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BlackRock Inc.

07/15/2026 | Press release | Distributed by Public on 07/15/2026 04:34

BlackRock Reports Second Quarter 2026 Diluted EPS of $12.19, or $13.91 as adjusted (Form 8-K)

BlackRock Reports Second Quarter 2026 Diluted EPS of $12.19, or $13.91 as adjusted
New York, July 15, 2026 - BlackRock, Inc. (NYSE: BLK) today reported financial results for the three and six months ended June 30, 2026.

$15.3 trillion in AUM following $868 billion of net inflows over the last twelve months, reflecting 10% organic base fee growth

Record first half net inflows of $321 billion including $192 billion in the second quarter, broad-based across the platform and driven by ETFs, private markets, active fixed income and systematic equity strategies

31% increase in revenue year-over-year reflects the positive impact of markets, organic base fee growth, fees related to the HPS Transaction, higher performance fees, and higher technology services and subscription revenue

13% growth in technology services and subscription revenue year-over-year, driven by continued momentum in Aladdin® and multi-product solutions

42% increase in operating income year-over-year (39% as adjusted)

20% increase in diluted EPS year-over-year (15% as adjusted) also reflects a lower nonoperating income and higher diluted share count in the current quarter

$450 million of share repurchases in the current quarter

Increasing planned quarterly share repurchases to $550 million

Laurence D. Fink, Chairman and CEO:

"Market fundamentals are strong and well supported, with higher margins and earnings momentum catalyzed by new technology. The scale and depth of our client relationships globally have never been greater. Clients are turning to BlackRock for insights and opportunities. That's powering record financial performance, $868 billion of net inflows, and 10% organic base fee growth over the last year. Flows in the first six months of 2026 more than doubled year-over-year, driving AUM to a record $15.3 trillion.

"BlackRock is simultaneously a leading public markets manager, a scaled private markets platform, and a global technology company. The quality and breadth of our platform is differentiating us with clients more than ever before. It's enabling us to earn more of their portfolios, and power durable earnings for our shareholders.

"In the second quarter clients entrusted us with $192 billion of net inflows, generating 8% organic base fee growth - well in excess of our target. iShares crossed $6 trillion in AUM, roughly doubling in three years. Demand is building across our active franchise with $53 billion of net inflows, where our systematic strategies drove equity net inflows and a record $7 billion into liquid alternatives. Technology services and subscription ACV growth of 15% reflects continued adoption of Aladdin as transparency, data, and analytics become more and more critical to our clients and industry.

"We're seeing this momentum in our financial results. Our second quarter adjusted operating margin was 45.9% - the highest in almost five years. Quarterly operating income grew approximately 40% year-over-year. And our conviction in the growth ahead for BlackRock led us to increase our planned level of 2026 share repurchases to $2 billion.

"Helping more people benefit from the long-term growth of the capital markets is the core of our strategy and our greatest source of opportunity. It's how we deliver higher, more durable organic growth. We see it in our results this quarter: 8% organic base fee growth, a nearly 46% adjusted operating margin, double-digit EPS growth, and increasing capital return. The more clients we help participate in the markets, the more our own growth builds - higher organic growth, higher earnings growth, and more value for our shareholders. Our momentum is accelerating, and I've never been more optimistic about the growth ahead."


FINANCIAL RESULTS							NET FLOW HIGHLIGHTS(1)
(in millions,	Q2			Q2						Q2			YTD
except per share data)	2026			2025			(in billions)			2026			2026
AUM	$	15,344,624		$	12,527,590		Long-term net flows:			$	199		$	335
% change		22	%
Average AUM	$	14,853,996		$	11,974,829		By region:
% change		24	%					Americas		$	152		$	275
Total net flows	$	191,700		$	67,737			EMEA			55			68
								APAC			(8	)		(8	)
GAAP basis:
Revenue	$	7,084		$	5,423		By client type:
% change		31	%
Operating income	$	2,461		$	1,731			Retail:		$	19		$	34
% change		42	%						US		13			28
Operating margin		34.7	%		31.9	%			International		6			6
Net income(1)	$	1,914		$	1,593
% change		20	%					ETFs:		$	178		$	310
Diluted EPS	$	12.19		$	10.19				Active		20			39
% change		20	%						Core equity		85			117
Weighted-average									Digital assets		(3	)		(2	)
diluted shares		164.6			156.3				Fixed income		61			102
% change		5	%						Precision & other		15			54

As Adjusted(2):								Institutional:		$	2		$	(9	)
Operating income	$	2,916		$	2,099				Active		44			68
% change		39	%						Index		(41	)		(76	)
Operating margin		45.9	%		43.3	%
Net income	$	2,291		$	1,883		Cash management net flows			$	(7	)	$	(14	)
% change		22	%
Diluted EPS	$	13.91		$	12.05		Total net flows			$	192		$	321
% change		15	%
_________________________							_________________________
(1) Net income represents net income attributable to BlackRock, Inc. (2) See pages 14 through 16 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.

