Form 8-K

8-K — BlackRock, Inc.

Accession: 0001193125-26-420979

Filed: 2026-10-14

Period: 2026-10-14

CIK: 0002012383

SIC: 6211 (SECURITY BROKERS, DEALERS & FLOTATION COMPANIES)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — blk-20261014.htm (Primary)

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8-K

8-K (Primary)

Filename: blk-20261014.htm · Sequence: 1

8-K

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 14, 2026

BLACKROCK, INC.

(Exact name of registrant as specified in its charter)

delaware

(State or other jurisdiction

of incorporation)

001-42297

(Commission

File Number)

99-1116001

(IRS Employer

Identification No.)

50 Hudson Yards, New York, New York

10001

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 810-5800

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02. Results of Operations and Financial Condition

On October 14, 2026, BlackRock, Inc. (the “Company”) reported results of operations for the three and nine months ended September 30, 2026. A copy of the earnings release issued by the Company is attached as Exhibit 99.1 to this Form 8-K.

Item 7.01. Regulation FD Disclosure

On October 14, 2026, the Company will hold an investor conference call and webcast to discuss the Company’s earnings results for the three and nine months ended September 30, 2026. A copy of supplemental materials used during the conference call and webcast is furnished as Exhibit 99.2 to this Form 8-K.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

99.1

Earnings release dated October 14, 2026 issued by the Company

99.2

Third Quarter 2026 Earnings – Earnings Release Supplement

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BlackRock, Inc.

(Registrant)

Date: October 14, 2026

By:

/s/ Martin S. Small

Martin S. Small

Senior Managing Director and

Chief Financial Officer

EX-99.1

Filename: blk-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

INVESTOR RELATIONS:

Caroline Rodda 212.810.3442

MEDIA RELATIONS:

Patrick Scanlan 212.810.3622

BlackRock Reports Third Quarter 2026 Diluted EPS of $10.57, or $15.93 as adjusted

New York, October 14, 2026 – BlackRock, Inc. (NYSE: BLK) today reported financial results for the three and nine months ended September 30, 2026.

$15.5 trillion in AUM following $869 billion of net inflows over the last twelve months, representing 10% organic base fee growth

$205 billion of net inflows and 11% annualized organic base fee growth in the quarter reflect broad-based strength across iShares® ETFs, systematic active equities, private markets, and cash

19% increase in revenue year-over-year reflects the positive impact of markets, organic base fee growth, higher performance fees, and higher technology services and subscription revenue

14% growth in technology services and subscription revenue year-over-year, driven by continued momentum in Aladdin® and multi-product solutions

19% increase in year-over-year GAAP operating income and 25% increase in GAAP diluted EPS impacted by a noncash change in fair value of contingent consideration associated with prior acquisitions, which has been excluded from as adjusted results

27% increase in year-over-year as adjusted operating income

38% increase in year-over-year as adjusted diluted EPS also reflects higher nonoperating income in the current quarter

$550 million of share repurchases in the current quarter

Laurence D. Fink, Chairman and CEO:

“BlackRock's results demonstrate the value of our integrated platform, as clients increasingly choose us as a partner across investing, financing, and technology. That client trust is translating into higher earnings power, with shareholders benefiting from a more than 35% increase in adjusted earnings per share year-over-year, a 47.8% adjusted operating margin, and 11% annualized organic base fee growth in the third quarter.

“BlackRock brings together issuer relationships built over decades, financing expertise, investment performance, and the technology and data that connect it all. That combination is differentiating us in every region in which we operate. It’s why BlackRock is winning mandates at the cutting edge of capital markets, from hyperscaler financings to pension outsourcings to Aladdin and Preqin partnerships.

“Clients entrusted us with $205 billion of net inflows this quarter, and $869 billion over the last year. Our results reflect the scale of BlackRock, with 12% technology ACV growth and net inflows across every asset class, client type, region, and across active and index. Our track record of strong investment performance drove $66 billion of active net inflows, led by our fixed income and systematic franchises. iShares generated $135 billion of net inflows, diversified across categories and global product lines.

