Exhibit 99.1


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

BlackRock Reports Third Quarter 2026 Diluted EPS of $10.57, or $15.93 as adjusted
New York, October 14, 2026 – BlackRock, Inc. (NYSE: BLK) today reported financial results for the three and nine months ended September 30, 2026.

      $15.5 trillion in AUM following $869 billion of net inflows over the last twelve months, representing 10% organic base fee growth
$205 billion of net inflows and 11% annualized organic base fee growth in the quarter reflect broad-based strength across iShares® ETFs, systematic active equities, private markets, and cash
19% increase in revenue year-over-year reflects the positive impact of markets, organic base fee growth, higher performance fees, and higher technology services and subscription revenue
14% growth in technology services and subscription revenue year-over-year, driven by continued momentum in Aladdin® and multi-product solutions
 
19% increase in year-over-year GAAP operating income and 25% increase in GAAP diluted EPS impacted by a noncash change in fair value of contingent consideration associated with prior acquisitions, which has been excluded from as adjusted results
27% increase in year-over-year as adjusted operating income
38% increase in year-over-year as adjusted diluted EPS also reflects higher nonoperating income in the current quarter
$550 million of share repurchases in the current quarter

       

      Laurence D. Fink, Chairman and CEO:
“BlackRock's results demonstrate the value of our integrated platform, as clients increasingly choose us as a partner across investing, financing, and technology. That client trust is translating into higher earnings power, with shareholders benefiting from a more than 35% increase in adjusted earnings per share year-over-year, a 47.8% adjusted operating margin, and 11% annualized organic base fee growth in the third quarter.
“BlackRock brings together issuer relationships built over decades, financing expertise, investment performance, and the technology and data that connect it all. That combination is differentiating us in every region in which we operate. It’s why BlackRock is winning mandates at the cutting edge of capital markets, from hyperscaler financings to pension outsourcings to Aladdin and Preqin partnerships. 
“Clients entrusted us with $205 billion of net inflows this quarter, and $869 billion over the last year. Our results reflect the scale of BlackRock, with 12% technology ACV growth and net inflows across every asset class, client type, region, and across active and index. Our track record of strong investment performance drove $66 billion of active net inflows, led by our fixed income and systematic franchises. iShares generated $135 billion of net inflows, diversified across categories and global product lines. 
“BlackRock’s ability to originate and structure at scale is leading to premier financing relationships and sourcing opportunities for our clients. We’ve raised $68 billion in private markets over the last twelve months, and our AI Infrastructure Partnership made its first deployment this quarter. 
“BlackRock is in a differentiated position as both a trusted advisor and destination for global client capital. That position is powering organic growth and value for our shareholders. We’re entering our seasonally strongest fourth quarter with accelerating momentum, and a broad pipeline spanning whole portfolio, private markets, retirement, and our international platforms. Demand for capital is growing across the global economy, and BlackRock is increasingly at the center of how that capital is deployed and managed. I’m confident in the opportunities that creates for our clients and in the long-term value we can generate for our shareholders.”

     


FINANCIAL RESULTS							NET FLOW HIGHLIGHTS(1)
(in millions,	Q3			Q3						Q3			YTD
except per share data)	2026			2025			(in billions)			2026			2026
AUM	$	15,488,263		$	13,463,625		Long-term net flows:			$	175		$	510
% change		15	%
Average AUM	$	15,460,140		$	12,960,773		By region:
% change		19	%					Americas		$	125		$	400
Total net flows	$	205,466		$	204,642			EMEA			31			100
								APAC			19			10
GAAP basis:
Revenue	$	7,752		$	6,509		By client type:
% change		19	%
Operating income	$	2,328		$	1,955			Retail:		$	23		$	57
% change		19	%						US		17			45
Operating margin		30.0	%		30.0	%			International		6			12
Net income(1)	$	1,659		$	1,323
% change		25	%					ETFs:		$	135		$	444
Diluted EPS	$	10.57		$	8.43				Active		22			61
% change		25	%						Core equity		3			120
Weighted-average									Digital assets		8			6
diluted shares		164.5			165.2				Fixed income		61			163
% change		-	%						Precision & other		41			94

As Adjusted(2):								Institutional:		$	17		$	8
Operating income	$	3,330		$	2,621				Active		44			112
% change		27	%						Index		(27	)		(104	)
Operating margin		47.8	%		44.6	%
Net income	$	2,621		$	1,907		Cash management net flows			$	31		$	17
% change		37	%
Diluted EPS	$	15.93		$	11.55		Total net flows			$	205		$	527
% change		38	%
_________________________							_________________________
(1) Net income represents net income attributable to BlackRock, Inc. (2) See pages 14 through 16 for the reconciliation to accounting principles generally accepted in the United States ("GAAP") and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items.							(1) Totals may not add due to rounding.

BUSINESS RESULTS


											Q3 2026
						Q3 2026					Base fees(1)
						Base fees(1)		September 30, 2026			and securities
	Q3 2026			September 30, 2026		and securities		AUM			lending revenue
(in millions), (unaudited)	Net flows			AUM		lending revenue		% of Total			% of Total
RESULTS BY PRODUCT TYPE
Equity	$	52,446		$	8,983,974	$	3,079		57	%		51	%
Fixed income		78,213			3,353,313		1,116		22	%		18	%
Multi-asset		5,051			1,338,519		429		9	%		7	%
Alternatives:
Private markets		15,311			335,994		668		2	%		11	%
Liquid alternatives		8,925			130,282		240		1	%		4	%
Alternatives subtotal		24,236			466,276		908		3	%		15	%
Digital assets		7,907			79,632		39		1	%		1	%
Currency and commodities(2)		6,961			165,404		111		1	%		2	%
Long-term		174,814			14,387,118		5,682		93	%		94	%
Cash management		30,652			1,101,145		354		7	%		6	%
Total	$	205,466		$	15,488,263	$	6,036		100	%		100	%
RESULTS BY CLIENT TYPE
Retail	$	23,295		$	1,406,186	$	1,396		9	%		23	%
ETFs		134,509			6,358,457		2,762		41	%		46	%
Institutional:
Active		44,454			2,689,184		1,231		18	%		20	%
Index		(27,444	)		3,933,291		293		25	%		5	%
Institutional subtotal		17,010			6,622,475		1,524		43	%		25	%
Long-term		174,814			14,387,118		5,682		93	%		94	%
Cash management		30,652			1,101,145		354		7	%		6	%
Total	$	205,466		$	15,488,263	$	6,036		100	%		100	%
RESULTS BY INVESTMENT STYLE
Active	$	66,405		$	3,671,914	$	2,521		24	%		42	%
ETFs		134,509			6,358,457		2,762		41	%		46	%
Non-ETF index		(26,100	)		4,356,747		399		28	%		6	%
Long-term		174,814			14,387,118		5,682		93	%		94	%
Cash management		30,652			1,101,145		354		7	%		6	%
Total	$	205,466		$	15,488,263	$	6,036		100	%		100	%

(1)

Base fees include investment advisory and administration fees.

