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8-K

BlackRock, Inc. (BLK)

8-K 2025-07-15 For: 2025-07-15
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 15, 2025

BLACKROCK, INC.
(Exact name of registrant as specified in its charter)
delaware<br><br>(State or other jurisdiction<br><br>of incorporation) 001-42297<br><br>(Commission<br><br>File Number) 99-1116001<br><br>(IRS Employer<br><br>Identification No.)
--- --- ---
50 Hudson Yards, New York, New York 10001
--- ---
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (212)

810-5800

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class Trading<br><br>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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02. Results of Operations and Financial Condition

On July 15, 2025, BlackRock, Inc. (the “Company”) reported results of operations for the three and six months ended June 30, 2025. A copy of the earnings release issued by the Company is attached as Exhibit 99.1 to this Form 8-K.

Item 7.01. Regulation FD Disclosure

On July 15, 2025, the Company will hold an investor conference call and webcast to discuss the Company’s earnings results for the three and six months ended June 30, 2025. A copy of supplemental materials used during the conference call and webcast is furnished as Exhibit 99.2 to this Form 8-K.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

99.1 Earnings release dated July 15, 2025 issued by the Company
99.2 Second Quarter 2025 Earnings – Earnings Release Supplement
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BlackRock, Inc.
(Registrant)
Date: July 15, 2025 By: /s/ Martin S. Small
Martin S. Small
Senior Managing Director and
Chief Financial Officer

EX-99.1

Exhibit 99.1

INVESTOR RELATIONS:Caroline Rodda 212.810.3442
BlackRock Reports Second Quarter 2025 Diluted EPS of 10.19, or 12.05 as adjusted
New York, July 15, 2025 – BlackRock, Inc. (NYSE: BLK) today reported financial results for the three and six months ended June 30, 2025.

All values are in US Dollars.

$152 billion of year-to-date total net inflows led by a record first half for iShares® ETFs, alongside private markets and cash net inflows<br><br>$68 billion of quarterly total net inflows reflect impact of a single institutional client's $52 billion lower-fee index partial redemption<br><br>13% increase in revenue year-over-year reflects positive impact of markets, organic base fee growth and fees related to the GIP Transaction, as well as higher technology services and subscription revenue, partially offset by lower performance fees<br><br>4% decrease in year-over-year GAAP operating income primarily as a result of noncash acquisition-related expenses, which have been excluded from as-adjusted results<br><br>12% increase in year-over-year as adjusted operating income<br><br>2% increase in diluted EPS year-over-year (16% as adjusted) also reflects higher nonoperating income, partially offset by a higher effective tax rate and a higher diluted share count in the current quarter<br><br>$375 million of share repurchases in the current quarter<br><br>Closed acquisition of HPS Investment Partners on July 1st, adding $165 billion of client AUM and $118 billion of fee-paying AUM Laurence D. Fink, Chairman and CEO:<br><br>“For many years, BlackRock has worked to serve the ambitions of each and every client around the world – from the largest asset owners to individuals just getting their start with investing. We design and deliver strategies and products that fit their unique long-term needs and aspirations. We deliver in the way that best serves each client, whether it’s through whole portfolio solutions, opportunistic investments, or customized models and SMAs.<br><br>“Our expanding client relationships are resonating in higher, more diversified organic base fee growth. We generated 6% organic base fee growth for the second quarter and the first half of 2025, and 7% over the last twelve months.<br><br>“BlackRock’s sustained growth has been powered by our whole portfolio approach, being the first firm to bring together active and index at scale. And now we’re building on our foundational platform to redefine the whole portfolio once again by integrating public and private markets across asset management and technology.<br><br>“iShares ETFs had a record first half in flows, and technology ACV growth reached a fresh high of 16%. This core strength, alongside client demand for private markets, digital assets, Aperio, and our tech and data-driven systematic strategies, propelled another consecutive quarter of above-target organic base fee growth and record AUM of $12.5 trillion.<br><br>“We surpassed the fundraising target for GIP’s fifth flagship, raising $25.2 billion and delivering the largest-ever client capital raise in a private infrastructure fund. We announced the development of a custom target date fund glidepath that strategically allocates across public and private markets. And we’re attracting a new and increasingly global generation of investors through things like our digital assets offerings and recently launched funds in India through our joint venture Jio BlackRock.<br><br>“Our comprehensive platform and the depth of our client relationships set us apart from traditional or private markets firms in the industry. Our recent closing of HPS will help us build even more with clients as we head into our seasonally strongest second half of the year. These are just the early days in our next phase of even stronger growth.”
FINANCIAL RESULTS NET FLOW HIGHLIGHTS(1)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Q2 Q2 Q2 YTD
(in millions, except per share data) 2025 2024 (in billions) 2025 2025
AUM $ 12,527,590 $ 10,645,721 Long-term net flows: $ 46 $ 129
% change 18 %
Average AUM $ 11,974,829 $ 10,457,851 By region:
% change 15 % Americas $ 69 $ 119
Total net flows $ 67,737 $ 81,565 EMEA 29 66
APAC (52 ) (56 )
GAAP basis:
Revenue $ 5,423 $ 4,805 By client type:
% change 13 %
Operating income $ 1,731 $ 1,800 Retail: $ 2 $ 15
% change (4 )% US (1 ) 6
Operating margin 31.9 % 37.5 % International 3 9
Net income(1) $ 1,593 $ 1,495
% change 7 % ETFs: $ 85 $ 192
Diluted EPS $ 10.19 $ 9.99 Active 11 20
% change 2 % Core equity - 45
Weighted-average Digital assets 14 17
diluted shares 156.3 149.7 Fixed income 42 70
% change 4 % Precision & other 18 40
As Adjusted(2): Institutional: $ (41 ) $ (78 )
Operating income $ 2,099 $ 1,881 Active 7 15
% change 12 % Index (48 ) (93 )
Operating margin 43.3 % 44.1 %
Net income(1) $ 1,883 $ 1,550 Cash management net flows $ 22 $ 23
% change 21 %
Diluted EPS $ 12.05 $ 10.36
% change 16 % Total net flows $ 68 $ 152
_________________________ _________________________
(1)   Net income represents net income attributable to BlackRock, Inc.<br>(2)   See pages 14 through 16 for the reconciliation to accounting principles generally accepted in <br>      the United States ("GAAP") and notes (1) through (3) to the condensed consolidated <br>      statements of income and supplemental information for more information on as adjusted <br>      items. (1)   Totals may not add due to rounding.