“BlackRock’s ability to originate and structure at scale is leading to premier financing relationships and sourcing opportunities for our clients. We’ve raised $68 billion in private markets over the last twelve months, and our AI Infrastructure Partnership made its first deployment this quarter.

“BlackRock is in a differentiated position as both a trusted advisor and destination for global client capital. That position is powering organic growth and value for our shareholders. We’re entering our seasonally strongest fourth quarter with accelerating momentum, and a broad pipeline spanning whole portfolio, private markets, retirement, and our international platforms. Demand for capital is growing across the global economy, and BlackRock is increasingly at the center of how that capital is deployed and managed. I’m confident in the opportunities that creates for our clients and in the long-term value we can generate for our shareholders.”

FINANCIAL RESULTS

NET FLOW HIGHLIGHTS(1)

(in millions,

YTD

except per share data)

2026

2025

(in billions)

2026

AUM

15,488,263

13,463,625

Long-term net flows:

175

510

% change

Average AUM

15,460,140

12,960,773

By region:

% change

Americas

125

400

Total net flows

205,466

204,642

EMEA

100

APAC

GAAP basis:

Revenue

7,752

6,509

By client type:

% change

Operating income

2,328

1,955

Retail:

% change

Operating margin

30.0

International

Net income(1)

1,659

1,323

% change

ETFs:

135

444

Diluted EPS

10.57

8.43

Active

% change

Core equity

120

Weighted-average

Digital assets

diluted shares

164.5

165.2

Fixed income

163

% change

Precision & other

As Adjusted(2):

Institutional:

Operating income

3,330

2,621

Active

112

% change

Index

(27

)

(104

)

Operating margin

47.8

44.6

Net income

2,621

1,907

Cash management net flows

% change

Diluted EPS

15.93

11.55

Total net flows

205

527

% change

_________________________

(1) Net income represents net income attributable to BlackRock, Inc.

(2) See pages 14 through 16 for the reconciliation to accounting principles generally accepted in

the United States ("GAAP") and notes (1) through (3) to the condensed consolidated

statements of income and supplemental information for more information on as adjusted items.

(1) Totals may not add due to rounding.

BUSINESS RESULTS

Q3 2026

Base fees(1)

September 30, 2026

and securities

Q3 2026

September 30, 2026

and securities

AUM

lending revenue

(in millions), (unaudited)

Net flows

AUM

lending revenue

% of Total

RESULTS BY PRODUCT TYPE

Equity

52,446

8,983,974

3,079

Fixed income

78,213

3,353,313

1,116

Multi-asset

5,051

1,338,519

429

Alternatives:

Private markets

15,311

335,994

668

Liquid alternatives

8,925

130,282

240

Alternatives subtotal

24,236

466,276

908

Digital assets

7,907

79,632

Currency and commodities(2)

6,961

165,404

111

Long-term

174,814

14,387,118

5,682

Cash management

30,652

1,101,145

354

Total

205,466

15,488,263

6,036

100

RESULTS BY CLIENT TYPE

Retail

23,295

1,406,186

1,396

ETFs

134,509

6,358,457

2,762

Institutional:

Active

44,454

2,689,184

1,231

Index

(27,444

)

3,933,291

293

Institutional subtotal

17,010

6,622,475

1,524

Long-term

174,814

14,387,118

5,682

Cash management

30,652

1,101,145

354

Total

205,466

15,488,263

6,036

100

RESULTS BY INVESTMENT STYLE

Active

66,405

3,671,914

2,521

ETFs

134,509

6,358,457

2,762

Non-ETF index

(26,100

)

4,356,747

399

Long-term

174,814

14,387,118

5,682

Cash management

30,652

1,101,145

354

Total

205,466

15,488,263

6,036

100

(1)

Base fees include investment advisory and administration fees.