(2)

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

INVESTMENT PERFORMANCE AT September 30, 2026(1)


	One-year period	Three-year period	Five-year period
Fixed income:
Actively managed AUM above benchmark or peer median
Taxable	71%	85%	84%
Tax-exempt	56%	58%	47%
Index AUM within or above applicable tolerance	98%	99%	100%
Equity:
Actively managed AUM above benchmark or peer median
Fundamental	73%	65%	65%
Systematic	92%	93%	95%
Index AUM within or above applicable tolerance	91%	97%	96%

(1)

Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 18 for performance disclosure detail.

TELECONFERENCE, WEBCAST AND PRESENTATION INFORMATION

Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Martin S. Small, will host a teleconference call for investors and analysts on Wednesday, October 14, 2026 at 7:30 a.m. (Eastern Time). Members of the public who are interested in participating in the teleconference should dial, from the United States, (312) 471-1353, or from outside the United States, (800) 330-6710, shortly before 7:30 a.m. and reference the BlackRock Conference Call (ID Number 6339797). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.

The webcast will be available for replay by 10:30 a.m. (Eastern Time) on Wednesday, October 14, 2026. To access the replay of the webcast, please visit the investor relations section of www.blackrock.com.

ABOUT BLACKROCK

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

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

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


											Three Months
	Three Months Ended										Ended
	September 30,										June 30,
	2026			2025			Change				2026			Change
Revenue
Investment advisory, administration fees and securities lending revenue:
Investment advisory and administration fees	$	5,783		$	4,843		$	940			$	5,487		$	296
Securities lending revenue		253			203			50				239			14
Total investment advisory, administration fees and securities lending revenue		6,036			5,046			990				5,726			310
Investment advisory performance fees		630			516			114				305			325
Technology services and subscription revenue		588			515			73				566			22
Distribution fees		414			355			59				395			19
Advisory and other revenue		84			77			7				92			(8	)
Total revenue		7,752			6,509			1,243				7,084			668

Expense
Employee compensation and benefits		2,440			2,357			83				2,274			166
Sales, asset and account expense:
Distribution and servicing costs		785			638			147				732			53
Direct fund expense		551			464			87				543			8
Sub-advisory and other		77			60			17				67			10
Total sales, asset and account expense		1,413			1,162			251				1,342			71
General and administration expense		731			689			42				720			11
Change in fair value of contingent consideration		564			93			471				11			553
Amortization of intangible assets		276			253			23				276			-
Total expense		5,424			4,554			870				4,623			801

Operating income		2,328			1,955			373				2,461			(133	)

Nonoperating income (expense)
Net gain (loss) on investments		353			64			289				283			70
Net interest income (expense)		(37	)		(22	)		(15	)			(25	)		(12	)
Total nonoperating income (expense)		316			42			274				258			58

Income before income taxes		2,644			1,997			647				2,719			(75	)
Income tax expense		724			470			254				677			47
Net income		1,920			1,527			393				2,042			(122	)
Less:
Net income (loss) attributable to noncontrolling interests ("NCI") - consolidated sponsored investment products ("CIPs")		181			134			47				35			146
Net income (loss) attributable to NCI - Subco		80			70			10				93			(13	)
Net income attributable to BlackRock, Inc.	$	1,659		$	1,323		$	336			$	1,914		$	(255	)

Weighted-average common shares outstanding
Basic		154.8			154.9			(0.1	)			155.2			(0.4	)
Diluted (including Subco Units)		164.5			165.2			(0.6	)			164.6			(0.1	)
Earnings per share attributable to BlackRock, Inc. common stockholders
Basic	$	10.72		$	8.54		$	2.18			$	12.34		$	(1.62	)
Diluted	$	10.57		$	8.43		$	2.14			$	12.19		$	(1.62	)
Cash dividends declared and paid per share	$	5.73		$	5.21		$	0.52			$	5.73		$	-

Supplemental information:

AUM (end of period)	$	15,488,263		$	13,463,625		$	2,024,638			$	15,344,624		$	143,639
Shares outstanding including Subco Units		162.2			163.2			(1.0	)			162.6			(0.4	)
GAAP:
Operating margin		30.0	%		30.0	%		-		bps		34.7	%		(470	)	bps
Effective tax rate		29.4	%		25.2	%		420		bps		25.2	%		420		bps
As adjusted:
Operating income (1)	$	3,330		$	2,621		$	709			$	2,916		$	414
Operating margin (1)		47.8	%		44.6	%		320		bps		45.9	%		190		bps
Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs (2)	$	127		$	(106	)	$	233			$	145		$	(18	)
Net income attributable to BlackRock, Inc. (3)	$	2,621		$	1,907		$	714			$	2,291		$	330
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3)	$	15.93		$	11.55		$	4.38			$	13.91		$	2.02
Effective tax rate		24.2	%		24.2	%		-		bps		25.2	%		(100	)	bps

See pages 14 through 16 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items. As of September 30, 2026, there were 154.6 million shares of common stock and 7.6 million Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC ("Subco") outstanding. As of September 30, 2025, there were 155.1 million shares of common stock and 8.1 million Subco Units outstanding.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

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



	Nine Months Ended
	September 30,
	2026			2025			Change
Revenue
Investment advisory, administration fees and securities lending revenue:
Investment advisory and administration fees	$	16,529		$	13,370		$	3,159
Securities lending revenue		671			531			140
Total investment advisory, administration fees and securities lending revenue		17,200			13,901			3,299
Investment advisory performance fees		1,207			670			537
Technology services and subscription revenue		1,684			1,450			234
Distribution fees		1,198			996			202
Advisory and other revenue		245			191			54
Total revenue		21,534			17,208			4,326

Expense
Employee compensation and benefits		6,939			5,862			1,077
Sales, asset and account expense:
Distribution and servicing costs		2,222			1,784			438
Direct fund expense		1,575			1,297			278
Sub-advisory and other		215			153			62
Total sales, asset and account expense		4,012			3,234			778
General and administration expense		2,125			1,917			208
Change in fair value of contingent consideration		26			265			(239	)
Restructuring charge		-			39			(39	)
Amortization of intangible assets		829			507			322
Total expense		13,931			11,824			2,107

Operating income		7,603			5,384			2,219

Nonoperating income (expense)
Net gain (loss) on investments		708			672			36
Net interest income (expense)		(106	)		(44	)		(62	)
Total nonoperating income (expense)		602			628			(26	)

Income before income taxes		8,205			6,012			2,193
Income tax expense		1,917			1,305			612
Net income		6,288			4,707			1,581
Less:
Net income (loss) attributable to NCI - CIPs		222			211			11
Net income (loss) attributable to NCI - Subco		281			70			211
Net income attributable to BlackRock, Inc.	$	5,785		$	4,426		$	1,359

Weighted-average common shares outstanding
Basic		155.1			154.9			0.1
Diluted (including Subco Units)		164.7			159.4			5.4
Earnings per share attributable to BlackRock, Inc. common stockholders
Basic	$	37.30		$	28.57		$	8.73
Diluted	$	36.82		$	28.21		$	8.61
Cash dividends declared and paid per share	$	17.19		$	15.63		$	1.56

Supplemental information:

