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INVESTOR RELATIONS: Caroline Rodda 212.810.3442	MEDIA RELATIONS: Patrick Scanlan 212.810.3622

BlackRock Reports Full Year 2025 Diluted EPS of $35.31, or $48.09 as adjusted Fourth Quarter 2025 Diluted EPS of $7.16, or $13.16 as adjusted
New York, January 15, 2026 – BlackRock, Inc. (NYSE: BLK) today reported financial results for the three months and year ended December 31, 2025.

      $14 trillion in AUM following record $698 billion of full year net inflows, including $342 billion in the fourth quarter
12% annualized organic base fee growth in the fourth quarter reflects broad-based strength across iShares® ETFs, systematic active equities, private markets, outsourcing and cash
19% increase in full year revenue reflects the positive impact of markets, 9% organic base fee growth over the last twelve months, fees related to the GIP and HPS Transactions, and higher technology services and subscription revenue
7% decrease in full year GAAP operating income and 16% decrease in GAAP diluted EPS related to noncash acquisition-related expenses and a noncash charitable contribution, which have been excluded from as adjusted results
18% increase in full year as adjusted operating income driven by higher revenue
10% increase in full year as adjusted diluted EPS also reflects lower nonoperating income and a higher diluted share count
$5 billion returned to shareholders in 2025, including $1.6 billion worth of share repurchases
10% increase in quarterly cash dividend to $5.73 per share approved by Board of Directors, payable March 24, 2026 to shareholders of record at the close of business on March 6, 2026
7 million additional shares authorized for repurchase under existing repurchase program by Board of Directors

       

      Laurence D. Fink, Chairman and CEO:
“BlackRock enters 2026 with accelerating momentum across our entire platform, coming off the strongest year and quarter of net inflows in our history. Clients entrusted us with $698 billion of new assets in 2025, powering 9% organic base fee growth. And we ended the year with back-to-back quarters of double-digit organic base fee growth, including 12% in the fourth quarter. 
“2026 will be our first full year as a unified platform with GIP, HPS and Preqin. Around the world, clients are looking to do more across BlackRock. Our pipeline of business has broadened across products and regions, spanning public and private markets mandates, technology and data, and client channels. We’re seeing excellent fundraising activity as we work toward our goal of $400 billion in private markets fundraising by 2030.
“BlackRock is at the forefront of some of the largest new growth channels across the industry – from private markets to wealth and 401(k), to active ETFs, to private markets data, to digital assets and tokenization. Our belief in our increasing growth and margin trajectory led us to raise our dividend per share by 10% and our level of planned share repurchases.
“BlackRock is differentiated as a scale operator in public and private markets investing and technology, which is enhancing our positioning with clients worldwide. We’re a leader in public and private markets, and in technology and data. We’re a foundational player in both traditional and decentralized financial markets. Importantly, we bring it all together to deliver BlackRock to our clients in a consistent, unified way. We’ve already begun 2026 with strong momentum, and we’re positioned ahead of big future opportunities to deliver better outcomes for clients and growth for our shareholders.”

     


FINANCIAL RESULTS													NET FLOW HIGHLIGHTS(1)
(in millions,	Q4			Q4			Full Year									Q4			Full Year
except per share data)	2025			2024			2025			2024			(in billions)			2025			2025
AUM	$	14,041,518		$	11,551,251		$	14,041,518		$	11,551,251		Long-term net flows:			$	268		$	567
% change		22	%					22	%
Average AUM	$	13,731,112		$	11,555,434		$	12,603,633		$	10,804,007		By region:
% change		19	%					17	%					Americas		$	190		$	418
Total net flows	$	341,711		$	281,416		$	698,261		$	641,351			EMEA			86			215
														APAC			(8	)		(66	)
GAAP basis:
Revenue	$	7,008		$	5,677		$	24,216		$	20,407		By client type:
% change		23	%					19	%
Operating income	$	1,661		$	2,075		$	7,045		$	7,574			Retail:		$	82		$	107
% change		(20	)%					(7	)%						US		51			62
Operating margin		23.7	%		36.6	%		29.1	%		37.1	%			International		31			45
Net income(1)	$	1,127		$	1,670		$	5,553		$	6,369
% change		(33	)%					(13	)%					ETFs:		$	181		$	527
Diluted EPS	$	7.16		$	10.63		$	35.31		$	42.01				Active		13			54
% change		(33	)%					(16	)%						Core equity		70			168
Weighted-average															Digital assets		1			35
diluted shares		165.4			157.0			160.9			151.6				Fixed income		48			159
% change		5	%					6	%						Precision & other		49			111

As Adjusted(2):														Institutional:		$	5		$	(66	)
Operating income	$	2,848		$	2,326		$	9,600		$	8,110				Active		16			53
% change		22	%					18	%						Index		(12	)		(119	)
Operating margin		45.0	%		45.5	%		44.1	%		44.5	%
Net income(3)	$	2,176		$	1,874		$	7,736		$	6,612		Cash management net flows			$	74		$	131
% change		16	%					17	%
Diluted EPS(3)	$	13.16		$	11.93		$	48.09		$	43.61		Total net flows			$	342		$	698
% change		10	%					10	%
_________________________													_________________________
(1) Net income represents net income attributable to BlackRock, Inc. (2) See pages 12 through 14 for the reconciliation to accounting principles generally accepted in the United States ("GAAP") and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items. (3) Beginning in the third quarter of 2025, net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, assume all Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC ("Subco"), a consolidated subsidiary of the Company, have been exchanged in accordance with their terms on a one-for-one basis into common stock of BlackRock. Accordingly, the noncontrolling interest related to these Subco Units has been included as part of net income attributable to BlackRock, Inc., as adjusted.													(1) Totals may not add due to rounding.

