贝莱德Q3调整后EPS 15.93美元超预期、营收+19%、净流入2050亿，但盘前+3.3%后盘中回落至平盘附近

INVESTOR RELATIONS: MEDIA RELATIONS:
Caroline Rodda 212.810.3442 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 Laurence D. Fink, Chairman and CEO:
twelve months, representing 10% organic base fee growth “BlackRock's results demonstrate the value of our integrated platform, as
clients increasingly choose us as a partner across investing, financing, and
$205 billion of net inflows and 11% annualized organic base fee growth technology. That client trust is translating into higher earnings power, with
in the quarter reflect broad-based strength across iShares® ETFs, shareholders benefiting from a more than 35% increase in adjusted earnings
systematic active equities, private markets, and cash per share year-over-year, a 47.8% adjusted operating margin, and 11%
annualized organic base fee growth in the third quarter.
19% increase in revenue year-over-year reflects the positive impact of “BlackRock brings together issuer relationships built over decades, financing
markets, organic base fee growth, higher performance fees, and higher expertise, investment performance, and the technology and data that
technology services and subscription revenue connect it all. That combination is differentiating us in every region in which
we operate. It’s why BlackRock is winning mandates at the cutting edge of
14% growth in technology services and subscription revenue year- capital markets, from hyperscaler financings to pension outsourcings to
over-year, driven by continued momentum in Aladdin® and multi-product Aladdin and Preqin partnerships.
solutions “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%
19% increase in year-over-year GAAP operating income and 25% technology ACV growth and net inflows across every asset class, client type,
increase in GAAP diluted EPS impacted by a noncash change in fair value region, and across active and index. Our track record of strong investment
of contingent consideration associated with prior acquisitions, which has performance drove $66 billion of active net inflows, led by our fixed income
been excluded from as adjusted results and systematic franchises. iShares generated $135 billion of net inflows,
diversified across categories and global product lines.
27% increase in year-over-year as adjusted operating income “BlackRock’s ability to originate and structure at scale is leading to premier
financing relationships and sourcing opportunities for our clients. We’ve
38% increase in year-over-year as adjusted diluted EPS also reflects raised $68 billion in private markets over the last twelve months, and our AI
higher nonoperating income in the current quarter Infrastructure Partnership made its first deployment this quarter.
“BlackRock is in a differentiated position as both a trusted advisor and
$550 million of share repurchases in the current quarter destination for global client capital. That position is powering organic growth
and value for our shareholders. We’re entering 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. (1)
Totals may not add due to rounding.
(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
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’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of
financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more
affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.




2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION
(in millions, except per share data), (unaudited)
Three Months
Three Months Ended Ended
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.




3
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.




4
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.




5
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.




6
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.




7
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.




8
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.




9
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.




10
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.




11
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.




12
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’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 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




13
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.




14
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 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.

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(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, 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’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.




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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’s ability to integrate
acquired businesses successfully, including the Transactions; (8) the unfavorable resolution of legal proceedings; (9) the
extent and timing of any share repurchases; (10) the impact, extent and timing of technological changes and the adequacy
of intellectual property, data, information and cybersecurity protection; (11) the failure to effectively manage the
development and use of artificial intelligence; (12) attempts to circumvent BlackRock’s operational control environment or
the potential for human error in connection with BlackRock’s operational systems; (13) the impact of legislative and
regulatory actions and reforms, supervisory or enforcement actions of government agencies and governmental scrutiny
relating to BlackRock; (14) changes in law and policy and uncertainty pending any such changes; (15) any failure to
effectively manage conflicts of interest; (16) damage to BlackRock’s reputation; (17) increasing focus from stakeholders
regarding environmental- and social-related matters; (18) geopolitical unrest, terrorist activities, civil or international
hostilities, and other events outside BlackRock’s control, including wars, global trade tensions, tariffs, natural disasters and
health crises, which may adversely affect the general economy, domestic and local financial and capital markets, specific
industries or BlackRock; (19) climate-related risks to BlackRock’s business, products, operations and clients; (20) the ability
to attract, train and retain highly qualified professionals; (21) fluctuations in the carrying value of BlackRock’s economic
investments; (22) the impact of changes to tax legislation, including income, payroll and transaction taxes, and taxation on
products, which could affect the value proposition to clients and, generally, the tax position of BlackRock; (23) BlackRock’s
success in negotiating distribution arrangements and maintaining distribution channels for its products; (24) the failure by
key third-party providers to fulfill their obligations to BlackRock; (25) operational, technological and regulatory risks
associated with BlackRock’s major technology partnerships; (26) any disruption to the operations of third parties whose
functions are integral to BlackRock’s exchange-traded products platform; (27) the impact of BlackRock electing to provide
support to its products from time to time and any potential liabilities related to securities lending or other indemnification
obligations; and (28) the impact of problems, instability or failure of other financial institutions or the failure or negative
performance of products offered by other financial institutions.
BlackRock’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and BlackRock’s subsequent filings with the
SEC, accessible on the SEC’s website at www.sec.gov and on BlackRock’s website at www.blackrock.com, discuss these
factors in more detail and identify additional factors that can affect forward-looking statements. The information contained
on the Company’s website is not a part of this earnings release.




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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.




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