Slides
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Q3 2026 Earnings October 14, 2026 Earnings Release Supplement
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Cash 7% Cash 6% Cash 7% Cash 6% Curr & Comm 1% Curr & Comm 2% Digital Assets 1% Digital Assets 1% Alternatives 3% Alternatives 15% Multi-Asset 9% Multi-Asset 7% Institutional 50% Institutional 31% Non-ETF Index 28% Non-ETF Index 6% Asia-Pacific 7% Asia-Pacific 6% Fixed Income 22% Fixed Income 18% ETFs 41% ETFs 46% ETFs 41% ETFs 46% EMEA 25% EMEA 28% Equity 57% Equity 51% Retail 9% Retail 23% Active 24% Active 42% Americas 68% Americas 66% AUM Base Fees AUM Base Fees AUM Base Fees AUM Base Fees A broadly diversified business across clients, products and geographies Base fees include investment advisory, administration fees and securities lending revenue. Base fees and AUM by region data are based on client domicile. 1 Product Type Client Type Style Region Assets Under Management of $15.5 trillion at September 30, 2026 Q3 2026 Base Fees and Securities Lending Revenue of $6.0 billion
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$97 $143 $107 $85 $153 $181 $132 $178 $135 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 LTM organic asset growth rate (%) LTM organic base fee growth rate (%) $160 $201 $83 $46 $171 $268 $136 $199 $175 $61 $81 $1 $22 $34 $74 $(6) $(7) $31 $221 $281 $84 $68 $205 $342 $130 $192 $205 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net flows ($ in billions) Total BlackRock Retail Long-term Institutional Long-term 2 $27 $25 $8 $7 $22 $16 $24 $44 $44 $29 $28 $(46) $(48) $(14) $(12) $(35) $(41) $(27) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Institutional Active Institutional Index ETFs Long-term Long-term Cash LTM organic asset growth rate measures rolling last twelve months net flows over beginning of period assets. Beginning in the first quarter of 2025, Bl ackRock updated the presentation of the Company's AUM line items. In addition, beginning in the first quarter of 2025, BlackRock updated the presentation of net flows to separately disclose realizations, which represent return of capital/return on investments. Realizations have not been recast for prior periods. LTM organic base fee growth rate is calculated by dividing net new base fees earned on net asset inflows for the LTM period by the base fee run-rate at the beginning of the period. Totals may not add due to rounding. 1% 3% 3% 3% 3% 10% 11% 11% 0%0% 2% 1% 1% (1)% (1)% 0%12%11% 11% 11% 11% 12% 13% 14% 8%3% 4% 6% 7% 9% 10% 5% 6% 6% 6% 6% 6% 6% 7% 10% 6% 10% 12% 12% 0% $7 $5 $13 $2 $10 $82 $15 $19 $23 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
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Profitability ($ in millions, except per share data) For further information and reconciliations to GAAP, see page 12 of this Earnings Release Supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. Operating Income, as adjusted Operating Margin, as adjusted Net Income, as adjusted EPS, as adjusted $2,128 $2,326 $2,032 $2,099 $2,621 $2,848 $2,669 $2,916 $3,330 45.8% 45.5% 43.2% 43.3% 44.6% 45.0% 44.5% 45.9% 47.8% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% $0$100$200 $300 $400$500$600 $700 $800$900$1,000 $1,100$1,200$1,300 $1,400 $1,500$1,600$1,700 $1,800$1,900$2,000 $2,100 $2,200$2,300$2,400 $2,500 $2,600$2,700$2,800 $2,900$3,000$3,100 $3,200 $3,300$3,400$3,500 $3,600$3,700$3,800 $3,900 $4,000 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $1,715 $1,874 $1,770 $1,883 $1,907 $2,176 $2,068 $2,291 $2,621 $11.46 $11.93 $11.30 $12.05 $11.55 $13.16 $12.53 $13.91 $15.93 $600 $720 $840 $960 $1,080 $1,200 $1,320 $1,440 $1,560 $1,680 $1,800 $1,920 $2,040 $2,160 $2,280 $2,400 $2,520 $2,640 $2,760 $2,880 $3,000 $3,120 $3,240 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 3 Operating Income and Margin, as adjusted Net Income and EPS, as adjusted
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$550 $450 $450 $500 $375 $375 $375 $375 $375 Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Capital management (amounts in millions, except per share data) (1) Q4 2024 weighted-average diluted shares include the impact of 6.9 million shares issued as part of the consideration for the acquisition of GlobalInfrastructure Management, LLC (“GIP”) in October 2024 (the “GIP Transaction”). (2) Q3 2025 weighted-average diluted shares include the impact of approximately 8.5 million Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC issued as part of the consideration for the acquisition of HPS Investment Partners (“HPS”) in July 2025 (the “HPS Transaction”). (3) Amounts exclude repurchases of employee tax wit hholdings related to employee stock transactions. For further information and reconciliations to GAAP, see page 12 of this Earnings Release Supplement, notes (1) through (3) to the condensed consolid ated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. Share repurchases and weighted-average diluted shares Share repurchases(3) Weighted-average diluted shares 4 $5.10 $5.10 $5.21 $5.21 $5.21 $5.21 $5.73 $5.73 $5.73 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Dividends per share 149.6 157.0(1) 156.6 156.3 165.2(2)165.4 165.0 164.6 164.5
