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INVESTOR RELATIONS:

Caroline Rodda 212.810.3442

MEDIA RELATIONS:

Patrick Scanlan 212.810.3622

 

 

BlackRock Reports First Quarter 2026 Diluted EPS of $14.06, or $12.53 as adjusted

 

New York, April 14, 2026 – BlackRock, Inc. (NYSE: BLK) today reported financial results for the three months ended March 31, 2026.

 

$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

 

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

 

 

NET FLOW HIGHLIGHTS(1)

 

(in millions,

Q1

 

 

Q1

 

 

 

 

 

Q1

 

 

 

 

except per share data)

2026

 

 

2025

 

 

 (in billions)

2026

 

 

LTM(2)

 

AUM

$

13,894,600

 

 

$

11,583,928

 

 

Long-term net flows:

$

136

 

 

$

620

 

% change

 

20

%

 

 

 

 

 

 

 

 

 

 

 

 

Average AUM

$

14,240,929

 

 

$

11,688,880

 

 

By region:

 

 

 

 

 

% change

 

22

%

 

 

 

 

 

Americas

$

123

 

 

$

490

 

Total net flows

$

129,724

 

 

$

84,171

 

 

 

EMEA

 

13

 

 

 

192

 

 

 

 

 

 

 

 

 

APAC

 

-

 

 

 

(62

)

GAAP basis:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

6,698

 

 

$

5,276

 

 

By client type:

 

 

 

 

 

% change

 

27

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

$

2,814

 

 

$

1,698

 

 

 

Retail:

$

15

 

 

$

109

 

% change

 

66

%

 

 

 

 

 

 

US

 

14

 

 

 

68

 

Operating margin

 

42.0

%

 

 

32.2

%

 

 

 

International

 

1

 

 

 

41

 

Net income(1)

$

2,212

 

 

$

1,510

 

 

 

 

 

 

 

 

 

 

% change

 

46

%

 

 

 

 

 

ETFs:

$

132

 

 

$

551

 

Diluted EPS

$

14.06

 

 

$

9.64

 

 

 

 

Active

 

19

 

 

 

64

 

% change

 

46

%

 

 

 

 

 

 

Core equity

 

32

 

 

 

155

 

Weighted-average

 

 

 

 

 

 

 

 

Digital assets

 

1

 

 

 

32

 

   diluted shares

 

165.0

 

 

 

156.6

 

 

 

 

Fixed income

 

41

 

 

 

171

 

% change

 

5

%

 

 

 

 

 

 

Precision & other

 

39

 

 

 

129

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As Adjusted(2):

 

 

 

 

 

 

 

Institutional:

$

(11

)

 

$

(40

)

Operating income

$

2,669

 

 

$

2,032

 

 

 

 

Active

 

24

 

 

 

69

 

% change

 

31

%

 

 

 

 

 

 

Index

 

(35

)

 

 

(108

)

Operating margin

 

44.5

%

 

 

43.2

%

 

 

 

 

 

 

 

 

 

Net income

$

2,068

 

 

$

1,770

 

 

Cash management net flows

$

(6

)

 

$

124

 

% change

 

17

%

 

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS

$

12.53

 

 

$

11.30

 

 

Total net flows

$

130

 

 

$

744

 

% change

 

11

%

 

 

 

 

 

 

 

 

 

 

 

 

_________________________

 

 

_________________________

 

(1)  Net income represents net income attributable to BlackRock, Inc.
(2)  See pages 11 through 13 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.

 

 

(1)   Totals may not add due to rounding.
(2)   Amounts represent last twelve months net flows from April 1, 2025 to March 31, 2026.

 

 

1

 

BUSINESS RESULTS

 

 

 

 

 

 

 

 

 

Q1 2026

 

 

 

 

 

 

Q1 2026

 

 

 

Base fees(1)

 

 

 

 

 

 

Base fees(1)

 

March 31, 2026

 

and securities

 

 

Q1 2026

 

March 31, 2026

 

and securities

 

AUM

 

lending revenue

 

 (in millions), (unaudited)

Net flows

 

AUM

 

lending revenue

 

% of Total

 

% of Total

 

RESULTS BY PRODUCT TYPE

 

 

 

 

 

 

 

 

 

 

Equity

$

71,842

 

$

7,661,385

 

$

2,626

 

 

55

%

 

48

%

Fixed income

 

34,314

 

 

3,270,863

 

 

1,058

 

 

24

%

 

19

%

Multi-asset

 

17,827

 

 

1,222,612

 

 

381

 

 

9

%

 

7

%

Alternatives:

 

 

 

 

 

 

 

 

 

