UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2026

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 number 001-42297

BlackRock, Inc.

(Exact name of registrant as specified in its charter)

Delaware	99-1116001
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

50 Hudson Yards, New York, NY 10001

(Address of Principal Executive Offices) (Zip Code)

(212) 810-5800

(Registrant’s Telephone Number, Including Area Code)

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

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
3.750% Notes due 2035	BLK 35	New York Stock Exchange

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 X 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 X 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No X

As of April 30, 2026, there were 155,233,989 shares of the registrant’s common stock outstanding (162,840,916 on a fully diluted basis, including 7,606,927 Class B-2 common units of a consolidated subsidiary, BlackRock Saturn Subco, LLC, which are exchangeable on a one-for-one basis into common stock of the registrant).

BlackRock, Inc.

Index to Form 10-Q

PART I

FINANCIAL INFORMATION

		Page
Item 1.	Financial Statements (unaudited)
	Condensed Consolidated Statements of Financial Condition	1
	Condensed Consolidated Statements of Income	2
	Condensed Consolidated Statements of Comprehensive Income	3
	Condensed Consolidated Statements of Changes in Equity	4
	Condensed Consolidated Statements of Cash Flows	5
	Notes to Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	63
Item 4.	Controls and Procedures	64

PART II

OTHER INFORMATION

Item 1.	Legal Proceedings	65
Item 1A.	Risk Factors	66
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	67
Item 5.	Other Information	68
Item 6.	Exhibits	69

Signatures 70

i

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

BlackRock, Inc.

Condensed Consolidated Statements of Financial Condition

(unaudited)

	March 31,			December 31,
(in millions, except shares and per share data)	2026			2025
Assets
Cash and cash equivalents(1)	$	9,841		$	11,468
Accounts receivable		5,219			5,158
Investments(1)		14,574			13,271
Separate account assets		58,786			60,098
Separate account collateral held under securities lending agreements		6,570			7,922
Property and equipment (net of accumulated depreciation and amortization of $1,766 and    $1,692 at March 31, 2026 and December 31, 2025, respectively)		1,279			1,256
Intangible assets (net of accumulated amortization of $1,733 and $1,482 at    March 31, 2026 and December 31, 2025, respectively)		27,691			27,968
Goodwill		35,296			35,283
Operating lease right-of-use assets		1,849			1,874
Other assets(1)		9,132			5,700
Total assets	$	170,237		$	169,998
Liabilities
Accrued compensation and benefits	$	1,588		$	3,830
Accounts payable and accrued liabilities		2,097			1,740
Borrowings		12,749			12,768
Separate account liabilities		58,786			60,098
Separate account collateral liabilities under securities lending agreements		6,570			7,922
Contingent consideration liabilities		7,865			8,429
Deferred income tax liabilities		4,660			4,618
Operating lease liabilities		2,216			2,228
Other liabilities(1)		10,390			6,823
Total liabilities		106,921			108,456
Commitments and contingencies (Note 15)
Temporary equity
Redeemable noncontrolling interests ("NCI") - consolidated sponsored investment    products ("CIPs")		3,622			2,636
Redeemable NCI - Subco		2,789			2,791
Permanent equity
BlackRock, Inc. stockholders’ equity
Common stock, $0.01 par value;		2			2
Shares authorized: 500,000,000 at March 31, 2026 and December 31, 2025;    Shares issued: 156,276,289 at both March 31, 2026 and December 31, 2025    Shares outstanding: 155,364,965 and 155,069,171 at March 31, 2026 and       December 31, 2025, respectively
Additional paid-in capital		19,146			19,748
Retained earnings		39,182			37,899
Accumulated other comprehensive loss		(678	)		(545	)
Treasury stock, common, at cost (911,324 and 1,207,118 shares held at March 31, 2026    and December 31, 2025, respectively)		(964	)		(1,216	)
Total BlackRock, Inc. stockholders’ equity		56,688			55,888
Nonredeemable NCI - CIPs		217			227
Total permanent equity		56,905			56,115
Total liabilities, temporary equity and permanent equity	$	170,237		$	169,998

(1)At March 31, 2026, cash and cash equivalents, investments, other assets and other liabilities include $238 million, $9.1 billion, $132 million and $3.9 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2025, cash and cash equivalents, investments, other assets and other liabilities include $428 million, $8.5 billion, $76 million and $4.1 billion, respectively, related to consolidated VIEs.

See accompanying notes to condensed consolidated financial statements.

1

BlackRock, Inc.

Condensed Consolidated Statements of Income

(unaudited)

	Three Months Ended
	March 31,
(in millions, except per share data)	2026			2025
Revenue
Investment advisory, administration fees   and securities lending revenue:
Investment advisory and administration fees	$	5,259		$	4,244
Securities lending revenue		179			157
Total investment advisory, administration fees    and securities lending revenue		5,438			4,401
Investment advisory performance fees		272			60
Technology services and subscription revenue		530			436
Distribution fees		389			321
Advisory and other revenue		69			58
Total revenue		6,698			5,276
Expense
Employee compensation and benefits		2,225			1,741
Sales, asset and account expense:
Distribution and servicing costs		705			570
Direct fund expense		481			392
Sub-advisory and other		71			47
Total sales, asset and account expense		1,257			1,009
General and administration expense		674			615
Change in fair value of contingent consideration		(549	)		96
Amortization of intangible assets		277			117
Total expense		3,884			3,578
Operating income		2,814			1,698
Nonoperating income (expense)
Net gain (loss) on investments		72			58
Interest and dividend income		90			173
Interest expense		(134	)		(166	)
Dividend income and net interest income (expense)		(44	)		7
Total nonoperating income (expense)		28			65
Income before income taxes		2,842			1,763
Income tax expense		516			248
Net income		2,326			1,515
Less:
Net income (loss) attributable to NCI - CIPs		6			5
Net income (loss) attributable to NCI - Subco		108			—
Net income attributable to BlackRock, Inc.	$	2,212		$	1,510
Earnings per share attributable to BlackRock, Inc.    common stockholders:
Basic	$	14.24		$	9.74
Diluted	$	14.06		$	9.64
Weighted-average common shares outstanding:
Basic		155.3			155.0
Diluted (including Subco Units)		165.0			156.6

See accompanying notes to condensed consolidated financial statements.

2

BlackRock, Inc.

Condensed Consolidated Statements of Comprehensive Income

(unaudited)

	Three Months Ended
	March 31,
(in millions)	2026			2025
Net income	$	2,326		$	1,515
Other comprehensive income (loss):
Foreign currency translation adjustments(1)		(139	)		227
Comprehensive income (loss)		2,187			1,742
Less:
Comprehensive income (loss) attributable to     NCI - CIPs		6			5
Comprehensive income (loss) attributable to     NCI - Subco		108			—
Comprehensive income attributable to      BlackRock, Inc.	$	2,073		$	1,737

(1)Amount for the three months ended March 31, 2026 includes a gain from a net investment hedge of $17 million (net of tax expense of $5 million). Amount for the three months ended March 31, 2025 included a loss from a net investment hedge of $34 million (net of tax benefit of $11 million).

See accompanying notes to condensed consolidated financial statements.

3

BlackRock, Inc.

Condensed Consolidated Statements of Changes in Equity

(unaudited)

For the Three Months Ended March 31, 2026

(in millions, except per share data)	Additional Paid-in Capital(1)			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock Common			Total BlackRock Stockholders’ Equity			Nonredeemable Noncontrolling Interests - CIPs			Total Permanent Equity			Redeemable Noncontrolling Interests / Temporary Equity - CIPs			Redeemable Noncontrolling Interests / Temporary Equity - Subco
December 31, 2025	$	19,750		$	37,899		$	(545	)	$	(1,216	)	$	55,888		$	227		$	56,115		$	2,636		$	2,791
Net income		—			2,212			—			—			2,212			(2	)		2,210			8			108
Dividends/distributions    ($5.73 per share/Subco Unit)		—			(929	)		—			—			(929	)		—			(929	)		—			(44	)
Stock-based compensation		319			—			—			—			319			—			319			—			—
Issuance of common shares related to    employee stock transactions		(818	)		—			—			899			81			—			81			—			—
Employee tax withholdings related to    employee stock transactions		—			—			—			(360	)		(360	)		—			(360	)		—			—
Shares/Subco Units repurchased		(111	)		—			—			(287	)		(398	)		—			(398	)		—			(52	)
Subscriptions (redemptions/distributions)     — noncontrolling interest holders		—			—			—			—			—			(8	)		(8	)		1,226			—
Net consolidations (deconsolidations)    of sponsored investment funds		—			—			—			—			—			—			—			(248	)		—
Other comprehensive income (loss)		—			—			(139	)		—			(139	)		—			(139	)		—			—
Change in BlackRock, Inc's    ownership interest		8			—			6			—			14			—			14			—			(14	)
March 31, 2026	$	19,148		$	39,182		$	(678	)	$	(964	)	$	56,688		$	217		$	56,905		$	3,622		$	2,789

(1)Amounts include $2 million of common stock at both March 31, 2026 and December 31, 2025.

For the Three Months Ended March 31, 2025

(in millions, except per share data)	Additional Paid-in Capital(1)		Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock Common			Total BlackRock Stockholders’ Equity			Nonredeemable Noncontrolling Interests			Total Permanent Equity			Redeemable Noncontrolling Interests / Temporary Equity
December 31, 2024	$	13,448	$	35,611		$	(1,178	)	$	(386	)	$	47,495		$	169		$	47,664		$	1,691
Net income		—		1,510			—			—			1,510			(1	)		1,509			6
Dividends ($5.21 per share)		—		(838	)		—			—			(838	)		—			(838	)		—
Stock-based compensation		241		—			—			—			241			—			241			—
Issuance of common shares related to    employee stock transactions		57		—			—			1			58			—			58			—
Employee tax withholdings related to    employee stock transactions		—		—			—			(282	)		(282	)		—			(282	)		—
Shares repurchased		—		—			—			(375	)		(375	)		—			(375	)		—
Subscriptions (redemptions/distributions)     — noncontrolling interest holders		—		—			—			—			—			2			2			809
Net consolidations (deconsolidations)    of sponsored investment funds		—		—			—			—			—			—			—			(522	)
Other comprehensive income (loss)		—		—			227			—			227			—			227			—
March 31, 2025	$	13,746	$	36,283		$	(951	)	$	(1,042	)	$	48,036		$	170		$	48,206		$	1,984

(1)Amounts include $2 million of common stock at both March 31, 2025 and December 31, 2024.

See accompanying notes to condensed consolidated financial statements.

4

BlackRock, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

	Three Months Ended
	March 31,
(in millions)	2026			2025
Operating activities
Net income	$	2,326		$	1,515
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization		380			194
Noncash lease expense		43			34
Stock-based compensation		319			241
Deferred income tax expense (benefit)		60			15
Change in fair value of contingent consideration		(549	)		96
Other investment gains		(22	)		(36	)
Net (gains) losses within CIPs		(23	)		(13	)
Net (purchases) proceeds within CIPs		(1,669	)		(1,098	)
(Earnings) losses from equity method investees		(46	)		(51	)
Distributions of earnings from equity method investees		9			14
Changes in operating assets and liabilities:
Accounts receivable		(111	)		123
Investments, trading		198			12
Other assets		(3,453	)		(3,454	)
Accrued compensation and benefits		(2,256	)		(1,794	)
Accounts payable and accrued liabilities		340			84
Other liabilities		3,474			2,990
Net cash provided by/(used in) operating activities		(980	)		(1,128	)
Investing activities
Purchases of investments		(313	)		(298	)
Proceeds from sales and maturities of investments		69			151
Distributions of capital from equity method investees		90			13
Net consolidations (deconsolidations) of sponsored investment funds		(5	)		(1	)
Acquisitions, net of cash acquired		(15	)		(3,123	)
Purchases of property and equipment		(106	)		(78	)
Net cash provided by/(used in) investing activities		(280	)		(3,336	)
Financing activities
Dividends/Subco distributions paid		(973	)		(838	)
Proceeds from stock options exercised		74			51
Shares/Subco Units repurchased		(810	)		(657	)
Net proceeds from (repayments of) borrowings by CIPs		193			(24	)
Net subscriptions received/(redemptions/distributions paid) from noncontrolling interest holders		1,218			811
Other financing activities		(6	)		(4	)
Net cash provided by/(used in) financing activities		(304	)		(661	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(63	)		110
Net increase/(decrease) in cash, cash equivalents and restricted cash		(1,627	)		(5,015	)
Cash, cash equivalents and restricted cash, beginning of period		11,490			12,779
Cash, cash equivalents and restricted cash, end of period	$	9,863		$	7,764
Supplemental schedule of noncash investing and financing transactions:
Issuance of common shares related to employee stock transactions	$	818		$	—
Increase (decrease) in noncontrolling interests due to net consolidation (deconsolidation) of    sponsored investment funds	$	(248	)	$	(522	)

See accompanying notes to condensed consolidated financial statements.

5

BlackRock, Inc.

Notes to the Condensed Consolidated Financial Statements

(unaudited)

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 providing a broad range of investment management and technology services to institutional and retail clients worldwide.

