BlackRock, Inc.

Equities

BLK

US09290D1019

Investment Management & Fund Operators

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Dec. 05	SoftBank in talks to buy digital infra firm DigitalBridge, source says	RE
Dec. 05	Fed Rate Cut Is Not a Lock This Month, Rieder Says	MT

BlackRock : Q3 2025 Earnings Supplement

Published on 10/14/2025 at 06:03 am EDT

Publicnow

BlackRock, Inc.

+0.17%

October 14, 2025

Q3 2025 Earnings Earnings Release Supplement A broadly diversified business across clients, products and geographies

Assets Under Management of $13.5 trillion at September 30, 2025 Q3 2025 Base Fees and Securities Lending Revenue of $5.0 billion

Product Type

Client Type

Style

Region

Equity 55%

Equity 48%

Retail 9%

ETFs 39%

Retail 23%

ETFs 42%

Active 24%

ETFs 39%

Active 44%

Americas 68%

Americas 67%

Fixed Income 24%

Multi-Asset 9%

Alternatives 3%

Digital Assets 1% Curr & Comm 1%

Cash 7%

Fixed Income 20%

Multi-Asset

Alternatives 17%

Digital Assets 1% Curr & Comm 2%

Cash

Institutional 52%

Institutional 35%

Non-ETF

Index 30%

Cash 7%

ETFs 42%

Non-ETF

Index 8%

Cash 6%

EMEA 25%

Asia-Pacific 7%

EMEA 28%

Asia-Pacific 5%

AUM Base Fees AUM Base Fees AUM Base Fees AUM Base Fees

Base fees include investment advisory, administration fees and securities lending revenue. Base fees and AUM by region data are based on client domicile.

(2)%

Total BlackRock

Net flows

($ in billions)

(1)%

Retail Long-term

Long-term Cash

$221

$281

$205

$10

$(4)

$(9)

$13

$34

$15

$96 $57

$33

$76

$82

$30

$51

$63

$46

$171

$68

$22

$84

$83

$160

$201

$61

$81

$(13) Q3 2023

Q4 2023

$(19) Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

ETFs Long-term Institutional Long-term

11%

12%

(1)%

(2)%

$153

Institutional Active

Institutional Index

$143

$107

$88

$97

$83

$85

$67

$29

$29 $28

$(1)

$(2) $27

$25

$(36)

$(24)

$15

$(13)

$22

$(14)

$(35)

$(46)

$(48)

2023

2024

2025

2023

2024

2025

LTM organic asset growth rate (%)

LTM organic base fee growth rate (%)

LTM organic asset growth rate measures rolling last twelve months net flows over beginning of period assets. Beginning in the first quarter of 2025, BlackRock updated the presentation of the Company's AUM line items. In addition, beginning in the first quarter of 2025, BlackRock updated the presentation of net flows to separately disclose realizations, which represent return of capital/return on investments. Realizations in prior periods have not been recast. LTM organic base fee growth rate is calculated by dividing net new base fees earned on net asset inflows for the LTM period by the base fee run-rate at the beginning of the period. Totals may not add due to rounding.

Profitability

($ in millions, except per share data)

Operating Income and Margin, as adjusted Net Income and EPS, as adjusted

44.1%

42.3% 41.6% 42.2%

43.2% 43.3%

$2,621

$2,326

$2,128

$2,032 $2,099

$1,691 $1,716 $1,775

$1,881

45.8% 45.5%

44.6%

$11.93

$12.05

$11.46

$11.55

$10.91

$11.30

$10.36

$9.66 $9.81

$1,874

$1,883 $1,907

$1,715

$1,642

$1,550

$1,451 $1,473

$1,770

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Operating Income, as adjusted Operating Margin, as adjusted Net Income, as adjusted EPS, as adjusted

Beginning in the third quarter of 2025, net income and EPS, 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 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, as adjusted. For further information and reconciliations to GAAP, see page 10 of this Earnings Release Supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks.

Capital management

(amounts in millions, except per share data)

Share repurchases and weighted-average

diluted common shares, as adjusted

Dividends per share

157.0(1) 156.6 156.3

150.5 150.2 150.1 149.7 149.6

165.2(2)

$5.10 $5.10 $5.10 $5.10

$5.00 $5.00

$5.21 $5.21 $5.21

$500

$375 $375 $375

$375 $375 $375 $375 $375

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Share repurchases(3) Weighted-average diluted common

shares, as adjusted

Q4 2024 weighted-average diluted common shares, as adjusted include the impact of 6.9 million shares issued as part of the consideration for the acquisition of Global Infrastructure
Management, LLC ("GIP") in October 2024 (the "GIP Transaction").
Q3 2025 weighted-average diluted common shares, as adjusted include the impact of approximately 8.5 million Subco Units issued as part of the consideration for the acquisition of HPS Investment Partners ("HPS") in July 2025 (the "HPS Transaction"). Weighted-average diluted common shares, as adjusted, assumes all outstanding Subco Units have been exchanged in accordance with their terms on a one-for-one basis into common stock of BlackRock.
Amounts above exclude repurchases of employee tax withholdings related to employee stock transactions.

For further information and reconciliations to GAAP, see page 10 of this Earnings Release Supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks.

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Disclaimer

BlackRock Inc. published this content on October 14, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on October 14, 2025 at 10:02 UTC.

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Company Profile

BlackRock, Inc., formerly BlackRock Funding, Inc., is an investment management company. It provides a range of investment management and technology services to institutional and retail clients. Its diverse platform of alpha-seeking active, index and cash management investment strategies across asset classes enables the Company to tailor investment outcomes and asset allocation solutions for clients. Its product offerings include single- and multi-asset portfolios investing in equities, fixed income, alternatives, and money market instruments. Its products are offered directly and through intermediaries in a range of vehicles, including open-end and closed-end mutual funds, iShares and exchange-traded funds, separate accounts, collective investment funds and other pooled investment vehicles. It also offers technology services, including the investment and risk management technology platform, Aladdin, Aladdin Wealth, eFront, and Cachematrix, as well as advisory services and solutions.

Employees

24,600

Sector

Investment Management & Fund Operators

Calendar

Dec. 09 - Goldman Sachs Financial Service Conference

More about the company