,258,117 |
|
Multi-asset |
|
1,205,743 |
|
|
|
16,876 |
|
|
|
- |
|
|
|
(12,741 |
) |
|
|
(6,011 |
) |
|
|
1,203,867 |
|
|
|
1,229,024 |
|
Private markets |
|
322,624 |
|
|
|
9,076 |
|
|
|
(8,471 |
) |
|
|
(1,989 |
) |
|
|
(809 |
) |
|
|
320,431 |
|
|
|
322,399 |
|
Liquid alternatives |
|
100,990 |
|
|
|
5,551 |
|
|
|
(695 |
) |
|
|
2,707 |
|
|
|
86 |
|
|
|
108,639 |
|
|
|
105,904 |
|
Active subtotal |
|
3,432,743 |
|
|
|
29,620 |
|
|
|
(10,123 |
) |
|
|
(28,383 |
) |
|
|
(12,934 |
) |
|
|
3,410,923 |
|
|
|
3,473,490 |
|
ETFs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Equity |
|
4,006,014 |
|
|
|
88,113 |
|
|
|
- |
|
|
|
(85,765 |
) |
|
|
(6,829 |
) |
|
|
4,001,533 |
|
|
|
4,112,258 |
|
Fixed income |
|
1,205,953 |
|
|
|
45,438 |
|
|
|
- |
|
|
|
(9,362 |
) |
|
|
(3,004 |
) |
|
|
1,239,025 |
|
|
|
1,233,149 |
|
Multi-asset |
|
14,402 |
|
|
|
884 |
|
|
|
- |
|
|
|
(90 |
) |
|
|
(110 |
) |
|
|
15,086 |
|
|
|
15,005 |
|
Digital assets |
|
78,435 |
|
|
|
935 |
|
|
|
- |
|
|
|
(18,694 |
) |
|
|
(5 |
) |
|
|
60,671 |
|
|
|
67,740 |
|
Commodities |
|
162,906 |
|
|
|
(3,678 |
) |
|
|
- |
|
|
|
10,158 |
|
|
|
(157 |
) |
|
|
169,229 |
|
|
|
183,413 |
|
ETFs subtotal |
|
5,467,710 |
|
|
|
131,692 |
|
|
|
- |
|
|
|
(103,753 |
) |
|
|
(10,105 |
) |
|
|
5,485,544 |
|
|
|
5,611,565 |
|
Non-ETF index |
|
4,060,333 |
|
|
|
(25,411 |
) |
|
|
- |
|
|
|
(86,521 |
) |
|
|
(23,591 |
) |
|
|
3,924,810 |
|
|
|
4,083,105 |
|
Long-term |
$ |
12,960,786 |
|
|
$ |
135,901 |
|
|
$ |
(10,123 |
) |
|
$ |
(218,657 |
) |
|
$ |
(46,630 |
) |
|
$ |
12,821,277 |
|
|
$ |
13,168,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Current Quarter Component Changes by Private Markets Product Type (Long-Term) |
|
||||||||||||||||||||||||||
|
|
|
|
Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
December 31, |
|
|
inflows |
|
|
|
|
|
Market |
|
|
FX |
|
|
March 31, |
|
|
Average |
|
|||||||
|
2025 |
|
|
(outflows) |
|
|
Realizations(1) |
|
|
change |
|
|
impact(2) |
|
|
2026 |
|
|
AUM(3) |
|
|||||||
Private markets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Infrastructure |
$ |
112,116 |
|
|
$ |
1,234 |
|
|
$ |
(320 |
) |
|
$ |
(902 |
) |
|
$ |
(261 |
) |
|
$ |
111,867 |
|
|
$ |
112,127 |
|
Private equity |
|
30,623 |
|
|
|
399 |
|
|
|
(579 |
) |
|
|
(162 |
) |
|
|
(50 |
) |
|
|
30,231 |
|
|
|
30,434 |
|
Private credit |
|
145,385 |
|
|
|
6,619 |
|
|
|
(3,906 |
) |
|
|
(711 |
) |
|
|
(342 |
) |
|
|
147,045 |
|
|
|
146,753 |
|
Real estate |
|
25,062 |
|
|
|
455 |
|
|
|
(3,494 |
) |
|
|
(262 |
) |
|
|
(107 |
) |
|
|
21,654 |
|
|
|
23,570 |
|
Multi-alternatives |
|
9,438 |
|
|
|
369 |
|
|
|
(172 |
) |
|
|
48 |
|
|
|
(49 |
) |
|
|
9,634 |
|
|
|
9,515 |
|
Total private markets |
$ |
322,624 |
|
|
$ |
9,076 |
|
|
$ |
(8,471 |
) |
|
$ |
(1,989 |
) |
|
$ |
(809 |
) |
|
$ |
320,431 |
|
|
$ |
322,399 |
|
5
ASSETS UNDER MANAGEMENT
(in millions), (unaudited)
Year-over-Year Component Changes by Product Type |
|
||||||||||||||||||||||||||||||
|
|
|
|
Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
March 31, |
|
|
inflows |
|
|
|
|
|
|
|
|
Market |
|
|
FX |
|
|
March 31, |
|
|
Average |
|
||||||||
|
2025 |
|
|
(outflows) |
|
|
Realizations(1) |
|
|
Acquisitions(2) |
|
|
change |
|
|
impact(3) |
|
|
2026 |
|
|
AUM(4) |
|
||||||||
Equity |
$ |
6,204,549 |
|
|
$ |
272,656 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,152,903 |
|
|
$ |
31,277 |
|
|
$ |
7,661,385 |
|
|
$ |
7,278,164 |
|
Fixed income |
|
3,006,670 |
|
|
|
160,975 |
|
|
|
(2,990 |
) |
|
|
13,567 |
|
|
|
69,382 |
|
|
|
23,259 |
|
|
|
3,270,863 |
|
|
|
3,164,014 |
|
Multi-asset |
|
1,002,681 |
|
|
|
81,550 |
|
|
|
- |
|
|
|
- |
|
|
|
126,819 |
|
|
|
11,562 |
|
|
|
1,222,612 |
|
|
|
1,144,988 |
|
Alternatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Private markets |
|
212,354 |
|
|
|
41,766 |
|
|
|
(31,648 |
) |
|
|
101,017 |
|
|
|
(5,738 |
) |
|
|
2,680 |
|
|
|
320,431 |
|
|
|
287,605 |
|
Liquid alternatives |
|
79,356 |
|
|
|
14,539 |
|
|
|
(889 |
) |
|
|
6,377 |
|
|
|
8,498 |
|
|
|
758 |
|
|
|
108,639 |
|
|
|
95,293 |
|
Alternatives subtotal |
|
291,710 |
|
|
|
56,305 |
|
|
|
(32,537 |
) |
|
|
107,394 |
|
|
|
2,760 |
|
|
|
3,438 |
|
|
|
429,070 |
|
|
|
382,898 |
|
Digital assets |
|
50,329 |
|
|
|
32,343 |
|
|
|
- |
|
|
|
- |
|
|
|
(22,002 |
) |
|
|
1 |
|
|
|
60,671 |
|
|
|
78,541 |
|
Currency and |
|
97,355 |
|
|
|
16,206 |
|
|
|
- |
|
|
|
- |
|
|
|
63,137 |
|
|
|
(22 |
) |
|
|
176,676 |
|
|
|
140,338 |
|
Long-term |
|
10,653,294 |
|
|
|
620,035 |
|
|
|
(35,527 |
) |
|
|
120,961 |
|
|
|
1,392,999 |
|
|
|
69,515 |
|