BlackRock’s diverse platform of alpha-seeking active, private markets, index and cash management investment strategies across asset classes enables the Company to offer choice and tailor investment and asset allocation solutions for clients. Product offerings include single- and multi-asset portfolios investing in equities, fixed income, private markets, liquid alternatives, digital assets, currencies and commodities, 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® exchange-traded funds (“ETFs”), separate accounts, collective trust funds and other pooled investment vehicles. BlackRock also offers technology and subscription services, including the investment and risk management technology platform, Aladdin®, Aladdin WealthTM, eFront®, Preqin and Cachematrix®, as well as advisory services and solutions to a broad base of institutional and wealth management clients.

2. Significant Accounting Policies

Basis of Presentation

These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its controlled subsidiaries. Intercompany balances and transactions have been eliminated upon consolidation.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates.

Certain financial information that normally is included in annual financial statements, including certain financial statement footnotes, is not required for interim reporting purposes and has been condensed or omitted herein. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and footnotes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the Securities and Exchange Commission (“SEC”) on February 25, 2026 (“2025 Form 10-K”).

The interim financial information at March 31, 2026 and for the three months ended March 31, 2026 and 2025 is unaudited. However, in the opinion of management, the interim information includes all normal recurring adjustments necessary for the fair presentation of the Company’s results for the periods presented. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year.

Certain prior period presentations were reclassified to ensure comparability with current period classifications.

Recent Accounting Pronouncements Not Yet Adopted

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires entities to disaggregate in a tabular presentation disclosures about specific types of expenses included in the expense captions presented on the face of the income statement, as well as disclosures about selling expenses. The requirements are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 and are required to be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company does not expect the additional disclosure requirements to have a material impact on BlackRock's condensed consolidated financial statements.

Accounting for Internal-Use Software Costs. In September 2025, the FASB issued ASU 2025-06, Target Improvements to Accounting for Internal-Use Software ("ASU 2025-06"), to better align the guidance (1) for development of software to be sold via software as a service and software to be sold via license by introducing new capitalization considerations and (2) with agile software development by eliminating the existing software project staging guidance. ASU 2025-06 is effective for annual and interim periods in fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact on BlackRock's condensed consolidated financial statements.

6

Fair Value Measurements

Hierarchy of Fair Value Inputs. The Company uses a fair value hierarchy that prioritizes inputs to valuation approaches used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories:

Level 1 Inputs:

Quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date.

•Level 1 assets may include listed mutual funds, ETFs, listed equities, commodities and certain exchange-traded derivatives.

Level 2 Inputs:

Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; quotes from pricing services or brokers for which the Company can determine that orderly transactions took place at the quoted price or that the inputs used to arrive at the price are observable; and inputs other than quoted prices that are observable, such as models or other valuation methodologies.

•Level 2 assets may include debt securities, collateralized loan obligations (“CLOs”), short-term floating-rate notes, asset-backed securities, as well as over-the-counter derivatives, including interest rate swaps and foreign currency exchange contracts that have inputs to the valuations that generally can be corroborated by observable market data.

Level 3 Inputs:

Unobservable inputs for the valuation of the asset or liability, which may include nonbinding broker quotes. Level 3 assets include investments for which there is little, if any, market activity. These inputs require significant management judgment or estimation.

•Level 3 assets may include direct private equity investments, including those held within CIPs and investments in CLOs.

•Level 3 liabilities include contingent liabilities related to acquisitions valued using the income approach based on unobservable market data, or other valuation techniques.

Significance of Inputs. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Valuation Approaches. The fair values of certain Level 3 assets and liabilities were determined using various valuation approaches as appropriate, including third-party pricing vendors, broker quotes and market and income approaches.

A significant number of inputs used to value equity and debt securities are sourced from third-party pricing vendors. Generally, prices obtained from pricing vendors are categorized as Level 1 inputs for identical securities traded in active markets and as Level 2 for other similar securities if the vendor uses observable inputs in determining the price.

In addition, quotes obtained from brokers generally are nonbinding and categorized as Level 3 inputs. However, if the Company is able to determine that market participants have transacted for the asset in an orderly manner near the quoted price or if the Company can determine that the inputs used by the broker are observable, the quote is classified as a Level 2 input.

Investments Measured at Net Asset Value. As a practical expedient, the Company uses net asset value (“NAV”) as the fair value for certain investments. The inputs to value these investments may include the Company’s capital accounts for its partnership interests in various alternative investments, including hedge funds, real assets and private equity funds. The various partnerships are investment companies, which record their underlying investments at fair value based on fair value policies established by management of the underlying fund. Fair value policies at the underlying fund generally require the fund to utilize pricing/valuation information from third-party sources, including independent appraisals. However, in some instances, current valuation information for illiquid securities or securities in markets that are not active may not be available from any third-party source or fund management may conclude that the valuations that are available from third-party sources are not reliable. In these instances, fund management may perform model-based analytical valuations that could be used as an input to value these investments.

7

Derivatives and Hedging Activities. The Company does not use derivative financial instruments for trading or speculative purposes. The Company uses derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates of certain assets and liabilities, and market price and interest rate exposures with respect to its total portfolio of seed investments in sponsored investment products. In addition, certain CIPs also utilize derivatives as a part of their investment strategies.

In addition, the Company uses derivatives and makes investments to economically hedge market valuation changes on certain deferred cash compensation plans, for which the final value of the deferred amount distributed to employees in cash upon vesting is determined based on the returns of 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 gain (loss) to economically hedge these plans is immediately recognized in nonoperating income (expense). See Note 5, Investments, and Note 9, Derivatives and Hedging, for further information on the Company’s investments and derivatives, respectively, used to economically hedge these deferred cash compensation plans.

The Company records all derivative financial instruments as either assets or liabilities at fair value on a gross basis in the condensed consolidated statements of financial condition. Credit risks are managed through master netting and collateral support agreements. The amounts related to the right to reclaim or the obligation to return cash collateral may not be used to offset amounts due under the derivative instruments in the normal course of settlement. Therefore, such amounts are not offset against fair value amounts recognized for derivative instruments with the same counterparty and are included in other assets and other liabilities. Changes in the fair value of the Company’s derivative financial instruments are recognized in earnings and, where applicable, are offset by the corresponding gain or loss on the related foreign-denominated or hedged assets or liabilities, on the condensed consolidated statements of income.

The Company may also use financial instruments designated as net investment hedges for accounting purposes to hedge net investments in international subsidiaries, the functional currency of which is not United States ("US") dollars. The gain or loss from revaluing net investment hedges at the spot rate is deferred and reported within accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated statements of financial condition. The Company reassesses the effectiveness of its net investment hedge at least quarterly.

Separate Account Assets and Liabilities. Separate account assets are maintained by BlackRock Life Limited, a wholly owned subsidiary of the Company, which is a registered life insurance company in the United Kingdom (“UK”), and represent segregated assets held for purposes of funding individual and group pension contracts. The life insurance company does not underwrite any insurance contracts that involve any insurance risk transfer from the insured to the life insurance company. The separate account assets primarily include equity securities, debt securities, money market funds and derivatives. The separate account assets are not subject to general claims of the creditors of BlackRock. These separate account assets and the related equal and offsetting liabilities are recorded as separate account assets and separate account liabilities on the condensed consolidated statements of financial condition.

The net investment income attributable to separate account assets supporting individual and group pension contracts accrues directly to the contract owner and is not reported on the condensed consolidated statements of income. While BlackRock has no economic interest in these separate account assets and liabilities, BlackRock earns policy administration and management fees associated with these products, which are included in investment advisory, administration fees and securities lending revenue on the condensed consolidated statements of income.

Separate Account Collateral Assets Held and Liabilities Under Securities Lending Agreements. The Company facilitates securities lending arrangements whereby securities held by separate accounts maintained by BlackRock Life Limited are lent to third parties under global master securities lending agreements. In exchange, the Company obtains either (1) the legal title, or (2) a first ranking priority security interest, in the collateral. The minimum collateral values generally range from approximately 102% to 112% of the value of the securities lent in order to reduce counterparty risk. The required collateral value is calculated on a daily basis. The global master securities lending agreements provide the Company the right to request additional collateral or, in the event of borrower default, the right to liquidate collateral. The securities lending transactions entered into by the Company are accompanied by an agreement that entitles the Company to request the borrower to return the securities at any time; therefore, these transactions are not reported as sales.

8

In situations where the Company obtains the legal title to collateral under these securities lending arrangements, the Company records an asset on the condensed consolidated statements of financial condition in addition to an equal collateral liability for the obligation to return the collateral. Additionally, in situations where the Company obtains a first ranking priority security interest in the collateral, the Company does not have the ability to pledge or resell the collateral and therefore does not record the collateral on the condensed consolidated statements of financial condition. At March 31, 2026 and December 31, 2025, the fair value of loaned securities held by separate accounts was approximately $11.8 billion and $13.3 billion, respectively, and the fair value of the collateral under these securities lending agreements was approximately $13.3 billion and $14.4 billion, respectively, of which approximately $6.6 billion as of March 31, 2026 and $7.9 billion as of December 31, 2025 was recognized on the condensed consolidated statements of financial condition. During the three months ended March 31, 2026 and 2025, the Company had not resold or repledged any of the collateral obtained under these arrangements. The securities lending revenue earned from lending securities held by the separate accounts is included in investment advisory, administration fees and securities lending revenue on the condensed consolidated statements of income.

Goodwill and Intangible Assets. Goodwill represents the cost of a business acquisition in excess of the fair value of the net assets acquired. The Company has determined that it has one reporting unit for goodwill impairment testing purposes, the consolidated BlackRock single operating segment, which is consistent with internal management reporting and management's oversight of operations. The Company performs an impairment assessment of its goodwill at least annually, as of July 31. In its assessment of goodwill for impairment, the Company considers such factors as the book value and market capitalization of the Company as well as other qualitative factors. See Note 10, Goodwill, for further information on the Company's goodwill.

Intangible assets are comprised of indefinite-lived intangible assets and finite-lived intangible assets acquired in a business acquisition. The value of contracts to manage assets in proprietary open-end funds and collective trust funds and certain other commingled products without a specified termination date is generally classified as indefinite-lived intangible assets. In addition, trade names/trademarks are considered indefinite-lived intangible assets when they are expected to generate cash flows indefinitely.

Indefinite-lived intangible assets and goodwill are not amortized. Finite-lived investor/customer relationships, technology-related assets, and management contracts, which relate to acquired separate accounts and funds, that are expected to contribute to the future cash flows of the Company for a specified period of time, are amortized over their estimated useful lives. On a quarterly basis, the Company considers whether the indefinite-lived and finite-lived classifications are still appropriate.

The Company performs assessments to determine if any intangible assets are potentially impaired at least annually, as of July 31. The carrying value of finite-lived assets and their remaining useful lives are reviewed to determine if circumstances exist which may indicate a potential impairment or revisions to the amortization period.

In evaluating whether it is more likely than not that the fair value of indefinite-lived intangibles is less than its carrying value, BlackRock assesses various significant quantitative factors, including assets under management (“AUM”), revenue basis points, projected AUM growth rates, operating margins, tax rates and discount rates. If an indefinite-lived intangible is determined to be more likely than not impaired, then the fair value of the asset is compared with its carrying value and any excess of the carrying value over the fair value would be recognized as an expense in the period in which the impairment occurs. See Note 11, Intangible Assets, for further information on the Company’s intangible assets.

For finite-lived intangible assets, if potential impairment circumstances are considered to exist, the Company will perform a recoverability test using an undiscounted cash flow analysis. If the carrying value of the asset is determined not to be recoverable based on the undiscounted cash flow test, the excess of the carrying value of the asset over its fair value would be recognized as an expense in the period in which the impairment occurs.

Noncontrolling Interests. NCI consists of third-party ownership interests in the Company’s CIPs (“NCI – CIPs”) and 49.9% of an asset management company in China - BlackRock CCB Wealth Management Company Ltd. ("WMC"). The Company consolidates the WMC, which it deems to be a VRE, because it exerts control over the financial and operating policies of the entity, based on the Company's 50.1% ownership and voting rights.

In addition, NCI (redeemable) also represents Subco Units that were issued to former equityholders of HPS Investment Partners ("HPS"), and will be exchangeable on a one-for-one basis into BlackRock common stock at the option of the holders when exchange rights begin, which is on the one year anniversary of the acquisition. NCI - Subco is measured based on the Class B-2 common units' proportionate ownership in Subco.

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NCI that are redeemable at the option of the holders are classified as temporary equity at estimated redemption value or carrying value if it is not probable that they will become redeemable. Temporary equity will be reclassified to permanent equity (nonredeemable NCI) when triggers that may require the Company to settle an amount in cash expires.

Nonredeemable NCI are classified as a component of permanent equity in the condensed consolidated statements of financial condition. The Company reports net income (loss) attributable to redeemable and nonredeemable NCI holders within net income (loss) attributable to NCI in the condensed consolidated statements of income.