BUSINESS RESULTS

Q2 2025
Q2 2025 Base fees(1)
Base fees(1) June 30, 2025 and securities
Q2 2025 June 30, 2025 and securities AUM lending revenue
(in millions), (unaudited) Net flows AUM lending revenue % of Total % of Total
RESULTS BY PRODUCT TYPE
Equity $ 28,781 $ 6,905,438 $ 2,123 54 % 48 %
Fixed income (4,664 ) 3,087,297 945 25 % 21 %
Multi-asset (6,743 ) 1,076,709 319 8 % 7 %
Alternatives:
Private markets 6,819 215,244 499 2 % 11 %
Liquid alternatives 2,948 86,670 157 1 % 4 %
Alternatives subtotal 9,767 301,914 656 3 % 15 %
Digital assets 14,139 79,551 40 1 % 1 %
Currency and commodities(2) 4,509 106,980 67 1 % 1 %
Long-term 45,789 11,557,889 4,150 92 % 93 %
Cash management 21,948 969,701 304 8 % 7 %
Total $ 67,737 $ 12,527,590 $ 4,454 100 % 100 %
RESULTS BY CLIENT TYPE
Retail $ 1,957 $ 1,100,997 $ 1,053 9 % 24 %
ETFs 84,860 4,748,768 1,875 38 % 42 %
Institutional:
Active 6,727 2,277,877 981 18 % 22 %
Index (47,755 ) 3,430,247 241 27 % 5 %
Institutional subtotal (41,028 ) 5,708,124 1,222 45 % 27 %
Long-term 45,789 11,557,889 4,150 92 % 93 %
Cash management 21,948 969,701 304 8 % 7 %
Total $ 67,737 $ 12,527,590 $ 4,454 100 % 100 %
RESULTS BY INVESTMENT STYLE
Active $ 1,413 $ 3,051,873 $ 1,962 24 % 44 %
ETFs 84,860 4,748,768 1,875 38 % 42 %
Non-ETF index (40,484 ) 3,757,248 313 30 % 7 %
Long-term 45,789 11,557,889 4,150 92 % 93 %
Cash management 21,948 969,701 304 8 % 7 %
Total $ 67,737 $ 12,527,590 $ 4,454 100 % 100 %
  • Base fees include investment advisory and administration fees.
  • Amounts include commodity exchange-traded funds ("ETFs") and exchange-traded products ("ETPs").

INVESTMENT PERFORMANCE AT June 30, 2025(1)

One-year period Three-year period Five-year period
Fixed income:
Actively managed AUM above benchmark or peer median
Taxable 73% 84% 83%
Tax-exempt 30% 61% 64%
Index AUM within or above applicable tolerance 96% 99% 100%
Equity:
Actively managed AUM above benchmark or peer median
Fundamental 40% 75% 54%
Systematic 47% 95% 93%
Index AUM within or above applicable tolerance 95% 99% 100%
  • 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, July 15, 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, (800) 401-3551, shortly before 7:30 a.m. and reference the BlackRock Conference Call (ID Number 1723819). 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, July 15, 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
June 30, March 31,
2025 2024 Change 2025 Change
Revenue
Investment advisory, administration fees and <br>   securities lending revenue:
Investment advisory and administration fees $ 4,283 $ 3,721 $ 562 $ 4,244 $ 39
Securities lending revenue 171 154 17 157 14
Total investment advisory, administration fees <br>   and securities lending revenue 4,454 3,875 579 4,401 53
Investment advisory performance fees 94 164 (70 ) 60 34
Technology services and subscription revenue 499 395 104 436 63
Distribution fees 320 318 2 321 (1 )
Advisory and other revenue 56 53 3 58 (2 )
Total revenue 5,423 4,805 618 5,276 147
Expense
Employee compensation and benefits 1,764 1,503 261 1,741 23
Sales, asset and account expense:
Distribution and servicing costs 576 539 37 570 6
Direct fund expense 441 358 83 392 49
Sub-advisory and other 46 32 14 47 (1 )
Total sales, asset and account expense 1,063 929 134 1,009 54
General and administration expense 689 534 155 711 (22 )
Restructuring charge 39 - 39 - 39
Amortization of intangible assets 137 39 98 117 20
Total expense 3,692 3,005 687 3,578 114
Operating income 1,731 1,800 (69 ) 1,698 33
Nonoperating income (expense)
Net gain (loss) on investments 550 162 388 58 492
Interest and dividend income 144 178 (34 ) 173 (29 )
Interest expense (173 ) (126 ) (47 ) (166 ) (7 )
Total nonoperating income (expense) 521 214 307 65 456
Income before income taxes 2,252 2,014 238 1,763 489
Income tax expense 587 477 110 248 339
Net income 1,665 1,537 128 1,515 150
Less:
Net income (loss) attributable to noncontrolling <br>   interests 72 42 30 5 67
Net income attributable to BlackRock, Inc. $ 1,593 $ 1,495 $ 98 $ 1,510 $ 83
Weighted-average common shares outstanding
Basic 154.9 148.4 6.4 155.0 (0.2 )
Diluted 156.3 149.7 6.6 156.6 (0.4 )
Earnings per share attributable to BlackRock, Inc. <br>   common stockholders
Basic $ 10.29 $ 10.07 $ 0.22 $ 9.74 $ 0.55
Diluted $ 10.19 $ 9.99 $ 0.20 $ 9.64 $ 0.55
Cash dividends declared and paid per share $ 5.21 $ 5.10 $ 0.11 $ 5.21 $ -
Supplemental information:
AUM (end of period) $ 12,527,590 $ 10,645,721 $ 1,881,869 $ 11,583,928 $ 943,662
Shares outstanding (end of period) 154.8 148.2 6.6 155.0 (0.3 )
GAAP:
Operating margin 31.9 % 37.5 % (560 ) bps 32.2 % (30 ) bps
Effective tax rate 26.9 % 24.2 % 270 bps 14.1 % 1,280 bps
As adjusted:
Operating income (1) $ 2,099 $ 1,881 $ 218 $ 2,032 $ 67
Operating margin (1) 43.3 % 44.1 % (80 ) bps 43.2 % 10 bps
Nonoperating income (expense), less net income <br>   (loss) attributable to noncontrolling <br>   interests (2) $ 404 $ 165 $ 239 $ 75 $ 329
Net income attributable to BlackRock, Inc. (3) $ 1,883 $ 1,550 $ 333 $ 1,770 $ 113
Diluted earnings attributable to BlackRock, Inc. <br>   common stockholders per share (3) $ 12.05 $ 10.36 $ 1.69 $ 11.30 $ 0.75
Effective tax rate 24.8 % 24.2 % 60 bps 16.0 % 880 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.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