BUSINESS RESULTS


											Q2 2026
						Q2 2026					Base fees(1)
						Base fees(1)		June 30, 2026			and securities
	Q2 2026			June 30, 2026		and securities		AUM			lending revenue
(in millions), (unaudited)	Net flows			AUM		lending revenue		% of Total			% of Total
RESULTS BY PRODUCT TYPE
Equity	$	71,597		$	8,888,234	$	2,891		58	%		50	%
Fixed income		92,096			3,390,161		1,081		22	%		19	%
Multi-asset		16,784			1,347,299		402		9	%		7	%
Alternatives:
Private markets		15,432			329,083		639		2	%		11	%
Liquid alternatives		6,595			120,312		212		1	%		4	%
Alternatives subtotal		22,027			449,395		851		3	%		15	%
Digital assets		(3,116	)		48,839		40		0	%		1	%
Currency and commodities(2)		(254	)		151,849		118		1	%		2	%
Long-term		199,134			14,275,777		5,383		93	%		94	%
Cash management		(7,434	)		1,068,847		343		7	%		6	%
Total	$	191,700		$	15,344,624	$	5,726		100	%		100	%
RESULTS BY CLIENT TYPE
Retail	$	18,862		$	1,396,257	$	1,323		9	%		23	%
ETFs		177,934			6,246,070		2,595		41	%		45	%
Institutional:
Active		43,792			2,687,174		1,176		17	%		21	%
Index		(41,454	)		3,946,276		289		26	%		5	%
Institutional subtotal		2,338			6,633,450		1,465		43	%		26	%
Long-term		199,134			14,275,777		5,383		93	%		94	%
Cash management		(7,434	)		1,068,847		343		7	%		6	%
Total	$	191,700		$	15,344,624	$	5,726		100	%		100	%
RESULTS BY INVESTMENT STYLE
Active	$	53,313		$	3,665,405	$	2,403		24	%		42	%
ETFs		177,934			6,246,070		2,595		41	%		45	%
Non-ETF index		(32,113	)		4,364,302		385		28	%		7	%
Long-term		199,134			14,275,777		5,383		93	%		94	%
Cash management		(7,434	)		1,068,847		343		7	%		6	%
Total	$	191,700		$	15,344,624	$	5,726		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 June 30, 2026(1)


	One-year period	Three-year period	Five-year period
Fixed income:
Actively managed AUM above benchmark or peer median
Taxable	85%	86%	83%
Tax-exempt	78%	66%	57%
Index AUM within or above applicable tolerance	99%	100%	100%
Equity:
Actively managed AUM above benchmark or peer median
Fundamental	62%	63%	63%
Systematic	86%	92%	93%
Index AUM within or above applicable tolerance	93%	95%	99%

(1)

Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 18 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 Wednesday, July 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 3230408). 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 Wednesday, July 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
	June 30,										March 31,
	2026			2025			Change				2026			Change
Revenue
Investment advisory, administration fees and securities lending revenue:
Investment advisory and administration fees	$	5,487		$	4,283		$	1,204			$	5,259		$	228
Securities lending revenue		239			171			68				179			60
Total investment advisory, administration fees and securities lending revenue		5,726			4,454			1,272				5,438			288
Investment advisory performance fees		305			94			211				272			33
Technology services and subscription revenue		566			499			67				530			36
Distribution fees		395			320			75				389			6
Advisory and other revenue		92			56			36				69			23
Total revenue		7,084			5,423			1,661				6,698			386

Expense
Employee compensation and benefits		2,274			1,764			510				2,225			49
Sales, asset and account expense:
Distribution and servicing costs		732			576			156				705			27
Direct fund expense		543			441			102				481			62
Sub-advisory and other		67			46			21				71			(4	)
Total sales, asset and account expense		1,342			1,063			279				1,257			85
General and administration expense		720			613			107				674			46
Change in fair value of contingent consideration		11			76			(65	)			(549	)		560
Restructuring charge		-			39			(39	)			-			-
Amortization of intangible assets		276			137			139				277			(1	)
Total expense		4,623			3,692			931				3,884			739

Operating income		2,461			1,731			730				2,814			(353	)

Nonoperating income (expense)
Net gain (loss) on investments		283			550			(267	)			72			211
Net interest income (expense)		(25	)		(29	)		4				(44	)		19
Total nonoperating income (expense)		258			521			(263	)			28			230

Income before income taxes		2,719			2,252			467				2,842			(123	)
Income tax expense		677			587			90				516			161
Net income		2,042			1,665			377				2,326			(284	)
Less:
Net income (loss) attributable to noncontrolling interests ("NCI") - consolidated sponsored investment products ("CIPs")		35			72			(37	)			6			29
Net income (loss) attributable to NCI - Subco		93			-			93				108			(15	)
Net income attributable to BlackRock, Inc.	$	1,914		$	1,593		$	321			$	2,212		$	(298	)

Weighted-average common shares outstanding
Basic		155.2			154.9			0.3				155.3			(0.2	)
Diluted (including Subco Units)		164.6			156.3			8.4				165.0			(0.4	)
Earnings per share attributable to BlackRock, Inc. common stockholders
Basic	$	12.34		$	10.29		$	2.05			$	14.24		$	(1.90	)
Diluted	$	12.19		$	10.19		$	2.00			$	14.06		$	(1.87	)
Cash dividends declared and paid per share	$	5.73		$	5.21		$	0.52			$	5.73		$	-

Supplemental information:

AUM (end of period)	$	15,344,624		$	12,527,590		$	2,817,034			$	13,894,600		$	1,450,024
Shares outstanding including Subco Units		162.6			154.8			7.9				163.0			(0.4	)
GAAP:
Operating margin		34.7	%		31.9	%		280		bps		42.0	%		(730	)	bps
Effective tax rate		25.2	%		26.9	%		(170	)	bps		18.2	%		700		bps
As adjusted:
Operating income (1)	$	2,916		$	2,099		$	817			$	2,669		$	247
Operating margin (1)		45.9	%		43.3	%		260		bps		44.5	%		140		bps
Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs (2)	$	145		$	404		$	(259	)		$	22		$	123
Net income attributable to BlackRock, Inc. (3)	$	2,291		$	1,883		$	408			$	2,068		$	223
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3)	$	13.91		$	12.05		$	1.86			$	12.53		$	1.38
Effective tax rate		25.2	%		24.8	%		40		bps		23.2	%		200		bps

See pages 14 through 16 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 June 30, 2026, there were 155.0 million shares of common stock and 7.6 million Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC ("Subco") outstanding.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

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



	Six Months Ended
	June 30,
	2026			2025			Change
Revenue
Investment advisory, administration fees and securities lending revenue:
Investment advisory and administration fees	$	10,746		$	8,527		$	2,219
Securities lending revenue		418			328			90
Total investment advisory, administration fees and securities lending revenue		11,164			8,855			2,309
Investment advisory performance fees		577			154			423
Technology services and subscription revenue		1,096			935			161
Distribution fees		784			641			143
Advisory and other revenue		161			114			47
Total revenue		13,782			10,699			3,083

