Exhibit 99.1

INVESTOR RELATIONS: Caroline Rodda 212.810.3442	MEDIA RELATIONS: Patrick Scanlan 212.810.3622
BlackRock Reports First Quarter 2025 Diluted EPS of $9.64, or $11.30 as adjusted
New York, April 11, 2025 – BlackRock, Inc. (NYSE: BLK) today reported financial results for the three months ended March 31, 2025.

$84 billion of quarterly total net inflows,reflecting 3% annualized organic asset growth, led by a record first quarter for iShares® ETFs alongside private markets and active net inflows Higher annualized organic base fee growth in the quarter was broad-based across the platform, driven by private markets, ETFs, and systematic active strategies 12% increase in revenue year-over-year reflects positive impact of markets, organic base fee growth and fees related to the GIP Transaction, as well as higher technology services and subscription revenue, partially offset by lower performance fees 16% growth in technology services and subscription revenue year-over-year, driven by continued momentum in Aladdin® and the partial impact of the Preqin Transaction, which closed on March 3, 2025 0.3% increase in year-over-year GAAP operating income and 8% decrease in GAAP diluted EPS were impacted by acquisition-related costs, which have been excluded from as adjusted results 14% increase in year-over-year as adjusted operating income 15% increase in year-over-year as adjusted EPS also reflects a lower effective tax rate, partially offset by lower nonoperating income and higher diluted share count in the current quarter $375 million of share repurchases in the current quarter and 2% increase in quarterly cash dividend to $5.21 per share Laurence D. Fink, Chairman and CEO: “BlackRock’s positioning and connectivity with clients are stronger than ever, and it’s clear in our results. We delivered 6% organic base fee growth in the first quarter, representing our best start to a year since 2021 and secular strength against a complex market backdrop. We are helping clients navigate market and policy changes, while also providing insights on long-term structural growth opportunities. “BlackRock is a global firm, but one that operates hyper-locally. Our nearly 23,000 employees work across over 30 countries to serve clients in more than 100. Today, we’re better prepared than ever to advise and deliver on each of our clients’ unique tactical and strategic objectives. The goal for us is to keep our clients focused on the long-term, and help them achieve any near-term allocation or liquidity changes they need within the BlackRock platform. “Uncertainty and anxiety about the future of markets and the economy are dominating client conversations. We've seen periods like this before when there were large, structural shifts in policy and markets – like the financial crisis, COVID, and surging inflation in 2022. We always stayed connected with clients, and some of BlackRock’s biggest leaps in growth followed. “We’ve intentionally shaped our platform to serve clients in all market environments, building a premier global public-private markets investment and technology firm. We have leading franchises in categories that we expect to benefit from capital flows and investment even against volatile public markets. These include our newly enriched private markets platform, ETFs, and Aladdin risk management and technology. “Our consistent growth is a reflection of the role BlackRock plays as a convener, providing both stability and optimism for clients. In markets like these, clients put an even greater premium on the differentiated value proposition that BlackRock offers. We look forward to unlocking opportunities for clients, and delivering value for our shareholders.”

FINANCIAL RESULTS							NET FLOW HIGHLIGHTS(1)(2)
	Q1			Q1						Q1
(in millions, except per share data)	2025			2024			(in billions)			2025			LTM(3)
AUM	$	11,583,928		$	10,472,500		Long-term net flows:			$	83		$	496
% change		11	%
Average AUM	$	11,688,880		$	10,177,170		By region:
% change		15	%					Americas		$	51		$	309
Total net flows	$	84,171		$	57,190			EMEA			36			166
								APAC			(4	)		20
GAAP basis:
Revenue	$	5,276		$	4,728		By client type:
% change		12	%
Operating income	$	1,698		$	1,693			Retail:		$	13		$	30
% change		0.3	%						US		8			19
Operating margin		32.2	%		35.8	%			International		6			11
Net income(1)	$	1,510		$	1,573
% change		(4	)%					ETFs:		$	107		$	431
Diluted EPS	$	9.64		$	10.48				Active		9			21
% change		(8	)%						Core equity		46			184
Weighted-average									Strategic		35			124
diluted shares		156.6			150.1				Digital assets		3			30
% change		4	%						Other precision		14			72
As Adjusted(2):								Institutional:		$	(37	)	$	35
Operating income	$	2,032		$	1,775				Active		8			58
% change		14	%						Index		(46	)		(23	)
Operating margin		43.2	%		42.2	%
Net income(1)	$	1,770		$	1,473		Cash management net flows			$	1		$	173
% change		20	%
Diluted EPS	$	11.30		$	9.81
% change		15	%				Total net flows			$	84		$	668
_________________________							_________________________
(1)   Net income represents net income attributable to BlackRock, Inc. (2)   See pages 11 through 13 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.							(1)   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 have not been recast for 2024. (2)   Totals may not add due to rounding. (3)   Amounts represent last twelve months net flows from April 1, 2024 to March 31, 2025.

1

BUSINESS RESULTS(1)

											Q1 2025
						Q1 2025					Base fees(3)
						Base fees(3)		March 31, 2025			and securities
	Q1 2025			March 31, 2025		and securities		AUM			lending revenue
(in millions), (unaudited)	Net flows(2)			AUM		lending revenue		% of Total			% of Total
RESULTS BY PRODUCT TYPE
Equity	$	19,311		$	6,204,549	$	2,075		53	%		47	%
Fixed income		37,738			3,006,670		935		26	%		21	%
Multi-asset		8,546			1,002,681		321		9	%		7	%
Alternatives:
Private markets		7,144			212,354		535		2	%		12	%
Liquid alternatives		2,156			79,356		150		1	%		4	%
Total alternatives		9,300			291,710		685		3	%		16	%
Digital assets		3,355			50,329		34		0	%		1	%
Currency and commodities(4)		5,103			97,355		58		1	%		1	%
Long-term		83,353			10,653,294		4,108		92	%		93	%
Cash management		818			930,634		293		8	%		7	%
Total	$	84,171		$	11,583,928	$	4,401		100	%		100	%
RESULTS BY CLIENT TYPE
Retail	$	13,118		$	1,022,880	$	1,061		9	%		24	%
ETFs		107,410			4,302,761		1,793		37	%		41	%
Institutional:
Active		8,372			2,155,178		1,016		19	%		23	%
Index		(45,547	)		3,172,475		238		27	%		5	%
Total institutional		(37,175	)		5,327,653		1,254		46	%		28	%
Long-term		83,353			10,653,294		4,108		92	%		93	%
Cash management		818			930,634		293		8	%		7	%
Total	$	84,171		$	11,583,928	$	4,401		100	%		100	%
RESULTS BY INVESTMENT STYLE
Active	$	10,308		$	2,889,141	$	2,008		25	%		46	%
ETFs		107,410			4,302,761		1,793		37	%		41	%
Non-ETF index		(34,365	)		3,461,392		307		30	%		6	%
Long-term		83,353			10,653,294		4,108		92	%		93	%
Cash management		818			930,634		293		8	%		7	%
Total	$	84,171		$	11,583,928	$	4,401		100	%		100	%

(1)Beginning in the first quarter of 2025, BlackRock updated the presentation of the Company's AUM and base fees line items.