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Major market indices and exchange rates Source: Bloomberg (1) Revenue weighted composite index is calculated by BlackRock to approxim ate the impact of market fluctuations on BlackRock’s equity base fees. Th e index is derived from publicly available market indices that represent applicable AUM benchmarks for each equity portfoli o, as selected by BlackRock. The performance information for each equity p ortfolio used to calculate the index may be substantially different from that shown. Index does not include portfolios that do not have an applicable market index. Index does not reflect BlackRock’s investment performance, and is not indicative of past or future results. 5 9/30/2025 6/30/2026 9/30/2026 6/30/2026 9/30/2025 Q3 2025 Q2 2026 Q3 2026 Q2 2026 Q3 2025 Equity Indices Domestic S&P 500 6,688 7,499 7,652 2% 14% 6,426 7,267 7,618 5% 19% Global MSCI Barra World Index 4,307 4,826 4,903 2% 14% 4,151 4,695 4,913 5% 18% MSCI Europe Index 219 245 241 (2)% 10% 215 240 249 4% 16% MSCI AC Asia Pacific Index 221 274 276 1% 25% 211 265 273 3% 29% MSCI Emerging Markets Index 1,346 1,723 1,705 (1)% 27% 1,273 1,662 1,689 2% 33% S&P Global Natural Resources 5,977 6,977 7,690 10% 29% 5,733 7,529 7,706 2% 34% BLK Equity Index (1) 1% 24% 4% 30% Fixed Income Index Barclays U.S. Aggregate Bond Index 2,323 2,363 2,280 (4)% (2)% 2,292 2,354 2,336 (1)% 2% Foreign Exchange Rates GBP to USD 1.34 1.33 1.33 -% (1)% 1.35 1.34 1.34 -% (1)% EUR to USD 1.17 1.14 1.13 (1)% (3)% 1.17 1.16 1.15 (1)% (2)% % Change % Change Spot 9/30/2026 vs. Average Q3 2026 vs.
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75% 3%8% 8% 5% 1% Base fees Securities lending revenue Performance fees Tech services & subscription revenue Distribution fees Advisory & other revenue $6,509 $940 $114 $73 $59 $50 $7 $7,752 Q3 2025 Base fees Performance fees Tech services & subscription revenue Distribution fees Securities lending revenue Advisory & other revenue Q3 2026 Quarterly revenue ($ in millions) $1,243 $668 Q3 2026 compared to Q3 2025 Q3 2026 compared to Q2 2026 6 $7,084 $325 $296 $22 $19 $14 $(8) $7,752 Q2 2026 Performance fees Base fees Tech services & subscription revenue Distribution fees Securities lending revenue Advisory & other revenue Q3 2026 SequentialYear-over-YearPercentage Change %5%19Base fees %6%25Securities lending revenue %107%22Performance fees %4%14Tech services & subscription revenue %5%17Distribution fees %(9)%9Advisory & other revenue %9%19Total
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$990 $310 Q3 2026 compared to Q3 2025 Q3 2026 compared to Q2 2026 $5,046 $537 $101 $71 $62 $61 $46 $37 $36 $24 $15 $6,036 Q3 2025 ETFs EQ Active EQ ETFs FI Liquid Alts Active Multi- Asset Non-ETF Index Active FI Cash Digital Assets, Commodities & Multi- Asset ETFs Private Markets Q3 2026 $5,726 $145 $32 $29 $28 $21 $18 $14 $11 $11 $1 $6,036 Q2 2026 ETFs EQ Active EQ Private Markets Liquid Alts ETFs FI Active Multi- Asset Non-ETF Index Active FI Cash Digital Assets, Commodities & Multi- Asset ETFs Q3 2026 Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) 7
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$3,888 $40 $243 $251 $4,422 Q3 2025 General & administration Employee comp. & benefits Sales, asset & account Q3 2026 $4,168 $(22) $71 $205 $4,422 Q2 2026 General & administration Sales, asset & account Employee comp. & benefits Q3 2026 Quarterly expense, as adjusted ($ in millions) $534 $254 9% 44% 32% 15% Performance fee related comp. Other comp. & benefits Sales, asset & account General & administration Q3 2026 compared to Q3 2025 Q3 2026 compared to Q2 2026 8 SequentialYear-over-YearPercentage Change %10%12Employee comp. & benefits %5%22Sales, asset & account %(3)%6General & administration %6%14Total For information and reconciliations of as adjusted items to GAAP, see page 12 of this Earnings Release Supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks.