Expense
Employee compensation and benefits		4,499			3,505			994
Sales, asset and account expense:
Distribution and servicing costs		1,437			1,146			291
Direct fund expense		1,024			833			191
Sub-advisory and other		138			93			45
Total sales, asset and account expense		2,599			2,072			527
General and administration expense		1,394			1,228			166
Change in fair value of contingent consideration		(538	)		172			(710	)
Restructuring charge		-			39			(39	)
Amortization of intangible assets		553			254			299
Total expense		8,507			7,270			1,237

Operating income		5,275			3,429			1,846

Nonoperating income (expense)
Net gain (loss) on investments		355			608			(253	)
Net interest income (expense)		(69	)		(22	)		(47	)
Total nonoperating income (expense)		286			586			(300	)

Income before income taxes		5,561			4,015			1,546
Income tax expense		1,193			835			358
Net income		4,368			3,180			1,188
Less:
Net income (loss) attributable to NCI - CIPs		41			77			(36	)
Net income (loss) attributable to NCI - Subco		201			-			201
Net income attributable to BlackRock, Inc.	$	4,126		$	3,103		$	1,023

Weighted-average common shares outstanding
Basic		155.2			155.0			0.3
Diluted (including Subco Units)		164.8			156.4			8.4
Earnings per share attributable to BlackRock, Inc. common stockholders
Basic	$	26.58		$	20.03		$	6.55
Diluted	$	26.25		$	19.83		$	6.42
Cash dividends declared and paid per share	$	11.46		$	10.42		$	1.04

Supplemental information:

AUM (end of period)	$	15,344,624		$	12,527,590		$	2,817,034
Shares outstanding including Subco Units		162.6			154.8			7.9
GAAP:
Operating margin		38.3	%		32.0	%		630		bps
Effective tax rate		21.6	%		21.2	%		40		bps
As adjusted:
Operating income (1)	$	5,585		$	4,131		$	1,454
Operating margin (1)		45.2	%		43.2	%		200		bps
Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs (2)	$	167		$	479		$	(312	)
Net income attributable to BlackRock, Inc. (3)	$	4,359		$	3,653		$	706
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3)	$	26.45		$	23.35		$	3.10
Effective tax rate		24.2	%		20.8	%		340		bps

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Current Quarter Component Changes by Product Type
			Net
	March 31,		inflows						Market			FX			June 30,		Average
	2026		(outflows)			Realizations(1)			change			impact(2)			2026		AUM(3)
Equity	$	7,661,385	$	71,597		$	-		$	1,167,280		$	(12,028	)	$	8,888,234	$	8,467,690
Fixed income		3,270,863		92,096			(915	)		32,155			(4,038	)		3,390,161		3,339,692
Multi-asset		1,222,612		16,784			-			109,665			(1,762	)		1,347,299		1,299,289
Alternatives:
Private markets		320,431		15,432			(6,209	)		(469	)		(102	)		329,083		324,696
Liquid alternatives		108,639		6,595			(70	)		5,062			86			120,312		114,686
Alternatives subtotal		429,070		22,027			(6,279	)		4,593			(16	)		449,395		439,382
Digital assets		60,671		(3,116	)		-			(8,710	)		(6	)		48,839		61,479
Currency and commodities(4)		176,676		(254	)		-			(24,483	)		(90	)		151,849		171,774
Long-term		12,821,277		199,134			(7,194	)		1,280,500			(17,940	)		14,275,777		13,779,306
Cash management		1,073,323		(7,434	)		-			3,138			(180	)		1,068,847		1,074,690
Total	$	13,894,600	$	191,700		$	(7,194	)	$	1,283,638		$	(18,120	)	$	15,344,624	$	14,853,996

Current Quarter Component Changes by Client Type and Product Type (Long-Term)
			Net
	March 31,		inflows						Market			FX			June 30,		Average
	2026		(outflows)			Realizations(1)			change			impact(2)			2026		AUM(3)
Retail:
Equity	$	615,043	$	7,992		$	-		$	90,962		$	(249	)	$	713,748	$	679,470
Fixed income		382,823		9,325			-			5,131			790			398,069		392,520
Multi-asset		195,980		(2,336	)		-			18,052			44			211,740		206,508
Private markets		31,190		86			(238	)		(220	)		(30	)		30,788		31,233
Liquid alternatives		37,338		3,795			(7	)		777			9			41,912		39,832
Retail subtotal		1,262,374		18,862			(245	)		114,702			564			1,396,257		1,349,563
ETFs:
Equity		4,001,533		110,035			-			615,561			(4,572	)		4,722,557		4,455,626
Fixed income		1,239,025		66,388			-			4,531			(1,317	)		1,308,627		1,274,752
Multi-asset		15,086		5,552			-			1,246			(117	)		21,767		18,275
Digital assets		60,671		(3,116	)		-			(8,710	)		(6	)		48,839		61,479
Commodities		169,229		(925	)		-			(23,968	)		(56	)		144,280		164,009
ETFs subtotal		5,485,544		177,934			-			588,660			(6,068	)		6,246,070		5,974,141
Institutional:
Active:
Equity		248,689		2,083			-			38,250			(293	)		288,729		275,621
Fixed income		892,131		10,293			(915	)		11,182			(613	)		912,078		902,982
Multi-asset		1,007,904		13,270			-			90,169			(1,671	)		1,109,672		1,070,376
Private markets		289,241		15,346			(5,971	)		(249	)		(72	)		298,295		293,463
Liquid alternatives		71,301		2,800			(63	)		4,285			77			78,400		74,854
Active subtotal		2,509,266		43,792			(6,949	)		143,637			(2,572	)		2,687,174		2,617,296
Index		3,564,093		(41,454	)		-			433,501			(9,864	)		3,946,276		3,838,306
Institutional subtotal		6,073,359		2,338			(6,949	)		577,138			(12,436	)		6,633,450		6,455,602
Long-term	$	12,821,277	$	199,134		$	(7,194	)	$	1,280,500		$	(17,940	)	$	14,275,777	$	13,779,306