|
|
12,821,277 |
|
|
|
12,188,943 |
|
Cash management |
|
930,634 |
|
|
|
123,780 |
|
|
|
- |
|
|
|
- |
|
|
|
9,748 |
|
|
|
9,161 |
|
|
|
1,073,323 |
|
|
|
1,010,890 |
|
Total |
$ |
11,583,928 |
|
|
$ |
743,815 |
|
|
$ |
(35,527 |
) |
|
$ |
120,961 |
|
|
$ |
1,402,747 |
|
|
$ |
78,676 |
|
|
$ |
13,894,600 |
|
|
$ |
13,199,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Year-over-Year Component Changes by Client Type and Product Type (Long-Term) |
|
||||||||||||||||||||||||||||||
|
|
|
|
Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
March 31, |
|
|
inflows |
|
|
|
|
|
|
|
|
Market |
|
|
FX |
|
|
March 31, |
|
|
Average |
|
||||||||
|
2025 |
|
|
(outflows) |
|
|
Realizations(1) |
|
|
Acquisitions(2) |
|
|
change |
|
|
impact(3) |
|
|
2026 |
|
|
AUM(4) |
|
||||||||
Retail: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity |
$ |
502,678 |
|
|
$ |
25,555 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
82,411 |
|
|
$ |
4,399 |
|
|
$ |
615,043 |
|
|
$ |
584,908 |
|
Fixed income |
|
323,508 |
|
|
|
46,548 |
|
|
|
- |
|
|
|
- |
|
|
|
6,907 |
|
|
|
5,860 |
|
|
|
382,823 |
|
|
|
351,337 |
|
Multi-asset |
|
153,420 |
|
|
|
22,806 |
|
|
|
- |
|
|
|
- |
|
|
|
19,144 |
|
|
|
610 |
|
|
|
195,980 |
|
|
|
175,265 |
|
Private markets |
|
16,017 |
|
|
|
4,839 |
|
|
|
(1,505 |
) |
|
|
11,674 |
|
|
|
(86 |
) |
|
|
251 |
|
|
|
31,190 |
|
|
|
26,160 |
|
Liquid alternatives |
|
27,257 |
|
|
|
8,925 |
|
|
|
(217 |
) |
|
|
- |
|
|
|
1,273 |
|
|
|
100 |
|
|
|
37,338 |
|
|
|
32,411 |
|
Retail subtotal |
|
1,022,880 |
|
|
|
108,673 |
|
|
|
(1,722 |
) |
|
|
11,674 |
|
|
|
109,649 |
|
|
|
11,220 |
|
|
|
1,262,374 |
|
|
|
1,170,081 |
|
ETFs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity |
|
3,111,438 |
|
|
|
312,379 |
|
|
|
- |
|
|
|
- |
|
|
|
563,717 |
|
|
|
13,999 |
|
|
|
4,001,533 |
|
|
|
3,703,511 |
|
Fixed income |
|
1,039,115 |
|
|
|
186,993 |
|
|
|
- |
|
|
|
- |
|
|
|
5,339 |
|
|
|
7,578 |
|
|
|
1,239,025 |
|
|
|
1,151,324 |
|
Multi-asset |
|
10,603 |
|
|
|
3,028 |
|
|
|
- |
|
|
|
- |
|
|
|
1,357 |
|
|
|
98 |
|
|
|
15,086 |
|
|
|
13,083 |
|
Digital assets |
|
50,329 |
|
|
|
32,343 |
|
|
|
- |
|
|
|
- |
|
|
|
(22,002 |
) |
|
|
1 |
|
|
|
60,671 |
|
|
|
78,541 |
|
Commodities |
|
91,276 |
|
|
|
16,251 |
|
|
|
- |
|
|
|
- |
|
|
|
61,650 |
|
|
|
52 |
|
|
|
169,229 |
|
|
|
133,994 |
|
ETFs subtotal |
|
4,302,761 |
|
|
|
550,994 |
|
|
|
- |
|
|
|
- |
|
|
|
610,061 |
|
|
|
21,728 |
|
|
|
5,485,544 |
|
|
|
5,080,453 |
|
Institutional: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Active: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity |
|
217,390 |
|
|
|
(18,082 |
) |
|
|
- |
|
|
|
- |
|
|
|
47,323 |
|
|
|
2,058 |
|
|
|
248,689 |
|
|
|
241,606 |
|
Fixed income |
|
853,873 |
|
|
|
(11,272 |
) |
|
|
(2,990 |
) |
|
|
13,567 |
|
|
|
33,309 |
|
|
|
5,644 |
|
|
|
892,131 |
|
|
|
889,801 |
|
Multi-asset |
|
835,479 |
|
|
|
55,646 |
|
|
|
- |
|
|
|
- |
|
|
|
105,920 |
|
|
|
10,859 |
|
|
|
1,007,904 |
|
|
|
953,221 |
|
Private markets |
|
196,337 |
|
|
|
36,927 |
|
|
|
(30,143 |
) |
|
|
89,343 |
|
|
|
(5,652 |
) |
|
|
2,429 |
|
|
|
289,241 |
|
|
|
261,445 |
|
Liquid alternatives |
|
52,099 |
|
|
|
5,614 |
|
|
|
(672 |
) |
|
|
6,377 |
|
|
|
7,225 |
|
|
|
658 |
|
|
|
71,301 |
|
|
|
62,882 |
|
Active subtotal |
|
2,155,178 |
|
|
|
68,833 |
|
|
|
(33,805 |
) |
|
|
109,287 |
|
|
|
188,125 |
|
|
|
21,648 |
|
|
|
2,509,266 |
|
|
|
2,408,955 |
|
Index |
|
3,172,475 |
|
|
|
(108,465 |
) |
|
|
- |
|
|
|
- |
|
|
|
485,164 |
|
|
|
14,919 |
|
|
|
3,564,093 |
|
|
|
3,529,454 |
|
Institutional subtotal |
|
5,327,653 |
|
|
|
(39,632 |
) |
|
|
(33,805 |
) |
|
|
109,287 |
|
|
|
673,289 |
|
|
|
36,567 |
|
|
|
6,073,359 |
|
|
|
5,938,409 |
|
Long-term |
$ |
10,653,294 |
|
|
$ |
620,035 |
|
|
$ |
(35,527 |
) |
|
$ |
120,961 |
|
|
$ |
1,392,999 |
|
|
$ |
69,515 |
|
|
$ |
12,821,277 |
|
|
$ |
12,188,943 |
|
6
ASSETS UNDER MANAGEMENT
(in millions), (unaudited)
Year-over-Year Component Changes by Investment Style and Product Type (Long-Term) |
|
||||||||||||||||||||||||||||||
|
|
|
|
Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
March 31, |
|
|
inflows |
|
|
|
|
|
|
|
|
Market |
|
|
FX |
|
|
March 31, |
|
|
Average |
|
||||||||
|
2025 |
|
|
(outflows) |
|
|
Realizations(1) |
|
|
Acquisitions(2) |
|
|
change |
|
|
impact(3) |
|
|
2026 |
|
|
AUM(4) |
|
||||||||
Active: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity |
$ |
458,656 |
|
|
$ |
(10,765 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
83,936 |
|
|
$ |
4,168 |
|
|
$ |
535,995 |
|
|
$ |
516,014 |
|
Fixed income |
