INVESTOR RELATIONS:Caroline Rodda
INVESTOR RELATIONS:Caroline Rodda 212.810.3442 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 MEDIA RELATIONS:Patrick Scanlan September 30, 2026. 212.810.3622 ──────────────────────────────────────────────────────────────────────────────
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 $15.5 trillion in AUM following $869 organic base fee growth in the third billion of net inflows over the last quarter.“BlackRock brings together twelve months, representing 10% issuer relationships built over organic decades, financing expertise, base fee growth$205 billion of net investment performance, and the inflows and 11% annualized organic technology and data that connect it base all. That combination is fee growth in the quarter reflect differentiating us in every region broad-based strength across iShares® in which we operate. It’s why ETFs, systematic active equities, BlackRock is winning mandates at the private markets, and cash19% cutting edge of capital markets, increase in from hyperscaler financings to revenue year-over-year reflects the pension outsourcings to Aladdin and positive impact of markets, organic Preqin partnerships. “Clients base entrusted us with $205 billion of fee growth, higher performance fees, net inflows this quarter, and $869 and billion over the last year. Our higher technology services and results reflect the scale of subscription revenue14% growth in BlackRock, with 12% technology ACV technology services and subscription growth and net inflows across every revenue year-over-year, driven by asset class, client type, region, continued momentum in Aladdin® and and across active and index. Our multi-product solutions 19% increase track record of strong investment in performance drove $66 billion of year-over-year GAAP operating income active net inflows, led by our fixed and income and systematic franchises. 25% increase in GAAP diluted EPS iShares generated $135 billion of impacted by a noncash change in fair net inflows, diversified across value of contingent consideration categories and global product lines. associated with prior acquisitions, “BlackRock’s ability to originate which has been excluded from as and structure at scale is leading to adjusted premier financing relationships and results27% increase in sourcing opportunities for our year-over-year as clients. We’ve raised $68 billion in adjusted operating income38% private markets over the last twelve increase in months, and our AI Infrastructure year-over-year as adjusted diluted Partnership made its first EPS deployment this quarter. “BlackRock also reflects higher nonoperating is in a differentiated position as income both a trusted advisor and in the current quarter$550 million destination for global client of capital. That position is powering share repurchases in the current organic growth and value for our quarter 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.”
(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 98% 99% 100% tolerance Equity: Actively managed AUM above benchmark or peer median Fundamental 73% 65% 65% Systematic 92% 93% 95% Index AUM within or above applicable 91% 97% 96% tolerance
(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 . 2 CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION (in millions, except per share data), (unaudited)
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. 3 CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION (in millions, except per share data), (unaudited)
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. 4 ASSETS UNDER MANAGEMENT (in millions), (unaudited)
(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. 5 ASSETS UNDER MANAGEMENT (in millions), (unaudited)
(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. 6 ASSETS UNDER MANAGEMENT (in millions), (unaudited)
(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. 7 ASSETS UNDER MANAGEMENT (in millions), (unaudited)
(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. 8 ASSETS UNDER MANAGEMENT (in millions), (unaudited)
(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 . 9 ASSETS UNDER MANAGEMENT (in millions), (unaudited)
(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. 10 SUMMARY OF REVENUE
(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. 11 SUMMARY OF OPERATING EXPENSE
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. 12 SUMMARY OF NONOPERATING INCOME (expense), less net income (loss) attributable TO noncontrolling interests - Consolidated Sponsored investment products
(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
See note (1) to the condensed consolidated statements of income and supplemental information on page 15 for more information on as adjusted items.
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.
(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. 14 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, 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.
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. 15 (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.