(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
	March 31,		inflows						Market			FX			June 30,		Average
	2026		(outflows)			Realizations(1)			change			impact(2)			2026		AUM(3)
Active:
Equity	$	535,995	$	2,106		$	-		$	81,700		$	(562	)	$	619,239	$	591,272
Fixed income		1,241,991		18,246			(915	)		15,895			161			1,275,378		1,261,566
Multi-asset		1,203,867		10,934			-			108,219			(1,627	)		1,321,393		1,276,865
Private markets		320,431		15,432			(6,209	)		(469	)		(102	)		329,083		324,696
Liquid alternatives		108,639		6,595			(70	)		5,062			86			120,312		114,686
Active subtotal		3,410,923		53,313			(7,194	)		210,407			(2,044	)		3,665,405		3,569,085
ETFs:
Equity		4,001,533		110,035			-			615,561			(4,572	)		4,722,557		4,455,626
Fixed income		1,239,025		66,388			-			4,531			(1,317	)		1,308,627		1,274,752
Multi-asset		15,086		5,552			-			1,246			(117	)		21,767		18,275
Digital assets		60,671		(3,116	)		-			(8,710	)		(6	)		48,839		61,479
Commodities		169,229		(925	)		-			(23,968	)		(56	)		144,280		164,009
ETFs subtotal		5,485,544		177,934			-			588,660			(6,068	)		6,246,070		5,974,141
Non-ETF index		3,924,810		(32,113	)		-			481,433			(9,828	)		4,364,302		4,236,080
Long-term	$	12,821,277	$	199,134		$	(7,194	)	$	1,280,500		$	(17,940	)	$	14,275,777	$	13,779,306

Current Quarter Component Changes by Private Markets Product Type (Long-Term)
			Net
	March 31,		inflows						Market			FX			June 30,		Average
	2026		(outflows)			Realizations(1)			change			impact(2)			2026		AUM(3)
Private markets:
Infrastructure	$	111,867	$	5,233		$	(3,006	)	$	(648	)	$	42		$	113,488	$	112,172
Private equity		30,231		2,677			(769	)		147			(25	)		32,261		31,663
Private credit		147,045		6,004			(1,833	)		(184	)		(95	)		150,937		148,997
Real estate		21,654		237			(133	)		221			(26	)		21,953		21,943
Multi-alternatives		9,634		1,281			(468	)		(5	)		2			10,444		9,921
Total private markets	$	320,431	$	15,432		$	(6,209	)	$	(469	)	$	(102	)	$	329,083	$	324,696

(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-to-Date Component Changes by Product Type
			Net
	December 31,		inflows						Market			FX			June 30,		Average
	2025		(outflows)			Realizations(1)			change			impact(2)			2026		AUM(3)
Equity	$	7,793,875	$	143,440		$	-		$	987,657		$	(36,738	)	$	8,888,234	$	8,275,937
Fixed income		3,272,021		126,410			(1,871	)		12,505			(18,904	)		3,390,161		3,328,895
Multi-asset		1,223,625		34,610			-			96,952			(7,888	)		1,347,299		1,280,725
Alternatives:
Private markets		322,624		24,509			(14,681	)		(2,458	)		(911	)		329,083		323,993
Liquid alternatives		100,990		12,147			(765	)		7,767			173			120,312		110,531
Alternatives subtotal		423,614		36,656			(15,446	)		5,309			(738	)		449,395		434,524
Digital assets		78,435		(2,182	)		-			(27,403	)		(11	)		48,839		65,172
Currency and commodities(4)		169,216		(3,898	)		-			(13,178	)		(291	)		151,849		181,688
Long-term		12,960,786		335,036			(17,317	)		1,061,842			(64,570	)		14,275,777		13,566,941
Cash management		1,080,732		(13,611	)		-			5,344			(3,618	)		1,068,847		1,073,788
Total	$	14,041,518	$	321,425		$	(17,317	)	$	1,067,186		$	(68,188	)	$	15,344,624	$	14,640,729

Year-to-Date Component Changes by Client Type and Product Type (Long-Term)
			Net
	December 31,		inflows						Market			FX			June 30,		Average
	2025		(outflows)			Realizations(1)			change			impact(2)			2026		AUM(3)
Retail:
Equity	$	629,081	$	15,426		$	-		$	72,254		$	(3,013	)	$	713,748	$	665,257
Fixed income		384,887		12,141			-			1,316			(275	)		398,069		390,475
Multi-asset		199,655		(1,337	)		-			13,604			(182	)		211,740		205,415
Private markets		30,681		1,347			(533	)		(559	)		(148	)		30,788		31,217
Liquid alternatives		34,428		6,517			(192	)		1,191			(32	)		41,912		38,107
Retail subtotal		1,278,732		34,094			(725	)		87,806			(3,650	)		1,396,257		1,330,471
ETFs:
Equity		4,006,014		198,148			-			529,796			(11,401	)		4,722,557		4,324,286
Fixed income		1,205,953		111,827			-			(4,832	)		(4,321	)		1,308,627		1,256,084
Multi-asset		14,402		6,435			-			1,157			(227	)		21,767		16,861
Digital assets		78,435		(2,182	)		-			(27,403	)		(11	)		48,839		65,172
Commodities		162,906		(4,602	)		-			(13,811	)		(213	)		144,280		174,350
ETFs subtotal		5,467,710		309,626			-			484,907			(16,173	)		6,246,070		5,836,753
Institutional:
Active:
Equity		247,993		6,468			-			36,012			(1,744	)		288,729		268,130
Fixed income		905,566		3,101			(1,871	)		8,812			(3,530	)		912,078		905,950
Multi-asset		1,006,106		29,147			-			81,874			(7,455	)		1,109,672		1,054,559
Private markets		291,943		23,162			(14,148	)		(1,899	)		(763	)		298,295		292,776
Liquid alternatives		66,562		5,630			(573	)		6,576			205			78,400		72,424
Active subtotal		2,518,170		67,508			(16,592	)		131,375			(13,287	)		2,687,174		2,593,839
Index		3,696,174		(76,192	)		-			357,754			(31,460	)		3,946,276		3,805,878
Institutional subtotal		6,214,344		(8,684	)		(16,592	)		489,129			(44,747	)		6,633,450		6,399,717
Long-term	$	12,960,786	$	335,036		$	(17,317	)	$	1,061,842		$	(64,570	)	$	14,275,777	$	13,566,941

(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 seven months.