|
1,149,891 |
|
|
|
31,413 |
|
|
|
(2,990 |
) |
|
|
13,567 |
|
|
|
39,448 |
|
|
|
10,662 |
|
|
|
1,241,991 |
|
|
|
1,209,113 |
|
Multi-asset |
|
988,884 |
|
|
|
78,452 |
|
|
|
- |
|
|
|
- |
|
|
|
125,063 |
|
|
|
11,468 |
|
|
|
1,203,867 |
|
|
|
1,128,470 |
|
Private markets |
|
212,354 |
|
|
|
41,766 |
|
|
|
(31,648 |
) |
|
|
101,017 |
|
|
|
(5,738 |
) |
|
|
2,680 |
|
|
|
320,431 |
|
|
|
287,605 |
|
Liquid alternatives |
|
79,356 |
|
|
|
14,539 |
|
|
|
(889 |
) |
|
|
6,377 |
|
|
|
8,498 |
|
|
|
758 |
|
|
|
108,639 |
|
|
|
95,293 |
|
Active subtotal |
|
2,889,141 |
|
|
|
155,405 |
|
|
|
(35,527 |
) |
|
|
120,961 |
|
|
|
251,207 |
|
|
|
29,736 |
|
|
|
3,410,923 |
|
|
|
3,236,495 |
|
ETFs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Equity |
|
3,111,438 |
|
|
|
312,379 |
|
|
|
- |
|
|
|
- |
|
|
|
563,717 |
|
|
|
13,999 |
|
|
|
4,001,533 |
|
|
|
3,703,511 |
|
Fixed income |
|
1,039,115 |
|
|
|
186,993 |
|
|
|
- |
|
|
|
- |
|
|
|
5,339 |
|
|
|
7,578 |
|
|
|
1,239,025 |
|
|
|
1,151,324 |
|
Multi-asset |
|
10,603 |
|
|
|
3,028 |
|
|
|
- |
|
|
|
- |
|
|
|
1,357 |
|
|
|
98 |
|
|
|
15,086 |
|
|
|
13,083 |
|
Digital assets |
|
50,329 |
|
|
|
32,343 |
|
|
|
- |
|
|
|
- |
|
|
|
(22,002 |
) |
|
|
1 |
|
|
|
60,671 |
|
|
|
78,541 |
|
Commodities |
|
91,276 |
|
|
|
16,251 |
|
|
|
- |
|
|
|
- |
|
|
|
61,650 |
|
|
|
52 |
|
|
|
169,229 |
|
|
|
133,994 |
|
ETFs subtotal |
|
4,302,761 |
|
|
|
550,994 |
|
|
|
- |
|
|
|
- |
|
|
|
610,061 |
|
|
|
21,728 |
|
|
|
5,485,544 |
|
|
|
5,080,453 |
|
Non-ETF index |
|
3,461,392 |
|
|
|
(86,364 |
) |
|
|
- |
|
|
|
- |
|
|
|
531,731 |
|
|
|
18,051 |
|
|
|
3,924,810 |
|
|
|
3,871,995 |
|
Long-term |
$ |
10,653,294 |
|
|
$ |
620,035 |
|
|
$ |
(35,527 |
) |
|
$ |
120,961 |
|
|
$ |
1,392,999 |
|
|
$ |
69,515 |
|
|
$ |
12,821,277 |
|
|
$ |
12,188,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Year-over-Year Component Changes by Private Markets Product Type (Long-Term) |
|
||||||||||||||||||||||||||||||
|
|
|
|
Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
March 31, |
|
|
inflows |
|
|
|
|
|
|
|
|
Market |
|
|
FX |
|
|
March 31, |
|
|
Average |
|
||||||||
|
2025 |
|
|
(outflows) |
|
|
Realizations(1) |
|
|
Acquisitions(2) |
|
|
change |
|
|
impact(3) |
|
|
2026 |
|
|
AUM(4) |
|
||||||||
Private markets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Infrastructure |
$ |
108,371 |
|
|
$ |
12,487 |
|
|
$ |
(6,428 |
) |
|
$ |
- |
|
|
$ |
(3,585 |
) |
|
$ |
1,022 |
|
|
$ |
111,867 |
|
|
$ |
110,867 |
|
Private equity |
|
36,562 |
|
|
|
2,450 |
|
|
|
(9,155 |
) |
|
|
- |
|
|
|
203 |
|
|
|
171 |
|
|
|
30,231 |
|
|
|
33,325 |
|
Private credit |
|
33,686 |
|
|
|
24,005 |
|
|
|
(11,162 |
) |
|
|
101,017 |
|
|
|
(1,303 |
) |
|
|
802 |
|
|
|
147,045 |
|
|
|
109,689 |
|
Real estate |
|
26,076 |
|
|
|
541 |
|
|
|
(4,391 |
) |
|
|
- |
|
|
|
(1,202 |
) |
|
|
630 |
|
|
|
21,654 |
|
|
|
24,840 |
|
Multi-alternatives |
|
7,659 |
|
|
|
2,283 |
|
|
|
(512 |
) |
|
|
- |
|
|
|
149 |
|
|
|
55 |
|
|
|
9,634 |
|
|
|
8,884 |
|
Total private markets |
$ |
212,354 |
|
|
$ |
41,766 |
|
|
$ |
(31,648 |
) |
|
$ |
101,017 |
|
|
$ |
(5,738 |
) |
|
$ |
2,680 |
|
|
$ |
320,431 |
|
|
$ |
287,605 |
|
7
SUMMARY OF REVENUE
|
Three Months |
|
|
|
|
|
Three Months |
|
|
|
|
||||||||
|
Ended |
|
|
|
|
|
Ended |
|
|
|
|
||||||||
|
March 31, |
|
|
|
|
|
December 31, |
|
|
|
|
||||||||
(in millions), (unaudited) |
2026 |
|
|
2025 |
|
|
Change |
|
|
2025 |
|
|
Change |
|
|||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment advisory, administration fees and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Active |
$ |
593 |
|
|
$ |
518 |
|
|
$ |
75 |
|
|
$ |
585 |
|
|
$ |
8 |
|
ETFs |
|
1,793 |
|
|
|
1,349 |
|
|
|
444 |
|
|
|
1,696 |
|
|
|
97 |
|
Equity subtotal |
|
2,386 |
|
|
|
1,867 |
|
|
|
519 |
|
|
|
2,281 |
|
|
|
105 |
|
Fixed income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Active |
|
531 |
|
|
|
492 |
|
|
|
39 |
|
|
|
526 |
|
|
|
5 |
|
ETFs |
|
434 |
|
|
|
352 |
|
|
|
82 |
|
|
|
421 |
|
|
|
13 |
|
Fixed income subtotal |
|
965 |
|
|
|
844 |
|
|
|
121 |
|
|
|
947 |
|
|
|
18 |
|
Active multi-asset |
|
371 |
|
|
|
313 |
|
|
|
58 |
|
|
|
363 |
|
|
|
8 |
|
Alternatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Private markets |
|
658 |
|
|
|
535 |
|
|
|
123 |
|
|
|
663 |
|
|
|
(5 |
) |
Liquid alternatives |
|
197 |
|
|
|
150 |
|
|
|
47 |
|
|
|
184 |
|
|
|
13 |
|
Alternatives subtotal |
|
855 |
|
|
|
685 |
|
|
|
170 |
|
|
|
847 |
|
|
|
8 |
|
Non-ETF index |
|
342 |
|
|
|
307 |
|
|
|
35 |
|
|
|
348 |
|
|
|
(6 |
) |
Digital assets, commodities and multi-asset |