BUSINESS RESULTS


											Q4 2025
						Q4 2025					Base fees(1)
						Base fees(1)		December 31, 2025			and securities
	Q4 2025			December 31, 2025		and securities		AUM			lending revenue
(in millions), (unaudited)	Net flows			AUM		lending revenue		% of Total			% of Total
RESULTS BY PRODUCT TYPE
Equity	$	126,053		$	7,793,875	$	2,530		55	%		48	%
Fixed income		83,771			3,272,021		1,037		23	%		20	%
Multi-asset		36,868			1,223,625		373		9	%		7	%
Alternatives:
Private markets		12,708			322,624		663		2	%		13	%
Liquid alternatives		2,862			100,990		184		1	%		3	%
Alternatives subtotal		15,570			423,614		847		3	%		16	%
Digital assets		579			78,435		58		1	%		1	%
Currency and commodities(2)		4,957			169,216		103		1	%		2	%
Long-term		267,798			12,960,786		4,948		92	%		94	%
Cash management		73,913			1,080,732		330		8	%		6	%
Total	$	341,711		$	14,041,518	$	5,278		100	%		100	%
RESULTS BY CLIENT TYPE
Retail	$	81,759		$	1,278,732	$	1,243		9	%		24	%
ETFs		181,484			5,467,710		2,279		39	%		43	%
Institutional:
Active		16,125			2,518,170		1,167		18	%		22	%
Index		(11,570	)		3,696,174		259		26	%		5	%
Institutional subtotal		4,555			6,214,344		1,426		44	%		27	%
Long-term		267,798			12,960,786		4,948		92	%		94	%
Cash management		73,913			1,080,732		330		8	%		6	%
Total	$	341,711		$	14,041,518	$	5,278		100	%		100	%
RESULTS BY INVESTMENT STYLE
Active	$	97,731		$	3,432,743	$	2,321		24	%		44	%
ETFs		181,484			5,467,710		2,279		39	%		43	%
Non-ETF index		(11,417	)		4,060,333		348		29	%		7	%
Long-term		267,798			12,960,786		4,948		92	%		94	%
Cash management		73,913			1,080,732		330		8	%		6	%
Total	$	341,711		$	14,041,518	$	5,278		100	%		100	%

(1)

Base fees include investment advisory and administration fees.

(2)

Amounts include commodity exchange-traded funds ("ETFs") and exchange-traded products ("ETPs").

INVESTMENT PERFORMANCE AT December 31, 2025(1)


	One-year period	Three-year period	Five-year period
Fixed income:
Actively managed AUM above benchmark or peer median
Taxable	76%	86%	82%
Tax-exempt	46%	53%	62%
Index AUM within or above applicable tolerance	99%	99%	99%
Equity:
Actively managed AUM above benchmark or peer median
Fundamental	40%	71%	46%
Systematic	78%	95%	94%
Index AUM within or above applicable tolerance	95%	96%	99%

(1)

Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 16 for performance disclosure detail.

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 Thursday, January 15, 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 3978109). 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 Thursday, January 15, 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.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

(in millions, except per share data), (unaudited)


											Three Months
	Three Months Ended										Ended
	December 31,										September 30,
	2025			2024			Change				2025			Change
Revenue
Investment advisory, administration fees and securities lending revenue:
Investment advisory and administration fees	$	5,104		$	4,256		$	848			$	4,843		$	261
Securities lending revenue		174			161			13				203			(29	)
Total investment advisory, administration fees and securities lending revenue		5,278			4,417			861				5,046			232
Investment advisory performance fees		754			451			303				516			238
Technology services and subscription revenue		531			428			103				515			16
Distribution fees		359			322			37				355			4
Advisory and other revenue		86			59			27				77			9
Total revenue		7,008			5,677			1,331				6,509			499

Expense
Employee compensation and benefits		2,584			1,885			699				2,357			227
Sales, asset and account expense:
Distribution and servicing costs		676			565			111				638			38
Direct fund expense		470			389			81				464			6
Sub-advisory and other		80			42			38				60			20
Total sales, asset and account expense		1,226			996			230				1,162			64
General and administration expense		814			624			190				689			125
Change in fair value of contingent consideration		455			(28	)		483				93			362
Amortization and impairment of intangible assets		268			125			143				253			15
Total expense		5,347			3,602			1,745				4,554			793

Operating income		1,661			2,075			(414	)			1,955			(294	)

Nonoperating income (expense)
Net gain (loss) on investments		(38	)		(18	)		(20	)			64			(102	)
Net interest income (expense)		(16	)		46			(62	)			(22	)		6
Total nonoperating income (expense)		(54	)		28			(82	)			42			(96	)

Income before income taxes		1,607			2,103			(496	)			1,997			(390	)
Income tax expense		372			442			(70	)			470			(98	)
Net income		1,235			1,661			(426	)			1,527			(292	)
Less:
Net income (loss) attributable to noncontrolling interests ("NCI") - consolidated sponsored investment products ("CIPs")		51			(9	)		60				134			(83	)
Net income (loss) attributable to NCI - Subco		57			-			57				70			(13	)
Net income attributable to BlackRock, Inc.	$	1,127		$	1,670		$	(543	)		$	1,323		$	(196	)

Weighted-average common shares outstanding
Basic		155.1			155.0			0.2				154.9			0.2
Diluted (including Subco Units)		165.4			157.0			8.4				165.2			0.2
Earnings per share attributable to BlackRock, Inc. common stockholders
Basic	$	7.27		$	10.78		$	(3.51	)		$	8.54		$	(1.27	)
Diluted	$	7.16		$	10.63		$	(3.47	)		$	8.43		$	(1.27	)
Cash dividends declared and paid per share	$	5.21		$	5.10		$	0.11			$	5.21		$	-

Supplemental information:

AUM (end of period)	$	14,041,518		$	11,551,251		$	2,490,267			$	13,463,625		$	577,893
Shares outstanding including Subco Units		162.8			154.9			7.9				163.2			(0.4	)
GAAP:
Operating margin		23.7	%		36.6	%		(1,290	)	bps		30.0	%		(630	)	bps
Effective tax rate		23.9	%		20.9	%		300		bps		25.2	%		(130	)	bps
As adjusted:
Operating income (1)	$	2,848		$	2,326		$	522			$	2,621		$	227
Operating margin (1)		45.0	%		45.5	%		(50	)	bps		44.6	%		40		bps
Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs (2)	$	(122	)	$	39		$	(161	)		$	(106	)	$	(16	)
Net income attributable to BlackRock, Inc. (3)	$	2,176		$	1,874		$	302			$	1,907		$	269
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3)	$	13.16		$	11.93		$	1.23			$	11.55		$	1.61
Effective tax rate		20.2	%		20.8	%		(60	)	bps		24.2	%		(400	)	bps

