Earnings release
Page 1
1 INVESTOR RELATIONS: Caroline Rodda 212.810.3442 MEDIA RELATIONS: Patrick Scanlan 212.810.3622 BlackRock Reports Third Quarter 2026 Diluted EPS of $10.57, or $15.93 as adjusted New York, October 14, 2026 – BlackRock, Inc. (NYSE: BLK) today reported financial results for the three and nine months ended September 30, 2026. $15.5 trillion in AUM following $869 billion of net inflows over the last twelve months, representing 10% organic base fee growth $205 billion of net inflows and 11% annualized organic base fee growth in the quarter reflect broad-based strength across iShares® ETFs, systematic active equities, private markets, and cash 19% increase in revenue year-over-year reflects the positive impact of markets, organic base fee growth, higher performance fees, and higher technology services and subscription revenue 14% growth in technology services and subscription revenue year- over-year, driven by continued momentum in Aladdin® and multi-product solutions 19% increase in year-over-year GAAP operating income and 25% increase in GAAP diluted EPS impacted by a noncash change in fair value of contingent consideration associated with prior acquisitions, which has been excluded from as adjusted results 27% increase in year-over-year as adjusted operating income 38% increase in year-over-year as adjusted diluted EPS also reflects higher nonoperating income in the current quarter $550 million of share repurchases in the current quarter Laurence D. Fink, Chairman and CEO: “BlackRock's results demonstrate the value of our integrated platform, as clients increasingly choose us as a partner across investing, financing, and technology. That client trust is translating into higher earnings power, with shareholders benefiting from a more than 35% increase in adjusted earnings per share year-over-year, a 47.8% adjusted operating margin, and 11% annualized organic base fee growth in the third quarter. “BlackRock brings together issuer relationships built over decades, financing expertise, investment performance, and the technology and data that connect it all. That combination is differentiating us in every region in which we operate. It’swhy BlackRock is winning mandates at the cutting edge of capital markets, from hyperscaler financings to pension outsourcings to Aladdin and Preqin partnerships. “Clients entrusted us with $205 billion of net inflows this quarter, and $869 billion over the last year. Our results reflect the scale of BlackRock, with 12% technology ACV growth and net inflows across every asset class, client type, region, and across active and index. Our track record of strong investment performance drove $66 billion of active net inflows, led by our fixed income and systematic franchises. iShares generated $135 billion of net inflows, diversified across categories and global product lines. “BlackRock’sability to originate and structure at scale is leading to premier financing relationships and sourcing opportunities for our clients. We’ve raised $68 billion in private markets over the last twelve months, and our AI Infrastructure Partnership made its first deployment this quarter. “BlackRock is in a differentiated position as both a trusted advisor and destination for global client capital. That position is powering organic growth and value for our shareholders. We’reentering our seasonally strongest fourth quarter with accelerating momentum, and a broad pipeline spanning whole portfolio, private markets, retirement, and our international platforms. Demand for capital is growing across the global economy, and BlackRock is increasingly at the center of how that capital is deployed and managed. I’m confident in the opportunities that creates for our clients and in the long- term value we can generate for our shareholders.” FINANCIAL RESULTS NET FLOW HIGHLIGHTS(1) (in millions, Q3 Q3 Q3 YTD except per share data) 2026 2025 (in billions) 2026 2026 AUM $ 15,488,263 $ 13,463,625 Long-term net flows: $ 175 $ 510 % change 15 % Average AUM $ 15,460,140 $ 12,960,773 By region: % change 19 % Americas $ 125 $ 400 Total net flows $ 205,466 $ 204,642 EMEA 31 100 APAC 19 10 GAAP basis: Revenue $ 7,752 $ 6,509 By client type: % change 19 % Operating income $ 2,328 $ 1,955 Retail: $ 23 $ 57 % change 19 % US 17 45 Operating margin 30.0% 30.0% International 6 12 Net income(1) $ 1,659 $ 1,323 % change 25 % ETFs: $ 135 $ 444 Diluted EPS $ 10.57 $ 8.43 Active 22 61 % change 25 % Core equity 3 120 Weighted-average Digital assets 8 6 diluted shares 164.5 165.2 Fixed income 61 163 % change - % Precision & other 41 94 As Adjusted(2): Institutional: $ 17 $ 8 Operating income $ 3,330 $ 2,621 Active 44 112 % change 27 % Index (27) (104) Operating margin 47.8% 44.6% Net income $ 2,621 $ 1,907 Cash management net flows $ 31 $ 17 % change 37 % Diluted EPS $ 15.93 $ 11.55 Total net flows $ 205 $ 527 % change 38 % _________________________ _________________________ (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.