|
179 |
|
|
|
92 |
|
|
|
87 |
|
|
|
162 |
|
|
|
17 |
|
Long-term |
|
5,098 |
|
|
|
4,108 |
|
|
|
990 |
|
|
|
4,948 |
|
|
|
150 |
|
Cash management |
|
340 |
|
|
|
293 |
|
|
|
47 |
|
|
|
330 |
|
|
|
10 |
|
Total investment advisory, administration |
|
5,438 |
|
|
|
4,401 |
|
|
|
1,037 |
|
|
|
5,278 |
|
|
|
160 |
|
Investment advisory performance fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Equity |
|
22 |
|
|
|
10 |
|
|
|
12 |
|
|
|
96 |
|
|
|
(74 |
) |
Fixed income |
|
2 |
|
|
|
12 |
|
|
|
(10 |
) |
|
|
2 |
|
|
|
- |
|
Multi-asset |
|
9 |
|
|
|
4 |
|
|
|
5 |
|
|
|
11 |
|
|
|
(2 |
) |
Alternatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Private markets |
|
232 |
|
|
|
24 |
|
|
|
208 |
|
|
|
334 |
|
|
|
(102 |
) |
Liquid alternatives |
|
7 |
|
|
|
10 |
|
|
|
(3 |
) |
|
|
311 |
|
|
|
(304 |
) |
Alternatives subtotal |
|
239 |
|
|
|
34 |
|
|
|
205 |
|
|
|
645 |
|
|
|
(406 |
) |
Total investment advisory performance fees |
|
272 |
|
|
|
60 |
|
|
|
212 |
|
|
|
754 |
|
|
|
(482 |
) |
Technology services and subscription revenue |
|
530 |
|
|
|
436 |
|
|
|
94 |
|
|
|
531 |
|
|
|
(1 |
) |
Distribution fees |
|
389 |
|
|
|
321 |
|
|
|
68 |
|
|
|
359 |
|
|
|
30 |
|
Advisory and other revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Advisory |
|
12 |
|
|
|
14 |
|
|
|
(2 |
) |
|
|
11 |
|
|
|
1 |
|
Other |
|
57 |
|
|
|
44 |
|
|
|
13 |
|
|
|
75 |
|
|
|
(18 |
) |
Total advisory and other revenue |
|
69 |
|
|
|
58 |
|
|
|
11 |
|
|
|
86 |
|
|
|
(17 |
) |
Total revenue |
$ |
6,698 |
|
|
$ |
5,276 |
|
|
$ |
1,422 |
|
|
$ |
7,008 |
|
|
$ |
(310 |
) |
Highlights
Investment advisory, administration fees and securities lending revenue increased $160 million from the fourth quarter of 2025, primarily driven by organic base fee growth and the impact of market beta on average AUM, partially offset by the effect of two fewer days in the current quarter.
Performance fees decreased $482 million from the fourth quarter of 2025, primarily reflecting a seasonally higher number of products with performance measurement periods that end in the fourth quarter.
8
SUMMARY OF OPERATING EXPENSE
|
Three Months |
|
|
|
|
|
Three Months |
|
|
|
|
||||||||
|
Ended |
|
|
|
|
|
Ended |
|
|
|
|
||||||||
|
March 31, |
|
|
|
|
|
December 31, |
|
|
|
|
||||||||
(in millions), (unaudited) |
2026 |
|
|
2025 |
|
|
Change |
|
|
2025 |
|
|
Change |
|
|||||
Operating expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Employee compensation and benefits |
$ |
2,225 |
|
|
$ |
1,741 |
|
|
$ |
484 |
|
|
$ |
2,584 |
|
|
$ |
(359 |
) |
Sales, asset and account expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Distribution and servicing costs |
|
705 |
|
|
|
570 |
|
|
|
135 |
|
|
|
676 |
|
|
|
29 |
|
Direct fund expense |
|
481 |
|
|
|
392 |
|
|
|
89 |
|
|
|
470 |
|
|
|
11 |
|
Sub-advisory and other |
|
71 |
|
|
|
47 |
|
|
|
24 |
|
|
|
80 |
|
|
|
(9 |
) |
Total sales, asset and account expense |
|
1,257 |
|
|
|
1,009 |
|
|
|
248 |
|
|
|
1,226 |
|
|
|
31 |
|
General and administration expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Marketing and promotional |
|
101 |
|
|
|
97 |
|
|
|
4 |
|
|
|
101 |
|
|
|
- |
|
Occupancy and office related |
|
147 |
|
|
|
114 |
|
|
|
33 |
|
|
|
150 |
|
|
|
(3 |
) |
Portfolio services |
|
70 |
|
|
|
64 |
|
|
|
6 |
|
|
|
62 |
|
|
|
8 |
|
Technology |
|
206 |
|
|
|
189 |
|
|
|
17 |
|
|
|
209 |
|
|
|
(3 |
) |
Professional services |
|
75 |
|
|
|
73 |
|
|
|
2 |
|
|
|
98 |
|
|
|
(23 |
) |
Communications |
|
10 |
|
|
|
10 |
|
|
|
- |
|
|
|
10 |
|
|
|
- |
|
Foreign exchange remeasurement |
|
(4 |
) |
|
|
(8 |
) |
|
|
4 |
|
|
|
3 |
|
|
|
(7 |
) |
Charitable contribution |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
109 |
|
|
|
(109 |
) |
Other general and administration |
|
69 |
|
|
|
76 |
|
|
|
(7 |
) |
|
|
72 |
|
|
|
(3 |
) |
Total general and administration expense |
|
674 |
|
|
|
615 |
|
|
|
59 |
|
|
|
814 |
|
|
|
(140 |
) |
Change in fair value of contingent consideration |
|
(549 |
) |
|
|
96 |
|
|
|
(645 |
) |
|
|
455 |
|
|
|
(1,004 |
) |
Amortization of intangible assets |
|
277 |
|
|
|
117 |
|
|
|
160 |
|
|
|
268 |
|
|
|
9 |
|
Total operating expense |
$ |
3,884 |
|
|
$ |
3,578 |
|
|
$ |
306 |
|
|
$ |
5,347 |
|
|
$ |
(1,463 |
) |
Highlights
Employee compensation and benefits expense decreased $359 million from the fourth quarter of 2025, primarily reflecting lower incentive compensation as a result of lower performance fees and retention-related deferred compensation expense(1), partially offset by higher seasonal payroll taxes.
