贝莱德Q3 2026营收和调整后EPS双超预期，AUM达15.5万亿美元，但盘前冲高后盘中已回落至平盘

----- blk-20261014.htm -----
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 14, 2026
BLACKROCK, INC.
(Exact name of registrant as specified in its charter)
delaware
(State or other jurisdiction
of incorporation)
001-42297
(Commission
File Number)
99-1116001
(IRS Employer
Identification No.)
50 Hudson Yards
,
New York
,
New York
10001
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code:
(212)
810-5800
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Common Stock, $.01 par value
BLK
New York Stock Exchange
3.750% Notes due 2035
BLK 35
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 2.02. Results of Operations and Financial Condition
On October 14, 2026, BlackRock, Inc. (the “Company”) reported results of operations for the three and nine months ended September 30, 2026. A copy of the earnings release issued by the Company is attached as Exhibit 99.1 to this Form 8-K.
Item 7.01. Regulation FD Disclosure
On October 14, 2026, the Company will hold an investor conference call and webcast to discuss the Company’s earnings results for the three and nine months ended September 30, 2026. A copy of supplemental materials used during the conference call and webcast is furnished as Exhibit 99.2 to this Form 8-K.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
99.1
Earnings release dated October 14, 2026 issued by the Company
99.2
Third Quarter 2026 Earnings – Earnings Release Supplement
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BlackRock, Inc.
(Registrant)
Date: October 14, 2026
By:
/s/ Martin S. Small
Martin S. Small
Senior Managing Director and
Chief Financial Officer

----- blk-ex99_1.htm -----
EX-99.1
2
blk-ex99_1.htm
EX-99.1
EX-99.1
Exhibit 99.1
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’s why 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’s ability 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’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.
(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.
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.
15
(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.
16
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.
17
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.
18

