BlackRock : Q3 2025 Earnings Release

INVESTOR RELATIONS:

Caroline Rodda 212.810.3442

MEDIA RELATIONS:

Patrick Scanlan 212.810.3622

BlackRock Reports Third Quarter 2025 Diluted EPS of $8.43, or $11.55 as adjusted New York, October 14, 2025 - BlackRock, Inc. (NYSE: BLK) today reported financial results for the three and nine months ended September 30, 2025.

Laurence D. Fink, Chairman and CEO:

"BlackRock delivered one of our strongest quarterly flows results, with net inflows of

$205 billion, powering 10% organic base fee growth in the third quarter and 8% over the last twelve months. That growth is even more notable in its diversification. Top organic base fee growth contributors included our systematic franchise, private markets, digital assets, outsourcing, cash and iShares ETFs, which saw record demand. BlackRock's multiple sources of growth differentiate us and are resonating through accelerating client activity across our platform. We believe our results are a powerful validation of our hyper-local client engagement model and forward-looking investments.

"BlackRock is always preparing for the future, investing ahead of client needs and in support of deepening capital markets. Technology and data analytics, ETFs, private markets, and digital assets are just a few examples where we invested and built leading positions. We've brought together the strengths of GIP, HPS, and Preqin, and together we're already driving landmark fundraising and deal flow, accelerating client engagement, and double-digit organic revenue growth over the last year.

"Clients around the world are coming to BlackRock for deeper, more dynamic partnerships across public and private asset classes. AUM reached a new high of

$13.5 trillion, and our iShares and cash franchises surpassed new AUM milestones of $5 trillion and $1 trillion, respectively.

"We're executing on some of the largest and most multifaceted mandates in our history, as clients choose BlackRock for portfolio management and technology across the full range of capital markets.

"We're entering our seasonally strongest fourth quarter with building momentum and a fully unified platform. One that's anchored by a public-private investment model, backed by Aladdin technology, and united by a shared culture of performance and client service. I believe the scale of the opportunity ahead for BlackRock, our clients and shareholders far exceeds what we've ever seen before."

$205 billion of quarterly total net inflows led by a record quarter for

iShares® ETFs, alongside private markets and cash net inflows

10% annualized organic base fee growth in the quarter reflects broad-based strength across iShares ETFs, systematic active equities, private markets, outsourcing and cash

25% increase in revenue year-over-year reflects the positive impact of markets, 8% organic base fee growth over the last twelve months, fees related to the GIP and HPS Transactions, and higher technology services and subscription revenue

3% decrease in year-over-year GAAP operating income and 23% decrease in GAAP diluted EPS impacted by noncash acquisition-related expenses, which have been excluded from as-adjusted results

23% increase in year-over-year as adjusted operating income

1% increase in year-over-year as adjusted diluted EPS also reflects lower nonoperating income and a higher diluted share count, partially offset by a lower effective tax rate in the current quarter

$375 million worth of share repurchases in the current quarter

Closed acquisition of HPS Investment Partners ("HPS") on July 1st, adding $165 billion of client AUM and $118 billion of fee-paying AUM

FINANCIAL RESULTS				NET FLOW HIGHLIGHTS(1)
(in millions, except per share data)	Q3 2025	Q3 2024		(in billions)	Q3 2025	YTD 2025

AUM $ 13,463,625 $ 11,475,362 Long-term net flows: $ 171 $ 300

% change 17 %

Average AUM $ 12,960,773 $ 11,070,964

% change 17 % By region:

Total net flows	$ 204,642	$ 221,180	Americas	$	110	$	229
			EMEA		64		129
GAAP basis: APAC					(3 )		(58 )

Revenue $ 6,509 $ 5,197

% change 25 %

Operating income $ 1,955 $ 2,006 By client type:

% change (3 )%

Operating margin 30.0 % 38.6 % Retail: $ 10 $ 25

1,323 $	1,631	US	4	10
(19 )%		International	6	15
8.43 $	10.90
(23 )% ETFs: $				153	$	345
		Active	21	41
156.9	149.6	Core equity	53	98

Net income(1)$

% change

Diluted EPS $

% change

Weighted-average diluted common shares

% change 5 % Digital assets 17 34

Fixed income 41 111

	21		61
$	8	$	(70 )

