BlackRock : Q3 2021 Earnings Release

INVESTOR RELATIONS:	MEDIA RELATIONS:
Caroline Rodda 212.810.3442	Brian Beades 212.810.5596

BlackRock Reports Third Quarter 2021 Diluted EPS of $10.89, or $10.95 as adjusted

New York, October 13, 2021 - BlackRock, Inc. (NYSE: BLK) today reported financial results for the three and nine months ended September 30, 2021.

$98 billion of long-term net inflows driven by continued	Laurence D. Fink, Chairman and CEO:
momentum in ETFs and active strategies, with total net inflows	"Clients continue to seek BlackRock's insights and advice
of $75 billion reflecting outflows from low-fee cash
regarding their entire portfolios, reflecting the benefits of the
management and advisory AUM
investments we have made to better serve their evolving needs.
16% increase in revenue year-over-year reflects strong	BlackRock generated $98 billion of long-term net inflows in the
third quarter, representing 9% annualized organic base fee
organic growth and 13% growth in technology services
growth and our 6th consecutive quarter in excess of our 5%
revenue, despite lower performance fees	target, once again demonstrating the strength of our diversified
	investment and technology platform.
10% increase in operating income (11% as adjusted) year-	"Organic growth was broad-based, spanning our active platform
over-year also includes the impact of higher transaction-
as well as in each of our ETF product categories. We delivered our
related expense and fund launch costs in the current quarter
10th consecutive quarter of active equity inflows and client
23% increase in diluted EPS (19% as adjusted) year-over-	demand for ESG remains strong, with $31 billion of inflows
across our sustainable active and index strategies.
year reflects higher nonoperating income, including noncash
gains from strategic minority investments in the current	"Our long-term strategy remains centered on staying ahead of
quarter	our clients' needs and living our purpose of helping more and
	more people experience financial well-being. Whether through
Consistent capital management with $300 million of	expanding investment choices, developing new retirement
quarterly share repurchases	solutions, or enhancing our data analytics and technology
	capabilities, BlackRock remains committed to investing in high
	growth opportunities and industry-leading innovation."

FINANCIAL RESULTS
		Q3		Q3
(in millions, except per share data)		2021		2020
AUM	$	9,463,662	$	7,808,497
% change		21 %
Average AUM	$	9,578,753	$	7,678,147
% change		25 %
Total net flows	$	75,314	$	128,701
GAAP basis:
Revenue	$	5,050	$	4,369
% change		16 %
Operating income	$	1,935	$	1,757
% change		10 %
Operating margin		38.3%		40.2%
Net income(1)	$	1,681	$	1,364
% change		23 %
Diluted EPS	$	10.89	$	8.87
% change		23 %
Weighted-average diluted shares		154.3		153.7
% change		0%
As Adjusted:
Operating income(2)	$	1,946	$	1,757
% change		11 %
Operating margin(2)		45.8%		47.0%
Net income(1) (2)	$	1,690	$	1,418
% change		19 %
Diluted EPS(2)	$	10.95	$	9.22
% change		19 %

NET FLOW HIGHLIGHTS

			Q3		YTD
			2021			2021
(in billions)
Long-term net flows:	$	98		$	290

By region:
Americas	$	57	$	130
EMEA		14		114
APAC		27		46
By client type:
Retail:	$	23	$	81
US		13		46
International		10		35
ETFs:	$	58	$	202
Core equity		16		67
Strategic		33		89
Precision		9		46

Institutional:	$	17		$	8
Active		26			86
Index		(8	)		(77	)

Cash management net flows	$	(12)	$	50
Advisory net flows	$	(10)	$	(13)
Total net flows	$	75	$	328

1. Net income represents net income attributable to BlackRock, Inc.
2. See notes (1) through (3) to the condensed consolidated statements of income and supplemental information on pages 11 through 13 for more information on as adjusted items and the reconciliation to GAAP.

1

BUSINESS RESULTS

					Q3 2021
			Q3 2021		Base fees(1)
			Base fees(1)	September 30, 2021	and securities
	Q3 2021	September 30, 2021	and securities	AUM	lending revenue
(in millions), (unaudited)	Net flows	AUM	lending revenue	% of Total	% of Total

RESULTS BY CLIENT TYPE
Retail	$	22,672	$	1,000,627	$	1,291	11 %	33 %
ETFs		57,954		3,038,751		1,571	32 %	40 %
Institutional:
Active		25,558		1,638,545		684	17 %	17 %
Index		(8,212 )		3,063,692		286	32 %	7%
Total institutional		17,346		4,702,237		970	49 %	24 %
Long-term		97,972		8,741,615		3,832	92%	97%
Cash management		(12,398 )		712,015		111	8%	3%
Advisory		(10,260 )		10,032		-	-	-
Total	$	75,314	$	9,463,662	$	3,943	100 %	100 %