(2)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.

(3)Base fees include investment advisory and administration fees.

(4)Amounts include commodity exchange-traded funds ("ETFs") and exchange-traded products ("ETPs").

INVESTMENT PERFORMANCE AT March 31, 2025(1)

	One-year period	Three-year period	Five-year period
Fixed income:
Actively managed AUM above benchmark or peer median
Taxable	71%	80%	87%
Tax-exempt	62%	55%	77%
Index AUM within or above applicable tolerance	99%	100%	100%
Equity:
Actively managed AUM above benchmark or peer median
Fundamental	29%	46%	53%
Systematic	71%	92%	92%
Index AUM within or above applicable tolerance	96%	99%	100%

(1)Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 15 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 Friday, April 11, 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, (786) 460-7166, or from outside the United States, (877) 502-9276, shortly before 7:30 a.m. and reference the BlackRock Conference Call (ID Number 1750946). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.

The webcast will be available for replay by 10:30 a.m. (Eastern Time) on Friday, April 11, 2025. To access the replay of 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.

2

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

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

											Three Months
	Three Months Ended										Ended
	March 31,										December 31,
	2025			2024			Change				2024			Change
Revenue
Investment advisory, administration fees and    securities lending revenue:
Investment advisory and administration fees	$	4,244		$	3,627		$	617			$	4,256		$	(12	)
Securities lending revenue		157			151			6				161			(4	)
Total investment advisory, administration fees    and securities lending revenue		4,401			3,778			623				4,417			(16	)
Investment advisory performance fees		60			204			(144	)			451			(391	)
Technology services and subscription revenue		436			377			59				428			8
Distribution fees		321			310			11				322			(1	)
Advisory and other revenue		58			59			(1	)			59			(1	)
Total revenue		5,276			4,728			548				5,677			(401	)
Expense
Employee compensation and benefits		1,741			1,580			161				1,885			(144	)
Sales, asset and account expense:
Distribution and servicing costs		570			518			52				565			5
Direct fund expense		392			338			54				389			3
Sub-advisory and other		47			32			15				42			5
Total sales, asset and account expense		1,009			888			121				996			13
General and administration expense		711			529			182				596			115
Amortization of intangible assets		117			38			79				125			(8	)
Total expense		3,578			3,035			543				3,602			(24	)
Operating income		1,698			1,693			5				2,075			(377	)
Nonoperating income (expense)
Net gain (loss) on investments		58			171			(113	)			(18	)		76
Interest and dividend income		173			141			32				212			(39	)
Interest expense		(166	)		(92	)		(74	)			(166	)		-
Total nonoperating income (expense)		65			220			(155	)			28			37
Income before income taxes		1,763			1,913			(150	)			2,103			(340	)
Income tax expense		248			290			(42	)			442			(194	)
Net income		1,515			1,623			(108	)			1,661			(146	)
Less:
Net income (loss) attributable to noncontrolling    interests		5			50			(45	)			(9	)		14
Net income attributable to BlackRock, Inc.	$	1,510		$	1,573		$	(63	)		$	1,670		$	(160	)
Weighted-average common shares outstanding
Basic		155.0			148.7			6.3				155.0			0.1
Diluted		156.6			150.1			6.5				157.0			(0.4	)
Earnings per share attributable to BlackRock, Inc.    common stockholders
Basic	$	9.74		$	10.58		$	(0.84	)		$	10.78		$	(1.04	)
Diluted	$	9.64		$	10.48		$	(0.84	)		$	10.63		$	(0.99	)
Cash dividends declared and paid per share	$	5.21		$	5.10		$	0.11			$	5.10		$	0.11
Supplemental information:
AUM (end of period)	$	11,583,928		$	10,472,500		$	1,111,428			$	11,551,251		$	32,677
Shares outstanding (end of period)		155.0			148.8			6.3				154.9			0.1
GAAP:
Operating margin		32.2	%		35.8	%		(360	)	bps		36.6	%		(440	)	bps
Effective tax rate		14.1	%		15.6	%		(150	)	bps		20.9	%		(680	)	bps
As adjusted:
Operating income (1)	$	2,032		$	1,775		$	257			$	2,326		$	(294	)
Operating margin (1)		43.2	%		42.2	%		100		bps		45.5	%		(230	)	bps
Nonoperating income (expense), less net income    (loss) attributable to noncontrolling    interests (2)	$	75		$	139		$	(64	)		$	39		$	36
Net income attributable to BlackRock, Inc. (3)	$	1,770		$	1,473		$	297			$	1,874		$	(104	)
Diluted earnings attributable to BlackRock, Inc.    common stockholders per share (3)	$	11.30		$	9.81		$	1.49			$	11.93		$	(0.63	)
Effective tax rate		16.0	%		23.0	%		(700	)	bps		20.8	%		(480	)	bps

See pages 11 through 13 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.