----- blk-ex99_2.htm -----
EX-99.2
3
blk-ex99_2.htm
EX-99.2
Q3 2026 Earnings Exhibit 99.2 October 14, 2026 Earnings Release Supplement
A broadly diversified business
across clients, products and geographies Base fees include investment advisory, administration fees and securities lending revenue. Base fees and AUM by region data are based on client domicile. 1 Product Type Client Type Style Region Assets Under Management of $15.5 trillion at September 30, 2026 Q3 2026 Base Fees and Securities Lending Revenue of $6.0 billion
LTM organic asset growth rate (%) LTM organic base fee growth rate (%) Net flows
($ in billions) Total BlackRock Retail Long-term Institutional Long-term 2 Institutional Active Institutional Index ETFs Long-term Long-term Cash LTM organic asset growth rate measures rolling last twelve months net flows over beginning of period assets. Beginning in the first quarter of 2025, BlackRock updated the presentation of the Company's AUM line items. In addition, beginning in the first quarter of 2025, BlackRock updated the presentation of net flows to separately disclose realizations, which represent return of capital/return on investments. Realizations have not been recast for prior periods. LTM organic base fee growth rate is calculated by dividing net new base fees earned on net asset inflows for the LTM period by the base fee run-rate at the beginning of the period. Totals may not add due to rounding. 1% 3% 3% 3% 3% 10% 11% 11% 0% 0% 2% 1% 1% (1)% (1)% 0% 12% 11% 11% 11% 11% 12% 13% 14% 8% 3% 4% 6% 7% 9% 10% 5% 6% 6% 6% 6% 6% 6% 7% 10% 6% 10% 12% 12% 0%
Profitability
($ in millions, except per share data) For further information and reconciliations to GAAP, see page 12 of this Earnings Release Supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. Operating Income, as adjusted Operating Margin, as adjusted Net Income, as adjusted EPS, as adjusted 3 Operating Income and Margin, as adjusted Net Income and EPS, as adjusted
Capital management
(amounts in millions, except per share data) (1) Q4 2024 weighted-average diluted shares include the impact of 6.9 million shares issued as part of the consideration for the acquisition of Global Infrastructure Management, LLC (“GIP”) in October 2024 (the “GIP Transaction”). (2) Q3 2025 weighted-average diluted shares include the impact of approximately 8.5 million Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC issued as part of the consideration for the acquisition of HPS Investment Partners (“HPS”) in July 2025 (the “HPS Transaction”). (3) Amounts exclude repurchases of employee tax withholdings related to employee stock transactions. For further information and reconciliations to GAAP, see page 12 of this Earnings Release Supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. Share repurchases and weighted-average diluted shares Share repurchases(3) Weighted-average diluted shares 4 Dividends per share
Major market indices and exchange rates Source: Bloomberg (1) Revenue weighted composite index is calculated by BlackRock to approximate the impact of market fluctuations on BlackRock’s equity base fees. The index is derived from publicly available market indices that represent applicable AUM benchmarks for each equity portfolio, as selected by BlackRock. The performance information for each equity portfolio used to calculate the index may be substantially different from that shown. Index does not include portfolios that do not have an applicable market index. Index does not reflect BlackRock’s investment performance, and is not indicative of past or future results. 5
Quarterly revenue
($ in millions) $1,243 $668 Q3 2026 compared to Q3 2025 Q3 2026 compared to Q2 2026 6               Percentage Change Year-over-Year Sequential Base fees 19 % 5 % Securities lending revenue 25 % 6 % Performance fees 22 % 107 % Tech services & subscription revenue 14 % 4 % Distribution fees 17 % 5 % Advisory & other revenue 9 % (9) % Total 19 %   9 %
$990 $310 Q3 2026 compared to Q3 2025 Q3 2026 compared to Q2 2026 Quarterly investment advisory, administration fees
and securities lending revenue
($ in millions) 7
Quarterly expense, as adjusted
($ in millions) $534 $254 Q3 2026 compared to Q3 2025 Q3 2026 compared to Q2 2026 8               Percentage Change Year-over-Year Sequential Employee comp. & benefits 12 % 10 % Sales, asset & account 22 % 5 % General & administration 6 % (3) % Total 14 %   6 %   For information and reconciliations of as adjusted items to GAAP, see page 12 of this Earnings Release Supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks.
Q3 2025 Q3 2026 Total AUM Multi-alternatives  Real estate  Private equity  Private credit  Infrastructure Fee-Paying AUM Q3 2025 Q3 2026  Liquid alternatives Liquid credit Note: Beginning in the third quarter of 2026, BlackRock updated this page to include the Company’s Total AUM to provide additional information on our Alternatives platform. Historical periods have been recast to conform to this new presentation. Definitions: Total AUM: Alternative assets managed by BlackRock, which capture fair market value of investments and additional available capital. Fee-Paying AUM: Assets reported as AUM in BlackRock’s financial reports. Includes both invested capital and committed capital that is fee-paying in its commitment stage. Private Credit: Primarily represents direct lending, opportunistic and venture debt strategies. It does not include private credit assets across infrastructure and real estate debt, as well as assets in private placements and multi-strategy credit funds, which are reported within fixed income and multi-asset AUM. Liquid Alternatives: Includes hedge funds and hedge fund solutions (funds of funds). Liquid Credit: Active liquid credit strategies (such as high yield, bank loans, and collateralized loans) included in fixed income AUM. Note: Totals may not add due to rounding. Alternatives at BlackRock
($ in billions)
32 25 7 Available Capital AUM not yet earning fees Multi-alternatives  Real estate  Private equity  Private credit  Infrastructure Definitions: Available Capital: Total capital available for future investment, which includes fee-earning and non-fee-earning commitments, capital available for reinvestment, and certain undrawn leverage and credit facilities for applicable vehicles. May include AUM which becomes unavailable to invest in certain cases. AUM not yet earning fees: Capital that is eligible to earn fees when invested or when certain conditions are met. May include leverage for certain investment vehicles and capital that only earns performance fees. Note: Totals may not add due to rounding. $96B $139B Private Markets Dry Powder
($ in billions)
Gross Deployment Gross Fundraising Q3 2026 Q3 2026 LTM $14 $68 Multi-alternatives  Real estate  Private equity  Private credit  Infrastructure Definitions: Gross Fundraising: Represents new capital commitments and subscriptions to BlackRock closed-ended and open-ended funds and managed accounts. Includes fee-earning commitments and capital that is fee-earning on investment. May include non-fee earning commitments for certain vehicles. Gross Deployment: Represents the total aggregate amount of capital invested by BlackRock funds and managed accounts. May include drawn leverage and credit facilities for applicable vehicles. May include capital which is reinvested within certain vehicles. Note: Totals may not add due to rounding. Q3 2026 Q3 2026 LTM $30 $88 Private Markets Capital Activity
($ in billions)
Reconciliation between GAAP and as adjusted
($ in millions) Non-GAAP adjustments include amounts related to (i) net impact of compensation expense and hedge (gain) loss on deferred cash compensation plans, (ii) amortization and impairment of intangible assets, (iii) acquisition-related compensation costs, (iv) acquisition-related general and administration expense, (v) change in fair value of contingent consideration, (vi) net income (loss) attributable to noncontrolling interests - consolidated sponsored investment products, (vii) restructuring charges, (viii) a charitable contribution, (ix) income tax matters, as applicable and (x) noncontrolling interest - Subco. For further information and reconciliation between GAAP and as adjusted items, see notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks.
Important notes This presentation, 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 reports. These risk factors and those identified elsewhere in this presentation, 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. This presentation also includes non-GAAP financial measures. You can find our presentations on the most directly comparable GAAP financial measures calculated in accordance with GAAP and our reconciliations on page 12 of this Earnings Release Supplement, our current Earnings Release dated October 14, 2026, and BlackRock’s other periodic reports, which are available on BlackRock’s website at www.blackrock.com.