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. 16 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 atwww.sec.govand on BlackRock’s website atwww.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. 17 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. 18
Full text with the tables
Exhibit 99.1
INVESTOR RELATIONS:Caroline Rodda
212.810.3442
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 MEDIA RELATIONS:Patrick Scanlan
September 30, 2026. 212.810.3622
──────────────────────────────────────────────────────────────────────────────
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
$15.5 trillion in AUM following $869 organic base fee growth in the third
billion of net inflows over the last quarter.“BlackRock brings together
twelve months, representing 10% issuer relationships built over
organic decades, financing expertise,
base fee growth$205 billion of net investment performance, and the
inflows and 11% annualized organic technology and data that connect it
base all. That combination is
fee growth in the quarter reflect differentiating us in every region
broad-based strength across iShares® in which we operate. It’s why
ETFs, systematic active equities, BlackRock is winning mandates at the
private markets, and cash19% cutting edge of capital markets,
increase in from hyperscaler financings to
revenue year-over-year reflects the pension outsourcings to Aladdin and
positive impact of markets, organic Preqin partnerships. “Clients
base entrusted us with $205 billion of
fee growth, higher performance fees, net inflows this quarter, and $869
and billion over the last year. Our
higher technology services and results reflect the scale of
subscription revenue14% growth in BlackRock, with 12% technology ACV
technology services and subscription growth and net inflows across every
revenue year-over-year, driven by asset class, client type, region,
continued momentum in Aladdin® and and across active and index. Our
multi-product solutions 19% increase track record of strong investment
in performance drove $66 billion of
year-over-year GAAP operating income active net inflows, led by our fixed
and income and systematic franchises.
25% increase in GAAP diluted EPS iShares generated $135 billion of
impacted by a noncash change in fair net inflows, diversified across
value of contingent consideration categories and global product lines.
associated with prior acquisitions, “BlackRock’s ability to originate
which has been excluded from as and structure at scale is leading to
adjusted premier financing relationships and
results27% increase in sourcing opportunities for our
year-over-year as clients. We’ve raised $68 billion in
adjusted operating income38% private markets over the last twelve
increase in months, and our AI Infrastructure
year-over-year as adjusted diluted Partnership made its first
EPS deployment this quarter. “BlackRock
also reflects higher nonoperating is in a differentiated position as
income both a trusted advisor and
in the current quarter$550 million destination for global client
of capital. That position is powering
share repurchases in the current organic growth and value for our
quarter 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.”
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──────────────────────────────────────────────────────────────────────────────