General and administration expense decreased $140 million from the fourth quarter of 2025, primarily driven by the charitable contribution of a portion of BlackRock's stake in Circle Internet Group, Inc. ("Circle") to the BlackRock Charitable Fund recorded in the fourth quarter of 2025 (the “Charitable Contribution”) and a decrease in professional services expense.
9
SUMMARY OF NONOPERATING INCOME (expense), less net income (loss) attributable TO noncontrolling interests - Consolidated sponsored investment products
|
Three Months |
|
|
|
|
|
Three Months |
|
|
|
|
||||||||
|
Ended |
|
|
|
|
|
Ended |
|
|
|
|
||||||||
|
March 31, |
|
|
|
|
|
December 31, |
|
|
|
|
||||||||
(in millions), (unaudited) |
2026 |
|
|
2025 |
|
|
Change |
|
|
2025 |
|
|
Change |
|
|||||
Nonoperating income (expense), GAAP basis |
$ |
28 |
|
|
$ |
65 |
|
|
$ |
(37 |
) |
|
$ |
(54 |
) |
|
$ |
82 |
|
Less: Net income (loss) attributable to |
|
6 |
|
|
|
5 |
|
|
|
1 |
|
|
|
51 |
|
|
|
(45 |
) |
Nonoperating income (expense), net of |
|
22 |
|
|
|
60 |
|
|
|
(38 |
) |
|
|
(105 |
) |
|
|
127 |
|
Less: Hedge gain (loss) on deferred cash |
|
- |
|
|
|
(15 |
) |
|
|
15 |
|
|
|
17 |
|
|
|
(17 |
) |
Nonoperating income (expense), net of |
$ |
22 |
|
|
$ |
75 |
|
|
$ |
(53 |
) |
|
$ |
(122 |
) |
|
$ |
144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Three Months |
|
|
|
|
|
Three Months |
|
|
|
|
||||||||
|
Ended |
|
|
|
|
|
Ended |
|
|
|
|
||||||||
|
March 31, |
|
|
|
|
|
December 31, |
|
|
|
|
||||||||
(in millions), (unaudited) |
2026 |
|
|
2025 |
|
|
Change |
|
|
2025 |
|
|
Change |
|
|||||
Net gain (loss) on investments, net of NCI - CIPs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Private equity |
$ |
9 |
|
|
$ |
48 |
|
|
$ |
(39 |
) |
|
$ |
(42 |
) |
|
$ |
51 |
|
Real assets |
|
5 |
|
|
|
(2 |
) |
|
|
7 |
|
|
|
17 |
|
|
|
(12 |
) |
Other alternatives(3) |
|
15 |
|
|
|
9 |
|
|
|
6 |
|
|
|
2 |
|
|
|
13 |
|
Other investments(4) |
|
(13 |
) |
|
|
(10 |
) |
|
|
(3 |
) |
|
|
(15 |
) |
|
|
2 |
|
Hedge gain (loss) on deferred cash |
|
- |
|
|
|
(15 |
) |
|
|
15 |
|
|
|
17 |
|
|
|
(17 |
) |
Subtotal |
|
16 |
|
|
|
30 |
|
|
|
(14 |
) |
|
|
(21 |
) |
|
|
37 |
|
Other income/gain (expense/loss)(5) |
|
50 |
|
|
|
23 |
|
|
|
27 |
|
|
|
(68 |
) |
|
|
118 |
|
Total net gain (loss) on investments, net of |
|
66 |
|
|
|
53 |
|
|
|
13 |
|
|
|
(89 |
) |
|
|
155 |
|
Net interest income (expense) |
|
(44 |
) |
|
|
7 |
|
|
|
(51 |
) |
|
|
(16 |
) |
|
|
(28 |
) |
Nonoperating income (expense), net of |
|
22 |
|
|
|
60 |
|
|
|
(38 |
) |
|
|
(105 |
) |
|
|
127 |
|
Less: Hedge gain (loss) on deferred cash |
|
- |
|
|
|
(15 |
) |
|
|
15 |
|
|
|
17 |
|
|
|
(17 |
) |
Nonoperating income (expense), net of |
$ |
22 |
|
|
$ |
75 |
|
|
$ |
(53 |
) |
|
$ |
(122 |
) |
|
$ |
144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
summary of INCOME TAX EXPENSE
|
Three Months |
|
|
|
|
Three Months |
|
|
|
|
|||||||||
|
Ended |
|
|
|
|
Ended |
|
|
|
|
|||||||||
|
March 31, |
|
|
|
|
December 31, |
|
|
|
|
|||||||||
(in millions), (unaudited) |
2026 |
|
|
2025 |
|
|
Change |
|
2025 |
|
|
Change |
|
||||||
Income tax expense |
$ |
516 |
|
|
$ |
248 |
|
|
$ |
268 |
|
|
$ |
372 |
|
|
$ |
144 |
|
Effective tax rate |
|
18.2 |
% |
|
|
14.1 |
% |
|
410 bps |
|
|
|
23.9 |
% |
|
(570) bps |
|
||
Highlights
Fourth quarter 2025 included a discrete tax benefit of $29 million related to the Charitable Contribution, which was excluded from as adjusted results due to its nonrecurring nature.
10
RECONCILIATION OF GAAP OPERATING INCOME AND OPERATING MARGIN TO OPERATING INCOME AND OPERATING MARGIN, AS ADJUSTED |
|
|||||||||||
|
|
Three Months Ended |
|
|||||||||
|
|
March 31, |
|
|
December 31, |
|
||||||
(in millions), (unaudited) |
|
2026 |
|
|
2025 |
|
|
2025 |
|
|||
Operating income, GAAP basis |
|
$ |
2,814 |
|
|
$ |
1,698 |
|
|
$ |
1,661 |
|
Non-GAAP expense adjustments: |
|
|
|
|
|
|
|
|
|
|||
Compensation expense related to appreciation (depreciation) |
|
|
5 |
|
|
|
(3 |
) |
|
|
11 |
|
Amortization of intangible assets (b) |
|
|
277 |
|
|
|
117 |
|
|
|
268 |
|
Acquisition-related compensation costs (b) |
|
|
107 |
|
|
|
85 |
|
|
|
315 |
|
Acquisition-related transaction costs (b)(1) |
|
|
15 |
|
|
|
39 |
|
|
|
29 |
|
Change in fair value of contingent consideration (b) |
|
|
(549 |
) |
|
|
96 |
|
|
|
455 |
|
Charitable Contribution (c) |
|
|
- |
|
|
|
- |
|
|
|
109 |
|
Operating income, as adjusted (1) |
|
$ |
2,669 |
|
|
$ |
2,032 |
|
|
$ |
2,848 |
|
Revenue, GAAP basis |
|
$ |
6,698 |
|
|
$ |
5,276 |
|
|
$ |
7,008 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|||
Distribution fees |
|
|
(389 |
) |
|
|
(321 |
) |
|
|
(359 |
) |
Investment advisory fees |
|
|
(316 |
) |
|
|
(249 |
) |
|
|
(317 |
) |
Revenue used for operating margin measurement |
|
$ |
5,993 |
|
|
$ |
4,706 |
|
|
$ |
6,332 |
|
Operating margin, GAAP basis |
|
|
42.0 |
% |
|
|
32.2 |
% |
|
|
23.7 |
% |
Operating margin, as adjusted (1) |
|
|
44.5 |
% |
|
|
43.2 |
% |
|
|
45.0 |
% |
|
|
|
|
|
|
|
|
|
|
|||
See note (1) to the condensed consolidated statements of income and supplemental information on page 12 for more information on as adjusted items.