3. Acquisitions

HPS Investment Partners

On July 1, 2025, BlackRock completed the acquisition of 100% of the business and assets of HPS (the "HPS Transaction"), a leading global credit investment manager, with substantially all consideration paid in Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC ("Subco"), a consolidated subsidiary of the Company. Concurrent with the acquisition, BlackRock Finance, Inc., Global Infrastructure Management, LLC ("GIP"), HPS, and their respective subsidiaries became wholly owned subsidiaries of Subco. The HPS Transaction, which added $165 billion of client AUM and $118 billion of fee-paying AUM, positioned the Company to provide an integrated private credit platform with both public and private income solutions for clients across their whole portfolios.

At close, approximately 8.5 million Subco Units were delivered to former equityholders of HPS and valued at $8.5 billion, based on the price of BlackRock's common stock on June 30, 2025 of approximately $1,049 and discounted for a one-year lack of marketability before exchange rights begin. Such Subco Units are exchangeable on a one-for-one basis into BlackRock common stock (accordingly, the value of each unit delivered was based on the price of a share of BlackRock’s common stock and the specific terms of the Subco Units). Subco Units are also eligible to receive distributions at an amount equal to the dividend amount paid on each share of BlackRock common stock.

In addition, as part of the purchase consideration, a contingent consideration payment, all in Subco Units, may be due subject to the achievement of certain post-closing conditions and financial performance milestones. The contingent consideration, if any, ranges from approximately 2.8 million to 4.4 million Subco Units and is expected to be payable approximately five years following the closing of the HPS Transaction. The fair value of the contingent consideration payment, which was determined by using the income approach with the assistance of a third-party valuation specialist, was $3.4 billion at close, and was recorded within contingent consideration liabilities in the condensed consolidated statements of financial condition. Certain significant inputs were used to determine the fair value, including assumptions on discount rates as well as estimates of the timing and amounts of fundraising and fee related earnings forecasts, cost of equity, and stock price performance (Level 3 inputs). The contingent consideration was classified as a liability as the value of the consideration to be delivered in Subco Units is predominantly based on achieving certain performance targets or certain settlement provisions of the Subco Units. See Note 8, Fair Value Disclosures and Note 15, Commitments and Contingencies for additional information on the contingent consideration related to HPS.

In addition, at the time of close, the Company granted incentive retention awards to certain employees of approximately 680,000 RSUs that vest in increasing yearly increments over five years valued at $675 million and approximately 270,000 RSUs valued at $260 million that cliff vested 100% at December 31, 2025. See Note 17, Stock-Based Compensation, for additional information on the incentive retention awards issued in connection with the HPS Transaction.

In general, if (i) the maximum amount of contingent consideration is achieved, (ii) all Subco Units are exchanged for shares of the Company’s common stock (including those issued on the closing date), and (iii) all RSUs vest and are settled in the form of shares of the Company’s common stock, the Company does not expect to issue more than approximately 13.8 million shares of common stock in the aggregate.

The HPS Transaction was accounted for as a business combination under the acquisition method of accounting. Accordingly, the purchase price of the HPS Transaction was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the transaction. The goodwill recognized in connection with the acquisition is non-deductible for tax purposes and includes future benefits for BlackRock as a result of scale and anticipated synergies from combining the Company's and HPS's capabilities by creating one integrated private financing solutions platform.

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The following table summarizes the consideration paid for HPS and the fair values of the assets acquired and liabilities assumed recognized at the acquisition date:

(in millions)	Fair Value Estimate
Investments	$	1,972
Finite-lived intangible assets:
Management contracts(1)		2,660
Investor relationships(1)		965
Indefinite-lived intangible assets - management contracts(2)		3,000
Goodwill		6,841
Operating lease right-of-use ("ROU") assets		178
Other assets		644
Accrued compensation and benefits		(262	)
Accounts payable and accrued liabilities		(162	)
Operating lease liabilities		(150	)
Deferred income tax liabilities		(1,585	)
Other liabilities assumed(3)		(1,880	)
Total consideration, net of cash acquired	$	12,221
Summary of consideration, net of cash acquired:
Closing consideration at fair value - Subco Units(4)	$	8,452
Cash acquired		(244	)
Deferred consideration at fair value - Subco Units(4)		3,400
Debt repayment		613
Total consideration, net of cash acquired	$	12,221

(1)The fair value for finite-lived management contracts and investor relationships was determined using the excess earnings method (Level 3 inputs), have weighted-average estimated useful lives of approximately 8 years and 12 years, respectively, and are amortized based on the straight-line method.

(2)The fair value for indefinite-lived management contracts was determined using the excess earnings method (Level 3 inputs).

(3)Other liabilities assumed primarily included deferred carried interest.

(4)The fair value for the closing consideration was determined based on approximately 8.5 million of Subco Units, which were delivered to former equityholders of HPS. The fair value of the deferred consideration was determined based on approximately 2.8 million to 4.4 million of Subco Units, and is subject to the achievement of certain post-closing conditions and financial performance milestones.

At this time, the Company does not expect material changes to the value of the assets acquired or liabilities assumed in conjunction with the HPS Transaction.

Preqin Holding Limited

On March 3, 2025, BlackRock completed the acquisition of 100% of the shares of Preqin Holding Limited (the "Preqin Transaction" or "Preqin"), a leading provider of private markets data, for £2.5 billion (or approximately $3.2 billion) in cash.

The purchase price for the Preqin Transaction was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the transaction. The goodwill recognized in connection with the acquisition is non-deductible for tax purposes and includes anticipated synergies from incorporating Preqin data, insight and analytics into BlackRock’s investment technology, presenting an opportunity for Aladdin to bridge a transparency gap between public and private markets.

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The following table summarizes the consideration paid for Preqin and the fair values of the assets acquired and liabilities assumed recognized at the acquisition date:

(in millions)	Fair Value Estimate
Finite-lived intangible assets:
Customer relationships(1)	$	1,050
Technology-related(2)		125
Trade name		7
Goodwill		2,377
Other assets		59
Deferred revenue		(104	)
Deferred income tax liabilities		(298	)
Other liabilities assumed		(93	)
Total consideration, net of cash acquired	$	3,123
Summary of consideration, net of cash acquired:
Cash paid	$	3,219
Cash acquired		(96	)
Total consideration, net of cash acquired	$	3,123

(1)The fair value was determined using an income approach (Level 3 inputs), has a weighted-average estimated useful life of approximately 8 years and is amortized based on its expected pattern of economic benefit.

(2)The fair value was determined using a replacement cost approach (Level 3 inputs), has a weighted-average estimated useful life of approximately 5 years and is amortized based on the straight-line method.

Unaudited Pro Forma Information

The following unaudited pro forma information presents combined results of operations of the Company as if the HPS Transaction had occurred on January 1, 2024. The unaudited pro forma financial information is not indicative of the actual results of operations that would have been achieved nor is it indicative of future results of operations of the combined Company. The pro forma combined provision for income taxes may not represent the amount that would have resulted had BlackRock and HPS filed consolidated tax returns during the years presented.

	Three Months Ended
(Unaudited) (in millions)	March 31, 2025
Total revenue	$	5,685
Net income attributable to BlackRock, Inc.	$	1,409

Pro forma adjustments related to HPS include compensation expense for retention-related deferred compensation awards, amortization of finite-lived intangible assets, acquisition-related transaction costs, related tax effects, and the allocation of net income to NCI - Subco. See Note 3, Acquisitions, in the 2025 Form 10-K for more information regarding the Company’s pro forma adjustments.

Pro forma financial information for Preqin has not been presented, as the effects were not material to net income attributable to BlackRock, Inc.

4. Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents reported within the condensed consolidated statements of financial condition to the cash, cash equivalents, and restricted cash reported within the condensed consolidated statements of cash flows.

	March 31,		December 31,
(in millions)	2026		2025
Cash and cash equivalents	$	9,841	$	11,468
Restricted cash included in other assets		22		22
Total cash, cash equivalents and restricted cash	$	9,863	$	11,490

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5. Investments

A summary of the carrying value of total investments is as follows:

	March 31,		December 31,
(in millions)	2026		2025
Debt securities:
Trading securities (including $3,271 and $2,782 held by CIPs at    March 31, 2026 and December 31, 2025, respectively)(1)	$	3,304	$	2,789
Held-to-maturity investments		495		507
Total debt securities		3,799		3,296
Equity securities at FVTNI (including $2,147 and $1,681 held by CIPs at    March 31, 2026 and December 31, 2025, respectively)(1)		2,612		2,282
Equity method investments:
Equity method investments(2)		1,922		1,833
Investments related to deferred cash compensation plans(1)		403		300
Total equity method investments		2,325		2,133
CLOs held at fair value		537		568
Federal Reserve Bank stock(3)		87		87
Carried interest(4)		3,670		3,710
Other investments(5)		1,544		1,195
Total investments	$	14,574	$	13,271

(1)Amounts include investments held to economically hedge the impact of market valuation changes on certain deferred cash compensation plans. Amounts related to deferred cash compensation plans included within debt securities comprised $26 million as of March 31, 2026, and amounts included within equity securities held at fair value recorded through net income ("FVTNI") comprised $29 million and $37 million at March 31, 2026 and December 31, 2025, respectively.

(2)Equity method investments include BlackRock’s direct investments in certain BlackRock sponsored investment funds.

(3)Federal Reserve Bank stock is held for regulatory purposes and is restricted from sale.

(4)Carried interest represents allocations to BlackRock’s general partner capital accounts from certain sponsored investment funds. These balances are subject to change upon cash distributions, additional allocations or reallocations back to limited partners within the respective funds.

(5)Other investments include private equity, private credit, real asset, commodity, and digital asset investments held by CIPs, which are measured at fair value.

Held-to-Maturity Investments

Held-to-maturity investments included certain investments in BlackRock sponsored CLOs. The amortized cost (carrying value) of these investments approximated fair value (primarily a Level 2 input). At March 31, 2026, $11 million mature between one and five years, $245 million mature between five and ten years and $239 million mature after ten years.

Trading Debt Securities and Equity Securities at FVTNI

A summary of the cost and carrying value of trading debt securities and equity securities at FVTNI is as follows:

	March 31, 2026				December 31, 2025
(in millions)	Cost		Carrying Value		Cost		Carrying Value
Trading debt securities:
Corporate debt	$	1,293	$	1,340	$	1,153	$	1,185
Government debt		510		504		430		430
Asset/mortgage-backed debt		1,495		1,460		1,185		1,174
Total trading debt securities	$	3,298	$	3,304	$	2,768	$	2,789
Equity securities at FVTNI:
Equity securities/mutual funds	$	2,424	$	2,612	$	2,049	$	2,282

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6. Consolidated Sponsored Investment Products

In the normal course of business, the Company is the manager of various types of sponsored investment products, which may be considered VIEs or voting rights entities ("VREs"). The Company consolidates certain sponsored investment funds accounted for as VREs because it is deemed to control such funds. In addition, the Company may from time to time provide financial support to certain sponsored investment products. Capital support may be in the form investments, derivatives, loan or contingent investment commitments, each of which are considered variable interests. The Company’s involvement in financing the operations of the VIEs is generally limited to its economic interest in the entity. The Company’s consolidated VIEs include certain sponsored investment products in which BlackRock has an economic interest and as the investment manager, is deemed to have both the power to direct the most significant activities of the products and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these sponsored investment products. The assets of these VIEs are not available to creditors of the Company. In addition, the investors in these VIEs have no recourse to the general credit of the Company.

The following table presents the balances related to these CIPs accounted for as VIEs and VREs that were recorded on the condensed consolidated statements of financial condition, including BlackRock’s net interest in these products:

	March 31, 2026									December 31, 2025
(in millions)	VIEs			VREs			Total			VIEs			VREs			Total
Cash and cash equivalents(1)	$	238		$	175		$	413		$	428		$	33		$	461
Investments:
Trading debt securities		2,366			905			3,271			2,350			432			2,782
Equity securities at FVTNI		1,813			334			2,147			1,537			144			1,681
Other investments		1,325			39			1,364			946			68			1,014
Carried interest		3,620			—			3,620			3,654			—			3,654
Total investments		9,124			1,278			10,402			8,487			644			9,131
Other assets		132			132			264			76			111			187
Other liabilities(2)		(3,929	)		(412	)		(4,341	)		(4,052	)		(60	)		(4,112	)
Noncontrolling interest - CIPs		(3,419	)		(319	)		(3,738	)		(2,521	)		(236	)		(2,757	)
BlackRock's net interest in CIPs	$	2,146		$	854		$	3,000		$	2,418		$	492		$	2,910

(1)The Company generally cannot readily access cash and cash equivalents held by CIPs to use in its operating activities.

(2)At both March 31, 2026 and December 31, 2025, other liabilities of VIEs primarily include deferred carried interest liabilities.

BlackRock’s total exposure to CIPs represents the value of its economic interest in these CIPs. Valuation changes associated with financial instruments held at fair value by these CIPs are reflected in nonoperating income (expense) and partially offset in net income (loss) attributable to NCI for the portion not attributable to BlackRock.

Net gain (loss) related to consolidated VIEs was not material for both the three months ended March 31, 2026 and March 31, 2025.