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D… To…
E… $ 15… $ 11… net $ 205 $ 527
fl…
% 38 %
c…
_… __…
(…
N…
i…
r…
n…
i…
a…
to
B…
I…
(…
S…
p…
14
t…
16
f…
t…
r…
to
a…
p… (1)
g… To…
a… may
in not
t… add
U… due
S… to
(… ro…
a…
n…
(…
t…
(…
to
t…
c…
c…
s…
of
i…
a…
s…
i…
f…
m…
i…
on
as
a…
i…
1
BUSINESS RESULTS
Q3
2026
Q3 Base
(in 2026 fee…
mi… Base Sept… and
(u… fees… 30, sec…
RE… Q3 Sep… and 2026 len…
BY 2026 30, secu… AUM rev…
PR… Net 2026 lend… % of % of
TY… flo… AUM reve… Total Tot…
──────────────────────────────────────────────────────────────────────────────
Eq… $ 52,… $ 8,9… $ 3,0… 57 % 51 %
Fi… 78,… 3,3… 1,1… 22 % 18 %
in…
Mu… 5,0… 1,3… 429 9 % 7 %
Al…
Pr… 15,… 335… 668 2 % 11 %
ma…
Li… 8,9… 130… 240 1 % 4 %
al…
Al… 24,… 466… 908 3 % 15 %
su…
Di… 7,9… 79,… 39 1 % 1 %
as…
Cu…
and 6,9… 165… 111 1 % 2 %
co…
Lo… 174… 14,… 5,6… 93 % 94 %
Ca… 30,… 1,1… 354 7 % 6 %
ma…
To… $ 205… $ 15,… $ 6,0… 100 % 100 %
RE…
BY
CL…
TY…
Re… $ 23,… $ 1,4… $ 1,3… 9 % 23 %
ET… 134… 6,3… 2,7… 41 % 46 %
In…
Ac… 44,… 2,6… 1,2… 18 % 20 %
In… (27… ) 3,9… 293 25 % 5 %
In… 17,… 6,6… 1,5… 43 % 25 %
su…
Lo… 174… 14,… 5,6… 93 % 94 %
Ca… 30,… 1,1… 354 7 % 6 %
ma…
To… $ 205… $ 15,… $ 6,0… 100 % 100 %
RE…
BY
IN…
ST…
Ac… $ 66,… $ 3,6… $ 2,5… 24 % 42 %
ET… 134… 6,3… 2,7… 41 % 46 %
No… (26… ) 4,3… 399 28 % 6 %
in…
Lo… 174… 14,… 5,6… 93 % 94 %
Ca… 30,… 1,1… 354 7 % 6 %
ma…
To… $ 205… $ 15,… $ 6,0… 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 98% 99% 100%
tolerance
Equity:
Actively managed AUM
above benchmark or
peer
median
Fundamental 73% 65% 65%
Systematic 92% 93% 95%
Index AUM within or
above applicable 91% 97% 96%
tolerance
(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 .
2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION (in
millions, except per share data), (unaudited)
…
…
…
… T… T…
… M… M…
… E… E…
… S… J…
… 3… 3…
… 2… 2… Ch… 2… C…
──────────────────────────────────────────────────────────────────────────────
…
…
… $ 5… $ 4… $ 9… $ 5,… $ 296
…
…
…
… 2… 2… 50 239 14
…
…
…
…
…
… 6… 5… 9… 5,… 310
…
…
…
…
…
… 6… 5… 1… 305 325
…
…
…
…
… 5… 5… 73 566 22
…
…
… 4… 3… 59 395 19
…
…
… 84 77 7 92 (8 )
…
…
… 7… 6… 1… 7,… 668
…
…
…
… 2… 2… 83 2,… 166
…
…
…
…
…
…
…
…
… 7… 6… 1… 732 53
…
…
…
… 5… 4… 87 543 8
…
…
… 77 60 17 67 10
…
…
…
… 1… 1… 2… 1,… 71
…
…
…
…
… 7… 6… 42 720 11
…
…
…
…
…
… 5… 93 4… 11 553
…
…
…
…
… 2… 2… 23 276 -
…
…
… 5… 4… 8… 4,… 801
…
… 2… 1… 3… 2,… (1… )
…
…
…
…
…
…
… 3… 64 2… 283 70
…
…
…
… (… ) (… ) (… ) (25 ) (12 )
…
…
…
… 3… 42 2… 258 58
…
…
…
… 2… 1… 6… 2,… (75 )
…
…
…
… 7… 4… 2… 677 47
…
… 1… 1… 3… 2,… (1… )
…
…
…
…
…
…
…
…
… 1… 1… 47 35 146
…
-
…
…
…
…
…
…
…
…
… 80 70 10 93 (13 )
…
…
-
…
…
…
… $ 1… $ 1… $ 3… $ 1,… $ (2… )
…
…
…
…
…
…
…
… 1… 1… (… ) 15… (0… )
…
… 1… 1… (… ) 16… (0… )
…
…
…
…
…
…
…
…
…
…
…
… $ 1… $ 8… $ 2… $ 12… $ (1… )
… $ 1… $ 8… $ 2… $ 12… $ (1… )
…
…
…
… $ 5… $ 5… $ 0… $ 5.… $ -
…
…
…
…
…
…
… $ 1… $ 1… $ 2… $ 15… $ 14…
…
…
…
…
… 1… 1… (… ) 16… (0… )
…
…
…
… 3… % 3… % - bps 34… % (4… ) b…
…
…
… 2… % 2… % 4… bps 25… % 420 b…
…
…
…
…
… $ 3… $ 2… $ 7… $ 2,… $ 414
…
…
… 4… % 4… % 3… bps 45… % 190 b…
…
…
…
…
…
…
…
… $ 1… $ (… ) $ 2… $ 145 $ (18 )
…
…
…
-
…
…
…
…
…
… $ 2… $ 1… $ 7… $ 2,… $ 330
…
…
…
…
…
…
…
…
… $ 1… $ 1… $ 4… $ 13… $ 2.…
…
…
…
…
…
…
… 2… % 2… % - bps 25… % (1… ) b…
…
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.