AUM (end of period)	$	15,488,263		$	13,463,625		$	2,024,638
Shares outstanding including Subco Units		162.2			163.2			(1.0	)
GAAP:
Operating margin		35.3	%		31.3	%		400		bps
Effective tax rate		24.0	%		22.5	%		150		bps
As adjusted:
Operating income (1)	$	8,915		$	6,752		$	2,163
Operating margin (1)		46.2	%		43.8	%		240		bps
Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs (2)	$	294		$	373		$	(79	)
Net income attributable to BlackRock, Inc. (3)	$	6,980		$	5,560		$	1,420
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3)	$	42.37		$	34.89		$	7.48
Effective tax rate		24.2	%		22.0	%		220		bps

See pages 14 through 16 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items. As of September 30, 2026, there were 154.6 million shares of common stock and 7.6 million Subco Units outstanding. As of September 30, 2025, there were 155.1 million shares of common stock and 8.1 million Subco Units outstanding.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Current Quarter Component Changes by Product Type
			Net
	June 30,		inflows						Market			FX			September 30,		Average
	2026		(outflows)			Realizations(1)			change			impact(2)			2026		AUM(3)
Equity	$	8,888,234	$	52,446		$	-		$	40,087		$	3,207		$	8,983,974	$	8,949,952
Fixed income		3,390,161		78,213			(632	)		(117,408	)		2,979			3,353,313		3,381,746
Multi-asset		1,347,299		5,051			-			(12,622	)		(1,209	)		1,338,519		1,348,091
Alternatives:
Private markets		329,083		15,311			(5,363	)		(2,876	)		(161	)		335,994		333,849
Liquid alternatives		120,312		8,925			(22	)		1,024			43			130,282		125,475
Alternatives subtotal		449,395		24,236			(5,385	)		(1,852	)		(118	)		466,276		459,324
Digital assets		48,839		7,907			-			22,889			(3	)		79,632		63,598
Currency and commodities(4)		151,849		6,961			-			6,580			14			165,404		162,343
Long-term		14,275,777		174,814			(6,017	)		(62,326	)		4,870			14,387,118		14,365,054
Cash management		1,068,847		30,652			-			2,198			(552	)		1,101,145		1,095,086
Total	$	15,344,624	$	205,466		$	(6,017	)	$	(60,128	)	$	4,318		$	15,488,263	$	15,460,140

Current Quarter Component Changes by Client Type and Product Type (Long-Term)
			Net
	June 30,		inflows						Market			FX			September 30,		Average
	2026		(outflows)			Realizations(1)			change			impact(2)			2026		AUM(3)
Retail:
Equity	$	713,748	$	16,545		$	-		$	2,030		$	(159	)	$	732,164	$	721,502
Fixed income		398,069		691			-			(11,331	)		(919	)		386,510		395,176
Multi-asset		211,740		1,918			-			(2,872	)		(103	)		210,683		211,924
Private markets		30,788		320			(432	)		(396	)		(31	)		30,249		30,581
Liquid alternatives		41,912		3,821			-			843			4			46,580		43,952
Retail subtotal		1,396,257		23,295			(432	)		(11,726	)		(1,208	)		1,406,186		1,403,135
ETFs:
Equity		4,722,557		50,864			-			(2,175	)		(1,266	)		4,769,980		4,751,061
Fixed income		1,308,627		66,090			-			(46,741	)		(762	)		1,327,214		1,320,309
Multi-asset		21,767		2,773			-			171			(11	)		24,700		23,003
Digital assets		48,839		7,907			-			22,889			(3	)		79,632		63,598
Commodities		144,280		6,875			-			5,813			(37	)		156,931		154,181
ETFs subtotal		6,246,070		134,509			-			(20,043	)		(2,079	)		6,358,457		6,312,152
Institutional:
Active:
Equity		288,729		10,356			-			3,344			527			302,956		296,368
Fixed income		912,078		12,945			(632	)		(27,653	)		321			897,059		903,711
Multi-asset		1,109,672		1,058			-			(9,901	)		(1,107	)		1,099,722		1,109,413
Private markets		298,295		14,991			(4,931	)		(2,480	)		(130	)		305,745		303,268
Liquid alternatives		78,400		5,104			(22	)		181			39			83,702		81,523
Active subtotal		2,687,174		44,454			(5,585	)		(36,509	)		(350	)		2,689,184		2,694,283
Index		3,946,276		(27,444	)		-			5,952			8,507			3,933,291		3,955,484
Institutional subtotal		6,633,450		17,010			(5,585	)		(30,557	)		8,157			6,622,475		6,649,767
Long-term	$	14,275,777	$	174,814		$	(6,017	)	$	(62,326	)	$	4,870		$	14,387,118	$	14,365,054

(1)

Realizations represent return of capital/return on investments.

(2)

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

(3)

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

(4)

Amounts include commodity ETFs and ETPs.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Current Quarter Component Changes by Investment Style and Product Type (Long-Term)
			Net
	June 30,		inflows						Market			FX			September 30,		Average
	2026		(outflows)			Realizations(1)			change			impact(2)			2026		AUM(3)
Active:
Equity	$	619,239	$	24,882		$	-		$	257		$	344		$	644,722	$	630,566
Fixed income		1,275,378		14,312			(632	)		(37,968	)		(559	)		1,250,531		1,264,266
Multi-asset		1,321,393		2,975			-			(12,772	)		(1,211	)		1,310,385		1,321,318
Private markets		329,083		15,311			(5,363	)		(2,876	)		(161	)		335,994		333,849
Liquid alternatives		120,312		8,925			(22	)		1,024			43			130,282		125,475
Active subtotal		3,665,405		66,405			(6,017	)		(52,335	)		(1,544	)		3,671,914		3,675,474
ETFs:
Equity		4,722,557		50,864			-			(2,175	)		(1,266	)		4,769,980		4,751,061
Fixed income		1,308,627		66,090			-			(46,741	)		(762	)		1,327,214		1,320,309
Multi-asset		21,767		2,773			-			171			(11	)		24,700		23,003
Digital assets		48,839		7,907			-			22,889			(3	)		79,632		63,598
Commodities		144,280		6,875			-			5,813			(37	)		156,931		154,181
ETFs subtotal		6,246,070		134,509			-			(20,043	)		(2,079	)		6,358,457		6,312,152
Non-ETF index		4,364,302		(26,100	)		-			10,052			8,493			4,356,747		4,377,428
Long-term	$	14,275,777	$	174,814		$	(6,017	)	$	(62,326	)	$	4,870		$	14,387,118	$	14,365,054

Current Quarter Component Changes by Private Markets Product Type (Long-Term)
			Net
	June 30,		inflows						Market			FX			September 30,		Average
	2026		(outflows)			Realizations(1)			change			impact(2)			2026		AUM(3)
Private markets:
Infrastructure	$	113,488	$	7,583		$	(785	)	$	(500	)	$	(24	)	$	119,762	$	117,762
Private equity		32,261		710			(1,045	)		(939	)		(19	)		30,968		31,597
Private credit		150,937		5,012			(2,917	)		(669	)		(90	)		152,273		151,510
Real estate		21,953		1,924			(436	)		(772	)		(21	)		22,648		22,585
Multi-alternatives		10,444		82			(180	)		4			(7	)		10,343		10,395
Total private markets	$	329,083	$	15,311		$	(5,363	)	$	(2,876	)	$	(161	)	$	335,994	$	333,849

(1)

Realizations represent return of capital/return on investments.