7. Variable Interest Entities

Nonconsolidated VIEs. At March 31, 2026 and December 31, 2025, the Company’s carrying value of assets and liabilities included on the condensed consolidated statements of financial condition pertaining to nonconsolidated VIEs and its maximum risk of loss related to VIEs in which it held a variable interest, but for which it was not the primary beneficiary, was as follows:

			Advisory Fee		Other Net Assets			Maximum
(in millions)	Investments		Receivables		(Liabilities)			Risk of Loss(1)
March 31, 2026
Sponsored investment    products	$	2,603	$	131	$	(12	)	$	2,751
December 31, 2025
Sponsored investment    products	$	2,325	$	101	$	(12	)	$	2,443

(1)At both March 31, 2026 and December 31, 2025, BlackRock’s maximum risk of loss associated with these VIEs primarily related to BlackRock’s investments and the collection of receivables.

The net assets of sponsored investment products that are nonconsolidated VIEs approximated $70 billion and $53 billion at March 31, 2026 and December 31, 2025, respectively.

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8. Fair Value Disclosures

Fair Value Hierarchy

Assets and liabilities measured at fair value on a recurring basis

March 31, 2026 (in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Investments Measured at NAV(1)		Other(2)		March 31,  2026
Assets:
Investments
Debt securities:
Trading securities	$	—	$	3,269	$	35	$	—	$	—	$	3,304
Held-to-maturity investments		—		—		—		—		495		495
Total debt securities		—		3,269		35		—		495		3,799
Equity securities at FVTNI:
Equity securities/mutual funds		2,476		—		136		—		—		2,612
Equity method:
Equity, fixed income, and    multi-asset mutual funds		238		153		—		—		—		391
Hedge funds/funds of hedge    funds/other		—		—		—		440		—		440
Private equity funds		—		—		—		536		—		536
Real assets funds		—		—		—		555		—		555
Investments related to deferred    cash compensation plans		—		—		—		403		—		403
Total equity method		238		153		—		1,934		—		2,325
CLOs held at fair value		—		480		57		—		—		537
Federal Reserve Bank stock		—		—		—		—		87		87
Carried interest		—		—		—		—		3,670		3,670
Other investments		412		—		—		1,015		117		1,544
Total investments		3,126		3,902		228		2,949		4,369		14,574
Other assets(3)		140		4		149		—		—		293
Separate account assets		37,483		20,639		—		—		664		58,786
Separate account collateral held under securities lending agreements:
Equity securities		3,541		—		—		—		—		3,541
Debt securities		—		3,029		—		—		—		3,029
Total separate account collateral held    under securities lending agreements		3,541		3,029		—		—		—		6,570
Total	$	44,290	$	27,574	$	377	$	2,949	$	5,033	$	80,223
Liabilities:
Separate account collateral    liabilities under securities    lending agreements	$	3,541	$	3,029	$	—	$	—	$	—	$	6,570
Contingent consideration liabilities		—		—		7,865		—		—		7,865
Other liabilities(4)		—		183		—		—		—		183
Total	$	3,541	$	3,212	$	7,865	$	—	$	—	$	14,618

(1)Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient.

(2)Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, and carried interest.

(3)Level 1 amount primarily includes a minority investment in a publicly traded company. Level 3 amount includes corporate minority private debt investments with changes in fair value recorded in AOCI, net of tax.

(4)Level 2 amount includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information) and other liabilities held by a CIP.

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December 31, 2025 (in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Investments Measured at NAV(1)		Other(2)		December 31, 2025
Assets:
Investments
Debt securities:
Trading securities	$	—	$	2,782	$	7	$	—	$	—	$	2,789
Held-to-maturity investments		—		—		—		—		507		507
Total debt securities		—		2,782		7		—		507		3,296
Equity securities at FVTNI:
Equity securities/mutual funds		2,146		—		136		—		—		2,282
Equity method:
Equity, fixed income, and    multi-asset mutual funds		205		148		—		—		—		353
Hedge funds/funds of hedge    funds/other		—		—		—		446		—		446
Private equity funds		—		—		—		510		—		510
Real assets funds		—		—		—		524		—		524
Investments related to deferred    cash compensation plans		—		—		—		300		—		300
Total equity method		205		148		—		1,780		—		2,133
CLOs held at fair value		—		495		73		—		—		568
Federal Reserve Bank stock		—		—		—		—		87		87
Carried interest		—		—		—		—		3,710		3,710
Other investments		—		—		—		1,078		117		1,195
Total investments		2,351		3,425		216		2,858		4,421		13,271
Other assets(3)		113		10		151		—		—		274
Separate account assets		38,688		20,895		—		—		515		60,098
Separate account collateral held under securities lending agreements:
Equity securities		4,194		—		—		—		—		4,194
Debt securities		—		3,728		—		—		—		3,728
Total separate account collateral held    under securities lending agreements		4,194		3,728		—		—		—		7,922
Total	$	45,346	$	28,058	$	367	$	2,858	$	4,936	$	81,565
Liabilities:
Separate account collateral    liabilities under securities    lending agreements	$	4,194	$	3,728	$	—	$	—	$	—	$	7,922
Contingent consideration liabilities		—		—		8,429		—		—		8,429
Other liabilities(4)		—		13		—		—		—		13
Total	$	4,194	$	3,741	$	8,429	$	—	$	—	$	16,364

(1)Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient.

(2)Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, and carried interest.

(3)Level 1 amount includes a minority investment in a publicly traded company. Level 3 amount includes corporate minority private debt investments with changes in fair value recorded in AOCI, net of tax.

(4)Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information).

Level 3 Assets. Level 3 assets predominantly include investments in CLOs and corporate minority private debt investments. Investments in CLOs were valued based on single-broker nonbinding quotes or quotes from pricing services which use significant unobservable inputs. BlackRock's corporate minority private debt investments were primarily valued using the income approach by discounting the expected cash flows to a single present value. For investments utilizing a discounted cash flow valuation technique, an increase (decrease) in the discount rate or risk premium in isolation could have resulted in a significantly lower (higher) fair value measurement as of March 31, 2026 and December 31, 2025.

Level 3 Liabilities. Level 3 liabilities primarily include contingent consideration liabilities related to certain acquisitions, which were valued based upon discounted cash flow analyses using unobservable market data inputs or other valuation techniques.

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At March 31, 2026 and December 31, 2025, the contingent consideration liability related to the acquisition of Global Infrastructure Management, LLC in October 2024 (the "GIP Transaction") was estimated using the income approach, with certain significant inputs including risk-free discount rates of approximately 3.8% and 3.5%, respectively, as well as current estimates of the timing and amounts of fundraising forecasts, stock and AUM volatility, and correlation between stock price and AUM (Level 3 inputs). At March 31, 2026, the contingent consideration liability related to the HPS Transaction was estimated using the income approach, with certain significant inputs including a risk-free discount rate of approximately 3.8%, as well as estimates of the timing and amounts of fundraising and fee related earnings forecasts, cost of equity, and future stock price performance (Level 3 inputs). Accordingly, changes in key inputs and assumptions described will impact the amount of contingent consideration expense recorded in a reporting period until the contingency is resolved.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2026

(in millions)	December 31,  2025		Realized and Unrealized Gains (Losses)			Purchases		Sales and Maturities			Issuances and Other Settlements(1)			Transfers into Level 3		Transfers out of Level 3		March 31,  2026		Total Net Unrealized Gains (Losses) Included in Earnings(2)
Assets:
Investments:
Trading debt securities	$	7	$	—		$	28	$	—		$	—		$	—	$	—	$	35	$	—
Equity securities/mutual funds		136		—			—		—			—			—		—		136		—
CLOs held at fair value		73		(7	)		—		(9	)		—			—		—		57		(7	)
Total investments		216		(7	)		28		(9	)		—			—		—		228		(7	)
Other assets		151		(2	)		—		—			—			—		—		149		(2	)
Total assets	$	367	$	(9	)	$	28	$	(9	)	$	—		$	—	$	—	$	377	$	(9	)
(in millions)	December 31,  2025		Realized and Unrealized (Gains) Losses(3)			Purchases		Sales and Maturities			Issuances and Other Settlements(1)			Transfers into Level 3		Transfers out of Level 3		March 31,  2026		Total Net Unrealized (Gains) Losses Included in Earnings(2)(3)
Liabilities:
Contingent consideration liabilities	$	8,429	$	(551	)	$	—	$	—		$	(13	)	$	—	$	—	$	7,865	$	(551	)

(1)Issuances and other settlements amounts include a contingent liability payment related to a previous acquisition.

(2)Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.

(3)Amount includes changes in fair value of contingent consideration recorded within expense on condensed consolidated statements of income.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2025

(in millions)	December 31, 2024		Realized and Unrealized Gains (Losses)			Purchases		Sales and Maturities			Issuances and Other Settlements(1)			Transfers into Level 3		Transfers out of Level 3		March 31, 2025		Total Net Unrealized Gains (Losses) Included in Earnings(2)
Assets:
Investments:
Trading debt securities	$	79	$	(2	)	$	4	$	(2	)	$	—		$	—	$	—	$	79	$	(2	)
Loans		135		(11	)		11		(28	)		—			—		—		107		(11	)
Total investments		214		(13	)		15		(30	)		—			—		—		186		(13	)
Other assets		149		3			—		—			—			—		—		152		3
Total assets	$	363	$	(10	)	$	15	$	(30	)	$	—		$	—	$	—	$	338	$	(10	)
(in millions)	December 31, 2024		Realized and Unrealized (Gains) Losses			Purchases		Sales and Maturities			Issuances and Other Settlements(1)			Transfers into Level 3		Transfers out of Level 3		March 31, 2025		Total Net Unrealized (Gains) Losses Included in Earnings(2)
Liabilities:
Contingent consideration liabilities	$	4,302	$	99		$	—	$	—		$	(11	)	$	—	$	—	$	4,390	$	99
Other liabilities		129		(3	)		—		—			(24	)		—		—		102		(3	)
Total liabilities	$	4,431	$	96		$	—	$	—		$	(35	)	$	—	$	—	$	4,492	$	96

(1)Issuances and other settlements amounts include a contingent liability payment related to a previous acquisition and repayments of borrowings of a consolidated CLO.

(2)Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.

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Realized and Unrealized Gains (Losses) for Level 3 Assets and Liabilities. Realized and unrealized gains (losses) recorded for Level 3 assets and liabilities are reported in operating income, nonoperating income (expense) or AOCI for corporate minority private debt investments. A portion of net income (loss) related to securities held by CIPs is allocated to NCI - CIPs to reflect net income (loss) not attributable to the Company.

Transfers in and/or out of Levels. Transfers in and/or out of levels are reflected when significant inputs, including market inputs or performance attributes, used for the fair value measurement become observable/unobservable.

Disclosures of Fair Value for Financial Instruments Not Held at Fair Value. At March 31, 2026 and December 31, 2025, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below:

	March 31, 2026				December 31, 2025
(in millions)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Fair Value Hierarchy
Financial assets(1):
Cash and cash equivalents	$	9,841	$	9,841	$	11,468	$	11,468	Level 1	(2)(3)
Other assets	$	159	$	159	$	103	$	103	Level 1	(2)(4)
Financial liabilities:
Long-term borrowings	$	12,749	$	12,318	$	12,768	$	12,546	Level 2	(5)
Other liabilities	$	491	$	491	$	302	$	302	Level 2	(6)

(1)See Note 5, Investments, for further information on investments not held at fair value.

(2)Cash and cash equivalents, other than money market funds, are carried at either cost or amortized cost, which approximates fair value due to their short-term maturities.

(3)At March 31, 2026 and December 31, 2025, approximately $3.5 billion and $5.3 billion, respectively, of money market funds were recorded within cash and cash equivalents on the condensed consolidated statements of financial condition. Money market funds are valued based on quoted market prices, or $1.00 per share, which generally is the NAV of the fund.

(4)At March 31, 2026 and December 31, 2025, other assets included cash collateral of approximately $137 million and $81 million, respectively. See Note 9, Derivatives and Hedging for further information on derivatives held by the Company. In addition, other assets included $22 million of restricted cash at both March 31, 2026 and December 31, 2025.

(5)Long-term borrowings are recorded at amortized cost, net of debt issuance costs. The fair value of the long-term borrowings, including the current portion of long-term borrowings, is determined using market prices and the EUR/USD foreign exchange rate at the end of March 2026 and December 2025, respectively. See Note 14, Borrowings, for the fair value of each of the Company’s long-term borrowings.

(6)Other liabilities primarily include repurchase agreements related to CLO financing arrangements to finance portions of investments in certain CLOs managed by the Company. Repurchase agreements were recorded at amortized cost, which approximates fair value, with maturity dates ranging from 2034 to 2039.

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Investments in Certain Entities that Calculate NAV Per Share

As a practical expedient to value certain investments that do not have a readily determinable fair value and have attributes of an investment company, the Company uses NAV as the fair value. The following tables list information regarding all investments that use a fair value measurement to account for both their financial assets and financial liabilities in their calculation of a NAV per share (or equivalent).