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

Six Months Ended
June 30,
2025 2024 Change
Revenue
Investment advisory, administration fees and <br>   securities lending revenue:
Investment advisory and administration fees $ 8,527 $ 7,348 $ 1,179
Securities lending revenue 328 305 23
Total investment advisory, administration fees <br>   and securities lending revenue 8,855 7,653 1,202
Investment advisory performance fees 154 368 (214 )
Technology services and subscription revenue 935 772 163
Distribution fees 641 628 13
Advisory and other revenue 114 112 2
Total revenue 10,699 9,533 1,166
Expense
Employee compensation and benefits 3,505 3,083 422
Sales, asset and account expense:
Distribution and servicing costs 1,146 1,057 89
Direct fund expense 833 696 137
Sub-advisory and other 93 64 29
Total sales, asset and account expense 2,072 1,817 255
General and administration expense 1,400 1,063 337
Restructuring charge 39 - 39
Amortization of intangible assets 254 77 177
Total expense 7,270 6,040 1,230
Operating income 3,429 3,493 (64 )
Nonoperating income (expense)
Net gain (loss) on investments 608 333 275
Interest and dividend income 317 319 (2 )
Interest expense (339 ) (218 ) (121 )
Total nonoperating income (expense) 586 434 152
Income before income taxes 4,015 3,927 88
Income tax expense 835 767 68
Net income 3,180 3,160 20
Less:
Net income (loss) attributable to noncontrolling <br>   interests 77 92 (15 )
Net income attributable to BlackRock, Inc. $ 3,103 $ 3,068 $ 35
Weighted-average common shares outstanding
Basic 155.0 148.6 6.4
Diluted 156.4 149.9 6.6
Earnings per share attributable to BlackRock, Inc. <br>   common stockholders
Basic $ 20.03 $ 20.65 $ (0.62 )
Diluted $ 19.83 $ 20.47 $ (0.64 )
Cash dividends declared and paid per share $ 10.42 $ 10.20 $ 0.22
Supplemental information:
AUM (end of period) $ 12,527,590 $ 10,645,721 $ 1,881,869
Shares outstanding (end of period) 154.8 148.2 6.6
GAAP:
Operating margin 32.0 % 36.6 % (460 ) bps
Effective tax rate 21.2 % 20.0 % 120 bps
As adjusted:
Operating income (1) $ 4,131 $ 3,656 $ 475
Operating margin (1) 43.2 % 43.1 % 10 bps
Nonoperating income (expense), less net income <br>   (loss) attributable to noncontrolling <br>   interests (2) $ 479 $ 304 $ 175
Net income attributable to BlackRock, Inc. (3) $ 3,653 $ 3,023 $ 630
Diluted earnings attributable to BlackRock, Inc. <br>   common stockholders per share (3) $ 23.35 $ 20.17 $ 3.18
Effective tax rate 20.8 % 23.7 % (290 ) 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.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Current Quarter Component Changes by Product Type
Net
March 31, inflows Market FX June 30, Average
2025 (outflows) Realizations(1) change impact(2) 2025 AUM(3)
Equity $ 6,204,549 $ 28,781 $ - $ 594,781 $ 77,327 $ 6,905,438 $ 6,497,393
Fixed income 3,006,670 (4,664 ) (543 ) 30,932 54,902 3,087,297 3,024,167
Multi-asset 1,002,681 (6,743 ) - 60,155 20,616 1,076,709 1,033,261
Alternatives:
Private markets 212,354 6,819 (6,474 ) (1,068 ) 3,613 215,244 214,708
Liquid alternatives 79,356 2,948 (29 ) 3,769 626 86,670 82,849
Alternatives subtotal 291,710 9,767 (6,503 ) 2,701 4,239 301,914 297,557
Digital assets 50,329 14,139 - 15,077 6 79,551 65,710
Currency and commodities(4) 97,355 4,509 - 4,771 345 106,980 101,838
Long-term 10,653,294 45,789 (7,046 ) 708,417 157,435 11,557,889 11,019,926
Cash management 930,634 21,948 - 3,031 14,088 969,701 954,903
Total $ 11,583,928 $ 67,737 $ (7,046 ) $ 711,448 $ 171,523 $ 12,527,590 $ 11,974,829
Current Quarter Component Changes by Client Type and Product Type (Long-Term)
Net
March 31, inflows Market FX June 30, Average
2025 (outflows) Realizations(1) change impact(2) 2025 AUM(3)
Retail:
Equity $ 502,678 $ 797 $ - $ 45,593 $ 8,765 $ 557,833 $ 525,736
Fixed income 323,508 569 - 3,825 5,722 333,624 327,191
Multi-asset 153,420 (1,845 ) - 10,444 833 162,852 156,711
Private markets 16,017 767 (476 ) 117 398 16,823 16,571
Liquid alternatives 27,257 1,669 - 760 179 29,865 28,556
Retail subtotal 1,022,880 1,957 (476 ) 60,739 15,897 1,100,997 1,054,765
ETFs:
Equity 3,111,438 22,066 - 298,889 22,724 3,455,117 3,245,785
Fixed income 1,039,115 43,617 - 7,451 11,041 1,101,224 1,065,853
Multi-asset 10,603 475 - 633 215 11,926 11,210
Digital assets 50,329 14,139 - 15,077 6 79,551 65,710
Commodities 91,276 4,563 - 4,891 220 100,950 95,843
ETFs subtotal 4,302,761 84,860 - 326,941 34,206 4,748,768 4,484,401
Institutional:
Active:
Equity 217,390 (217 ) - 19,634 5,291 242,098 228,535
Fixed income 853,873 4,995 (543 ) 12,286 11,321 881,932 866,013
Multi-asset 835,479 (5,382 ) - 48,983 19,541 898,621 862,105
Private markets 196,337 6,052 (5,998 ) (1,185 ) 3,215 198,421 198,137
Liquid alternatives 52,099 1,279 (29 ) 3,009 447 56,805 54,293
Active subtotal 2,155,178 6,727 (6,570 ) 82,727 39,815 2,277,877 2,209,083
Index 3,172,475 (47,755 ) - 238,010 67,517 3,430,247 3,271,677
Institutional subtotal 5,327,653 (41,028 ) (6,570 ) 320,737 107,332 5,708,124 5,480,760
Long-term $ 10,653,294 $ 45,789 $ (7,046 ) $ 708,417 $ 157,435 $ 11,557,889 $ 11,019,926
  • Realizations represent return of capital/return on investments.
  • Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.
  • Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.
  • 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
March 31, inflows Market FX June 30, Average
2025 (outflows) Realizations(1) change impact(2) 2025 AUM(3)
Active:
Equity $ 458,656 $ (4,581 ) $ - $ 41,315 $ 9,164 $ 504,554 $ 477,538
Fixed income 1,149,891 3,454 (543 ) 15,697 15,449 1,183,948 1,163,331
Multi-asset 988,884 (7,227 ) - 59,426 20,374 1,061,457 1,018,800
Private markets 212,354 6,819 (6,474 ) (1,068 ) 3,613 215,244 214,708
Liquid alternatives 79,356 2,948 (29 ) 3,769 626 86,670 82,849
Active subtotal 2,889,141 1,413 (7,046 ) 119,139 49,226 3,051,873 2,957,226
ETFs:
Equity 3,111,438 22,066 - 298,889 22,724 3,455,117 3,245,785
Fixed income 1,039,115 43,617 - 7,451 11,041 1,101,224 1,065,853
Multi-asset 10,603 475 - 633 215 11,926 11,210
Digital assets 50,329 14,139 - 15,077 6 79,551 65,710
Commodities 91,276 4,563 - 4,891 220 100,950 95,843
ETFs subtotal 4,302,761 84,860 - 326,941 34,206 4,748,768 4,484,401
Non-ETF index 3,461,392 (40,484 ) - 262,337 74,003 3,757,248 3,578,299
Long-term $ 10,653,294 $ 45,789 $ (7,046 ) $ 708,417 $ 157,435 $ 11,557,889 $ 11,019,926
