Exhibit 99.1


INVESTOR RELATIONS: Caroline Rodda 212.810.3442	MEDIA RELATIONS: Patrick Scanlan 212.810.3622

BlackRock Reports Second Quarter 2025 Diluted EPS of $10.19, or $12.05 as adjusted
New York, July 15, 2025 – BlackRock, Inc. (NYSE: BLK) today reported financial results for the three and six months ended June 30, 2025.

      $152 billion of year-to-date total net inflows led by a record first half for iShares® ETFs, alongside private markets and cash net inflows
$68 billion of quarterly total net inflows reflect impact of a single institutional client's $52 billion lower-fee index partial redemption
13% increase in revenue year-over-year reflects positive impact of markets, organic base fee growth and fees related to the GIP Transaction, as well as higher technology services and subscription revenue, partially offset by lower performance fees
4% decrease in year-over-year GAAP operating income primarily as a result of noncash acquisition-related expenses, which have been excluded from as-adjusted results
12% increase in year-over-year as adjusted operating income
2% increase in diluted EPS year-over-year (16% as adjusted) also reflects higher nonoperating income, partially offset by a higher effective tax rate and a higher diluted share count in the current quarter
$375 million of share repurchases in the current quarter
Closed acquisition of HPS Investment Partners on July 1st, adding $165 billion of client AUM and $118 billion of fee-paying AUM

       

      Laurence D. Fink, Chairman and CEO:
“For many years, BlackRock has worked to serve the ambitions of each and every client around the world – from the largest asset owners to individuals just getting their start with investing. We design and deliver strategies and products that fit their unique long-term needs and aspirations. We deliver in the way that best serves each client, whether it’s through whole portfolio solutions, opportunistic investments, or customized models and SMAs. 
“Our expanding client relationships are resonating in higher, more diversified organic base fee growth. We generated 6% organic base fee growth for the second quarter and the first half of 2025, and 7% over the last twelve months.
“BlackRock’s sustained growth has been powered by our whole portfolio approach, being the first firm to bring together active and index at scale. And now we’re building on our foundational platform to redefine the whole portfolio once again by integrating public and private markets across asset management and technology.
“iShares ETFs had a record first half in flows, and technology ACV growth reached a fresh high of 16%. This core strength, alongside client demand for private markets, digital assets, Aperio, and our tech and data-driven systematic strategies, propelled another consecutive quarter of above-target organic base fee growth and record AUM of $12.5 trillion.
“We surpassed the fundraising target for GIP’s fifth flagship, raising $25.2 billion and delivering the largest-ever client capital raise in a private infrastructure fund. We announced the development of a custom target date fund glidepath that strategically allocates across public and private markets. And we’re attracting a new and increasingly global generation of investors through things like our digital assets offerings and recently launched funds in India through our joint venture Jio BlackRock.
“Our comprehensive platform and the depth of our client relationships set us apart from traditional or private markets firms in the industry. Our recent closing of HPS will help us build even more with clients as we head into our seasonally strongest second half of the year. These are just the early days in our next phase of even stronger growth.”

     


FINANCIAL RESULTS							NET FLOW HIGHLIGHTS(1)
	Q2			Q2						Q2			YTD
(in millions, except per share data)	2025			2024			(in billions)			2025			2025
AUM	$	12,527,590		$	10,645,721		Long-term net flows:			$	46		$	129
% change		18	%
Average AUM	$	11,974,829		$	10,457,851		By region:
% change		15	%					Americas		$	69		$	119
Total net flows	$	67,737		$	81,565			EMEA			29			66
								APAC			(52	)		(56	)
GAAP basis:
Revenue	$	5,423		$	4,805		By client type:
% change		13	%
Operating income	$	1,731		$	1,800			Retail:		$	2		$	15
% change		(4	)%						US		(1	)		6
Operating margin		31.9	%		37.5	%			International		3			9
Net income(1)	$	1,593		$	1,495
% change		7	%					ETFs:		$	85		$	192
Diluted EPS	$	10.19		$	9.99				Active		11			20
% change		2	%						Core equity		-			45
Weighted-average									Digital assets		14			17
diluted shares		156.3			149.7				Fixed income		42			70
% change		4	%						Precision & other		18			40

As Adjusted(2):								Institutional:		$	(41	)	$	(78	)
Operating income	$	2,099		$	1,881				Active		7			15
% change		12	%						Index		(48	)		(93	)
Operating margin		43.3	%		44.1	%
Net income(1)	$	1,883		$	1,550		Cash management net flows			$	22		$	23
% change		21	%
Diluted EPS	$	12.05		$	10.36
% change		16	%				Total net flows			$	68		$	152
_________________________							_________________________
(1) Net income represents net income attributable to BlackRock, Inc. (2) See pages 14 through 16 for the reconciliation to accounting principles generally accepted in the United States ("GAAP") and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items.							(1) Totals may not add due to rounding.

BUSINESS RESULTS


											Q2 2025
						Q2 2025					Base fees(1)
						Base fees(1)		June 30, 2025			and securities
	Q2 2025			June 30, 2025		and securities		AUM			lending revenue
(in millions), (unaudited)	Net flows			AUM		lending revenue		% of Total			% of Total
RESULTS BY PRODUCT TYPE
Equity	$	28,781		$	6,905,438	$	2,123		54	%		48	%
Fixed income		(4,664	)		3,087,297		945		25	%		21	%
Multi-asset		(6,743	)		1,076,709		319		8	%		7	%
Alternatives:
Private markets		6,819			215,244		499		2	%		11	%
Liquid alternatives		2,948			86,670		157		1	%		4	%
Alternatives subtotal		9,767			301,914		656		3	%		15	%
Digital assets		14,139			79,551		40		1	%		1	%
Currency and commodities(2)		4,509			106,980		67		1	%		1	%
Long-term		45,789			11,557,889		4,150		92	%		93	%
Cash management		21,948			969,701		304		8	%		7	%
Total	$	67,737		$	12,527,590	$	4,454		100	%		100	%
RESULTS BY CLIENT TYPE
Retail	$	1,957		$	1,100,997	$	1,053		9	%		24	%
ETFs		84,860			4,748,768		1,875		38	%		42	%
Institutional:
Active		6,727			2,277,877		981		18	%		22	%
Index		(47,755	)		3,430,247		241		27	%		5	%
Institutional subtotal		(41,028	)		5,708,124		1,222		45	%		27	%
Long-term		45,789			11,557,889		4,150		92	%		93	%
Cash management		21,948			969,701		304		8	%		7	%
Total	$	67,737		$	12,527,590	$	4,454		100	%		100	%
RESULTS BY INVESTMENT STYLE
Active	$	1,413		$	3,051,873	$	1,962		24	%		44	%
ETFs		84,860			4,748,768		1,875		38	%		42	%
Non-ETF index		(40,484	)		3,757,248		313		30	%		7	%
Long-term		45,789			11,557,889		4,150		92	%		93	%
Cash management		21,948			969,701		304		8	%		7	%
Total	$	67,737		$	12,527,590	$	4,454		100	%		100	%

(1)

Base fees include investment advisory and administration fees.