3

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Current Quarter Component Changes by Product Type(1)
			Net
	December 31,		inflows						Market			FX		March 31,		Average
	2024		(outflows)(2)			Realizations(2)			change			impact(3)		2025		AUM(4)
Equity	$	6,310,191	$	19,311		$	-		$	(169,248	)	$	44,295	$	6,204,549	$	6,365,290
Fixed income		2,905,669		37,738			(718	)		33,120			30,861		3,006,670		2,964,967
Multi-asset		992,921		8,546			-			(6,771	)		7,985		1,002,681		1,007,167
Alternatives:
Private markets		211,974		7,144			(7,001	)		(1,412	)		1,649		212,354		210,104
Liquid alternatives		76,390		2,156			-			598			212		79,356		78,343
Alternatives subtotal		288,364		9,300			(7,001	)		(814	)		1,861		291,710		288,447
Digital assets		55,306		3,355			-			(8,332	)		-		50,329		55,082
Currency and commodities(5)		78,137		5,103			-			13,963			152		97,355		86,790
Long-term		10,630,588		83,353			(7,719	)		(138,082	)		85,154		10,653,294		10,767,743
Cash management		920,663		818			-			2,510			6,643		930,634		921,137
Total	$	11,551,251	$	84,171		$	(7,719	)	$	(135,572	)	$	91,797	$	11,583,928	$	11,688,880
Current Quarter Component Changes by Client Type and Product Type (Long-Term)(1)
			Net
	December 31,		inflows						Market			FX		March 31,		Average
	2024		(outflows)(2)			Realizations(2)			change			impact(3)		2025		AUM(4)
Retail:
Equity	$	505,118	$	7,345		$	-		$	(14,198	)	$	4,413	$	502,678	$	513,999
Fixed income		318,641		791			-			1,902			2,174		323,508		322,878
Multi-asset		150,978		2,850			-			(774	)		366		153,420		153,428
Private markets		15,749		327			(179	)		(70	)		190		16,017		15,849
Liquid alternatives		24,735		1,805			-			622			95		27,257		26,003
Retail subtotal		1,015,221		13,118			(179	)		(12,518	)		7,238		1,022,880		1,032,157
ETFs:
Equity		3,106,398		64,998			-			(68,798	)		8,840		3,111,438		3,156,208
Fixed income		985,652		33,773			-			14,980			4,710		1,039,115		1,016,174
Multi-asset		10,734		(166	)		-			30			5		10,603		10,628
Digital assets		55,306		3,355			-			(8,332	)		-		50,329		55,082
Commodities		72,285		5,450			-			13,500			41		91,276		80,818
ETFs subtotal		4,230,375		107,410			-			(48,620	)		13,596		4,302,761		4,318,910
Institutional:
Active:
Equity		218,848		1,894			-			(6,142	)		2,790		217,390		222,234
Fixed income		840,328		(6,556	)		(718	)		15,199			5,620		853,873		849,367
Multi-asset		828,039		5,866			-			(6,020	)		7,594		835,479		839,935
Private markets		196,225		6,817			(6,822	)		(1,342	)		1,459		196,337		194,255
Liquid alternatives		51,655		351			-			(24	)		117		52,099		52,340
Active subtotal		2,135,095		8,372			(7,540	)		1,671			17,580		2,155,178		2,158,131
Index		3,249,897		(45,547	)		-			(78,615	)		46,740		3,172,475		3,258,545
Institutional subtotal		5,384,992		(37,175	)		(7,540	)		(76,944	)		64,320		5,327,653		5,416,676
Long-term	$	10,630,588	$	83,353		$	(7,719	)	$	(138,082	)	$	85,154	$	10,653,294	$	10,767,743

(1)Beginning in the first quarter of 2025, BlackRock updated the presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation.

(2)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.

(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 commodityETFs and ETPs.

4

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Current Quarter Component Changes by Investment Style and Product Type (Long-Term)(1)
			Net
	December 31,		inflows						Market			FX		March 31,		Average
	2024		(outflows)(2)			Realizations(2)			change			impact(3)		2025		AUM(4)
Active:
Equity	$	467,163	$	(378	)	$	-		$	(12,918	)	$	4,789	$	458,656	$	472,800
Fixed income		1,133,874		(7,331	)		(718	)		16,943			7,123		1,149,891		1,146,480
Multi-asset		979,001		8,717			-			(6,794	)		7,960		988,884		993,347
Private markets		211,974		7,144			(7,001	)		(1,412	)		1,649		212,354		210,104
Liquid alternatives		76,390		2,156			-			598			212		79,356		78,343
Active subtotal		2,868,402		10,308			(7,719	)		(3,583	)		21,733		2,889,141		2,901,074
ETFs:
Equity		3,106,398		64,998			-			(68,798	)		8,840		3,111,438		3,156,208
Fixed income		985,652		33,773			-			14,980			4,710		1,039,115		1,016,174
Multi-asset		10,734		(166	)		-			30			5		10,603		10,628
Digital assets		55,306		3,355			-			(8,332	)		-		50,329		55,082
Commodities		72,285		5,450			-			13,500			41		91,276		80,818
ETFs subtotal		4,230,375		107,410			-			(48,620	)		13,596		4,302,761		4,318,910
Non-ETF index		3,531,811		(34,365	)		-			(85,879	)		49,825		3,461,392		3,547,759
Long-term	$	10,630,588	$	83,353		$	(7,719	)	$	(138,082	)	$	85,154	$	10,653,294	$	10,767,743
Current Quarter Component Changes by Private Markets Product Type (Long-Term)
			Net
	December 31,		inflows						Market			FX		March 31,		Average
	2024		(outflows)(2)			Realizations(2)			change			impact(3)		2025		AUM(4)
Private markets:
Infrastructure	$	109,606	$	4,505		$	(5,866	)	$	(470	)	$	596	$	108,371	$	107,364
Private equity		36,327		924			(171	)		(621	)		103		36,562		36,264
Private credit		32,425		1,316			(461	)		(134	)		540		33,686		32,921
Real estate		26,147		37			(285	)		(169	)		346		26,076		26,037
Multi-alternatives		7,469		362			(218	)		(18	)		64		7,659		7,518
Total private markets	$	211,974	$	7,144		$	(7,001	)	$	(1,412	)	$	1,649	$	212,354	$	210,104

(1)Beginning in the first quarter of 2025, BlackRock updated the presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation.

(2)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.

(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

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Year-over-Year Component Changes by Product Type(1)
			Net
	March 31,		inflows								Market			FX			March 31,		Average
	2024		(outflows)(2)			Realizations(2)			Acquisitions(3)		change			impact(4)			2025		AUM(5)
Equity	$	5,717,852	$	226,458		$	-		$	4,074	$	255,100		$	1,065		$	6,204,549	$	6,104,088
Fixed income		2,805,745		159,671			(718	)		-		43,927			(1,955	)		3,006,670		2,911,610
Multi-asset		906,597		55,127			-			-		45,357			(4,400	)		1,002,681		966,593
Alternatives:
Private markets		137,254		15,388			(7,001	)		69,875		(3,085	)		(77	)		212,354		171,460
Liquid alternatives		75,365		1,461			-			-		2,705			(175	)		79,356		76,377
Alternatives subtotal		212,619		16,849			(7,001	)		69,875		(380	)		(252	)		291,710		247,837
Digital assets		17,521		30,202			-			-		2,606			-			50,329		34,192
Currency and    commodities(6)		66,384		7,252			-			-		23,750			(31	)		97,355		78,073
Long-term		9,726,718		495,559			(7,719	)		73,949		370,360			(5,573	)		10,653,294		10,342,393
Cash management		745,782		172,771			-			-		10,638			1,443			930,634		843,779
Total	$	10,472,500	$	668,330		$	(7,719	)	$	73,949	$	380,998		$	(4,130	)	$	11,583,928	$	11,186,172
Year-over-Year Component Changes by Client Type and Product Type (Long-Term)(1)
			Net
	March 31,		inflows								Market			FX			March 31,		Average
	2024		(outflows)(2)			Realizations(2)			Acquisitions(3)		change			impact(4)			2025		AUM(5)
Retail:
Equity	$	471,438	$	18,539		$	-		$	4,074	$	6,807		$	1,820		$	502,678	$	502,153
Fixed income		315,004		9,595			-			-		3,537			(4,628	)		323,508		319,194
Multi-asset		146,182		(321	)		-			-		7,649			(90	)		153,420		150,369
Private markets		16,285		318			(179	)		-		(443	)		36			16,017		15,970
Liquid alternatives		24,405		2,247			-			-		567			38			27,257		24,836
Retail subtotal		973,314		30,378			(179	)		4,074		18,117			(2,824	)		1,022,880		1,012,522
ETFs:
Equity		2,752,776		264,600			-			-		99,346			(5,284	)		3,111,438		2,984,093
Fixed income		904,755		127,906			-			-		7,404			(950	)		1,039,115		977,390
Multi-asset		9,043		1,304			-			-		455			(199	)		10,603		9,855
Digital assets		17,521		30,202			-			-		2,606			-			50,329		34,192
Commodities		61,547		6,589			-			-		23,201			(61	)		91,276		72,769
ETFs subtotal		3,745,642		430,601			-			-		133,012			(6,494	)		4,302,761		4,078,299
Institutional:
Active:
Equity		203,042		3,970			-			-		9,810			568			217,390		215,834
Fixed income		836,798		(14,694	)		(718	)		-		33,163			(676	)		853,873		846,590
Multi-asset		748,017		54,465			-			-		37,098			(4,101	)		835,479		802,977
Private markets		120,969		15,070			(6,822	)		69,875		(2,642	)		(113	)		196,337		155,490
Liquid alternatives		50,960		(786	)		-			-		2,138			(213	)		52,099		51,541
Active subtotal		1,959,786		58,025			(7,540	)		69,875		79,567			(4,535	)		2,155,178		2,072,432
Index		3,047,976		(23,445	)		-			-		139,664			8,280			3,172,475		3,179,140
Institutional subtotal		5,007,762		34,580			(7,540	)		69,875		219,231			3,745			5,327,653		5,251,572
Long-term	$	9,726,718	$	495,559		$	(7,719	)	$	73,949	$	370,360		$	(5,573	)	$	10,653,294	$	10,342,393

(1)Beginning in the first quarter of 2025, BlackRock updated the presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation.

(2)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 have not been recast for 2024.

(3)Amounts include AUM attributable to the acquisition of Global Infrastructure Management, LLC ("GIP") in October 2024 (the "GIP Transaction") and the acquisition of SpiderRock Advisors, LLC in May 2024 (the "SpiderRock Transaction").

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

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

(6)Amounts include commodityETFs and ETPs.

6

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Year-over-Year Component Changes by Investment Style and Product Type (Long-Term)(1)
			Net
	March 31,		inflows								Market			FX			March 31,		Average
	2024		(outflows)(2)			Realizations(2)			Acquisitions(3)		change			impact(4)			2025		AUM(5)
Active:
Equity	$	455,665	$	(6,125	)	$	-		$	4,074	$	3,961		$	1,081		$	458,656	$	471,631
Fixed income		1,127,206		(7,340	)		(718	)		-		36,426			(5,683	)		1,149,891		1,140,441
Multi-asset		894,186		54,138			-			-		44,750			(4,190	)		988,884		953,331
Private markets		137,254		15,388			(7,001	)		69,875		(3,085	)		(77	)		212,354		171,460
Liquid alternatives		75,365		1,461			-			-		2,705			(175	)		79,356		76,377
Active subtotal		2,689,676		57,522			(7,719	)		73,949		84,757			(9,044	)		2,889,141		2,813,240
ETFs:
Equity		2,752,776		264,600			-			-		99,346			(5,284	)		3,111,438		2,984,093
Fixed income		904,755		127,906			-			-		7,404			(950	)		1,039,115		977,390
Multi-asset		9,043		1,304			-			-		455			(199	)		10,603		9,855
Digital assets		17,521		30,202			-			-		2,606			-			50,329		34,192
Commodities		61,547		6,589			-			-		23,201			(61	)		91,276		72,769
ETFs subtotal		3,745,642		430,601			-			-		133,012			(6,494	)		4,302,761		4,078,299
Non-ETF index		3,291,400		7,436			-			-		152,591			9,965			3,461,392		3,450,854
Long-term	$	9,726,718	$	495,559		$	(7,719	)	$	73,949	$	370,360		$	(5,573	)	$	10,653,294	$	10,342,393
Year-over-Year Component Changes by Private Markets Product Type (Long-Term)
			Net
	March 31,		inflows								Market			FX			March 31,		Average
	2024		(outflows)(2)			Realizations(2)			Acquisitions(3)		change			impact(4)			2025		AUM(5)
Private markets:
Infrastructure	$	37,362	$	8,397		$	(5,866	)	$	69,875	$	(1,156	)	$	(241	)	$	108,371	$	70,068
Private equity		34,649		2,447			(171	)		-		(369	)		6			36,562		35,786
Private credit		31,061		3,872			(461	)		-		(852	)		66			33,686		31,828
Real estate		26,767		249			(285	)		-		(715	)		60			26,076		26,318
Multi-alternatives		7,415		423			(218	)		-		7			32			7,659		7,460
Total private markets	$	137,254	$	15,388		$	(7,001	)	$	69,875	$	(3,085	)	$	(77	)	$	212,354	$	171,460

(1)Beginning in the first quarter of 2025, BlackRock updated the presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation.

(2)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 have not been recast for 2024.

(3)Amounts include AUM attributable to the GIP Transaction and the SpiderRock Transaction.

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

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

7

SUMMARY OF REVENUE

	Three Months							Three Months
	Ended							Ended
	March 31,							December 31,
(in millions), (unaudited)	2025		2024		Change			2024		Change
Revenue
Investment advisory, administration fees and   securities lending revenue(1):
Equity:
Active	$	518	$	516	$	2		$	558	$	(40	)
ETFs		1,349		1,190		159			1,375		(26	)
Equity subtotal		1,867		1,706		161			1,933		(66	)
Fixed income:
Active		492		484		8			494		(2	)
ETFs		352		327		25			360		(8	)
Fixed income subtotal		844		811		33			854		(10	)
Active multi-asset		313		305		8			319		(6	)
Alternatives:
Private markets		535		240		295			480		55
Liquid alternatives		150		138		12			146		4
Alternatives subtotal		685		378		307			626		59
Non-ETF index		307		288		19			312		(5	)
Digital assets, commodities and multi-asset ETFs(2)		92		45		47			80		12
Long-term		4,108		3,533		575			4,124		(16	)
Cash management		293		245		48			293		-
Total investment advisory, administration   fees and securities lending revenue		4,401		3,778		623			4,417		(16	)
Investment advisory performance fees:
Equity		10		8		2			112		(102	)
Fixed income		12		4		8			22		(10	)
Multi-asset		4		2		2			10		(6	)
Alternatives:
Private markets		24		125		(101	)		108		(84	)
Liquid alternatives		10		65		(55	)		199		(189	)
Alternatives subtotal		34		190		(156	)		307		(273	)
Total investment advisory performance fees		60		204		(144	)		451		(391	)
Technology services and subscription revenue		436		377		59			428		8
Distribution fees		321		310		11			322		(1	)
Advisory and other revenue:
Advisory		14		13		1			14		-
Other		44		46		(2	)		45		(1	)
Total advisory and other revenue		58		59		(1	)		59		(1	)
Total revenue	$	5,276	$	4,728	$	548		$	5,677	$	(401	)

(1)Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation. See page 11 of the Earnings Release Supplement for the updated presentations of the 2024 and 2023 investment advisory, administration fees and securities lending revenue line items.

(2)Amounts include commodity ETFs and ETPs.

Highlights

•Investment advisory, administration fees and securities lending revenue increased $623 million from the first quarter of 2024, primarily driven by organic base fee growth, the impact of market beta on average AUM and approximately $285 million of fees related to the GIP Transaction, partially offset by the effect of one fewer day in the current quarter. Securities lending revenue of $157 million increased from $151 million in the first quarter of 2024.

Investment advisory, administration fees and securities lending revenue decreased $16 million from the fourth quarter of 2024, primarily driven by the effect of two fewer days in the current quarter, partially offset by organic base fee growth. Securities lending revenue of $157 million decreased from $161 million in the fourth quarter of 2024.

•Performance fees decreased $144 million from the first quarter of 2024, primarily reflecting lower revenue from private markets and liquid alternative products.

Performance fees decreased $391 million from the fourth quarter of 2024, primarily reflecting a seasonally higher number of products with performance measurement periods that end in the fourth quarter.

•Technology services and subscription revenue increased $59 million from the first quarter of 2024 and $8 million from the fourth quarter of 2024, reflecting the sustained demand for Aladdin technology offerings and the closing of the acquisition of Preqin Holding Limited ("Preqin") in March 2025 (the "Preqin Transaction"), which added approximately $20 million to first quarter revenue. Technology services and subscription annual contract value (“ACV”)(1) increased 30% from the first quarter of 2024 including ACV acquired with the Preqin Transaction, and increased 14% excluding ACV acquired with the Preqin Transaction.

(1)See note (4) to the condensed consolidated statements of income and supplemental information on page 13 for more information on ACV.

8

SUMMARY OF OPERATING EXPENSE

	Three Months									Three Months
	Ended									Ended
	March 31,									December 31,
(in millions), (unaudited)	2025			2024			Change			2024			Change
Operating expense
Employee compensation and benefits	$	1,741		$	1,580		$	161		$	1,885		$	(144	)
Sales, asset and account expense:
Distribution and servicing costs		570			518			52			565			5
Direct fund expense		392			338			54			389			3
Sub-advisory and other		47			32			15			42			5
Total sales, asset and account expense		1,009			888			121			996			13
General and administration expense:
Marketing and promotional		97			82			15			92			5
Occupancy and office related		114			101			13			113			1
Portfolio services		64			66			(2	)		68			(4	)
Technology		189			160			29			182			7
Professional services		73			58			15			88			(15	)
Communications		10			10			-			10			-
Foreign exchange remeasurement		(8	)		2			(10	)		(7	)		(1	)
Contingent consideration fair value adjustments		96			(7	)		103			(28	)		124
Other general and administration		76			57			19			78			(2	)
Total general and administration expense		711			529			182			596			115
Amortization of intangible assets		117			38			79			125			(8	)
Total operating expense	$	3,578		$	3,035		$	543		$	3,602		$	(24	)

Highlights

•Employee compensation and benefits expense increased $161 million from the first quarter of 2024, primarily reflecting the impact of the GIP Transaction, including nonrecurring retention-related deferred compensation expense(1), partially offset by the impact of lower performance fees.

Employee compensation and benefits expense decreased $144 million from the fourth quarter of 2024, primarily reflecting lower incentive compensation as a result of lower performance fees, partially offset by higher seasonal payroll taxes.

•Sales, asset and account expense increased $121 million from the first quarter of 2024, driven by higher direct fund expense and distribution and servicing costs, primarily reflecting higher average AUM.

•General and administration expense increased $182 million from the first quarter of 2024, primarily associated with acquisition-related costs(1), including a contingent consideration fair value adjustmentin connection with the GIP Transaction and higher transaction costs recorded in professional services expense. The general and administration expense increase from the first quarter of 2024 also included higher technology expense, marketing and promotional expense, including the impact from higher travel and entertainment expense, and higher occupancy and office related expense.

General and administration expense increased $115 million from the fourth quarter of 2024, primarily associated with a contingent consideration fair value adjustment(1) in connection with the GIP Transaction, partially offset by lower acquisition-related transaction costs(1) recorded in professional services expense.

•Amortization of intangible assets(1) increased $79 million from the first quarter of 2024, primarily reflecting amortization of intangible assets acquired in the GIP and Preqin transactions.

(1)These expenses have been excluded from the Company's "as adjusted" financial results under the expense adjustments for acquisition-related costs. See pages 11 through 13 for the reconciliation to GAAP and notes (1) through (3) for more information on as adjusted items.

9

SUMMARY OF NONOPERATING INCOME (expense), less net income (loss) attributable TO noncontrolling interests

	Three Months									Three Months
	Ended									Ended
	March 31,									December 31,
(in millions), (unaudited)	2025			2024			Change			2024			Change
Nonoperating income (expense), GAAP basis	$	65		$	220		$	(155	)	$	28		$	37
Less: Net income (loss) attributable to   noncontrolling interests ("NCI")		5			50			(45	)		(9	)		14
Nonoperating income (expense), net of NCI		60			170			(110	)		37			23
Less: Hedge gain (loss) on deferred cash   compensation plans(1)		(15	)		31			(46	)		(2	)		(13	)
Nonoperating income (expense), net of NCI, as   adjusted(2)	$	75		$	139		$	(64	)	$	39		$	36
	Three Months									Three Months
	Ended									Ended
	March 31,									December 31,
(in millions), (unaudited)	2025			2024			Change			2024			Change
Net gain (loss) on investments, net of NCI
Private equity	$	48		$	8		$	40		$	(42	)	$	90
Real assets		(2	)		(3	)		1			(5	)		3
Other alternatives(3)		9			14			(5	)		8			1
Other investments(4)		(10	)		31			(41	)		42			(52	)
Hedge gain (loss) on deferred cash   compensation plans(1)		(15	)		31			(46	)		(2	)		(13	)
Subtotal		30			81			(51	)		1			29
Other income/gain (expense/loss)(5)		23			40			(17	)		(10	)		33
Total net gain (loss) on investments, net of NCI		53			121			(68	)		(9	)		62
Interest and dividend income		173			141			32			212			(39	)
Interest expense		(166	)		(92	)		(74	)		(166	)		-
Net interest income (expense)		7			49			(42	)		46			(39	)
Nonoperating income (expense), net of NCI		60			170			(110	)		37			23
Less: Hedge gain (loss) on deferred cash   compensation plans(1)		(15	)		31			(46	)		(2	)		(13	)
Nonoperating income (expense), net of NCI, as   adjusted(2)	$	75		$	139		$	(64	)	$	39		$	36

(1)Amounts relate to the gains (losses) from economically hedging certain BlackRock deferred cash compensation plans.

(2)Management believes nonoperating income (expense), net of NCI, as adjusted, is an effective measure for reviewing BlackRock’s nonoperating results, which ultimately impacts BlackRock’s book value. For more information on as adjusted items and the reconciliation to GAAP, see notes to the condensed consolidated statements of income and supplemental information on pages 11 through 13.

(3)Amounts primarily include net gains (losses) related to credit funds, direct hedge fund strategies and hedge fund solutions.

(4)Amounts primarily include net gains (losses) related to BlackRock's seed investment portfolio, net of impact of certain hedges.

(5)The amount for the three months ended March 31, 2025, includes nonoperating noncash pre-tax gains in connection with the Company's strategic minority investment in iCapital Network, Inc. of approximately $36 million. Additional amounts include earnings (losses) from certain equity method minority investments and noncash pre-tax gains (losses) related to the revaluation of certain other minority investments.

summary of INCOME TAX EXPENSE

	Three Months									Three Months
	Ended									Ended
	March 31,									December 31,
(in millions), (unaudited)	2025			2024			Change			2024				Change
Income tax expense	$	248		$	290		$	(42	)		$	442		$	(194	)
Effective tax rate		14.1	%		15.6	%	(150) bps					20.9	%	(680) bps

Highlights

•First quarter 2025 and fourth quarter 2024 income tax expense includes $149 million and $63 million of discrete tax benefits, respectively, related to the realization of capital losses from changes in the Company's organizational structure. In addition, first quarter 2025 income tax expense includes a $46 million discrete tax benefit related to stock-based compensation awards that vested in the first quarter.

•First quarter 2024 income tax expense included a discrete tax benefit of $137 million recognized in connection with the reorganization and establishment of a more efficient global intellectual property and technology platform and corporate structure. This discrete tax benefit has been excluded from as adjusted results due to the nonrecurring nature of the intellectual property reorganization. In addition, first quarter 2024 income tax expense included $28 million of discrete tax benefits, including a benefit related to stock-based compensation awards that vested in the first quarter.

10

RECONCILIATION OF GAAP OPERATING INCOME AND OPERATING MARGIN TO OPERATING INCOME AND OPERATING MARGIN, AS ADJUSTED
	Three Months Ended
	March 31,						December 31,
(in millions), (unaudited)	2025			2024			2024
Operating income, GAAP basis	$	1,698		$	1,693		$	2,075
Non-GAAP expense adjustments:
Compensation expense related to appreciation (depreciation)   on deferred cash compensation plans (a)		(3	)		27			-
Amortization of intangible assets (b)		117			38			125
Acquisition-related compensation costs (b)		85			2			116
Acquisition-related transaction costs (b)(1)		39			22			38
Contingent consideration fair value adjustments (b)		96			(7	)		(28	)
Operating income, as adjusted (1)	$	2,032		$	1,775		$	2,326
Revenue, GAAP basis	$	5,276		$	4,728		$	5,677
Non-GAAP adjustments:
Distribution fees		(321	)		(310	)		(322	)
Investment advisory fees		(249	)		(208	)		(243	)
Revenue used for operating margin measurement	$	4,706		$	4,210		$	5,112
Operating margin, GAAP basis		32.2	%		35.8	%		36.6	%
Operating margin, as adjusted (1)		43.2	%		42.2	%		45.5	%

(1)Amounts included within general and administration expense.

See note (1) to the condensed consolidated statements of income and supplemental information on page 12 for more information on as adjusted items.

RECONCILIATION OF GAAP NONOPERATING INCOME (EXPENSE) TO NONOPERATING INCOME (EXPENSE), LESS NET INCOME (LOSS) ATTRIBUTABLE TO NCI, AS ADJUSTED
	Three Months Ended
	March 31,					December 31,
(in millions), (unaudited)	2025			2024		2024
Nonoperating income (expense), GAAP basis	$	65		$	220	$	28
Less: Net income (loss) attributable to NCI		5			50		(9	)
Nonoperating income (expense), net of NCI		60			170		37
Less: Hedge gain (loss) on deferred cash compensation   plans (a)		(15	)		31		(2	)
Nonoperating income (expense), less net income (loss)   attributable to NCI, as adjusted (2)	$	75		$	139	$	39

See notes (1) and (2) to the condensed consolidated statements of income and supplemental information on pages 12 and 13 for more information on as adjusted items.

RECONCILIATION OF GAAP NET INCOME ATTRIBUTABLE TO BLACKROCK TO NET INCOME ATTRIBUTABLE TO BLACKROCK, AS ADJUSTED
	Three Months Ended
	March 31,					December 31,
(in millions, except per share data), (unaudited)	2025		2024			2024
Net income attributable to BlackRock, Inc., GAAP basis	$	1,510	$	1,573		$	1,670
Non-GAAP adjustments(1):
Net impact of hedged deferred cash compensation plans (a)		9		(3	)		2
Amortization of intangible assets (b)		87		28			94
Acquisition-related compensation costs (b)		63		2			87
Acquisition-related transaction costs (b)		29		15			28
Contingent consideration fair value adjustments (b)		72		(5	)		(21	)
Income tax matters		-		(137	)		14
Net income attributable to BlackRock, Inc., as adjusted (3)	$	1,770	$	1,473		$	1,874
Diluted weighted-average common shares outstanding		156.6		150.1			157.0
Diluted earnings per common share, GAAP basis	$	9.64	$	10.48		$	10.63
Diluted earnings per common share, as adjusted (3)	$	11.30	$	9.81		$	11.93

(1)Non-GAAP adjustments, excluding income tax matters, are net of tax.

See note (3) to the condensed consolidated statements of income and supplemental information on page 13 for more information on as adjusted items.

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NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION (unaudited)

BlackRock reports its financial results in accordance with GAAP; however, management believes evaluating the Company’s ongoing operating results may be enhanced if investors have additional non-GAAP financial measures. Adjustments to GAAP financial measures (“non-GAAP adjustments”) include certain items management deems nonrecurring or that occur infrequently, transactions that ultimately will not impact BlackRock’s book value or certain tax items that do not impact cash flow. Management reviews non-GAAP financial measures, in addition to GAAP financial measures, to assess ongoing operations and considers them to be helpful, for both management and investors, in evaluating BlackRock’s financial performance over time. Management also uses non-GAAP financial measures as a benchmark to compare its performance with other companies and to enhance comparability for the reporting periods presented. Non-GAAP financial measures may pose limitations because they do not include all of BlackRock’s revenue and expense. BlackRock’s management does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Non-GAAP financial measures may not be comparable to other similarly titled measures of other companies.

Computations and reconciliations for all periods are derived from the condensed consolidated statements of income as follows:

(1) Operating income, as adjusted, and operating margin, as adjusted: Management believes operating income, as adjusted, and operating margin, as adjusted, are effective indicators of BlackRock’s financial performance over time, and, therefore, provide useful disclosure to investors. Management believes that operating margin, as adjusted, reflects the Company’s long-term ability to manage ongoing costs in relation to its revenues. The Company uses operating margin, as adjusted, to assess the Company’s financial performance, to determine the long-term and annual compensation of the Company’s senior-level employees and to evaluate the Company’s relative performance against industry peers. Furthermore, this metric eliminates margin variability arising from the accounting of revenues and expenses related to distributing different product structures in multiple distribution channels utilized by asset managers.

•Operating income, as adjusted, includes the following non-GAAP expense adjustments:

(a)Compensation expense related to appreciation (depreciation) on deferred cash compensation plans. The Company excludes compensation expense related to the market valuation changes on certain deferred cash compensation plans, which the Company hedges economically. For these deferred cash compensation plans, the final value of the deferred amount to be distributed to employees in cash upon vesting is determined based on the returns on specified investment funds. The Company recognizes compensation expense for the appreciation (depreciation) of the deferred cash compensation liability in proportion to the vested amount of the award during a respective period, while the net gain (loss) to economically hedge these plans is immediately recognized in nonoperating income (expense), which creates a timing difference impacting net income. This timing difference will reverse and offset to zero over the life of the award at the end of the multi-year vesting period. Management believes excluding market valuation changes related to the deferred cash compensation plans in the calculation of operating income, as adjusted, provides useful disclosure to both management and investors of the Company’s financial performance over time as these amounts are economically hedged, while also increasing comparability with other companies.

(b)Acquisition-related costs. Acquisition-related costs include adjustments related to amortization of intangible assets, contingent consideration fair value adjustments incurred in connection with certain acquisitions and other acquisition-related costs, including compensation costs for nonrecurring retention-related deferred compensation and general and administration expense primarily related to professional services expense. Management believes excluding the impact of these expenses when calculating operating income, as adjusted, provides a helpful indication of the Company’s financial performance over time, thereby providing helpful information for both management and investors while also increasing comparability with other companies.

•Revenue used for calculating operating margin, as adjusted, is reduced to exclude all of the Company’s distribution fees, which are recorded as a separate line item on the condensed consolidated statements of income, as well as a portion of investment advisory fees received that is used to pay distribution and servicing costs. For certain products, based on distinct arrangements, distribution fees are collected by the Company and then passed-through to third-party client intermediaries. For other products, investment advisory fees are collected by the Company and a portion is passed-through to third-party client intermediaries. However, in both structures, the third-party client intermediary similarly owns the relationship with the retail client and is responsible for distributing the product and servicing the client. The amount of distribution and investment advisory fees fluctuates each period primarily based on a predetermined percentage of the value of AUM during the period. These fees also vary based on the type of investment product sold and the geographic location where it is sold. In addition, the Company may waive fees on certain products that could result in the reduction of payments to the third-party intermediaries.

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(2) Nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted: Management believes nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, is an effective measure for reviewing BlackRock’s nonoperating contribution to its results and provides comparability of this information among reporting periods. Nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, excludes the gain (loss) on the economic hedge of certain deferred cash compensation plans. As the gain (loss) on investments and derivatives used to hedge these compensation plans over time substantially offsets the compensation expense related to the market valuation changes on these deferred cash compensation plans, which is included in operating income, GAAP basis, management believes excluding the gain (loss) on the economic hedge of the deferred cash compensation plans when calculating nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, provides a useful measure for both management and investors of BlackRock’s nonoperating results that impact book value.