(4)

Amounts include commodity ETFs and ETPs.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Year-to-Date Component Changes by Investment Style and Product Type (Long-Term)
			Net
	December 31,		inflows						Market			FX			June 30,		Average
	2025		(outflows)			Realizations(1)			change			impact(2)			2026		AUM(3)
Active:
Equity	$	546,028	$	5,255		$	-		$	71,209		$	(3,253	)	$	619,239	$	580,183
Fixed income		1,257,358		13,213			(1,871	)		10,027			(3,349	)		1,275,378		1,262,392
Multi-asset		1,205,743		27,810			-			95,477			(7,637	)		1,321,393		1,259,956
Private markets		322,624		24,509			(14,681	)		(2,458	)		(911	)		329,083		323,993
Liquid alternatives		100,990		12,147			(765	)		7,767			173			120,312		110,531
Active subtotal		3,432,743		82,934			(17,317	)		182,022			(14,977	)		3,665,405		3,537,055
ETFs:
Equity		4,006,014		198,148			-			529,796			(11,401	)		4,722,557		4,324,286
Fixed income		1,205,953		111,827			-			(4,832	)		(4,321	)		1,308,627		1,256,084
Multi-asset		14,402		6,435			-			1,157			(227	)		21,767		16,861
Digital assets		78,435		(2,182	)		-			(27,403	)		(11	)		48,839		65,172
Commodities		162,906		(4,602	)		-			(13,811	)		(213	)		144,280		174,350
ETFs subtotal		5,467,710		309,626			-			484,907			(16,173	)		6,246,070		5,836,753
Non-ETF index		4,060,333		(57,524	)		-			394,913			(33,420	)		4,364,302		4,193,133
Long-term	$	12,960,786	$	335,036		$	(17,317	)	$	1,061,842		$	(64,570	)	$	14,275,777	$	13,566,941

Year-to-Date Component Changes by Private Markets Product Type (Long-Term)
			Net
	December 31,		inflows						Market			FX			June 30,		Average
	2025		(outflows)			Realizations(1)			change			impact(2)			2026		AUM(3)
Private markets:
Infrastructure	$	112,116	$	6,467		$	(3,325	)	$	(1,551	)	$	(219	)	$	113,488	$	112,190
Private equity		30,623		3,076			(1,348	)		(16	)		(74	)		32,261		31,165
Private credit		145,385		12,624			(5,741	)		(893	)		(438	)		150,937		147,993
Real estate		25,062		692			(3,627	)		(41	)		(133	)		21,953		22,915
Multi-alternatives		9,438		1,650			(640	)		43			(47	)		10,444		9,730
Total private markets	$	322,624	$	24,509		$	(14,681	)	$	(2,458	)	$	(911	)	$	329,083	$	323,993

(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 seven months.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Year-over-Year Component Changes by Product Type
			Net
	June 30,		inflows								Market			FX			June 30,		Average
	2025		(outflows)			Realizations(1)			Acquisitions(2)		change			impact(3)			2026		AUM(4)
Equity	$	6,905,438	$	315,471		$	-		$	-	$	1,725,405		$	(58,080	)	$	8,888,234	$	7,826,258
Fixed income		3,087,297		257,735			(3,362	)		13,567		70,604			(35,680	)		3,390,161		3,246,979
Multi-asset		1,076,709		105,077			-			-		176,329			(10,816	)		1,347,299		1,215,620
Alternatives:
Private markets		215,244		50,379			(31,383	)		101,017		(5,139	)		(1,035	)		329,083		313,356
Liquid alternatives		86,670		18,187			(931	)		6,377		9,791			218			120,312		103,399
Alternatives subtotal		301,914		68,566			(32,314	)		107,394		4,652			(817	)		449,395		416,755
Digital assets		79,551		15,088			-			-		(45,790	)		(10	)		48,839		78,692
Currency and commodities(5)		106,980		11,443			-			-		33,884			(458	)		151,849		156,496
Long-term		11,557,889		773,380			(35,676	)		120,961		1,965,084			(105,861	)		14,275,777		12,940,800
Cash management		969,701		94,398			-			-		9,856			(5,108	)		1,068,847		1,039,777
Total	$	12,527,590	$	867,778		$	(35,676	)	$	120,961	$	1,974,940		$	(110,969	)	$	15,344,624	$	13,980,577

Year-over-Year Component Changes by Client Type and Product Type (Long-Term)
			Net
	June 30,		inflows								Market			FX			June 30,		Average
	2025		(outflows)			Realizations(1)			Acquisitions(2)		change			impact(3)			2026		AUM(4)
Retail:
Equity	$	557,833	$	32,750		$	-		$	-	$	127,779		$	(4,614	)	$	713,748	$	627,810
Fixed income		333,624		55,304			-			-		8,213			928			398,069		367,653
Multi-asset		162,852		22,315			-			-		26,751			(178	)		211,740		188,039
Private markets		16,823		4,158			(1,267	)		11,674		(424	)		(176	)		30,788		29,566
Liquid alternatives		29,865		11,051			(223	)		-		1,289			(70	)		41,912		35,305
Retail subtotal		1,100,997		125,578			(1,490	)		11,674		163,608			(4,110	)		1,396,257		1,248,373
ETFs:
Equity		3,455,117		400,347			-			-		880,389			(13,296	)		4,722,557		4,033,738
Fixed income		1,101,224		209,764			-			-		2,419			(4,780	)		1,308,627		1,205,001
Multi-asset		11,926		8,105			-			-		1,969			(233	)		21,767		15,014
Digital assets		79,551		15,088			-			-		(45,790	)		(10	)		48,839		78,692
Commodities		100,950		10,763			-			-		32,791			(224	)		144,280		149,716
ETFs subtotal		4,748,768		644,067			-			-		871,778			(18,543	)		6,246,070		5,482,161
Institutional:
Active:
Equity		242,098		(15,783	)		-			-		65,940			(3,526	)		288,729		255,587
Fixed income		881,932		(5,974	)		(3,362	)		13,567		32,204			(6,289	)		912,078		900,391
Multi-asset		898,621		74,298			-			-		147,106			(10,353	)		1,109,672		1,008,898
Private markets		198,421		46,221			(30,116	)		89,343		(4,715	)		(859	)		298,295		283,790
Liquid alternatives		56,805		7,136			(708	)		6,377		8,502			288			78,400		68,094
Active subtotal		2,277,877		105,898			(34,186	)		109,287		249,037			(20,739	)		2,687,174		2,516,760
Index		3,430,247		(102,163	)		-			-		680,661			(62,469	)		3,946,276		3,693,506
Institutional subtotal		5,708,124		3,735			(34,186	)		109,287		929,698			(83,208	)		6,633,450		6,210,266
Long-term	$	11,557,889	$	773,380		$	(35,676	)	$	120,961	$	1,965,084		$	(105,861	)	$	14,275,777	$	12,940,800

