Exhibit 99.1


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

BlackRock Reports Third Quarter 2025 Diluted EPS of $8.43, or $11.55 as adjusted
New York, October 14, 2025 – BlackRock, Inc. (NYSE: BLK) today reported financial results for the three and nine months ended September 30, 2025.

      $205 billion of quarterly total net inflows led by a record quarter for iShares® ETFs, alongside private markets and cash net inflows
10% annualized organic base fee growth in the quarter reflects broad-based strength across iShares ETFs, systematic active equities, private markets, outsourcing and cash 
25% increase in revenue year-over-year reflects the positive impact of markets, 8% organic base fee growth over the last twelve months, fees related to the GIP and HPS Transactions, and higher technology services and subscription revenue
3% decrease in year-over-year GAAP operating income and 23% decrease in GAAP diluted EPS impacted by noncash acquisition-related expenses, which have been excluded from as-adjusted results
23% increase in year-over-year as adjusted operating income
1% increase in year-over-year as adjusted diluted EPS also reflects lower nonoperating income and a higher diluted share count, partially offset by a lower effective tax rate in the current quarter
$375 million worth of share repurchases in the current quarter
Closed acquisition of HPS Investment Partners ("HPS") on July 1st, adding $165 billion of client AUM and $118 billion of fee-paying AUM

       

      Laurence D. Fink, Chairman and CEO:
“BlackRock delivered one of our strongest quarterly flows results, with net inflows of $205 billion, powering 10% organic base fee growth in the third quarter and 8% over the last twelve months. That growth is even more notable in its diversification. Top organic base fee growth contributors included our systematic franchise, private markets, digital assets, outsourcing, cash and iShares ETFs, which saw record demand. BlackRock’s multiple sources of growth differentiate us and are resonating through accelerating client activity across our platform. We believe our results are a powerful validation of our hyper-local client engagement model and forward-looking investments. 
“BlackRock is always preparing for the future, investing ahead of client needs and in support of deepening capital markets. Technology and data analytics, ETFs, private markets, and digital assets are just a few examples where we invested and built leading positions. We’ve brought together the strengths of GIP, HPS, and Preqin, and together we’re already driving landmark fundraising and deal flow, accelerating client engagement, and double-digit organic revenue growth over the last year. 
“Clients around the world are coming to BlackRock for deeper, more dynamic partnerships across public and private asset classes. AUM reached a new high of $13.5 trillion, and our iShares and cash franchises surpassed new AUM milestones of $5 trillion and $1 trillion, respectively. 
“We’re executing on some of the largest and most multifaceted mandates in our history, as clients choose BlackRock for portfolio management and technology across the full range of capital markets.
“We’re entering our seasonally strongest fourth quarter with building momentum and a fully unified platform. One that’s anchored by a public-private investment model, backed by Aladdin technology, and united by a shared culture of performance and client service. I believe the scale of the opportunity ahead for BlackRock, our clients and shareholders far exceeds what we’ve ever seen before.”

     


FINANCIAL RESULTS							NET FLOW HIGHLIGHTS(1)
	Q3			Q3						Q3			YTD
(in millions, except per share data)	2025			2024			(in billions)			2025			2025
AUM	$	13,463,625		$	11,475,362		Long-term net flows:			$	171		$	300
% change		17	%
Average AUM	$	12,960,773		$	11,070,964
% change		17	%				By region:
Total net flows	$	204,642		$	221,180			Americas		$	110		$	229
								EMEA			64			129
GAAP basis:								APAC			(3	)		(58	)
Revenue	$	6,509		$	5,197
% change		25	%
Operating income	$	1,955		$	2,006		By client type:
% change		(3	)%
Operating margin		30.0	%		38.6	%		Retail:		$	10		$	25
Net income(1)	$	1,323		$	1,631				US		4			10
% change		(19	)%						International		6			15
Diluted EPS	$	8.43		$	10.90
% change		(23	)%					ETFs:		$	153		$	345
Weighted-average diluted									Active		21			41
common shares		156.9			149.6				Core equity		53			98
% change		5	%						Digital assets		17			34
									Fixed income		41			111
As Adjusted(2):									Precision & other		21			61
Operating income	$	2,621		$	2,128
% change		23	%					Institutional:		$	8		$	(70	)
Operating margin		44.6	%		45.8	%			Active		22			37
Net income(3)	$	1,907		$	1,715				Index		(14	)		(108	)
% change		11	%
Diluted EPS(3)	$	11.55		$	11.46
% change		1	%				Cash management net flows			$	34		$	57
Weighted-average diluted
common shares(3)		165.2			149.6
% change		10	%				Total net flows			$	205		$	357
_________________________							_________________________
(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. (3) Beginning in the third quarter of 2025, net income attributable to BlackRock, Inc., as adjusted, and weighted-average diluted common shares, as adjusted, assumes all outstanding Class B-2 common units of BlackRock Saturn Subco, LLC ("Subco Units"), a consolidated subsidiary of BlackRock, have been exchanged on a one-for-one basis into common stock of BlackRock. Accordingly, the noncontrolling interest related to these Subco Units has been included as part of net income attributable to BlackRock, Inc., as adjusted.							(1) Totals may not add due to rounding.

BUSINESS RESULTS


											Q3 2025
						Q3 2025					Base fees(1)
						Base fees(1)		September 30, 2025			and securities
	Q3 2025			September 30, 2025		and securities		AUM			lending revenue
(in millions), (unaudited)	Net flows			AUM		lending revenue		% of Total			% of Total
RESULTS BY PRODUCT TYPE
Equity	$	45,978		$	7,459,075	$	2,408		55	%		48	%
Fixed income		47,554			3,178,965		998		24	%		20	%
Multi-asset		33,598			1,161,957		353		9	%		6	%
Alternatives:
Private markets		13,163			320,886		653		2	%		13	%
Liquid alternatives		3,178			97,448		178		1	%		4	%
Alternatives subtotal		16,341			418,334		831		3	%		17	%
Digital assets		16,691			103,965		61		1	%		1	%
Currency and commodities(2)		10,384			136,600		77		1	%		2	%
Long-term		170,546			12,458,896		4,728		93	%		94	%
Cash management		34,096			1,004,729		318		7	%		6	%
Total	$	204,642		$	13,463,625	$	5,046		100	%		100	%
RESULTS BY CLIENT TYPE
Retail	$	9,724		$	1,173,568	$	1,177		9	%		23	%
ETFs		152,956			5,193,314		2,130		39	%		42	%
Institutional:
Active		22,267			2,475,614		1,149		18	%		23	%
Index		(14,401	)		3,616,400		272		27	%		6	%
Institutional subtotal		7,866			6,092,014		1,421		45	%		29	%
Long-term		170,546			12,458,896		4,728		93	%		94	%
Cash management		34,096			1,004,729		318		7	%		6	%
Total	$	204,642		$	13,463,625	$	5,046		100	%		100	%
RESULTS BY INVESTMENT STYLE
Active	$	26,640		$	3,294,619	$	2,245		24	%		44	%
ETFs		152,956			5,193,314		2,130		39	%		42	%
Non-ETF index		(9,050	)		3,970,963		353		30	%		8	%
Long-term		170,546			12,458,896		4,728		93	%		94	%
Cash management		34,096			1,004,729		318		7	%		6	%
Total	$	204,642		$	13,463,625	$	5,046		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, 2025(1)