(2)

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

(3)

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

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Year-to-Date Component Changes by Product Type
			Net
	December 31,		inflows						Market			FX			September 30,		Average
	2025		(outflows)			Realizations(1)			change			impact(2)			2026		AUM(3)
Equity	$	7,793,875	$	195,886		$	-		$	1,027,741		$	(33,528	)	$	8,983,974	$	8,484,314
Fixed income		3,272,021		204,622			(2,503	)		(104,902	)		(15,925	)		3,353,313		3,343,909
Multi-asset		1,223,625		39,660			-			84,332			(9,098	)		1,338,519		1,301,014
Alternatives:
Private markets		322,624		39,820			(20,043	)		(5,335	)		(1,072	)		335,994		327,426
Liquid alternatives		100,990		21,072			(787	)		8,792			215			130,282		115,530
Alternatives subtotal		423,614		60,892			(20,830	)		3,457			(857	)		466,276		442,956
Digital assets		78,435		5,726			-			(4,516	)		(13	)		79,632		66,176
Currency and commodities(4)		169,216		3,063			-			(6,598	)		(277	)		165,404		176,934
Long-term		12,960,786		509,849			(23,333	)		999,514			(59,698	)		14,387,118		13,815,303
Cash management		1,080,732		17,041			-			7,542			(4,170	)		1,101,145		1,082,801
Total	$	14,041,518	$	526,890		$	(23,333	)	$	1,007,056		$	(63,868	)	$	15,488,263	$	14,898,104

Year-to-Date Component Changes by Client Type and Product Type (Long-Term)
			Net
	December 31,		inflows						Market			FX			September 30,		Average
	2025		(outflows)			Realizations(1)			change			impact(2)			2026		AUM(3)
Retail:
Equity	$	629,081	$	31,971		$	-		$	74,284		$	(3,172	)	$	732,164	$	682,906
Fixed income		384,887		12,832			-			(10,014	)		(1,195	)		386,510		391,596
Multi-asset		199,655		581			-			10,732			(285	)		210,683		207,386
Private markets		30,681		1,667			(965	)		(955	)		(179	)		30,249		31,006
Liquid alternatives		34,428		10,338			(193	)		2,036			(29	)		46,580		40,065
Retail subtotal		1,278,732		57,389			(1,158	)		76,083			(4,860	)		1,406,186		1,352,959
ETFs:
Equity		4,006,014		249,012			-			527,621			(12,667	)		4,769,980		4,455,169
Fixed income		1,205,953		177,917			-			(51,573	)		(5,083	)		1,327,214		1,276,520
Multi-asset		14,402		9,209			-			1,327			(238	)		24,700		18,828
Digital assets		78,435		5,726			-			(4,516	)		(13	)		79,632		66,176
Commodities		162,906		2,272			-			(7,998	)		(249	)		156,931		169,290
ETFs subtotal		5,467,710		444,136			-			464,861			(18,250	)		6,358,457		5,985,983
Institutional:
Active:
Equity		247,993		16,824			-			39,356			(1,217	)		302,956		277,365
Fixed income		905,566		16,045			(2,503	)		(18,839	)		(3,210	)		897,059		904,442
Multi-asset		1,006,106		30,204			-			71,974			(8,562	)		1,099,722		1,070,989
Private markets		291,943		38,153			(19,078	)		(4,380	)		(893	)		305,745		296,420
Liquid alternatives		66,562		10,734			(594	)		6,756			244			83,702		75,465
Active subtotal		2,518,170		111,960			(22,175	)		94,867			(13,638	)		2,689,184		2,624,681
Index		3,696,174		(103,636	)		-			363,703			(22,950	)		3,933,291		3,851,680
Institutional subtotal		6,214,344		8,324			(22,175	)		458,570			(36,588	)		6,622,475		6,476,361
Long-term	$	12,960,786	$	509,849		$	(23,333	)	$	999,514		$	(59,698	)	$	14,387,118	$	13,815,303

(1)

Realizations represent return of capital/return on investments.

(2)

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

(3)

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

(4)

Amounts include commodity ETFs and ETPs.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Year-to-Date Component Changes by Investment Style and Product Type (Long-Term)
			Net
	December 31,		inflows						Market			FX			September 30,		Average
	2025		(outflows)			Realizations(1)			change			impact(2)			2026		AUM(3)
Active:
Equity	$	546,028	$	30,137		$	-		$	71,466		$	(2,909	)	$	644,722	$	596,431
Fixed income		1,257,358		27,525			(2,503	)		(27,941	)		(3,908	)		1,250,531		1,261,843
Multi-asset		1,205,743		30,785			-			82,705			(8,848	)		1,310,385		1,278,357
Private markets		322,624		39,820			(20,043	)		(5,335	)		(1,072	)		335,994		327,426
Liquid alternatives		100,990		21,072			(787	)		8,792			215			130,282		115,530
Active subtotal		3,432,743		149,339			(23,333	)		129,687			(16,522	)		3,671,914		3,579,587
ETFs:
Equity		4,006,014		249,012			-			527,621			(12,667	)		4,769,980		4,455,169
Fixed income		1,205,953		177,917			-			(51,573	)		(5,083	)		1,327,214		1,276,520
Multi-asset		14,402		9,209			-			1,327			(238	)		24,700		18,828
Digital assets		78,435		5,726			-			(4,516	)		(13	)		79,632		66,176
Commodities		162,906		2,272			-			(7,998	)		(249	)		156,931		169,290
ETFs subtotal		5,467,710		444,136			-			464,861			(18,250	)		6,358,457		5,985,983
Non-ETF index		4,060,333		(83,626	)		-			404,966			(24,926	)		4,356,747		4,249,733
Long-term	$	12,960,786	$	509,849		$	(23,333	)	$	999,514		$	(59,698	)	$	14,387,118	$	13,815,303

Year-to-Date Component Changes by Private Markets Product Type (Long-Term)
			Net
	December 31,		inflows						Market			FX			September 30,		Average
	2025		(outflows)			Realizations(1)			change			impact(2)			2026		AUM(3)
Private markets:
Infrastructure	$	112,116	$	14,050		$	(4,110	)	$	(2,051	)	$	(243	)	$	119,762	$	114,289
Private equity		30,623		3,786			(2,394	)		(954	)		(93	)		30,968		31,228
Private credit		145,385		17,636			(8,655	)		(1,565	)		(528	)		152,273		149,105
Real estate		25,062		2,616			(4,064	)		(812	)		(154	)		22,648		22,879
Multi-alternatives		9,438		1,732			(820	)		47			(54	)		10,343		9,925
Total private markets	$	322,624	$	39,820		$	(20,043	)	$	(5,335	)	$	(1,072	)	$	335,994	$	327,426

(1)

Realizations represent return of capital/return on investments.