 

Private markets

 

9,076

 

 

320,431

 

 

658

 

 

2

%

 

12

%

Liquid alternatives

 

5,551

 

 

108,639

 

 

197

 

 

1

%

 

4

%

Alternatives subtotal

 

14,627

 

 

429,070

 

 

855

 

 

3

%

 

16

%

Digital assets

 

935

 

 

60,671

 

 

42

 

 

0

%

 

1

%

Currency and commodities(2)

 

(3,644

)

 

176,676

 

 

136

 

 

1

%

 

3

%

Long-term

 

135,901

 

 

12,821,277

 

 

5,098

 

 

92

%

 

94

%

Cash management

 

(6,177

)

 

1,073,323

 

 

340

 

 

8

%

 

6

%

Total

$

129,724

 

$

13,894,600

 

$

5,438

 

 

100

%

 

100

%

RESULTS BY CLIENT TYPE

 

 

 

 

 

 

 

 

 

 

Retail

$

15,233

 

$

1,262,374

 

$

1,263

 

 

9

%

 

23

%

ETFs

 

131,692

 

 

5,485,544

 

 

2,406

 

 

39

%

 

44

%

Institutional:

 

 

 

 

 

 

 

Active

 

23,713

 

 

2,509,266

 

 

1,174

 

 

18

%

 

22

%

Index

 

(34,737

)

 

3,564,093

 

 

255

 

 

26

%

 

5

%

Institutional subtotal

 

(11,024

)

 

6,073,359

 

 

1,429

 

 

44

%

 

27

%

Long-term

 

135,901

 

 

12,821,277

 

 

5,098

 

 

92

%

 

94

%

Cash management

 

(6,177

)

 

1,073,323

 

 

340

 

 

8

%

 

6

%

Total

$

129,724

 

$

13,894,600

 

$

5,438

 

 

100

%

 

100

%

RESULTS BY INVESTMENT STYLE

 

 

 

 

 

 

 

 

 

 

Active

$

29,620

 

$

3,410,923

 

$

2,350

 

 

25

%

 

43

%

ETFs

 

131,692

 

 

5,485,544

 

 

2,406

 

 

39

%

 

44

%

Non-ETF index

 

(25,411

)

 

3,924,810

 

 

342

 

 

28

%

 

7

%

Long-term

 

135,901

 

 

12,821,277

 

 

5,098

 

 

92

%

 

94

%

Cash management

 

(6,177

)

 

1,073,323

 

 

340

 

 

8

%

 

6

%

Total

$

129,724

 

$

13,894,600

 

$

5,438

 

 

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 March 31, 2026(1)

 

One-year period

Three-year period

Five-year period

Fixed income:

 

 

 

Actively managed AUM above benchmark or peer median

 

 

 

Taxable

81%

86%

82%

Tax-exempt

43%

52%

55%

Index AUM within or above applicable tolerance

98%

99%

100%

Equity:

 

 

 

Actively managed AUM above benchmark or peer median

 

 

 

Fundamental

39%

51%

42%

Systematic

73%

91%

94%

Index AUM within or above applicable tolerance

92%

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 15 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 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)

 

 

 

 

 

 

 

 

Three Months

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

Ended

 

 

 

 

 

 

March 31,

 

 

 

 

 

 

December 31,

 

 

 

 

 

 

2026

 

 

2025

 

 

Change

 

 

 

2025

 

 

Change

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory, administration fees and
   securities lending revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory and administration fees

$

5,259

 

 

$

4,244

 

 

$

1,015

 

 

 

$

5,104

 

 

$

155

 

 

Securities lending revenue

 

179

 

 

 

157

 

 

 

22

 

 

 

 

174

 

 

 

5

 

 

Total investment advisory, administration fees
   and securities lending revenue

 

5,438

 

 

 

4,401

 

 

 

1,037

 

 

 

 

5,278

 

 

 

160

 

 

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

 

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
   interests ("NCI") - consolidated sponsored
   investment products ("CIPs")

 

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.
   common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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
   (loss) attributable to NCI - CIPs (2)

$

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.
   common stockholders per share (3)

$

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

 

 

(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.

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

 

 

(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.

 

 

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
   commodities(5)

 

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

 

 

(1)
Realizations represent return of capital/return on investments.
(2)
Amounts include AUM attributable to the acquisitions of HPS in July 2025 (the "HPS Transaction") and ElmTree Funds in September 2025 (the "ElmTree Transaction").
(3)
Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.
(4)
Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.
(5)
Amounts include commodity ETFs and ETPs.