(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.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Year-over-Year Component Changes by Investment Style and Product Type (Long-Term)
			Net
	June 30,		inflows								Market			FX			June 30,		Average
	2025		(outflows)			Realizations(1)			Acquisitions(2)		change			impact(3)			2026		AUM(4)
Active:
Equity	$	504,554	$	(4,079	)	$	-		$	-	$	124,323		$	(5,559	)	$	619,239	$	548,591
Fixed income		1,183,948		46,205			(3,362	)		13,567		39,647			(4,627	)		1,275,378		1,234,874
Multi-asset		1,061,457		96,613			-			-		173,855			(10,532	)		1,321,393		1,196,919
Private markets		215,244		50,379			(31,383	)		101,017		(5,139	)		(1,035	)		329,083		313,356
Liquid alternatives		86,670		18,187			(931	)		6,377		9,791			218			120,312		103,399
Active subtotal		3,051,873		207,305			(35,676	)		120,961		342,477			(21,535	)		3,665,405		3,397,139
ETFs:
Equity		3,455,117		400,347			-			-		880,389			(13,296	)		4,722,557		4,033,738
Fixed income		1,101,224		209,764			-			-		2,419			(4,780	)		1,308,627		1,205,001
Multi-asset		11,926		8,105			-			-		1,969			(233	)		21,767		15,014
Digital assets		79,551		15,088			-			-		(45,790	)		(10	)		48,839		78,692
Commodities		100,950		10,763			-			-		32,791			(224	)		144,280		149,716
ETFs subtotal		4,748,768		644,067			-			-		871,778			(18,543	)		6,246,070		5,482,161
Non-ETF index		3,757,248		(77,992	)		-			-		750,829			(65,783	)		4,364,302		4,061,500
Long-term	$	11,557,889	$	773,380		$	(35,676	)	$	120,961	$	1,965,084		$	(105,861	)	$	14,275,777	$	12,940,800

Year-over-Year Component Changes by Private Markets Product Type (Long-Term)
			Net
	June 30,		inflows								Market			FX			June 30,		Average
	2025		(outflows)			Realizations(1)			Acquisitions(2)		change			impact(3)			2026		AUM(4)
Private markets:
Infrastructure	$	112,323	$	14,337		$	(8,660	)	$	-	$	(4,276	)	$	(236	)	$	113,488	$	111,458
Private equity		33,743		4,082			(5,738	)		-		246			(72	)		32,261		32,208
Private credit		35,985		27,745			(11,899	)		101,017		(1,455	)		(456	)		150,937		136,321
Real estate		25,276		844			(4,158	)		-		188			(197	)		21,953		23,963
Multi-alternatives		7,917		3,371			(928	)		-		158			(74	)		10,444		9,406
Total private markets	$	215,244	$	50,379		$	(31,383	)	$	101,017	$	(5,139	)	$	(1,035	)	$	329,083	$	313,356

(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.

SUMMARY OF REVENUE


	Three Months							Three Months					Six Months
	Ended							Ended					Ended
	June 30,							March 31,					June 30,
(in millions), (unaudited)	2026		2025		Change			2026		Change			2026		2025		Change
Revenue
Investment advisory, administration fees and securities lending revenue:
Equity:
Active	$	626	$	507	$	119		$	593	$	33		$	1,219	$	1,025	$	194
ETFs		1,989		1,401		588			1,793		196			3,782		2,750		1,032
Equity subtotal		2,615		1,908		707			2,386		229			5,001		3,775		1,226
Fixed income:
Active		539		487		52			531		8			1,070		979		91
ETFs		443		366		77			434		9			877		718		159
Fixed income subtotal		982		853		129			965		17			1,947		1,697		250
Active multi-asset		387		312		75			371		16			758		625		133
Alternatives:
Private markets		639		499		140			658		(19	)		1,297		1,034		263
Liquid alternatives		212		157		55			197		15			409		307		102
Alternatives subtotal		851		656		195			855		(4	)		1,706		1,341		365
Non-ETF index		385		313		72			342		43			727		620		107
Digital assets, commodities and multi-asset ETFs(1)		163		108		55			179		(16	)		342		200		142
Long-term		5,383		4,150		1,233			5,098		285			10,481		8,258		2,223
Cash management		343		304		39			340		3			683		597		86
Total investment advisory, administration fees and securities lending revenue		5,726		4,454		1,272			5,438		288			11,164		8,855		2,309
Investment advisory performance fees:
Equity		60		12		48			22		38			82		22		60
Fixed income		3		2		1			2		1			5		14		(9	)
Multi-asset		5		6		(1	)		9		(4	)		14		10		4
Alternatives:
Private markets		137		39		98			232		(95	)		369		63		306
Liquid alternatives		100		35		65			7		93			107		45		62
Alternatives subtotal		237		74		163			239		(2	)		476		108		368
Total investment advisory performance fees		305		94		211			272		33			577		154		423
Technology services and subscription revenue		566		499		67			530		36			1,096		935		161
Distribution fees		395		320		75			389		6			784		641		143
Advisory and other revenue:
Advisory		8		13		(5	)		12		(4	)		20		27		(7	)
Other		84		43		41			57		27			141		87		54
Total advisory and other revenue		92		56		36			69		23			161		114		47
Total revenue	$	7,084	$	5,423	$	1,661		$	6,698	$	386		$	13,782	$	10,699	$	3,083

(1)

Amounts include commodity ETFs and ETPs.