Page 2
2 BUSINESS RESULTS Q3 2026 Q3 2026 Base fees(1) Base fees(1) September 30, 2026 and securities Q3 2026 September 30, 2026 and securities AUM lending revenue (in millions), (unaudited) Net flows AUM lending revenue % of Total % of Total RESULTS BY PRODUCT TYPE Equity $ 52,446 $ 8,983,974 $ 3,079 57% 51% Fixed income 78,213 3,353,313 1,116 22% 18% Multi-asset 5,051 1,338,519 429 9% 7% Alternatives: Private markets 15,311 335,994 668 2% 11% Liquid alternatives 8,925 130,282 240 1% 4% Alternatives subtotal 24,236 466,276 908 3% 15% Digital assets 7,907 79,632 39 1% 1% Currency and commodities(2) 6,961 165,404 111 1% 2% Long-term 174,814 14,387,118 5,682 93% 94% Cash management 30,652 1,101,145 354 7% 6% Total $ 205,466 $ 15,488,263 $ 6,036 100% 100% RESULTS BY CLIENT TYPE Retail $ 23,295 $ 1,406,186 $ 1,396 9% 23% ETFs 134,509 6,358,457 2,762 41% 46% Institutional: Active 44,454 2,689,184 1,231 18% 20% Index (27,444) 3,933,291 293 25% 5% Institutional subtotal 17,010 6,622,475 1,524 43% 25% Long-term 174,814 14,387,118 5,682 93% 94% Cash management 30,652 1,101,145 354 7% 6% Total $ 205,466 $ 15,488,263 $ 6,036 100% 100% RESULTS BY INVESTMENT STYLE Active $ 66,405 $ 3,671,914 $ 2,521 24% 42% ETFs 134,509 6,358,457 2,762 41% 46% Non-ETF index (26,100) 4,356,747 399 28% 6% Long-term 174,814 14,387,118 5,682 93% 94% Cash management 30,652 1,101,145 354 7% 6% Total $ 205,466 $ 15,488,263 $ 6,036 100% 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 SEPTEMBER 30, 2026(1) One-year period Three-year period Five-year period Fixed income: Actively managed AUM above benchmark or peer median Taxable 71% 85% 84% Tax-exempt 56% 58% 47% Index AUM within or above applicable tolerance 98% 99% 100% Equity: Actively managed AUM above benchmark or peer median Fundamental 73% 65% 65% Systematic 92% 93% 95% Index AUM within or above applicable tolerance 91% 97% 96% (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, October 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 6339797). 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, October 14, 2026. To access the replay of the webcast, please visit the investor relations section of www.blackrock.com. ABOUT BLACKROCK BlackRock’spurpose 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.
Page 3
3 CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION (in millions, except per share data), (unaudited) Three Months Three Months Ended Ended September 30, June 30, 2026 2025 Change 2026 Change Revenue Investment advisory, administration fees and securities lending revenue: Investment advisory and administration fees $ 5,783 $ 4,843 $ 940 $ 5,487 $ 296 Securities lending revenue 253 203 50 239 14 Total investment advisory, administration fees and securities lending revenue 6,036 5,046 990 5,726 310 Investment advisory performance fees 630 516 114 305 325 Technology services and subscription revenue 588 515 73 566 22 Distribution fees 414 355 59 395 19 Advisory and other revenue 84 77 7 92 (8) Total revenue 7,752 6,509 1,243 7,084 668 Expense Employee compensation and benefits 2,440 2,357 83 2,274 166 Sales, asset and account expense: Distribution and servicing costs 785 638 147 732 53 Direct fund expense 551 464 87 543 8 Sub-advisory and other 77 60 17 67 10 Total sales, asset and account expense 1,413 1,162 251 1,342 71 General and administration expense 731 689 42 720 11 Change in fair value of contingent consideration 564 93 471 11 553 Amortization of intangible assets 276 253 23 276 - Total expense 5,424 4,554 870 4,623 801 Operating income 2,328 1,955 373 2,461 (133) Nonoperating income (expense) Net gain (loss) on investments 353 64 289 283 70 Net interest income (expense) (37) (22) (15) (25) (12) Total nonoperating income (expense) 316 42 274 258 58 Income before income taxes 2,644 1,997 647 2,719 (75) Income tax expense 724 470 254 677 47 Net income 1,920 1,527 393 2,042 (122) Less: Net income (loss) attributable to noncontrolling interests ("NCI") - consolidated sponsored investment products ("CIPs") 181 134 47 35 146 Net income (loss) attributable to NCI - Subco 80 70 10 93 (13) Net income attributable to BlackRock, Inc. $ 1,659 $ 1,323 $ 336 $ 1,914 $ (255) Weighted-average common shares outstanding Basic 154.8 154.9 (0.1) 155.2 (0.4) Diluted (including Subco Units) 164.5 165.2 (0.6) 164.6 (0.1) Earnings per share attributable to BlackRock, Inc. common stockholders Basic $ 10.72 $ 8.54 $ 2.18 $ 12.34 $ (1.62) Diluted $ 10.57 $ 8.43 $ 2.14 $ 12.19 $ (1.62) Cash dividends declared and paid per share $ 5.73 $ 5.21 $ 0.52 $ 5.73 $ - Supplemental information: AUM (end of period) $ 15,488,263 $ 13,463,625 $ 2,024,638 $ 15,344,624 $ 143,639 Shares outstanding including Subco Units 162.2 163.2 (1.0) 162.6 (0.4) GAAP: Operating margin 30.0% 30.0% - bps 34.7% (470) bps Effective tax rate 29.4% 25.2% 420 bps 25.2% 420 bps As adjusted: Operating income (1) $ 3,330 $ 2,621 $ 709 $ 2,916 $ 414 Operating margin (1) 47.8% 44.6% 320 bps 45.9% 190 bps Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs (2) $ 127 $ (106) $ 233 $ 145 $ (18) Net income attributable to BlackRock, Inc. (3) $ 2,621 $ 1,907 $ 714 $ 2,291 $ 330 Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3) $ 15.93 $ 11.55 $ 4.38 $ 13.91 $ 2.02 Effective tax rate 24.2% 24.2% - bps 25.2% (100) 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 September 30, 2026, there were 154.6 million shares of common stock and 7.6 million Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC ("Subco") outstanding. As of September 30, 2025, there were 155.1 million shares of common stock and 8.1 million Subco Units outstanding.