(2)

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

(3)

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

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Year-over-Year Component Changes by Product Type
			Net
	September 30,		inflows						Market			FX			September 30,		Average
	2025		(outflows)			Realizations(1)			change			impact(2)			2026		AUM(3)
Equity	$	7,459,075	$	321,939		$	-		$	1,246,229		$	(43,269	)	$	8,983,974	$	8,274,472
Fixed income		3,178,965		288,394			(2,728	)		(86,907	)		(24,411	)		3,353,313		3,310,384
Multi-asset		1,161,957		76,529			-			108,434			(8,401	)		1,338,519		1,271,561
Alternatives:
Private markets		320,886		52,527			(30,749	)		(5,651	)		(1,019	)		335,994		325,633
Liquid alternatives		97,448		23,934			(924	)		9,579			245			130,282		111,515
Alternatives subtotal		418,334		76,461			(31,673	)		3,928			(774	)		466,276		437,148
Digital assets		103,965		6,305			-			(30,629	)		(9	)		79,632		73,276
Currency and commodities(4)		136,600		8,020			-			21,141			(357	)		165,404		169,239
Long-term		12,458,896		777,648			(34,401	)		1,262,196			(77,221	)		14,387,118		13,536,080
Cash management		1,004,729		90,953			-			9,789			(4,326	)		1,101,145		1,068,840
Total	$	13,463,625	$	868,601		$	(34,401	)	$	1,271,985		$	(81,547	)	$	15,488,263	$	14,604,920

Year-over-Year Component Changes by Client Type and Product Type (Long-Term)
			Net
	September 30,		inflows						Market			FX			September 30,		Average
	2025		(outflows)			Realizations(1)			change			impact(2)			2026		AUM(3)
Retail:
Equity	$	597,262	$	47,201		$	-		$	91,118		$	(3,417	)	$	732,164	$	664,308
Fixed income		344,651		50,408			-			(7,962	)		(587	)		386,510		380,913
Multi-asset		168,883		26,619			-			15,444			(263	)		210,683		199,111
Private markets		29,770		2,957			(1,536	)		(761	)		(181	)		30,249		30,813
Liquid alternatives		33,002		11,964			(222	)		1,871			(35	)		46,580		38,494
Retail subtotal		1,173,568		139,149			(1,758	)		99,710			(4,483	)		1,406,186		1,313,639
ETFs:
Equity		3,788,431		371,781			-			622,404			(12,636	)		4,769,980		4,317,980
Fixed income		1,157,582		229,836			-			(55,248	)		(4,956	)		1,327,214		1,254,166
Multi-asset		13,111		10,279			-			1,470			(160	)		24,700		17,601
Digital assets		103,965		6,305			-			(30,629	)		(9	)		79,632		73,276
Commodities		130,225		7,418			-			19,508			(220	)		156,931		161,894
ETFs subtotal		5,193,314		625,619			-			557,505			(17,981	)		6,358,457		5,824,917
Institutional:
Active:
Equity		242,002		12,568			-			50,345			(1,959	)		302,956		269,930
Fixed income		901,576		13,954			(2,728	)		(11,363	)		(4,380	)		897,059		903,036
Multi-asset		976,474		40,022			-			91,173			(7,947	)		1,099,722		1,051,116
Private markets		291,116		49,570			(29,213	)		(4,890	)		(838	)		305,745		294,820
Liquid alternatives		64,446		11,970			(702	)		7,708			280			83,702		73,021
Active subtotal		2,475,614		128,084			(32,643	)		132,973			(14,844	)		2,689,184		2,591,923
Index		3,616,400		(115,204	)		-			472,008			(39,913	)		3,933,291		3,805,601
Institutional subtotal		6,092,014		12,880			(32,643	)		604,981			(54,757	)		6,622,475		6,397,524
Long-term	$	12,458,896	$	777,648		$	(34,401	)	$	1,262,196		$	(77,221	)	$	14,387,118	$	13,536,080

(1)

Realizations represent return of capital/return on investments.

(2)

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

(3)

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

(4)

Amounts include commodity ETFs and ETPs.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Year-over-Year Component Changes by Investment Style and Product Type (Long-Term)
			Net
	September 30,		inflows						Market			FX			September 30,		Average
	2025		(outflows)			Realizations(1)			change			impact(2)			2026		AUM(3)
Active:
Equity	$	517,176	$	41,265		$	-		$	90,116		$	(3,835	)	$	644,722	$	579,507
Fixed income		1,213,771		62,701			(2,728	)		(18,754	)		(4,459	)		1,250,531		1,250,164
Multi-asset		1,145,338		66,642			-			106,615			(8,210	)		1,310,385		1,250,209
Private markets		320,886		52,527			(30,749	)		(5,651	)		(1,019	)		335,994		325,633
Liquid alternatives		97,448		23,934			(924	)		9,579			245			130,282		111,515
Active subtotal		3,294,619		247,069			(34,401	)		181,905			(17,278	)		3,671,914		3,517,028
ETFs:
Equity		3,788,431		371,781			-			622,404			(12,636	)		4,769,980		4,317,980
Fixed income		1,157,582		229,836			-			(55,248	)		(4,956	)		1,327,214		1,254,166
Multi-asset		13,111		10,279			-			1,470			(160	)		24,700		17,601
Digital assets		103,965		6,305			-			(30,629	)		(9	)		79,632		73,276
Commodities		130,225		7,418			-			19,508			(220	)		156,931		161,894
ETFs subtotal		5,193,314		625,619			-			557,505			(17,981	)		6,358,457		5,824,917
Non-ETF index		3,970,963		(95,040	)		-			522,786			(41,962	)		4,356,747		4,194,135
Long-term	$	12,458,896	$	777,648		$	(34,401	)	$	1,262,196		$	(77,221	)	$	14,387,118	$	13,536,080

Year-over-Year Component Changes by Private Markets Product Type (Long-Term)
			Net
	September 30,		inflows						Market			FX			September 30,		Average
	2025		(outflows)			Realizations(1)			change			impact(2)			2026		AUM(3)
Private markets:
Infrastructure	$	110,101	$	19,036		$	(7,108	)	$	(2,054	)	$	(213	)	$	119,762	$	113,180
Private equity		34,033		4,209			(6,174	)		(1,009	)		(91	)		30,968		31,639
Private credit		141,974		24,906			(12,227	)		(1,849	)		(531	)		152,273		147,634
Real estate		25,525		2,427			(4,318	)		(857	)		(129	)		22,648		23,394
Multi-alternatives		9,253		1,949			(922	)		118			(55	)		10,343		9,786
Total private markets	$	320,886	$	52,527		$	(30,749	)	$	(5,651	)	$	(1,019	)	$	335,994	$	325,633

(1)

Realizations represent return of capital/return on investments.