Current Quarter Component Changes by Private Markets Product Type (Long-Term)
Net
March 31, inflows Market FX June 30, Average
2025 (outflows) Realizations(1) change impact(2) 2025 AUM(3)
Private markets:
Infrastructure $ 108,371 $ 3,383 $ (774 ) $ 43 $ 1,300 $ 112,323 $ 110,365
Private equity 36,562 1,045 (4,186 ) 103 219 33,743 36,173
Private credit 33,686 2,264 (1,096 ) (30 ) 1,161 35,985 34,675
Real estate 26,076 (65 ) (366 ) (1,171 ) 802 25,276 25,701
Multi-alternatives 7,659 192 (52 ) (13 ) 131 7,917 7,794
Total private markets $ 212,354 $ 6,819 $ (6,474 ) $ (1,068 ) $ 3,613 $ 215,244 $ 214,708
  • Realizations represent return of capital/return on investments.
  • Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.
  • 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 June 30, Average
2024 (outflows) Realizations(2) change impact(3) 2025 AUM(4)
Equity $ 6,310,191 $ 48,096 $ - $ 425,528 $ 121,623 $ 6,905,438 $ 6,463,741
Fixed income 2,905,669 33,073 (1,261 ) 64,053 85,763 3,087,297 2,992,838
Multi-asset 992,921 1,802 - 53,385 28,601 1,076,709 1,022,719
Alternatives:
Private markets 211,974 13,964 (13,475 ) (2,481 ) 5,262 215,244 212,414
Liquid alternatives 76,390 5,102 (29 ) 4,369 838 86,670 80,773
Alternatives subtotal 288,364 19,066 (13,504 ) 1,888 6,100 301,914 293,187
Digital assets 55,306 17,493 - 6,746 6 79,551 61,834
Currency and commodities(5) 78,137 9,612 - 18,733 498 106,980 93,879
Long-term 10,630,588 129,142 (14,765 ) 570,333 242,591 11,557,889 10,928,198
Cash management 920,663 22,765 - 5,542 20,731 969,701 939,075
Total $ 11,551,251 $ 151,907 $ (14,765 ) $ 575,875 $ 263,322 $ 12,527,590 $ 11,867,273
Year-to-Date Component Changes by Client Type and Product Type (Long-Term)(1)
Net
December 31, inflows Market FX June 30, Average
2024 (outflows) Realizations(2) change impact(3) 2025 AUM(4)
Retail:
Equity $ 505,118 $ 8,141 $ - $ 31,396 $ 13,178 $ 557,833 $ 522,323
Fixed income 318,641 1,360 - 5,726 7,897 333,624 325,253
Multi-asset 150,978 1,005 - 9,670 1,199 162,852 155,305
Private markets 15,749 1,094 (655 ) 47 588 16,823 16,238
Liquid alternatives 24,735 3,474 - 1,383 273 29,865 27,285
Retail subtotal 1,015,221 15,074 (655 ) 48,222 23,135 1,100,997 1,046,404
ETFs:
Equity 3,106,398 87,064 - 230,091 31,564 3,455,117 3,213,790
Fixed income 985,652 77,390 - 22,432 15,750 1,101,224 1,041,285
Multi-asset 10,734 308 - 665 219 11,926 10,964
Digital assets 55,306 17,493 - 6,746 6 79,551 61,834
Commodities 72,285 10,014 - 18,390 261 100,950 87,909
ETFs subtotal 4,230,375 192,269 - 278,324 47,800 4,748,768 4,415,782
Institutional:
Active:
Equity 218,848 1,678 - 13,491 8,081 242,098 226,527
Fixed income 840,328 (1,562 ) (1,261 ) 27,486 16,941 881,932 858,235
Multi-asset 828,039 485 - 42,961 27,136 898,621 853,240
Private markets 196,225 12,870 (12,820 ) (2,528 ) 4,674 198,421 196,176
Liquid alternatives 51,655 1,628 (29 ) 2,986 565 56,805 53,488
Active subtotal 2,135,095 15,099 (14,110 ) 84,396 57,397 2,277,877 2,187,666
Index 3,249,897 (93,300 ) - 159,391 114,259 3,430,247 3,278,346
Institutional subtotal 5,384,992 (78,201 ) (14,110 ) 243,787 171,656 5,708,124 5,466,012
Long-term $ 10,630,588 $ 129,142 $ (14,765 ) $ 570,333 $ 242,591 $ 11,557,889 $ 10,928,198
  • 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.
  • Realizations represent return of capital/return on investments.
  • Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.
  • Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing seven months.
  • 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 June 30, Average
2024 (outflows) Realizations(2) change impact(3) 2025 AUM(4)
Active:
Equity $ 467,163 $ (4,958 ) $ - $ 28,395 $ 13,954 $ 504,554 $ 477,528
Fixed income 1,133,874 (3,876 ) (1,261 ) 32,638 22,573 1,183,948 1,155,622
Multi-asset 979,001 1,490 - 52,632 28,334 1,061,457 1,008,530
Private markets 211,974 13,964 (13,475 ) (2,481 ) 5,262 215,244 212,414
Liquid alternatives 76,390 5,102 (29 ) 4,369 838 86,670 80,773
Active subtotal 2,868,402 11,722 (14,765 ) 115,553 70,961 3,051,873 2,934,867
ETFs:
Equity 3,106,398 87,064 - 230,091 31,564 3,455,117 3,213,790
Fixed income 985,652 77,390 - 22,432 15,750 1,101,224 1,041,285
Multi-asset 10,734 308 - 665 219 11,926 10,964
Digital assets 55,306 17,493 - 6,746 6 79,551 61,834
Commodities 72,285 10,014 - 18,390 261 100,950 87,909
ETFs subtotal 4,230,375 192,269 - 278,324 47,800 4,748,768 4,415,782
Non-ETF index 3,531,811 (74,849 ) - 176,456 123,830 3,757,248 3,577,549
Long-term $ 10,630,588 $ 129,142 $ (14,765 ) $ 570,333 $ 242,591 $ 11,557,889 $ 10,928,198
Year-to-Date Component Changes by Private Markets Product Type (Long-Term)
Net
December 31, inflows Market FX June 30, Average
2024 (outflows) Realizations(2) change impact(3) 2025 AUM(4)
Private markets:
Infrastructure $ 109,606 $ 7,888 $ (6,639 ) $ (428 ) $ 1,896 $ 112,323 $ 108,936
Private equity 36,327 1,969 (4,357 ) (518 ) 322 33,743 36,169
Private credit 32,425 3,581 (1,557 ) (165 ) 1,701 35,985 33,815
Real estate 26,147 (28 ) (651 ) (1,340 ) 1,148 25,276 25,839
Multi-alternatives 7,469 554 (271 ) (30 ) 195 7,917 7,655
Total private markets $ 211,974 $ 13,964 $ (13,475 ) $ (2,481 ) $ 5,262 $ 215,244 $ 212,414
  • 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.
  • Realizations represent return of capital/return on investments.
  • Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.
  • Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing seven months.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Year-over-Year Component Changes by Product Type(1)
Net
June 30, inflows Market FX June 30, Average
2024 (outflows)(2) Realizations(2) Acquisitions(3) change impact(4) 2025 AUM(5)
Equity $ 5,827,135 $ 248,804 $ - $ - $ 735,141 $ 94,358 $ 6,905,438 $ 6,322,151
Fixed income 2,815,884 119,598 (1,261 ) - 82,630 70,446 3,087,297 2,966,961
Multi-asset 921,412 43,923 - - 93,861 17,513 1,076,709 999,938
Alternatives:
Private markets 137,868 20,220 (13,475 ) 69,875 (3,001 ) 3,757 215,244 189,552
Liquid alternatives 75,483 5,417 (29 ) - 5,429 370 86,670 78,462
Alternatives subtotal 213,351 25,637 (13,504 ) 69,875 2,428 4,127 301,914 268,014
Digital assets 18,531 40,563 - - 20,451 6 79,551 46,412
Currency and <br>   commodities(6) 71,366 11,458 - - 23,750 406 106,980 86,004
Long-term 9,867,679 489,983 (14,765 ) 69,875 958,261 186,856 11,557,889 10,689,480