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9 Q3 2025 Q3 2026 Total AUM Multi-alternatives Real estate Private equity Private credit Infrastructure Fee-Paying AUM 108 107 97 130 142 152 110 120 34 31 26 23 9 10 $526 $573 Q3 2025 Q3 2026 Liquid alternatives Liquid credit Note: Beginning in the third quarter of 2026, BlackRock updated this page to include the Company’s Total AUM to provide additional information on our Alternatives platform. Historical periods have been recast to conform to this new presentation. Definitions: Total AUM: Alternative assets managed by BlackRock, which capture fair market value of investments and additional available capital. Fee-Paying AUM: Assets reported as AUM in BlackRock’s financial reports. Includes both invested capital and committed capital that is fee-paying inits commitment stage. Private Credit: Primarily represents direct lending, opportunistic and v enture debt strategies. It does not include private credit assets across i nfrastructure and real estate debt, as well as assets in private placements and multi-strategy credit funds, which are reported within fixed income and multi-asset AUM. Liquid Alternatives: Includes hedge funds and hedge fund solutions (funds of funds). Liquid Credit: Active liquid credit strategies (such as high yield,bank loans, and collateralized loans) included in fixed income AUM. Note: Totals may not add due to rounding. 109 107 98 130 227 249 185 216 52 53 32 29 14 16$717 $800 Alternatives at BlackRock ($ in billions)
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10 3225 7 51 32 9 22 Available Capital AUM not yet earning fees Multi-alternatives Real estate Private equity Private credit Infrastructure Definitions: Available Capital: Total capital available for future investment, which includes fee-earning and non-fee-earning commitments, capital available for reinvestment, and certain undrawn leverage and credit facilities for applicable vehicles. May include AUM which becomes unavailable to invest in certain cases. AUM not yet earning fees: Capital that is eligible to earn fees when invested or when certain conditions are met. May include leverage for certain investment vehicles and capital that only earns performance fees. Note: Totals may not add due to rounding. $96B 54 64 17 2 2 $139B Private Markets Dry Powder ($ in billions)
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4 25 8 33 1 7 1 2 1 11 46 17 35 1 4 1 2 2 11 Gross DeploymentGross Fundraising Q3 2026 Q3 2026 LTM $14 $68 Multi-alternatives Real estate Private equity Private credit Infrastructure Definitions: Gross Fundraising: Represents new capital commitments and subscriptions to BlackRock closed-ended and open-ended funds and managed accounts. Includes fee-earning commitments and capital that is fee-earning on investment. May include non-fee earning commitments for certain vehicles. Gross Deployment: Represents the total aggregate amount of capital invested by BlackRock funds and managed accounts. May include drawn leverage and credit facilities for applicable vehicles. May include capital which is reinvested within certain vehicles. Note: Totals may not add due to rounding. Q3 2026 Q3 2026 LTM $30 $88 Private Markets Capital Activity ($ in billions)
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Reconciliation between GAAP and as adjusted ($ in millions) Non-GAAP adjustments include amounts related to (i) net impact of compensation expense and hedge (gain) loss on deferred cash compensation plans, (i i) amortization and impairment of intangible assets, (iii) acquisition-related compensation costs, (iv) acquisition- related general and administration expense, (v) change in fair value of c ontingent consideration, (vi) net income (loss) attributable to noncontrolling interests - consolidated sponsored investment products, (vii) restructuring charges, (viii) a charitable contribution, (ix) inc ome tax matters, as applicable and (x) noncontrolling interest - Subco. For further information and reconciliation between GAAP and as adjusted items, see notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Operating Income GAAP 2,006$ 2,075 $ 1,698 $ 1,731 $ 1,955 $ 1,661 $ 2,814 $ 2,461 $ 2,328 $ Non-GAAP expense adjustments 122 251 334 368 666 1,187 (145) 455 1,002 As Adjusted 2,128$ 2,326 $ 2,032 $ 2,099 $ 2,621 $ 2,848 $ 2,669 $ 2,916 $ 3,330 $ Nonoperating Income (Expense) GAAP 259$ 28 $ 65 $ 521 $ 42 $ (54) $ 28 $ 258 $ 316 $ Non-GAAP adjustments (69) 11 10 (117) (148) (68) (6) (113) (189) As Adjusted 190$ 39 $ 75 $ 404 $ (106) $ (122) $ 22 $ 145 $ 127 $ Net Income GAAP 1,631$ 1,670 $ 1,510 $ 1,593 $ 1,323 $ 1,127 $ 2,212 $ 1,914 $ 1,659 $ Non-GAAP adjustments 84 204 260 290 584 1,049 (144) 377 962 As Adjusted 1,715$ 1,874 $ 1,770 $ 1,883 $ 1,907 $ 2,176 $ 2,068 $ 2,291 $ 2,621 $ 2024 2025 2026 12
