UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2021

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from               to             .

Commission File No. 001-33099

BlackRock, Inc.

(Exact name of registrant as specified in its charter)

Delaware	32-0174431
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

55 East 52nd Street, New York, NY 10055

(Address of Principal Executive Offices)

(212) 810-5300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	BLK	New York Stock Exchange
1.250% Notes due 2025	BLK25	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the registrant is a well-known, seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☒    No  ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ☐    No  ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐

       Non-accelerated filer ☐

            Smaller reporting company☐

            Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.     ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

The aggregate market value of the voting common stock held by nonaffiliates of the registrant as of June 30, 2021 was approximately $131.8 billion.

As of January 31, 2022, there were 152,042,401 shares of the registrant’s common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

The following documents are incorporated by reference herein:

Portions of the definitive Proxy Statement of BlackRock, Inc. to be filed pursuant to Regulation 14A of the general rules and regulations under the Securities Exchange Act of 1934, as amended, for the 2022 annual meeting of stockholders (“Proxy Statement”) are incorporated by reference into Part III of this Form 10-K.

BlackRock, Inc.

Table of Contents

PART I
Item 1	Business	1
Item 1A	Risk Factors	21
Item 1B	Unresolved Staff Comments	33
Item 2	Properties	33
Item 3	Legal Proceedings	33
Item 4	Mine Safety Disclosures	33
PART II
Item 5	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	34
Item 6	Reserved	34
Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	35
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	58
Item 8	Financial Statements and Supplemental Data	59
Item 9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	59
Item 9A	Controls and Procedures	59
Item 9B	Other Information	62
Item 9C	Disclosure Regarding Foreign Jurisdictions That Prevent Inspections	62
PART III
Item 10	Directors, Executive Officers and Corporate Governance	62
Item 11	Executive Compensation	62
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	62
Item 13	Certain Relationships and Related Transactions, and Director Independence	62
Item 14	Principal Accountant Fees and Services	62
PART IV
Item 15	Exhibits and Financial Statement Schedules	62
Item 16	Form 10-K Summary	65
	Signatures	66

Part I

Item 1. Business

Overview

BlackRock, Inc. (together, with its subsidiaries, unless the context otherwise indicates, “BlackRock” or the “Company”) is a leading publicly traded investment management firm with $10.01 trillion of assets under management (“AUM”) at December 31, 2021. With approximately 18,400 employees in more than 30 countries who serve clients in over 100 countries across the globe, BlackRock provides a broad range of investment management and technology services to institutional and retail clients worldwide.

BlackRock’s 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. Product offerings include single- and multi-asset portfolios investing in equities, fixed income, alternatives and money market instruments. Products are offered directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares® and BlackRock exchange-traded funds (“ETFs”), separate accounts, collective trust funds and other pooled investment vehicles. BlackRock 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 to a broad base of institutional and wealth management clients. The Company is highly regulated and manages its clients’ assets as a fiduciary. The Company does not engage in proprietary trading activities that could conflict with the interests of its clients.

BlackRock serves a diverse mix of institutional and retail clients across the globe. Clients include tax-exempt institutions, such as defined benefit and defined contribution pension plans, charities, foundations and endowments; official institutions, such as central banks, sovereign wealth funds, supranationals and other government entities; taxable institutions, including insurance companies, financial institutions, corporations and third-party fund sponsors, and retail intermediaries.

BlackRock maintains a significant global sales and marketing presence that is focused on establishing and maintaining retail and institutional investment management and technology service relationships by marketing its services to investors directly and through third-party distribution relationships, including financial professionals and pension consultants.

BlackRock is an independent, publicly traded company, with no single majority shareholder and over 85% of its Board of Directors consisting of independent directors.

Management seeks to deliver value for stockholders over time by, among other things, capitalizing on BlackRock’s differentiated competitive position, including:

• the Company’s focus on strong performance providing alpha for active products and limited or no tracking error for index products;

• the Company’s global reach and commitment to best practices around the world, with approximately 50% of employees outside the United States serving clients locally and supporting local investment capabilities. Approximately 40% of total AUM is managed for clients domiciled outside the United States;

• the Company’s breadth of investment strategies, including market-cap weighted index, factors, systematic active, traditional fundamental active, high conviction alpha and illiquid alternative product offerings, which enhance its ability to tailor whole-portfolio investment solutions to address specific client needs;

• the Company’s differentiated client relationships and fiduciary focus, which enable effective positioning toward changing client needs and macro trends including the secular shift to index investing and ETFs, growing allocations to private markets, demand for high-performing active strategies, increasing demand for sustainable investment strategies and whole portfolio solutions using index, active and illiquid alternatives products; and a continued focus on income and retirement; and

• the Company’s longstanding commitment to innovation, technology services and the continued development of, and increased interest in, BlackRock technology products and solutions, including Aladdin, Aladdin Wealth, eFront, Aladdin Climate, and Cachematrix. This commitment is further extended by minority investments in distribution technologies, data and whole portfolio capabilities including Envestnet, Scalable Capital, iCapital, Acorns, and Clarity AI.

BlackRock operates in a global marketplace impacted by changing market dynamics and economic uncertainty, factors that can significantly affect earnings and stockholder returns in any given period.

The Company’s ability to increase revenue, earnings and stockholder value over time is predicated on its ability to generate new business, including business in Aladdin and other technology products and services. New business efforts depend on BlackRock’s ability to achieve clients’ investment objectives, in a manner consistent with their risk preferences, to deliver excellent client service and to innovate in technology to serve clients’ evolving needs. All of these efforts require the commitment and contributions of BlackRock employees. Accordingly, the ability to attract, develop and retain talented professionals is critical to the Company’s long-term success.

1

Financial Highlights

(in millions, except per share data)
GAAP:	2021			2020			2019			2018			2017
Total revenue	$	19,374		$	16,205		$	14,539		$	14,198		$	13,600
Operating income	$	7,450		$	5,695		$	5,551		$	5,457		$	5,254
Operating margin		38.5	%		35.1	%		38.2	%		38.4	%		38.6	%
Nonoperating income (expense)(1)	$	419		$	475		$	186		$	(76	)	$	(32	)
Net income attributable to BlackRock, Inc.	$	5,901		$	4,932		$	4,476		$	4,305		$	4,952
Diluted earnings per common share	$	38.22		$	31.85		$	28.43		$	26.58		$	30.12

(in millions, except per share data)
As adjusted(2):	2021			2020			2019			2018			2017
Operating income	$	7,478		$	6,284		$	5,551		$	5,531		$	5,269
Operating margin		45.2	%		44.9	%		43.7	%		44.3	%		44.1	%
Nonoperating income (expense)(1)	$	419		$	353		$	186		$	(76	)	$	(32	)
Net income attributable to BlackRock, Inc.	$	6,049		$	5,237		$	4,484		$	4,361		$	3,698
Diluted earnings per common share	$	39.18		$	33.82		$	28.48		$	26.93		$	22.49

(1) Net of net income (loss) attributable to noncontrolling interests (redeemable and nonredeemable).

(2) BlackRock reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”); however, management believes evaluating the Company’s ongoing operating results may be enhanced if investors have additional non-GAAP financial measures.

See Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures, for further information on non-GAAP financial measures and for as adjusted items for 2021 and 2020. For further information on non-GAAP financial measures and for as adjusted items for 2019, 2018 and 2017, see Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of the Company’s Annual Report on Form 10-K for the years ended December 31, 2020, 2019 and 2018.

Assets Under Management

The Company’s AUM by product type for the years 2017 through 2021 is presented below.

	December 31,
(in millions)	2021		2020		2019		2018		2017		5-Year CAGR(1)
Equity	$	5,342,360	$	4,419,806	$	3,820,329	$	3,035,825	$	3,371,641		15	%
Fixed income		2,822,041		2,674,488		2,315,392		1,884,417		1,855,465		12	%
Multi-asset		816,494		658,733		568,121		461,884		480,278		16	%
Alternatives		264,881		235,042		178,072		143,358		129,347		18	%
Long-term		9,245,776		7,988,069		6,881,914		5,525,484		5,836,731		14	%
Cash management		755,057		666,252		545,949		448,565		449,949		13	%
Advisory		9,310		22,359		1,770		1,769		1,515		27	%
Total	$	10,010,143	$	8,676,680	$	7,429,633	$	5,975,818	$	6,288,195		14	%

(1) Percentage represents CAGR over a five-year period (December 31, 2016 – December 31, 2021).

Component changes in AUM by product type for the five years ended December 31, 2021 are presented below.

(in millions)	December 31, 2016		Net inflows (outflows)		Acquisitions(1)		Market change		FX impact		December 31, 2021		5-Year CAGR(2)
Equity	$	2,657,176	$	324,340	$	43,914	$	2,284,898	$	32,032	$	5,342,360		15	%
Fixed income		1,572,365		909,776		18,538		280,729		40,633		2,822,041		12	%
Multi-asset		395,007		167,177		683		245,732		7,895		816,494		16	%
Alternatives		116,938		104,150		8,267		32,726		2,800		264,881		18	%
Long-term		4,741,486		1,505,443		71,402		2,844,085		83,360		9,245,776		14	%
Cash management		403,584		338,705		686		4,685		7,397		755,057		13	%
Advisory		2,782		5,964		—		420		144		9,310		27	%
Total	$	5,147,852	$	1,850,112	$	72,088	$	2,849,190	$	90,901	$	10,010,143		14	%

(1) Amounts include the following: (1) AUM acquired in the acquisition of the equity infrastructure franchise of First Reserve (“First Reserve Transaction”) in June 2017, (2) net AUM from the acquisitions of Tennenbaum Capital Partners in August 2018 (“TCP Transaction”) and the asset management business of Citibanamex in September 2018 (“Citibanamex Transaction”), (3) AUM reclassifications and net dispositions related to the transfer of BlackRock’s UK Defined Contribution Administration and Platform business to Aegon N.V. in July 2018 (“Aegon Transaction”), (4) net AUM dispositions related to the sale of BlackRock’s minority interest in DSP BlackRock Investment Managers Pvt. Ltd. to the DSP Group in August 2018 (“DSP Transaction”), and (5) net AUM from the acquisition of Aperio Group, LLC (“Aperio Transaction”) in February 2021.

(2) Percentage represents CAGR over a five-year period (December 31, 2016 – December 31, 2021).

2

AUM represents the broad range of financial assets managed for clients on a discretionary basis pursuant to investment management and trust agreements that are expected to continue for at least 12 months. In general, reported AUM reflects the valuation methodology that corresponds to the basis used for determining revenue (for example, net asset value). Reported AUM does not include assets for which BlackRock provides risk management or other forms of nondiscretionary advice, or assets that the Company is retained to manage on a short-term, temporary basis.

Investment management fees are typically earned as a percentage of AUM. BlackRock also earns performance fees on certain portfolios relative to an agreed-upon benchmark or return hurdle. On some products, the Company also may earn securities lending revenue. In addition, BlackRock offers its proprietary Aladdin investment system as well as risk management, outsourcing, advisory and other technology services, to institutional investors and wealth management intermediaries. Revenue for these services may be based on several criteria including value of positions, number of users, implementation go-lives and software solution delivery and support.

At December 31, 2021, total AUM was $10.01 trillion, representing a CAGR of 14% over the last five years. AUM growth during the period was achieved through the combination of net market valuation gains, net inflows and acquisitions, including the First Reserve Transaction, which added $3.3 billion of AUM in 2017, the net AUM impact from the TCP Transaction, the Citibanamex Transaction, the Aegon Transaction and the DSP Transaction, which added $27.5 billion of AUM in 2018, and the Aperio Transaction, which added $41.3 billion of AUM in February 2021. Our AUM mix encompasses a broadly diversified product range, as described below.

The Company considers the categorization of its AUM by client type, product type, investment style, and client region useful to understanding its business. The following discussion of the Company’s AUM will be organized as follows:

Client Type	Product Type	Investment Style	Client Region
• Retail	• Equity	• Active	• Americas
• ETFs	• Fixed Income	• Index and ETFs	• Europe, the Middle East and Africa (“EMEA”)
• Institutional	• Multi-asset		• Asia-Pacific
	• Alternatives
	• Cash Management

Client Type

BlackRock serves a diverse mix of institutional and retail clients across the globe, with a regionally focused business model. BlackRock leverages the benefits of scale across global investment, risk and technology platforms while at the same time using local distribution presence to deliver solutions for clients. Furthermore, our structure facilitates strong teamwork globally across both functions and regions in order to enhance our ability to leverage best practices to serve our clients and continue to develop our talent.  

Clients include tax-exempt institutions, such as defined benefit and defined contribution pension plans, charities, foundations and endowments; official institutions, such as central banks, sovereign wealth funds, supranationals and other government entities; taxable institutions, including insurance companies, financial institutions, corporations and third-party fund sponsors, and retail intermediaries.

ETFs are a growing component of both institutional and retail client portfolios. However, as ETFs are traded on exchanges, complete transparency on the ultimate end-client is unavailable. Therefore, ETFs are presented as a separate client type below, with investments in ETFs by institutions and retail clients excluded from figures and discussions in their respective sections.

AUM by investment style and client type at December 31, 2021 is presented below.

(in millions)	Retail		ETFs		Institutional		Total
Active	$	849,606	$	—	$	1,756,717	$	2,606,323
Non-ETF Index		190,447		—		3,181,652		3,372,099
ETFs		—		3,267,354		—		3,267,354
Long-term		1,040,053		3,267,354		4,938,369		9,245,776
Cash management		8,656		—		746,401		755,057
Advisory		—		—		9,310		9,310
Total	$	1,048,709	$	3,267,354	$	5,694,080	$	10,010,143

Retail

BlackRock serves retail investors globally through a wide array of vehicles across the investment spectrum, including separate accounts, open-end and closed-end funds, unit trusts and private investment funds. Retail investors are served principally through intermediaries, including broker-dealers, banks, trust companies, insurance companies and independent financial advisors. Technology solutions, digital distribution tools and a shift toward portfolio construction are increasing the number of financial advisors and end-retail investors using BlackRock products.

Retail represented 11% of long-term AUM at December 31, 2021 and 34% of long-term investment advisory and administration fees (collectively “base fees”) and securities lending revenue for 2021.

ETFs have a significant retail component but are shown separately below. With the exclusion of ETFs, retail AUM is predominantly comprised of active mutual funds. Mutual funds totaled $841.4 billion, or 81%, of retail long-term AUM at year-end, with the remainder invested in private investment funds and separately managed accounts. 82% of retail long-term AUM is invested in active products.

3

Component changes in retail long-term AUM for 2021 are presented below.

(in millions)	December 31, 2020		Net inflows (outflows)		Acquisitions(1)		Market change			FX impact			December 31, 2021
Equity	$	338,434	$	42,060	$	41,324	$	54,310		$	(4,191	)	$	471,937
Fixed income		340,468		34,870		—		(6,716	)		(3,316	)		365,306
Multi-asset		132,624		12,579		—		10,793			(535	)		155,461
Alternatives		34,391		12,584		—		644			(270	)		47,349
Total	$	845,917	$	102,093	$	41,324	$	59,031		$	(8,312	)	$	1,040,053

(1) Amounts include AUM attributable to the Aperio Transaction.

The retail client base is diversified geographically, with 67% of long-term AUM managed for investors based in the Americas, 28% in EMEA and 5% in Asia-Pacific at year-end 2021.

• US retail long-term net inflows of $59.7 billion were led by equity and fixed income net inflows of $24.1 billion and $20.6 billion, respectively. Equity net inflows were led by flows into US growth, technology and global equities franchises. Fixed income net inflows were diversified across exposures and products, with strong flows into unconstrained, municipal and total return bond offerings. Alternatives net inflows of $9.1 billion were driven by flows into the BlackRock Alternative Capital Strategies and Global Event Driven funds. Multi-asset net inflows of $5.9 billion included the successful close of the $2.1 billion BlackRock ESG Capital Allocation Trust.

In the first quarter of 2021, BlackRock closed the acquisition of Aperio, a pioneer in customizing tax-optimized index equity separately managed accounts (“SMA”), to enhance its wealth platform and provide whole-portfolio solutions to ultra-high net worth advisors. The combination of Aperio with BlackRock’s existing SMA franchise expands the breadth of personalization capabilities available to wealth managers from BlackRock via tax-managed strategies across factors, broad market indexing, and investor Environmental, Social, and Governance (“ESG”) preferences across all asset classes. In the third quarter of 2021, BlackRock made a minority investment in SpiderRock Advisors, a tech-enabled asset manager focused on providing professionally managed option overlay strategies.  The Company expects this investment to add incremental product capabilities to Aperio and support expansion of its personalized SMA franchise.

• International retail long-term net inflows of $42.4 billion were led by equity net inflows of $18.0 billion, reflecting strong flows into index equity mutual funds, and our natural resources and technology active equity franchises. In addition, equity net inflows reflected $1.4 billion raised from the launch of BlackRock’s wholly owned Fund Management Company (“FMC”) and Wealth Management Company (“WMC”) joint venture in China. Fixed income net inflows of $14.3 billion were driven by flows into index fixed income mutual funds and Asia bond strategies. Multi-asset net inflows of $6.6 billion were led by flows into ESG and world allocation strategies. Alternatives net inflows of $3.5 billion reflected demand for BlackRock’s Global Event Driven fund.

ETFs

BlackRock is the leading ETF provider in the world with $3.3 trillion of AUM at December 31, 2021, and generated record net inflows of $305.5 billion in 2021. The majority of ETF AUM and net inflows represent the Company’s index-tracking iShares-branded ETFs. The Company also offers a select number of active BlackRock-branded ETFs that seek outperformance and/or differentiated outcomes.

Equity ETF net inflows of $222.9 billion were driven by flows into core and sustainable ETFs, as well as continued client use of BlackRock’s broad-based precision exposure ETFs to express risk-on sentiment during the year. Fixed income ETF net inflows of $78.9 billion were diversified across exposures, led by flows into inflation-protected, core and municipal bond funds. Multi-asset and alternative ETFs contributed a combined $3.8 billion of net inflows, primarily into core allocation and commodities funds.

ETFs represented 35% of long-term AUM at December 31, 2021 and 41% of long-term base fees and securities lending revenue for 2021.

Component changes in ETFs AUM for 2021 are presented below.

(in millions)	December 31, 2020		Net inflows (outflows)		Market change			FX impact			December 31, 2021
Equity	$	1,905,101	$	222,855	$	331,275		$	(11,983	)	$	2,447,248
Fixed income		690,033		78,858		(17,894	)		(5,624	)		745,373
Multi-asset		6,268		2,266		589			(4	)		9,119
Alternatives(1)		67,605		1,555		(3,475	)		(71	)		65,614
Total	$	2,669,007	$	305,534	$	310,495		$	(17,682	)	$	3,267,354

(1) Amounts include commodity ETFs.

BlackRock’s ETF product range offers investors a precise, transparent and efficient way to gain exposure to a full range of asset classes and global markets that have been difficult for many investors to access, as well as the liquidity required to make adjustments to their exposures quickly and cost-efficiently.

• US ETF