Cash management 778,042 164,521 - - 11,154 15,984 969,701 891,281
Total $ 10,645,721 $ 654,504 $ (14,765 ) $ 69,875 $ 969,415 $ 202,840 $ 12,527,590 $ 11,580,761
Year-over-Year Component Changes by Client Type and Product Type (Long-Term)(1)
Net
June 30, inflows Market FX June 30, Average
2024 (outflows)(2) Realizations(2) Acquisitions(3) change impact(4) 2025 AUM(5)
Retail:
Equity $ 490,427 $ 13,248 $ - $ - $ 43,194 $ 10,964 $ 557,833 $ 516,634
Fixed income 313,632 8,232 - - 8,031 3,729 333,624 322,632
Multi-asset 147,719 (723 ) - - 14,970 886 162,852 153,373
Private markets 15,848 1,388 (655 ) - (217 ) 459 16,823 16,114
Liquid alternatives 23,870 4,468 - - 1,298 229 29,865 25,942
Retail subtotal 991,496 26,613 (655 ) - 67,276 16,267 1,100,997 1,034,695
ETFs:
Equity 2,830,268 242,214 - - 361,224 21,411 3,455,117 3,115,075
Fixed income 931,217 137,034 - - 21,917 11,056 1,101,224 1,017,002
Multi-asset 9,204 1,692 - - 983 47 11,926 10,424
Digital assets 18,531 40,563 - - 20,451 6 79,551 46,412
Commodities 66,554 10,816 - - 23,411 169 100,950 80,443
ETFs subtotal 3,855,774 432,319 - - 427,986 32,689 4,748,768 4,269,356
Institutional:
Active:
Equity 208,177 3,371 - - 24,095 6,455 242,098 222,821
Fixed income 823,716 434 (1,261 ) - 45,887 13,156 881,932 854,758
Multi-asset 761,194 43,194 - - 77,691 16,542 898,621 832,866
Private markets 122,020 18,832 (12,820 ) 69,875 (2,784 ) 3,298 198,421 173,438
Liquid alternatives 51,613 949 (29 ) - 4,131 141 56,805 52,520
Active subtotal 1,966,720 66,780 (14,110 ) 69,875 149,020 39,592 2,277,877 2,136,403
Index 3,053,689 (35,729 ) - - 313,979 98,308 3,430,247 3,249,026
Institutional subtotal 5,020,409 31,051 (14,110 ) 69,875 462,999 137,900 5,708,124 5,385,429
Long-term $ 9,867,679 $ 489,983 $ (14,765 ) $ 69,875 $ 958,261 $ 186,856 $ 11,557,889 $ 10,689,480
  • 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.
  • 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 have not been recast for 2024.
  • Amounts include AUM attributable to the acquisition of Global Infrastructure Management, LLC ("GIP") in October 2024 (the "GIP Transaction").
  • Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.
  • Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.
  • 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
June 30, inflows Market FX June 30, Average
2024 (outflows)(2) Realizations(2) Acquisitions(3) change impact(4) 2025 AUM(5)
Active:
Equity $ 466,518 $ (10,283 ) $ - $ - $ 37,115 $ 11,204 $ 504,554 $ 478,604
Fixed income 1,112,578 4,658 (1,261 ) - 53,069 14,904 1,183,948 1,150,632
Multi-asset 908,897 42,471 - - 92,661 17,428 1,061,457 986,223
Private markets 137,868 20,220 (13,475 ) 69,875 (3,001 ) 3,757 215,244 189,552
Liquid alternatives 75,483 5,417 (29 ) - 5,429 370 86,670 78,462
Active subtotal 2,701,344 62,483 (14,765 ) 69,875 185,273 47,663 3,051,873 2,883,473
ETFs:
Equity 2,830,268 242,214 - - 361,224 21,411 3,455,117 3,115,075
Fixed income 931,217 137,034 - - 21,917 11,056 1,101,224 1,017,002
Multi-asset 9,204 1,692 - - 983 47 11,926 10,424
Digital assets 18,531 40,563 - - 20,451 6 79,551 46,412
Commodities 66,554 10,816 - - 23,411 169 100,950 80,443
ETFs subtotal 3,855,774 432,319 - - 427,986 32,689 4,748,768 4,269,356
Non-ETF index 3,310,561 (4,819 ) - - 345,002 106,504 3,757,248 3,536,651
Long-term $ 9,867,679 $ 489,983 $ (14,765 ) $ 69,875 $ 958,261 $ 186,856 $ 11,557,889 $ 10,689,480
Year-over-Year Component Changes by Private Markets Product Type (Long-Term)
Net
June 30, inflows Market FX June 30, Average
2024 (outflows)(2) Realizations(2) Acquisitions(3) change impact(4) 2025 AUM(5)
Private markets:
Infrastructure $ 37,294 $ 11,675 $ (6,639 ) $ 69,875 $ (1,030 ) $ 1,148 $ 112,323 $ 87,054
Private equity 36,117 1,971 (4,357 ) - (230 ) 242 33,743 35,998
Private credit 30,877 5,811 (1,557 ) - (445 ) 1,299 35,985 32,812
Real estate 26,147 130 (651 ) - (1,252 ) 902 25,276 26,136
Multi-alternatives 7,433 633 (271 ) - (44 ) 166 7,917 7,552
Total private markets $ 137,868 $ 20,220 $ (13,475 ) $ 69,875 $ (3,001 ) $ 3,757 $ 215,244 $ 189,552
  • 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.
  • 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 have not been recast for 2024.
  • Amounts include AUM attributable to the GIP Transaction.
  • Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.
  • 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 Six Months
Ended Ended Ended
June 30, March 31, June 30,
(in millions), (unaudited) 2025 2024 Change 2025 Change 2025 2024 Change
Revenue
Investment advisory, administration fees and<br>  securities lending revenue(1):
Equity:
Active $ 507 $ 539 $ (32 ) $ 518 $ (11 ) $ 1,025 $ 1,055 $ (30 )
ETFs 1,401 1,250 151 1,349 52 2,750 2,440 310
Equity subtotal 1,908 1,789 119 1,867 41 3,775 3,495 280
Fixed income:
Active 487 481 6 492 (5 ) 979 965 14
ETFs 366 326 40 352 14 718 653 65
Fixed income subtotal 853 807 46 844 9 1,697 1,618 79
Active multi-asset 312 306 6 313 (1 ) 625 611 14
Alternatives:
Private markets 499 241 258 535 (36 ) 1,034 481 553
Liquid alternatives 157 141 16 150 7 307 279 28
Alternatives subtotal 656 382 274 685 (29 ) 1,341 760 581
Non-ETF index 313 285 28 307 6 620 573 47
Digital assets, commodities and multi-asset <br>  ETFs(2) 108 59 49 92 16 200 104 96
Long-term 4,150 3,628 522 4,108 42 8,258 7,161 1,097
Cash management 304 247 57 293 11 597 492 105
Total investment advisory, administration <br>  fees and securities lending revenue 4,454 3,875 579 4,401 53 8,855 7,653 1,202
Investment advisory performance fees:
Equity 12 28 (16 ) 10 2 22 36 (14 )
Fixed income 2 5 (3 ) 12 (10 ) 14 9 5
Multi-asset 6 11 (5 ) 4 2 10 13 (3 )
Alternatives:
Private markets 39 68 (29 ) 24 15 63 193 (130 )
Liquid alternatives 35 52 (17 ) 10 25 45 117 (72 )
Alternatives subtotal 74 120 (46 ) 34 40 108 310 (202 )
Total investment advisory performance fees 94 164 (70 ) 60 34 154 368 (214 )
Technology services and subscription revenue 499 395 104 436 63 935 772 163
Distribution fees 320 318 2 321 (1 ) 641 628 13
Advisory and other revenue:
Advisory 13 11 2 14 (1 ) 27 24 3
Other 43 42 1 44 (1 ) 87 88 (1 )
Total advisory and other revenue 56 53 3 58 (2 ) 114 112 2
Total revenue $ 5,423 $ 4,805 $ 618 $ 5,276 $ 147 $ 10,699 $ 9,533 $ 1,166
  • 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.
  • Amounts include commodity ETFs and ETPs.