RECONCILIATION OF GAAP NONOPERATING INCOME (EXPENSE) TO NONOPERATING INCOME (EXPENSE), LESS NET INCOME (LOSS) ATTRIBUTABLE TO NCI - CIPs, AS ADJUSTED |
|
|||||||||||
|
|
Three Months Ended |
|
|||||||||
|
|
March 31, |
|
|
December 31, |
|
||||||
(in millions), (unaudited) |
|
2026 |
|
|
2025 |
|
|
2025 |
|
|||
Nonoperating income (expense), GAAP basis |
|
$ |
28 |
|
|
$ |
65 |
|
|
$ |
(54 |
) |
Less: Net income (loss) attributable to NCI - CIPs |
|
|
6 |
|
|
|
5 |
|
|
|
51 |
|
Nonoperating income (expense), net of NCI - CIPs |
|
|
22 |
|
|
|
60 |
|
|
|
(105 |
) |
Less: Hedge gain (loss) on deferred cash compensation |
|
|
- |
|
|
|
(15 |
) |
|
|
17 |
|
Nonoperating income (expense), less net income (loss) |
|
$ |
22 |
|
|
$ |
75 |
|
|
$ |
(122 |
) |
|
|
|
|
|
|
|
|
|
|
|||
See notes (1) and (2) to the condensed consolidated statements of income and supplemental information on pages 12 and 13 for more information on as adjusted items.
RECONCILIATION OF GAAP NET INCOME ATTRIBUTABLE TO BLACKROCK TO NET INCOME ATTRIBUTABLE TO BLACKROCK, AS ADJUSTED |
|
|||||||||||
|
|
Three Months Ended |
|
|||||||||
|
|
March 31, |
|
|
December 31, |
|
||||||
(in millions, except per share data), (unaudited) |
|
2026 |
|
|
2025 |
|
|
2025 |
|
|||
Net income attributable to BlackRock, Inc., GAAP basis |
|
$ |
2,212 |
|
|
$ |
1,510 |
|
|
$ |
1,127 |
|
Noncontrolling interest - Subco |
|
|
108 |
|
|
|
- |
|
|
|
57 |
|
Net income attributable to BlackRock, Inc., (for diluted EPS) |
|
|
2,320 |
|
|
|
1,510 |
|
|
|
1,184 |
|
Non-GAAP adjustments(1): |
|
|
|
|
|
|
|
|
|
|||
Net impact of hedged deferred cash compensation plans (a) |
|
|
4 |
|
|
|
9 |
|
|
|
(4 |
) |
Amortization of intangible assets (b) |
|
|
207 |
|
|
|
87 |
|
|
|
200 |
|
Acquisition-related compensation costs (b) |
|
|
80 |
|
|
|
63 |
|
|
|
231 |
|
Acquisition-related transaction costs (b) |
|
|
11 |
|
|
|
29 |
|
|
|
20 |
|
Change in fair value of contingent consideration (b) |
|
|
(554 |
) |
|
|
72 |
|
|
|
454 |
|
Charitable Contribution (c) |
|
|
- |
|
|
|
- |
|
|
|
80 |
|
Income tax matters |
|
|
- |
|
|
|
- |
|
|
|
11 |
|
Net income attributable to BlackRock, Inc., as adjusted (3) |
|
$ |
2,068 |
|
|
$ |
1,770 |
|
|
$ |
2,176 |
|
Diluted weighted-average common shares outstanding, including |
|
|
165.0 |
|
|
|
156.6 |
|
|
|
165.4 |
|
Diluted earnings per common share, GAAP basis |
|
$ |
14.06 |
|
|
$ |
9.64 |
|
|
$ |
7.16 |
|
Diluted earnings per common share, as adjusted (3) |
|
$ |
12.53 |
|
|
$ |
11.30 |
|
|
$ |
13.16 |
|
See note (3) to the condensed consolidated statements of income and supplemental information on page 13 for more information on as adjusted items.
11
NOTES TO THE CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION (unaudited)
BlackRock reports its financial results in accordance with GAAP; however, management believes evaluating the Company’s ongoing operating results may be enhanced if investors have additional non-GAAP financial measures. Adjustments to GAAP financial measures (“non-GAAP adjustments”) include certain items management deems nonrecurring or that occur infrequently, transactions that ultimately will not impact BlackRock’s book value or certain tax items that do not impact cash flow. Management reviews non-GAAP financial measures, in addition to GAAP financial measures, to assess ongoing operations and considers them to be helpful, for both management and investors, in evaluating BlackRock’s financial performance over time. Management also uses non-GAAP financial measures as a benchmark to compare its performance with other companies and to enhance comparability for the reporting periods presented. Non-GAAP financial measures may pose limitations because they do not include all of BlackRock’s revenue and expense. BlackRock’s management does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Non-GAAP financial measures may not be comparable to other similarly titled measures of other companies.
Computations and reconciliations for all periods are derived from the condensed consolidated statements of income as follows:
(1) Operating income, as adjusted, and operating margin, as adjusted: Management believes operating income, as adjusted, and operating margin, as adjusted, are effective indicators of BlackRock’s financial performance over time, and, therefore, provide useful disclosure to investors. Management believes that operating margin, as adjusted, reflects the Company’s long-term ability to manage ongoing costs in relation to its revenues. The Company uses operating margin, as adjusted, to assess the Company’s financial performance, to determine the long-term and annual compensation of the Company’s senior-level employees and to evaluate the Company’s relative performance against industry peers. Furthermore, this metric eliminates margin variability arising from the accounting of revenues and expenses related to distributing different product structures in multiple distribution channels utilized by asset managers.
12
(2) Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, as adjusted: Management believes nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, as adjusted, is an effective measure for reviewing BlackRock’s nonoperating contribution to its results and provides comparability of this information among reporting periods. Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, as adjusted, excludes the gain (loss) on the economic hedge of certain deferred cash compensation plans. As the gain (loss) on investments and derivatives used to hedge these compensation plans over time substantially offsets the compensation expense related to the market valuation changes on these deferred cash compensation plans, which is included in operating income, GAAP basis, management believes excluding the gain (loss) on the economic hedge of the deferred cash compensation plans when calculating nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, as adjusted, provides a useful measure for both management and investors of BlackRock’s nonoperating results that impact book value.