(2)

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

INVESTMENT PERFORMANCE AT September 30, 2026(1)

One-year period

Three-year period

Five-year period

Fixed income:

Actively managed AUM above benchmark or peer median

Taxable

71%

85%

84%

Tax-exempt

56%

58%

47%

Index AUM within or above applicable tolerance

98%

99%

100%

Equity:

Actively managed AUM above benchmark or peer median

Fundamental

73%

65%

Systematic

92%

93%

95%

Index AUM within or above applicable tolerance

91%

97%

96%

(1)

Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 18 for performance disclosure detail.

TELECONFERENCE, WEBCAST AND PRESENTATION INFORMATION

Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Martin S. Small, will host a teleconference call for investors and analysts on Wednesday, October 14, 2026 at 7:30 a.m. (Eastern Time). Members of the public who are interested in participating in the teleconference should dial, from the United States, (312) 471-1353, or from outside the United States, (800) 330-6710, shortly before 7:30 a.m. and reference the BlackRock Conference Call (ID Number 6339797). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.

The webcast will be available for replay by 10:30 a.m. (Eastern Time) on Wednesday, October 14, 2026. To access the replay of the webcast, please visit the investor relations section of www.blackrock.com.

ABOUT BLACKROCK

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

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

Three Months

Three Months Ended

Ended

September 30,

June 30,

2026

2025

Change

2026

Change

Revenue

Investment advisory, administration fees and

securities lending revenue:

Investment advisory and administration fees

5,783

4,843

940

5,487

296

Securities lending revenue

253

203

239

Total investment advisory, administration fees

and securities lending revenue

6,036

5,046

990

5,726

310

Investment advisory performance fees

630

516

114

305

325

Technology services and subscription revenue

588

515

566

Distribution fees

414

355

395

Advisory and other revenue

)

Total revenue

7,752

6,509

1,243

7,084

668

Expense

Employee compensation and benefits

2,440

2,357

2,274

166

Sales, asset and account expense:

Distribution and servicing costs

785

638

147

732

Direct fund expense

551

464

543

Sub-advisory and other

Total sales, asset and account expense

1,413

1,162

251

1,342

General and administration expense

731

689

720

Change in fair value of contingent consideration

564

471

553

Amortization of intangible assets

276

253

276

Total expense

5,424

4,554

870

4,623

801

Operating income

2,328

1,955

373

2,461

(133

)

Nonoperating income (expense)

Net gain (loss) on investments

353

289

283

Net interest income (expense)

(37

)

(22

)

(15

)

(25

)

(12

)

Total nonoperating income (expense)

316

274

258

Income before income taxes

2,644

1,997

647

2,719

(75

)

Income tax expense

724

470

254

677

Net income

1,920

1,527

393

2,042

(122

)

Less:

Net income (loss) attributable to noncontrolling

interests ("NCI") - consolidated sponsored

investment products ("CIPs")

181

134

146

Net income (loss) attributable to NCI - Subco

(13

)

Net income attributable to BlackRock, Inc.

1,659

1,323

336

1,914

(255

)

Weighted-average common shares outstanding

Basic

154.8

154.9

(0.1

)

155.2

(0.4

)

Diluted (including Subco Units)

164.5

165.2

(0.6

)

164.6

(0.1

)

Earnings per share attributable to BlackRock, Inc.

common stockholders

Basic

10.72

8.54

2.18

12.34

(1.62

)

Diluted

10.57

8.43

2.14

12.19

(1.62

)

Cash dividends declared and paid per share

5.73

5.21

0.52

5.73

Supplemental information:

AUM (end of period)

15,488,263

13,463,625

2,024,638

15,344,624

143,639

Shares outstanding including Subco Units

162.2

163.2

(1.0

)

162.6

(0.4

)

GAAP:

Operating margin

30.0

bps

34.7

(470

)

bps

Effective tax rate

29.4

25.2

420

bps

25.2

420

bps

As adjusted:

Operating income (1)

3,330

2,621

709

2,916

414

Operating margin (1)

47.8

44.6

320

bps

45.9

190

bps

Nonoperating income (expense), less net income

(loss) attributable to NCI - CIPs (2)

127

(106

)

233

145

(18

)

Net income attributable to BlackRock, Inc. (3)

2,621

1,907

714

2,291

330

Diluted earnings attributable to BlackRock, Inc.

common stockholders per share (3)

15.93

11.55

4.38

13.91

2.02

Effective tax rate

24.2

bps

25.2

(100

)

bps

See pages 14 through 16 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items. As of September 30, 2026, there were 154.6 million shares of common stock and 7.6 million Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC ("Subco") outstanding. As of September 30, 2025, there were 155.1 million shares of common stock and 8.1 million Subco Units outstanding.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

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

Nine Months Ended

September 30,

2026

2025

Change

Revenue

Investment advisory, administration fees and

securities lending revenue:

Investment advisory and administration fees

16,529

13,370

3,159

Securities lending revenue

671

531

140

Total investment advisory, administration fees

and securities lending revenue

17,200

13,901

3,299

Investment advisory performance fees

1,207

670

537

Technology services and subscription revenue

1,684

1,450

234

Distribution fees

1,198

996

202

Advisory and other revenue

245

191

Total revenue

21,534

17,208

4,326

Expense

Employee compensation and benefits

6,939

5,862

1,077

Sales, asset and account expense:

Distribution and servicing costs

2,222

1,784

438

Direct fund expense

1,575

1,297

278

Sub-advisory and other

215

153

Total sales, asset and account expense

4,012

3,234

778

General and administration expense

2,125

1,917

208

Change in fair value of contingent consideration

265

(239

)

Restructuring charge

(39

)

Amortization of intangible assets

829

507

322

Total expense

13,931

11,824

2,107

Operating income

7,603

5,384

2,219

Nonoperating income (expense)

Net gain (loss) on investments

708

672

Net interest income (expense)

(106

)

(44

)

(62

)

Total nonoperating income (expense)

602

628

(26

)

Income before income taxes

8,205

6,012

2,193

Income tax expense

1,917

1,305

612

Net income

6,288

4,707

1,581

Less:

Net income (loss) attributable to NCI - CIPs

222

211

Net income (loss) attributable to NCI - Subco

281

211

Net income attributable to BlackRock, Inc.

5,785

4,426

1,359

Weighted-average common shares outstanding

Basic

155.1

154.9

0.1

Diluted (including Subco Units)

164.7

159.4

5.4

Earnings per share attributable to BlackRock, Inc.

common stockholders

Basic

37.30

28.57

8.73

Diluted

36.82

28.21

8.61

Cash dividends declared and paid per share

17.19

15.63

1.56

Supplemental information:

AUM (end of period)

15,488,263

13,463,625

2,024,638

Shares outstanding including Subco Units

162.2

163.2

(1.0

)

GAAP:

Operating margin

35.3

31.3

400

bps

Effective tax rate

24.0

22.5

150

bps

As adjusted:

Operating income (1)

8,915

6,752

2,163

Operating margin (1)

46.2

43.8

240

bps

Nonoperating income (expense), less net income

(loss) attributable to NCI - CIPs (2)

294

373

(79

)

Net income attributable to BlackRock, Inc. (3)

6,980

5,560

1,420

Diluted earnings attributable to BlackRock, Inc.

common stockholders per share (3)

42.37

34.89

7.48

Effective tax rate

24.2

22.0

220

bps

See pages 14 through 16 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items. As of September 30, 2026, there were 154.6 million shares of common stock and 7.6 million Subco Units outstanding. As of September 30, 2025, there were 155.1 million shares of common stock and 8.1 million Subco Units outstanding.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Current Quarter Component Changes by Product Type