Highlights

  • Investment advisory, administration fees and securities lending revenue increased $579 million from the second quarter of 2024, primarily driven by organic base fee growth, the impact of market beta and foreign exchange movements on average AUM, and approximately $240 million of fees related to the GIP Transaction. Securities lending revenue of $171 million increased from $154 million in the second quarter of 2024, primarily reflecting higher average balances of securities on loan.

Investment advisory, administration fees and securities lending revenue increased $53 million from the first quarter of 2025, primarily driven by organic base fee growth, the impact of market beta and foreign exchange movements on average AUM, and the effect of one additional day in the quarter. Securities lending revenue of $171 million increased from $157 million in the first quarter of 2025, primarily reflecting higher spreads.

  • Performance fees decreased $70 million from the second quarter of 2024, primarily reflecting lower revenue from private markets, liquid alternative and long-only products.

Performance fees increased $34 million from the first quarter of 2025, primarily reflecting higher revenue from liquid alternative and private markets products.

  • Technology services and subscription revenue increased $104 million from the second quarter of 2024 and $63 million from the first 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 $60 million to second quarter revenue. Technology services and subscription annual contract value (“ACV”)(1) increased 32% from the second quarter of 2024 including ACV acquired with the Preqin Transaction, and increased 16% excluding ACV acquired with the Preqin Transaction.

  • 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 Six Months
Ended Ended Ended
June 30, March 31, June 30,
(in millions), (unaudited) 2025 2024 Change 2025 Change 2025 2024 Change
Operating expense
Employee compensation and benefits $ 1,764 $ 1,503 $ 261 $ 1,741 $ 23 $ 3,505 $ 3,083 $ 422
Sales, asset and account expense:
Distribution and servicing costs 576 539 37 570 6 1,146 1,057 89
Direct fund expense 441 358 83 392 49 833 696 137
Sub-advisory and other 46 32 14 47 (1 ) 93 64 29
Total sales, asset and account expense 1,063 929 134 1,009 54 2,072 1,817 255
General and administration expense:
Marketing and promotional 93 76 17 97 (4 ) 190 158 32
Occupancy and office related 120 102 18 114 6 234 203 31
Portfolio services 62 63 (1 ) 64 (2 ) 126 129 (3 )
Technology 198 157 41 189 9 387 317 70
Professional services 51 64 (13 ) 73 (22 ) 124 122 2
Communications 11 9 2 10 1 21 19 2
Foreign exchange remeasurement 4 2 2 (8 ) 12 (4 ) 4 (8 )
Contingent consideration fair value <br>   adjustments 76 1 75 96 (20 ) 172 (6 ) 178
Other general and administration 74 60 14 76 (2 ) 150 117 33
Total general and administration expense 689 534 155 711 (22 ) 1,400 1,063 337
Restructuring charge 39 - 39 - 39 39 - 39
Amortization of intangible assets 137 39 98 117 20 254 77 177
Total operating expense $ 3,692 $ 3,005 $ 687 $ 3,578 $ 114 $ 7,270 $ 6,040 $ 1,230

Highlights

  • Employee compensation and benefits expense increased $261 million from the second quarter of 2024, primarily reflecting the impact of the GIP and Preqin Transactions, including nonrecurring retention-related deferred compensation expense(1), partially offset by the impact of lower performance fees.

Employee compensation and benefits expense increased $23 million from the first quarter of 2025, primarily reflecting the impact of the Preqin Transaction and higher incentive compensation as a result of higher performance fees, partially offset by higher seasonal payroll taxes in the prior quarter.

  • Sales, asset and account expense increased $134 million from the second quarter of 2024 and $54 million from the first quarter of 2025, driven by higher direct fund expense and distribution and servicing costs, primarily reflecting higher average AUM.
  • General and administration expense increased $155 million from the second quarter of 2024, primarily associated with a higher noncash contingent consideration fair value adjustment(1) in connection with the GIP Transaction and higher technology expense.

General and administration expense decreased $22 million from the first quarter of 2025, primarily associated with lower acquisition-related transaction costs(1) recorded in professional services expense and a lower noncash contingent consideration fair value adjustment(1) in connection with the GIP Transaction, partially offset by a higher impact from foreign exchange remeasurement.

  • Amortization of intangible assets(1) increased $98 million from the second quarter of 2024 and $20 million from the first quarter of 2025, primarily reflecting amortization of intangible assets acquired in the GIP and Preqin Transactions.

  • 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 the second quarter of 2025 in connection with an initiative to modify our organization to fit more closely with strategic priorities.