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Important notes This presentation, and other statements that Black Rock may make, may contain forwar d-looking statements within the meaning of the Private Securiti es Litigation Reform Act, with respect to BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statem ents are typically identified by words or phrases such as “trend,” “potential,” “opportunity ,” “pipeline,” “believe,” “comfortab le,” “expect,” “anticipate,” “cur rent,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or futu re or conditional verbs such as “will,” “would,” “should,” “could,” “may” and similar expressions. BlackRock cautions that forward-looking statements are subject to numero us assumptions, risks and uncertainties, which change over time and may co ntain information that is not purely historical in nature . Such information may include, among other things, projections and forecasts. There is no guaran tee 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 thos e anticipated in forward- looking statements and future results could differ materially from historical performance. BlackRock has previously disclosed risk factors in its Securities and Exchange Commission reports . These risk factors and those identified elsewhe re in this presentation, among others, could cause actual r esults to differ materially from fo rward-looking statements or his torical performance and includ e: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) change s and volatility in political, economic or industr y conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could res ult in changes in demand for products or services or in the value of assets under management; (3) the relative and absolute investmen t performance of BlackRock’s investment products; (4) BlackRock’s ability to develop new products and services that address client preferences; (5) the impact o f increased competition; (6) the impact of recent or future acquisitions or divestitures, including the acquisitions of GIP, Preqin Holdin g Limited and HPS (collectively, the “Transactio ns”); (7) BlackRock’s ability to integrate acquir ed 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 cybe rsecurity protection; (11) the fai lure to effectively manage the development and use of artificial intelligence; (12 ) attempts to circumvent BlackRock’s operational control environment ort h ep o t e n t i a l f o rh u m a ne r r o ri nc o n n e c t i o nw i t hB l a c k R o c k ’ so perational 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 stakehold ers regarding environmental- and social-related matters; (18 ) geopolitical unrest, terrorist activities, civ il or international hostilities, and other event s outside BlackRock’s control, including wars, global trade tensions, tariffs, natural disaster s and health crises, which may adversely affect the general economy, dome stic 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) theimpact 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 succes s in negotiating distribution arrangements and m aintaining distribution channels for its produ cts; (24) the failure by key third-party providers to fulfill th eir obligations to BlackRock; (25) operational, technological and regulatory risks associated with BlackRock’s major technology partnerships; (26) any disruption to th e operations of third parties whose functions are integral to BlackRock’s exchange-traded produ cts platform; (27) the impact of BlackRock electing to provide s upport to its products from time to time and any pot ential liabilities related to securities lending or other indemnification obligations; and (28) the impact of problems, instability or failure of other financial institutions or the failure or negative performance of products offered by other financial institutions. This presentation also includes non-GAAP financial measures. You can find our presentations on the most directly comparable GAAP financial measure s calculated in accordance with GAAP and our reconc iliations on page 12 of this Earnings Release Supple ment, our current Earnings Release dated Octobe r1 4 , 2026, and BlackRock’s other periodic reports, which are available on BlackRock’s website atwww.blackrock.com. 13