BlackRock : Reports Full Year 2020 Diluted EPS of $31.85, or $33.82 as adjusted ()

INVESTOR RELATIONS:	MEDIA RELATIONS:
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BlackRock Reports Full Year 2020 Diluted EPS of $31.85, or $33.82 as adjusted Fourth Quarter 2020 Diluted EPS of $10.02, or $10.18 as adjusted

New York, January 14, 2021 - BlackRock, Inc. (NYSE: BLK) today reported financial results for the three months and year ended December 31, 2020.

$391 billion of full year total net inflows, reflects 5% organic asset growth and 7% organic base fee growth, led by record flows in cash, active equity and alternatives and continued momentum in fixed income

$127 billion of quarterly total net inflows, positive across investment style, product type and region, driven by strength in iShares® and active strategies

11% increase in full year revenue reflects strong organic growth, record performance fees and 17% growth in technology services revenue

Increases in full year GAAP operating income and diluted EPS impacted by previously announced $589 million pre-taxcharitable contribution, which has been excluded from as adjusted results

3% growth in full year operating income (13% as adjusted)

12% increase in full year diluted EPS (19% as adjusted) also reflects higher nonoperating income and a lower diluted share count in the current year

$3.8 billion returned to shareholders in 2020, including $1.5 billion of share repurchases

Laurence D. Fink, Chairman and CEO:

"The world faced unprecedented challenges in 2020 - many of which continue today. Through it all, BlackRock remained steadfast in meeting the needs of all our stakeholders. We stayed true to our purpose and used our voice and values to advocate on behalf of the institutions and individuals we help to meet their investment and savings goals, and to be a positive force in the communities where we operate.

"For decades, we've built our platform, strategy and culture around staying in front of clients' needs, and this approach was proven out during 2020. BlackRock generated $391 billion of total net inflows and we ended the year with strong momentum, evidenced by a record 13% annualized organic base fee growth in the fourth quarter. In addition, our ability to deliver global insights, strategic advice and comprehensive solutions to clients, no matter the market environment, drove positive flows across every asset class, investment style and region.

"Our strategic areas of investment flourished in 2020 as we saw record client demand for active equity, sustainable, cash and alternative investment strategies, generated $185 billion of net inflows into iShares ETFs and surpassed $1 billion in technology services revenue. BlackRock's continued investment in building a multi-faceted investment platform with integrated technology, data and risk management, scale, global reach and interconnectivity enables us to deliver strong and consistent investment performance and more stable outcomes for our clients.

"We begin 2021 well-positioned and intend to keep investing in our business to drive long-term growth and to lead the evolution of the asset management industry. In doing so, we remain committed to help millions of people build savings throughout their lives, make investing easier and more affordable, advance sustainable investing, and contribute to a more resilient economy that benefits more people."

FINANCIAL RESULTS

(in millions,		Q4			Q4			Full Year
except per share data)		2020			2019			2020		2019
AUM	$	8,676,680		$	7,429,633		$	8,676,680	$	7,429,633
% change		17%					17%
Average AUM	$	8,154,225		$	7,191,159		$	7,549,103	$	6,750,119
% change		13%					12%
Total net flows	$	126,933		$	128,839		$	390,838	$	428,736
GAAP basis:
Revenue	$	4,478		$	3,977		$	16,205	$	14,539
% change		13%					11%
Operating income	$	1,848		$	1,538		$	5,695	$	5,551
% change		20%					3%
Operating margin		41.3%		38.7%		35.1%		38.2%
Net income(1)	$	1,548		$	1,301		$	4,932	$	4,476
% change		19%					10%
Diluted EPS	$	10.02		$	8.29		$	31.85	$	28.43
% change		21%					12%
Weighted-average
diluted shares		154.5			156.9			154.8		157.5
% change		(2)%					(2)%
As Adjusted:
Operating income(2)	$	1,848		$	1,538		$	6,284	$	5,551
% change		20%					13%
Operating margin(2)		46.6%		43.5%		44.9%		43.7%
Net income(1) (2)	$	1,573		$	1,309		$	5,237	$	4,484
% change		20%					17%
Diluted EPS(2)	$	10.18		$	8.34		$	33.82	$	28.48
% change		22%					19%

1. Net income represents net income attributable to BlackRock, Inc.
2. See notes (1) through (4) to the condensed consolidated statements of income and supplemental information on pages 10 and 11 for more information on as adjusted items and the reconciliation to GAAP.

NET FLOW HIGHLIGHTS

		Q4		Full Year
(in billions)		2020		2020
Long-term net flows:	$	116	$	257
By region:
Americas	$	38	$	95
EMEA		53		97
APAC		25		65
By client type:
Retail:	$	35	$	70
US		10		25
International		25		45
iShares:	$	79	$	185
Core		23		45
Non-Core		56		140
Institutional:	$	2	$	3
Active		1		32
Index		1		(29)
Cash management net flows	$	9	$	113
Advisory net flows	$	2	$	20
Total net flows	$	127	$	391

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BUSINESS RESULTS

							December 31, 2020	Q4 2020
		Q4 2020		December 31, 2020		Q4 2020	AUM	Base fees(1)
(in millions), (unaudited)		Net flows		AUM		Base fees(1)	% of Total	% of Total
RESULTS BY CLIENT TYPE
Retail	$	35,320	$	845,917	$	1,016	10%	30%
iShares ETFs		78,753		2,669,007		1,301	31%	38%
Institutional:
Active		1,354		1,524,462		628	18%	19%
Index		770		2,948,683		251	33%	7%
Total institutional		2,124		4,473,145		879	51%	26%
Long-term		116,197		7,988,069		3,196	92%	94%
Cash management		8,944		666,252		197	8%	6%
Advisory(2)		1,792		22,359		-	-	-
Total	$	126,933	$	8,676,680	$	3,393	100%	100%
RESULTS BY INVESTMENT STYLE
Active	$	31,061	$	2,250,887	$	1,622	26%	48%
Index and iShares ETFs		85,136		5,737,182		1,574	66%	46%
Long-term		116,197		7,988,069		3,196	92%	94%
Cash management		8,944		666,252		197	8%	6%
Advisory(2)		1,792		22,359		-	-	-
Total	$	126,933	$	8,676,680	$	3,393	100%	100%
RESULTS BY PRODUCT TYPE
Equity	$	48,077	$	4,419,806	$	1,608	51%	48%
Fixed income		62,705		2,674,488		925	30%	27%
Multi-asset		(402)		658,733		311	8%	9%
Alternatives		5,817		235,042		352	3%	10%
Long-term		116,197		7,988,069		3,196	92%	94%
Cash management		8,944		666,252		197	8%	6%
Advisory(2)		1,792		22,359		-	-	-
Total	$	126,933	$	8,676,680	$	3,393	100%	100%

1. Base fees include investment advisory, administration fees and securities lending revenue.
2. Approximately $4.3 billion of iShares ETFs AUM held in advisory accounts associated with the Federal Reserve Bank of New York ("FRBNY") assignment as of December 31, 2020 (disclosed via FRBNY reporting as of January 11, 2021) are included within iShares ETFs AUM or Fixed Income AUM above. These holdings are excluded from Advisory AUM.

INVESTMENT PERFORMANCE AT DECEMBER 31, 2020(1)

	One-year period	Three-year period	Five-year period
Fixed income:
Actively managed AUM above benchmark or peer median
Taxable	86%	87%	88%
Tax-exempt	36%	56%	78%
Index AUM within or above applicable tolerance	87%	96%	95%
Equity:
Actively managed AUM above benchmark or peer median
Fundamental	78%	85%	85%
Systematic	61%	46%	88%
Index AUM within or above applicable tolerance	92%	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 12 for performance disclosure detail.

CAPITAL MANAGEMENT

Subject to market conditions, we expect to seek Board approval later in January for an increase to our first quarter 2021 dividend.

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 Thursday, January 14, 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 8192056). 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 Thursday, January 14, 2021 and ending at midnight on Thursday, January 28, 2021. To access the replay of the teleconference, callers from the United States should dial (855) 859- 2056 and callers from outside the United States should dial [phone] and enter the Conference ID Number 8192056. 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, our clients turn to us for the solutions they need when planning for their most important goals. As of December 31, 2020, the firm managed approximately $8.68 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com| 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
		December 31,						September 30,
		2020			2019				Change			2020				Change
Revenue
Investment advisory, administration fees and
securities lending revenue	$	3,393	$	3,089		$	304	$	3,225		$	168
Investment advisory performance fees		419			239				180			532				(113)
Technology services revenue		305			274				31			282				23
Distribution fees		314			270				44			288				26
Advisory and other revenue		47			105				(58)			42				5
Total revenue		4,478			3,977				501			4,369				109
Expense
Employee compensation and benefits		1,341			1,212				129			1,411				(70)
Distribution and servicing costs		505			438				67			456				49
Direct fund expense		283			245				38			257				26
General and administration		474			515				(41)			461				13
Amortization of intangible assets		27			29				(2)			27				-
Total expense		2,630			2,439				191			2,612				18
Operating income		1,848			1,538				310			1,757				91
Nonoperating income (expense)
Net gain (loss) on investments		345			118				227			269				76
Interest and dividend income		28			29				(1)			9				19
Interest expense		(54)			(51)			(3)			(54)			-
Total nonoperating income (expense)		319			96				223			224				95
Income before income taxes		2,167			1,634				533			1,981				186
Income tax expense		427			300				127			464				(37)
Net income		1,740			1,334				406			1,517				223
Less:
Net income (loss) attributable to noncontrolling
interests		192			33				159			153				39
Net income attributable to BlackRock, Inc.	$	1,548	$	1,301		$	247	$	1,364		$	184
Weighted-average common shares outstanding
Basic		152,515,168			155,195,733				(2,680,565)			152,488,073				27,095
Diluted		154,512,860			156,894,201				(2,381,341)			153,742,264				770,596
Earnings per share attributable to BlackRock, Inc.
common stockholders (4)
Basic	$	10.15	$	8.38		$	1.77	$	8.94		$	1.21
Diluted	$	10.02	$	8.29		$	1.73	$	8.87		$	1.15
Cash dividends declared and paid per share	$	3.63	$	3.30		$	0.33	$	3.63		$	-
Supplemental information:
AUM (end of period)	$	8,676,680	$	7,429,633		$	1,247,047	$	7,808,497		$	868,183
Shares outstanding (end of period)		152,532,885			155,198,968				(2,666,083)			152,496,403				36,482
GAAP:
Operating margin		41.3%			38.7%			260bps			40.2%			110	bps
Effective tax rate		21.6%			18.8%			280bps			25.4%			(380) bps
As adjusted:
Operating income (1)	$	1,848	$	1,538		$	310	$	1,757		$	91
Operating margin (1)		46.6%			43.5%			310bps			47.0%			(40) bps
Nonoperating income (expense), less net income
(loss) attributable to noncontrolling interests (2)	$	127	$	63		$	64	$	71		$	56
Net income attributable to BlackRock, Inc. (3)	$	1,573	$	1,309		$	264	$	1,418		$	155
Diluted earnings attributable to BlackRock, Inc.
common stockholders per share (3) (4)	$	10.18	$	8.34		$	1.84	$	9.22		$	0.96
Effective tax rate		20.3%			18.3%			200bps			22.5%			(220) bps

See pages 10-11 for the reconciliation to GAAP and notes (1) through (4) 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)

		Year Ended
		December 31,
		2020			2019			Change
Revenue
Investment advisory, administration fees and
securities lending revenue	$	12,639	$	11,777	$	862
Investment advisory performance fees		1,104			450			654
Technology services revenue		1,139			974			165
Distribution fees		1,131			1,069			62
Advisory and other revenue		192			269			(77)
Total revenue		16,205			14,539			1,666
Expense
Employee compensation and benefits		5,041			4,470			571
Distribution and servicing costs		1,835			1,685			150
Direct fund expense		1,063			978			85
General and administration		2,465			1,758			707
Amortization of intangible assets		106			97			9
Total expense		10,510			8,988			1,522
Operating income		5,695			5,551			144
Nonoperating income (expense)
Net gain (loss) on investments		972			342			630
Interest and dividend income		62			97			(35)
Interest expense		(205)			(203)			(2)
Total nonoperating income (expense)		829			236			593
Income before income taxes		6,524			5,787			737
Income tax expense		1,238			1,261			(23)
Net income		5,286			4,526			760
Less:
Net income (loss) attributable to noncontrolling
interests		354			50			304
Net income attributable to BlackRock, Inc.	$	4,932	$	4,476	$	456
Weighted-average common shares outstanding
Basic		153,489,422			156,014,343			(2,524,921)
Diluted		154,840,582			157,459,546			(2,618,964)
Earnings per share attributable to BlackRock, Inc.
common stockholders (4)
Basic	$	32.13	$	28.69	$	3.44
Diluted	$	31.85	$	28.43	$	3.42
Cash dividends declared and paid per share	$	14.52	$	13.20	$	1.32
Supplemental information:
AUM (end of period)	$	8,676,680	$	7,429,633	$	1,247,047
Shares outstanding (end of period)		152,532,885			155,198,968			(2,666,083)
GAAP:
Operating margin		35.1%			38.2%			(310) bps
Effective tax rate		20.1%			22.0%			(190) bps
As adjusted:
Operating income (1)	$	6,284	$	5,551	$	733
Operating margin (1)		44.9%			43.7%			120	bps
Nonoperating income (expense), less net income
(loss) attributable to noncontrolling interests (2)	$	353	$	186	$	167
Net income attributable to BlackRock, Inc. (3)	$	5,237	$	4,484	$	753
Diluted earnings attributable to BlackRock, Inc.
common stockholders per share (3) (4)	$	33.82	$	28.48	$	5.34
Effective tax rate		21.1%			21.9%			(80) bps

See pages 10-11 for the reconciliation to GAAP and notes (1) through (4) for more information on as adjusted items.

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