3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION (in
millions, except per share data), (unaudited)
Reven…
Inves…
advis…
admin… Nine
fees Months
and Ended
secur… Septem…
lendi… 30,
reven… 2026 2025 Change
──────────────────────────────────────────────────────────────────────────────
Inves…
advis…
and $ 16,529 $ 13,370 $ 3,159
admin…
fees
Secur…
lendi… 671 531 140
reven…
Total
inves…
advis…
admin…
fees 17,200 13,901 3,299
and
secur…
lendi…
reven…
Inves…
advis… 1,207 670 537
perfo…
fees
Techn…
servi…
and 1,684 1,450 234
subsc…
reven…
Distr… 1,198 996 202
fees
Advis…
and 245 191 54
other
reven…
Total 21,534 17,208 4,326
reven…
Expen…
Emplo…
compe… 6,939 5,862 1,077
and
benef…
Sales,
asset
and
accou…
expen…
Distr…
and 2,222 1,784 438
servi…
costs
Direct
fund 1,575 1,297 278
expen…
Sub-a…
and 215 153 62
other
Total
sales,
asset 4,012 3,234 778
and
accou…
expen…
Gener…
and 2,125 1,917 208
admin…
expen…
Change
in
fair
value 26 265 (239 )
of
conti…
consi…
Restr… - 39 (39 )
charge
Amort…
of 829 507 322
intan…
assets
Total 13,931 11,824 2,107
expen…
Opera… 7,603 5,384 2,219
income
Nonop…
income
(expe…
Net
gain
(loss) 708 672 36
on
inves…
Net
inter… (106 ) (44 ) (62 )
income
(expe…
Total
nonop… 602 628 (26 )
income
(expe…
Income
before 8,205 6,012 2,193
income
taxes
Income
tax 1,917 1,305 612
expen…
Net 6,288 4,707 1,581
income
Less:
Net
income
(loss)
attri… 222 211 11
to NCI
-
CIPs
Net
income
(loss)
attri… 281 70 211
to NCI
-
Subco
Net
income
attri… $ 5,785 $ 4,426 $ 1,359
to
Black…
Inc.
Weigh…
common
shares
outst…
Basic 155.1 154.9 0.1
Dilut…
(incl… 164.7 159.4 5.4
Subco
Units)
Earni…
per
share
attri…
to
Black…
Inc.
common
stock…
Basic $ 37.30 $ 28.57 $ 8.73
Dilut… $ 36.82 $ 28.21 $ 8.61
Cash
divid…
decla…
and $ 17.19 $ 15.63 $ 1.56
paid
per
share
Suppl…
infor…
AUM
(end $ 15,488,… $ 13,463… $ 2,024,6…
of
perio…
Shares
outst…
inclu… 162.2 163.2 (1.0 )
Subco
Units
GAAP:
Opera… 35.3 % 31.3 % 400 bps
margin
Effec…
tax 24.0 % 22.5 % 150 bps
rate
As
adjus…
Opera…
income $ 8,915 $ 6,752 $ 2,163
(1)
Opera…
margin 46.2 % 43.8 % 240 bps
(1)
Nonop…
income
(expe…
less
net
income $ 294 $ 373 $ (79 )
(loss)
attri…
to NCI
- CIPs
(2)
Net
income
attri…
to $ 6,980 $ 5,560 $ 1,420
Black…
Inc.