  • 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

Three Months Three Months Six Months
Ended Ended Ended
June 30, March 31, June 30,
(in millions), (unaudited) 2025 2024 Change 2025 Change 2025 2024 Change
Nonoperating income (expense), GAAP basis $ 521 $ 214 $ 307 $ 65 $ 456 $ 586 $ 434 $ 152
Less: Net income (loss) attributable to <br>  noncontrolling interests ("NCI") 72 42 30 5 67 77 92 (15 )
Nonoperating income (expense), net of NCI 449 172 277 60 389 509 342 167
Less: Hedge gain (loss) on deferred cash <br>  compensation plans(1) 45 7 38 (15 ) 60 30 38 (8 )
Nonoperating income (expense), net of NCI, as <br>  adjusted(2) $ 404 $ 165 $ 239 $ 75 $ 329 $ 479 $ 304 $ 175
Three Months Three Months Six Months
Ended Ended Ended
June 30, March 31, June 30,
(in millions), (unaudited) 2025 2024 Change 2025 Change 2025 2024 Change
Net gain (loss) on investments, net of NCI
Private equity $ 25 $ 15 $ 10 $ 48 $ (23 ) $ 73 $ 23 $ 50
Real assets 1 9 (8 ) (2 ) 3 (1 ) 6 (7 )
Other alternatives(3) 3 10 (7 ) 9 (6 ) 12 24 (12 )
Other investments(4) 11 34 (23 ) (10 ) 21 1 65 (64 )
Hedge gain (loss) on deferred cash <br>  compensation plans(1) 45 7 38 (15 ) 60 30 38 (8 )
Subtotal 85 75 10 30 55 115 156 (41 )
Other income/gain (expense/loss)(5) 393 45 348 23 370 416 85 331
Total net gain (loss) on investments, net of NCI 478 120 358 53 425 531 241 290
Interest and dividend income 144 178 (34 ) 173 (29 ) 317 319 (2 )
Interest expense (173 ) (126 ) (47 ) (166 ) (7 ) (339 ) (218 ) (121 )
Net interest income (expense) (29 ) 52 (81 ) 7 (36 ) (22 ) 101 (123 )
Nonoperating income (expense), net of NCI 449 172 277 60 389 509 342 167
Less: Hedge gain (loss) on deferred cash <br>  compensation plans(1) 45 7 38 (15 ) 60 30 38 (8 )
Nonoperating income (expense), net of NCI, as <br>  adjusted(2) $ 404 $ 165 $ 239 $ 75 $ 329 $ 479 $ 304 $ 175
  • Amounts relate to the gains (losses) from economically hedging certain BlackRock deferred cash compensation plans.
  • Management believes nonoperating income (expense), net of NCI, 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.
  • Amounts primarily include net gains (losses) related to credit funds, direct hedge fund strategies and hedge fund solutions.
  • Amounts primarily include net gains (losses) related to BlackRock's seed investment portfolio, net of impact of certain hedges.
  • Amounts for the three and six months ended June 30, 2025, include nonoperating noncash pre-tax gains in connection with the Company's minority investments in Circle Internet Group, Inc. of approximately $330 million and Scalable Capital Limited of approximately $32 million. In addition, amounts for the three and six months ended June 30, 2025, include nonoperating noncash pre-tax gains in connection with iCapital Network, Inc. of approximately $29 million and $65 million, respectively. The amount for the three and six months ended June 30, 2024 included a noncash pre-tax gain in connection with the acquisition of SpiderRock Advisors, LLC in May 2024 of approximately $19 million. 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 Six Months
Ended Ended Ended
June 30, March 31, June 30,
(in millions), (unaudited) 2025 2024 Change 2025 Change 2025 2024 Change
Income tax expense $ 587 $ 477 $ 110 $ 248 $ 339 $ 835 $ 767 $ 68
Effective tax rate 26.9 % 24.2 % 270 bps 14.1 % 1,280 bps 21.2 % 20.0 % 120 bps

Highlights

  • Second quarter 2025 and 2024 effective income tax rate was 26.9% and 24.2%, respectively. First quarter 2025 effective income tax rate of 14.1% included the impact of $149 million of discrete tax benefits related to the realization of capital losses from changes in the Company's organizational structure and a $46 million discrete tax benefit related to stock-based compensation awards that vested in the first quarter.
RECONCILIATION OF GAAP OPERATING INCOME AND OPERATING MARGIN TO OPERATING INCOME AND OPERATING MARGIN, AS ADJUSTED
Three Months Ended Six Months Ended
June 30, March 31, June 30,
(in millions), (unaudited) 2025 2024 2025 2025 2024
Operating income, GAAP basis $ 1,731 $ 1,800 $ 1,698 $ 3,429 $ 3,493
Non-GAAP expense adjustments:
Compensation expense related to appreciation (depreciation) <br>  on deferred cash compensation plans (a) 30 9 (3 ) 27 36
Amortization of intangible assets (b) 137 39 117 254 77
Acquisition-related compensation costs (b) 76 19 85 161 21
Acquisition-related transaction costs (b)(1) 10 13 39 49 35
Contingent consideration fair value adjustments (b) 76 1 96 172 (6 )
Restructuring charge (c) 39 - - 39 -
Operating income, as adjusted (1) $ 2,099 $ 1,881 $ 2,032 $ 4,131 $ 3,656
Revenue, GAAP basis $ 5,423 $ 4,805 $ 5,276 $ 10,699 $ 9,533
Non-GAAP adjustments:
Distribution fees (320 ) (318 ) (321 ) (641 ) (628 )
Investment advisory fees (256 ) (221 ) (249 ) (505 ) (429 )
Revenue used for operating margin measurement $ 4,847 $ 4,266 $ 4,706 $ 9,553 $ 8,476
Operating margin, GAAP basis 31.9 % 37.5 % 32.2 % 32.0 % 36.6 %
Operating margin, as adjusted (1) 43.3 % 44.1 % 43.2 % 43.2 % 43.1 %
  • 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, AS ADJUSTED
Three Months Ended Six Months Ended
June 30, March 31, June 30,
(in millions), (unaudited) 2025 2024 2025 2025 2024
Nonoperating income (expense), GAAP basis $ 521 $ 214 $ 65 $ 586 $ 434
Less: Net income (loss) attributable to NCI 72 42 5 77 92
Nonoperating income (expense), net of NCI 449 172 60 509 342
Less: Hedge gain (loss) on deferred cash compensation <br>  plans (a) 45 7 (15 ) 30 38
Nonoperating income (expense), less net income (loss) <br>  attributable to NCI, as adjusted (2) $ 404 $ 165 $ 75 $ 479 $ 304

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 Six Months Ended
June 30, March 31, June 30,
(in millions, except per share data), (unaudited) 2025 2024 2025 2025 2024
Net income attributable to BlackRock, Inc., GAAP basis $ 1,593 $ 1,495 $ 1,510 $ 3,103 $ 3,068
Non-GAAP adjustments(1):
Net impact of hedged deferred cash compensation plans (a) (11 ) 2 9 (2 ) (1 )
Amortization of intangible assets (b) 102 29 87 189 57
Acquisition-related compensation costs (b) 57 13 63 120 15
Acquisition-related transaction costs (b) 9 10 29 38 25
Contingent consideration fair value adjustments (b) 97 1 72 169 (4 )
Restructuring charge (c) 29 - - 29 -
Income tax matters 7 - - 7 (137 )
Net income attributable to BlackRock, Inc., as adjusted (3) $ 1,883 $ 1,550 $ 1,770 $ 3,653 $ 3,023
Diluted weighted-average common shares outstanding 156.3 149.7 156.6 156.4 149.9
Diluted earnings per common share, GAAP basis $ 10.19 $ 9.99 $ 9.64 $ 19.83 $ 20.47
Diluted earnings per common share, as adjusted (3) $ 12.05 $ 10.36 $ 11.30 $ 23.35 $ 20.17
  • 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:
  • 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.
  • Acquisition-related costs. Acquisition-related costs include adjustments related to amortization 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.
  • 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, as adjusted: Management believes nonoperating income (expense), less net income (loss) attributable to NCI, 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, 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, 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.