March 31, 2026
(in millions)	Ref	Fair Value		Total Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Equity method(1):
Hedge funds/funds of hedge   funds/other	(a)	$	440	$	148	Daily/Monthly (2%) Quarterly (13%) N/R (85%)	1 – 90 days
Private equity funds	(b)		536		217	N/R	N/R
Real assets funds	(c)		555		1,773	Quarterly (7%) N/R (93%)	60 days
Investments related to deferred    cash compensation plans	(d)		403		—	Monthly	1 – 90 days
Other investments:
Private credit funds	(a)		141		—	Quarterly	30 days
Consolidated sponsored    investment products:
Real assets funds	(c)		302		28	N/R	N/R
Private equity funds	(e)		227		34	N/R	N/R
Hedge funds/other	(a)		345		43	Quarterly (89%) N/R (11%)	60 – 90 days
Total		$	2,949	$	2,243
December 31, 2025
(in millions)	Ref	Fair Value		Total Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Equity method(1):
Hedge funds/funds of hedge   funds/other	(a)	$	446	$	150	Quarterly (12%) N/R (88%)	1 – 90 days
Private equity funds	(b)		510		225	N/R	N/R
Real assets funds	(c)		524		1,870	Quarterly (7%) N/R (93%)	60 days
Investments related to deferred    cash compensation plans	(d)		300		—	Monthly	1 – 90 days
Other investments:
Private credit funds	(a)		140		—	Quarterly	30 days
Consolidated sponsored    investment products:
Real assets funds	(c)		372		29	N/R	N/R
Private equity funds	(e)		181		34	N/R	N/R
Hedge funds/other	(a)		385		48	Quarterly (89%) N/R (11%)	60 – 90 days
Total		$	2,858	$	2,356

N/R – Not Redeemable

(1)Comprised of equity method investments, which include investment companies that account for their financial assets and most financial liabilities under fair value measures; therefore, the Company’s investment in such equity method investees approximates fair value.

(a)This category includes hedge funds, funds of hedge funds, and other funds that invest primarily in equities, fixed income securities, private credit, opportunistic and mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company’s ownership interest in partners’ capital. The liquidation period for the investments in the funds that are not subject to redemption is unknown at both March 31, 2026 and December 31, 2025.

(b)This category includes private equity funds that initially invest in nonmarketable securities of private companies, which ultimately may become public in the future. The fair values of these investments have been estimated using capital accounts representing the Company’s ownership interest in the funds and may also include other performance inputs. The Company’s investment in each fund is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying assets of the private equity funds. The liquidation period for the investments in these funds is unknown at both March 31, 2026 and December 31, 2025.

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(c)This category includes several real assets funds that invest directly and indirectly in real estate or infrastructure. The fair values of the investments have been estimated using capital accounts representing the Company’s ownership interest in the funds. The Company’s investments that are not subject to redemption or are not currently redeemable are normally returned through distributions and realizations of the underlying assets of the funds. The liquidation period for the investments in the funds that are not subject to redemptions is unknown at both March 31, 2026 and December 31, 2025.

(d)This category includes hedge funds and funds of hedge funds that invest primarily in equities, fixed income securities, mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company's ownership interest in partners' capital. The investments in hedge funds will be redeemed upon settlement of certain deferred cash compensation liabilities.

(e)This category includes the underlying third-party private equity funds within consolidated BlackRock sponsored private equity funds of funds. These investments are not subject to redemption or are not currently redeemable; however, for certain funds, the Company may sell or transfer its interest, which may need approval by the general partner of the underlying funds. Due to the nature of the investments in this category, the Company reduces its investment by distributions that are received through the realization of the underlying assets of the funds. The liquidation period for the underlying assets of these funds is unknown.

Fair Value Option

At March 31, 2026 and December 31, 2025, the Company elected the fair value option for certain investments in CLOs of approximately $537 million and $568 million, respectively, reported within investments.

9. Derivatives and Hedging

The Company maintains a program to enter into exchange-traded futures as a macro hedging strategy to hedge market price and interest rate exposures with respect to its total portfolio of seed investments in sponsored investment products. The Company had outstanding exchange-traded futures related to this macro hedging strategy with aggregate notional values of approximately $1.7 billion at both March 31, 2026 and December 31, 2025, with expiration dates during the second and first quarter of 2026, respectively.

In addition, the Company enters into exchange-traded futures to economically hedge the exposure to market movements on certain deferred cash compensation plans. At March 31, 2026 and December 31, 2025, the Company had outstanding exchange-traded futures with aggregate notional values related to its deferred cash compensation hedging program of approximately $271 million and $231 million, with expiration dates during the second and first quarter of 2026, respectively.

Changes in the value of the futures contracts are recognized as gains or losses within nonoperating income (expense). Variation margin payments, which represent settlements of profit/loss, are generally received or made daily, and are reflected in other assets and other liabilities on the condensed consolidated statements of financial condition. These amounts were not material as of March 31, 2026 and December 31, 2025.

The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange movements. The Company had outstanding forward foreign currency exchange contracts with aggregate notional values of approximately $3.3 billion at March 31, 2026 with expiration dates during the second quarter of 2026, and $3.0 billion at December 31, 2025 with expiration dates during the first quarter of 2026.

At both March 31, 2026 and December 31, 2025, the Company had a derivative providing credit protection with a notional amount of approximately $17 million to a counterparty, representing the Company’s maximum risk of loss with respect to the derivative. The Company carries the derivative at fair value based on the expected discounted future cash outflows under the arrangement.

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The following table presents the fair values of derivative instruments recognized in the condensed consolidated statements of financial condition at March 31, 2026 and December 31, 2025:

	Assets					Liabilities
(in millions)	Statement of Financial Condition Classification	March 31, 2026		December 31, 2025		Statement of Financial Condition Classification	March 31, 2026		December 31, 2025
Derivative instruments
Forward foreign currency    exchange contracts	Other assets	$	4	$	10	Other liabilities	$	25	$	1

The following table presents realized and unrealized gains (losses) recognized in the condensed consolidated statements of income on derivative instruments:

		Three Months Ended
		March 31,
	Statement of Income	2026			2025
(in millions)	Classification	Gains (Losses)
Derivative instruments
Exchange-traded futures(1)	Net gain (loss) on investments	$	14		$	4
Forward foreign currency    exchange contracts	General and administration expense		(35	)		47
Total gain (loss) from derivative    instruments		$	(21	)	$	51

(1)Amounts for the three months ended March 31, 2026 and 2025 include $25 million and $10 million of gains on futures used in a macro hedging strategy of seed investments, respectively, and $11 million and $6 million of losses on futures used to economically hedge certain deferred cash compensation plans, respectively.

The Company's CIPs may utilize derivative instruments as a part of the funds' investment strategies. The change in fair value of such derivatives, which is recorded in nonoperating income (expense), was not material for the three months ended March 31, 2026 and 2025.

See Note 14, Borrowings in this filing and Note 15, Borrowings, in the 2025 Form 10-K, for more information on the Company’s net investment hedge.

10. Goodwill

Goodwill activity during the three months ended March 31, 2026 was as follows:

(in millions)
December 31, 2025	$	35,283
Other		13
March 31, 2026	$	35,296

11. Intangible Assets

The carrying amounts of identifiable intangible assets are summarized as follows:

(in millions)	Indefinite-lived		Finite-lived			Total
December 31, 2025	$	20,428	$	7,540		$	27,968
Amortization expense		—		(277	)		(277	)
March 31, 2026	$	20,428	$	7,263		$	27,691

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12. Leases

The following table presents components of lease cost included in general and administration expense on the condensed consolidated statements of income:

	Three Months Ended
	March 31,
(in millions)	2026		2025
Lease cost:
Operating lease cost(1)	$	66	$	50
Variable lease cost(2)		18		17
Total lease cost	$	84	$	67

(1)Amounts include short-term leases, which are immaterial for the three months ended March 31, 2026 and 2025.

(2)Amounts include operating lease payments, which may be adjusted based on usage, changes in an index or market rate, as well as common area maintenance charges and other variable costs not included in the measurement of ROU assets and operating lease liabilities.

Supplemental information related to operating leases is summarized below:

	Three Months Ended
	March 31,
(in millions)	2026		2025
Supplemental cash flow information:
Operating cash flows from operating leases included in the measurement    of operating lease liabilities	$	49	$	49
Supplemental noncash information:
ROU assets in exchange for operating lease liabilities	$	27	$	30

	March 31,			December 31,
	2026			2025
Lease term and discount rate:
Weighted-average remaining lease term		12	years		13	years
Weighted-average discount rate		4	%		4	%

13. Other Assets

The Company records certain corporate investments, which exclude seed and co-investments in the Company's sponsored investment products, within other assets on the condensed consolidated statements of financial condition.

At both March 31, 2026 and December 31, 2025, the Company had $1.6 billion of corporate equity method investments, recorded within other assets. At both March 31, 2026 and December 31, 2025, the Company's ownership interest in its minority investment in iCapital Network Inc. ("iCapital") was approximately 22%, and the carrying value of the Company's interest was $0.7 billion. In accordance with GAAP, certain equity method investees, including iCapital, do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value.

At both March 31, 2026 and December 31, 2025, the Company had $0.8 billion of other nonequity method corporate minority investments recorded within other assets. These investments include equity securities, generally measured at fair value or under the measurement alternative to fair value for nonmarketable securities, and corporate minority private debt investments measured at fair value. Changes in value of the equity securities are recorded in nonoperating income (expense) and changes in value of the debt securities are recorded in AOCI, net of tax. See Note 2, Significant Accounting Policies, in the notes to the consolidated financial statements contained in the 2025 Form 10-K for further information.

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14. Borrowings

Short-Term Borrowings

2026 Revolving Credit Facility. The Company maintains an unsecured revolving credit facility, which is available for working capital and general corporate purposes (the “2026 Credit Facility”). In March 2026, the 2026 Credit Facility was amended to, among other things, (1) increase the aggregate commitment amount by $400 million to $6.3 billion, (2) extend the maturity date to March 2031 for lenders pursuant to the Company's option to request extensions of the maturity date available under the 2026 Credit Facility and (3) remove the secured overnight financing rate ("SOFR") adjustment for all SOFR-based loans. The amended 2026 Credit Facility permits the Company to request up to an additional $1.4 billion of borrowing capacity, subject to lender credit approval, which could increase the overall size of the 2026 Credit Facility to an aggregate principal amount of up to $7.7 billion. Interest on outstanding borrowings accrues at an applicable benchmark rate for the denominated currency of the loan, plus a spread. The 2026 Credit Facility requires the Company not to exceed a maximum consolidated leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3.5 to 1, which was satisfied with a ratio of less than 1 to 1 at March 31, 2026. At March 31, 2026, the Company had no amount outstanding under the 2026 Credit Facility.

Commercial Paper Program. The Company may issue short-term unsecured commercial paper notes (the “CP Notes”) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $5 billion. The payments of the CP Notes have been unconditionally guaranteed by BlackRock Finance, Inc. (formerly known as BlackRock, Inc.) ("Old BlackRock") (the "CP Notes Guarantee"). The CP Notes will rank equal in right of payment with all of BlackRock's other unsubordinated indebtedness, and the obligations of Old BlackRock under the CP Notes Guarantee will rank equal in right of payment with all of Old BlackRock's other unsubordinated indebtedness. Net proceeds of issuances of the CP Notes are expected to be used for general corporate purposes. The commercial paper program is currently supported by the 2026 Credit Facility. At March 31, 2026, BlackRock had no CP Notes outstanding.

Subsidiary Credit Facility. BlackRock Investment Management (UK) Limited ("BIM UK"), a wholly owned subsidiary of the Company, maintains a revolving credit facility (the “Subsidiary Credit Facility”) in the amount of £25 million (or approximately $33 million based on the GBP/USD foreign exchange rate at March 31, 2026) with a rolling 364-day term structure. The Subsidiary Credit Facility is available for BIM UK's general corporate and working capital purposes. At March 31, 2026, there was no amount outstanding.

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Long-Term Borrowings

The carrying value and fair value of long-term borrowings determined using market prices and EUR/USD foreign exchange rate at March 31, 2026 included the following:

(in millions)	Maturity Amount		Unamortized Discount and Debt Issuance Costs(1)			Carrying Value		Fair Value
3.20% Notes due 2027(2)	$	700	$	—		$	700	$	694
4.60% Notes due 2027		800		(2	)		798		806
4.70% Notes due 2029		500		(3	)		497		508
3.25% Notes due 2029(2)		1,000		(4	)		996		972
2.40% Notes due 2030(2)		1,000		(3	)		997		927
1.90% Notes due 2031(2)		1,250		(6	)		1,244		1,113
2.10% Notes due 2032(2)		1,000		(9	)		991		875
4.75% Notes due 2033(2)		1,250		(15	)		1,235		1,254
5.00% Notes due 2034		1,000		(6	)		994		1,012
4.90% Notes due 2035		500		(5	)		495		500
3.75% Notes due 2035		1,153		(8	)		1,145		1,136
5.25% Notes due 2054		1,500		(30	)		1,470		1,393
5.35% Notes due 2055		1,200		(13	)		1,187		1,128
Total long-term borrowings	$	12,853	$	(104	)	$	12,749	$	12,318

(1)The unamortized discount and debt issuance costs are amortized over the term of the notes.

(2)Issued by Old BlackRock and guaranteed by BlackRock, Inc.

Long-term borrowings at December 31, 2025 had a carrying value of $12.8 billion and a fair value of $12.5 billion, determined using market prices at the end of December 31, 2025.

See Note 15, Borrowings, in the 2025 Form 10-K for more information regarding the Company’s borrowings.