	One-year period	Three-year period	Five-year period
Fixed income:
Actively managed AUM above benchmark or peer median
Taxable	80%	86%	84%
Tax-exempt	47%	67%	61%
Index AUM within or above applicable tolerance	97%	99%	100%
Equity:
Actively managed AUM above benchmark or peer median
Fundamental	48%	64%	50%
Systematic	90%	96%	94%
Index AUM within or above applicable tolerance	93%	98%	99%

(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, October 14, 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, (877) 502-9276, shortly before 7:30 a.m. and reference the BlackRock Conference Call (ID Number 9613205). 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, October 14, 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
	September 30,										June 30,
	2025			2024			Change				2025			Change
Revenue
Investment advisory, administration fees and securities lending revenue:
Investment advisory and administration fees	$	4,843		$	3,881		$	962			$	4,283		$	560
Securities lending revenue		203			149			54				171			32
Total investment advisory, administration fees and securities lending revenue		5,046			4,030			1,016				4,454			592
Investment advisory performance fees		516			388			128				94			422
Technology services and subscription revenue		515			403			112				499			16
Distribution fees		355			323			32				320			35
Advisory and other revenue		77			53			24				56			21
Total revenue		6,509			5,197			1,312				5,423			1,086

Expense
Employee compensation and benefits		2,357			1,578			779				1,764			593
Sales, asset and account expense:
Distribution and servicing costs		638			549			89				576			62
Direct fund expense		464			379			85				441			23
Sub-advisory and other		60			34			26				46			14
Total sales, asset and account expense		1,162			962			200				1,063			99
General and administration expense		782			562			220				689			93
Restructuring charge		-			-			-				39			(39	)
Amortization and impairment of intangible assets		253			89			164				137			116
Total expense		4,554			3,191			1,363				3,692			862

Operating income		1,955			2,006			(51	)			1,731			224

Nonoperating income (expense)
Net gain (loss) on investments		64			177			(113	)			550			(486	)
Net interest income (expense)		(22	)		82			(104	)			(29	)		7
Total nonoperating income (expense)		42			259			(217	)			521			(479	)

Income before income taxes		1,997			2,265			(268	)			2,252			(255	)
Income tax expense		470			574			(104	)			587			(117	)
Net income		1,527			1,691			(164	)			1,665			(138	)
Less:
Net income (loss) attributable to noncontrolling interests ("NCI") - consolidated sponsored investment products ("CIPs")		134			60			74				72			62
Net income (loss) attributable to NCI - Subco Units		70			-			70				-			70
Net income attributable to BlackRock, Inc.	$	1,323		$	1,631		$	(308	)		$	1,593		$	(270	)

Weighted-average common shares outstanding
Basic		154.9			148.0			6.9				154.9			0.1
Diluted		156.9			149.6			7.3				156.3			0.7
Earnings per share attributable to BlackRock, Inc. common stockholders
Basic	$	8.54		$	11.02		$	(2.48	)		$	10.29		$	(1.75	)
Diluted	$	8.43		$	10.90		$	(2.47	)		$	10.19		$	(1.76	)
Cash dividends declared and paid per share	$	5.21		$	5.10		$	0.11			$	5.21		$	-

Supplemental information:

AUM (end of period)	$	13,463,625		$	11,475,362		$	1,988,263			$	12,527,590		$	936,035
Shares outstanding including Subco Units		163.2			148.0			15.3				154.8			8.5
GAAP:
Operating margin		30.0	%		38.6	%		(860	)	bps		31.9	%		(190	)	bps
Effective tax rate		25.2	%		26.0	%		(80	)	bps		26.9	%		(170	)	bps
As adjusted:
Operating income (1)	$	2,621		$	2,128		$	493			$	2,099		$	522
Operating margin (1)		44.6	%		45.8	%		(120	)	bps		43.3	%		130		bps
Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs (2)	$	(106	)	$	190		$	(296	)		$	404		$	(510	)
Net income attributable to BlackRock, Inc. (3)	$	1,907		$	1,715		$	192			$	1,883		$	24
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3)	$	11.55		$	11.46		$	0.09			$	12.05		$	(0.50	)
Diluted weighted-average common shares outstanding (3)		165.2			149.6			15.6				156.3			8.9
Effective tax rate		24.2	%		26.0	%		(180	)	bps		24.8	%		(60	)	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. Beginning in the third quarter of 2025, net income attributable to BlackRock, Inc., as adjusted, and weighted-average diluted common shares, as adjusted, assumes all Subco Units have been exchanged in accordance with their terms on a one-for-one basis into common stock of BlackRock. Accordingly, the noncontrolling interest related to these Subco Units has been included as part of net income attributable to BlackRock, Inc., as adjusted. As of September 30, 2025, there were 155.1 million shares of common stock and 8.1 million Subco Units outstanding.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

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



	Nine Months Ended
	September 30,
	2025			2024			Change
Revenue
Investment advisory, administration fees and securities lending revenue:
Investment advisory and administration fees	$	13,370		$	11,229		$	2,141
Securities lending revenue		531			454			77
Total investment advisory, administration fees and securities lending revenue		13,901			11,683			2,218
Investment advisory performance fees		670			756			(86	)
Technology services and subscription revenue		1,450			1,175			275
Distribution fees		996			951			45
Advisory and other revenue		191			165			26
Total revenue		17,208			14,730			2,478