(3)
Dilut…
earni…
attri…
to
Black…
Inc. $ 42.37 $ 34.89 $ 7.48
common
stock…
per
share
(3)
Effec…
tax 24.2 % 22.0 % 220 bps
rate
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.
4
ASSETS UNDER MANAGEMENT (in millions), (unaudited)
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
… 8… 5… - … … … …
… 3… 7… … … … … …
… 1… 5… - … … … …
… 3… 1… … … … … …
… 1… 8… … … … … …
… J… 4… N… 2… … ) … ) … S… … …
… 3… 4… i… 7… - ) … ) … ) 3… … …
… 2… 1… (… 6… - ) M… … ) FX … ) 2… … A… …
… J… 1… N… 1… … ) c… … ) i… … ) S… … A… …
… 3… 1… i… 3… R… - ) M… … ) FX … ) 3… … A… …
… 2… 1… (… 2… R… … ) c… … ) i… … ) 2… … A… …
──────────────────────────────────────────────────────────────────────────────
… $ 7… $ 1… $ - $ … $ … ) $ … $ …
… 3… 6… - … ) … ) … …
…
… 2… 1… - … ) … ) … …
… 3… 3… … ) … ) … ) … …
…
… 4… 3… - … 4 … …
…
… 1… 2… … ) … ) … ) … …
…
…
… 4… 5… - … ) … ) … …
… 1… 6… - … ) … ) … …
…
… 2… 2… - … … ) … …
… 4… 7… - … … ) … …
…
… 1… 6… - … … ) … …
… 6… 1… - … ) … ) … …
…
…
…
… 2… 1… - … … … …
… 9… 1… … ) … ) … … …
…
… 1… 1… - … ) … ) … …
… 2… 1… … ) … ) … ) … …
…
… 7… 5… … ) … … … …
…
… 2… 4… … ) … ) … ) … …
…
… 3… (… ) - … … … …
… 6… 1… … ) … ) … … …
…
… $ 1… $ 1… $ … ) $ … ) $ … $ … $ …
(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.
5
ASSETS UNDER MANAGEMENT (in millions), (unaudited)
…
…
…
…
…
…
…
…
…
… J… N… S…
… 3… i… M… FX 3… A…
… 2… (… R… c… i… 2… A…
──────────────────────────────────────────────────────────────────────────────
… $ 6… $ 2… $ - $ … $ … $ … $ …
… 1… 1… … ) … ) … ) … …
…
… 1… 2… - … ) … ) … …
… 3… 1… … ) … ) … ) … …
…
… 1… 8… … ) … … … …
…
… 3… 6… … ) … ) … ) … …
…
…
… 4… 5… - … ) … ) … …
… 1… 6… - … ) … ) … …
…
… 2… 2… - … … ) … …
… 4… 7… - … … ) … …
…
… 1… 6… - … … ) … …
… 6… 1… - … ) … ) … …
…
… 4… (… ) - … … … …
…
… $ 1… $ 1… $ … ) $ … ) $ … $ … $ …
…
…
…
…
…
…
…
…
…
…
N…
J… i… M… FX S… A…
3… 3…
2… -… R… c… i… 2… A…
…
…
… $ 1… $ 7… $ … ) $ … ) $ … ) $ … $ …
… 3… 7… … ) … ) … ) … …
…
… 1… 5… … ) … ) … ) … …
…
… 2… 1… … ) … ) … ) … …
…
… 1… 82 … ) 4 … ) … …
…
… $ 3… $ 1… $ … ) $ … ) $ … ) $ … $ …
…
(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.