Page 4
4 CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION (in millions, except per share data), (unaudited) Nine Months Ended September 30, 2026 2025 Change Revenue Investment advisory, administration fees and securities lending revenue: Investment advisory and administration fees $ 16,529 $ 13,370 $ 3,159 Securities lending revenue 671 531 140 Total investment advisory, administration fees and securities lending revenue 17,200 13,901 3,299 Investment advisory performance fees 1,207 670 537 Technology services and subscription revenue 1,684 1,450 234 Distribution fees 1,198 996 202 Advisory and other revenue 245 191 54 Total revenue 21,534 17,208 4,326 Expense Employee compensation and benefits 6,939 5,862 1,077 Sales, asset and account expense: Distribution and servicing costs 2,222 1,784 438 Direct fund expense 1,575 1,297 278 Sub-advisory and other 215 153 62 Total sales, asset and account expense 4,012 3,234 778 General and administration expense 2,125 1,917 208 Change in fair value of contingent consideration 26 265 (239) Restructuring charge - 39 (39) Amortization of intangible assets 829 507 322 Total expense 13,931 11,824 2,107 Operating income 7,603 5,384 2,219 Nonoperating income (expense) Net gain (loss) on investments 708 672 36 Net interest income (expense) (106) (44) (62) Total nonoperating income (expense) 602 628 (26) Income before income taxes 8,205 6,012 2,193 Income tax expense 1,917 1,305 612 Net income 6,288 4,707 1,581 Less: Net income (loss) attributable to NCI - CIPs 222 211 11 Net income (loss) attributable to NCI - Subco 281 70 211 Net income attributable to BlackRock, Inc. $ 5,785 $ 4,426 $ 1,359 Weighted-average common shares outstanding Basic 155.1 154.9 0.1 Diluted (including Subco Units) 164.7 159.4 5.4 Earnings per share attributable to BlackRock, Inc. common stockholders Basic $ 37.30 $ 28.57 $ 8.73 Diluted $ 36.82 $ 28.21 $ 8.61 Cash dividends declared and paid per share $ 17.19 $ 15.63 $ 1.56 Supplemental information: AUM (end of period) $ 15,488,263 $ 13,463,625 $ 2,024,638 Shares outstanding including Subco Units 162.2 163.2 (1.0) GAAP: Operating margin 35.3% 31.3% 400 bps Effective tax rate 24.0% 22.5% 150 bps As adjusted: Operating income (1) $ 8,915 $ 6,752 $ 2,163 Operating margin (1) 46.2% 43.8% 240 bps Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs (2) $ 294 $ 373 $ (79) Net income attributable to BlackRock, Inc. (3) $ 6,980 $ 5,560 $ 1,420 Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3) $ 42.37 $ 34.89 $ 7.48 Effective tax rate 24.2% 22.0% 220 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 September 30, 2026, there were 154.6 million shares of common stock and 7.6 million Subco Units outstanding. As of September 30, 2025, there were 155.1 million shares of common stock and 8.1 million Subco Units outstanding.
Page 5
5 ASSETS UNDER MANAGEMENT (in millions), (unaudited) Current Quarter Component Changes by Product Type Net June 30, inflows Market FX September 30, Average 2026 (outflows) Realizations(1) change impact(2) 2026 AUM(3) Equity $ 8,888,234 $ 52,446 $ - $ 40,087 $ 3,207 $ 8,983,974 $ 8,949,952 Fixed income 3,390,161 78,213 (632) (117,408) 2,979 3,353,313 3,381,746 Multi-asset 1,347,299 5,051 - (12,622) (1,209) 1,338,519 1,348,091 Alternatives: Private markets 329,083 15,311 (5,363) (2,876) (161) 335,994 333,849 Liquid alternatives 120,312 8,925 (22) 1,024 43 130,282 125,475 Alternatives subtotal 449,395 24,236 (5,385) (1,852) (118) 466,276 459,324 Digital assets 48,839 7,907 - 22,889 (3) 79,632 63,598 Currency and commodities(4) 151,849 6,961 - 6,580 14 165,404 162,343 Long-term 14,275,777 174,814 (6,017) (62,326) 4,870 14,387,118 14,365,054 Cash management 1,068,847 30,652 - 2,198 (552) 1,101,145 1,095,086 Total $ 15,344,624 $ 205,466 $ (6,017) $ (60,128) $ 4,318 $ 15,488,263 $ 15,460,140 Current Quarter Component Changes by Client Type and Product Type (Long-Term) Net June 30, inflows Market FX September 30, Average 2026 (outflows) Realizations(1) change impact(2) 2026 AUM(3) Retail: Equity $ 713,748 $ 16,545 $ - $ 2,030 $ (159) $ 732,164 $ 721,502 Fixed income 398,069 691 - (11,331) (919) 386,510 395,176 Multi-asset 211,740 1,918 - (2,872) (103) 210,683 211,924 Private markets 30,788 320 (432) (396) (31) 30,249 30,581 Liquid alternatives 41,912 3,821 - 843 4 46,580 43,952 Retail subtotal 1,396,257 23,295 (432) (11,726) (1,208) 1,406,186 1,403,135 ETFs: Equity 4,722,557 50,864 - (2,175) (1,266) 4,769,980 4,751,061 Fixed income 1,308,627 66,090 - (46,741) (762) 1,327,214 1,320,309 Multi-asset 21,767 2,773 - 171 (11) 24,700 23,003 Digital assets 48,839 7,907 - 22,889 (3) 79,632 63,598 Commodities 144,280 6,875 - 5,813 (37) 156,931 154,181 ETFs subtotal 6,246,070 134,509 - (20,043) (2,079) 6,358,457 6,312,152 Institutional: Active: Equity 288,729 10,356 - 3,344 527 302,956 296,368 Fixed income 912,078 12,945 (632) (27,653) 321 897,059 903,711 Multi-asset 1,109,672 1,058 - (9,901) (1,107) 1,099,722 1,109,413 Private markets 298,295 14,991 (4,931) (2,480) (130) 305,745 303,268 Liquid alternatives 78,400 5,104 (22) 181 39 83,702 81,523 Active subtotal 2,687,174 44,454 (5,585) (36,509) (350) 2,689,184 2,694,283 Index 3,946,276 (27,444) - 5,952 8,507 3,933,291 3,955,484 Institutional subtotal 6,633,450 17,010 (5,585) (30,557) 8,157 6,622,475 6,649,767 Long-term $ 14,275,777 $ 174,814 $ (6,017) $ (62,326) $ 4,870 $ 14,387,118 $ 14,365,054 (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.