As Adjusted(2): Precision & other Operating income $ 2,621 $ 2,128

% change 23 % Institutional:

Operating margin		44.6 %		45.8 %	Active	22	37
Net income(3)	$	1,907	$	1,715	Index	(14 )	(108 )

% change 11 %

Diluted EPS(3)$ 11.55 $ 11.46

% change 1 % Cash management net flows $ 34 $ 57

Weighted-average diluted

common shares(3)165.2 149.6

% change 10 % Total net flows $ 205 $ 357

_________________________

(1)Net income represents net income attributable to BlackRock, Inc.

(2)See pages 14 through 16 for the reconciliation to accounting principles generally accepted in the United States ("GAAP") and notes (1) through (3) to the condensed consolidated

statements of income and supplemental information for more information on as adjusted items.

(3)Beginning in the third quarter of 2025, net income attributable to BlackRock, Inc., as adjusted, and weighted-average diluted common shares, as adjusted, assumes all outstanding Class B-2 common units of BlackRock Saturn Subco, LLC ("Subco Units"), a consolidated subsidiary of BlackRock, have been exchanged on a one-for-one basis into common stock of BlackRock. Accordingly, the noncontrolling interest related to these Subco Units has been included as part of net income attributable to BlackRock, Inc., as adjusted.

_________________________

(1)Totals may not add due to rounding.

						Q3 2025
				Q3 2025		Base fees(1)
				Base fees(1)	September 30, 2025	and securities
	Q3 2025	September 30, 2025		and securities	AUM	lending revenue
(in millions), (unaudited)	Net flows	AUM		lending revenue	% of Total	% of Total
RESULTS BY PRODUCT TYPE
Equity	$ 45,978	$ 7,459,075	$	2,408	55 %		48 %
Fixed income	47,554	3,178,965		998	24 %		20 %
Multi-asset	33,598	1,161,957		353	9 %		6 %
Alternatives:
Private markets	13,163	320,886		653	2 %		13 %
Liquid alternatives	3,178	97,448		178	1 %		4 %
Alternatives subtotal	16,341	418,334		831	3 %	17 %
Digital assets	16,691	103,965		61	1 %	1 %
Currency and commodities(2)	10,384	136,600		77	1 %	2 %
Long-term	170,546	12,458,896		4,728	93 %	94 %
Cash management	34,096	1,004,729		318	7 %	6 %
Total	$ 204,642	$ 13,463,625	$	5,046	100 %	100 %
RESULTS BY CLIENT TYPE
Retail	$ 9,724	$ 1,173,568	$	1,177	9 %	23 %
ETFs	152,956	5,193,314		2,130	39 %	42 %
Institutional:
Active	22,267	2,475,614		1,149	18 %	23 %
Index	(14,401 )	3,616,400		272	27 %	6 %
Institutional subtotal	7,866	6,092,014		1,421	45 %	29 %
Long-term	170,546	12,458,896		4,728	93 %	94 %
Cash management	34,096	1,004,729		318	7 %	6 %
Total	$ 204,642	$ 13,463,625	$	5,046	100 %	100 %
RESULTS BY INVESTMENT STYLE
Active	$ 26,640	$ 3,294,619	$	2,245	24 %	44 %
ETFs	152,956	5,193,314		2,130	39 %	42 %
Non-ETF index	(9,050 )	3,970,963		353	30 %	8 %
Long-term	170,546	12,458,896		4,728	93 %	94 %
Cash management	34,096	1,004,729		318	7 %	6 %
Total	$ 204,642	$ 13,463,625	$	5,046	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, 2025(1)

	One-year period	Three-year period	Five-year period
Fixed income:
Actively managed AUM above benchmark or peer median
Taxable	80%	86%	84%
Tax-exempt	47%	67%	61%
Index AUM within or above applicable tolerance	97%	99%	100%
Equity:
Actively managed AUM above benchmark or peer median
Fundamental	48%	64%	50%
Systematic	90%	96%	94%
Index AUM within or above applicable tolerance	93%	98%	99%

(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 Tuesday, October 14, 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, [phone], or from outside the United States, [phone], shortly before 7:30 a.m. and reference the BlackRock Conference Call (ID Number 9613205). A live, listen-only webcast will also be available via the investor relations section of https://www.blackrock.com.