6
ASSETS UNDER MANAGEMENT (in millions), (unaudited)
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
… 7… 1… - … … … …
… 3… 2… … … … ) … …
… 1… 3… - … … ) … …
… 3… 3… … … … ) … …
… 1… 2… … … … ) … …
… D… 4… N… 6… … ) … … ) S… … …
… 3… 7… i… 5… - ) … … ) 3… … …
… 2… 1… (… 3… - ) M… … ) FX … ) 2… … A… …
… D… 1… N… 5… … ) c… … ) i… … ) S… … A… …
… 3… 1… i… 1… R… - ) M… … ) FX … ) 3… … A… …
… 2… 1… (… 5… R… … ) c… … ) i… … ) 2… … A… …
──────────────────────────────────────────────────────────────────────────────
… $ 6… $ 3… $ - $ … $ … ) $ … $ …
… 3… 1… - … ) … ) … …
…
… 1… 5… - … … ) … …
… 3… 1… … ) … ) … ) … …
…
… 3… 1… … ) … … ) … …
…
… 1… 5… … ) … … ) … …
…
…
… 4… 2… - … … ) … …
… 1… 1… - … ) … ) … …
…
… 1… 9… - … … ) … …
… 7… 5… - … ) … ) … …
…
… 1… 2… - … ) … ) … …
… 5… 4… - … … ) … …
…
…
…
… 2… 1… - … … ) … …
… 9… 1… … ) … ) … ) … …
…
… 1… 3… - … … ) … …
… 2… 3… … ) … ) … ) … …
…
… 6… 1… … ) … … … …
…
… 2… 1… … ) … … ) … …
…
… 3… (… ) - … … ) … …
… 6… 8… … ) … … ) … …
…
… $ 1… $ 5… $ … ) $ … $ … ) $ … $ …
(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.
7
ASSETS UNDER MANAGEMENT (in millions), (unaudited)
…
…
…
…
…
…
…
…
… D… N… S…
… 3… i… M… FX 3… A…
… 2… (… R… c… i… 2… A…
──────────────────────────────────────────────────────────────────────────────
… $ 5… $ 3… $ - $ … $ … ) $ … $ …
… 1… 2… … ) … ) … ) … …
…
… 1… 3… - … … ) … …
… 3… 3… … ) … ) … ) … …
…
… 1… 2… … ) … … … …
…
… 3… 1… … ) … … ) … …
…
…
… 4… 2… - … … ) … …
… 1… 1… - … ) … ) … …
…
… 1… 9… - … … ) … …
… 7… 5… - … ) … ) … …
…
… 1… 2… - … ) … ) … …
… 5… 4… - … … ) … …
…
… 4… (… ) - … … ) … …
…
… $ 1… $ 5… $ … ) $ … $ … ) $ … $ …
…
…
…
…
…
…
…
…
…
N…
D… i… M… FX S… A…
3… 3…
2… -… R… c… i… 2… A…
…
…
… $ 1… $ 1… $ … ) $ … ) $ … ) $ … $ …
… 3… 3… … ) … ) … ) … …
…
… 1… 1… … ) … ) … ) … …
…
… 2… 2… … ) … ) … ) … …
…
… 9… 1… … ) … … ) … …
…
… $ 3… $ 3… $ … ) $ … ) $ … ) $ … $ …
…
(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.
8
ASSETS UNDER MANAGEMENT (in millions), (unaudited)
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
…
… 7… 3… - … … … …
… 3… 2… … … … ) … …
… 1… 7… - … … ) … …
… 3… 5… … … … ) … …
… 9… 2… … … … ) … …
… S… 4… N… 7… … ) … … ) S… … …
… 3… 1… i… 6… - ) … … ) 3… … …
… 2… 1… (… 8… - ) M… … FX … ) 2… … A… …
… S… 1… N… 7… … ) c… … ) i… … ) S… … A… …
… 3… 1… i… 9… R… - ) M… … ) FX … ) 3… … A… …
… 2… 1… (… 8… R… … ) c… … ) i… … ) 2… … A… …
──────────────────────────────────────────────────────────────────────────────
… $ 5… $ 4… $ - $ … $ … ) $ … $ …
… 3… 5… - … ) … ) … …
…
… 1… 2… - … … ) … …
… 2… 2… … ) … ) … ) … …
…
… 3… 1… … ) … … ) … …
…
… 1… 1… … ) … … ) … …
…
…
… 3… 3… - … … ) … …
… 1… 2… - … ) … ) … …
…
… 1… 1… - … … ) … …
… 1… 6… - … ) … ) … …
…
… 1… 7… - … … ) … …
… 5… 6… - … … ) … …
…
…
…
… 2… 1… - … … ) … …
… 9… 1… … ) … ) … ) … …
…
… 9… 4… - … … ) … …
… 2… 4… … ) … ) … ) … …
…
… 6… 1… … ) … … … …
…
… 2… 1… … ) … … ) … …
…
… 3… (… ) - … … ) … …
… 6… 1… … ) … … ) … …
…
… $ 1… $ 7… $ … ) $ … $ … ) $ … $ …
(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 .