Expense
Employee compensation and benefits		5,862			4,661			1,201
Sales, asset and account expense:
Distribution and servicing costs		1,784			1,606			178
Direct fund expense		1,297			1,075			222
Sub-advisory and other		153			98			55
Total sales, asset and account expense		3,234			2,779			455
General and administration expense		2,182			1,625			557
Restructuring charge		39			-			39
Amortization and impairment of intangible assets		507			166			341
Total expense		11,824			9,231			2,593

Operating income		5,384			5,499			(115	)

Nonoperating income (expense)
Net gain (loss) on investments		672			510			162
Net interest income (expense)		(44	)		183			(227	)
Total nonoperating income (expense)		628			693			(65	)

Income before income taxes		6,012			6,192			(180	)
Income tax expense		1,305			1,341			(36	)
Net income		4,707			4,851			(144	)
Less:
Net income (loss) attributable to NCI - CIPs		211			152			59
Net income (loss) attributable to NCI - Subco Units		70			-			70
Net income attributable to BlackRock, Inc.	$	4,426		$	4,699		$	(273	)

Weighted-average common shares outstanding
Basic		154.9			148.4			6.6
Diluted		156.6			149.8			6.8
Earnings per share attributable to BlackRock, Inc. common stockholders
Basic	$	28.57		$	31.67		$	(3.10	)
Diluted	$	28.21		$	31.37		$	(3.16	)
Cash dividends declared and paid per share	$	15.63		$	15.30		$	0.33

Supplemental information:

AUM (end of period)	$	13,463,625		$	11,475,362		$	1,988,263
Shares outstanding including Subco Units		163.2			148.0			15.3
GAAP:
Operating margin		31.3	%		37.3	%		(600	)	bps
Effective tax rate		22.5	%		22.2	%		30		bps
As adjusted:
Operating income (1)	$	6,752		$	5,784		$	968
Operating margin (1)		43.8	%		44.1	%		(30	)	bps
Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs (2)	$	373		$	494		$	(121	)
Net income attributable to BlackRock, Inc. (3)	$	5,560		$	4,738		$	822
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3)	$	34.89		$	31.63		$	3.26
Diluted weighted-average common shares outstanding (3)		159.4			149.8			9.6
Effective tax rate		22.0	%		24.5	%		(250	)	bps

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Current Quarter Component Changes by Product Type
			Net
	June 30,		inflows								Market			FX			September 30,		Average
	2025		(outflows)			Realizations(1)			Acquisitions(2)		change			impact(3)			2025		AUM(4)
Equity	$	6,905,438	$	45,978		$	-		$	-	$	519,260		$	(11,601	)	$	7,459,075	$	7,135,969
Fixed income		3,087,297		47,554			(1,265	)		13,567		40,100			(8,288	)		3,178,965		3,122,878
Multi-asset		1,076,709		33,598			-			-		55,276			(3,626	)		1,161,957		1,119,948
Alternatives:
Private markets		215,244		13,163			(5,996	)		101,017		(2,364	)		(178	)		320,886		291,901
Liquid alternatives		86,670		3,178			(30	)		6,377		1,237			16			97,448		93,382
Alternatives subtotal		301,914		16,341			(6,026	)		107,394		(1,127	)		(162	)		418,334		385,283
Digital assets		79,551		16,691			-			-		7,728			(5	)		103,965		94,980
Currency and commodities(5)		106,980		10,384			-			-		19,323			(87	)		136,600		117,115
Long-term		11,557,889		170,546			(7,291	)		120,961		640,560			(23,769	)		12,458,896		11,976,173
Cash management		969,701		34,096			-			-		2,266			(1,334	)		1,004,729		984,600
Total	$	12,527,590	$	204,642		$	(7,291	)	$	120,961	$	642,826		$	(25,103	)	$	13,463,625	$	12,960,773

Current Quarter Component Changes by Client Type and Product Type (Long-Term)
			Net
	June 30,		inflows								Market			FX			September 30,		Average
	2025		(outflows)			Realizations(1)			Acquisitions(2)		change			impact(3)			2025		AUM(4)
Retail:
Equity	$	557,833	$	2,094		$	-		$	-	$	38,693		$	(1,358	)	$	597,262	$	573,760
Fixed income		333,624		5,588			-			-		4,845			594			344,651		338,726
Multi-asset		162,852		(2,386	)		-			-		8,435			(18	)		168,883		165,225
Private markets		16,823		1,521			(163	)		11,674		(60	)		(25	)		29,770		26,274
Liquid alternatives		29,865		2,907			(3	)		-		265			(32	)		33,002		31,358
Retail subtotal		1,100,997		9,724			(166	)		11,674		52,178			(839	)		1,173,568		1,135,343
ETFs:
Equity		3,455,117		79,429			-			-		255,812			(1,927	)		3,788,431		3,593,742
Fixed income		1,101,224		46,018			-			-		10,926			(586	)		1,157,582		1,122,763
Multi-asset		11,926		599			-			-		673			(87	)		13,111		12,432
Digital assets		79,551		16,691			-			-		7,728			(5	)		103,965		94,980
Commodities		100,950		10,219			-			-		19,096			(40	)		130,225		111,087
ETFs subtotal		4,748,768		152,956			-			-		294,235			(2,645	)		5,193,314		4,935,004
Institutional:
Active:
Equity		242,098		(17,995	)		-			-		18,938			(1,039	)		242,002		238,071
Fixed income		881,932		(6,984	)		(1,265	)		13,567		15,914			(1,588	)		901,576		892,490
Multi-asset		898,621		35,333			-			-		46,033			(3,513	)		976,474		938,905
Private markets		198,421		11,642			(5,833	)		89,343		(2,304	)		(153	)		291,116		265,627
Liquid alternatives		56,805		271			(27	)		6,377		972			48			64,446		62,024
Active subtotal		2,277,877		22,267			(7,125	)		109,287		79,553			(6,245	)		2,475,614		2,397,117
Index		3,430,247		(14,401	)		-			-		214,594			(14,040	)		3,616,400		3,508,709
Institutional subtotal		5,708,124		7,866			(7,125	)		109,287		294,147			(20,285	)		6,092,014		5,905,826
Long-term	$	11,557,889	$	170,546		$	(7,291	)	$	120,961	$	640,560		$	(23,769	)	$	12,458,896	$	11,976,173

(1)

Realizations represent return of capital/return on investments.