(2)

Amounts include commodity exchange-traded funds ("ETFs") and exchange-traded products ("ETPs").

INVESTMENT PERFORMANCE AT June 30, 2025(1)


	One-year period	Three-year period	Five-year period
Fixed income:
Actively managed AUM above benchmark or peer median
Taxable	73%	84%	83%
Tax-exempt	30%	61%	64%
Index AUM within or above applicable tolerance	96%	99%	100%
Equity:
Actively managed AUM above benchmark or peer median
Fundamental	40%	75%	54%
Systematic	47%	95%	93%
Index AUM within or above applicable tolerance	95%	99%	100%

(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 Tuesday, July 15, 2025 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, (786) 460-7166, or from outside the United States, (800) 401-3551, shortly before 7:30 a.m. and reference the BlackRock Conference Call (ID Number 1723819). 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 Tuesday, July 15, 2025. To access the replay of the webcast, please visit the investor relations section of www.blackrock.com.

ABOUT BLACKROCK

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

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


											Three Months
	Three Months Ended										Ended
	June 30,										March 31,
	2025			2024			Change				2025			Change
Revenue
Investment advisory, administration fees and securities lending revenue:
Investment advisory and administration fees	$	4,283		$	3,721		$	562			$	4,244		$	39
Securities lending revenue		171			154			17				157			14
Total investment advisory, administration fees and securities lending revenue		4,454			3,875			579				4,401			53
Investment advisory performance fees		94			164			(70	)			60			34
Technology services and subscription revenue		499			395			104				436			63
Distribution fees		320			318			2				321			(1	)
Advisory and other revenue		56			53			3				58			(2	)
Total revenue		5,423			4,805			618				5,276			147

Expense
Employee compensation and benefits		1,764			1,503			261				1,741			23
Sales, asset and account expense:
Distribution and servicing costs		576			539			37				570			6
Direct fund expense		441			358			83				392			49
Sub-advisory and other		46			32			14				47			(1	)
Total sales, asset and account expense		1,063			929			134				1,009			54
General and administration expense		689			534			155				711			(22	)
Restructuring charge		39			-			39				-			39
Amortization of intangible assets		137			39			98				117			20
Total expense		3,692			3,005			687				3,578			114

Operating income		1,731			1,800			(69	)			1,698			33

Nonoperating income (expense)
Net gain (loss) on investments		550			162			388				58			492
Interest and dividend income		144			178			(34	)			173			(29	)
Interest expense		(173	)		(126	)		(47	)			(166	)		(7	)
Total nonoperating income (expense)		521			214			307				65			456

Income before income taxes		2,252			2,014			238				1,763			489
Income tax expense		587			477			110				248			339
Net income		1,665			1,537			128				1,515			150
Less:
Net income (loss) attributable to noncontrolling interests		72			42			30				5			67
Net income attributable to BlackRock, Inc.	$	1,593		$	1,495		$	98			$	1,510		$	83

Weighted-average common shares outstanding
Basic		154.9			148.4			6.4				155.0			(0.2	)
Diluted		156.3			149.7			6.6				156.6			(0.4	)
Earnings per share attributable to BlackRock, Inc. common stockholders
Basic	$	10.29		$	10.07		$	0.22			$	9.74		$	0.55
Diluted	$	10.19		$	9.99		$	0.20			$	9.64		$	0.55
Cash dividends declared and paid per share	$	5.21		$	5.10		$	0.11			$	5.21		$	-

Supplemental information:

AUM (end of period)	$	12,527,590		$	10,645,721		$	1,881,869			$	11,583,928		$	943,662
Shares outstanding (end of period)		154.8			148.2			6.6				155.0			(0.3	)
GAAP:
Operating margin		31.9	%		37.5	%		(560	)	bps		32.2	%		(30	)	bps
Effective tax rate		26.9	%		24.2	%		270		bps		14.1	%		1,280		bps
As adjusted:
Operating income (1)	$	2,099		$	1,881		$	218			$	2,032		$	67
Operating margin (1)		43.3	%		44.1	%		(80	)	bps		43.2	%		10		bps
Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests (2)	$	404		$	165		$	239			$	75		$	329
Net income attributable to BlackRock, Inc. (3)	$	1,883		$	1,550		$	333			$	1,770		$	113
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3)	$	12.05		$	10.36		$	1.69			$	11.30		$	0.75
Effective tax rate		24.8	%		24.2	%		60		bps		16.0	%		880		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.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

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



	Six Months Ended
	June 30,
	2025			2024			Change
Revenue
Investment advisory, administration fees and securities lending revenue:
Investment advisory and administration fees	$	8,527		$	7,348		$	1,179
Securities lending revenue		328			305			23
Total investment advisory, administration fees and securities lending revenue		8,855			7,653			1,202
Investment advisory performance fees		154			368			(214	)
Technology services and subscription revenue		935			772			163
Distribution fees		641			628			13
Advisory and other revenue		114			112			2
Total revenue		10,699			9,533			1,166

Expense
Employee compensation and benefits		3,505			3,083			422
Sales, asset and account expense:
Distribution and servicing costs		1,146			1,057			89
Direct fund expense		833			696			137
Sub-advisory and other		93			64			29
Total sales, asset and account expense		2,072			1,817			255
General and administration expense		1,400			1,063			337
Restructuring charge		39			-			39
Amortization of intangible assets		254			77			177
Total expense		7,270			6,040			1,230

Operating income		3,429			3,493			(64	)

Nonoperating income (expense)
Net gain (loss) on investments		608			333			275
Interest and dividend income		317			319			(2	)
Interest expense		(339	)		(218	)		(121	)
Total nonoperating income (expense)		586			434			152

Income before income taxes		4,015			3,927			88
Income tax expense		835			767			68
Net income		3,180			3,160			20
Less:
Net income (loss) attributable to noncontrolling interests		77			92			(15	)
Net income attributable to BlackRock, Inc.	$	3,103		$	3,068		$	35

Weighted-average common shares outstanding
Basic		155.0			148.6			6.4
Diluted		156.4			149.9			6.6
Earnings per share attributable to BlackRock, Inc. common stockholders
Basic	$	20.03		$	20.65		$	(0.62	)
Diluted	$	19.83		$	20.47		$	(0.64	)
Cash dividends declared and paid per share	$	10.42		$	10.20		$	0.22

Supplemental information:

AUM (end of period)	$	12,527,590		$	10,645,721		$	1,881,869
Shares outstanding (end of period)		154.8			148.2			6.6
GAAP:
Operating margin		32.0	%		36.6	%		(460	)	bps
Effective tax rate		21.2	%		20.0	%		120		bps
As adjusted:
Operating income (1)	$	4,131		$	3,656		$	475
Operating margin (1)		43.2	%		43.1	%		10		bps
Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests (2)	$	479		$	304		$	175
Net income attributable to BlackRock, Inc. (3)	$	3,653		$	3,023		$	630
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3)	$	23.35		$	20.17		$	3.18
Effective tax rate		20.8	%		23.7	%		(290	)	bps