The webcast will be available for replay by 10:30 a.m. (Eastern Time) on Tuesday, October 14, 2025. To access the replay of the webcast, please visit the investor relations section of https://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 https://www.blackrock.com/corporate.

Three Months Ended

September 30,

2025 2024

Change

Three Months

Ended June 30,

2025

Change

Revenue Investment advisory, administration fees and
securities lending revenue:
Investment advisory and administration fees	$ 4,843			$ 3,881		$	962		$ 4,283		$	560
Securities lending revenue	203			149			54		171			32
Total investment advisory, administration fees and securities lending revenue	5,046			4,030			1,016		4,454			592
Investment advisory performance fees	516			388			128		94			422
Technology services and subscription revenue	515			403			112		499			16
Distribution fees	355			323			32		320			35
Advisory and other revenue	77			53			24		56			21
Total revenue	6,509			5,197			1,312		5,423			1,086
Expense
Employee compensation and benefits	2,357			1,578			779		1,764			593
Sales, asset and account expense:
Distribution and servicing costs	638			549			89		576			62
Direct fund expense	464			379			85		441			23
Sub-advisory and other	60			34			26		46			14
Total sales, asset and account expense	1,162			962			200		1,063			99
General and administration expense	782			562			220		689			93
Restructuring charge	-			-			-		39			(39 )
Amortization and impairment of intangible assets	253			89			164		137			116
Total expense	4,554			3,191			1,363		3,692			862
Operating income	1,955			2,006			(51 )		1,731			224
Nonoperating income (expense)
Net gain (loss) on investments	64			177			(113 )		550			(486 )
Net interest income (expense)	(22 )			82			(104 )		(29 )			7
Total nonoperating income (expense)	42			259			(217 )		521			(479 )
Income before income taxes	1,997			2,265			(268 )		2,252			(255 )
Income tax expense	470			574			(104 )		587			(117 )
Net income	1,527			1,691			(164 )		1,665			(138 )
Less: Net income (loss) attributable to noncontrolling
interests ("NCI") - consolidated sponsored investment products ("CIPs")	134			60		74			72		62
Net income (loss) attributable to NCI - Subco Units	70			-		70			-		70
Net income attributable to BlackRock, Inc.	$ 1,323			$ 1,631		$ (308 )			$ 1,593		$ (270 )
Weighted-average common shares outstanding
Basic	154.9			148.0		6.9			154.9		0.1
Diluted	156.9			149.6		7.3			156.3		0.7
Earnings per share attributable to BlackRock, Inc.
common stockholders
Basic	$	8.54	$ 11.02		$ (2.48 )			$ 10.29		$ (1.75 )
Diluted	$	8.43	$ 10.90		$ (2.47 )			$ 10.19		$ (1.76 )
Cash dividends declared and paid per share	$	5.21	$ 5.10		$ 0.11			$ 5.21		$ -
Supplemental information:
AUM (end of period)	$ 13,463,625		$ 11,475,362		$ 1,988,263			$ 12,527,590		$ 936,035
Shares outstanding including Subco Units	163.2		148.0		15.3			154.8		8.5
GAAP:
Operating margin	30.0 %		38.6 %		(860 ) bps			31.9 %		(190 ) bps
Effective tax rate	25.2 %		26.0 %		(80 ) bps			26.9 %		(170 ) bps
As adjusted:
Operating income (1)	$ 2,621		$ 2,128		$		493	$ 2,099		$		522
Operating margin (1)	44.6 %		45.8 %				(120 ) bps	43.3 %				130 bps
Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs (2)	$ (106 )		$ 190		$		(296 )	$ 404		$		(510 )
Net income attributable to BlackRock, Inc. (3)	$ 1,907		$ 1,715		$		192	$ 1,883		$		24
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3)	$ 11.55		$ 11.46		$		0.09	$ 12.05		$		(0.50 )
Diluted weighted-average common shares
outstanding (3)	165.2		149.6		15.6			156.3		8.9
Effective tax rate	24.2 %		26.0 %		(180 ) bps			24.8 %		(60 ) 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. Beginning in the third quarter of 2025, net income attributable to BlackRock, Inc., as adjusted, and weighted-average diluted common shares, as adjusted, assumes all Subco Units have been exchanged in accordance with their terms on a one-for-one basis into common stock of BlackRock. Accordingly, the noncontrolling interest related to these Subco Units has been included as part of net income attributable to BlackRock, Inc., as adjusted. As of September 30, 2025, there were 155.1 million shares of common stock and 8.1 million Subco Units outstanding.