(3) Net income attributable to BlackRock, Inc., as adjusted:
For each period presented, the non-GAAP adjustments were tax effected at the respective blended rates applicable to the adjustments. The fourth quarter of 2025 included a discrete tax benefit of $29 million recognized in connection with the Charitable Contribution. The discrete tax benefit has been excluded from as adjusted results due to the nonrecurring nature of the Charitable Contribution. Furthermore, the non-GAAP adjustment in 2025 and 2026 related to the change in fair value of contingent consideration is primarily not deductible for income tax purposes.
(4) ACV: Management believes ACV is an effective metric for reviewing BlackRock’s technology services and subscription's ongoing contribution to its operating results and provides comparability of this information among reporting periods while also providing a useful supplemental metric for both management and investors of BlackRock’s growth in technology services and subscription revenue over time, as it is linked to the net new business in technology and subscription services. ACV represents forward-looking, annualized estimated value of the recurring subscription fees under client contracts, assuming all client contracts that come up for renewal are renewed, unless we have received a notice of termination, even though such notice may not be effective until a later date. ACV also includes the annualized estimated value of new sales, for existing and new clients, when we execute client contracts, even though the recurring fees may not be effective until a later date and excludes nonrecurring fees such as implementation and consulting fees.
13
FORWARD-LOOKING STATEMENTS
This earnings release, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” and similar expressions.
BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and may contain information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.
BlackRock has previously disclosed risk factors in its Securities and Exchange Commission (“SEC”) reports. These risk factors and those identified elsewhere in this earnings release, among others, could cause actual results to differ materially from forward-looking statements or historical performance and include: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management; (3) the relative and absolute investment performance of BlackRock’s investment products; (4) BlackRock’s ability to develop new products and services that address client preferences; (5) the impact of increased competition; (6) the impact of recent or future acquisitions or divestitures, including the acquisitions of GIP, Preqin and HPS (collectively, the “Transactions”); (7) BlackRock’s ability to integrate acquired businesses successfully, including the Transactions; (8) the unfavorable resolution of legal proceedings; (9) the extent and timing of any share repurchases; (10) the impact, extent and timing of technological changes and the adequacy of intellectual property, data, information and cybersecurity protection; (11) the failure to effectively manage the development and use of artificial intelligence; (12) attempts to circumvent BlackRock’s operational control environment or the potential for human error in connection with BlackRock’s operational systems; (13) the impact of legislative and regulatory actions and reforms, supervisory or enforcement actions of government agencies and governmental scrutiny relating to BlackRock; (14) changes in law and policy and uncertainty pending any such changes; (15) any failure to effectively manage conflicts of interest; (16) damage to BlackRock’s reputation; (17) increasing focus from stakeholders regarding environmental and social-related matters; (18) geopolitical unrest, terrorist activities, civil or international hostilities, and other events outside BlackRock’s control, including wars, global trade tensions, tariffs, natural disasters and health crises, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (19) climate-related risks to BlackRock’s business, products, operations and clients; (20) the ability to attract, train and retain highly qualified professionals; (21) fluctuations in the carrying value of BlackRock’s economic investments; (22) the impact of changes to tax legislation, including income, payroll and transaction taxes, and taxation on products, which could affect the value proposition to clients and, generally, the tax position of BlackRock; (23) BlackRock’s success in negotiating distribution arrangements and maintaining distribution channels for its products; (24) the failure by key third-party providers to fulfill their obligations to BlackRock; (25) operational, technological and regulatory risks associated with BlackRock’s major technology partnerships; (26) any disruption to the operations of third parties whose functions are integral to BlackRock’s exchange-traded products platform; (27) the impact of BlackRock electing to provide support to its products from time to time and any potential liabilities related to securities lending or other indemnification obligations; and (28) the impact of problems, instability or failure of other financial institutions or the failure or negative performance of products offered by other financial institutions.
BlackRock’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and BlackRock’s subsequent filings with the SEC, accessible on the SEC’s website at www.sec.gov and on BlackRock’s website at www.blackrock.com, discuss these factors in more detail and identify additional factors that can affect forward-looking statements. The information contained on the Company’s website is not a part of this earnings release.
14
PERFORMANCE NOTES
Past performance is not indicative of future results. Except as specified, the performance information shown is as of March 31, 2026 and is based on preliminary data available at that time. The performance data shown reflects information for all actively and passively managed equity and fixed income accounts, including US registered investment companies, European-domiciled retail funds and separate accounts for which performance data is available, including performance data for high net worth accounts available as of February 28, 2026. The performance data does not include accounts terminated prior to March 31, 2026 and accounts for which data has not yet been verified. If such accounts had been included, the performance data provided may have substantially differed from that shown.
Performance comparisons shown are gross-of-fees for institutional and high net worth separate accounts, and net-of-fees for retail funds. The performance tracking shown for index accounts is based on gross-of-fees performance and includes all institutional accounts and all iShares funds globally using an index strategy. AUM information is based on AUM available as of March 31, 2026 for each account or fund in the asset class shown without adjustment for overlapping management of the same account or fund. Fund performance reflects the reinvestment of dividends and distributions.
Performance shown is derived from applicable benchmarks or peer median information, as selected by BlackRock, Inc. Peer medians are based in part on data either from Lipper, Inc. or Morningstar, Inc. for each included product.