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Current Quarter Component Changes by Product Type
			Net
	March 31,		inflows						Market			FX		June 30,		Average
	2025		(outflows)			Realizations(1)			change			impact(2)		2025		AUM(3)
Equity	$	6,204,549	$	28,781		$	-		$	594,781		$	77,327	$	6,905,438	$	6,497,393
Fixed income		3,006,670		(4,664	)		(543	)		30,932			54,902		3,087,297		3,024,167
Multi-asset		1,002,681		(6,743	)		-			60,155			20,616		1,076,709		1,033,261
Alternatives:
Private markets		212,354		6,819			(6,474	)		(1,068	)		3,613		215,244		214,708
Liquid alternatives		79,356		2,948			(29	)		3,769			626		86,670		82,849
Alternatives subtotal		291,710		9,767			(6,503	)		2,701			4,239		301,914		297,557
Digital assets		50,329		14,139			-			15,077			6		79,551		65,710
Currency and commodities(4)		97,355		4,509			-			4,771			345		106,980		101,838
Long-term		10,653,294		45,789			(7,046	)		708,417			157,435		11,557,889		11,019,926
Cash management		930,634		21,948			-			3,031			14,088		969,701		954,903
Total	$	11,583,928	$	67,737		$	(7,046	)	$	711,448		$	171,523	$	12,527,590	$	11,974,829

Current Quarter Component Changes by Client Type and Product Type (Long-Term)
			Net
	March 31,		inflows						Market			FX		June 30,		Average
	2025		(outflows)			Realizations(1)			change			impact(2)		2025		AUM(3)
Retail:
Equity	$	502,678	$	797		$	-		$	45,593		$	8,765	$	557,833	$	525,736
Fixed income		323,508		569			-			3,825			5,722		333,624		327,191
Multi-asset		153,420		(1,845	)		-			10,444			833		162,852		156,711
Private markets		16,017		767			(476	)		117			398		16,823		16,571
Liquid alternatives		27,257		1,669			-			760			179		29,865		28,556
Retail subtotal		1,022,880		1,957			(476	)		60,739			15,897		1,100,997		1,054,765
ETFs:
Equity		3,111,438		22,066			-			298,889			22,724		3,455,117		3,245,785
Fixed income		1,039,115		43,617			-			7,451			11,041		1,101,224		1,065,853
Multi-asset		10,603		475			-			633			215		11,926		11,210
Digital assets		50,329		14,139			-			15,077			6		79,551		65,710
Commodities		91,276		4,563			-			4,891			220		100,950		95,843
ETFs subtotal		4,302,761		84,860			-			326,941			34,206		4,748,768		4,484,401
Institutional:
Active:
Equity		217,390		(217	)		-			19,634			5,291		242,098		228,535
Fixed income		853,873		4,995			(543	)		12,286			11,321		881,932		866,013
Multi-asset		835,479		(5,382	)		-			48,983			19,541		898,621		862,105
Private markets		196,337		6,052			(5,998	)		(1,185	)		3,215		198,421		198,137
Liquid alternatives		52,099		1,279			(29	)		3,009			447		56,805		54,293
Active subtotal		2,155,178		6,727			(6,570	)		82,727			39,815		2,277,877		2,209,083
Index		3,172,475		(47,755	)		-			238,010			67,517		3,430,247		3,271,677
Institutional subtotal		5,327,653		(41,028	)		(6,570	)		320,737			107,332		5,708,124		5,480,760
Long-term	$	10,653,294	$	45,789		$	(7,046	)	$	708,417		$	157,435	$	11,557,889	$	11,019,926

(1)

Realizations represent return of capital/return on investments.

(2)

Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

(3)

Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.

(4)

Amounts include commodity ETFs and ETPs.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Current Quarter Component Changes by Investment Style and Product Type (Long-Term)
			Net
	March 31,		inflows						Market			FX		June 30,		Average
	2025		(outflows)			Realizations(1)			change			impact(2)		2025		AUM(3)
Active:
Equity	$	458,656	$	(4,581	)	$	-		$	41,315		$	9,164	$	504,554	$	477,538
Fixed income		1,149,891		3,454			(543	)		15,697			15,449		1,183,948		1,163,331
Multi-asset		988,884		(7,227	)		-			59,426			20,374		1,061,457		1,018,800
Private markets		212,354		6,819			(6,474	)		(1,068	)		3,613		215,244		214,708
Liquid alternatives		79,356		2,948			(29	)		3,769			626		86,670		82,849
Active subtotal		2,889,141		1,413			(7,046	)		119,139			49,226		3,051,873		2,957,226
ETFs:
Equity		3,111,438		22,066			-			298,889			22,724		3,455,117		3,245,785
Fixed income		1,039,115		43,617			-			7,451			11,041		1,101,224		1,065,853
Multi-asset		10,603		475			-			633			215		11,926		11,210
Digital assets		50,329		14,139			-			15,077			6		79,551		65,710
Commodities		91,276		4,563			-			4,891			220		100,950		95,843
ETFs subtotal		4,302,761		84,860			-			326,941			34,206		4,748,768		4,484,401
Non-ETF index		3,461,392		(40,484	)		-			262,337			74,003		3,757,248		3,578,299
Long-term	$	10,653,294	$	45,789		$	(7,046	)	$	708,417		$	157,435	$	11,557,889	$	11,019,926

Current Quarter Component Changes by Private Markets Product Type (Long-Term)
			Net
	March 31,		inflows						Market			FX		June 30,		Average
	2025		(outflows)			Realizations(1)			change			impact(2)		2025		AUM(3)
Private markets:
Infrastructure	$	108,371	$	3,383		$	(774	)	$	43		$	1,300	$	112,323	$	110,365
Private equity		36,562		1,045			(4,186	)		103			219		33,743		36,173
Private credit		33,686		2,264			(1,096	)		(30	)		1,161		35,985		34,675
Real estate		26,076		(65	)		(366	)		(1,171	)		802		25,276		25,701
Multi-alternatives		7,659		192			(52	)		(13	)		131		7,917		7,794
Total private markets	$	212,354	$	6,819		$	(6,474	)	$	(1,068	)	$	3,613	$	215,244	$	214,708

(1)

Realizations represent return of capital/return on investments.