Nine Months Ended

September 30,

2025 2024

Change

Revenue

Investment advisory, administration fees and
securities lending revenue:
Investment advisory and administration fees	$	13,370		$	11,229		$	2,141
Securities lending revenue Total investment advisory, administration fees		531			454			77
and securities lending revenue		13,901			11,683			2,218
Investment advisory performance fees		670			756			(86 )
Technology services and subscription revenue		1,450			1,175			275
Distribution fees		996			951			45
Advisory and other revenue		191			165			26
Total revenue Expense		17,208			14,730			2,478
Employee compensation and benefits		5,862			4,661			1,201
Sales, asset and account expense:
Distribution and servicing costs		1,784			1,606			178
Direct fund expense		1,297			1,075			222
Sub-advisory and other		153			98			55
Total sales, asset and account expense		3,234			2,779			455
General and administration expense		2,182			1,625			557
Restructuring charge		39			-			39
Amortization and impairment of intangible assets		507			166			341
Total expense		11,824			9,231			2,593
Operating income		5,384			5,499			(115 )
Nonoperating income (expense)
Net gain (loss) on investments		672			510			162
Net interest income (expense)		(44 )			183			(227 )
Total nonoperating income (expense)		628			693			(65 )
Income before income taxes		6,012			6,192			(180 )
Income tax expense		1,305			1,341			(36 )
Net income		4,707			4,851			(144 )
Less:
Net income (loss) attributable to NCI - CIPs		211			152			59
Net income (loss) attributable to NCI - Subco Units		70			-			70
Net income attributable to BlackRock, Inc. Weighted-average common shares outstanding	$	4,426		$	4,699		$	(273 )
Basic		154.9			148.4			6.6
Diluted		156.6			149.8			6.8
Earnings per share attributable to BlackRock, Inc.
common stockholders
Basic	$	28.57	$		31.67	$		(3.10 )
Diluted	$	28.21	$		31.37	$		(3.16 )
Cash dividends declared and paid per share	$	15.63	$		15.30	$		0.33
Supplemental information:
AUM (end of period)	$	13,463,625	$ 11,475,362			$ 1,988,263
Shares outstanding including Subco Units		163.2	148.0			15.3
GAAP:
Operating margin	31.3 %		37.3 %			(600 ) bps
Effective tax rate	22.5 %		22.2 %			30 bps
As adjusted:
Operating income (1)	$	6,752	$		5,784	$		968
Operating margin (1)		43.8 %			44.1 %			(30 ) bps
Nonoperating income (expense), less net income
(loss) attributable to NCI - CIPs (2)	$	373	$		494	$		(121 )
Net income attributable to BlackRock, Inc. (3)	$	5,560	$		4,738	$		822
Diluted earnings attributable to BlackRock, Inc.
common stockholders per share (3)	$	34.89	$		31.63	$		3.26
Diluted weighted-average common shares outstanding (3)		159.4			149.8			9.6
Effective tax rate		22.0 %			24.5 %			(250 ) 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. Beginning in the third quarter of 2025, net income attributable to BlackRock, Inc., as adjusted, and weighted-average diluted common shares, as adjusted, assumes all Subco Units have been exchanged in accordance with their terms on a one-for-one basis into common stock of BlackRock. Accordingly, the noncontrolling interest related to these Subco Units has been included as part of net income attributable to BlackRock, Inc., as adjusted. As of September 30, 2025, there were 155.1 million shares of common stock and 8.1 million Subco Units outstanding.