15. Commitments and Contingencies

Investment Commitments. At March 31, 2026, the Company had $2.7 billion of various capital commitments to fund sponsored investment products, including CIPs. These products include various private market products, including private equity funds, real assets funds and opportunistic funds. This amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds. Generally, the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment. These unfunded commitments are not recorded on the condensed consolidated statements of financial condition. These commitments do not include potential future commitments approved by the Company that are not yet legally binding. The Company intends to make additional capital commitments from time to time to fund additional investment products for, and with, its clients.

Contingencies

Contingent Consideration Liabilities. In connection with certain acquisitions, BlackRock is required to make contingent payments, subject to the achievement of specified performance targets or satisfaction of certain post-closing events. The fair value of any contingent consideration is estimated at the time of acquisition closing and is included in contingent consideration liabilities on the condensed consolidated statements of financial condition. The fair value of the remaining aggregate contingent payments at March 31, 2026 totaled $7.9 billion, including $4.3 billion and $3.4 billion related to the GIP and HPS Transactions, respectively. The contingent payments related to the GIP Transaction, if any, will be settled all in stock, for a number of shares ranging from 4.0 million to 5.2 million shares, subject to achieving certain performance targets. The contingent payments related to the HPS Transaction, if any, will be delivered all in Subco Units of approximately 2.8 million to 4.4 million, subject to achieving certain post-closing conditions and financial performance milestones.

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Legal Proceedings. From time to time, BlackRock receives subpoenas or other requests for information from various US federal and state governmental and regulatory authorities and international governmental and regulatory authorities in connection with industry-wide or other investigations or proceedings. It is BlackRock’s policy to cooperate fully with such matters. The Company, certain of its subsidiaries and employees have been named as defendants in various legal actions, including arbitrations and other litigations arising in connection with BlackRock’s activities. Additionally, BlackRock-advised investment portfolios may be subject to lawsuits, any of which potentially could harm the investment returns of the applicable portfolio or result in the Company being liable to the portfolios for any resulting damages.

BlackRock is currently defending a lawsuit filed by thirteen state Attorneys General in Federal Court in the Eastern District of Texas against BlackRock, State Street, and Vanguard, alleging antitrust violations on the theory that the three companies conspired to artificially suppress coal supply. Four states are also pursuing alleged violations of state consumer protection laws regarding statements on BlackRock fund websites. In 2025, the court largely denied defendants' motion to dismiss.

Management, after consultation with legal counsel, currently does not anticipate that the aggregate liability arising out of regulatory matters or lawsuits will have a material effect on BlackRock’s results of operations, financial position, or cash flows. However, there is no assurance as to whether any such pending or threatened matters will have a material effect on BlackRock’s results of operations, financial position or cash flows in any future reporting period. Due to uncertainties surrounding the outcome of these matters, management cannot reasonably estimate the possible loss or range of loss that may arise from these matters.

Indemnifications. In the ordinary course of business or in connection with certain acquisition agreements, BlackRock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances. The terms of these indemnities vary from contract to contract and the amount of indemnification liability, if any, cannot be determined or the likelihood of any liability is considered remote. Consequently, no liability has been recorded on the condensed consolidated statements of financial condition.

In connection with securities lending transactions, BlackRock has agreed to indemnify certain securities lending clients against potential loss resulting from a borrower’s failure to fulfill its obligations under the securities lending agreement should the value of the collateral pledged by the borrower at the time of default be insufficient to cover the borrower’s obligation under the securities lending agreement. The amount of securities on loan as of March 31, 2026 and subject to this type of indemnification was approximately $397 billion. In the Company’s capacity as lending agent, cash and securities totaling approximately $422 billion were held as collateral for indemnified securities on loan at March 31, 2026. The fair value of these indemnifications was not material at March 31, 2026.

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16. Revenue

The table below presents detail of revenue for the three months ended March 31, 2026 and 2025 and includes the product type mix of investment advisory, administration fees and securities lending revenue, and performance fees.

	Three Months Ended
	March 31,
(in millions)	2026		2025
Revenue
Investment advisory, administration fees and    securities lending revenue:
Equity:
Active	$	593	$	518
ETFs		1,793		1,349
Equity subtotal		2,386		1,867
Fixed income:
Active		531		492
ETFs		434		352
Fixed income subtotal		965		844
Active multi-asset		371		313
Alternatives:
Private markets		658		535
Liquid alternatives		197		150
Alternatives subtotal		855		685
Non-ETF index		342		307
Digital assets, commodities and multi-asset ETFs(1)		179		92
Long-term		5,098		4,108
Cash management		340		293
Total investment advisory, administration fees    and securities lending revenue(2)		5,438		4,401
Investment advisory performance fees:
Equity		22		10
Fixed income		2		12
Multi-asset		9		4
Alternatives:
Private markets		232		24
Liquid alternatives		7		10
Alternatives subtotal		239		34
Total investment advisory performance fees		272		60
Technology services and subscription revenue		530		436
Distribution fees		389		321
Advisory and other revenue:
Advisory		12		14
Other		57		44
Total advisory and other revenue		69		58
Total revenue	$	6,698	$	5,276

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

(2)Amounts include securities lending revenue of $179 million and $157 million for the three months ended March 31, 2026 and 2025, respectively.

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The tables below present the investment advisory, administration fees and securities lending revenue by client type and investment style:

	Three Months Ended
	March 31,
(in millions)	2026		2025
By client type:
Retail	$	1,263	$	1,061
ETFs		2,406		1,793
Institutional:
Active		1,174		1,016
Index		255		238
Institutional subtotal		1,429		1,254
Long-term		5,098		4,108
Cash management		340		293
Total	$	5,438	$	4,401
By investment style:
Active	$	2,350	$	2,008
ETFs		2,406		1,793
Non-ETF index		342		307
Long-term		5,098		4,108
Cash management		340		293
Total	$	5,438	$	4,401

Investment Advisory and Administration Fees – Remaining Performance Obligation

The tables below present estimated investment advisory and administration fees expected to be recognized in the future related to the unsatisfied portion of the performance obligations at March 31, 2026 and 2025:

March 31, 2026

	Remainder of
(in millions)	2026		2027		2028		2029		Thereafter		Total
Investment advisory and    administration fees:
Alternatives(1)(2)	$	355	$	451	$	233	$	40	$	35	$	1,114

March 31, 2025

	Remainder of
(in millions)	2025		2026		2027		2028		Thereafter		Total
Investment advisory and    administration fees:
Alternatives(1)(2)	$	369	$	445	$	416	$	131	$	32	$	1,393

(1)Investment advisory and administration fees include management fees related to certain private markets products, which are determined based on known contractual committed capital outstanding at March 31, 2026 and 2025. Revenue attributed to future periods could be subject to change due to a change in business activities (e.g., post-investment period) and actual amounts could differ from amounts disclosed.

(2)The Company elected practical expedients to exclude amounts related to (a) performance obligations with an original duration of one year or less, and (b) variable consideration related to future service periods.

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Change in Deferred Carried Interest Liability

The table below presents changes in the deferred carried interest liability, which is included in other liabilities on the condensed consolidated statements of financial condition, for the three months ended March 31, 2026 and 2025:

	Three Months Ended
	March 31,
(in millions)	2026			2025
Beginning balance	$	3,515		$	1,860
Net increase (decrease) in unrealized allocations		169			104
Performance fee revenue recognized		(124	)		(32	)
Ending balance	$	3,560		$	1,932

Technology Services and Subscription Revenue – Remaining Performance Obligation

The tables below present estimated technology services and subscription revenue expected to be recognized in the future related to the unsatisfied portion of the performance obligations at March 31, 2026 and 2025:

March 31, 2026

	Remainder of
(in millions)	2026		2027		2028		2029		Thereafter		Total
Technology services and    subscription revenue(1)(2)	$	171	$	141	$	87	$	50	$	60	$	509

March 31, 2025

	Remainder of
(in millions)	2025		2026		2027		2028		Thereafter		Total
Technology services and    subscription revenue(1)(2)	$	177	$	141	$	73	$	38	$	51	$	480

(1)Technology services and subscription revenue includes upfront payments from customers, which the Company recognizes as services are performed. Revenue attributed to future periods could be subject to change due to a change in business activities and actual amounts could differ from amounts disclosed.

(2)The Company elected practical expedients to exclude amounts related to (a) performance obligations with an original duration of one year or less, and (b) variable consideration related to future service periods.

In addition to amounts disclosed in the tables above, certain technology services and subscription contracts require fixed minimum fees, which are billed on a monthly or quarterly basis in arrears. The Company recognizes such revenue as services are performed. As of March 31, 2026, the estimated fixed minimum fees for the remainder of the year approximated $1.0 billion. The term for these contracts, which are either in their initial or renewal period, ranges from one to five years.

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The table below presents changes in the technology services and subscription deferred revenue liability for the three months ended March 31, 2026 and 2025, which is included in other liabilities on the condensed consolidated statements of financial condition:

	Three Months Ended
	March 31,
(in millions)	2026			2025
Beginning balance	$	260		$	124
Acquisition(1)		—			88
Additions(2)		67			44
Revenue recognized that was included    in the beginning balance		(75	)		(24	)
Ending balance	$	252		$	232

(1)Amount for 2025 includes deferred revenue acquired in connection with the Preqin Transaction, net of revenue recognized. See Note 3, Acquisitions, for information on the Preqin Transaction.

(2)Amounts are net of revenue recognized.

17. Stock-Based Compensation

Restricted Stock Units ("RSUs")

Time-Based RSUs

RSU activity for the three months ended March 31, 2026 is summarized below.

Outstanding at	RSUs			Weighted- Average Grant Date Fair Value
December 31, 2025		3,237,707		$	896.41
Granted		576,248		$	1,167.90
Converted		(565,132	)	$	812.02
Forfeited		(25,017	)	$	886.38
March 31, 2026		3,223,806		$	959.81

In January 2026, pursuant to the BlackRock, Inc. Third Amended and Restated 1999 Stock Award and Incentive Plan (the "Award Plan"), the Company granted as part of the 2025 annual incentive compensation approximately 342,000 RSUs to employees that vest ratably over three years from the grant date and approximately 183,000 RSUs to employees that cliff vest 100% on January 31, 2029. The Company values RSUs at their grant-date fair value as measured by BlackRock’s common stock price. For certain incentive retention RSUs, which were granted in connection with the HPS Transaction in July 2025, and which are subject to a mandatory holding period post vesting, the grant-date fair value was discounted for the lack of marketability. For certain incentive retention RSUs, which were granted in connection with the GIP Transaction in October of 2024, and which are not entitled to participate in dividends until they vest, the grant-date fair value was reduced by the present value of the dividends expected to be paid on the common shares during the vesting period (present value was determined using a risk-free interest rate). The grant-date fair market value of RSUs granted to employees during the three months ended March 31, 2026 was $673 million.

At March 31, 2026, the intrinsic value of outstanding RSUs was $3.1 billion, reflecting a closing stock price of $962.

At March 31, 2026, total unrecognized stock-based compensation expense related to unvested RSUs was $1.8 billion. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 2.2 years.

29

Performance-Based RSUs

Performance-based RSU activity for the three months ended March 31, 2026 is summarized below.

Outstanding at	Performance- Based RSUs			Weighted- Average Grant Date Fair Value		Performance- Based RSUs in Connection with the GIP Transaction		Weighted- Average Grant Date Fair Value		Total Performance- Based RSUs			Weighted- Average Grant Date Fair Value
December 31, 2025		478,236		$	848.08		199,744	$	845.89		677,980		$	847.43
Granted		137,429		$	1,170.18		—	$	—		137,429		$	1,170.18
Additional shares due to    attainment of performance    measures		24,996		$	743.60		—	$	—		24,996		$	743.60
Converted		(175,588	)	$	743.60		—	$	—		(175,588	)	$	743.60
Forfeited		(2,218	)	$	874.86		—	$	—		(2,218	)	$	874.86
March 31, 2026		462,855		$	977.58		199,744	$	845.89		662,599		$	937.88

In January 2026, the Company granted approximately 137,000 performance-based RSUs to certain employees that cliff vest 100% on January 31, 2029. These awards are amortized over a service period of three years. The number of shares distributed at vesting could be higher or lower than the original grant based on the level of attainment of predetermined Company performance measures. In January 2026, the Company granted 24,996 additional RSUs related to the original 2023 award based on the level of attainment of Company performance measures during the performance period.

The Company values performance-based RSUs at their grant-date fair value as measured by BlackRock’s common stock price. The incentive retention performance-based RSUs granted in connection with the GIP Transaction in October 2024 are not entitled to participate in dividends until they vest, hence the grant-date fair value of the awards are reduced by the present value of the dividends expected to be paid on the common shares during the vesting period (present value was determined using a risk-free interest rate). The total grant-date fair market value of performance-based RSUs granted (including impact due to performance measures) to employees during the three months ended March 31, 2026 was $179 million.

At March 31, 2026, the intrinsic value of outstanding performance-based RSUs was $637 million, reflecting a closing stock price of $962.

At March 31, 2026, total unrecognized stock-based compensation expense related to unvested performance-based awards was $409 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 2.2 years.