Page 6
6 ASSETS UNDER MANAGEMENT (in millions), (unaudited) Current Quarter Component Changes by Investment Style and Product Type (Long-Term) Net June 30, inflows Market FX September 30, Average 2026 (outflows) Realizations(1) change impact(2) 2026 AUM(3) Active: Equity $ 619,239 $ 24,882 $ - $ 257 $ 344 $ 644,722 $ 630,566 Fixed income 1,275,378 14,312 (632) (37,968) (559) 1,250,531 1,264,266 Multi-asset 1,321,393 2,975 - (12,772) (1,211) 1,310,385 1,321,318 Private markets 329,083 15,311 (5,363) (2,876) (161) 335,994 333,849 Liquid alternatives 120,312 8,925 (22) 1,024 43 130,282 125,475 Active subtotal 3,665,405 66,405 (6,017) (52,335) (1,544) 3,671,914 3,675,474 ETFs: Equity 4,722,557 50,864 - (2,175) (1,266) 4,769,980 4,751,061 Fixed income 1,308,627 66,090 - (46,741) (762) 1,327,214 1,320,309 Multi-asset 21,767 2,773 - 171 (11) 24,700 23,003 Digital assets 48,839 7,907 - 22,889 (3) 79,632 63,598 Commodities 144,280 6,875 - 5,813 (37) 156,931 154,181 ETFs subtotal 6,246,070 134,509 - (20,043) (2,079) 6,358,457 6,312,152 Non-ETF index 4,364,302 (26,100) - 10,052 8,493 4,356,747 4,377,428 Long-term $ 14,275,777 $ 174,814 $ (6,017) $ (62,326) $ 4,870 $ 14,387,118 $ 14,365,054 Current Quarter Component Changes by Private Markets Product Type (Long-Term) Net June 30, inflows Market FX September 30, Average 2026 (outflows) Realizations(1) change impact(2) 2026 AUM(3) Private markets: Infrastructure $ 113,488 $ 7,583 $ (785) $ (500) $ (24) $ 119,762 $ 117,762 Private equity 32,261 710 (1,045) (939) (19) 30,968 31,597 Private credit 150,937 5,012 (2,917) (669) (90) 152,273 151,510 Real estate 21,953 1,924 (436) (772) (21) 22,648 22,585 Multi-alternatives 10,444 82 (180) 4 (7) 10,343 10,395 Total private markets $ 329,083 $ 15,311 $ (5,363) $ (2,876) $ (161) $ 335,994 $ 333,849 (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.
Page 7
7 ASSETS UNDER MANAGEMENT (in millions), (unaudited) Year-to-Date Component Changes by Product Type Net December 31, inflows Market FX September 30, Average 2025 (outflows) Realizations(1) change impact(2) 2026 AUM(3) Equity $ 7,793,875 $ 195,886 $ - $ 1,027,741 $ (33,528) $ 8,983,974 $ 8,484,314 Fixed income 3,272,021 204,622 (2,503) (104,902) (15,925) 3,353,313 3,343,909 Multi-asset 1,223,625 39,660 - 84,332 (9,098) 1,338,519 1,301,014 Alternatives: Private markets 322,624 39,820 (20,043) (5,335) (1,072) 335,994 327,426 Liquid alternatives 100,990 21,072 (787) 8,792 215 130,282 115,530 Alternatives subtotal 423,614 60,892 (20,830) 3,457 (857) 466,276 442,956 Digital assets 78,435 5,726 - (4,516) (13) 79,632 66,176 Currency and commodities(4) 169,216 3,063 - (6,598) (277) 165,404 176,934 Long-term 12,960,786 509,849 (23,333) 999,514 (59,698) 14,387,118 13,815,303 Cash management 1,080,732 17,041 - 7,542 (4,170) 1,101,145 1,082,801 Total $ 14,041,518 $ 526,890 $ (23,333) $ 1,007,056 $ (63,868) $ 15,488,263 $ 14,898,104 Year-to-Date Component Changes by Client Type and Product Type (Long-Term) Net December 31, inflows Market FX September 30, Average 2025 (outflows) Realizations(1) change impact(2) 2026 AUM(3) Retail: Equity $ 629,081 $ 31,971 $ - $ 74,284 $ (3,172) $ 732,164 $ 682,906 Fixed income 384,887 12,832 - (10,014) (1,195) 386,510 391,596 Multi-asset 199,655 581 - 10,732 (285) 210,683 207,386 Private markets 30,681 1,667 (965) (955) (179) 30,249 31,006 Liquid alternatives 34,428 10,338 (193) 2,036 (29) 46,580 40,065 Retail subtotal 1,278,732 57,389 (1,158) 76,083 (4,860) 1,406,186 1,352,959 ETFs: Equity 4,006,014 249,012 - 527,621 (12,667) 4,769,980 4,455,169 Fixed income 1,205,953 177,917 - (51,573) (5,083) 1,327,214 1,276,520 Multi-asset 14,402 9,209 - 1,327 (238) 24,700 18,828 Digital assets 78,435 5,726 - (4,516) (13) 79,632 66,176 Commodities 162,906 2,272 - (7,998) (249) 156,931 169,290 ETFs subtotal 5,467,710 444,136 - 464,861 (18,250) 6,358,457 5,985,983 Institutional: Active: Equity 247,993 16,824 - 39,356 (1,217) 302,956 277,365 Fixed income 905,566 16,045 (2,503) (18,839) (3,210) 897,059 904,442 Multi-asset 1,006,106 30,204 - 71,974 (8,562) 1,099,722 1,070,989 Private markets 291,943 38,153 (19,078) (4,380) (893) 305,745 296,420 Liquid alternatives 66,562 10,734 (594) 6,756 244 83,702 75,465 Active subtotal 2,518,170 111,960 (22,175) 94,867 (13,638) 2,689,184 2,624,681 Index 3,696,174 (103,636) - 363,703 (22,950) 3,933,291 3,851,680 Institutional subtotal 6,214,344 8,324 (22,175) 458,570 (36,588) 6,622,475 6,476,361 Long-term $ 12,960,786 $ 509,849 $ (23,333) $ 999,514 $ (59,698) $ 14,387,118 $ 13,815,303 (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 ten months. (4) Amounts include commodity ETFs and ETPs.
Page 8
8 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 September 30, Average 2025 (outflows) Realizations(1) change impact(2) 2026 AUM(3) Active: Equity $ 546,028 $ 30,137 $ - $ 71,466 $ (2,909) $ 644,722 $ 596,431 Fixed income 1,257,358 27,525 (2,503) (27,941) (3,908) 1,250,531 1,261,843 Multi-asset 1,205,743 30,785 - 82,705 (8,848) 1,310,385 1,278,357 Private markets 322,624 39,820 (20,043) (5,335) (1,072) 335,994 327,426 Liquid alternatives 100,990 21,072 (787) 8,792 215 130,282 115,530 Active subtotal 3,432,743 149,339 (23,333) 129,687 (16,522) 3,671,914 3,579,587 ETFs: Equity 4,006,014 249,012 - 527,621 (12,667) 4,769,980 4,455,169 Fixed income 1,205,953 177,917 - (51,573) (5,083) 1,327,214 1,276,520 Multi-asset 14,402 9,209 - 1,327 (238) 24,700 18,828 Digital assets 78,435 5,726 - (4,516) (13) 79,632 66,176 Commodities 162,906 2,272 - (7,998) (249) 156,931 169,290 ETFs subtotal 5,467,710 444,136 - 464,861 (18,250) 6,358,457 5,985,983 Non-ETF index 4,060,333 (83,626) - 404,966 (24,926) 4,356,747 4,249,733 Long-term $ 12,960,786 $ 509,849 $ (23,333) $ 999,514 $ (59,698) $ 14,387,118 $ 13,815,303 Year-to-Date Component Changes by Private Markets Product Type (Long-Term) Net December 31, inflows Market FX September 30, Average 2025 (outflows) Realizations(1) change impact(2) 2026 AUM(3) Private markets: Infrastructure $ 112,116 $ 14,050 $ (4,110) $ (2,051) $ (243) $ 119,762 $ 114,289 Private equity 30,623 3,786 (2,394) (954) (93) 30,968 31,228 Private credit 145,385 17,636 (8,655) (1,565) (528) 152,273 149,105 Real estate 25,062 2,616 (4,064) (812) (154) 22,648 22,879 Multi-alternatives 9,438 1,732 (820) 47 (54) 10,343 9,925 Total private markets $ 322,624 $ 39,820 $ (20,043) $ (5,335) $ (1,072) $ 335,994 $ 327,426 (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 ten months.
Page 9
9 ASSETS UNDER MANAGEMENT (in millions), (unaudited) Year-over-Year Component Changes by Product Type Net September 30, inflows Market FX September 30, Average 2025 (outflows) Realizations(1) change impact(2) 2026 AUM(3) Equity $ 7,459,075 $ 321,939 $ - $ 1,246,229 $ (43,269) $ 8,983,974 $ 8,274,472 Fixed income 3,178,965 288,394 (2,728) (86,907) (24,411) 3,353,313 3,310,384 Multi-asset 1,161,957 76,529 - 108,434 (8,401) 1,338,519 1,271,561 Alternatives: Private markets 320,886 52,527 (30,749) (5,651) (1,019) 335,994 325,633 Liquid alternatives 97,448 23,934 (924) 9,579 245 130,282 111,515 Alternatives subtotal 418,334 76,461 (31,673) 3,928 (774) 466,276 437,148 Digital assets 103,965 6,305 - (30,629) (9) 79,632 73,276 Currency and commodities(4) 136,600 8,020 - 21,141 (357) 165,404 169,239 Long-term 12,458,896 777,648 (34,401) 1,262,196 (77,221) 14,387,118 13,536,080 Cash management 1,004,729 90,953 - 9,789 (4,326) 1,101,145 1,068,840 Total $ 13,463,625 $ 868,601 $ (34,401) $ 1,271,985 $ (81,547) $ 15,488,263 $ 14,604,920 Year-over-Year Component Changes by Client Type and Product Type (Long-Term) Net September 30, inflows Market FX September 30, Average 2025 (outflows) Realizations(1) change impact(2) 2026 AUM(3) Retail: Equity $ 597,262 $ 47,201 $ - $ 91,118 $ (3,417) $ 732,164 $ 664,308 Fixed income 344,651 50,408 - (7,962) (587) 386,510 380,913 Multi-asset 168,883 26,619 - 15,444 (263) 210,683 199,111 Private markets 29,770 2,957 (1,536) (761) (181) 30,249 30,813 Liquid alternatives 33,002 11,964 (222) 1,871 (35) 46,580 38,494 Retail subtotal 1,173,568 139,149 (1,758) 99,710 (4,483) 1,406,186 1,313,639 ETFs: Equity 3,788,431 371,781 - 622,404 (12,636) 4,769,980 4,317,980 Fixed income 1,157,582 229,836 - (55,248) (4,956) 1,327,214 1,254,166 Multi-asset 13,111 10,279 - 1,470 (160) 24,700 17,601 Digital assets 103,965 6,305 - (30,629) (9) 79,632 73,276 Commodities 130,225 7,418 - 19,508 (220) 156,931 161,894 ETFs subtotal 5,193,314 625,619 - 557,505 (17,981) 6,358,457 5,824,917 Institutional: Active: Equity 242,002 12,568 - 50,345 (1,959) 302,956 269,930 Fixed income 901,576 13,954 (2,728) (11,363) (4,380) 897,059 903,036 Multi-asset 976,474 40,022 - 91,173 (7,947) 1,099,722 1,051,116 Private markets 291,116 49,570 (29,213) (4,890) (838) 305,745 294,820 Liquid alternatives 64,446 11,970 (702) 7,708 280 83,702 73,021 Active subtotal 2,475,614 128,084 (32,643) 132,973 (14,844) 2,689,184 2,591,923 Index 3,616,400 (115,204) - 472,008 (39,913) 3,933,291 3,805,601 Institutional subtotal 6,092,014 12,880 (32,643) 604,981 (54,757) 6,622,475 6,397,524 Long-term $ 12,458,896 $ 777,648 $ (34,401) $ 1,262,196 $ (77,221) $ 14,387,118 $ 13,536,080 (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 thirteen months. (4) Amounts include commodity ETFs and ETPs.
Page 10
10 ASSETS UNDER MANAGEMENT (in millions), (unaudited) Year-over-Year Component Changes by Investment Style and Product Type (Long-Term) Net September 30, inflows Market FX September 30, Average 2025 (outflows) Realizations(1) change impact(2) 2026 AUM(3) Active: Equity $ 517,176 $ 41,265 $ - $ 90,116 $ (3,835) $ 644,722 $ 579,507 Fixed income 1,213,771 62,701 (2,728) (18,754) (4,459) 1,250,531 1,250,164 Multi-asset 1,145,338 66,642 - 106,615 (8,210) 1,310,385 1,250,209 Private markets 320,886 52,527 (30,749) (5,651) (1,019) 335,994 325,633 Liquid alternatives 97,448 23,934 (924) 9,579 245 130,282 111,515 Active subtotal 3,294,619 247,069 (34,401) 181,905 (17,278) 3,671,914 3,517,028 ETFs: Equity 3,788,431 371,781 - 622,404 (12,636) 4,769,980 4,317,980 Fixed income 1,157,582 229,836 - (55,248) (4,956) 1,327,214 1,254,166 Multi-asset 13,111 10,279 - 1,470 (160) 24,700 17,601 Digital assets 103,965 6,305 - (30,629) (9) 79,632 73,276 Commodities 130,225 7,418 - 19,508 (220) 156,931 161,894 ETFs subtotal 5,193,314 625,619 - 557,505 (17,981) 6,358,457 5,824,917 Non-ETF index 3,970,963 (95,040) - 522,786 (41,962) 4,356,747 4,194,135 Long-term $ 12,458,896 $ 777,648 $ (34,401) $ 1,262,196 $ (77,221) $ 14,387,118 $ 13,536,080 Year-over-Year Component Changes by Private Markets Product Type (Long-Term) Net September 30, inflows Market FX September 30, Average 2025 (outflows) Realizations(1) change impact(2) 2026 AUM(3) Private markets: Infrastructure $ 110,101 $ 19,036 $ (7,108) $ (2,054) $ (213) $ 119,762 $ 113,180 Private equity 34,033 4,209 (6,174) (1,009) (91) 30,968 31,639 Private credit 141,974 24,906 (12,227) (1,849) (531) 152,273 147,634 Real estate 25,525 2,427 (4,318) (857) (129) 22,648 23,394 Multi-alternatives 9,253 1,949 (922) 118 (55) 10,343 9,786 Total private markets $ 320,886 $ 52,527 $ (30,749) $ (5,651) $ (1,019) $ 335,994 $ 325,633 (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 thirteen months.
Page 11
11 SUMMARY OF REVENUE Three Months Three Months Nine Months Ended Ended Ended September 30, June 30, September 30, (in millions), (unaudited) 2026 2025 Change 2026 Change 2026 2025 Change Revenue Investment advisory, administration fees and securities lending revenue: Equity: Active $ 658 $ 557 $ 101 $ 626 $ 32 $ 1,877 $ 1,582 $ 295 ETFs 2,134 1,597 537 1,989 145 5,916 4,347 1,569 Equity subtotal 2,792 2,154 638 2,615 177 7,793 5,929 1,864 Fixed income: Active 550 513 37 539 11 1,620 1,492 128 ETFs 464 393 71 443 21 1,341 1,111 230 Fixed income subtotal 1,014 906 108 982 32 2,961 2,603 358 Active multi-asset 405 344 61 387 18 1,163 969 194 Alternatives: Private markets 668 653 15 639 29 1,965 1,687 278 Liquid alternatives 240 178 62 212 28 649 485 164 Alternatives subtotal 908 831 77 851 57 2,614 2,172 442 Non-ETF index 399 353 46 385 14 1,126 973 153 Digital assets, commodities and multi-asset ETFs(1) 164 140 24 163 1 506 340 166 Long-term 5,682 4,728 954 5,383 299 16,163 12,986 3,177 Cash management 354 318 36 343 11 1,037 915 122 Total investment advisory, administration fees and securities lending revenue 6,036 5,046 990 5,726 310 17,200 13,901 3,299 Investment advisory performance fees: Equity 21 14 7 60 (39) 103 36 67 Fixed income - - - 3 (3) 5 14 (9) Multi-asset 9 2 7 5 4 23 12 11 Alternatives: Private markets 191 298 (107) 137 54 560 361 199 Liquid alternatives 409 202 207 100 309 516 247 269 Alternatives subtotal 600 500 100 237 363 1,076 608 468 Total investment advisory performance fees 630 516 114 305 325 1,207 670 537 Technology services and subscription revenue 588 515 73 566 22 1,684 1,450 234 Distribution fees 414 355 59 395 19 1,198 996 202 Advisory and other revenue: Advisory 10 12 (2) 8 2 30 39 (9) Other 74 65 9 84 (10) 215 152 63 Total advisory and other revenue 84 77 7 92 (8) 245 191 54 Total revenue $ 7,752 $ 6,509 $ 1,243 $ 7,084 $ 668 $ 21,534 $ 17,208 $ 4,326 (1) Amounts include commodity ETFs and ETPs. Highlights • Investment advisory, administration fees and securities lending revenue increased $990 million from the third quarter of 2025, primarily driven by organic base fee growth and the impact of market beta on average AUM. Securities lending revenue of $253 million increased from $203 million in the third quarter of 2025, primarily reflecting higher spreads and higher average balances of securities on loan. Investment advisory, administration fees and securities lending revenue increased $310 million from the second quarter of 2026, primarily driven by organic base fee growth, the impact of market beta on average AUM, and the effect of one additional day in the quarter. Securities lending revenue of $253 million increased from $239 million in the second quarter of 2026, primarily reflecting higher spreads and higher average balances of securities on loan. • Performance fees increased $114 million from the third quarter of 2025, primarily reflecting higher revenue from liquid alternative products, largely related to a single hedge fund with an annual performance measurement period that ends in the third quarter, partially offset by lower revenue from private markets products. Performance fees increased $325 million from the second quarter of 2026, primarily reflecting higher revenue from liquid alternative and private markets products, partially offset by lower revenue from long-only products. • Technology services and subscription revenue increased $73 million from the third quarter of 2025 and $22 million from the second quarter of 2026, reflecting the sustained demand for Aladdin and multi-product solutions. Technology services and subscription annual contract value (“ACV”)(1) increased 12% from the third quarter of 2025. • Distribution fees increased $59 million from the third 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.
Page 12
12 SUMMARY OF OPERATING EXPENSE Three Months Three Months Nine Months Ended Ended Ended September 30, June 30, September 30, (in millions), (unaudited) 2026 2025 Change 2026 Change 2026 2025 Change Operating expense Employee compensation and benefits $ 2,440 $ 2,357 $ 83 $ 2,274 $ 166 $ 6,939 $ 5,862 $ 1,077 Sales, asset and account expense: Distribution and servicing costs 785 638 147 732 53 2,222 1,784 438 Direct fund expense 551 464 87 543 8 1,575 1,297 278 Sub-advisory and other 77 60 17 67 10 215 153 62 Total sales, asset and account expense 1,413 1,162 251 1,342 71 4,012 3,234 778 General and administration expense: Marketing and promotional 82 82 - 94 (12) 277 272 5 Occupancy and office related 184 137 47 153 31 484 371 113 Portfolio services 69 69 - 68 1 207 195 12 Technology 237 213 24 227 10 670 600 70 Professional services 71 104 (33) 80 (9) 226 228 (2) Communications 10 12 (2) 11 (1) 31 33 (2) Foreign exchange remeasurement - (3) 3 - - (4) (7) 3 Other general and administration 78 75 3 87 (9) 234 225 9 Total general and administration expense 731 689 42 720 11 2,125 1,917 208 Change in fair value of contingent consideration 564 93 471 11 553 26 265 (239) Restructuring charge - - - - - - 39 (39) Amortization of intangible assets 276 253 23 276 - 829 507 322 Total operating expense $ 5,424 $ 4,554 $ 870 $ 4,623 $ 801 $ 13,931 $ 11,824 $ 2,107 Highlights • Employee compensation and benefits expense increased $83 million from the third quarter of 2025 and $166 million from the second quarter of 2026, primarily reflecting the impact of higher operating income and performance fees, partially offset by lower nonrecurring retention-related deferred compensation expense(1). • Sales, asset and account expense increased $251 million from the third quarter of 2025 and $71 million from the second quarter of 2026, driven by higher distribution and servicing costs and direct fund expense, primarily reflecting higher average AUM. • General and administration expense increased $42 million from the third quarter of 2025 and $11 million from the second quarter of 2026, primarily driven by higher occupancy and office related expense, including the impact of acquisition-related expenses(1) and higher technology expense, partially offset by lower acquisition-related(1) professional services expense. • Change in fair value of contingent consideration(1) increased $471 million as compared to the change in the third quarter of 2025, and increased $553 million as compared to the change in the second quarter of 2026, primarily in connection with the fair value of contingent consideration for the Global Infrastructure Management, LLC ("GIP") transaction and HPS Investment Partners ("HPS") transaction, which is impacted by the share price of BlackRock common stock at the end of the period. (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.
Page 13
13 SUMMARY OF NONOPERATING INCOME (EXPENSE), LESS NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS - CONSOLIDATED SPONSORED INVESTMENT PRODUCTS Three Months Three Months Nine Months Ended Ended Ended September 30, June 30, September 30, (in millions), (unaudited) 2026 2025 Change 2026 Change 2026 2025 Change Nonoperating income (expense), GAAP basis $ 316 $ 42 $ 274 $ 258 $ 58 $ 602 $ 628 $ (26) Less: Net income (loss) attributable to NCI - CIPs 181 134 47 35 146 222 211 11 Nonoperating income (expense), net of NCI - CIPs 135 (92) 227 223 (88) 380 417 (37) Less: Hedge gain (loss) on deferred cash compensation plans(1) 8 14 (6) 78 (70) 86 44 42 Nonoperating income (expense), net of NCI - CIPs, as adjusted(2) $ 127 $ (106) $ 233 $ 145 $ (18) $ 294 $ 373 $ (79) Three Months Three Months Nine Months Ended Ended Ended September 30, June 30, September 30, (in millions), (unaudited) 2026 2025 Change 2026 Change 2026 2025 Change Net gain (loss) on investments, net of NCI - CIPs Private equity $ (21) $ (14) $ (7) $ 34 $ (55) $ 22 $ 59 $ (37) Real assets 17 3 14 18 (1) 40 2 38 Other alternatives(3) 14 8 6 8 6 37 20 17 Other investments(4) (10) 26 (36) 55 (65) 32 27 5 Hedge gain (loss) on deferred cash compensation plans(1) 8 14 (6) 78 (70) 86 44 42 Subtotal 8 37 (29) 193 (185) 217 152 65 Other income/gain (expense/loss)(5) 164 (107) 271 55 109 269 309 (40) Total net gain (loss) on investments, net of NCI - CIPs 172 (70) 242 248 (76) 486 461 25 Net interest income (expense) (37) (22) (15) (25) (12) (106) (44) (62) Nonoperating income (expense), net of NCI - CIPs 135 (92) 227 223 (88) 380 417 (37) Less: Hedge gain (loss) on deferred cash compensation plans(1) 8 14 (6) 78 (70) 86 44 42 Nonoperating income (expense), net of NCI - CIPs, as adjusted(2) $ 127 $ (106) $ 233 $ 145 $ (18) $ 294 $ 373 $ (79) (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’snonoperating results, which ultimately impacts BlackRock’sbook 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 September 30, 2026 and 2025, include a nonoperating noncash pre-tax gain of approximately $22 million and a noncash pre-tax loss of approximately $115 million, respectively, in connection with the Company's minority investment in Circle Internet Group, Inc. Amounts for the three months ended September 30, 2026 also include a nonoperating noncash pre-tax gain of approximately $80 million in connection with the Company's minority investment in Securitize Corp. 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 Nine Months Ended Ended Ended September 30, June 30, September 30, (in millions), (unaudited) 2026 2025 Change 2026 Change 2026 2025 Change Income tax expense $ 724 $ 470 $ 254 $ 677 $ 47 $ 1,917 $ 1,305 $ 612 Effective tax rate 29.4% 25.2% 420 bps 25.2% 420 bps 24.0% 22.5% 150 bps
Page 14
14 RECONCILIATION OF GAAP OPERATING INCOME AND OPERATING MARGIN TO OPERATING INCOME AND OPERATING MARGIN, AS ADJUSTED Three Months Ended Nine Months Ended September 30, June 30, September 30, (in millions), (unaudited) 2026 2025 2026 2026 2025 Operating income, GAAP basis $ 2,328 $ 1,955 $ 2,461 $ 7,603 $ 5,384 Non-GAAP expense adjustments: Compensation expense related to appreciation (depreciation) on deferred cash compensation plans (a) 32 14 60 97 41 Amortization of intangible assets (b) 276 253 276 829 507 Acquisition-related compensation costs (b) 84 262 95 286 423 Acquisition-related general and administration expense (b) 46 44 13 74 93 Change in fair value of contingent consideration (b) 564 93 11 26 265 Restructuring charge (c) - - - - 39 Operating income, as adjusted (1) $ 3,330 $ 2,621 $ 2,916 $ 8,915 $ 6,752 Revenue, GAAP basis $ 7,752 $ 6,509 $ 7,084 $ 21,534 $ 17,208 Non-GAAP adjustments: Distribution fees (414) (355) (395) (1,198) (996) Investment advisory fees (371) (283) (337) (1,024) (788) Revenue used for operating margin measurement $ 6,967 $ 5,871 $ 6,352 $ 19,312 $ 15,424 Operating margin, GAAP basis 30.0% 30.0% 34.7% 35.3% 31.3% Operating margin, as adjusted (1) 47.8% 44.6% 45.9% 46.2% 43.8% 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 Nine Months Ended September 30, June 30, September 30, (in millions), (unaudited) 2026 2025 2026 2026 2025 Nonoperating income (expense), GAAP basis $ 316 $ 42 $ 258 $ 602 $ 628 Less: Net income (loss) attributable to NCI - CIPs 181 134 35 222 211 Nonoperating income (expense), net of NCI - CIPs 135 (92) 223 380 417 Less: Hedge gain (loss) on deferred cash compensation plans (a) 8 14 78 86 44 Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, as adjusted (2) $ 127 $ (106) $ 145 $ 294 $ 373 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 Nine Months Ended September 30, June 30, September 30, (in millions, except per share data), (unaudited) 2026 2025 2026 2026 2025 Net income attributable to BlackRock, Inc., GAAP basis $ 1,659 $ 1,323 $ 1,914 $ 5,785 $ 4,426 Noncontrolling interest - Subco 80 70 93 281 70 Net income attributable to BlackRock, Inc., (for diluted EPS) 1,739 1,393 2,007 6,066 4,496 Non-GAAP adjustments(1): Net impact of hedged deferred cash compensation plans (a) 18 - (13) 9 (2) Amortization of intangible assets (b) 207 189 206 620 378 Acquisition-related compensation costs (b) 66 198 71 217 318 Acquisition-related general and administration expense (b) 35 33 9 55 71 Change in fair value of contingent consideration (b) 556 94 11 13 263 Restructuring charge (c) - - - - 29 Income tax matters - - - - 7 Net income attributable to BlackRock, Inc., as adjusted (3) $ 2,621 $ 1,907 $ 2,291 $ 6,980 $ 5,560 Diluted weighted-average common shares outstanding, including Subco Units 164.5 165.2 164.6 164.7 159.4 Diluted earnings per common share, GAAP basis $ 10.57 $ 8.43 $ 12.19 $ 36.82 $ 28.21 Diluted earnings per common share, as adjusted (3) $ 15.93 $ 11.55 $ 13.91 $ 42.37 $ 34.89 (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.
Page 15
15 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’sbook 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’srevenue and expense. BlackRock’smanagement 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’sfinancial performance over time, and, therefore, provide useful disclosure to investors. Management believes that operating margin, as adjusted, reflects the Company’slong-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 and occupancy and office related expense. 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.
Page 16
16 (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’snonoperating 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’sbook 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, net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, assumes 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 non-GAAP measures are useful indicators of BlackRock’sprofitability 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’stechnology 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.
Page 17
17 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 Holding Limited and HPS (collectively, the “Transactions”);(7) BlackRock’sability 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’soperational 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’scontrol, 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’sbusiness, 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’sexchange-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’swebsite is not a part of this earnings release.
Page 18
18 PERFORMANCE NOTES Past performance is not indicative of future results. Except as specified, the performance information shown is as of September 30, 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 August 31, 2026. The performance data does not include accounts terminated prior to September 30, 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 September 30, 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.