Net

June 30,

inflows

Market

September 30,

Average

2026

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Equity

8,888,234

52,446

40,087

3,207

8,983,974

8,949,952

Fixed income

3,390,161

78,213

(632

)

(117,408

)

2,979

3,353,313

3,381,746

Multi-asset

1,347,299

5,051

(12,622

)

(1,209

)

1,338,519

1,348,091

Alternatives:

Private markets

329,083

15,311

(5,363

)

(2,876

)

(161

)

335,994

333,849

Liquid alternatives

120,312

8,925

(22

)

1,024

130,282

125,475

Alternatives subtotal

449,395

24,236

(5,385

)

(1,852

)

(118

)

466,276

459,324

Digital assets

48,839

7,907

22,889

)

79,632

63,598

Currency and commodities(4)

151,849

6,961

6,580

165,404

162,343

Long-term

14,275,777

174,814

(6,017

)

(62,326

)

4,870

14,387,118

14,365,054

Cash management

1,068,847

30,652

2,198

(552

)

1,101,145

1,095,086

Total

15,344,624

205,466

(6,017

)

(60,128

)

4,318

15,488,263

15,460,140

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

Net

June 30,

inflows

Market

September 30,

Average

2026

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Retail:

Equity

713,748

16,545

2,030

(159

)

732,164

721,502

Fixed income

398,069

691

(11,331

)

(919

)

386,510

395,176

Multi-asset

211,740

1,918

(2,872

)

(103

)

210,683

211,924

Private markets

30,788

320

(432

)

(396

)

(31

)

30,249

30,581

Liquid alternatives

41,912

3,821

843

46,580

43,952

Retail subtotal

1,396,257

23,295

(432

)

(11,726

)

(1,208

)

1,406,186

1,403,135

ETFs:

Equity

4,722,557

50,864

(2,175

)

(1,266

)

4,769,980

4,751,061

Fixed income

1,308,627

66,090

(46,741

)

(762

)

1,327,214

1,320,309

Multi-asset

21,767

2,773

171

(11

)

24,700

23,003

Digital assets

48,839

7,907

22,889

)

79,632

63,598

Commodities

144,280

6,875

5,813

(37

)

156,931

154,181

ETFs subtotal

6,246,070

134,509

(20,043

)

(2,079

)

6,358,457

6,312,152

Institutional:

Active:

Equity

288,729

10,356

3,344

527

302,956

296,368

Fixed income

912,078

12,945

(632

)

(27,653

)

321

897,059

903,711

Multi-asset

1,109,672

1,058

(9,901

)

(1,107

)

1,099,722

1,109,413

Private markets

298,295

14,991

(4,931

)

(2,480

)

(130

)

305,745

303,268

Liquid alternatives

78,400

5,104

(22

)

181

83,702

81,523

Active subtotal

2,687,174

44,454

(5,585

)

(36,509

)

(350

)

2,689,184

2,694,283

Index

3,946,276

(27,444

)

5,952

8,507

3,933,291

3,955,484

Institutional subtotal

6,633,450

17,010

(5,585

)

(30,557

)

8,157

6,622,475

6,649,767

Long-term

14,275,777

174,814

(6,017

)

(62,326

)

4,870

14,387,118

14,365,054

(1)

Realizations represent return of capital/return on investments.

(2)

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

(3)

Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.

(4)

Amounts include commodity ETFs and ETPs.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

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

Net

June 30,

inflows

Market

September 30,

Average

2026

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Active:

Equity

619,239

24,882

257

344

644,722

630,566

Fixed income

1,275,378

14,312

(632

)

(37,968

)

(559

)

1,250,531

1,264,266

Multi-asset

1,321,393

2,975

(12,772

)

(1,211

)

1,310,385

1,321,318

Private markets

329,083

15,311

(5,363

)

(2,876

)

(161

)

335,994

333,849

Liquid alternatives

120,312

8,925

(22

)

1,024

130,282

125,475

Active subtotal

3,665,405

66,405

(6,017

)

(52,335

)

