The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three months ended March 31, 2026 and 2025:


	Three Months Ended
	March 31,
(in millions, except shares and per share data)	2026		2025
Basic net income attributable to BlackRock, Inc.	$	2,212	$	1,510
Add: Incremental net income from dilutive securities - NCI - Subco		108		—
Diluted net income attributable to BlackRock, Inc.	$	2,320	$	1,510

Basic weighted-average shares outstanding		155,308,809		155,038,772
Dilutive effect of:
Nonparticipating RSUs		1,664,513		1,111,006
Stock options		385,888		482,245
Subco Units		7,641,897		—
Total diluted weighted-average shares outstanding		165,001,107		156,632,023
Basic earnings per share	$	14.24	$	9.74
Diluted earnings per share	$	14.06	$	9.64

The Company applies the treasury stock method to determine the dilutive weighted-average common shares outstanding for RSUs and stock options. The Company applies the “if-converted” method to the Subco Units to determine the dilutive impact, if any, of the exchange right included in the Subco Units.

For the three months ended March 31, 2026, 465,960 shares primarily related to RSUs were excluded from the calculation of diluted EPS because to include them would have an anti-dilutive effect. The amount of anti-dilutive shares was immaterial for the three months ended March 31, 2025. Certain performance-based awards were excluded from the diluted EPS calculation because the designated contingencies were not met.