Current Quarter Component Changes by Product Type

	June 30,	Net inflows			Market	FX	September 30,	Average
	2025	(outflows)	Realizations(1)	Acquisitions(2)	change	impact(3)	2025	AUM(4)
Equity	$ 6,905,438	$ 45,978	$ -	$ -	$ 519,260	$ (11,601 )	$ 7,459,075	$ 7,135,969
Fixed income	3,087,297	47,554	(1,265 )	13,567	40,100	(8,288 )	3,178,965	3,122,878
Multi-asset	1,076,709	33,598	-	-	55,276	(3,626 )	1,161,957	1,119,948
Alternatives:
Private markets	215,244	13,163	(5,996 )	101,017	(2,364 )	(178 )	320,886	291,901
Liquid alternatives	86,670	3,178	(30 )	6,377	1,237	16	97,448	93,382
Alternatives subtotal	301,914	16,341	(6,026 )	107,394	(1,127 )	(162 )	418,334	385,283
Digital assets	79,551	16,691	-	-	7,728	(5 )	103,965	94,980
Currency and commodities(5)	106,980	10,384	-	-	19,323	(87 )	136,600	117,115
Long-term	11,557,889	170,546	(7,291 )	120,961	640,560	(23,769 )	12,458,896	11,976,173
Cash management	969,701	34,096	-	-	2,266	(1,334 )	1,004,729	984,600
Total	$ 12,527,590	$ 204,642	$ (7,291 )	$ 120,961	$ 642,826	$ (25,103 )	$ 13,463,625	$ 12,960,773

Current Quarter Component Changes by Client Type and Product Type (Long-Term)

	June 30,	Net inflows			Market	FX	September 30,	Average
	2025	(outflows)	Realizations(1)	Acquisitions(2)	change	impact(3)	2025	AUM(4)
Retail:
Equity	$ 557,833	$ 2,094	$ -	$ -	$ 38,693	$ (1,358 )	$ 597,262	$ 573,760
Fixed income	333,624	5,588	-	-	4,845	594	344,651	338,726
Multi-asset	162,852	(2,386 )	-	-	8,435	(18 )	168,883	165,225
Private markets	16,823	1,521	(163 )	11,674	(60 )	(25 )	29,770	26,274
Liquid alternatives	29,865	2,907	(3 )	-	265	(32 )	33,002	31,358
Retail subtotal	1,100,997	9,724	(166 )	11,674	52,178	(839 )	1,173,568	1,135,343
ETFs:
Equity	3,455,117	79,429	-	-	255,812	(1,927 )	3,788,431	3,593,742
Fixed income	1,101,224	46,018	-	-	10,926	(586 )	1,157,582	1,122,763
Multi-asset	11,926	599	-	-	673	(87 )	13,111	12,432
Digital assets	79,551	16,691	-	-	7,728	(5 )	103,965	94,980
Commodities	100,950	10,219	-	-	19,096	(40 )	130,225	111,087
ETFs subtotal	4,748,768	152,956	-	-	294,235	(2,645 )	5,193,314	4,935,004
Institutional:
Active:
Equity	242,098	(17,995 )	-	-	18,938	(1,039 )	242,002	238,071
Fixed income	881,932	(6,984 )	(1,265 )	13,567	15,914	(1,588 )	901,576	892,490
Multi-asset	898,621	35,333	-	-	46,033	(3,513 )	976,474	938,905
Private markets	198,421	11,642	(5,833 )	89,343	(2,304 )	(153 )	291,116	265,627
Liquid alternatives	56,805	271	(27 )	6,377	972	48	64,446	62,024
Active subtotal	2,277,877	22,267	(7,125 )	109,287	79,553	(6,245 )	2,475,614	2,397,117
Index	3,430,247	(14,401 )	-	-	214,594	(14,040 )	3,616,400	3,508,709
Institutional subtotal	5,708,124	7,866	(7,125 )	109,287	294,147	(20,285 )	6,092,014	5,905,826
Long-term	$ 11,557,889	$ 170,546	$ (7,291 )	$ 120,961	$ 640,560	$ (23,769 )	$ 12,458,896	$ 11,976,173

(1) Realizations represent return of capital/return on investments.

(2) Amounts include AUM attributable to the acquisitions of HPS in July 2025 (the "HPS Transaction") and ElmTree Funds ("ElmTree") in September 2025 (the "ElmTree Transaction").

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

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

(5) Amounts include commodity ETFs and ETPs.