(1,544

)

3,671,914

3,675,474

ETFs:

Equity

4,722,557

50,864

(2,175

)

(1,266

)

4,769,980

4,751,061

Fixed income

1,308,627

66,090

(46,741

)

(762

)

1,327,214

1,320,309

Multi-asset

21,767

2,773

171

(11

)

24,700

23,003

Digital assets

48,839

7,907

22,889

)

79,632

63,598

Commodities

144,280

6,875

5,813

(37

)

156,931

154,181

ETFs subtotal

6,246,070

134,509

(20,043

)

(2,079

)

6,358,457

6,312,152

Non-ETF index

4,364,302

(26,100

)

10,052

8,493

4,356,747

4,377,428

Long-term

14,275,777

174,814

(6,017

)

(62,326

)

4,870

14,387,118

14,365,054

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

Net

June 30,

inflows

Market

September 30,

Average

2026

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Private markets:

Infrastructure

113,488

7,583

(785

)

(500

)

(24

)

119,762

117,762

Private equity

32,261

710

(1,045

)

(939

)

(19

)

30,968

31,597

Private credit

150,937

5,012

(2,917

)

(669

)

(90

)

152,273

151,510

Real estate

21,953

1,924

(436

)

(772

)

(21

)

22,648

22,585

Multi-alternatives

10,444

(180

)

10,343

10,395

Total private markets

329,083

15,311

(5,363

)

(2,876

)

(161

)

335,994

333,849

(1)

Realizations represent return of capital/return on investments.

(2)

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

(3)

Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Year-to-Date Component Changes by Product Type

Net

December 31,

inflows

Market

September 30,

Average

2025

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Equity

7,793,875

195,886

1,027,741

(33,528

)

8,983,974

8,484,314

Fixed income

3,272,021

204,622

(2,503

)

(104,902

)

(15,925

)

3,353,313

3,343,909

Multi-asset

1,223,625

39,660

84,332

(9,098

)

1,338,519

1,301,014

Alternatives:

Private markets

322,624

39,820

(20,043

)

(5,335

)

(1,072

)

335,994

327,426

Liquid alternatives

100,990

21,072

(787

)

8,792

215

130,282

115,530

Alternatives subtotal

423,614

60,892

(20,830

)

3,457

(857

)

466,276

442,956

Digital assets

78,435

5,726

(4,516

)

(13

)

79,632

66,176

Currency and commodities(4)

169,216

3,063

(6,598

)

(277

)

165,404

176,934

Long-term

12,960,786

509,849

(23,333

)

999,514

(59,698

)

14,387,118

13,815,303

Cash management

1,080,732

17,041

7,542

(4,170

)

1,101,145

1,082,801

Total

14,041,518

526,890

(23,333

)

1,007,056

(63,868

)

15,488,263

14,898,104

Year-to-Date Component Changes by Client Type and Product Type (Long-Term)

Net

December 31,

inflows

Market

September 30,

Average

2025

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Retail:

Equity

629,081

31,971

74,284

(3,172

)

732,164

682,906

Fixed income

384,887

12,832

(10,014

)

(1,195

)

386,510

391,596

Multi-asset

199,655

581

10,732

(285

)

210,683

207,386

Private markets

30,681

1,667

(965

)

(955

)

(179

)

30,249

31,006

Liquid alternatives

34,428

10,338

(193

)

2,036

(29

)

46,580

40,065

Retail subtotal

1,278,732

57,389

(1,158

)

76,083

(4,860

)

1,406,186

1,352,959

ETFs:

Equity

4,006,014

249,012

527,621

(12,667

)

4,769,980

4,455,169

Fixed income

1,205,953

177,917

(51,573

)

(5,083

)

1,327,214

1,276,520

Multi-asset

14,402

9,209

1,327

(238

)

24,700

18,828

Digital assets

78,435

5,726

(4,516

)

(13

)

79,632

66,176

Commodities

162,906

2,272

(7,998

)