See pages 12 through 14 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. Beginning in the fourth quarter of 2025, BlackRock updated the presentation of the Company's expense line items within the condensed consolidated statements of income to separately present the change in fair value of contingent consideration line item, which was previously disclosed within general and administration expense. Prior periods have been updated to conform to this new presentation. Beginning in the third quarter of 2025, net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, assume all Subco Units have been exchanged in accordance with their terms on a one-for-one basis into common stock of BlackRock. Accordingly, the noncontrolling interest related to these Subco Units has been included as part of net income attributable to BlackRock, Inc., as adjusted. As of December 31, 2025, there were 155.1 million shares of common stock and 7.7 million Subco Units outstanding.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

(in millions, except per share data), (unaudited)



	Year Ended
	December 31,
	2025			2024			Change
Revenue
Investment advisory, administration fees and securities lending revenue:
Investment advisory and administration fees	$	18,474		$	15,485		$	2,989
Securities lending revenue		705			615			90
Total investment advisory, administration fees and securities lending revenue		19,179			16,100			3,079
Investment advisory performance fees		1,424			1,207			217
Technology services and subscription revenue		1,981			1,603			378
Distribution fees		1,355			1,273			82
Advisory and other revenue		277			224			53
Total revenue		24,216			20,407			3,809

Expense
Employee compensation and benefits		8,446			6,546			1,900
Sales, asset and account expense:
Distribution and servicing costs		2,460			2,171			289
Direct fund expense		1,767			1,464			303
Sub-advisory and other		233			140			93
Total sales, asset and account expense		4,460			3,775			685
General and administration expense		2,731			2,257			474
Change in fair value of contingent consideration		720			(36	)		756
Restructuring charge		39			-			39
Amortization and impairment of intangible assets		775			291			484
Total expense		17,171			12,833			4,338

Operating income		7,045			7,574			(529	)

Nonoperating income (expense)
Net gain (loss) on investments		634			492			142
Net interest income (expense)		(60	)		229			(289	)
Total nonoperating income (expense)		574			721			(147	)

Income before income taxes		7,619			8,295			(676	)
Income tax expense		1,677			1,783			(106	)
Net income		5,942			6,512			(570	)
Less:
Net income (loss) attributable to NCI - CIPs		262			143			119
Net income (loss) attributable to NCI - Subco		127			-			127
Net income attributable to BlackRock, Inc.	$	5,553		$	6,369		$	(816	)

Weighted-average common shares outstanding
Basic		155.0			150.0			4.9
Diluted (including Subco Units)		160.9			151.6			9.3
Earnings per share attributable to BlackRock, Inc. common stockholders
Basic	$	35.83		$	42.45		$	(6.62	)
Diluted	$	35.31		$	42.01		$	(6.70	)
Cash dividends declared and paid per share	$	20.84		$	20.40		$	0.44

Supplemental information:

AUM (end of period)	$	14,041,518		$	11,551,251		$	2,490,267
Shares outstanding including Subco Units		162.8			154.9			7.9
GAAP:
Operating margin		29.1	%		37.1	%		(800	)	bps
Effective tax rate		22.8	%		21.9	%		90		bps
As adjusted:
Operating income (1)	$	9,600		$	8,110		$	1,490
Operating margin (1)		44.1	%		44.5	%		(40	)	bps
Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs (2)	$	251		$	533		$	(282	)
Net income attributable to BlackRock, Inc. (3)	$	7,736		$	6,612		$	1,124
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3)	$	48.09		$	43.61		$	4.48
Effective tax rate		21.5	%		23.5	%		(200	)	bps

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Current Quarter Component Changes by Product Type
			Net
	September 30,		inflows						Market			FX			December 31,		Average
	2025		(outflows)			Realizations(1)			change			impact(2)			2025		AUM(3)
Equity	$	7,459,075	$	126,053		$	-		$	218,485		$	(9,738	)	$	7,793,875	$	7,629,717
Fixed income		3,178,965		83,771			(225	)		17,997			(8,487	)		3,272,021		3,216,982
Multi-asset		1,161,957		36,868			-			24,104			696			1,223,625		1,185,944
Alternatives:
Private markets		320,886		12,708			(10,706	)		(317	)		53			322,624		320,397
Liquid alternatives		97,448		2,862			(136	)		787			29			100,990		98,845
Alternatives subtotal		418,334		15,570			(10,842	)		470			82			423,614		419,242
Digital assets		103,965		579			-			(26,113	)		4			78,435		92,317
Currency and commodities(4)		136,600		4,957			-			27,739			(80	)		169,216		149,998
Long-term		12,458,896		267,798			(11,067	)		262,682			(17,523	)		12,960,786		12,694,200
Cash management		1,004,729		73,913			-			2,246			(156	)		1,080,732		1,036,912
Total	$	13,463,625	$	341,711		$	(11,067	)	$	264,928		$	(17,679	)	$	14,041,518	$	13,731,112

Current Quarter Component Changes by Client Type and Product Type (Long-Term)
			Net
	September 30,		inflows						Market			FX			December 31,		Average
	2025		(outflows)			Realizations(1)			change			impact(2)			2025		AUM(3)
Retail:
Equity	$	597,262	$	15,230		$	-		$	16,833		$	(244	)	$	629,081	$	609,007
Fixed income		344,651		37,575			-			2,053			608			384,887		355,201
Multi-asset		168,883		26,038			-			4,711			23			199,655		178,560
Private markets		29,770		1,290			(571	)		194			(2	)		30,681		30,298
Liquid alternatives		33,002		1,626			(29	)		(165	)		(6	)		34,428		33,552
Retail subtotal		1,173,568		81,759			(600	)		23,626			379			1,278,732		1,206,618
ETFs:
Equity		3,788,431		122,770			-			94,781			32			4,006,014		3,897,017
Fixed income		1,157,582		51,919			-			(3,675	)		127			1,205,953		1,186,224
Multi-asset		13,111		1,070			-			143			78			14,402		13,735
Digital assets		103,965		579			-			(26,113	)		4			78,435		92,317
Commodities		130,225		5,146			-			27,506			29			162,906		143,660
ETFs subtotal		5,193,314		181,484			-			92,642			270			5,467,710		5,332,953
Institutional:
Active:
Equity		242,002		(4,256	)		-			10,990			(743	)		247,993		245,857
Fixed income		901,576		(2,091	)		(225	)		7,476			(1,170	)		905,566		900,155
Multi-asset		976,474		9,818			-			19,199			615			1,006,106		990,179
Private markets		291,116		11,418			(10,135	)		(511	)		55			291,943		290,099
Liquid alternatives		64,446		1,236			(107	)		952			35			66,562		65,293
Active subtotal		2,475,614		16,125			(10,467	)		38,106			(1,208	)		2,518,170		2,491,583
Index		3,616,400		(11,570	)		-			108,308			(16,964	)		3,696,174		3,663,046
Institutional subtotal		6,092,014		4,555			(10,467	)		146,414			(18,172	)		6,214,344		6,154,629
Long-term	$	12,458,896	$	267,798		$	(11,067	)	$	262,682		$	(17,523	)	$	12,960,786	$	12,694,200

(1)

Realizations represent return of capital/return on investments.