(2)

Amounts include AUM attributable to the acquisitions of HPS in July 2025 (the "HPS Transaction") and ElmTree Funds ("ElmTree") in September 2025 (the "ElmTree Transaction").

(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 four months.

(5)

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
	June 30,		inflows								Market			FX			September 30,		Average
	2025		(outflows)			Realizations(1)			Acquisitions(2)		change			impact(3)			2025		AUM(4)
Active:
Equity	$	504,554	$	(20,463	)	$	-		$	-	$	34,462		$	(1,377	)	$	517,176	$	504,575
Fixed income		1,183,948		(2,184	)		(1,265	)		13,567		20,430			(725	)		1,213,771		1,199,173
Multi-asset		1,061,457		32,946			-			-		54,468			(3,533	)		1,145,338		1,104,113
Private markets		215,244		13,163			(5,996	)		101,017		(2,364	)		(178	)		320,886		291,901
Liquid alternatives		86,670		3,178			(30	)		6,377		1,237			16			97,448		93,382
Active subtotal		3,051,873		26,640			(7,291	)		120,961		108,233			(5,797	)		3,294,619		3,193,144
ETFs:
Equity		3,455,117		79,429			-			-		255,812			(1,927	)		3,788,431		3,593,742
Fixed income		1,101,224		46,018			-			-		10,926			(586	)		1,157,582		1,122,763
Multi-asset		11,926		599			-			-		673			(87	)		13,111		12,432
Digital assets		79,551		16,691			-			-		7,728			(5	)		103,965		94,980
Commodities		100,950		10,219			-			-		19,096			(40	)		130,225		111,087
ETFs subtotal		4,748,768		152,956			-			-		294,235			(2,645	)		5,193,314		4,935,004
Non-ETF index		3,757,248		(9,050	)		-			-		238,092			(15,327	)		3,970,963		3,848,025
Long-term	$	11,557,889	$	170,546		$	(7,291	)	$	120,961	$	640,560		$	(23,769	)	$	12,458,896	$	11,976,173

Current Quarter Component Changes by Private Markets Product Type (Long-Term)
			Net
	June 30,		inflows								Market			FX			September 30,		Average
	2025		(outflows)			Realizations(1)			Acquisitions(2)		change			impact(3)			2025		AUM(4)
Private markets:
Infrastructure	$	112,323	$	2,884		$	(2,337	)	$	-	$	(2,718	)	$	(51	)	$	110,101	$	111,319
Private equity		33,743		583			(610	)		-		313			4			34,033		33,889
Private credit		35,985		7,851			(2,588	)		101,017		(276	)		(15	)		141,974		112,505
Real estate		25,276		341			(275	)		-		272			(89	)		25,525		25,326
Multi-alternatives		7,917		1,504			(186	)		-		45			(27	)		9,253		8,862
Total private markets	$	215,244	$	13,163		$	(5,996	)	$	101,017	$	(2,364	)	$	(178	)	$	320,886	$	291,901

(1)

Realizations represent return of capital/return on investments.

(2)

Amounts include AUM attributable to the HPS Transaction and the ElmTree Transaction.

(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 four months.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Year-to-Date Component Changes by Product Type(1)
			Net
	December 31,		inflows								Market			FX		September 30,		Average
	2024		(outflows)			Realizations(2)			Acquisitions(3)		change			impact(4)		2025		AUM(5)
Equity	$	6,310,191	$	94,072		$	-		$	-	$	944,792		$	110,020	$	7,459,075	$	6,688,463
Fixed income		2,905,669		80,628			(2,526	)		13,567		104,153			77,474		3,178,965		3,035,408
Multi-asset		992,921		35,401			-			-		108,659			24,976		1,161,957		1,056,211
Alternatives:
Private markets		211,974		27,126			(19,472	)		101,017		(4,844	)		5,085		320,886		243,925
Liquid alternatives		76,390		8,281			(58	)		6,377		5,604			854		97,448		85,226
Alternatives subtotal		288,364		35,407			(19,530	)		107,394		760			5,939		418,334		329,151
Digital assets		55,306		34,185			-			-		14,473			1		103,965		73,321
Currency and commodities(6)		78,137		19,996			-			-		38,055			412		136,600		101,863
Long-term		10,630,588		299,689			(22,056	)		120,961		1,210,892			218,822		12,458,896		11,284,417
Cash management		920,663		56,861			-			-		7,808			19,397		1,004,729		954,223
Total	$	11,551,251	$	356,550		$	(22,056	)	$	120,961	$	1,218,700		$	238,219	$	13,463,625	$	12,238,640

Year-to-Date Component Changes by Client Type and Product Type (Long-Term)(1)
			Net
	December 31,		inflows								Market			FX		September 30,		Average
	2024		(outflows)			Realizations(2)			Acquisitions(3)		change			impact(4)		2025		AUM(5)
Retail:
Equity	$	505,118	$	10,236		$	-		$	-	$	70,090		$	11,818	$	597,262	$	539,347
Fixed income		318,641		6,947			-			-		10,572			8,491		344,651		329,805
Multi-asset		150,978		(1,381	)		-			-		18,105			1,181		168,883		158,518
Private markets		15,749		2,615			(818	)		11,674		(13	)		563		29,770		20,194
Liquid alternatives		24,735		6,382			(3	)		-		1,646			242		33,002		28,655
Retail subtotal		1,015,221		24,799			(821	)		11,674		100,400			22,295		1,173,568		1,076,519
ETFs:
Equity		3,106,398		166,494			-			-		485,902			29,637		3,788,431		3,341,638
Fixed income		985,652		123,408			-			-		33,357			15,165		1,157,582		1,067,883
Multi-asset		10,734		908			-			-		1,335			134		13,111		11,455
Digital assets		55,306		34,185			-			-		14,473			1		103,965		73,321
Commodities		72,285		20,233			-			-		37,486			221		130,225		95,876
ETFs subtotal		4,230,375		345,228			-			-		572,553			45,158		5,193,314		4,590,173
Institutional:
Active:
Equity		218,848		(16,317	)		-			-		32,428			7,043		242,002		229,587
Fixed income		840,328		(8,546	)		(2,526	)		13,567		43,400			15,353		901,576		869,568
Multi-asset		828,039		35,818			-			-		88,995			23,622		976,474		882,968
Private markets		196,225		24,511			(18,654	)		89,343		(4,831	)		4,522		291,116		223,731
Liquid alternatives		51,655		1,899			(55	)		6,377		3,958			612		64,446		56,571
Active subtotal		2,135,095		37,365			(21,235	)		109,287		163,950			51,152		2,475,614		2,262,425
Index		3,249,897		(107,703	)		-			-		373,989			100,217		3,616,400		3,355,300
Institutional subtotal		5,384,992		(70,338	)		(21,235	)		109,287		537,939			151,369		6,092,014		5,617,725
Long-term	$	10,630,588	$	299,689		$	(22,056	)	$	120,961	$	1,210,892		$	218,822	$	12,458,896	$	11,284,417