(3) Net income attributable to BlackRock, Inc., as adjusted: Management believes net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, are useful measures of BlackRock’s profitability and financial performance. Net income attributable to BlackRock, Inc., as adjusted, equals net income attributable to BlackRock, Inc., GAAP basis, adjusted for certain items management deems nonrecurring or that occur infrequently, transactions that ultimately will not impact BlackRock’s book value or certain tax items that do not impact cash flow.

For each period presented, the non-GAAP adjustments were tax effected at the respective blended rates applicable to the adjustments. The amount for income tax matters in the first quarter of 2024 includes a discrete tax benefit of $137 million recognized in connection with the reorganization and establishment of a more efficient global intellectual property and technology platform and corporate structure. This discrete tax benefit has been excluded from as adjusted results due to the nonrecurring nature of the intellectual property reorganization. In addition, the amount for fourth quarter of 2024 includes a net noncash expense of $14 million associated with the revaluation of deferred tax liabilities related to intangible assets and goodwill as a result of tax rate changes. This discrete tax expense has been excluded from the as adjusted results as it does not have a cash flow impact as well as to ensure comparability among periods presented.

Per share amounts reflect net income attributable to BlackRock, Inc., as adjusted, divided by diluted weighted-average common shares outstanding.

(4)ACV: Management believes ACV is an effective metric for reviewing BlackRock’s technology services and subscription’s ongoing contribution to its operating results and provides comparability of this information among reporting periods while also providing a useful supplemental metric for both management and investors of BlackRock’s growth in technology services and subscription revenue over time, as it is linked to the net new business in technology and subscription services. ACV represents forward-looking, annualized estimated value of the recurring subscription fees under client contracts, assuming all client contracts that come up for renewal are renewed, unless we have received a notice of termination, even though such notice may not be effective until a later date. ACV also includes the annualized estimated value of new sales, for existing and new clients, when we execute client contracts, even though the recurring fees may not be effective until a later date and excludes nonrecurring fees such as implementation and consulting fees.

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FORWARD-LOOKING STATEMENTS

This earnings release, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” and similar expressions.

BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and may contain information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

BlackRock has previously disclosed risk factors in its Securities and Exchange Commission (“SEC”) reports. These risk factors and those identified elsewhere in this earnings release, among others, could cause actual results to differ materially from forward-looking statements or historical performance and include: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management; (3) the relative and absolute investment performance of BlackRock’s investment products; (4) BlackRock’s ability to develop new products and services that address client preferences; (5) the impact of increased competition; (6) the impact of recent or future acquisitions or divestitures, including the planned acquisition of HPS Investment Partners (the “HPS Transaction”) and the acquisitions of GIP and Preqin (together with the HPS Transaction, the “Transactions”); (7) BlackRock’s ability to integrate acquired businesses successfully, including the Transactions; (8) risks related to the HPS Transaction, including delays in the expected closing date of the HPS Transaction, the possibility that the HPS Transaction does not close, including, but not limited to, due to the failure to satisfy the closing conditions; the possibility that expected synergies and value creation from the Transactions will not be realized, or will not be realized within the expected time period; and the risk of impacts to business and operational relationships related to disruptions from the Transactions; (9) the unfavorable resolution of legal proceedings; (10) the extent and timing of any share repurchases; (11) the impact, extent and timing of technological changes and the adequacy of intellectual property, data, information and cybersecurity protection; (12) the failure to effectively manage the development and use of artificial intelligence; (13) attempts to circumvent BlackRock’s operational control environment or the potential for human error in connection with BlackRock’s operational systems; (14) the impact of legislative and regulatory actions and reforms, regulatory, supervisory or enforcement actions of government agencies and governmental scrutiny relating to BlackRock; (15) changes in law and policy and uncertainty pending any such changes; (16) any failure to effectively manage conflicts of interest; (17) damage to BlackRock’s reputation; (18) increasing focus from stakeholders regarding environmental and social-related matters; (19) geopolitical unrest, terrorist activities, civil or international hostilities, and other events outside BlackRock’s control, including wars, global trade tensions, tariffs, natural disasters and health crises, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (20) climate-related risks to BlackRock’s business, products, operations and clients; (21) the ability to attract, train and retain highly qualified professionals; (22) fluctuations in the carrying value of BlackRock’s economic investments; (23) the impact of changes to tax legislation, including income, payroll and transaction taxes, and taxation on products, which could affect the value proposition to clients and, generally, the tax position of BlackRock; (24) BlackRock’s success in negotiating distribution arrangements and maintaining distribution channels for its products; (25) the failure by key third-party providers to fulfill their obligations to BlackRock; (26) operational, technological and regulatory risks associated with BlackRock’s major technology partnerships; (27) any disruption to the operations of third parties whose functions are integral to BlackRock’s exchange-traded funds platform; (28) the impact of BlackRock electing to provide support to its products from time to time and any potential liabilities related to securities lending or other indemnification obligations; and (29) the impact of problems, instability or failure of other financial institutions or the failure or negative performance of products offered by other financial institutions.

BlackRock’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and BlackRock’s subsequent filings with the SEC, accessible on the SEC’s website at www.sec.gov and on BlackRock’s website at www.blackrock.com, discuss these factors in more detail and identify additional factors that can affect forward-looking statements. The information contained on the Company’s website is not a part of this earnings release.

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PERFORMANCE NOTES

Past performance is not indicative of future results. Except as specified, the performance information shown is as of March 31, 2025 and is based on preliminary data available at that time. The performance data shown reflects information for all actively and passively managed equity and fixed income accounts, including US registered investment companies, European-domiciled retail funds and separate accounts for which performance data is available, including performance data for high net worth accounts available as of February 28, 2025. The performance data does not include accounts terminated prior to March 31, 2025 and accounts for which data has not yet been verified. If such accounts had been included, the performance data provided may have substantially differed from that shown.

Performance comparisons shown are gross-of-fees for institutional and high net worth separate accounts, and net-of-fees for retail funds. The performance tracking shown for index accounts is based on gross-of-fees performance and includes all institutional accounts and all iShares funds globally using an index strategy. AUM information is based on AUM available as of March 31, 2025 for each account or fund in the asset class shown without adjustment for overlapping management of the same account or fund. Fund performance reflects the reinvestment of dividends and distributions.

Performance shown is derived from applicable benchmarks or peer median information, as selected by BlackRock, Inc. Peer medians are based in part on data either from Lipper, Inc. or Morningstar, Inc. for each included product.

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