(2)

Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

(3)

Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.

(4)

Amounts include commodity ETFs and ETPs.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Current Quarter Component Changes by Investment Style and Product Type (Long-Term)
			Net
	September 30,		inflows						Market			FX			December 31,		Average
	2025		(outflows)			Realizations(1)			change			impact(2)			2025		AUM(3)
Active:
Equity	$	517,176	$	11,128		$	-		$	18,650		$	(926	)	$	546,028	$	528,827
Fixed income		1,213,771		35,176			(225	)		9,187			(551	)		1,257,358		1,222,766
Multi-asset		1,145,338		35,857			-			23,910			638			1,205,743		1,168,723
Private markets		320,886		12,708			(10,706	)		(317	)		53			322,624		320,397
Liquid alternatives		97,448		2,862			(136	)		787			29			100,990		98,845
Active subtotal		3,294,619		97,731			(11,067	)		52,217			(757	)		3,432,743		3,339,558
ETFs:
Equity		3,788,431		122,770			-			94,781			32			4,006,014		3,897,017
Fixed income		1,157,582		51,919			-			(3,675	)		127			1,205,953		1,186,224
Multi-asset		13,111		1,070			-			143			78			14,402		13,735
Digital assets		103,965		579			-			(26,113	)		4			78,435		92,317
Commodities		130,225		5,146			-			27,506			29			162,906		143,660
ETFs subtotal		5,193,314		181,484			-			92,642			270			5,467,710		5,332,953
Non-ETF index		3,970,963		(11,417	)		-			117,823			(17,036	)		4,060,333		4,021,689
Long-term	$	12,458,896	$	267,798		$	(11,067	)	$	262,682		$	(17,523	)	$	12,960,786	$	12,694,200

Current Quarter Component Changes by Private Markets Product Type (Long-Term)
			Net
	September 30,		inflows						Market			FX			December 31,		Average
	2025		(outflows)			Realizations(1)			change			impact(2)			2025		AUM(3)
Private markets:
Infrastructure	$	110,101	$	4,986		$	(2,998	)	$	(4	)	$	31		$	112,116	$	110,141
Private equity		34,033		423			(3,780	)		(55	)		2			30,623		32,412
Private credit		141,974		7,271			(3,571	)		(285	)		(4	)		145,385		143,392
Real estate		25,525		(189	)		(255	)		(44	)		25			25,062		25,099
Multi-alternatives		9,253		217			(102	)		71			(1	)		9,438		9,353
Total private markets	$	320,886	$	12,708		$	(10,706	)	$	(317	)	$	53		$	322,624	$	320,397

(1)

Realizations represent return of capital/return on investments.

(2)

Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

(3)

Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Year-over-Year Component Changes by Product Type(1)
			Net
	December 31,		inflows								Market			FX		December 31,		Average
	2024		(outflows)			Realizations(2)			Acquisitions(3)		change			impact(4)		2025		AUM(5)
Equity	$	6,310,191	$	220,126		$	-		$	-	$	1,163,276		$	100,282	$	7,793,875	$	6,918,801
Fixed income		2,905,669		164,399			(2,752	)		13,567		122,151			68,987		3,272,021		3,080,234
Multi-asset		992,921		72,269			-			-		132,762			25,673		1,223,625		1,087,995
Alternatives:
Private markets		211,974		39,834			(30,178	)		101,017		(5,161	)		5,138		322,624		261,535
Liquid alternatives		76,390		11,143			(195	)		6,377		6,392			883		100,990		88,477
Alternatives subtotal		288,364		50,977			(30,373	)		107,394		1,231			6,021		423,614		350,012
Digital assets		55,306		34,763			-			-		(11,640	)		6		78,435		76,809
Currency and commodities(6)		78,137		24,953			-			-		65,795			331		169,216		114,002
Long-term		10,630,588		567,487			(33,125	)		120,961		1,473,575			201,300		12,960,786		11,627,853
Cash management		920,663		130,774			-			-		10,054			19,241		1,080,732		975,780
Total	$	11,551,251	$	698,261		$	(33,125	)	$	120,961	$	1,483,629		$	220,541	$	14,041,518	$	12,603,633

Year-over-Year Component Changes by Client Type and Product Type (Long-Term)(1)
			Net
	December 31,		inflows								Market			FX		December 31,		Average
	2024		(outflows)			Realizations(2)			Acquisitions(3)		change			impact(4)		2025		AUM(5)
Retail:
Equity	$	505,118	$	25,465		$	-		$	-	$	86,921		$	11,577	$	629,081	$	556,325
Fixed income		318,641		44,523			-			-		12,623			9,100		384,887		336,477
Multi-asset		150,978		24,657			-			-		22,817			1,203		199,655		163,888
Private markets		15,749		3,905			(1,389	)		11,674		182			560		30,681		22,566
Liquid alternatives		24,735		8,007			(32	)		-		1,482			236		34,428		29,828
Retail subtotal		1,015,221		106,557			(1,421	)		11,674		124,025			22,676		1,278,732		1,109,084
ETFs:
Equity		3,106,398		289,263			-			-		580,684			29,669		4,006,014		3,478,155
Fixed income		985,652		175,328			-			-		29,682			15,291		1,205,953		1,097,396
Multi-asset		10,734		1,978			-			-		1,477			213		14,402		12,029
Digital assets		55,306		34,763			-			-		(11,640	)		6		78,435		76,809
Commodities		72,285		25,379			-			-		64,992			250		162,906		107,936
ETFs subtotal		4,230,375		526,711			-			-		665,195			45,429		5,467,710		4,772,325
Institutional:
Active:
Equity		218,848		(20,573	)		-			-		43,419			6,299		247,993		233,638
Fixed income		840,328		(10,637	)		(2,752	)		13,567		50,878			14,182		905,566		876,517
Multi-asset		828,039		45,636			-			-		108,194			24,237		1,006,106		908,764
Private markets		196,225		35,929			(28,789	)		89,343		(5,343	)		4,578		291,943		238,969
Liquid alternatives		51,655		3,136			(163	)		6,377		4,910			647		66,562		58,649
Active subtotal		2,135,095		53,491			(31,704	)		109,287		202,058			49,943		2,518,170		2,316,537
Index		3,249,897		(119,272	)		-			-		482,297			83,252		3,696,174		3,429,907
Institutional subtotal		5,384,992		(65,781	)		(31,704	)		109,287		684,355			133,195		6,214,344		5,746,444
Long-term	$	10,630,588	$	567,487		$	(33,125	)	$	120,961	$	1,473,575		$	201,300	$	12,960,786	$	11,627,853

(1)

Beginning in the first quarter of 2025, BlackRock updated the presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation.