(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)

Amounts include AUM attributable to the HPS Transaction and the ElmTree 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 ten months.

(6)

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		September 30,		Average
	2024		(outflows)			Realizations(2)			Acquisitions(3)		change			impact(4)		2025		AUM(5)
Active:
Equity	$	467,163	$	(25,421	)	$	-		$	-	$	62,859		$	12,575	$	517,176	$	485,644
Fixed income		1,133,874		(6,060	)		(2,526	)		13,567		53,070			21,846		1,213,771		1,170,209
Multi-asset		979,001		34,436			-			-		107,100			24,801		1,145,338		1,041,470
Private markets		211,974		27,126			(19,472	)		101,017		(4,844	)		5,085		320,886		243,925
Liquid alternatives		76,390		8,281			(58	)		6,377		5,604			854		97,448		85,226
Active subtotal		2,868,402		38,362			(22,056	)		120,961		223,789			65,161		3,294,619		3,026,474
ETFs:
Equity		3,106,398		166,494			-			-		485,902			29,637		3,788,431		3,341,638
Fixed income		985,652		123,408			-			-		33,357			15,165		1,157,582		1,067,883
Multi-asset		10,734		908			-			-		1,335			134		13,111		11,455
Digital assets		55,306		34,185			-			-		14,473			1		103,965		73,321
Commodities		72,285		20,233			-			-		37,486			221		130,225		95,876
ETFs subtotal		4,230,375		345,228			-			-		572,553			45,158		5,193,314		4,590,173
Non-ETF index		3,531,811		(83,901	)		-			-		414,550			108,503		3,970,963		3,667,770
Long-term	$	10,630,588	$	299,689		$	(22,056	)	$	120,961	$	1,210,892		$	218,822	$	12,458,896	$	11,284,417

Year-to-Date Component Changes by Private Markets Product Type (Long-Term)
			Net
	December 31,		inflows								Market			FX		September 30,		Average
	2024		(outflows)			Realizations(2)			Acquisitions(3)		change			impact(4)		2025		AUM(5)
Private markets:
Infrastructure	$	109,606	$	10,771		$	(8,978	)	$	-	$	(3,145	)	$	1,847	$	110,101	$	109,550
Private equity		36,327		2,552			(4,967	)		-		(204	)		325		34,033		35,499
Private credit		32,425		11,433			(4,145	)		101,017		(440	)		1,684		141,974		65,074
Real estate		26,147		312			(926	)		-		(1,069	)		1,061		25,525		25,690
Multi-alternatives		7,469		2,058			(456	)		-		14			168		9,253		8,112
Total private markets	$	211,974	$	27,126		$	(19,472	)	$	101,017	$	(4,844	)	$	5,085	$	320,886	$	243,925

(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)

Amounts include AUM attributable to the HPS Transaction and the ElmTree 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 ten months.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Year-over-Year Component Changes by Product Type(1)
			Net
	September 30,		inflows								Market			FX			September 30,		Average
	2024		(outflows)(2)			Realizations(2)			Acquisitions(3)		change			impact(4)			2025		AUM(5)
Equity	$	6,280,999	$	220,638		$	-		$	-	$	943,333		$	14,105		$	7,459,075	$	6,604,454
Fixed income		3,023,694		104,412			(2,526	)		13,567		31,728			8,090			3,178,965		3,021,938
Multi-asset		1,001,515		59,707			-			-		98,455			2,280			1,161,957		1,044,197
Alternatives:
Private markets		141,409		31,856			(19,472	)		170,892		(5,590	)		1,791			320,886		230,865
Liquid alternatives		75,990		9,446			(58	)		6,377		5,844			(151	)		97,448		83,133
Alternatives subtotal		217,399		41,302			(19,530	)		177,269		254			1,640			418,334		313,998
Digital assets		24,238		52,317			-			-		27,408			2			103,965		64,622
Currency and commodities(6)		78,130		21,981			-			-		36,415			74			136,600		96,947
Long-term		10,625,975		500,357			(22,056	)		190,836		1,137,593			26,191			12,458,896		11,146,156
Cash management		849,387		137,610			-			-		10,329			7,403			1,004,729		935,144
Total	$	11,475,362	$	637,967		$	(22,056	)	$	190,836	$	1,147,922		$	33,594		$	13,463,625	$	12,081,300