(2)

Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

(3)

Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Year-to-Date Component Changes by Product Type(1)
			Net
	December 31,		inflows						Market			FX		June 30,		Average
	2024		(outflows)			Realizations(2)			change			impact(3)		2025		AUM(4)
Equity	$	6,310,191	$	48,096		$	-		$	425,528		$	121,623	$	6,905,438	$	6,463,741
Fixed income		2,905,669		33,073			(1,261	)		64,053			85,763		3,087,297		2,992,838
Multi-asset		992,921		1,802			-			53,385			28,601		1,076,709		1,022,719
Alternatives:
Private markets		211,974		13,964			(13,475	)		(2,481	)		5,262		215,244		212,414
Liquid alternatives		76,390		5,102			(29	)		4,369			838		86,670		80,773
Alternatives subtotal		288,364		19,066			(13,504	)		1,888			6,100		301,914		293,187
Digital assets		55,306		17,493			-			6,746			6		79,551		61,834
Currency and commodities(5)		78,137		9,612			-			18,733			498		106,980		93,879
Long-term		10,630,588		129,142			(14,765	)		570,333			242,591		11,557,889		10,928,198
Cash management		920,663		22,765			-			5,542			20,731		969,701		939,075
Total	$	11,551,251	$	151,907		$	(14,765	)	$	575,875		$	263,322	$	12,527,590	$	11,867,273

Year-to-Date Component Changes by Client Type and Product Type (Long-Term)(1)
			Net
	December 31,		inflows						Market			FX		June 30,		Average
	2024		(outflows)			Realizations(2)			change			impact(3)		2025		AUM(4)
Retail:
Equity	$	505,118	$	8,141		$	-		$	31,396		$	13,178	$	557,833	$	522,323
Fixed income		318,641		1,360			-			5,726			7,897		333,624		325,253
Multi-asset		150,978		1,005			-			9,670			1,199		162,852		155,305
Private markets		15,749		1,094			(655	)		47			588		16,823		16,238
Liquid alternatives		24,735		3,474			-			1,383			273		29,865		27,285
Retail subtotal		1,015,221		15,074			(655	)		48,222			23,135		1,100,997		1,046,404
ETFs:
Equity		3,106,398		87,064			-			230,091			31,564		3,455,117		3,213,790
Fixed income		985,652		77,390			-			22,432			15,750		1,101,224		1,041,285
Multi-asset		10,734		308			-			665			219		11,926		10,964
Digital assets		55,306		17,493			-			6,746			6		79,551		61,834
Commodities		72,285		10,014			-			18,390			261		100,950		87,909
ETFs subtotal		4,230,375		192,269			-			278,324			47,800		4,748,768		4,415,782
Institutional:
Active:
Equity		218,848		1,678			-			13,491			8,081		242,098		226,527
Fixed income		840,328		(1,562	)		(1,261	)		27,486			16,941		881,932		858,235
Multi-asset		828,039		485			-			42,961			27,136		898,621		853,240
Private markets		196,225		12,870			(12,820	)		(2,528	)		4,674		198,421		196,176
Liquid alternatives		51,655		1,628			(29	)		2,986			565		56,805		53,488
Active subtotal		2,135,095		15,099			(14,110	)		84,396			57,397		2,277,877		2,187,666
Index		3,249,897		(93,300	)		-			159,391			114,259		3,430,247		3,278,346
Institutional subtotal		5,384,992		(78,201	)		(14,110	)		243,787			171,656		5,708,124		5,466,012
Long-term	$	10,630,588	$	129,142		$	(14,765	)	$	570,333		$	242,591	$	11,557,889	$	10,928,198

(1)

Beginning in the first quarter of 2025, BlackRock updated the presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation.

(2)

Realizations represent return of capital/return on investments.

(3)

Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

(4)

Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing seven months.

(5)

Amounts include commodity ETFs and ETPs.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Year-to-Date Component Changes by Investment Style and Product Type (Long-Term)(1)
			Net
	December 31,		inflows						Market			FX		June 30,		Average
	2024		(outflows)			Realizations(2)			change			impact(3)		2025		AUM(4)
Active:
Equity	$	467,163	$	(4,958	)	$	-		$	28,395		$	13,954	$	504,554	$	477,528
Fixed income		1,133,874		(3,876	)		(1,261	)		32,638			22,573		1,183,948		1,155,622
Multi-asset		979,001		1,490			-			52,632			28,334		1,061,457		1,008,530
Private markets		211,974		13,964			(13,475	)		(2,481	)		5,262		215,244		212,414
Liquid alternatives		76,390		5,102			(29	)		4,369			838		86,670		80,773
Active subtotal		2,868,402		11,722			(14,765	)		115,553			70,961		3,051,873		2,934,867
ETFs:
Equity		3,106,398		87,064			-			230,091			31,564		3,455,117		3,213,790
Fixed income		985,652		77,390			-			22,432			15,750		1,101,224		1,041,285
Multi-asset		10,734		308			-			665			219		11,926		10,964
Digital assets		55,306		17,493			-			6,746			6		79,551		61,834
Commodities		72,285		10,014			-			18,390			261		100,950		87,909
ETFs subtotal		4,230,375		192,269			-			278,324			47,800		4,748,768		4,415,782
Non-ETF index		3,531,811		(74,849	)		-			176,456			123,830		3,757,248		3,577,549
Long-term	$	10,630,588	$	129,142		$	(14,765	)	$	570,333		$	242,591	$	11,557,889	$	10,928,198

Year-to-Date Component Changes by Private Markets Product Type (Long-Term)
			Net
	December 31,		inflows						Market			FX		June 30,		Average
	2024		(outflows)			Realizations(2)			change			impact(3)		2025		AUM(4)
Private markets:
Infrastructure	$	109,606	$	7,888		$	(6,639	)	$	(428	)	$	1,896	$	112,323	$	108,936
Private equity		36,327		1,969			(4,357	)		(518	)		322		33,743		36,169
Private credit		32,425		3,581			(1,557	)		(165	)		1,701		35,985		33,815
Real estate		26,147		(28	)		(651	)		(1,340	)		1,148		25,276		25,839
Multi-alternatives		7,469		554			(271	)		(30	)		195		7,917		7,655
Total private markets	$	211,974	$	13,964		$	(13,475	)	$	(2,481	)	$	5,262	$	215,244	$	212,414

(1)

Beginning in the first quarter of 2025, BlackRock updated the presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation.

(2)

Realizations represent return of capital/return on investments.

(3)

Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

(4)

Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing seven months.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Year-over-Year Component Changes by Product Type(1)
			Net
	June 30,		inflows								Market			FX		June 30,		Average
	2024		(outflows)(2)			Realizations(2)			Acquisitions(3)		change			impact(4)		2025		AUM(5)
Equity	$	5,827,135	$	248,804		$	-		$	-	$	735,141		$	94,358	$	6,905,438	$	6,322,151
Fixed income		2,815,884		119,598			(1,261	)		-		82,630			70,446		3,087,297		2,966,961
Multi-asset		921,412		43,923			-			-		93,861			17,513		1,076,709		999,938
Alternatives:
Private markets		137,868		20,220			(13,475	)		69,875		(3,001	)		3,757		215,244		189,552
Liquid alternatives		75,483		5,417			(29	)		-		5,429			370		86,670		78,462
Alternatives subtotal		213,351		25,637			(13,504	)		69,875		2,428			4,127		301,914		268,014
Digital assets		18,531		40,563			-			-		20,451			6		79,551		46,412
Currency and commodities(6)		71,366		11,458			-			-		23,750			406		106,980		86,004
Long-term		9,867,679		489,983			(14,765	)		69,875		958,261			186,856		11,557,889		10,689,480
Cash management		778,042		164,521			-			-		11,154			15,984		969,701		891,281
Total	$	10,645,721	$	654,504		$	(14,765	)	$	69,875	$	969,415		$	202,840	$	12,527,590	$	11,580,761

Year-over-Year Component Changes by Client Type and Product Type (Long-Term)(1)
			Net
	June 30,		inflows								Market			FX		June 30,		Average
	2024		(outflows)(2)			Realizations(2)			Acquisitions(3)		change			impact(4)		2025		AUM(5)
Retail:
Equity	$	490,427	$	13,248		$	-		$	-	$	43,194		$	10,964	$	557,833	$	516,634
Fixed income		313,632		8,232			-			-		8,031			3,729		333,624		322,632
Multi-asset		147,719		(723	)		-			-		14,970			886		162,852		153,373
Private markets		15,848		1,388			(655	)		-		(217	)		459		16,823		16,114
Liquid alternatives		23,870		4,468			-			-		1,298			229		29,865		25,942
Retail subtotal		991,496		26,613			(655	)		-		67,276			16,267		1,100,997		1,034,695
ETFs:
Equity		2,830,268		242,214			-			-		361,224			21,411		3,455,117		3,115,075
Fixed income		931,217		137,034			-			-		21,917			11,056		1,101,224		1,017,002
Multi-asset		9,204		1,692			-			-		983			47		11,926		10,424
Digital assets		18,531		40,563			-			-		20,451			6		79,551		46,412
Commodities		66,554		10,816			-			-		23,411			169		100,950		80,443
ETFs subtotal		3,855,774		432,319			-			-		427,986			32,689		4,748,768		4,269,356
Institutional:
Active:
Equity		208,177		3,371			-			-		24,095			6,455		242,098		222,821
Fixed income		823,716		434			(1,261	)		-		45,887			13,156		881,932		854,758
Multi-asset		761,194		43,194			-			-		77,691			16,542		898,621		832,866
Private markets		122,020		18,832			(12,820	)		69,875		(2,784	)		3,298		198,421		173,438
Liquid alternatives		51,613		949			(29	)		-		4,131			141		56,805		52,520
Active subtotal		1,966,720		66,780			(14,110	)		69,875		149,020			39,592		2,277,877		2,136,403
Index		3,053,689		(35,729	)		-			-		313,979			98,308		3,430,247		3,249,026
Institutional subtotal		5,020,409		31,051			(14,110	)		69,875		462,999			137,900		5,708,124		5,385,429
Long-term	$	9,867,679	$	489,983		$	(14,765	)	$	69,875	$	958,261		$	186,856	$	11,557,889	$	10,689,480

(1)

Beginning in the first quarter of 2025, BlackRock updated the presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation.

(2)

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 2024.

(3)

Amounts include AUM attributable to the acquisition of Global Infrastructure Management, LLC ("GIP") in October 2024 (the "GIP Transaction").

(4)

Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

(5)

Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.

(6)

Amounts include commodity ETFs and ETPs.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Year-over-Year Component Changes by Investment Style and Product Type (Long-Term)(1)
			Net
	June 30,		inflows								Market			FX		June 30,		Average
	2024		(outflows)(2)			Realizations(2)			Acquisitions(3)		change			impact(4)		2025		AUM(5)
Active:
Equity	$	466,518	$	(10,283	)	$	-		$	-	$	37,115		$	11,204	$	504,554	$	478,604
Fixed income		1,112,578		4,658			(1,261	)		-		53,069			14,904		1,183,948		1,150,632
Multi-asset		908,897		42,471			-			-		92,661			17,428		1,061,457		986,223
Private markets		137,868		20,220			(13,475	)		69,875		(3,001	)		3,757		215,244		189,552
Liquid alternatives		75,483		5,417			(29	)		-		5,429			370		86,670		78,462
Active subtotal		2,701,344		62,483			(14,765	)		69,875		185,273			47,663		3,051,873		2,883,473
ETFs:
Equity		2,830,268		242,214			-			-		361,224			21,411		3,455,117		3,115,075
Fixed income		931,217		137,034			-			-		21,917			11,056		1,101,224		1,017,002
Multi-asset		9,204		1,692			-			-		983			47		11,926		10,424
Digital assets		18,531		40,563			-			-		20,451			6		79,551		46,412
Commodities		66,554		10,816			-			-		23,411			169		100,950		80,443
ETFs subtotal		3,855,774		432,319			-			-		427,986			32,689		4,748,768		4,269,356
Non-ETF index		3,310,561		(4,819	)		-			-		345,002			106,504		3,757,248		3,536,651
Long-term	$	9,867,679	$	489,983		$	(14,765	)	$	69,875	$	958,261		$	186,856	$	11,557,889	$	10,689,480

Year-over-Year Component Changes by Private Markets Product Type (Long-Term)
			Net
	June 30,		inflows								Market			FX		June 30,		Average
	2024		(outflows)(2)			Realizations(2)			Acquisitions(3)		change			impact(4)		2025		AUM(5)
Private markets:
Infrastructure	$	37,294	$	11,675		$	(6,639	)	$	69,875	$	(1,030	)	$	1,148	$	112,323	$	87,054
Private equity		36,117		1,971			(4,357	)		-		(230	)		242		33,743		35,998
Private credit		30,877		5,811			(1,557	)		-		(445	)		1,299		35,985		32,812
Real estate		26,147		130			(651	)		-		(1,252	)		902		25,276		26,136
Multi-alternatives		7,433		633			(271	)		-		(44	)		166		7,917		7,552
Total private markets	$	137,868	$	20,220		$	(13,475	)	$	69,875	$	(3,001	)	$	3,757	$	215,244	$	189,552

(1)

Beginning in the first quarter of 2025, BlackRock updated the presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation.

(2)

(3)

Amounts include AUM attributable to the GIP Transaction.

(4)

Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

(5)

Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.

SUMMARY OF REVENUE


	Three Months							Three Months					Six Months
	Ended							Ended					Ended
	June 30,							March 31,					June 30,
(in millions), (unaudited)	2025		2024		Change			2025		Change			2025		2024		Change
Revenue
Investment advisory, administration fees and securities lending revenue(1):
Equity:
Active	$	507	$	539	$	(32	)	$	518	$	(11	)	$	1,025	$	1,055	$	(30	)
ETFs		1,401		1,250		151			1,349		52			2,750		2,440		310
Equity subtotal		1,908		1,789		119			1,867		41			3,775		3,495		280
Fixed income:
Active		487		481		6			492		(5	)		979		965		14
ETFs		366		326		40			352		14			718		653		65
Fixed income subtotal		853		807		46			844		9			1,697		1,618		79
Active multi-asset		312		306		6			313		(1	)		625		611		14
Alternatives:
Private markets		499		241		258			535		(36	)		1,034		481		553
Liquid alternatives		157		141		16			150		7			307		279		28
Alternatives subtotal		656		382		274			685		(29	)		1,341		760		581
Non-ETF index		313		285		28			307		6			620		573		47
Digital assets, commodities and multi-asset ETFs(2)		108		59		49			92		16			200		104		96
Long-term		4,150		3,628		522			4,108		42			8,258		7,161		1,097
Cash management		304		247		57			293		11			597		492		105
Total investment advisory, administration fees and securities lending revenue		4,454		3,875		579			4,401		53			8,855		7,653		1,202
Investment advisory performance fees:
Equity		12		28		(16	)		10		2			22		36		(14	)
Fixed income		2		5		(3	)		12		(10	)		14		9		5
Multi-asset		6		11		(5	)		4		2			10		13		(3	)
Alternatives:
Private markets		39		68		(29	)		24		15			63		193		(130	)
Liquid alternatives		35		52		(17	)		10		25			45		117		(72	)
Alternatives subtotal		74		120		(46	)		34		40			108		310		(202	)
Total investment advisory performance fees		94		164		(70	)		60		34			154		368		(214	)
Technology services and subscription revenue		499		395		104			436		63			935		772		163
Distribution fees		320		318		2			321		(1	)		641		628		13
Advisory and other revenue:
Advisory		13		11		2			14		(1	)		27		24		3
Other		43		42		1			44		(1	)		87		88		(1	)
Total advisory and other revenue		56		53		3			58		(2	)		114		112		2
Total revenue	$	5,423	$	4,805	$	618		$	5,276	$	147		$	10,699	$	9,533	$	1,166

(1)

Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation. See page 11 of Exhibit 99.2 to the Current Report on Form 8-K furnished on April 11, 2025 for the reclassified presentation of the 2024 investment advisory, administration fees and securities lending revenue line items.

(2)

Amounts include commodity ETFs and ETPs.

Highlights

•

Investment advisory, administration fees and securities lending revenue increased $579 million from the second quarter of 2024, primarily driven by organic base fee growth, the impact of market beta and foreign exchange movements on average AUM, and approximately $240 million of fees related to the GIP Transaction. Securities lending revenue of $171 million increased from $154 million in the second quarter of 2024, primarily reflecting higher average balances of securities on loan.

Investment advisory, administration fees and securities lending revenue increased $53 million from the first quarter of 2025, primarily driven by organic base fee growth, the impact of market beta and foreign exchange movements on average AUM, and the effect of one additional day in the quarter. Securities lending revenue of $171 million increased from $157 million in the first quarter of 2025, primarily reflecting higher spreads.

•

Performance fees decreased $70 million from the second quarter of 2024, primarily reflecting lower revenue from private markets, liquid alternative and long-only products.

Performance fees increased $34 million from the first quarter of 2025, primarily reflecting higher revenue from liquid alternative and private markets products.

•

Technology services and subscription revenue increased $104 million from the second quarter of 2024 and $63 million from the first quarter of 2025, reflecting the sustained demand for Aladdin® technology offerings and revenue from the acquisition of Preqin Holding Limited ("Preqin") in March 2025 (the "Preqin Transaction"), which added approximately $60 million to second quarter revenue. Technology services and subscription annual contract value (“ACV”)(1) increased 32% from the second quarter of 2024 including ACV acquired with the Preqin Transaction, and increased 16% excluding ACV acquired with the Preqin Transaction.

(1)

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

SUMMARY OF OPERATING EXPENSE


	Three Months							Three Months						Six Months
	Ended							Ended						Ended
	June 30,							March 31,						June 30,
(in millions), (unaudited)	2025		2024		Change			2025			Change			2025			2024			Change
Operating expense
Employee compensation and benefits	$	1,764	$	1,503	$	261		$	1,741		$	23		$	3,505		$	3,083		$	422
Sales, asset and account expense:
Distribution and servicing costs		576		539		37			570			6			1,146			1,057			89
Direct fund expense		441		358		83			392			49			833			696			137
Sub-advisory and other		46		32		14			47			(1	)		93			64			29
Total sales, asset and account expense		1,063		929		134			1,009			54			2,072			1,817			255
General and administration expense:
Marketing and promotional		93		76		17			97			(4	)		190			158			32
Occupancy and office related		120		102		18			114			6			234			203			31
Portfolio services		62		63		(1	)		64			(2	)		126			129			(3	)
Technology		198		157		41			189			9			387			317			70
Professional services		51		64		(13	)		73			(22	)		124			122			2
Communications		11		9		2			10			1			21			19			2
Foreign exchange remeasurement		4		2		2			(8	)		12			(4	)		4			(8	)
Contingent consideration fair value adjustments		76		1		75			96			(20	)		172			(6	)		178
Other general and administration		74		60		14			76			(2	)		150			117			33
Total general and administration expense		689		534		155			711			(22	)		1,400			1,063			337
Restructuring charge		39		-		39			-			39			39			-			39
Amortization of intangible assets		137		39		98			117			20			254			77			177
Total operating expense	$	3,692	$	3,005	$	687		$	3,578		$	114		$	7,270		$	6,040		$	1,230

Highlights

•

Employee compensation and benefits expense increased $261 million from the second quarter of 2024, primarily reflecting the impact of the GIP and Preqin Transactions, including nonrecurring retention-related deferred compensation expense(1), partially offset by the impact of lower performance fees.

Employee compensation and benefits expense increased $23 million from the first quarter of 2025, primarily reflecting the impact of the Preqin Transaction and higher incentive compensation as a result of higher performance fees, partially offset by higher seasonal payroll taxes in the prior quarter.

•

Sales, asset and account expense increased $134 million from the second quarter of 2024 and $54 million from the first quarter of 2025, driven by higher direct fund expense and distribution and servicing costs, primarily reflecting higher average AUM.

•

General and administration expense increased $155 million from the second quarter of 2024, primarily associated with a higher noncash contingent consideration fair value adjustment(1) in connection with the GIP Transaction and higher technology expense.

General and administration expense decreased $22 million from the first quarter of 2025, primarily associated with lower acquisition-related transaction costs(1) recorded in professional services expense and a lower noncash contingent consideration fair value adjustment(1) in connection with the GIP Transaction, partially offset by a higher impact from foreign exchange remeasurement.

•

Amortization of intangible assets(1) increased $98 million from the second quarter of 2024 and $20 million from the first quarter of 2025, primarily reflecting amortization of intangible assets acquired in the GIP and Preqin Transactions.

•

A restructuring charge(1) of $39 million, comprised of severance and compensation expense for accelerated vesting of previously granted deferred compensation awards, was recorded in the second quarter of 2025 in connection with an initiative to modify our organization to fit more closely with strategic priorities.

(1)

These expenses have been excluded from the Company's "as adjusted" financial results under the expense adjustments for acquisition-related costs and a restructuring charge, as applicable. See pages 14 through 16 for the reconciliation to GAAP and notes (1) through (3) for more information on as adjusted items.

SUMMARY OF NONOPERATING INCOME (expense), less net income (loss) attributable TO noncontrolling interests


	Three Months									Three Months						Six Months
	Ended									Ended						Ended
	June 30,									March 31,						June 30,
(in millions), (unaudited)	2025			2024			Change			2025			Change			2025			2024			Change
Nonoperating income (expense), GAAP basis	$	521		$	214		$	307		$	65		$	456		$	586		$	434		$	152
Less: Net income (loss) attributable to noncontrolling interests ("NCI")		72			42			30			5			67			77			92			(15	)
Nonoperating income (expense), net of NCI		449			172			277			60			389			509			342			167
Less: Hedge gain (loss) on deferred cash compensation plans(1)		45			7			38			(15	)		60			30			38			(8	)
Nonoperating income (expense), net of NCI, as adjusted(2)	$	404		$	165		$	239		$	75		$	329		$	479		$	304		$	175

	Three Months									Three Months						Six Months
	Ended									Ended						Ended
	June 30,									March 31,						June 30,
(in millions), (unaudited)	2025			2024			Change			2025			Change			2025			2024			Change
Net gain (loss) on investments, net of NCI
Private equity	$	25		$	15		$	10		$	48		$	(23	)	$	73		$	23		$	50
Real assets		1			9			(8	)		(2	)		3			(1	)		6			(7	)
Other alternatives(3)		3			10			(7	)		9			(6	)		12			24			(12	)
Other investments(4)		11			34			(23	)		(10	)		21			1			65			(64	)
Hedge gain (loss) on deferred cash compensation plans(1)		45			7			38			(15	)		60			30			38			(8	)
Subtotal		85			75			10			30			55			115			156			(41	)
Other income/gain (expense/loss)(5)		393			45			348			23			370			416			85			331
Total net gain (loss) on investments, net of NCI		478			120			358			53			425			531			241			290
Interest and dividend income		144			178			(34	)		173			(29	)		317			319			(2	)
Interest expense		(173	)		(126	)		(47	)		(166	)		(7	)		(339	)		(218	)		(121	)
Net interest income (expense)		(29	)		52			(81	)		7			(36	)		(22	)		101			(123	)
Nonoperating income (expense), net of NCI		449			172			277			60			389			509			342			167
Less: Hedge gain (loss) on deferred cash compensation plans(1)		45			7			38			(15	)		60			30			38			(8	)
Nonoperating income (expense), net of NCI, as adjusted(2)	$	404		$	165		$	239		$	75		$	329		$	479		$	304		$	175

(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, 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 and six months ended June 30, 2025, include nonoperating noncash pre-tax gains in connection with the Company's minority investments in Circle Internet Group, Inc. of approximately $330 million and Scalable Capital Limited of approximately $32 million. In addition, amounts for the three and six months ended June 30, 2025, include nonoperating noncash pre-tax gains in connection with iCapital Network, Inc. of approximately $29 million and $65 million, respectively. The amount for the three and six months ended June 30, 2024 included a noncash pre-tax gain in connection with the acquisition of SpiderRock Advisors, LLC in May 2024 of approximately $19 million. Additional amounts include earnings (losses) from certain equity method minority investments and noncash pre-tax gains (losses) related to the revaluation of certain other minority investments.

summary of INCOME TAX EXPENSE


	Three Months								Three Months						Six Months
	Ended								Ended						Ended
	June 30,								March 31,						June 30,
(in millions), (unaudited)	2025			2024			Change		2025				Change		2025			2024			Change
Income tax expense	$	587		$	477		$	110		$	248		$	339	$	835		$	767		$	68
Effective tax rate		26.9	%		24.2	%	270 bps				14.1	%	1,280 bps			21.2	%		20.0	%	120 bps

Highlights

•

Second quarter 2025 and 2024 effective income tax rate was 26.9% and 24.2%, respectively. First quarter 2025 effective income tax rate of 14.1% included the impact of $149 million of discrete tax benefits related to the realization of capital losses from changes in the Company's organizational structure and a $46 million discrete tax benefit related to stock-based compensation awards that vested in the first quarter.


RECONCILIATION OF GAAP OPERATING INCOME AND OPERATING MARGIN TO OPERATING INCOME AND OPERATING MARGIN, AS ADJUSTED
	Three Months Ended									Six Months Ended
	June 30,						March 31,			June 30,
(in millions), (unaudited)	2025			2024			2025			2025			2024
Operating income, GAAP basis	$	1,731		$	1,800		$	1,698		$	3,429		$	3,493
Non-GAAP expense adjustments:
Compensation expense related to appreciation (depreciation) on deferred cash compensation plans (a)		30			9			(3	)		27			36
Amortization of intangible assets (b)		137			39			117			254			77
Acquisition-related compensation costs (b)		76			19			85			161			21
Acquisition-related transaction costs (b)(1)		10			13			39			49			35
Contingent consideration fair value adjustments (b)		76			1			96			172			(6	)
Restructuring charge (c)		39			-			-			39			-
Operating income, as adjusted (1)	$	2,099		$	1,881		$	2,032		$	4,131		$	3,656
Revenue, GAAP basis	$	5,423		$	4,805		$	5,276		$	10,699		$	9,533
Non-GAAP adjustments:
Distribution fees		(320	)		(318	)		(321	)		(641	)		(628	)
Investment advisory fees		(256	)		(221	)		(249	)		(505	)		(429	)
Revenue used for operating margin measurement	$	4,847		$	4,266		$	4,706		$	9,553		$	8,476
Operating margin, GAAP basis		31.9	%		37.5	%		32.2	%		32.0	%		36.6	%
Operating margin, as adjusted (1)		43.3	%		44.1	%		43.2	%		43.2	%		43.1	%

(1)

Amounts included within general and administration expense.

See note (1) to the condensed consolidated statements of income and supplemental information on page 15 for more information on as adjusted items.


RECONCILIATION OF GAAP NONOPERATING INCOME (EXPENSE) TO NONOPERATING INCOME (EXPENSE), LESS NET INCOME (LOSS) ATTRIBUTABLE TO NCI, AS ADJUSTED
	Three Months Ended							Six Months Ended
	June 30,				March 31,			June 30,
(in millions), (unaudited)	2025		2024		2025			2025		2024
Nonoperating income (expense), GAAP basis	$	521	$	214	$	65		$	586	$	434
Less: Net income (loss) attributable to NCI		72		42		5			77		92
Nonoperating income (expense), net of NCI		449		172		60			509		342
Less: Hedge gain (loss) on deferred cash compensation plans (a)		45		7		(15	)		30		38
Nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted (2)	$	404	$	165	$	75		$	479	$	304

See notes (1) and (2) to the condensed consolidated statements of income and supplemental information on pages 15 and 16 for more information on as adjusted items.


RECONCILIATION OF GAAP NET INCOME ATTRIBUTABLE TO BLACKROCK TO NET INCOME ATTRIBUTABLE TO BLACKROCK, AS ADJUSTED
	Three Months Ended							Six Months Ended
	June 30,					March 31,		June 30,
(in millions, except per share data), (unaudited)	2025			2024		2025		2025			2024
Net income attributable to BlackRock, Inc., GAAP basis	$	1,593		$	1,495	$	1,510	$	3,103		$	3,068
Non-GAAP adjustments(1):
Net impact of hedged deferred cash compensation plans (a)		(11	)		2		9		(2	)		(1	)
Amortization of intangible assets (b)		102			29		87		189			57
Acquisition-related compensation costs (b)		57			13		63		120			15
Acquisition-related transaction costs (b)		9			10		29		38			25
Contingent consideration fair value adjustments (b)		97			1		72		169			(4	)
Restructuring charge (c)		29			-		-		29			-
Income tax matters		7			-		-		7			(137	)
Net income attributable to BlackRock, Inc., as adjusted (3)	$	1,883		$	1,550	$	1,770	$	3,653		$	3,023
Diluted weighted-average common shares outstanding		156.3			149.7		156.6		156.4			149.9
Diluted earnings per common share, GAAP basis	$	10.19		$	9.99	$	9.64	$	19.83		$	20.47
Diluted earnings per common share, as adjusted (3)	$	12.05		$	10.36	$	11.30	$	23.35		$	20.17

(1)

Non-GAAP adjustments, excluding income tax matters, are net of tax.

See note (3) to the condensed consolidated statements of income and supplemental information on page 16 for more information on as adjusted items.

NOTES TO THE CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION (unaudited)

BlackRock reports its financial results in accordance with GAAP; however, management believes evaluating the Company’s ongoing operating results may be enhanced if investors have additional non-GAAP financial measures. Adjustments to GAAP financial measures (“non-GAAP adjustments”) include certain items management deems nonrecurring or that occur infrequently, transactions that ultimately will not impact BlackRock’s book value or certain tax items that do not impact cash flow. Management reviews non-GAAP financial measures, in addition to GAAP financial measures, to assess ongoing operations and considers them to be helpful, for both management and investors, in evaluating BlackRock’s financial performance over time. Management also uses non-GAAP financial measures as a benchmark to compare its performance with other companies and to enhance comparability for the reporting periods presented. Non-GAAP financial measures may pose limitations because they do not include all of BlackRock’s revenue and expense. BlackRock’s management does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Non-GAAP financial measures may not be comparable to other similarly titled measures of other companies.

Computations and reconciliations for all periods are derived from the condensed consolidated statements of income as follows:

(1) Operating income, as adjusted, and operating margin, as adjusted: Management believes operating income, as adjusted, and operating margin, as adjusted, are effective indicators of BlackRock’s financial performance over time, and, therefore, provide useful disclosure to investors. Management believes that operating margin, as adjusted, reflects the Company’s long-term ability to manage ongoing costs in relation to its revenues. The Company uses operating margin, as adjusted, to assess the Company’s financial performance, to determine the long-term and annual compensation of the Company’s senior-level employees and to evaluate the Company’s relative performance against industry peers. Furthermore, this metric eliminates margin variability arising from the accounting of revenues and expenses related to distributing different product structures in multiple distribution channels utilized by asset managers.

•

Operating income, as adjusted, includes the following non-GAAP expense adjustments:

(a)

Compensation expense related to appreciation (depreciation) on deferred cash compensation plans. The Company excludes compensation expense related to the market valuation changes on certain deferred cash compensation plans, which the Company hedges economically. For these deferred cash compensation plans, the final value of the deferred amount to be distributed to employees in cash upon vesting is determined based on the returns on specified investment funds. The Company recognizes compensation expense for the appreciation (depreciation) of the deferred cash compensation liability in proportion to the vested amount of the award during a respective period, while the net gain (loss) to economically hedge these plans is immediately recognized in nonoperating income (expense), which creates a timing difference impacting net income. This timing difference will reverse and offset to zero over the life of the award at the end of the multi-year vesting period. Management believes excluding market valuation changes related to the deferred cash compensation plans in the calculation of operating income, as adjusted, provides useful disclosure to both management and investors of the Company’s financial performance over time as these amounts are economically hedged, while also increasing comparability with other companies.

(b)

Acquisition-related costs. Acquisition-related costs include adjustments related to amortization of intangible assets, contingent consideration fair value adjustments (primarily associated with noncash contingent consideration) incurred in connection with certain acquisitions and other acquisition-related costs, including compensation costs for nonrecurring retention-related deferred compensation and general and administration expense primarily related to professional services. Management believes excluding the impact of these expenses when calculating operating income, as adjusted, provides a helpful indication of the Company’s financial performance over time, thereby providing helpful information for both management and investors while also increasing comparability with other companies.

(c)

Restructuring charge. In the second quarter of 2025, the Company recorded a restructuring charge, comprised of
severance and compensation expense for accelerated vesting of previously granted deferred compensation awards, in connection with an initiative to modify our organization to fit more closely with strategic priorities. Management believes excluding the impact of this restructuring charge when calculating operating income, as adjusted, is useful to assess the Company’s financial performance and ongoing operations, and enhances comparability among periods presented.

•

Revenue used for calculating operating margin, as adjusted, is reduced to exclude all of the Company’s distribution fees, which are recorded as a separate line item on the condensed consolidated statements of income, as well as a portion of investment advisory fees received that is used to pay distribution and servicing costs. For certain products, based on distinct arrangements, distribution fees are collected by the Company and then passed-through to third-party client intermediaries. For other products, investment advisory fees are collected by the Company and a portion is passed-through to third-party client intermediaries. However, in both structures, the third-party client intermediary similarly owns the relationship with the retail client and is responsible for distributing the product and servicing the client. The amount of distribution and investment advisory fees fluctuates each period primarily based on a predetermined percentage of the value of AUM during the period. These fees also vary based on the type of investment product sold and the geographic location where it is sold. In addition, the Company may waive fees on certain products that could result in the reduction of payments to the third-party intermediaries.

(2) Nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted: Management believes nonoperating income (expense), less net income (loss) attributable to NCI, 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, 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, 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. In addition, the non-GAAP adjustment in the second quarter of 2025 related to contingent consideration fair value adjustments includes a tax impact associated with the deductibility of contingent consideration. In addition, the amount for income tax matters in 2024 included a discrete tax benefit of $137 million recognized in connection with the reorganization and establishment of a more efficient global intellectual property and technology platform and corporate structure. This discrete tax benefit has been excluded from as adjusted results due to the nonrecurring nature of the intellectual property reorganization.

Per share amounts reflect net income attributable to BlackRock, Inc., as adjusted, divided by diluted weighted-average common shares outstanding.

(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 we have 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.

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 and HPS Investment Partners (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, regulatory, 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 the Middle East conflicts, 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 funds 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.

PERFORMANCE NOTES

Past performance is not indicative of future results. Except as specified, the performance information shown is as of June 30, 2025 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 May 31, 2025. The performance data does not include accounts terminated prior to June 30, 2025 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 June 30, 2025 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.