(2)

Realizations represent return of capital/return on investments.

(3)

Amounts include AUM attributable to the acquisitions of HPS in July 2025 (the "HPS Transaction") and ElmTree Funds ("ElmTree") in September 2025 (the "ElmTree Transaction").

(4)

Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

(5)

Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.

(6)

Amounts include commodity ETFs and ETPs.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Year-over-Year Component Changes by Investment Style and Product Type (Long-Term)(1)
			Net
	December 31,		inflows								Market			FX		December 31,		Average
	2024		(outflows)			Realizations(2)			Acquisitions(3)		change			impact(4)		2025		AUM(5)
Active:
Equity	$	467,163	$	(14,293	)	$	-		$	-	$	81,509		$	11,649	$	546,028	$	496,505
Fixed income		1,133,874		29,115			(2,752	)		13,567		62,258			21,296		1,257,358		1,183,030
Multi-asset		979,001		70,293			-			-		131,010			25,439		1,205,743		1,072,635
Private markets		211,974		39,834			(30,178	)		101,017		(5,161	)		5,138		322,624		261,535
Liquid alternatives		76,390		11,143			(195	)		6,377		6,392			883		100,990		88,477
Active subtotal		2,868,402		136,092			(33,125	)		120,961		276,008			64,405		3,432,743		3,102,182
ETFs:
Equity		3,106,398		289,263			-			-		580,684			29,669		4,006,014		3,478,155
Fixed income		985,652		175,328			-			-		29,682			15,291		1,205,953		1,097,396
Multi-asset		10,734		1,978			-			-		1,477			213		14,402		12,029
Digital assets		55,306		34,763			-			-		(11,640	)		6		78,435		76,809
Commodities		72,285		25,379			-			-		64,992			250		162,906		107,936
ETFs subtotal		4,230,375		526,711			-			-		665,195			45,429		5,467,710		4,772,325
Non-ETF index		3,531,811		(95,316	)		-			-		532,372			91,466		4,060,333		3,753,346
Long-term	$	10,630,588	$	567,487		$	(33,125	)	$	120,961	$	1,473,575		$	201,300	$	12,960,786	$	11,627,853

Year-over-Year Component Changes by Private Markets Product Type (Long-Term)
			Net
	December 31,		inflows								Market			FX		December 31,		Average
	2024		(outflows)			Realizations(2)			Acquisitions(3)		change			impact(4)		2025		AUM(5)
Private markets:
Infrastructure	$	109,606	$	15,757		$	(11,975	)	$	-	$	(3,150	)	$	1,878	$	112,116	$	109,690
Private equity		36,327		2,975			(8,747	)		-		(256	)		324		30,623		34,662
Private credit		32,425		18,703			(7,717	)		101,017		(726	)		1,683		145,385		83,256
Real estate		26,147		123			(1,181	)		-		(1,111	)		1,084		25,062		25,521
Multi-alternatives		7,469		2,276			(558	)		-		82			169		9,438		8,406
Total private markets	$	211,974	$	39,834		$	(30,178	)	$	101,017	$	(5,161	)	$	5,138	$	322,624	$	261,535

(1)

Beginning in the first quarter of 2025, BlackRock updated the presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation.

(2)

Realizations represent return of capital/return on investments.

(3)

Amounts include AUM attributable to the HPS and ElmTree Transactions.

(4)

Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

(5)

Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.

SUMMARY OF REVENUE


	Three Months							Three Months
	Ended							Ended					Year Ended
	December 31,							September 30,					December 31,
(in millions), (unaudited)	2025		2024		Change			2025		Change			2025		2024		Change
Revenue
Investment advisory, administration fees and securities lending revenue(1):
Equity:
Active	$	585	$	558	$	27		$	557	$	28		$	2,167	$	2,166	$	1
ETFs		1,696		1,375		321			1,597		99			6,043		5,124		919
Equity subtotal		2,281		1,933		348			2,154		127			8,210		7,290		920
Fixed income:
Active		526		494		32			513		13			2,018		1,952		66
ETFs		421		360		61			393		28			1,532		1,367		165
Fixed income subtotal		947		854		93			906		41			3,550		3,319		231
Active multi-asset		363		319		44			344		19			1,332		1,248		84
Alternatives:
Private markets		663		480		183			653		10			2,350		1,196		1,154
Liquid alternatives		184		146		38			178		6			669		568		101
Alternatives subtotal		847		626		221			831		16			3,019		1,764		1,255
Non-ETF index		348		312		36			353		(5	)		1,321		1,183		138
Digital assets, commodities and multi-asset ETFs(2)		162		80		82			140		22			502		247		255
Long-term		4,948		4,124		824			4,728		220			17,934		15,051		2,883
Cash management		330		293		37			318		12			1,245		1,049		196
Total investment advisory, administration fees and securities lending revenue		5,278		4,417		861			5,046		232			19,179		16,100		3,079
Investment advisory performance fees:
Equity		96		112		(16	)		14		82			132		161		(29	)
Fixed income		2		22		(20	)		-		2			16		34		(18	)
Multi-asset		11		10		1			2		9			23		24		(1	)
Alternatives:
Private markets		334		108		226			298		36			695		308		387
Liquid alternatives		311		199		112			202		109			558		680		(122	)
Alternatives subtotal		645		307		338			500		145			1,253		988		265
Total investment advisory performance fees		754		451		303			516		238			1,424		1,207		217
Technology services and subscription revenue		531		428		103			515		16			1,981		1,603		378
Distribution fees		359		322		37			355		4			1,355		1,273		82
Advisory and other revenue:
Advisory		11		14		(3	)		12		(1	)		50		49		1
Other		75		45		30			65		10			227		175		52
Total advisory and other revenue		86		59		27			77		9			277		224		53
Total revenue	$	7,008	$	5,677	$	1,331		$	6,509	$	499		$	24,216	$	20,407	$	3,809

(1)

Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation. See page 11 of .2 to the Current Report on Form 8-K furnished on April 11, 2025 for the reclassified presentation of the 2024 investment advisory, administration fees and securities lending revenue line items.

(2)

Amounts include commodity ETFs and ETPs.

Highlights

•

Investment advisory, administration fees and securities lending revenue increased $861 million from the fourth quarter of 2024, primarily driven by organic base fee growth, the impact of market beta on average AUM, and approximately $230 million of fees related to the HPS Transaction. Securities lending revenue of $174 million increased from $161 million in the fourth quarter of 2024, primarily reflecting higher spreads.

Investment advisory, administration fees and securities lending revenue increased $232 million from the third quarter of 2025, primarily driven by organic base fee growth and the impact of market beta on average AUM. Securities lending revenue of $174 million decreased from $203 million in the third quarter of 2025, primarily reflecting lower spreads.

•

Performance fees increased $303 million from the fourth quarter of 2024, primarily reflecting higher revenue from private markets, including the impact of the HPS Transaction, and higher revenue from liquid alternative products.

Performance fees increased $238 million from the third quarter of 2025, primarily reflecting higher revenue from liquid alternative and long-only products.

•

Technology services and subscription revenue increased $103 million from the fourth quarter of 2024 and $16 million from the third quarter of 2025, reflecting the sustained demand for Aladdin® technology offerings and revenue from the acquisition of Preqin Holding Limited ("Preqin") in March 2025 (the "Preqin Transaction"). Preqin added approximately $65 million to fourth quarter revenue. Technology services and subscription annual contract value (“ACV”)(1) increased 31% from the fourth quarter of 2024 including ACV related to Preqin, and increased 16% excluding ACV related to Preqin.

(1)

See note (4) to the condensed consolidated statements of income and supplemental information on page 14 for more information on ACV.

SUMMARY OF OPERATING EXPENSE


	Three Months								Three Months
	Ended								Ended						Year Ended
	December 31,								September 30,						December 31,
(in millions), (unaudited)	2025		2024			Change			2025			Change			2025			2024			Change
Operating expense
Employee compensation and benefits	$	2,584	$	1,885		$	699		$	2,357		$	227		$	8,446		$	6,546		$	1,900
Sales, asset and account expense:
Distribution and servicing costs		676		565			111			638			38			2,460			2,171			289
Direct fund expense		470		389			81			464			6			1,767			1,464			303
Sub-advisory and other		80		42			38			60			20			233			140			93
Total sales, asset and account expense		1,226		996			230			1,162			64			4,460			3,775			685
General and administration expense:
Marketing and promotional		101		92			9			82			19			373			314			59
Occupancy and office related		150		113			37			137			13			521			421			100
Portfolio services		62		68			(6	)		69			(7	)		257			262			(5	)
Technology		209		182			27			213			(4	)		809			674			135
Professional services		98		88			10			104			(6	)		326			277			49
Communications		10		10			-			12			(2	)		43			39			4
Foreign exchange remeasurement		3		(7	)		10			(3	)		6			(4	)		-			(4	)
Charitable contribution		109		-			109			-			109			109			-			109
Other general and administration		72		78			(6	)		75			(3	)		297			270			27
Total general and administration expense		814		624			190			689			125			2,731			2,257			474
Change in fair value of contingent consideration(1)		455		(28	)		483			93			362			720			(36	)		756
Restructuring charge		-		-			-			-			-			39			-			39
Amortization and impairment of intangible assets		268		125			143			253			15			775			291			484
Total operating expense	$	5,347	$	3,602		$	1,745		$	4,554		$	793		$	17,171		$	12,833		$	4,338

(1)

Beginning in the fourth quarter of 2025, BlackRock updated the presentation of the Company's expense line items within the condensed consolidated statements of income to separately present the change in fair value of contingent consideration line item, which was previously disclosed within general and administration expense. Prior periods have been updated to conform to this new presentation.

Highlights

•

Employee compensation and benefits expense increased $699 million from the fourth quarter of 2024 and $227 million from the third quarter of 2025, primarily reflecting the impact of higher operating income and performance fees. Fourth quarter 2025 employee compensation and benefits expense was also impacted by the HPS Transaction, including nonrecurring retention-related deferred compensation expense(1).

•

Sales, asset and account expense increased $230 million from the fourth quarter of 2024 and $64 million from the third quarter of 2025, driven by higher distribution and servicing costs and direct fund expense, primarily reflecting higher average AUM.

•

On December 10, 2025, BlackRock contributed a portion of its stake in Circle Internet Group, Inc. ("Circle") to the BlackRock Charitable Fund, which BlackRock established in 2013 (the “Charitable Contribution”). The Charitable Contribution resulted in an operating expense of $109 million(1), which was offset by a tax benefit of $29 million(1). The Charitable Contribution will add to the long-term funding for BlackRock’s philanthropic grants and programs.

•

General and administration expense increased $190 million from the fourth quarter of 2024 and $125 million from the third quarter of 2025, primarily driven by the Charitable Contribution and an increase in occupancy and office related expense.

•

Change in fair value of contingent consideration(1) increased $483 million from the fourth quarter of 2024 and $362 million from the third quarter of 2025, primarily related to Global Infrastructure Management, LLC ("GIP").

•

Amortization and impairment of intangible assets(1) increased $143 million from the fourth quarter of 2024, primarily reflecting amortization of intangible assets acquired in the HPS and Preqin Transactions.

(1)

These expenses have been excluded from the Company's "as adjusted" financial results under the expense adjustments for acquisition-related costs and the Charitable Contribution, as applicable. See pages 12 through 14 for the reconciliation to GAAP and notes (1) through (3) for more information on as adjusted items.

SUMMARY OF NONOPERATING INCOME (expense), less net income (loss) attributable TO noncontrolling interests - Consolidated sponsored investment products


	Three Months									Three Months
	Ended									Ended						Year Ended
	December 31,									September 30,						December 31,
(in millions), (unaudited)	2025			2024			Change			2025			Change			2025			2024			Change
Nonoperating income (expense), GAAP basis	$	(54	)	$	28		$	(82	)	$	42		$	(96	)	$	574		$	721		$	(147	)
Less: Net income (loss) attributable to NCI - CIPs		51			(9	)		60			134			(83	)		262			143			119
Nonoperating income (expense), net of NCI - CIPs		(105	)		37			(142	)		(92	)		(13	)		312			578			(266	)
Less: Hedge gain (loss) on deferred cash compensation plans(1)		17			(2	)		19			14			3			61			45			16
Nonoperating income (expense), net of NCI - CIPs, as adjusted(2)	$	(122	)	$	39		$	(161	)	$	(106	)	$	(16	)	$	251		$	533		$	(282	)

	Three Months									Three Months
	Ended									Ended						Year Ended
	December 31,									September 30,						December 31,
(in millions), (unaudited)	2025			2024			Change			2025			Change			2025			2024			Change
Net gain (loss) on investments, net of NCI - CIPs
Private equity	$	(42	)	$	(42	)	$	-		$	(14	)	$	(28	)	$	17		$	(10	)	$	27
Real assets		17			(5	)		22			3			14			19			14			5
Other alternatives(3)		2			8			(6	)		8			(6	)		22			41			(19	)
Other investments(4)		(15	)		42			(57	)		26			(41	)		12			127			(115	)
Hedge gain (loss) on deferred cash compensation plans(1)		17			(2	)		19			14			3			61			45			16
Subtotal		(21	)		1			(22	)		37			(58	)		131			217			(86	)
Other income/gain (expense/loss)(5)		(68	)		(10	)		(58	)		(107	)		39			241			132			109
Total net gain (loss) on investments, net of NCI - CIPs		(89	)		(9	)		(80	)		(70	)		(19	)		372			349			23
Net interest income (expense)		(16	)		46			(62	)		(22	)		6			(60	)		229			(289	)
Nonoperating income (expense), net of NCI - CIPs		(105	)		37			(142	)		(92	)		(13	)		312			578			(266	)
Less: Hedge gain (loss) on deferred cash compensation plans(1)		17			(2	)		19			14			3			61			45			16
Nonoperating income (expense), net of NCI - CIPs, as adjusted(2)	$	(122	)	$	39		$	(161	)	$	(106	)	$	(16	)	$	251		$	533		$	(282	)

(1)

Amounts relate to the gains (losses) from economically hedging certain BlackRock deferred cash compensation plans.

(2)

Management believes nonoperating income (expense), net of NCI - CIPs, as adjusted, is an effective measure for reviewing BlackRock’s nonoperating results, which ultimately impacts BlackRock’s book value. For more information on as adjusted items and the reconciliation to GAAP, see notes to the condensed consolidated statements of income and supplemental information on pages 12 through 14.

(3)

Amounts primarily include net gains (losses) related to credit funds, direct hedge fund strategies and hedge fund solutions.

(4)

Amounts primarily include net gains (losses) related to BlackRock's seed investment portfolio, net of impact of certain hedges.

(5)

Amounts for the three months ended December 31, 2025, include nonoperating noncash pre-tax loss in connection with the Company’s minority investment in Circle of approximately $116 million. Additional amounts include earnings (losses) from certain equity method minority investments and noncash pre-tax gains (losses) related to the revaluation of certain other minority investments.

summary of INCOME TAX EXPENSE


	Three Months									Three Months
	Ended									Ended							Year Ended
	December 31,									September 30,							December 31,
(in millions), (unaudited)	2025			2024			Change			2025				Change			2025			2024			Change
Income tax expense	$	372		$	442		$	(70	)		$	470		$	(98	)	$	1,677		$	1,783		$	(106	)
Effective tax rate		23.9	%		20.9	%	300 bps					25.2	%	(130) bps				22.8	%		21.9	%	90 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. In addition, fourth quarter 2025 and 2024 included $102 million and $63 million, respectively, of net discrete tax benefits realized from changes in the Company’s organizational tax structure.


RECONCILIATION OF GAAP OPERATING INCOME AND OPERATING MARGIN TO OPERATING INCOME AND OPERATING MARGIN, AS ADJUSTED
	Three Months Ended									Year Ended
	December 31,						September 30,			December 31,
(in millions), (unaudited)	2025			2024			2025			2025			2024
Operating income, GAAP basis	$	1,661		$	2,075		$	1,955		$	7,045		$	7,574
Non-GAAP expense adjustments:
Compensation expense related to appreciation (depreciation) on deferred cash compensation plans (a)		11			-			14			52			43
Amortization and impairment of intangible assets (b)		268			125			253			775			291
Acquisition-related compensation costs (b)		315			116			262			738			148
Acquisition-related transaction costs (b)(1)		29			38			44			122			90
Change in fair value of contingent consideration (b)		455			(28	)		93			720			(36	)
Charitable Contribution (c)		109			-			-			109			-
Restructuring charge (d)		-			-			-			39			-
Operating income, as adjusted (1)	$	2,848		$	2,326		$	2,621		$	9,600		$	8,110
Revenue, GAAP basis	$	7,008		$	5,677		$	6,509		$	24,216		$	20,407
Non-GAAP adjustments:
Distribution fees		(359	)		(322	)		(355	)		(1,355	)		(1,273	)
Investment advisory fees		(317	)		(243	)		(283	)		(1,105	)		(898	)
Revenue used for operating margin measurement	$	6,332		$	5,112		$	5,871		$	21,756		$	18,236
Operating margin, GAAP basis		23.7	%		36.6	%		30.0	%		29.1	%		37.1	%
Operating margin, as adjusted (1)		45.0	%		45.5	%		44.6	%		44.1	%		44.5	%

(1)

Amounts included within general and administration expense.

See note (1) to the condensed consolidated statements of income and supplemental information on page 13 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									Year Ended
	December 31,						September 30,			December 31,
(in millions), (unaudited)	2025			2024			2025			2025		2024
Nonoperating income (expense), GAAP basis	$	(54	)	$	28		$	42		$	574	$	721
Less: Net income (loss) attributable to NCI - CIPs		51			(9	)		134			262		143
Nonoperating income (expense), net of NCI - CIPs		(105	)		37			(92	)		312		578
Less: Hedge gain (loss) on deferred cash compensation plans (a)		17			(2	)		14			61		45
Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, as adjusted (2)	$	(122	)	$	39		$	(106	)	$	251	$	533

See notes (1) and (2) to the condensed consolidated statements of income and supplemental information on pages 13 and 14 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								Year Ended
	December 31,						September 30,		December 31,
(in millions, except per share data), (unaudited)	2025			2024			2025		2025			2024
Net income attributable to BlackRock, Inc., GAAP basis	$	1,127		$	1,670		$	1,323	$	5,553		$	6,369
Noncontrolling interest - Subco		57			-			70		127			-
Net income attributable to BlackRock, Inc., (for diluted EPS)		1,184			1,670			1,393		5,680			6,369
Non-GAAP adjustments(1):
Net impact of hedged deferred cash compensation plans (a)		(4	)		2			-		(6	)		(1	)
Amortization and impairment of intangible assets (b)		200			94			189		578			218
Acquisition-related compensation costs (b)		231			87			198		549			110
Acquisition-related transaction costs (b)		20			28			33		91			66
Change in fair value of contingent consideration (b)		454			(21	)		94		717			(27	)
Charitable Contribution (c)		80			-			-		80			-
Restructuring charge (d)		-			-			-		29			-
Income tax matters		11			14			-		18			(123	)
Net income attributable to BlackRock, Inc., as adjusted (3)	$	2,176		$	1,874		$	1,907	$	7,736		$	6,612
Diluted weighted-average common shares outstanding, including Subco Units		165.4			157.0			165.2		160.9			151.6
Diluted earnings per common share, GAAP basis	$	7.16		$	10.63		$	8.43	$	35.31		$	42.01
Diluted earnings per common share, as adjusted (3)	$	13.16		$	11.93		$	11.55	$	48.09		$	43.61

(1)

Non-GAAP adjustments, excluding income tax matters, are net of tax.

See note (3) to the condensed consolidated statements of income and supplemental information on page 14 for more information on as adjusted items.

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.

•

Operating income, as adjusted, includes the following non-GAAP expense adjustments:

(a)

Compensation expense related to appreciation (depreciation) on deferred cash compensation plans. The Company excludes compensation expense related to the market valuation changes on certain deferred cash compensation plans, which the Company hedges economically. For these deferred cash compensation plans, the final value of the deferred amount to be distributed to employees in cash upon vesting is determined based on the returns on specified investment funds. The Company recognizes compensation expense for the appreciation (depreciation) of the deferred cash compensation liability in proportion to the vested amount of the award during a respective period, while the net gain (loss) to economically hedge these plans is immediately recognized in nonoperating income (expense), which creates a timing difference impacting net income. This timing difference will reverse and offset to zero over the life of the award at the end of the multi-year vesting period. Management believes excluding market valuation changes related to the deferred cash compensation plans in the calculation of operating income, as adjusted, provides useful disclosure to both management and investors of the Company’s financial performance over time as these amounts are economically hedged, while also increasing comparability with other companies.

(b)

Acquisition-related costs. Acquisition-related costs include adjustments related to amortization and noncash impairment of intangible assets, change in fair value of contingent consideration (primarily associated with noncash contingent consideration) incurred in connection with certain acquisitions and other acquisition-related costs, including compensation costs for nonrecurring retention-related deferred compensation and general and administration expense primarily related to professional services. Management believes excluding the impact of these expenses when calculating operating income, as adjusted, provides a helpful indication of the Company’s financial performance over time, thereby providing helpful information for both management and investors while also increasing comparability with other companies.

(c)

Charitable Contribution. The Charitable Contribution expense of $109 million has been excluded from operating income, as adjusted, due to its nonrecurring nature.

(d)

Restructuring charge. In the second quarter of 2025, the Company recorded a restructuring charge, comprised of
severance and compensation expense for accelerated vesting of previously granted deferred compensation awards, in connection with an initiative to modify our organization to fit more closely with strategic priorities. Management believes excluding the impact of this restructuring charge when calculating operating income, as adjusted, is useful to assess the Company’s financial performance and ongoing operations, and enhances comparability among periods presented.

•

Revenue used for calculating operating margin, as adjusted, is reduced to exclude all of the Company’s distribution fees, which are recorded as a separate line item on the condensed consolidated statements of income, as well as a portion of investment advisory fees received that is used to pay distribution and servicing costs. For certain products, based on distinct arrangements, distribution fees are collected by the Company and then passed-through to third-party client intermediaries. For other products, investment advisory fees are collected by the Company and a portion is passed-through to third-party client intermediaries. However, in both structures, the third-party client intermediary similarly owns the relationship with the retail client and is responsible for distributing the product and servicing the client. The amount of distribution and investment advisory fees fluctuates each period primarily based on a predetermined percentage of the value of AUM during the period. These fees also vary based on the type of investment product sold and the geographic location where it is sold. In addition, the Company may waive fees on certain products that could result in the reduction of payments to the third-party intermediaries.

(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:

•

Management believes net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, are useful measures of BlackRock’s profitability and financial performance. Net income attributable to BlackRock, Inc., as adjusted, equals net income attributable to BlackRock, Inc., GAAP basis, adjusted for 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.

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. Additionally, the amount for income tax matters in 2024 included a discrete tax benefit of $137 million recognized in connection with the reorganization and establishment of a more efficient global intellectual property and technology platform and corporate structure. This discrete tax benefit has been excluded from as adjusted results due to the nonrecurring nature of the intellectual property reorganization. Furthermore, the non-GAAP adjustment in 2025 related to the change in fair value of contingent consideration is primarily not deductible for income tax purposes.

•

In addition, beginning in the third quarter of 2025, in connection with the HPS Transaction, the Company updated its definition of net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, to assume all outstanding Subco Units issued as part of the consideration for the HPS Transaction have been exchanged in accordance with their terms on a one-for-one basis into common stock of BlackRock, as Subco Units will be exchangeable at the option of the holder when exchange rights begin. Accordingly, the noncontrolling interest related to these Subco Units has been included as part of net income attributable to BlackRock, Inc., as adjusted. Management believes that these updated non-GAAP measures are useful indicators of BlackRock’s profitability and enhance comparability among periods presented, and therefore are useful to investors.

•

Per share amounts reflect net income attributable to BlackRock, Inc., as adjusted, divided by diluted weighted-average common shares outstanding.

(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.

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 funds 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.

PERFORMANCE NOTES

Past performance is not indicative of future results. Except as specified, the performance information shown is as of December 31, 2025 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 November 30, 2025. The performance data does not include accounts terminated prior to December 31, 2025 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 December 31, 2025 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.