(2)

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

(3)

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

SUMMARY OF REVENUE


	Three Months							Three Months					Nine Months
	Ended							Ended					Ended
	September 30,							June 30,					September 30,
(in millions), (unaudited)	2026		2025		Change			2026		Change			2026		2025		Change
Revenue
Investment advisory, administration fees and securities lending revenue:
Equity:
Active	$	658	$	557	$	101		$	626	$	32		$	1,877	$	1,582	$	295
ETFs		2,134		1,597		537			1,989		145			5,916		4,347		1,569
Equity subtotal		2,792		2,154		638			2,615		177			7,793		5,929		1,864
Fixed income:
Active		550		513		37			539		11			1,620		1,492		128
ETFs		464		393		71			443		21			1,341		1,111		230
Fixed income subtotal		1,014		906		108			982		32			2,961		2,603		358
Active multi-asset		405		344		61			387		18			1,163		969		194
Alternatives:
Private markets		668		653		15			639		29			1,965		1,687		278
Liquid alternatives		240		178		62			212		28			649		485		164
Alternatives subtotal		908		831		77			851		57			2,614		2,172		442
Non-ETF index		399		353		46			385		14			1,126		973		153
Digital assets, commodities and multi-asset ETFs(1)		164		140		24			163		1			506		340		166
Long-term		5,682		4,728		954			5,383		299			16,163		12,986		3,177
Cash management		354		318		36			343		11			1,037		915		122
Total investment advisory, administration fees and securities lending revenue		6,036		5,046		990			5,726		310			17,200		13,901		3,299
Investment advisory performance fees:
Equity		21		14		7			60		(39	)		103		36		67
Fixed income		-		-		-			3		(3	)		5		14		(9	)
Multi-asset		9		2		7			5		4			23		12		11
Alternatives:
Private markets		191		298		(107	)		137		54			560		361		199
Liquid alternatives		409		202		207			100		309			516		247		269
Alternatives subtotal		600		500		100			237		363			1,076		608		468
Total investment advisory performance fees		630		516		114			305		325			1,207		670		537
Technology services and subscription revenue		588		515		73			566		22			1,684		1,450		234
Distribution fees		414		355		59			395		19			1,198		996		202
Advisory and other revenue:
Advisory		10		12		(2	)		8		2			30		39		(9	)
Other		74		65		9			84		(10	)		215		152		63
Total advisory and other revenue		84		77		7			92		(8	)		245		191		54
Total revenue	$	7,752	$	6,509	$	1,243		$	7,084	$	668		$	21,534	$	17,208	$	4,326

(1)

Amounts include commodity ETFs and ETPs.

Highlights

•

Investment advisory, administration fees and securities lending revenue increased $990 million from the third quarter of 2025, primarily driven by organic base fee growth and the impact of market beta on average AUM. Securities lending revenue of $253 million increased from $203 million in the third quarter of 2025, primarily reflecting higher spreads and higher average balances of securities on loan.

Investment advisory, administration fees and securities lending revenue increased $310 million from the second quarter of 2026, primarily driven by organic base fee growth, the impact of market beta on average AUM, and the effect of one additional day in the quarter. Securities lending revenue of $253 million increased from $239 million in the second quarter of 2026, primarily reflecting higher spreads and higher average balances of securities on loan.

•

Performance fees increased $114 million from the third quarter of 2025, primarily reflecting higher revenue from liquid alternative products, largely related to a single hedge fund with an annual performance measurement period that ends in the third quarter, partially offset by lower revenue from private markets products.

Performance fees increased $325 million from the second quarter of 2026, primarily reflecting higher revenue from liquid alternative and private markets products, partially offset by lower revenue from long-only products.

•

Technology services and subscription revenue increased $73 million from the third quarter of 2025 and $22 million from the second quarter of 2026, reflecting the sustained demand for Aladdin and multi-product solutions. Technology services and subscription annual contract value (“ACV”)(1) increased 12% from the third quarter of 2025.

•

Distribution fees increased $59 million from the third quarter of 2025 primarily reflecting higher average AUM.

(1)

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

SUMMARY OF OPERATING EXPENSE


	Three Months								Three Months					Nine Months
	Ended								Ended					Ended
	September 30,								June 30,					September 30,
(in millions), (unaudited)	2026		2025			Change			2026		Change			2026			2025			Change
Operating expense
Employee compensation and benefits	$	2,440	$	2,357		$	83		$	2,274	$	166		$	6,939		$	5,862		$	1,077
Sales, asset and account expense:
Distribution and servicing costs		785		638			147			732		53			2,222			1,784			438
Direct fund expense		551		464			87			543		8			1,575			1,297			278
Sub-advisory and other		77		60			17			67		10			215			153			62
Total sales, asset and account expense		1,413		1,162			251			1,342		71			4,012			3,234			778
General and administration expense:
Marketing and promotional		82		82			-			94		(12	)		277			272			5
Occupancy and office related		184		137			47			153		31			484			371			113
Portfolio services		69		69			-			68		1			207			195			12
Technology		237		213			24			227		10			670			600			70
Professional services		71		104			(33	)		80		(9	)		226			228			(2	)
Communications		10		12			(2	)		11		(1	)		31			33			(2	)
Foreign exchange remeasurement		-		(3	)		3			-		-			(4	)		(7	)		3
Other general and administration		78		75			3			87		(9	)		234			225			9
Total general and administration expense		731		689			42			720		11			2,125			1,917			208
Change in fair value of contingent consideration		564		93			471			11		553			26			265			(239	)
Restructuring charge		-		-			-			-		-			-			39			(39	)
Amortization of intangible assets		276		253			23			276		-			829			507			322
Total operating expense	$	5,424	$	4,554		$	870		$	4,623	$	801		$	13,931		$	11,824		$	2,107

Highlights

•

Employee compensation and benefits expense increased $83 million from the third quarter of 2025 and $166 million from the second quarter of 2026, primarily reflecting the impact of higher operating income and performance fees, partially offset by lower nonrecurring retention-related deferred compensation expense(1).

•

Sales, asset and account expense increased $251 million from the third quarter of 2025 and $71 million from the second quarter of 2026, driven by higher distribution and servicing costs and direct fund expense, primarily reflecting higher average AUM.

•

General and administration expense increased $42 million from the third quarter of 2025 and $11 million from the second quarter of 2026, primarily driven by higher occupancy and office related expense, including the impact of acquisition-related expenses(1) and higher technology expense, partially offset by lower acquisition-related(1) professional services expense.

•

Change in fair value of contingent consideration(1) increased $471 million as compared to the change in the third quarter of 2025, and increased $553 million as compared to the change in the second quarter of 2026, primarily in connection with the fair value of contingent consideration for the Global Infrastructure Management, LLC ("GIP") transaction and HPS Investment Partners ("HPS") transaction, which is impacted by the share price of BlackRock common stock at the end of the period.