15
Q1 2026 Earnings Exhibit 99.2 April 14, 2026 Earnings Release Supplement
A broadly diversified business across clients, products and geographies Base fees include investment advisory, administration fees and securities lending revenue. Base fees and AUM by region data are based on client domicile. 1 Product Type Client Type Style Region Assets Under Management of $13.9 trillion at March 31, 2026 Q1 2026 Base Fees and Securities Lending Revenue of $5.4 billion
0% 1% 3% 3% 3% 3% 0% 10% LTM organic asset growth rate (%) LTM organic base fee growth rate (%) Net flows ($ in billions) Total BlackRock Retail Long-term Institutional Long-term 2 Institutional Active Institutional Index ETFs Long-term Long-term Cash LTM organic asset growth rate measures rolling last twelve months net flows over beginning of period assets. Beginning in the first quarter of 2025, BlackRock updated the presentation of the Company's AUM line items. In addition, beginning in the first quarter of 2025, BlackRock updated the presentation of net flows to separately disclose realizations, which represent return of capital/return on investments. Realizations have not been recast for prior periods. LTM organic base fee growth rate is calculated by dividing net new base fees earned on net asset inflows for the LTM period by the base fee run-rate at the beginning of the period. Totals may not add due to rounding. 3% 3% 5% 6% 6% 6% 8% 1% 1% 3% 4% 6% 7% 6% 9% 6% 12% 8% 8% 11% 11% 11% 11% 12% 0% (1)% (2)% 0% 2% 1% 1% (1)% 10% 6% 11% 13% (1)%
Profitability ($ in millions, except per share data) For further information and reconciliations to GAAP, see page 10 of this Earnings Release Supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. Operating Income, as adjusted Operating Margin, as adjusted Net Income, as adjusted EPS, as adjusted 3 Operating Income and Margin, as adjusted Net Income and EPS, as adjusted
Capital management (amounts in millions, except per share data) (1) Q4 2024 weighted-average diluted shares include the impact of 6.9 million shares issued as part of the consideration for the acquisition of Global Infrastructure Management, LLC (“GIP”) in October 2024 (the “GIP Transaction”). (2) Q3 2025 weighted-average diluted shares include the impact of approximately 8.5 million Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC issued as part of the consideration for the acquisition of HPS Investment Partners (“HPS”) in July 2025 (the “HPS Transaction”). (3) Amounts exclude repurchases of employee tax withholdings related to employee stock transactions. For further information and reconciliations to GAAP, see page 10 of this Earnings Release Supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. Share repurchases and weighted-average diluted shares Share repurchases(3) Weighted-average diluted shares 4 Dividends per share
Major market indices and exchange rates Source: Bloomberg (1) Revenue weighted composite index is calculated by BlackRock to approximate the impact of market fluctuations on BlackRock’s equity base fees. The index is derived from publicly available market indices that represent applicable AUM benchmarks for each equity portfolio, as selected by BlackRock. The performance information for each equity portfolio used to calculate the index may be substantially different from that shown. Index does not include portfolios that do not have an applicable market index. Index does not reflect BlackRock’s investment performance, and is not indicative of past or future results. 5
Quarterly revenue ($ in millions) $1,422 $(310) Q1 2026 compared to Q1 2025 Q1 2026 compared to Q4 2025 6 Percentage Change Year-over-Year Sequential Base fees 24 % 3 % Securities lending revenue 14 % 3 % Performance fees 353 % (64) % Tech services & subscription revenue 22 % - % Distribution fees 21 % 8 % Advisory & other revenue 19 % (20) % Total 27 % (4) %
$1,037 $160 Q1 2026 compared to Q1 2025 Q1 2026 compared to Q4 2025 Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) 7
Quarterly expense, as adjusted ($ in millions) $785 $(131) Q1 2026 compared to Q1 2025 Q1 2026 compared to Q4 2025 8 Percentage Change Year-over-Year Sequential Employee comp. & benefits 27 % (6) % Sales, asset & account 25 % 3 % General & administration 14 % (3) % Total 24 % (3) % For information and reconciliations of as adjusted items to GAAP, see page 10 of this Earnings Release Supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks.
Alternatives at BlackRock ($ in billions) Q1 2025 Q1 2026 Client Assets Multi-alternatives Real estate Private equity Private credit Infrastructure Fee-Paying AUM Q1 2025 Q1 2026 Liquid alternatives Liquid credit Definitions: Client Assets: Alternative assets at BlackRock across reported AUM and non-fee-paying committed capital, co-investments and market related gains on invested assets. Fee-Paying AUM: Assets reported in BlackRock’s AUM. Includes both invested capital and committed capital that is fee-paying in its commitment stage. Private Credit: Primarily represents direct lending, opportunistic and venture debt strategies. It does not include private credit assets across infrastructure and real estate debt, as well as assets in private placements and multi-strategy credit funds, which are reported within fixed income and multi-asset AUM. Liquid Alternatives: Includes hedge funds and hedge fund solutions (funds of funds). Liquid Credit: Active liquid credit strategies (such as high yield, bank loans, and collateralized loans) included in fixed income AUM. Totals may not add due to rounding.
Reconciliation between GAAP and as adjusted ($ in millions) Non-GAAP adjustments include amounts related to (i) net impact of compensation expense and hedge (gain) loss on deferred cash compensation plans, (ii) amortization and impairment of intangible assets, (iii) acquisition-related compensation costs, (iv) acquisition-related transaction costs, (v) change in fair value of contingent consideration, (vi) net income (loss) attributable to noncontrolling interests - consolidated sponsored investment products, (vii) restructuring charges, (viii) a charitable contribution, (ix) income tax matters, as applicable and (x) noncontrolling interest - Subco. For further information and reconciliation between GAAP and as adjusted items, see notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks.
Important notes This presentation, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” and similar expressions. BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and may contain information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. BlackRock has previously disclosed risk factors in its Securities and Exchange Commission reports. These risk factors and those identified elsewhere in this presentation, among others, could cause actual results to differ materially from forward-looking statements or historical performance and include: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management; (3) the relative and absolute investment performance of BlackRock’s investment products; (4) BlackRock’s ability to develop new products and services that address client preferences; (5) the impact of increased competition; (6) the impact of recent or future acquisitions or divestitures, including the acquisitions of GIP, Preqin Holding Limited and HPS (collectively, the “Transactions”); (7) BlackRock’s ability to integrate acquired businesses successfully, including the Transactions; (8) the unfavorable resolution of legal proceedings; (9) the extent and timing of any share repurchases; (10) the impact, extent and timing of technological changes and the adequacy of intellectual property, data, information and cybersecurity protection; (11) the failure to effectively manage the development and use of artificial intelligence; (12) attempts to circumvent BlackRock’s operational control environment or the potential for human error in connection with BlackRock’s operational systems; (13) the impact of legislative and regulatory actions and reforms, supervisory or enforcement actions of government agencies and governmental scrutiny relating to BlackRock; (14) changes in law and policy and uncertainty pending any such changes; (15) any failure to effectively manage conflicts of interest; (16) damage to BlackRock’s reputation; (17) increasing focus from stakeholders regarding environmental and social-related matters; (18) geopolitical unrest, terrorist activities, civil or international hostilities, and other events outside BlackRock’s control, including wars, global trade tensions, tariffs, natural disasters and health crises, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (19) climate-related risks to BlackRock’s business, products, operations and clients; (20) the ability to attract, train and retain highly qualified professionals; (21) fluctuations in the carrying value of BlackRock’s economic investments; (22) the impact of changes to tax legislation, including income, payroll and transaction taxes, and taxation on products, which could affect the value proposition to clients and, generally, the tax position of BlackRock; (23) BlackRock’s success in negotiating distribution arrangements and maintaining distribution channels for its products; (24) the failure by key third-party providers to fulfill their obligations to BlackRock; (25) operational, technological and regulatory risks associated with BlackRock’s major technology partnerships; (26) any disruption to the operations of third parties whose functions are integral to BlackRock’s exchange-traded products platform; (27) the impact of BlackRock electing to provide support to its products from time to time and any potential liabilities related to securities lending or other indemnification obligations; and (28) the impact of problems, instability or failure of other financial institutions or the failure or negative performance of products offered by other financial institutions. This presentation also includes non-GAAP financial measures. You can find our presentations on the most directly comparable GAAP financial measures calculated in accordance with GAAP and our reconciliations on page 10 of this Earnings Release Supplement, our current Earnings Release dated April 14, 2026, and BlackRock’s other periodic reports, which are available on BlackRock’s website at www.blackrock.com.