9
ASSETS UNDER MANAGEMENT (in millions), (unaudited)
…
…
…
…
…
…
…
…
… S… N… S…
… 3… i… M… FX 3… A…
… 2… (… R… c… i… 2… A…
──────────────────────────────────────────────────────────────────────────────
… $ 5… $ 4… $ - $ … $ … ) $ … $ …
… 1… 6… … ) … ) … ) … …
…
… 1… 6… - … … ) … …
… 3… 5… … ) … ) … ) … …
…
… 9… 2… … ) … … … …
…
… 3… 2… … ) … … ) … …
…
…
… 3… 3… - … … ) … …
… 1… 2… - … ) … ) … …
…
… 1… 1… - … … ) … …
… 1… 6… - … ) … ) … …
…
… 1… 7… - … … ) … …
… 5… 6… - … … ) … …
…
… 3… (… ) - … … ) … …
…
… $ 1… $ 7… $ … ) $ … $ … ) $ … $ …
…
…
…
…
…
…
…
…
…
N…
S… i… M… FX S… A…
3… 3…
2… -… R… c… i… 2… A…
…
…
… $ 1… $ 1… $ … ) $ … ) $ … ) $ … $ …
… 3… 4… … ) … ) … ) … …
…
… 1… 2… … ) … ) … ) … …
…
… 2… 2… … ) … ) … ) … …
…
… 9… 1… … ) … … ) … …
…
… $ 3… $ 5… $ … ) $ … ) $ … ) $ … $ …
…
(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.
10
SUMMARY OF REVENUE
… … …
… … …
… … …
… … …
… … …
… … … … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … $ 6… $ 32 $ 1… $ 1… $ 2…
… … … 1… 1… 5… 4… 1…
… … … 2… 1… 7… 5… 1…
… … … 5… 11 1… 1… 1…
… … … 4… 21 1… 1… 2…
… … … 9… 32 2… 2… 3…
… … … 3… 18 1… 9… 1…
… … … 6… 29 1… 1… 2…
… … … 2… 28 6… 4… 1…
… … … 8… 57 2… 2… 4…
… … … 3… 14 1… 9… 1…
… … … 1… 1 5… 3… 1…
… … … 5… 2… 1… 1… 3…
… … … 3… 11 1… 9… 1…
… … … 5… 3… 1… 1… 3…
… … 7 60 (… ) 1… 36 67
- - - 3 (3 ) 5 14 (9 )
9 2 7 5 4 23 12 11
… … … ) 1… 54 5… 3… 1…
… … … 1… 3… 5… 2… 2…
… … … 2… 3… 1… 6… 4…
… … … 3… 3… 1… 6… 5…
… … … 5… 22 1… 1… 2…
… … … 3… 19 1… 9… 2…
… … … ) 8 2 30 39 (9 )
… … 9 84 (… ) 2… 1… 63
… … 7 92 (8 ) 2… 1… 54
$ … $ … $ … $ 7… $ 6… $ 2… $ 1… $ 4…
(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.