(1)

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

SUMMARY OF NONOPERATING INCOME (expense), less net income (loss) attributable TO noncontrolling interests - Consolidated Sponsored investment products


	Three Months									Three Months						Nine Months
	Ended									Ended						Ended
	September 30,									June 30,						September 30,
(in millions), (unaudited)	2026			2025			Change			2026			Change			2026			2025			Change
Nonoperating income (expense), GAAP basis	$	316		$	42		$	274		$	258		$	58		$	602		$	628		$	(26	)
Less: Net income (loss) attributable to NCI - CIPs		181			134			47			35			146			222			211			11
Nonoperating income (expense), net of NCI - CIPs		135			(92	)		227			223			(88	)		380			417			(37	)
Less: Hedge gain (loss) on deferred cash compensation plans(1)		8			14			(6	)		78			(70	)		86			44			42
Nonoperating income (expense), net of NCI - CIPs, as adjusted(2)	$	127		$	(106	)	$	233		$	145		$	(18	)	$	294		$	373		$	(79	)

	Three Months									Three Months						Nine Months
	Ended									Ended						Ended
	September 30,									June 30,						September 30,
(in millions), (unaudited)	2026			2025			Change			2026			Change			2026			2025			Change
Net gain (loss) on investments, net of NCI - CIPs
Private equity	$	(21	)	$	(14	)	$	(7	)	$	34		$	(55	)	$	22		$	59		$	(37	)
Real assets		17			3			14			18			(1	)		40			2			38
Other alternatives(3)		14			8			6			8			6			37			20			17
Other investments(4)		(10	)		26			(36	)		55			(65	)		32			27			5
Hedge gain (loss) on deferred cash compensation plans(1)		8			14			(6	)		78			(70	)		86			44			42
Subtotal		8			37			(29	)		193			(185	)		217			152			65
Other income/gain (expense/loss)(5)		164			(107	)		271			55			109			269			309			(40	)
Total net gain (loss) on investments, net of NCI - CIPs		172			(70	)		242			248			(76	)		486			461			25
Net interest income (expense)		(37	)		(22	)		(15	)		(25	)		(12	)		(106	)		(44	)		(62	)
Nonoperating income (expense), net of NCI - CIPs		135			(92	)		227			223			(88	)		380			417			(37	)
Less: Hedge gain (loss) on deferred cash compensation plans(1)		8			14			(6	)		78			(70	)		86			44			42
Nonoperating income (expense), net of NCI - CIPs, as adjusted(2)	$	127		$	(106	)	$	233		$	145		$	(18	)	$	294		$	373		$	(79	)

(1)

Amounts relate to the gains (losses) from economically hedging certain BlackRock deferred cash compensation plans.

(2)

Management believes nonoperating income (expense), net of NCI - CIPs, as adjusted, is an effective measure for reviewing BlackRock’s nonoperating results, which ultimately impacts BlackRock’s book value. For more information on as adjusted items and the reconciliation to GAAP, see notes to the condensed consolidated statements of income and supplemental information on pages 14 through 16.

(3)

Amounts primarily include net gains (losses) related to credit funds, direct hedge fund strategies and hedge fund solutions.

(4)

Amounts primarily include net gains (losses) related to BlackRock's seed investment portfolio, net of impact of certain hedges.

(5)

Amounts for the three months ended September 30, 2026 and 2025, include a nonoperating noncash pre-tax gain of approximately $22 million and a noncash pre-tax loss of approximately $115 million, respectively, in connection with the Company's minority investment in Circle Internet Group, Inc. Amounts for the three months ended September 30, 2026 also include a nonoperating noncash pre-tax gain of approximately $80 million in connection with the Company's minority investment in Securitize Corp. Additional amounts include earnings (losses) from certain equity method minority investments and noncash pre-tax gains (losses) related to the revaluation of certain other minority investments.

summary of INCOME TAX EXPENSE


	Three Months								Three Months						Nine Months
	Ended								Ended						Ended
	September 30,								June 30,						September 30,
(in millions), (unaudited)	2026			2025			Change		2026				Change		2026			2025			Change
Income tax expense	$	724		$	470		$	254		$	677		$	47	$	1,917		$	1,305		$	612
Effective tax rate		29.4	%		25.2	%	420 bps				25.2	%	420 bps			24.0	%		22.5	%	150 bps


RECONCILIATION OF GAAP OPERATING INCOME AND OPERATING MARGIN TO OPERATING INCOME AND OPERATING MARGIN, AS ADJUSTED
	Three Months Ended									Nine Months Ended
	September 30,						June 30,			September 30,
(in millions), (unaudited)	2026			2025			2026			2026			2025
Operating income, GAAP basis	$	2,328		$	1,955		$	2,461		$	7,603		$	5,384
Non-GAAP expense adjustments:
Compensation expense related to appreciation (depreciation) on deferred cash compensation plans (a)		32			14			60			97			41
Amortization of intangible assets (b)		276			253			276			829			507
Acquisition-related compensation costs (b)		84			262			95			286			423
Acquisition-related general and administration expense (b)		46			44			13			74			93
Change in fair value of contingent consideration (b)		564			93			11			26			265
Restructuring charge (c)		-			-			-			-			39
Operating income, as adjusted (1)	$	3,330		$	2,621		$	2,916		$	8,915		$	6,752
Revenue, GAAP basis	$	7,752		$	6,509		$	7,084		$	21,534		$	17,208
Non-GAAP adjustments:
Distribution fees		(414	)		(355	)		(395	)		(1,198	)		(996	)
Investment advisory fees		(371	)		(283	)		(337	)		(1,024	)		(788	)
Revenue used for operating margin measurement	$	6,967		$	5,871		$	6,352		$	19,312		$	15,424
Operating margin, GAAP basis		30.0	%		30.0	%		34.7	%		35.3	%		31.3	%
Operating margin, as adjusted (1)		47.8	%		44.6	%		45.9	%		46.2	%		43.8	%

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


RECONCILIATION OF GAAP NONOPERATING INCOME (EXPENSE) TO NONOPERATING INCOME (EXPENSE), LESS NET INCOME (LOSS) ATTRIBUTABLE TO NCI - CIPs, AS ADJUSTED
	Three Months Ended							Nine Months Ended
	September 30,					June 30,		September 30,
(in millions), (unaudited)	2026		2025			2026		2026		2025
Nonoperating income (expense), GAAP basis	$	316	$	42		$	258	$	602	$	628
Less: Net income (loss) attributable to NCI - CIPs		181		134			35		222		211
Nonoperating income (expense), net of NCI - CIPs		135		(92	)		223		380		417
Less: Hedge gain (loss) on deferred cash compensation plans (a)		8		14			78		86		44
Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, as adjusted (2)	$	127	$	(106	)	$	145	$	294	$	373

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


RECONCILIATION OF GAAP NET INCOME ATTRIBUTABLE TO BLACKROCK TO NET INCOME ATTRIBUTABLE TO BLACKROCK, AS ADJUSTED
	Three Months Ended							Nine Months Ended
	September 30,				June 30,			September 30,
(in millions, except per share data), (unaudited)	2026		2025		2026			2026		2025
Net income attributable to BlackRock, Inc., GAAP basis	$	1,659	$	1,323	$	1,914		$	5,785	$	4,426
Noncontrolling interest - Subco		80		70		93			281		70
Net income attributable to BlackRock, Inc., (for diluted EPS)		1,739		1,393		2,007			6,066		4,496
Non-GAAP adjustments(1):
Net impact of hedged deferred cash compensation plans (a)		18		-		(13	)		9		(2	)
Amortization of intangible assets (b)		207		189		206			620		378
Acquisition-related compensation costs (b)		66		198		71			217		318
Acquisition-related general and administration expense (b)		35		33		9			55		71
Change in fair value of contingent consideration (b)		556		94		11			13		263
Restructuring charge (c)		-		-		-			-		29
Income tax matters		-		-		-			-		7
Net income attributable to BlackRock, Inc., as adjusted (3)	$	2,621	$	1,907	$	2,291		$	6,980	$	5,560
Diluted weighted-average common shares outstanding, including Subco Units		164.5		165.2		164.6			164.7		159.4
Diluted earnings per common share, GAAP basis	$	10.57	$	8.43	$	12.19		$	36.82	$	28.21
Diluted earnings per common share, as adjusted (3)	$	15.93	$	11.55	$	13.91		$	42.37	$	34.89