Stock Options

Stock option activity and ending balance for the three months ended March 31, 2026 is summarized below.

	2017 Performance-based Options					2023 Performance-based Options				2023 Time-based Options
	Shares Under Option			Weighted Average Exercise Price		Shares Under Option		Weighted Average Exercise Price		Shares Under Option		Weighted Average Exercise Price
Outstanding at December 31, 2025		300,356		$	513.50		678,732	$	673.58		281,377	$	673.58
Exercised		(142,948	)	$	513.50		—	$	—		—	$	—
Outstanding at March 31, 2026		157,408		$	513.50		678,732	$	673.58		281,377	$	673.58

	Options Outstanding								Options Exercisable
Option Type	Exercise Prices		Options Outstanding		Weighted Average Remaining Life (years)		Aggregate Intrinsic Value (in millions)		Exercise Prices		Options Exercisable		Weighted Average Remaining Life (years)		Aggregate Intrinsic Value (in millions)
2017 Performance-based	$	513.50		157,408		0.7	$	71	$	513.50		157,408		0.7	$	71
2023 Performance-based	$	673.58		678,732		6.2		196	$	673.58		—		—		—
2023 Time-based	$	673.58		281,377		6.2		81	$	673.58		—		—		—
				1,117,517		5.4	$	348				157,408		0.7	$	71

At March 31, 2026, total unrecognized stock-based compensation expense related to unvested performance-based and time-based stock options was $65 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 2.4 years.

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Performance-Based Stock Options

In 2017, pursuant to the Award Plan, the Company awarded performance-based stock options to certain employees ("2017 Performance-based Options"). Vesting of the 2017 Performance-based Options was contingent upon (i) the achievement of a stock price equal to at least 125% of the grant-date stock price, maintained for 20 trading days, within five years from the grant date and (ii) the attainment of a Company performance measure during the four-year performance period from January 1, 2018 to December 31, 2021. Both hurdles have been achieved, and each of the three tranches of the awards vested in equal installments at the end of 2022, 2023 and 2024, respectively. Vested 2017 Performance-based Options are exercisable for up to nine years following the grant date. The expense for each tranche has been amortized over the respective requisite service period. The aggregate intrinsic value of 2017 Performance-based Options exercised during the three months ended March 31, 2026 was $87 million.

In 2023, pursuant to the Award Plan, the Company awarded performance-based stock options to certain employees ("2023 Performance-based Options"). Vesting of the 2023 Performance-based Options is contingent upon (i) the achievement of a stock price equal to at least 130% of the grant-date stock price, maintained for 60 calendar days, within four years from the grant date and (ii) the attainment of a predetermined Company performance measure during the three-year performance period from January 1, 2024 to December 31, 2026. As of March 31, 2026, the price hurdle was achieved and the Company assumes that the performance measure will be achieved. Accordingly, the awards are expected to vest in three tranches of 25%, 25% and 50% in May 2027, 2028 and 2029, respectively. Vested 2023 Performance-based Options will be exercisable for up to nine years following the grant date, and the awards are forfeited if the employee resigns before the respective vesting date. The expense for each tranche is amortized over the respective requisite service period.

Time-Based Stock Options

In 2023, pursuant to the Award Plan, the Company awarded time-based stock options to certain employees ("2023 Time-based Options"). These awards will vest in three tranches of 25%, 25% and 50% in May 2027, 2028 and 2029, respectively. Vested 2023 Time-based Options can be exercised up to nine years following the grant date, and the awards are forfeited if the employee resigns before the respective vesting date. The expense is amortized over the respective requisite service period.

See Note 18, Stock-Based Compensation, in the 2025 Form 10-K for more information on RSUs, performance-based RSUs and stock options.

18. Related Party Transactions

The Company derives a significant portion of its investment advisory, administration fees and investment advisory performance fees from investment products that it manages. In addition, equity method investments are considered related parties, due to the Company’s influence over the financial and operating policies of the investee. As a result, a majority of BlackRock's investment advisory, administration fees and investment advisory performance fees as well as accounts receivable related to such revenue are from related parties.

Due from Related Parties

Due from related parties, which is included within other assets on the condensed consolidated statements of financial condition, was $435 million and $377 million at March 31, 2026 and December 31, 2025, respectively, and represented receivables from certain investment products managed by BlackRock.

19. Net Capital Requirements

The Company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions, which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions. As a result, such subsidiaries of the Company may be restricted in their ability to transfer cash between different jurisdictions and to their parents. Additionally, transfers of cash between international jurisdictions may have adverse tax consequences that could discourage such transfers.

At March 31, 2026, the Company was required to maintain approximately $2.2 billion in net capital in certain regulated subsidiaries, including BlackRock Institutional Trust Company, N.A. (a consolidated subsidiary of the Company, which is chartered as a national bank whose operations are limited to trust and other fiduciary activities and which is subject to regulatory capital requirements administered by the US Office of the Comptroller of the Currency), entities regulated by the Financial Conduct Authority and Prudential Regulation Authority in the UK, and the Company’s broker-dealers. The Company was in compliance with all applicable regulatory net capital requirements.

31

20. Accumulated Other Comprehensive Income (Loss)

The following table presents changes in AOCI for the three months ended March 31, 2026 and 2025:

	Three Months Ended
	March 31,
(in millions)	2026			2025
Beginning balance	$	(545	)	$	(1,178	)
Foreign currency translation adjustments(1)		(139	)		227
Change in BlackRock, Inc.'s ownership interest		6			—
Ending balance	$	(678	)	$	(951	)

(1)Amount for the three months ended March 31, 2026 includes a gain from a net investment hedge of $17 million (net of tax expense of $5 million). Amount for the three months ended March 31, 2025 included a loss from a net investment hedge of $34 million (net of tax benefit of $11 million).

21. Capital Stock

Share Repurchases. In January 2026, the Company announced that the Board of Directors authorized the repurchase of an additional seven million shares under the Company's existing share repurchase program for a total of up to approximately 9.2 million shares of BlackRock common stock.

During the three months ended March 31, 2026, under the Company’s existing share repurchase program, the Company repurchased an aggregate of 0.4 million shares and share equivalents for approximately $450 million. At March 31, 2026, there were approximately 8.8 million shares still authorized to be repurchased under the program. The timing and actual number of shares repurchased will depend on a variety of factors, including legal limitations, price and market conditions.

22. Income Taxes

Income tax expense for the three months ended March 31, 2026 includes a $57 million discrete tax benefit related to vested stock-based compensation awards.

Income tax expense for the three months ended March 31, 2025 included a $149 million discrete tax benefit related to the realization from changes in the Company's organizational structure and a $46 million discrete tax benefit related to vested stock-based compensation awards.

23. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three months ended March 31, 2026 and 2025:

	Three Months Ended
	March 31,
(in millions, except shares and per share data)	2026		2025
Basic net income attributable to BlackRock, Inc.	$	2,212	$	1,510
Add: Incremental net income from dilutive securities - NCI - Subco		108		—
Diluted net income attributable to BlackRock, Inc.	$	2,320	$	1,510
Basic weighted-average shares outstanding		155,308,809		155,038,772
Dilutive effect of:
Nonparticipating RSUs		1,664,513		1,111,006
Stock options		385,888		482,245
Subco Units		7,641,897		—
Total diluted weighted-average shares outstanding		165,001,107		156,632,023
Basic earnings per share	$	14.24	$	9.74
Diluted earnings per share	$	14.06	$	9.64

The Company applies the treasury stock method to determine the dilutive weighted-average common shares outstanding for RSUs and stock options. The Company applies the “if-converted” method to the Subco Units to determine the dilutive impact, if any, of the exchange right included in the Subco Units.

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For the three months ended March 31, 2026, 465,960 shares primarily related to RSUs were excluded from the calculation of diluted EPS because to include them would have an anti-dilutive effect. The amount of anti-dilutive shares was immaterial for the three months ended March 31, 2025. Certain performance-based awards were excluded from the diluted EPS calculation because the designated contingencies were not met.

24. Segment Information

The Company’s management directs BlackRock’s operations as one business, the asset management business. As such, the Company operates in one asset management operating segment. The Company's chief operating decision maker ("CODM") is its Chairman and Chief Executive Officer, who reviews financial information presented, including significant expenses on a consolidated basis, as presented in the condensed consolidated statements of income. The CODM utilizes a consolidated approach to assess performance and allocates resources using key financial metrics including total revenue, operating income and net income attributable to BlackRock, Inc. These financial metrics are used by the CODM to make key operating decisions, including capital allocation, determining annual and long-term compensation and managing costs in relation to revenue. Furthermore, these financial metrics are used to evaluate financial performance based on consolidated specific business objectives, contributions to the total firm operating margin and to evaluate the Company's relative performance against industry peers. See the condensed consolidated financial statements for key financial metrics used by the CODM and for more financial information regarding the Company’s operating segment. The measure of segment assets is reported on the balance sheet as total consolidated assets.

The following table illustrates total revenue for the three months ended March 31, 2026 and 2025 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the customer resides, or affiliated services are provided.

	Three Months Ended
	March 31,
(in millions)	2026		2025
Revenue
Americas	$	4,372	$	3,477
Europe		1,959		1,557
Asia-Pacific		367		242
Total revenue	$	6,698	$	5,276

See Note 16, Revenue, for further information on the Company’s sources of revenue.

The following table illustrates long-lived assets that consist of goodwill and property and equipment at March 31, 2026 and December 31, 2025 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the asset is physically located.

	March 31,		December 31,
(in millions)	2026		2025
Long-lived Assets
Americas	$	32,516	$	32,492
Europe		3,917		3,921
Asia-Pacific		142		126
Total long-lived assets	$	36,575	$	36,539

Americas is primarily comprised of the US, and also includes Latin America and Canada. Europe is primarily comprised of the UK, Luxembourg and the Netherlands, and also includes Switzerland, Ireland and France. Asia-Pacific is primarily comprised of Hong Kong, Japan, India, Singapore and Australia.

25. Subsequent Events

The Company conducted a review for additional subsequent events and determined that no subsequent events had occurred that would require accrual or additional disclosures.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

FORWARD-LOOKING STATEMENTS

This report, 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 reports. These risk factors and those identified elsewhere in this report, 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 (“AUM”); (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 acquisitions of Global Infrastructure Management, LLC (“GIP” or the “GIP Transaction”), Preqin Holding Limited (“Preqin” or the “Preqin Transaction”) and HPS Investment Partners (“HPS” or the “HPS Transaction” and together with the GIP Transaction and the Preqin Transaction, the “Transactions”); (7) BlackRock’s ability to integrate acquired businesses successfully, including the Transactions; (8) the unfavorable resolution of legal proceedings; (9) the extent and timing of any share repurchases; (10) the impact, extent and timing of technological changes and the adequacy of intellectual property, data, information and cybersecurity protection; (11) the failure to effectively manage the development and use of artificial intelligence; (12) attempts to circumvent BlackRock’s operational control environment or the potential for human error in connection with BlackRock’s operational systems; (13) the impact of legislative and regulatory actions and reforms, supervisory or enforcement actions of government agencies and governmental scrutiny relating to BlackRock; (14) changes in law and policy and uncertainty pending any such changes; (15) any failure to effectively manage conflicts of interest; (16) damage to BlackRock’s reputation; (17) increasing focus from stakeholders regarding environmental and social-related matters; (18) 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; (19) climate-related risks to BlackRock’s business, products, operations and clients; (20) the ability to attract, train and retain highly qualified professionals; (21) fluctuations in the carrying value of BlackRock’s economic investments; (22) 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; (23) BlackRock’s success in negotiating distribution arrangements and maintaining distribution channels for its products; (24) the failure by key third-party providers to fulfill their obligations to BlackRock; (25) operational, technological and regulatory risks associated with BlackRock’s major technology partnerships; (26) any disruption to the operations of third parties whose functions are integral to BlackRock’s exchange-traded products (“ETPs”) platform; (27) 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 (28) the impact of problems, instability or failure of other financial institutions or the failure or negative performance of products offered by other financial institutions.

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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 $13.9 trillion of AUM at March 31, 2026. With approximately 25,400 employees in more than 30 countries, BlackRock provides a broad range of investment management and technology and subscription services to institutional and retail clients in more than 100 countries across the globe.

BlackRock’s diverse platform of alpha-seeking active, private markets, index and cash management investment strategies across asset classes enables the Company to offer choice and tailor investment and asset allocation solutions for clients. Product offerings include single- and multi-asset portfolios investing in equities, fixed income, private markets, liquid alternatives, digital assets, currencies and commodities, 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® ETFs, separate accounts, collective trust funds and other pooled investment vehicles. BlackRock also offers technology and subscription services, including the investment and risk management technology platform, Aladdin®, Aladdin WealthTM, eFront®, Preqin 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.

Certain prior period presentations were reclassified to ensure comparability with current period classifications.