RESULTS BY INVESTMENT STYLE
Active	$	44,528			$	2,463,867	$	1,928	26 %	49 %
Index and ETFs		53,444				6,277,748					1,904	66 %	48 %
Long-term		97,972				8,741,615					3,832	92%	97%
Cash management		(12,398	)		712,015					111			8	%	3	%
Advisory		(10,260	)		10,032					-			-			-
Total	$	75,314			$	9,463,662			$	3,943			100	%	100	%
RESULTS BY PRODUCT TYPE
Equity	$	33,168			$	4,998,410	$	2,093	52 %	53 %
Fixed income		27,315				2,713,899					986	29 %	25 %
Multi-asset		30,935				773,158					369	8%	9%
Alternatives		6,554				256,148					384	3%	10 %
Long-term		97,972				8,741,615					3,832	92%	97%
Cash management		(12,398	)		712,015					111			8	%	3	%
Advisory		(10,260	)		10,032					-			-			-
Total	$	75,314			$	9,463,662			$	3,943			100	%	100	%

1. Base fees include investment advisory and administration fees.

INVESTMENT PERFORMANCE AT SEPTEMBER 30, 2021(1)

	One-year period	Three-year period	Five-year period
Fixed income:
Actively managed AUM above benchmark or peer median
Taxable	77%	84%	92%
Tax-exempt	76%	65%	81%
Index AUM within or above applicable tolerance	90%	92%	94%
Equity:
Actively managed AUM above benchmark or peer median
Fundamental	68%	85%	87%
Systematic	53%	53%	93%
Index AUM within or above applicable tolerance	95%	96%	98%

1. Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 14 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, Gary S. Shedlin, will host a teleconference call for investors and analysts on Wednesday, October 13, 2021 at 8:30 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,

1. 679-8281,shortly before 8:30 a.m. and reference the BlackRock Conference Call (ID Number 5162309). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.

Both the teleconference and webcast will be available for replay by 11:30 a.m. (Eastern Time) on Wednesday, October 13, 2021 and ending at midnight on Wednesday, October 27, 2021. To access the replay of the teleconference, callers from the United States should dial

1. 859-2056and callers from outside the United States should dial [phone] and enter the Conference ID Number 5162309. To access 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 | Twitter: @blackrock|

LinkedIn: www.linkedin.com/company/blackrock.

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

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

			Three Months
	Three Months Ended		Ended
	September 30,		June 30,

		2021		2020		Change		2021		Change
Revenue
Investment advisory, administration fees and
securities lending revenue:
Investment advisory and administration fees	$	3,791	$	3,072	$	719	$	3,617	$	174
Securities lending revenue		152		153		(1)		140		12
Total Investment advisory, administration fees and
securities lending revenue		3,943		3,225		718		3,757		186
Investment advisory performance fees		345		532		(187 )		340		5
Technology services revenue		320		282		38		316		4
Distribution fees		401		288		113		369		32
Advisory and other revenue		41		42		(1)		38		3
Total revenue		5,050		4,369		681		4,820		230
Expense
Employee compensation and benefits		1,527		1,411		116		1,548		(21 )
Distribution and servicing costs		585		456		129		523		62
Direct fund expense		354		257		97		320		34
General and administration expense		611		461		150		461		150
Amortization of intangible assets		38		27		11		37		1
Total expense		3,115		2,612		503		2,889		226
Operating income		1,935		1,757		178		1,931		4

Nonoperating income (expense)

Net gain (loss) on investments	370		269		101	314		56
Interest and dividend income	14		9		5	8		6
Interest expense	(48	)	(54	)	6	(52	)	4
Total nonoperating income (expense)	336		224		112	270		66

Income before income taxes		2,271		1,981		290		2,201		70
Income tax expense		518		464		54		654		(136 )
Net income		1,753		1,517		236		1,547		206
Less:
Net income (loss) attributable to noncontrolling
interests		72		153		(81 )		169		(97 )
Net income attributable to BlackRock, Inc.	$	1,681	$	1,364	$	317	$	1,378	$	303

Weighted-average common shares outstanding

Basic		152,120,927		152,488,073		(367,146	)		152,443,039		(322,112	)
Diluted		154,343,277		153,742,264		601,013			154,417,581		(74,304	)
Earnings per share attributable to BlackRock, Inc.
common stockholders
Basic	$	11.05	$	8.94	$	2.11		$	9.04	$	2.01
Diluted	$	10.89	$	8.87	$	2.02		$	8.92	$	1.97
Cash dividends declared and paid per share	$	4.13	$	3.63	$	0.50		$	4.13	$	-

Supplemental information:

AUM (end of period)	$	9,463,662	$	7,808,497	$	1,655,165		$	9,495,993	$	(32,331 )
Shares outstanding (end of period)		151,988,234		152,496,403		(508,169 )			152,298,784		(310,550 )
GAAP:
Operating margin		38.3 %		40.2 %		(190 ) bps		40.1 %		(180 ) bps
Effective tax rate		23.6 %		25.4 %		(180 ) bps		32.2 %		(860 ) bps
As adjusted:
Operating income (1)	$	1,946	$	1,757	$	189		$	1,931	$	15
Operating margin (1)		45.8 %		47.0 %		(120 ) bps		44.9 %		90	bps
Nonoperating income (expense), less net income
(loss) attributable to noncontrolling interests (2)	$	264	$	71	$	193		$	101	$	163
Net income attributable to BlackRock, Inc. (3)	$	1,690	$	1,418	$	272		$	1,549	$	141
Diluted earnings attributable to BlackRock, Inc.
common stockholders per share (3)	$	10.95	$	9.22	$	1.73		$	10.03	$	0.92
Effective tax rate		23.6 %		22.5 %		110	bps		23.8 %		(20 ) bps

See pages 11-13 for the reconciliation to GAAP and notes (1) through (3) for more information on as adjusted items.

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

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

		Nine Months Ended
		September 30,
	2021		2020			Change
Revenue
Investment advisory, administration fees and
securities lending revenue:
Investment advisory and administration fees	$	10,873	$	8,725	$	2,148
Securities lending revenue		419		521		(102 )
Total Investment advisory, administration fees and
securities lending revenue		11,292		9,246		2,046
Investment advisory performance fees		814		685		129
Technology services revenue		942		834		108
Distribution fees		1,110		817		293
Advisory and other revenue		110		145		(35 )
Total revenue		14,268		11,727		2,541
Expense
Employee compensation and benefits		4,484		3,700		784
Distribution and servicing costs		1,613		1,330		283
Direct fund expense		994		780		214
General and administration expense		1,657		1,991		(334 )
Amortization of intangible assets		109		79		30
Total expense		8,857		7,880		977
Operating income		5,411		3,847		1,564
Nonoperating income (expense)
Net gain (loss) on investments		766		627		139
Interest and dividend income		41		34		7
Interest expense		(155 )		(151 )		(4)
Total nonoperating income (expense)		652		510		142
Income before income taxes		6,063		4,357		1,706
Income tax expense		1,490		811		679
Net income		4,573		3,546		1,027
Less:
Net income (loss) attributable to noncontrolling
interests		315		162		153
Net income attributable to BlackRock, Inc.	$	4,258	$	3,384	$	874

Weighted-average common shares outstanding
Basic		152,375,504		153,816,544		(1,441,040 )
Diluted		154,352,590		154,959,812		(607,222 )
Earnings per share attributable to BlackRock, Inc.
common stockholders
Basic	$	27.94	$	22.00	$	5.94
Diluted	$	27.59	$	21.84	$	5.75
Cash dividends declared and paid per share	$	12.39	$	10.89	$	1.50
Supplemental information:
AUM (end of period)	$	9,463,662	$	7,808,497	$	1,655,165
Shares outstanding (end of period)		151,988,234		152,496,403		(508,169 )
GAAP:
Operating margin		37.9 %		32.8 %		510 bps
Effective tax rate		25.9 %		19.3 %		660 bps
As adjusted:
Operating income (1)	$	5,422	$	4,436	$	986
Operating margin (1)		45.1 %		44.3 %		80 bps
Nonoperating income (expense), less net income
(loss) attributable to noncontrolling interests (2)	$	337	$	226	$	111
Net income attributable to BlackRock, Inc. (3)	$	4,438	$	3,664	$	774
Diluted earnings attributable to BlackRock, Inc.
common stockholders per share (3)	$	28.75	$	23.64	$	5.11
Effective tax rate		22.9 %		21.4 %		150 bps

See pages 11-13 for the reconciliation to GAAP and notes (1) through (3) for more information on as adjusted items.

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ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Current Quarter Component Changes by Client Type and Product Type

				Net
		June 30,		inflows		Market				September 30,
		2021		(outflows)		change		FX impact(1)		2021		Average AUM(2)
Retail:
Equity	$	446,327	$	9,952	$	(7,823 )	$	(2,719)	$	445,737	$	452,433
Fixed income		359,480		4,524		(3,156 )		(1,687)		359,161		361,730
Multi-asset		147,228		5,395		(1,332 )		(338)		150,953		150,409
Alternatives		42,448		2,801		(318 )		(155)		44,776		43,690
Retail subtotal		995,483		22,672		(12,629 )		(4,899)		1,000,627		1,008,262
ETFs:

Equity	2,257,828	34,987	(36,247 )	(5,719)	2,250,849	2,279,480
Fixed income	700,009	22,489	(3,494 )	(2,408)	716,596	711,729
Multi-asset	7,663	593	(70 )	(36)	8,150	7,954
Alternatives	66,005	(115 )	(2,688 )	(46)	63,156	65,863
ETFs subtotal	3,031,505	57,954	(42,499 )	(8,209)	3,038,751	3,065,026
Institutional:
Active:
Equity	184,174	1,930	(2,410 )	(1,462)	182,232	185,208
Fixed income	716,671	(5,716 )	806	(3,063)	708,698	718,139
Multi-asset	584,582	25,477	920	(5,682)	605,297	604,848
Alternatives	138,622	3,867	560	(731)	142,318	140,894
Active subtotal	1,624,049	25,558	(124 )	(10,938 )	1,638,545	1,649,089

Index:
Equity	2,146,062	(13,701 )	(114 )	(12,655 )	2,119,592	2,158,274
Fixed income	936,005	6,018	139	(12,718 )	929,444	947,359
Multi-asset	9,297	(530 )	19	(28)	8,758	9,095
Alternatives	5,709	1	222	(34)	5,898	5,796
Index subtotal	3,097,073	(8,212 )	266	(25,435 )	3,063,692	3,120,524
Institutional subtotal	4,721,122	17,346	142	(36,373 )	4,702,237	4,769,613

Long-term		8,748,110					97,972					(54,986	)			(49,481	)			8,741,615					8,842,901
Cash management		727,603					(12,398	)				(784	)				(2,406	)				712,015					722,103
Advisory(3)		20,280					(10,260	)				23					(11	)				10,032					13,749
Total	$	9,495,993				$	75,314				$	(55,747	)		$	(51,898	)		$	9,463,662				$	9,578,753

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

				Net
		June 30,		inflows		Market				September 30,
		2021		(outflows)		change		FX impact(1)		2021		Average AUM(2)
Active:
Equity	$	479,240	$	9,651	$	(10,660 )	$	(2,999)	$	475,232	$	483,441
Fixed income		1,054,517		(2,662 )		(2,217 )		(4,341)		1,045,297		1,057,426
Multi-asset		731,806		30,870		(411 )		(6,020)		756,245		755,251
Alternatives		181,069		6,669		241		(886)		187,093		184,583
Active subtotal		2,446,632		44,528		(13,047 )		(14,246 )		2,463,867		2,480,701

Index and ETFs:
ETFs:
Equity	2,257,828	34,987	(36,247 )	(5,719)	2,250,849	2,279,480
Fixed income	700,009	22,489	(3,494 )	(2,408)	716,596	711,729
Multi-asset	7,663	593	(70 )	(36)	8,150	7,954
Alternatives	66,005	(115 )	(2,688 )	(46)	63,156	65,863
ETFs subtotal	3,031,505	57,954	(42,499 )	(8,209)	3,038,751	3,065,026

Non-ETF Index:
Equity		2,297,323		(11,470 )		313		(13,837 )		2,272,329		2,312,474
Fixed income		957,639		7,488		6		(13,127 )		952,006		969,802
Multi-asset		9,301		(528 )		18		(28)		8,763		9,101
Alternatives		5,710		-		223		(34)		5,899		5,797
Non-ETF Index subtotal		3,269,973		(4,510 )		560		(27,026 )		3,238,997		3,297,174
Index and ETFs subtotal		6,301,478		53,444		(41,939 )		(35,235 )		6,277,748		6,362,200
Long-term	$	8,748,110	$	97,972	$	(54,986 )	$	(49,481)	$	8,741,615	$	8,842,901

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

				Net
		June 30,		inflows		Market				September 30,
		2021		(outflows)		change		FX impact(1)		2021		Average AUM(2)
Equity	$	5,034,391	$	33,168	$	(46,594 )	$	(22,555 )	$	4,998,410	$	5,075,395
Fixed income		2,712,165		27,315		(5,705 )		(19,876 )		2,713,899		2,738,957
Multi-asset		748,770		30,935		(463 )		(6,084)		773,158		772,306
Alternatives:
Illiquid alternatives		95,961		2,743		195		(578)		98,321		97,516
Liquid alternatives		81,560		3,782		9		(299)		85,052		83,431

Currency and commodities(4)		75,263					29					(2,428	)				(89	)				72,775					75,296
Alternatives subtotal		252,784					6,554					(2,224	)				(966	)				256,148					256,243
Long-term	$	8,748,110				$	97,972				$	(54,986	)		$	(49,481	)		$	8,741,615				$	8,842,901

1. Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.
2. Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.
3. Advisory AUM represents mandates linked to purchases and disposition of assets and portfolios on behalf of official institutions and long-term portfolio liquidation assignments.
4. Amounts include commodity ETFs.

5