(1)

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

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

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

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

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

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

•

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

(a)

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

(b)

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

(c)

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

•

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

(2) Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, as adjusted: Management believes nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, as adjusted, is an effective measure for reviewing BlackRock’s nonoperating contribution to its results and provides comparability of this information among reporting periods. Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, as adjusted, excludes the gain (loss) on the economic hedge of certain deferred cash compensation plans. As the gain (loss) on investments and derivatives used to hedge these compensation plans over time substantially offsets the compensation expense related to the market valuation changes on these deferred cash compensation plans, which is included in operating income, GAAP basis, management believes excluding the gain (loss) on the economic hedge of the deferred cash compensation plans when calculating nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, as adjusted, provides a useful measure for both management and investors of BlackRock’s nonoperating results that impact book value.

(3) Net income attributable to BlackRock, Inc., as adjusted:

•

Management believes net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, are useful measures of BlackRock’s profitability and financial performance. Net income attributable to BlackRock, Inc., as adjusted, equals net income attributable to BlackRock, Inc., GAAP basis, adjusted for certain items management deems nonrecurring or that occur infrequently, transactions that ultimately will not impact BlackRock’s book value or certain tax items that do not impact cash flow.

For each period presented, the non-GAAP adjustments were tax effected at the respective blended rates applicable to the adjustments. The non-GAAP adjustments in 2025 and 2026 related to the change in fair value of contingent consideration are primarily not deductible for income tax purposes.

•

In addition, net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, assumes all outstanding Subco Units issued as part of the consideration for the HPS transaction have been exchanged in accordance with their terms on a one-for-one basis into common stock of BlackRock, as Subco Units are exchangeable at the option of the holder. Accordingly, the noncontrolling interest related to these Subco Units has been included as part of net income attributable to BlackRock, Inc., as adjusted. Management believes that these non-GAAP measures are useful indicators of BlackRock’s profitability and enhance comparability among periods presented, and therefore are useful to investors.

•

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

(4) ACV: Management believes ACV is an effective metric for reviewing BlackRock’s technology services and subscription's ongoing contribution to its operating results and provides comparability of this information among reporting periods while also providing a useful supplemental metric for both management and investors of BlackRock’s growth in technology services and subscription revenue over time, as it is linked to the net new business in technology and subscription services. ACV represents forward-looking, annualized estimated value of the recurring subscription fees under client contracts, assuming all client contracts that come up for renewal are renewed, unless the Company has received a notice of termination, even though such notice may not be effective until a later date. ACV also includes the annualized estimated value of new sales, for existing and new clients, when we execute client contracts, even though the recurring fees may not be effective until a later date and excludes nonrecurring fees such as implementation and consulting fees.

FORWARD-LOOKING STATEMENTS

This earnings release, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” and similar expressions.

BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and may contain information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

BlackRock has previously disclosed risk factors in its Securities and Exchange Commission (“SEC”) reports. These risk factors and those identified elsewhere in this earnings release, among others, could cause actual results to differ materially from forward-looking statements or historical performance and include: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management; (3) the relative and absolute investment performance of BlackRock’s investment products; (4) BlackRock’s ability to develop new products and services that address client preferences; (5) the impact of increased competition; (6) the impact of recent or future acquisitions or divestitures, including the acquisitions of GIP, Preqin Holding Limited and HPS (collectively, the “Transactions”); (7) BlackRock’s ability to integrate acquired businesses successfully, including the Transactions; (8) the unfavorable resolution of legal proceedings; (9) the extent and timing of any share repurchases; (10) the impact, extent and timing of technological changes and the adequacy of intellectual property, data, information and cybersecurity protection; (11) the failure to effectively manage the development and use of artificial intelligence; (12) attempts to circumvent BlackRock’s operational control environment or the potential for human error in connection with BlackRock’s operational systems; (13) the impact of legislative and regulatory actions and reforms, supervisory or enforcement actions of government agencies and governmental scrutiny relating to BlackRock; (14) changes in law and policy and uncertainty pending any such changes; (15) any failure to effectively manage conflicts of interest; (16) damage to BlackRock’s reputation; (17) increasing focus from stakeholders regarding environmental- and social-related matters; (18) geopolitical unrest, terrorist activities, civil or international hostilities, and other events outside BlackRock’s control, including wars, global trade tensions, tariffs, natural disasters and health crises, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (19) climate-related risks to BlackRock’s business, products, operations and clients; (20) the ability to attract, train and retain highly qualified professionals; (21) fluctuations in the carrying value of BlackRock’s economic investments; (22) the impact of changes to tax legislation, including income, payroll and transaction taxes, and taxation on products, which could affect the value proposition to clients and, generally, the tax position of BlackRock; (23) BlackRock’s success in negotiating distribution arrangements and maintaining distribution channels for its products; (24) the failure by key third-party providers to fulfill their obligations to BlackRock; (25) operational, technological and regulatory risks associated with BlackRock’s major technology partnerships; (26) any disruption to the operations of third parties whose functions are integral to BlackRock’s exchange-traded products platform; (27) the impact of BlackRock electing to provide support to its products from time to time and any potential liabilities related to securities lending or other indemnification obligations; and (28) the impact of problems, instability or failure of other financial institutions or the failure or negative performance of products offered by other financial institutions.

BlackRock’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and BlackRock’s subsequent filings with the SEC, accessible on the SEC’s website at www.sec.gov and on BlackRock’s website at www.blackrock.com, discuss these factors in more detail and identify additional factors that can affect forward-looking statements. The information contained on the Company’s website is not a part of this earnings release.

PERFORMANCE NOTES

Past performance is not indicative of future results. Except as specified, the performance information shown is as of September 30, 2026 and is based on preliminary data available at that time. The performance data shown reflects information for all actively and passively managed equity and fixed income accounts, including US registered investment companies, European-domiciled retail funds and separate accounts for which performance data is available, including performance data for high net worth accounts available as of August 31, 2026. The performance data does not include accounts terminated prior to September 30, 2026 and accounts for which data has not yet been verified. If such accounts had been included, the performance data provided may have substantially differed from that shown.

Performance comparisons shown are gross-of-fees for institutional and high net worth separate accounts, and net-of-fees for retail funds. The performance tracking shown for index accounts is based on gross-of-fees performance and includes all institutional accounts and all iShares funds globally using an index strategy. AUM information is based on AUM available as of September 30, 2026 for each account or fund in the asset class shown without adjustment for overlapping management of the same account or fund. Fund performance reflects the reinvestment of dividends and distributions.

Performance shown is derived from applicable benchmarks or peer median information, as selected by BlackRock, Inc. Peer medians are based in part on data either from Lipper, Inc. or Morningstar, Inc. for each included product.