11
SUMMARY OF OPERATING EXPENSE
… … …
… … …
… … …
… … …
… … …
… … … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … $ … $ … $ … $ … $ … $ …
… … … … … … …
… … … … 8 … …
… … … … … … …
… … … … … … …
… … - … … ) … 5
… … … … … … …
… … - … 1 … …
… … … … … … …
… … … ) … … ) … …
… … … ) … … ) … …
- … ) 3 - - … ) 3
… … 3 … … ) … 9
… … … … … … …
… … … … … … …
- - - - - - …
… … … … - … …
$ … $ … $ … $ … $ … $ … $ …
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.
12
SUMMARY OF NONOPERATING INCOME (expense), less net income (loss) attributable TO
noncontrolling interests - Consolidated Sponsored investment products
…
…
…
…
…
…
…
… … … … … …
… … … … … …
… … … … ) … …
… 8 … … … … … ) … … …
… … … … … ) … … ) … … …
──────────────────────────────────────────────────────────────────────────────
$ … ) $ … $ ) … $ ) … $ …
… 3 … ) … …
… 8 8 … …
… ) … ) … ) … 5
8 … ) … ) … …
8 … ) … ) … …
… … … … …
… … … ) … …
… ) … ) … ) … ) …
… … … ) … …
8 … ) … ) … …
$ … $ … $ … $ ) … $ …
(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
… … …
… … …
… … …
… … …
… … …
… … … … … … …
$ … $ … $ … $ … $ … $ … $
… % … % … … % … % … …
… … …
13
R…
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G…
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(… 2,… 1,… 2,… 7,… 5,…
R… 32 14 60 97 41
G… 276 253 276 829 507
b… 84 262 95 286 423
N… 46 44 13 74 93
a… Th… 564 93 11 Ni… 26 265
D… Mo… - - - Mo… - 39
f… En… 3,… 2,… 2,… En… 8,… 6,…
I… Se… 7,… 6,… Ju… 7,… Se… 21… 17…
a… 30, (4… ) (3… ) 30, (3… ) 30, (1… ) (9… )
f… 20… (3… ) 20… (2… ) 20… (3… ) 20… (1… ) 2… (7… )
──────────────────────────────────────────────────────────────────────────────
R…
u…
f… $ 6,… $ 5,… $ 6,… $ 19… $ 15…
o…
m…
m…
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m… 30… % 30… % 34… % 35… % 31… %
G…
b…
O…
m…
as 47… % 44… % 45… % 46… % 43… %
a…
(…
See note (1) to the condensed consolidated statements of income and supplemental
information on page 15 for more information on as adjusted items.
REC…
OF
GAAP
NON…
INC…
(EX…
TO
NON…
INC…
(EX…
LESS
NET
INC…
(LO…
ATT…
TO
NCI
-
CIP…
AS
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Three Nine
Mont… Mont…
Ended Ended
Sept… June Sept…
30, 30, 30,
(in
mil… 2026 2025 2026 2026 2025
(un…
Non…
inc…
(ex… $ 316 $ 42 $ 258 $ 602 $ 628
GAAP
bas…
Les…
Net
inc…
(lo…
att… 181 134 35 222 211
to
NCI
-
CIPs
Non…
inc…
(ex…
net 135 (92 ) 223 380 417
of
NCI
-
CIPs
Les…
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(lo…
on 8 14 78 86 44
def…
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com…
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att… $ 127 $ (106 ) $ 145 $ 294 $ 373
to
NCI
-
CIP…
as
adj…
(2)
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.
RE…
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GA…
NET
IN…
AT…
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BL…
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NET
IN…
AT…
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BL…
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Thr… Nine
Mon… Mon…
End… End…
Sep… June Sep…
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(in
mi…
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per 2026 2025 2026 2026 2025
sh…
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(u…
Net
in…
at…
to $ 1,6… $ 1,3… $ 1,… $ 5,… $ 4,…
Bl…
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as…
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In…
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sh…
as
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(3)
(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.
14
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, 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.
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.
15
(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.
16
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
atwww.sec.govand on BlackRock’s website atwww.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.
17
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.
18