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

(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 Investment Partners (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, regulatory, 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 June 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 May 31, 2025. The performance data does not include accounts terminated prior to June 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 June 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.

Slide 1

Q2 2025 Earnings Exhibit 99.2 July 15, 2025 Earnings Release Supplement

Slide 2

A broadly diversified business across clients, products and geographies Base fees include investment advisory, administration fees and securities lending revenue. Base fees and AUM by region data is based on client domicile. 1 Product Type Client Type Style Region Assets Under Management of $12.5 trillion at June 30, 2025 Q2 2025 Base Fees and Securities Lending Revenue of $4.5 billion

Slide 3

LTM organic asset growth rate (%) LTM organic base fee growth rate (%) Net flows ($ in billions) Total BlackRock Retail Long-term Institutional Long-term 2 1% Institutional Active Institutional Index (2)% 0% 0% 1% 3% 3% ETFs Long-term 11% 7% 7% 6% 8% 8% 11% 11% 11% 3% 3% 3% 5% 6% 6% 7% 1% 1% 1% 3% 4% 6% Long-term Cash 4% 4% 0% 1% 3% 3% 1% (1)% (2)% 0% 2% 1% 5% 6% (1)% (2)% LTM organic asset growth rate measures rolling last twelve months net flows over beginning of period assets. Beginning in the first quarter of 2025, BlackRock updated the presentation of the Company's AUM line items. In addition, 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 have not been recast for prior periods. LTM organic base fee growth rate is calculated by dividing net new base fees earned on net asset inflows for the LTM period by the base fee run-rate at the beginning of the period. Totals may not add due to rounding.

Slide 4

Profitability ($ in millions, except per share data) For further information and reconciliations to GAAP, see page 10 of this Earnings Release Supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. Operating Income, as adjusted Operating Margin, as adjusted Net Income, as adjusted EPS, as adjusted Operating Income and Margin, as adjusted Net Income and EPS, as adjusted 3

Slide 5

Capital management (amounts in millions, except per share data) (1) Q4 2024 weighted-average diluted shares include the impact of 6.9 million shares issued as part of consideration for the acquisition of Global Infrastructure Management, LLC (“GIP”) in October 2024 (the “GIP Transaction”). (2) Amounts above exclude repurchases of employee tax withholdings related to employee stock transactions. Share repurchases and weighted-average diluted shares Share repurchases(2) Weighted-average diluted shares 4 Dividends per share

Slide 6

Major market indices and exchange rates Source: Bloomberg (1) Revenue weighted composite index is calculated by BlackRock to approximate the impact of market fluctuations on BlackRock’s equity base fees. The index is derived from publicly available market indices that represent applicable AUM benchmarks for each equity portfolio, as selected by BlackRock. The performance information for each equity portfolio used to calculate the index may be substantially different from that shown. Index does not include portfolios that do not have an applicable market index. Index does not reflect BlackRock’s investment performance, and is not indicative of past or future results. 5

Slide 7

Quarterly revenue ($ in millions) $618 $147 Q2 2025 compared to Q2 2024 Q2 2025 compared to Q1 2025 6               Percentage Change Year-over-Year Sequential Base fees 15 % 1 % Securities lending revenue 11 % 9 % Performance fees (43) % 57 % Tech services & subscription revenue 26 % 14 % Distribution fees 1 % - % Advisory and other revenue 6 % (3) % Total 13 %   3 %

Slide 8

$579 $53 Q2 2025 compared to Q2 2024 Q2 2025 compared to Q1 2025 Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) 7 (1) Includes approximately $240 million of fees related to the GIP Transaction. 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.

Slide 9

Quarterly expense, as adjusted ($ in millions) $400 $80 Q2 2025 compared to Q2 2024 Q2 2025 compared to Q1 2025 8               Percentage Change Year-over-Year Sequential Employee comp. & benefits 12 % - % Sales, asset & account 14 % 5 % General & administration 16 % 5 % Total 14 %   2 %   For information and reconciliations of as adjusted items to GAAP, see page 10 of this Earnings Release Supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks.

Slide 10

Alternatives at BlackRock ($ in billions) Q2 2024 Q2 2025 Client Assets Multi-alternatives  Real estate  Private equity  Private credit  Infrastructure Fee-Paying AUM Q2 2024 Q2 2025 Liquid alternatives Liquid credit Definitions: Client Assets: Alternative assets at BlackRock across reported AUM and non-fee-paying committed capital, co-investments and market related gains on invested assets. Fee-Paying AUM: Assets reported in BlackRock’s AUM. Includes both invested capital and committed capital that is fee-paying in its commitment stage. Private Credit: Primarily represents direct lending, opportunistic and venture debt strategies. It does not include private credit assets across infrastructure and real estate debt, as well as assets in private placements and multi-strategy credit funds, which are reported within fixed income and multi-asset. Liquid Alternatives: Includes hedge funds and hedge fund solutions (funds of funds). Liquid Credit: Active liquid credit strategies (such as high yield, bank loans, and collateralized loans) included in fixed income AUM. Totals may not add due to rounding.

Slide 11

Reconciliation between GAAP and as adjusted ($ in millions) Non-GAAP adjustments include amounts related to (i) net impact of compensation expense and hedge (gain) loss on deferred cash compensation plans, (ii) amortization and impairment of intangible assets, (iii) acquisition-related compensation costs, (iv) acquisition-related transaction costs, (v) contingent consideration fair value adjustments, (vi) Lease costs – New York, (vii) net income (loss) attributable to noncontrolling interests, (viii) a reduction of indemnification asset, (ix) restructuring charges and (x) income tax matters, as applicable. For further information and reconciliation between GAAP and as adjusted items, see notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks.

Slide 12

Important notes This presentation, 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 reports. These risk factors and those identified elsewhere in this presentation, 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 Investment Partners (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, regulatory, 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. This presentation also includes non-GAAP financial measures. You can find our presentations on the most directly comparable GAAP financial measures calculated in accordance with GAAP and our reconciliations on page 10 of this Earnings Release Supplement, our current Earnings Release dated July 15, 2025, and BlackRock’s other periodic reports, which are available on BlackRock’s website at www.blackrock.com.

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