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

 

 

(1)
Realizations represent return of capital/return on investments.
(2)
Amounts include AUM attributable to the HPS and ElmTree Transactions.
(3)
Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.
(4)
Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.

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
  securities lending revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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
  ETFs(1)

 

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
  fees and securities lending revenue

 

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

)

 

(1)
Amounts include commodity ETFs and ETPs.

Highlights

•
Investment advisory, administration fees and securities lending revenue increased $1.0 billion from the first quarter of 2025, 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 $179 million increased from $157 million in the first quarter of 2025.

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 increased $212 million from the first quarter of 2025, primarily reflecting higher revenue from private markets, including the impact of the HPS Transaction.

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.

•
Technology services and subscription revenue increased $94 million from the first quarter of 2025, reflecting the sustained demand for Aladdin technology offerings and a full-quarter impact of revenue from the acquisition of Preqin Holding Limited ("Preqin") in March 2025 (the "Preqin Transaction"). Preqin contributed approximately $65 million of revenue to the first quarter of 2026. Technology services and subscription annual contract value (“ACV”)(1) increased 14% from the first quarter of 2025.

 

(1)
See note (4) to the condensed consolidated statements of income and supplemental information on page 13 for more information on ACV.

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 increased $484 million from the first quarter of 2025, primarily reflecting the impact of higher operating income and performance fees, and the impact of the HPS and Preqin Transactions.

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.

•
Sales, asset and account expense increased $248 million from the first quarter of 2025 and $31 million from the fourth quarter of 2025, driven by higher distribution and servicing costs and direct fund expense, primarily reflecting higher average AUM.
•
General and administration expense increased $59 million from the first quarter of 2025, primarily driven by occupancy and office related expense and technology expense.

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.

•
Change in fair value of contingent consideration(1) decreased $645 million as compared to the change in the first quarter of 2025 and decreased $1.0 billion as compared to the change in the fourth quarter of 2025, primarily in connection with the fair value of contingent consideration for the Global Infrastructure Management, LLC ("GIP") and HPS Transactions, which is impacted by the share price of BlackRock common stock.
•
Amortization of intangible assets(1) increased $160 million from the first quarter of 2025, 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 11 through 13 for the reconciliation to GAAP and notes (1) through (3) for more information on as adjusted items.

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
   NCI - CIPs

 

6

 

 

 

5

 

 

 

1

 

 

 

51

 

 

 

(45

)

Nonoperating income (expense), net of
   NCI - CIPs

 

22

 

 

 

60

 

 

 

(38

)

 

 

(105

)

 

 

127

 

Less: Hedge gain (loss) on deferred cash
  compensation plans(1)

 

-

 

 

 

(15

)

 

 

15

 

 

 

17

 

 

 

(17

)

Nonoperating income (expense), net of
  NCI - CIPs, as adjusted(2)

$

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
  compensation plans(1)

 

-

 

 

 

(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
  NCI - CIPs

 

66

 

 

 

53

 

 

 

13

 

 

 

(89

)

 

 

155

 

Net interest income (expense)

 

(44

)

 

 

7

 

 

 

(51

)

 

 

(16

)

 

 

(28

)

Nonoperating income (expense), net of
   NCI - CIPs

 

22

 

 

 

60

 

 

 

(38

)

 

 

(105

)

 

 

127

 

Less: Hedge gain (loss) on deferred cash
  compensation plans(1)

 

-

 

 

 

(15

)

 

 

15

 

 

 

17

 

 

 

(17

)

Nonoperating income (expense), net of
  NCI - CIPs, as adjusted(2)

$

22

 

 

$

75

 

 

$

(53

)

 

$

(122

)

 

$

144

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 11 through 13.
(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)
Amount for the three months ended December 31, 2025, included 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

 

 

 

 

 

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

•
First quarter 2026 and 2025 income tax expense includes $57 million and $46 million of discrete tax benefits, respectively, related to vested stock-based compensation awards. In addition, first quarter 2025 and fourth quarter 2025 income tax expense included $149 million and $102 million, respectively, of net discrete tax benefits realized from changes in the Company's organizational entity structure.

 

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)
  on deferred cash compensation plans (a)

 

 

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

%

 

 

 

 

 

 

 

 

 

 

 

(1)
Amounts included within general and administration expense.

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
  plans (a)

 

 

-

 

 

 

(15

)

 

 

17

 

Nonoperating income (expense), less net income (loss)
  attributable to NCI - CIPs, as adjusted (2)

 

$

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
  Subco Units

 

 

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

 

 

(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 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.

•
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 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, in the fourth quarter of 2025, due to its nonrecurring nature.
•
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.

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:

•
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. 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.

•
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.

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