Highlights

•

Investment advisory, administration fees and securities lending revenue increased $1.3 billion from the second quarter of 2025, primarily driven by the positive impact of market beta on average AUM, organic base fee growth and approximately $230 million of fees related to the HPS Transaction. Securities lending revenue of $239 million increased from $171 million in the second quarter of 2025, primarily reflecting higher spreads.

Investment advisory, administration fees and securities lending revenue increased $288 million from the first quarter of 2026, primarily driven by the impact of market beta on average AUM, organic base fee growth and the effect of one additional day in the quarter. Securities lending revenue of $239 million increased from $179 million in the first quarter of 2026, primarily reflecting higher spreads.

•

Performance fees increased $211 million from the second quarter of 2025, primarily reflecting higher revenue from alternative products, including the impact of the HPS Transaction, and higher revenue from long-only products.

Performance fees increased $33 million from the first quarter of 2026, primarily reflecting higher revenue from liquid alternative and long-only products, partially offset by lower revenue from private markets products.

•

Technology services and subscription revenue increased $67 million from the second quarter of 2025 and $36 million from the first quarter of 2026, reflecting the sustained demand for Aladdin and multi-product solutions. Technology services and subscription annual contract value ("ACV")(1) increased 15% from the second quarter of 2025.

•

Distribution fees increased $75 million from the second quarter of 2025 primarily reflecting higher average AUM.

(1)

See note (4) to the condensed consolidated statements of income and supplemental information on page 16 for more information on ACV.

SUMMARY OF OPERATING EXPENSE


	Three Months							Three Months						Six Months
	Ended							Ended						Ended
	June 30,							March 31,						June 30,
(in millions), (unaudited)	2026		2025		Change			2026			Change			2026			2025			Change
Operating expense
Employee compensation and benefits	$	2,274	$	1,764	$	510		$	2,225		$	49		$	4,499		$	3,505		$	994
Sales, asset and account expense:
Distribution and servicing costs		732		576		156			705			27			1,437			1,146			291
Direct fund expense		543		441		102			481			62			1,024			833			191
Sub-advisory and other		67		46		21			71			(4	)		138			93			45
Total sales, asset and account expense		1,342		1,063		279			1,257			85			2,599			2,072			527
General and administration expense:
Marketing and promotional		94		93		1			101			(7	)		195			190			5
Occupancy and office related		153		120		33			147			6			300			234			66
Portfolio services		68		62		6			70			(2	)		138			126			12
Technology		227		198		29			206			21			433			387			46
Professional services		80		51		29			75			5			155			124			31
Communications		11		11		-			10			1			21			21			-
Foreign exchange remeasurement		-		4		(4	)		(4	)		4			(4	)		(4	)		-
Other general and administration		87		74		13			69			18			156			150			6
Total general and administration expense		720		613		107			674			46			1,394			1,228			166
Change in fair value of contingent consideration		11		76		(65	)		(549	)		560			(538	)		172			(710	)
Restructuring charge		-		39		(39	)		-			-			-			39			(39	)
Amortization of intangible assets		276		137		139			277			(1	)		553			254			299
Total operating expense	$	4,623	$	3,692	$	931		$	3,884		$	739		$	8,507		$	7,270		$	1,237

Highlights

•

Employee compensation and benefits expense increased $510 million from the second quarter of 2025, primarily reflecting the impact of higher operating income and performance fees, and the impact of the HPS Transaction.

•

Sales, asset and account expense increased $279 million from the second quarter of 2025 and $85 million from the first quarter of 2026, driven by higher direct fund expense and distribution and servicing costs, primarily reflecting higher average AUM.

•

General and administration expense increased $107 million from the second quarter of 2025, primarily driven by occupancy and office related expense, technology expense and professional services expense.

General and administration expense increased $46 million from the first quarter of 2026, primarily associated with higher technology expense.

•

Change in fair value of contingent consideration(1) decreased $65 million as compared to the change in the second quarter of 2025, and increased $560 million as compared to the change in the first quarter of 2026, 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 at the end of the period.

•

Amortization of intangible assets(1) increased $139 million from the second quarter of 2025, primarily reflecting amortization of intangible assets acquired in the HPS Transaction.

(1)

These expenses have been excluded from the Company's "as adjusted" financial results under the expense adjustments for acquisition-related costs, as applicable. See pages 14 through 16 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						Six Months
	Ended									Ended						Ended
	June 30,									March 31,						June 30,
(in millions), (unaudited)	2026			2025			Change			2026			Change			2026			2025			Change
Nonoperating income (expense), GAAP basis	$	258		$	521		$	(263	)	$	28		$	230		$	286		$	586		$	(300	)
Less: Net income (loss) attributable to NCI - CIPs		35			72			(37	)		6			29			41			77			(36	)
Nonoperating income (expense), net of NCI - CIPs		223			449			(226	)		22			201			245			509			(264	)
Less: Hedge gain (loss) on deferred cash compensation plans(1)		78			45			33			-			78			78			30			48
Nonoperating income (expense), net of NCI - CIPs, as adjusted(2)	$	145		$	404		$	(259	)	$	22		$	123		$	167		$	479		$	(312	)