Year-over-Year Component Changes by Client Type and Product Type (Long-Term)(1)
			Net
	September 30,		inflows								Market			FX			September 30,		Average
	2024		(outflows)(2)			Realizations(2)			Acquisitions(3)		change			impact(4)			2025		AUM(5)
Retail:
Equity	$	521,270	$	10,107		$	-		$	-	$	62,880		$	3,005		$	597,262	$	534,448
Fixed income		324,245		11,100			-			-		5,750			3,556			344,651		328,200
Multi-asset		154,078		(1,804	)		-			-		16,196			413			168,883		157,141
Private markets		16,216		2,787			(818	)		11,674		(293	)		204			29,770		19,234
Liquid alternatives		24,738		7,263			(3	)		-		959			45			33,002		27,724
Retail subtotal		1,040,547		29,453			(821	)		11,674		85,492			7,223			1,173,568		1,066,747
ETFs:
Equity		3,061,840		277,095			-			-		442,288			7,208			3,788,431		3,282,511
Fixed income		1,019,176		135,243			-			-		(1,599	)		4,762			1,157,582		1,054,908
Multi-asset		10,036		1,978			-			-		1,181			(84	)		13,111		11,149
Digital assets		24,238		52,317			-			-		27,408			2			103,965		64,622
Commodities		73,045		21,237			-			-		35,882			61			130,225		91,103
ETFs subtotal		4,188,335		487,870			-			-		505,160			11,949			5,193,314		4,504,293
Institutional:
Active:
Equity		225,361		(18,366	)		-			-		34,860			147			242,002		228,092
Fixed income		873,385		(10,054	)		(2,526	)		13,567		25,142			2,062			901,576		866,384
Multi-asset		833,975		59,662			-			-		80,854			1,983			976,474		872,612
Private markets		125,193		29,069			(18,654	)		159,218		(5,297	)		1,587			291,116		211,631
Liquid alternatives		51,252		2,183			(55	)		6,377		4,885			(196	)		64,446		55,409
Active subtotal		2,109,166		62,494			(21,235	)		179,162		140,444			5,583			2,475,614		2,234,128
Index		3,287,927		(79,460	)		-			-		406,497			1,436			3,616,400		3,340,988
Institutional subtotal		5,397,093		(16,966	)		(21,235	)		179,162		546,941			7,019			6,092,014		5,575,116
Long-term	$	10,625,975	$	500,357		$	(22,056	)	$	190,836	$	1,137,593		$	26,191		$	12,458,896	$	11,146,156

(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 in 2024 have not been recast.

(3)

Amounts include AUM attributable to the HPS Transaction, the ElmTree Transaction and 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
	September 30,		inflows								Market			FX			September 30,		Average
	2024		(outflows)(2)			Realizations(2)			Acquisitions(3)		change			impact(4)			2025		AUM(5)
Active:
Equity	$	492,193	$	(33,478	)	$	-		$	-	$	56,661		$	1,800		$	517,176	$	485,407
Fixed income		1,171,739		(4,481	)		(2,526	)		13,567		30,448			5,024			1,213,771		1,166,258
Multi-asset		988,035		57,856			-			-		97,050			2,397			1,145,338		1,029,737
Private markets		141,409		31,856			(19,472	)		170,892		(5,590	)		1,791			320,886		230,865
Liquid alternatives		75,990		9,446			(58	)		6,377		5,844			(151	)		97,448		83,133
Active subtotal		2,869,366		61,199			(22,056	)		190,836		184,413			10,861			3,294,619		2,995,400
ETFs:
Equity		3,061,840		277,095			-			-		442,288			7,208			3,788,431		3,282,511
Fixed income		1,019,176		135,243			-			-		(1,599	)		4,762			1,157,582		1,054,908
Multi-asset		10,036		1,978			-			-		1,181			(84	)		13,111		11,149
Digital assets		24,238		52,317			-			-		27,408			2			103,965		64,622
Commodities		73,045		21,237			-			-		35,882			61			130,225		91,103
ETFs subtotal		4,188,335		487,870			-			-		505,160			11,949			5,193,314		4,504,293
Non-ETF index		3,568,274		(48,712	)		-			-		448,020			3,381			3,970,963		3,646,463
Long-term	$	10,625,975	$	500,357		$	(22,056	)	$	190,836	$	1,137,593		$	26,191		$	12,458,896	$	11,146,156

Year-over-Year Component Changes by Private Markets Product Type (Long-Term)
			Net
	September 30,		inflows								Market			FX			September 30,		Average
	2024		(outflows)(2)			Realizations(2)			Acquisitions(3)		change			impact(4)			2025		AUM(5)
Private markets:
Infrastructure	$	38,871	$	13,359		$	(8,978	)	$	69,875	$	(3,676	)	$	650		$	110,101	$	103,931
Private equity		35,807		3,207			(4,967	)		-		(161	)		147			34,033		35,586
Private credit		32,222		12,615			(4,145	)		101,017		(487	)		752			141,974		57,499
Real estate		27,033		498			(926	)		-		(1,296	)		216			25,525		25,897
Multi-alternatives		7,476		2,177			(456	)		-		30			26			9,253		7,952
Total private markets	$	141,409	$	31,856		$	(19,472	)	$	170,892	$	(5,590	)	$	1,791		$	320,886	$	230,865

(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 HPS Transaction, the ElmTree Transaction and 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					Nine Months
	Ended							Ended					Ended
	September 30,							June 30,					September 30,
(in millions), (unaudited)	2025		2024		Change			2025		Change			2025		2024		Change
Revenue
Investment advisory, administration fees and securities lending revenue(1):
Equity:
Active	$	557	$	553	$	4		$	507	$	50		$	1,582	$	1,608	$	(26	)
ETFs		1,597		1,309		288			1,401		196			4,347		3,749		598
Equity subtotal		2,154		1,862		292			1,908		246			5,929		5,357		572
Fixed income:
Active		513		493		20			487		26			1,492		1,458		34
ETFs		393		354		39			366		27			1,111		1,007		104
Fixed income subtotal		906		847		59			853		53			2,603		2,465		138
Active multi-asset		344		318		26			312		32			969		929		40
Alternatives:
Private markets		653		235		418			499		154			1,687		716		971
Liquid alternatives		178		143		35			157		21			485		422		63
Alternatives subtotal		831		378		453			656		175			2,172		1,138		1,034
Non-ETF index		353		298		55			313		40			973		871		102
Digital assets, commodities and multi-asset ETFs(2)		140		63		77			108		32			340		167		173
Long-term		4,728		3,766		962			4,150		578			12,986		10,927		2,059
Cash management		318		264		54			304		14			915		756		159
Total investment advisory, administration fees and securities lending revenue		5,046		4,030		1,016			4,454		592			13,901		11,683		2,218
Investment advisory performance fees:
Equity		14		13		1			12		2			36		49		(13	)
Fixed income		-		3		(3	)		2		(2	)		14		12		2
Multi-asset		2		1		1			6		(4	)		12		14		(2	)
Alternatives:
Private markets		298		7		291			39		259			361		200		161
Liquid alternatives		202		364		(162	)		35		167			247		481		(234	)
Alternatives subtotal		500		371		129			74		426			608		681		(73	)
Total investment advisory performance fees		516		388		128			94		422			670		756		(86	)
Technology services and subscription revenue		515		403		112			499		16			1,450		1,175		275
Distribution fees		355		323		32			320		35			996		951		45
Advisory and other revenue:
Advisory		12		11		1			13		(1	)		39		35		4
Other		65		42		23			43		22			152		130		22
Total advisory and other revenue		77		53		24			56		21			191		165		26
Total revenue	$	6,509	$	5,197	$	1,312		$	5,423	$	1,086		$	17,208	$	14,730	$	2,478

(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 $1.0 billion from the third quarter of 2024, primarily driven by organic base fee growth, the impact of market beta on average AUM, and approximately $215 million and $225 million of fees related to the GIP and HPS Transactions, respectively. Securities lending revenue of $203 million increased from $149 million in the third quarter of 2024, primarily reflecting higher spreads and average balances of securities on loan.

Investment advisory, administration fees and securities lending revenue increased $592 million from the second quarter of 2025, primarily driven by organic base fee growth, the impact of market beta on average AUM, approximately $225 million of fees related to the HPS Transaction and the effect of one additional day in the quarter. Securities lending revenue of $203 million increased from $171 million in the second quarter of 2025, primarily reflecting higher spreads.

•

Performance fees increased $128 million from the third quarter of 2024, primarily reflecting higher revenue from private markets, including the impact of the HPS Transaction, partially offset by lower revenue from liquid alternative products, largely related to the strong performance from a single hedge fund in the third quarter of 2024 with an annual performance measurement period that ends in the third quarter.

Performance fees increased $422 million from the second quarter of 2025, primarily reflecting higher revenue from private markets, including the impact of the HPS Transaction, and higher revenue from liquid alternative products.

•

Technology services and subscription revenue increased $112 million from the third quarter of 2024 and $16 million from the second 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 $65 million to third quarter revenue. Technology services and subscription annual contract value (“ACV”)(1) increased 29% from the third quarter of 2024 including ACV related to Preqin, and increased 13% excluding ACV related to Preqin.

(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					Nine Months
	Ended									Ended					Ended
	September 30,									June 30,					September 30,
(in millions), (unaudited)	2025			2024			Change			2025		Change			2025			2024			Change
Operating expense
Employee compensation and benefits	$	2,357		$	1,578		$	779		$	1,764	$	593		$	5,862		$	4,661		$	1,201
Sales, asset and account expense:
Distribution and servicing costs		638			549			89			576		62			1,784			1,606			178
Direct fund expense		464			379			85			441		23			1,297			1,075			222
Sub-advisory and other		60			34			26			46		14			153			98			55
Total sales, asset and account expense		1,162			962			200			1,063		99			3,234			2,779			455
General and administration expense:
Marketing and promotional		82			64			18			93		(11	)		272			222			50
Occupancy and office related		137			105			32			120		17			371			308			63
Portfolio services		69			65			4			62		7			195			194			1
Technology		213			175			38			198		15			600			492			108
Professional services		104			67			37			51		53			228			189			39
Communications		12			10			2			11		1			33			29			4
Foreign exchange remeasurement		(3	)		3			(6	)		4		(7	)		(7	)		7			(14	)
Contingent consideration fair value adjustments		93			(2	)		95			76		17			265			(8	)		273
Other general and administration		75			75			-			74		1			225			192			33
Total general and administration expense		782			562			220			689		93			2,182			1,625			557
Restructuring charge		-			-			-			39		(39	)		39			-			39
Amortization and impairment of intangible assets		253			89			164			137		116			507			166			341
Total operating expense	$	4,554		$	3,191		$	1,363		$	3,692	$	862		$	11,824		$	9,231		$	2,593

Highlights

•

Employee compensation and benefits expense increased $779 million from the third quarter of 2024 and $593 million from the second quarter of 2025, primarily reflecting the impact of the GIP and HPS Transactions, including nonrecurring retention-related deferred compensation expense(1) and the impact of higher operating income and performance fees.

•

Sales, asset and account expense increased $200 million from the third quarter of 2024 and $99 million from the second quarter of 2025, driven by higher distribution and servicing costs and direct fund expense, primarily reflecting higher average AUM.

•

General and administration expense increased $220 million from the third quarter of 2024 and $93 million from the second quarter of 2025, primarily associated with the impact of the GIP and HPS Transactions, including higher noncash contingent consideration fair value adjustments(1) and higher acquisition-related transaction costs(1) recorded in professional services expense, as well as higher technology expense, and occupancy and office related expense.

•

Amortization and impairment of intangible assets(1) increased $164 million from the third quarter of 2024 and $116 million from the second quarter of 2025, primarily reflecting amortization of intangible assets acquired in the HPS, GIP and Preqin Transactions. In addition, amortization and impairment of intangible assets in the third quarter of 2024 included the impact of a $50 million noncash impairment charge related to certain of the Company's indefinite-lived management contracts.

•

In the second quarter of 2025, 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 connection with an initiative to modify the Company's 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 - Consolidated sponsored investment products


	Three Months									Three Months						Nine Months
	Ended									Ended						Ended
	September 30,									June 30,						September 30,
(in millions), (unaudited)	2025			2024			Change			2025			Change			2025			2024			Change
Nonoperating income (expense), GAAP basis	$	42		$	259		$	(217	)	$	521		$	(479	)	$	628		$	693		$	(65	)
Less: Net income (loss) attributable to NCI - CIPs		134			60			74			72			62			211			152			59
Nonoperating income (expense), net of NCI - CIPs		(92	)		199			(291	)		449			(541	)		417			541			(124	)
Less: Hedge gain (loss) on deferred cash compensation plans(1)		14			9			5			45			(31	)		44			47			(3	)
Nonoperating income (expense), net of NCI - CIPs, as adjusted(2)	$	(106	)	$	190		$	(296	)	$	404		$	(510	)	$	373		$	494		$	(121	)

	Three Months									Three Months						Nine Months
	Ended									Ended						Ended
	September 30,									June 30,						September 30,
(in millions), (unaudited)	2025			2024			Change			2025			Change			2025			2024			Change
Net gain (loss) on investments, net of NCI - CIPs
Private equity	$	(14	)	$	9		$	(23	)	$	25		$	(39	)	$	59		$	32		$	27
Real assets		3			13			(10	)		1			2			2			19			(17	)
Other alternatives(3)		8			9			(1	)		3			5			20			33			(13	)
Other investments(4)		26			20			6			11			15			27			85			(58	)
Hedge gain (loss) on deferred cash compensation plans(1)		14			9			5			45			(31	)		44			47			(3	)
Subtotal		37			60			(23	)		85			(48	)		152			216			(64	)
Other income/gain (expense/loss)(5)		(107	)		57			(164	)		393			(500	)		309			142			167
Total net gain (loss) on investments, net of NCI - CIPs		(70	)		117			(187	)		478			(548	)		461			358			103
Interest and dividend income		113			236			(123	)		144			(31	)		430			555			(125	)
Interest expense		(135	)		(154	)		19			(173	)		38			(474	)		(372	)		(102	)
Net interest income (expense)		(22	)		82			(104	)		(29	)		7			(44	)		183			(227	)
Nonoperating income (expense), net of NCI - CIPs		(92	)		199			(291	)		449			(541	)		417			541			(124	)
Less: Hedge gain (loss) on deferred cash compensation plans(1)		14			9			5			45			(31	)		44			47			(3	)
Nonoperating income (expense), net of NCI - CIPs, as adjusted(2)	$	(106	)	$	190		$	(296	)	$	404		$	(510	)	$	373		$	494		$	(121	)

(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, 2025, include nonoperating noncash pre-tax loss in connection with the Company’s minority investment in Circle Internet Group, Inc. (“Circle”) of approximately $115 million and nonoperating noncash pre-tax gain in connection with the Company’s minority investment in iCapital Network, Inc. (“iCapital”) of approximately $24 million. Amounts for the nine months ended September 30, 2025, include nonoperating noncash pre-tax gains in connection with the Company’s minority investments in Circle of approximately $215 million, iCapital of approximately $89 million and Scalable Capital Limited of approximately $32 million. The amounts for the three and nine months ended September 30, 2024 included a pre-tax gain of approximately $66 million in connection with a transaction related to a minority investment in EquiLend Holdings, LLC. 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)	2025			2024			Change			2025				Change			2025			2024			Change
Income tax expense	$	470		$	574		$	(104	)		$	587		$	(117	)	$	1,305		$	1,341		$	(36	)
Effective tax rate		25.2	%		26.0	%	(80) bps					26.9	%	(170) bps				22.5	%		22.2	%	30 bps


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)	2025			2024			2025			2025			2024
Operating income, GAAP basis	$	1,955		$	2,006		$	1,731		$	5,384		$	5,499
Non-GAAP expense adjustments:
Compensation expense related to appreciation (depreciation) on deferred cash compensation plans (a)		14			7			30			41			43
Amortization and impairment of intangible assets (b)		253			89			137			507			166
Acquisition-related compensation costs (b)		262			11			76			423			32
Acquisition-related transaction costs (b)(1)		44			17			10			93			52
Contingent consideration fair value adjustments (b)		93			(2	)		76			265			(8	)
Restructuring charge (c)		-			-			39			39			-
Operating income, as adjusted (1)	$	2,621		$	2,128		$	2,099		$	6,752		$	5,784
Revenue, GAAP basis	$	6,509		$	5,197		$	5,423		$	17,208		$	14,730
Non-GAAP adjustments:
Distribution fees		(355	)		(323	)		(320	)		(996	)		(951	)
Investment advisory fees		(283	)		(226	)		(256	)		(788	)		(655	)
Revenue used for operating margin measurement	$	5,871		$	4,648		$	4,847		$	15,424		$	13,124
Operating margin, GAAP basis		30.0	%		38.6	%		31.9	%		31.3	%		37.3	%
Operating margin, as adjusted (1)		44.6	%		45.8	%		43.3	%		43.8	%		44.1	%

(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 - CIPs, AS ADJUSTED
	Three Months Ended							Nine Months Ended
	September 30,					June 30,		September 30,
(in millions), (unaudited)	2025			2024		2025		2025		2024
Nonoperating income (expense), GAAP basis	$	42		$	259	$	521	$	628	$	693
Less: Net income (loss) attributable to NCI - CIPs		134			60		72		211		152
Nonoperating income (expense), net of NCI - CIPs		(92	)		199		449		417		541
Less: Hedge gain (loss) on deferred cash compensation plans (a)		14			9		45		44		47
Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, as adjusted (2)	$	(106	)	$	190	$	404	$	373	$	494

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)	2025		2024			2025			2025			2024
Net income attributable to BlackRock, Inc., GAAP basis	$	1,323	$	1,631		$	1,593		$	4,426		$	4,699
Non-GAAP adjustments(1):
Net impact of hedged deferred cash compensation plans (a)		-		(2	)		(11	)		(2	)		(3	)
Amortization and impairment of intangible assets (b)		189		67			102			378			124
Acquisition-related compensation costs (b)		198		8			57			318			23
Acquisition-related transaction costs (b)		33		13			9			71			38
Contingent consideration fair value adjustments (b)		94		(2	)		97			263			(6	)
Restructuring charge (c)		-		-			29			29			-
Income tax matters		-		-			7			7			(137	)
Noncontrolling interest - Subco Units		70		-			-			70			-
Net income attributable to BlackRock, Inc., as adjusted (3)	$	1,907	$	1,715		$	1,883		$	5,560		$	4,738
Diluted weighted-average common shares outstanding		156.9		149.6			156.3			156.6			149.8
Weighted-average Subco Units		8.3		-			-			2.8			-
Diluted weighted-average common shares outstanding, as adjusted (3)		165.2		149.6			156.3			159.4			149.8
Diluted earnings per common share, GAAP basis	$	8.43	$	10.90		$	10.19		$	28.21		$	31.37
Diluted earnings per common share, as adjusted (3)	$	11.55	$	11.46		$	12.05		$	34.89		$	31.63

(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 and noncash impairment 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 - 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. 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.

•

In addition, beginning in the third quarter of 2025, in connection with the HPS Transaction, the Company updated its definition of net income attributable to BlackRock, Inc., as adjusted, diluted earnings per common share, as adjusted, and diluted weighted-average common shares outstanding, as adjusted, to assume 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 will be exchangeable at the option of the holder when exchange rights begin. 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 updated non-GAAP measures are useful indicators of BlackRock’s profitability and enhance comparability among periods presented, and therefore are useful to investors.

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

(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 (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 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 September 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 August 31, 2025. The performance data does not include accounts terminated prior to September 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 September 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.