UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended September 30, 2026

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from to .

Commission file number 001-42297

BlackRock, Inc.

(Exact name of registrant as specified in its charter)

Delaware		99-1116001
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

50 Hudson Yards, New York, NY 10001

(Address of Principal Executive Offices) (Zip Code)

(212) 810-5800

(Registrant’s Telephone Number, Including Area Code)

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $.01 par value		BLK		New York Stock Exchange
3.750% Notes due 2035		BLK 35		New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes		X		No

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes		X		No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒		Accelerated filer	☐
Non-accelerated filer	☐		Smaller reporting company	☐
			Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes				No		X

As of October 31, 2026, there were 154,423,421 shares of the registrant’s common stock outstanding (162,030,348 on a fully diluted basis, including 7,606,927 Class B-2 common units of a consolidated subsidiary, BlackRock Saturn Subco, LLC, which are exchangeable on a one-for-one basis into common stock of the registrant).

BlackRock, Inc.

Index to Form 10-Q

PART I

FINANCIAL INFORMATION

		Page
Item 1.	Financial Statements (unaudited)
	Condensed Consolidated Statements of Financial Condition	1
	Condensed Consolidated Statements of Income	2
	Condensed Consolidated Statements of Comprehensive Income	3
	Condensed Consolidated Statements of Changes in Equity	4
	Condensed Consolidated Statements of Cash Flows	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	38
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	72
Item 4.	Controls and Procedures	73

 

PART II

OTHER INFORMATION

Item 1.	Legal Proceedings	74
Item 1A.	Risk Factors	75
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	76
Item 5.	Other Information	77
Item 6.	Exhibits	78

 

	Signatures	79

 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

BlackRock, Inc.

Condensed Consolidated Statements of Financial Condition

(unaudited)

		September 30,				December 31,
(in millions, except shares and per share data)		2026				2025
Assets
Cash and cash equivalents(1)		$	12,877			$	11,468
Accounts receivable			5,762				5,158
Investments(1)			15,384				13,271
Separate account assets			65,056				60,098
Separate account collateral held under securities lending agreements			5,465				7,922
Property and equipment (net of accumulated depreciation and amortization of $1,929 and    $1,692 at September 30, 2026 and December 31, 2025, respectively)			1,306				1,256
Intangible assets (net of accumulated amortization of $2,235 and $1,482 at    September 30, 2026 and December 31, 2025, respectively)			27,139				27,968
Goodwill			35,204				35,283
Operating lease right-of-use assets			1,844				1,874
Other assets(1)			7,861				5,700
Total assets		$	177,898			$	169,998
Liabilities
Accrued compensation and benefits		$	3,431			$	3,830
Accounts payable and accrued liabilities			1,982				1,740
Borrowings			12,740				12,768
Separate account liabilities			65,056				60,098
Separate account collateral liabilities under securities lending agreements			5,465				7,922
Contingent consideration liabilities			5,858				8,429
Deferred income tax liabilities			4,271				4,618
Operating lease liabilities			2,245				2,228
Other liabilities(1)			9,075				6,823
Total liabilities			110,123				108,456
Commitments and contingencies (Note 15)
Temporary equity
Redeemable noncontrolling interests ("NCI") - consolidated sponsored investment    products ("CIPs")			3,850				2,636
Redeemable NCI - BlackRock Saturn Subco, LLC ("Subco")			—				2,791
Permanent equity
BlackRock, Inc. stockholders’ equity
Common stock, $0.01 par value;			2				2
Shares authorized: 500,000,000 at September 30, 2026 and December 31, 2025;    Shares issued: 156,276,289 at both September 30, 2026 and December 31, 2025;    Shares outstanding: 154,606,029 and 155,069,171 at September 30, 2026 and       December 31, 2025, respectively
Additional paid-in capital			19,637				19,748
Retained earnings			40,976				37,899
Accumulated other comprehensive loss			(680	)			(545	)
Treasury stock, common, at cost (1,670,260 and 1,207,118 shares held at September 30, 2026    and December 31, 2025, respectively)			(1,804	)			(1,216	)
Total BlackRock, Inc. stockholders’ equity			58,131				55,888
Nonredeemable NCI - CIPs			354				227
Nonredeemable NCI - Subco			5,440				—
Total permanent equity			63,925				56,115
Total liabilities, temporary equity and permanent equity		$	177,898			$	169,998

 

See accompanying notes to condensed consolidated financial statements.