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EXECUTIVE SUMMARY

	Three Months Ended
	March 31,
(in millions, except per share data)	2026			2025
GAAP basis(1):
Total revenue	$	6,698		$	5,276
Total expense		3,884			3,578
Operating income	$	2,814		$	1,698
Operating margin		42.0	%		32.2	%
Nonoperating income (expense), less net income    (loss) attributable to noncontrolling interests    ("NCI") - consolidated sponsored investment    products ("CIPs")		22			60
Income tax expense		516			248
Less: Net income (loss) attributable to NCI - Subco		108			—
Net income attributable to BlackRock	$	2,212		$	1,510
Diluted earnings per common share	$	14.06		$	9.64
Effective tax rate		18.2	%		14.1	%
As adjusted(2):
Operating income	$	2,669		$	2,032
Operating margin		44.5	%		43.2	%
Nonoperating income (expense), less net income    (loss) attributable to NCI - CIPs	$	22		$	75
Net income attributable to BlackRock(3)	$	2,068		$	1,770
Diluted earnings per common share(3)	$	12.53		$	11.30
Effective tax rate		23.2	%		16.0	%
Other:
Assets under management (end of period)	$	13,894,600		$	11,583,928
Diluted weighted-average common shares    outstanding (including Subco Units)		165.0			156.6
Shares outstanding including Subco Units(4)		163.0			155.0
Book value per share(5)	$	364.87		$	309.86
Cash dividends declared and paid per share	$	5.73		$	5.21

(1)Accounting principles generally accepted in the United States (“GAAP”).

(2)As adjusted items are described in more detail in Non-GAAP Financial Measures.

(3)Net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, assume all Subco Units have been exchanged in accordance with their terms on a one-for-one basis into common stock of BlackRock. Accordingly, the noncontrolling interest allocated to these Subco Units has been included as part of net income attributable to BlackRock, Inc., as adjusted. See Non-GAAP Financial Measures for further information.

(4)As of March 31, 2026, there were 155.4 million shares of common stock and 7.6 million Subco Units outstanding.

(5)Total BlackRock stockholders’ equity divided by total shares of common stock outstanding at March 31 of the respective period-end.

Three Months Ended March 31, 2026 Compared with Three Months Ended March 31, 2025

GAAP. Operating income of $2.8 billion increased $1.1 billion and operating margin of 42.0% increased 980 bps from the three months ended March 31, 2025. Increases in operating income and operating margin were driven by higher revenue, reflecting organic base fee growth, the positive impact of markets, and fees related to the HPS Transaction. GAAP operating income and operating margin were also impacted by noncash acquisition-related items in connection with the HPS and GIP Transactions.

Nonoperating income (expense), net of NCI - CIPs decreased $38 million from the three months ended March 31, 2025, driven primarily by lower dividend income and net interest income (expense).

First quarter 2026 and 2025 income tax expense includes $57 million and $46 million of discrete tax benefits, respectively, related to vested stock-based compensation awards. In addition, first quarter 2025 income tax expense included $149 million of net discrete tax benefits realized from changes in the Company's organizational entity structure.

Earnings per diluted common share increased $4.42, or 46%, from the three months ended March 31, 2025, reflecting higher operating income, impacted by noncash acquisition-related items, partially offset by lower nonoperating income, a higher effective tax rate, and a higher diluted share count in connection with the HPS Transaction.

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As Adjusted. Operating income of $2.7 billion increased $637 million and operating margin of 44.5% increased 130 bps from the three months ended March 31, 2025. The noncash acquisition-related items described above have been excluded from as adjusted results. Earnings per diluted common share increased $1.23, or 11%, from the three months ended March 31, 2025, primarily reflecting higher operating income, partially offset by lower nonoperating income, a higher effective tax rate, and a higher diluted share count in the current quarter.

See Non-GAAP Financial Measures for further information on as adjusted items and the reconciliation to GAAP.

For further discussion of BlackRock’s revenue, expense, nonoperating results and income tax expense, see Discussion of Financial Results herein.

NON-GAAP FINANCIAL MEASURES

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.

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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:

	Three Months Ended
	March 31,
(in millions)	2026			2025
Operating income, GAAP basis	$	2,814		$	1,698
Non-GAAP expense adjustments:
Compensation expense related to appreciation   (depreciation) on deferred cash compensation plans (a)		5			(3	)
Amortization of intangible assets (b)		277			117
Acquisition-related compensation costs (b)		107			85
Acquisition-related transaction costs (b)(1)		15			39
Change in fair value of contingent consideration (b)		(549	)		96
Operating income, as adjusted	$	2,669		$	2,032
Revenue, GAAP basis	$	6,698		$	5,276
Non-GAAP adjustments:
Distribution fees		(389	)		(321	)
Investment advisory fees		(316	)		(249	)
Revenue used for operating margin measurement	$	5,993		$	4,706
Operating margin, GAAP basis		42.0	%		32.2	%
Operating margin, as adjusted		44.5	%		43.2	%

(1)Amounts included within general and administration expense.

(2) Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, as adjusted:

	Three Months Ended
	March 31,
(in millions)	2026		2025
Nonoperating income (expense), GAAP basis	$	28	$	65
Less: Net income (loss) attributable to NCI - CIPs		6		5
Nonoperating income (expense), net of NCI - CIPs		22		60
Less: Hedge gain (loss) on deferred cash compensation    plans (a)		—		(15	)
Nonoperating income (expense), less net income (loss)    attributable to NCI - CIPs, as adjusted	$	22	$	75

(3) Net income attributable to BlackRock, Inc., as adjusted:

	Three Months Ended
	March 31,
(in millions, except per share data)	2026			2025
Net income attributable to BlackRock, Inc., GAAP basis	$	2,212		$	1,510
Noncontrolling interest - Subco		108			—
Net income attributable to BlackRock, Inc., (for diluted EPS)		2,320			1,510
Non-GAAP adjustments(1):
Net impact of hedged deferred cash compensation plans (a)		4			9
Amortization of intangible assets (b)		207			87
Acquisition-related compensation costs (b)		80			63
Acquisition-related transaction costs (b)		11			29
Change in fair value of contingent consideration (b)		(554	)		72
Net income attributable to BlackRock, Inc., as adjusted	$	2,068		$	1,770
Diluted weighted-average common shares outstanding		165.0			156.6
Diluted earnings per common share, GAAP basis	$	14.06		$	9.64
Diluted earnings per common share, as adjusted	$	12.53		$	11.30

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

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(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, change in fair value of contingent consideration (primarily associated with noncash contingent consideration) 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. 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 - CIPs, as adjusted: Management believes nonoperating income (expense), less net income (loss) attributable to NCI - CIPs, 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 - CIPs, 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 - CIPs, 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. In addition, the non-GAAP adjustment in 2025 and 2026 related to the change in fair value of contingent consideration is primarily not deductible for income tax purposes.

•In addition, beginning in the third quarter of 2025, in connection with the HPS Transaction, the Company updated its definition of net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, to assume all outstanding Subco Units issued as part of the consideration for the HPS Transaction have been exchanged in accordance with the terms on a one-for-one basis into common stock of BlackRock, as Subco Units will be exchangeable at the option of the holder when exchange rights begin. Accordingly, the noncontrolling interest allocated to these Subco Units has been included as part of net income attributable to BlackRock, Inc., as adjusted. Management believes that these updated non-GAAP measures are useful indicators of BlackRock’s profitability and enhance comparability among periods presented, and therefore are useful to investors.

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

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ASSETS UNDER MANAGEMENT

AUM for reporting purposes generally is based upon how investment advisory and administration fees are calculated for each portfolio. Net asset values, total assets, committed assets or other measures may be used to determine portfolio AUM.

AUM and Net Inflows (Outflows) by Product Type
	AUM						Net inflows (outflows)
	March 31,		December 31,		March 31,		Three Months Ended March 31,			Twelve Months Ended March 31,
(in millions)	2026		2025		2025		2026			2026
Equity	$	7,661,385	$	7,793,875	$	6,204,549	$	71,842		$	272,656
Fixed income		3,270,863		3,272,021		3,006,670		34,314			160,975
Multi-asset		1,222,612		1,223,625		1,002,681		17,827			81,550
Alternatives:
Private markets		320,431		322,624		212,354		9,076			41,766
Liquid alternatives		108,639		100,990		79,356		5,551			14,539
Alternatives subtotal		429,070		423,614		291,710		14,627			56,305
Digital assets		60,671		78,435		50,329		935			32,343
Currency and    commodities(1)		176,676		169,216		97,355		(3,644	)		16,206
Long-term		12,821,277		12,960,786		10,653,294		135,901			620,035
Cash management		1,073,323		1,080,732		930,634		(6,177	)		123,780
Total	$	13,894,600	$	14,041,518	$	11,583,928	$	129,724		$	743,815
AUM and Net Inflows (Outflows) by Client Type and Product Type
	AUM						Net inflows (outflows)
	March 31,		December 31,		March 31,		Three Months Ended March 31,			Twelve Months Ended March 31,
(in millions)	2026		2025		2025		2026			2026
Retail	$	1,262,374	$	1,278,732	$	1,022,880	$	15,233		$	108,673
ETFs		5,485,544		5,467,710		4,302,761		131,692			550,994
Institutional:
Active		2,509,266		2,518,170		2,155,178		23,713			68,833
Index		3,564,093		3,696,174		3,172,475		(34,737	)		(108,465	)
Institutional subtotal		6,073,359		6,214,344		5,327,653		(11,024	)		(39,632	)
Long-term		12,821,277		12,960,786		10,653,294		135,901			620,035
Cash management		1,073,323		1,080,732		930,634		(6,177	)		123,780
Total	$	13,894,600	$	14,041,518	$	11,583,928	$	129,724		$	743,815
AUM and Net Inflows (Outflows) by Investment Style and Product Type
	AUM						Net inflows (outflows)
	March 31,		December 31,		March 31,		Three Months Ended March 31,			Twelve Months Ended March 31,
(in millions)	2026		2025		2025		2026			2026
Active	$	3,410,923	$	3,432,743	$	2,889,141	$	29,620		$	155,405
ETFs		5,485,544		5,467,710		4,302,761		131,692			550,994
Non-ETF index		3,924,810		4,060,333		3,461,392		(25,411	)		(86,364	)
Long-term		12,821,277		12,960,786		10,653,294		135,901			620,035
Cash management		1,073,323		1,080,732		930,634		(6,177	)		123,780
Total	$	13,894,600	$	14,041,518	$	11,583,928	$	129,724		$	743,815

(1)Amounts include commodity ETFs and ETPs.

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Component Changes in AUM for the Three Months Ended March 31, 2026

The following table presents the component changes in AUM by product type for the three months ended March 31, 2026.

	December 31,		Net inflows						Market			FX			March 31,		Average
(in millions)	2025		(outflows)			Realizations(1)			change			impact(2)			2026		AUM(3)
Equity	$	7,793,875	$	71,842		$	—		$	(179,623	)	$	(24,709	)	$	7,661,385	$	7,930,545
Fixed income		3,272,021		34,314			(957	)		(19,649	)		(14,866	)		3,270,863		3,303,591
Multi-asset		1,223,625		17,827			—			(12,714	)		(6,126	)		1,222,612		1,247,632
Alternatives:
Private markets		322,624		9,076			(8,471	)		(1,989	)		(809	)		320,431		322,399
Liquid alternatives		100,990		5,551			(695	)		2,707			86			108,639		105,904
Alternatives subtotal		423,614		14,627			(9,166	)		718			(723	)		429,070		428,303
Digital assets		78,435		935			—			(18,694	)		(5	)		60,671		67,740
Currency and    commodities(4)		169,216		(3,644	)		—			11,305			(201	)		176,676		190,349
Long-term		12,960,786		135,901			(10,123	)		(218,657	)		(46,630	)		12,821,277		13,168,160
Cash management		1,080,732		(6,177	)		—			2,206			(3,438	)		1,073,323		1,072,769
Total	$	14,041,518	$	129,724		$	(10,123	)	$	(216,451	)	$	(50,068	)	$	13,894,600	$	14,240,929

The following table presents the component changes in AUM by client type and product type for the three months ended March 31, 2026.

	December 31,		Net inflows						Market			FX			March 31,		Average
(in millions)	2025		(outflows)			Realizations(1)			change			impact(2)			2026		AUM(3)
Retail:
Equity	$	629,081	$	7,434		$	—		$	(18,708	)	$	(2,764	)	$	615,043	$	638,493
Fixed income		384,887		2,816			—			(3,815	)		(1,065	)		382,823		386,517
Multi-asset		199,655		999			—			(4,447	)		(227	)		195,980		201,964
Private markets		30,681		1,261			(295	)		(338	)		(119	)		31,190		31,195
Liquid alternatives		34,428		2,723			(185	)		414			(42	)		37,338		36,190
Retail subtotal		1,278,732		15,233			(480	)		(26,894	)		(4,217	)		1,262,374		1,294,359
ETFs:
Equity		4,006,014		88,113			—			(85,765	)		(6,829	)		4,001,533		4,112,258
Fixed income		1,205,953		45,438			—			(9,362	)		(3,004	)		1,239,025		1,233,149
Multi-asset		14,402		884			—			(90	)		(110	)		15,086		15,005
Digital assets		78,435		935			—			(18,694	)		(5	)		60,671		67,740
Commodities		162,906		(3,678	)		—			10,158			(157	)		169,229		183,413
ETFs subtotal		5,467,710		131,692			—			(103,753	)		(10,105	)		5,485,544		5,611,565
Institutional: