In January 2026, pursuant to the BlackRock, Inc. Third Amended and Restated 1999 Stock Award and Incentive Plan (the "Award Plan"), the Company granted as part of the 2025 annual incentive compensation approximately 342,000 RSUs to employees that vest ratably over three years from the grant date and approximately 183,000 RSUs to employees that cliff vest 100% on January 31, 2029. The Company values RSUs at their grant-date fair value as measured by BlackRock’s common stock price. For certain incentive retention RSUs, which were granted in connection with the HPS Transaction in July 2025, and which are subject to a mandatory holding period post vesting, the grant-date fair value was discounted for the lack of marketability. For certain incentive retention RSUs, which were granted in connection with the GIP Transaction in October of 2024, and which are not entitled to participate in dividends until they vest, the grant-date fair value was reduced by the present value of the dividends expected to be paid on the common shares during the vesting period (present value was determined using a risk-free interest rate). The grant-date fair market value of RSUs granted to employees during the three months ended March 31, 2026 was $673 million.

At March 31, 2026, the intrinsic value of outstanding RSUs was $3.1 billion, reflecting a closing stock price of $962.

At March 31, 2026, total unrecognized stock-based compensation expense related to unvested RSUs was $1.8 billion. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 2.2 years.

Performance-based RSU activity for the three months ended March 31, 2026 is summarized below.


Outstanding at	Performance- Based RSUs			Weighted- Average Grant Date Fair Value		Performance- Based RSUs in Connection with the GIP Transaction		Weighted- Average Grant Date Fair Value		Total Performance- Based RSUs			Weighted- Average Grant Date Fair Value
December 31, 2025		478,236		$	848.08		199,744	$	845.89		677,980		$	847.43
Granted		137,429		$	1,170.18		—	$	—		137,429		$	1,170.18
Additional shares due to attainment of performance measures		24,996		$	743.60		—	$	—		24,996		$	743.60
Converted		(175,588	)	$	743.60		—	$	—		(175,588	)	$	743.60
Forfeited		(2,218	)	$	874.86		—	$	—		(2,218	)	$	874.86
March 31, 2026		462,855		$	977.58		199,744	$	845.89		662,599		$	937.88

In January 2026, the Company granted approximately 137,000 performance-based RSUs to certain employees that cliff vest 100% on January 31, 2029. These awards are amortized over a service period of three years. The number of shares distributed at vesting could be higher or lower than the original grant based on the level of attainment of predetermined Company performance measures. In January 2026, the Company granted 24,996 additional RSUs related to the original 2023 award based on the level of attainment of Company performance measures during the performance period.

The Company values performance-based RSUs at their grant-date fair value as measured by BlackRock’s common stock price. The incentive retention performance-based RSUs granted in connection with the GIP Transaction in October 2024 are not entitled to participate in dividends until they vest, hence the grant-date fair value of the awards are reduced by the present value of the dividends expected to be paid on the common shares during the vesting period (present value was determined using a risk-free interest rate). The total grant-date fair market value of performance-based RSUs granted (including impact due to performance measures) to employees during the three months ended March 31, 2026 was $179 million.

At March 31, 2026, the intrinsic value of outstanding performance-based RSUs was $637 million, reflecting a closing stock price of $962.

At March 31, 2026, total unrecognized stock-based compensation expense related to unvested performance-based awards was $409 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 2.2 years.

Stock option activity and ending balance for the three months ended March 31, 2026 is summarized below.


	2017 Performance-based Options					2023 Performance-based Options				2023 Time-based Options
	Shares Under Option			Weighted Average Exercise Price		Shares Under Option		Weighted Average Exercise Price		Shares Under Option		Weighted Average Exercise Price
Outstanding at December 31, 2025		300,356		$	513.50		678,732	$	673.58		281,377	$	673.58
Exercised		(142,948	)	$	513.50		—	$	—		—	$	—
Outstanding at March 31, 2026		157,408		$	513.50		678,732	$	673.58		281,377	$	673.58


	Options Outstanding								Options Exercisable
Option Type	Exercise Prices		Options Outstanding		Weighted Average Remaining Life (years)		Aggregate Intrinsic Value (in millions)		Exercise Prices		Options Exercisable		Weighted Average Remaining Life (years)		Aggregate Intrinsic Value (in millions)
2017 Performance-based	$	513.50		157,408		0.7	$	71	$	513.50		157,408		0.7	$	71
2023 Performance-based	$	673.58		678,732		6.2		196	$	673.58		—		—		—
2023 Time-based	$	673.58		281,377		6.2		81	$	673.58		—		—		—
				1,117,517		5.4	$	348				157,408		0.7	$	71

At March 31, 2026, total unrecognized stock-based compensation expense related to unvested performance-based and time-based stock options was $65 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 2.4 years.

In 2017, pursuant to the Award Plan, the Company awarded performance-based stock options to certain employees ("2017 Performance-based Options"). Vesting of the 2017 Performance-based Options was contingent upon (i) the achievement of a stock price equal to at least 125% of the grant-date stock price, maintained for 20 trading days, within five years from the grant date and (ii) the attainment of a Company performance measure during the four-year performance period from January 1, 2018 to December 31, 2021. Both hurdles have been achieved, and each of the three tranches of the awards vested in equal installments at the end of 2022, 2023 and 2024, respectively. Vested 2017 Performance-based Options are exercisable for up to nine years following the grant date. The expense for each tranche has been amortized over the respective requisite service period. The aggregate intrinsic value of 2017 Performance-based Options exercised during the three months ended March 31, 2026 was $87 million.

In 2023, pursuant to the Award Plan, the Company awarded performance-based stock options to certain employees ("2023 Performance-based Options"). Vesting of the 2023 Performance-based Options is contingent upon (i) the achievement of a stock price equal to at least 130% of the grant-date stock price, maintained for 60 calendar days, within four years from the grant date and (ii) the attainment of a predetermined Company performance measure during the three-year performance period from January 1, 2024 to December 31, 2026. As of March 31, 2026, the price hurdle was achieved and the Company assumes that the performance measure will be achieved. Accordingly, the awards are expected to vest in three tranches of 25%, 25% and 50% in May 2027, 2028 and 2029, respectively. Vested 2023 Performance-based Options will be exercisable for up to nine years following the grant date, and the awards are forfeited if the employee resigns before the respective vesting date. The expense for each tranche is amortized over the respective requisite service period.

In 2023, pursuant to the Award Plan, the Company awarded time-based stock options to certain employees ("2023 Time-based Options"). These awards will vest in three tranches of 25%, 25% and 50% in May 2027, 2028 and 2029, respectively. Vested 2023 Time-based Options can be exercised up to nine years following the grant date, and the awards are forfeited if the employee resigns before the respective vesting date. The expense is amortized over the respective requisite service period.

See Note 18, Stock-Based Compensation, in the 2025 Form 10-K for more information on RSUs, performance-based RSUs and stock options.