	Three Months									Three Months						Six Months
	Ended									Ended						Ended
	June 30,									March 31,						June 30,
(in millions), (unaudited)	2026			2025			Change			2026			Change			2026			2025			Change
Net gain (loss) on investments, net of NCI - CIPs
Private equity	$	34		$	25		$	9		$	9		$	25		$	43		$	73		$	(30	)
Real assets		18			1			17			5			13			23			(1	)		24
Other alternatives(3)		8			3			5			15			(7	)		23			12			11
Other investments(4)		55			11			44			(13	)		68			42			1			41
Hedge gain (loss) on deferred cash compensation plans(1)		78			45			33			-			78			78			30			48
Subtotal		193			85			108			16			177			209			115			94
Other income/gain (expense/loss)(5)		55			393			(338	)		50			5			105			416			(311	)
Total net gain (loss) on investments, net of NCI - CIPs		248			478			(230	)		66			182			314			531			(217	)
Net interest income (expense)		(25	)		(29	)		4			(44	)		19			(69	)		(22	)		(47	)
Nonoperating income (expense), net of NCI - CIPs		223			449			(226	)		22			201			245			509			(264	)
Less: Hedge gain (loss) on deferred cash compensation plans(1)		78			45			33			-			78			78			30			48
Nonoperating income (expense), net of NCI - CIPs, as adjusted(2)	$	145		$	404		$	(259	)	$	22		$	123		$	167		$	479		$	(312	)

(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 14 through 16.

(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 June 30, 2026 and 2025, include nonoperating noncash pre-tax losses of approximately $37 million and gains of approximately $330 million, respectively, in connection with the Company's minority investments in Circle Internet Group, Inc. 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						Six Months
	Ended								Ended						Ended
	June 30,								March 31,						June 30,
(in millions), (unaudited)	2026			2025			Change		2026				Change		2026			2025			Change
Income tax expense	$	677		$	587		$	90		$	516		$	161	$	1,193		$	835		$	358
Effective tax rate		25.2	%		26.9	%	(170) bps				18.2	%	700 bps			21.6	%		21.2	%	40 bps

Highlights

•

Second quarter 2026 and 2025 effective income tax rate was 25.2% and 26.9%, respectively. First quarter 2026 effective income tax rate of 18.2% included the impact of $57 million of discrete tax benefits related to stock-based compensation awards that vested in the first quarter.


RECONCILIATION OF GAAP OPERATING INCOME AND OPERATING MARGIN TO OPERATING INCOME AND OPERATING MARGIN, AS ADJUSTED
	Three Months Ended									Six Months Ended
	June 30,						March 31,			June 30,
(in millions), (unaudited)	2026			2025			2026			2026			2025
Operating income, GAAP basis	$	2,461		$	1,731		$	2,814		$	5,275		$	3,429
Non-GAAP expense adjustments:
Compensation expense related to appreciation (depreciation) on deferred cash compensation plans (a)		60			30			5			65			27
Amortization of intangible assets (b)		276			137			277			553			254
Acquisition-related compensation costs (b)		95			76			107			202			161
Acquisition-related transaction costs (b)(1)		13			10			15			28			49
Change in fair value of contingent consideration (b)		11			76			(549	)		(538	)		172
Restructuring charge (c)		-			39			-			-			39
Operating income, as adjusted (1)	$	2,916		$	2,099		$	2,669		$	5,585		$	4,131
Revenue, GAAP basis	$	7,084		$	5,423		$	6,698		$	13,782		$	10,699
Non-GAAP adjustments:
Distribution fees		(395	)		(320	)		(389	)		(784	)		(641	)
Investment advisory fees		(337	)		(256	)		(316	)		(653	)		(505	)
Revenue used for operating margin measurement	$	6,352		$	4,847		$	5,993		$	12,345		$	9,553
Operating margin, GAAP basis		34.7	%		31.9	%		42.0	%		38.3	%		32.0	%
Operating margin, as adjusted (1)		45.9	%		43.3	%		44.5	%		45.2	%		43.2	%

(1)

Amounts included within general and administration expense.

See note (1) to the condensed consolidated statements of income and supplemental information on page 15 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						Six Months Ended
	June 30,				March 31,		June 30,
(in millions), (unaudited)	2026		2025		2026		2026		2025
Nonoperating income (expense), GAAP basis	$	258	$	521	$	28	$	286	$	586
Less: Net income (loss) attributable to NCI - CIPs		35		72		6		41		77
Nonoperating income (expense), net of NCI - CIPs		223		449		22		245		509
Less: Hedge gain (loss) on deferred cash compensation plans (a)		78		45		-		78		30
Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, as adjusted (2)	$	145	$	404	$	22	$	167	$	479

See notes (1) and (2) to the condensed consolidated statements of income and supplemental information on pages 15 and 16 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									Six Months Ended
	June 30,						March 31,			June 30,
(in millions, except per share data), (unaudited)	2026			2025			2026			2026			2025
Net income attributable to BlackRock, Inc., GAAP basis	$	1,914		$	1,593		$	2,212		$	4,126		$	3,103
Noncontrolling interest - Subco		93			-			108			201			-
Net income attributable to BlackRock, Inc., (for diluted EPS)		2,007			1,593			2,320			4,327			3,103
Non-GAAP adjustments(1):
Net impact of hedged deferred cash compensation plans (a)		(13	)		(11	)		4			(9	)		(2	)
Amortization of intangible assets (b)		206			102			207			413			189
Acquisition-related compensation costs (b)		71			57			80			151			120
Acquisition-related transaction costs (b)		9			9			11			20			38
Change in fair value of contingent consideration (b)		11			97			(554	)		(543	)		169
Restructuring charge (c)		-			29			-			-			29
Income tax matters		-			7			-			-			7
Net income attributable to BlackRock, Inc., as adjusted (3)	$	2,291		$	1,883		$	2,068		$	4,359		$	3,653
Diluted weighted-average common shares outstanding, including Subco Units		164.6			156.3			165.0			164.8			156.4
Diluted earnings per common share, GAAP basis	$	12.19		$	10.19		$	14.06		$	26.25		$	19.83
Diluted earnings per common share, as adjusted (3)	$	13.91		$	12.05		$	12.53		$	26.45		$	23.35

(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 16 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 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)

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 BlackRock's 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 non-GAAP adjustments in 2025 and 2026 related to the change in fair value of contingent consideration are 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 are exchangeable at the option of the holder. 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 including Subco Units.

(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 the Company has 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.

BlackRock Inc. published this content on July 15, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on July 15, 2026 at 10:35 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]

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