(249

)

156,931

169,290

ETFs subtotal

5,467,710

444,136

464,861

(18,250

)

6,358,457

5,985,983

Institutional:

Active:

Equity

247,993

16,824

39,356

(1,217

)

302,956

277,365

Fixed income

905,566

16,045

(2,503

)

(18,839

)

(3,210

)

897,059

904,442

Multi-asset

1,006,106

30,204

71,974

(8,562

)

1,099,722

1,070,989

Private markets

291,943

38,153

(19,078

)

(4,380

)

(893

)

305,745

296,420

Liquid alternatives

66,562

10,734

(594

)

6,756

244

83,702

75,465

Active subtotal

2,518,170

111,960

(22,175

)

94,867

(13,638

)

2,689,184

2,624,681

Index

3,696,174

(103,636

)

363,703

(22,950

)

3,933,291

3,851,680

Institutional subtotal

6,214,344

8,324

(22,175

)

458,570

(36,588

)

6,622,475

6,476,361

Long-term

12,960,786

509,849

(23,333

)

999,514

(59,698

)

14,387,118

13,815,303

(1)

Realizations represent return of capital/return on investments.

(2)

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

(3)

Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing ten months.

(4)

Amounts include commodity ETFs and ETPs.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Year-to-Date Component Changes by Investment Style and Product Type (Long-Term)

Net

December 31,

inflows

Market

September 30,

Average

2025

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Active:

Equity

546,028

30,137

71,466

(2,909

)

644,722

596,431

Fixed income

1,257,358

27,525

(2,503

)

(27,941

)

(3,908

)

1,250,531

1,261,843

Multi-asset

1,205,743

30,785

82,705

(8,848

)

1,310,385

1,278,357

Private markets

322,624

39,820

(20,043

)

(5,335

)

(1,072

)

335,994

327,426

Liquid alternatives

100,990

21,072

(787

)

8,792

215

130,282

115,530

Active subtotal

3,432,743

149,339

(23,333

)

129,687

(16,522

)

3,671,914

3,579,587

ETFs:

Equity

4,006,014

249,012

527,621

(12,667

)

4,769,980

4,455,169

Fixed income

1,205,953

177,917

(51,573

)

(5,083

)

1,327,214

1,276,520

Multi-asset

14,402

9,209

1,327

(238

)

24,700

18,828

Digital assets

78,435

5,726

(4,516

)

(13

)

79,632

66,176

Commodities

162,906

2,272

(7,998

)

(249

)

156,931

169,290

ETFs subtotal

5,467,710

444,136

464,861

(18,250

)

6,358,457

5,985,983

Non-ETF index

4,060,333

(83,626

)

404,966

(24,926

)

4,356,747

4,249,733

Long-term

12,960,786

509,849

(23,333

)

999,514

(59,698

)

14,387,118

13,815,303

Year-to-Date Component Changes by Private Markets Product Type (Long-Term)

Net

December 31,

inflows

Market

September 30,

Average

2025

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Private markets:

Infrastructure

112,116

14,050

(4,110

)

(2,051

)

(243

)

119,762

114,289

Private equity

30,623

3,786

(2,394

)

(954

)

(93

)

30,968

31,228

Private credit

145,385

17,636

(8,655

)

(1,565

)

(528

)

152,273

149,105

Real estate

25,062

2,616

(4,064

)

(812

)

(154

)

22,648

22,879

Multi-alternatives

9,438

1,732

(820

)

(54

)

10,343

9,925

Total private markets

322,624

39,820

(20,043

)

(5,335

)

(1,072

)

335,994

327,426

(1)

Realizations represent return of capital/return on investments.

(2)

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

(3)

Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing ten months.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Year-over-Year Component Changes by Product Type

Net

September 30,

inflows

Market

September 30,

Average

2025

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Equity

7,459,075

321,939

1,246,229

(43,269

)

8,983,974

8,274,472

Fixed income

3,178,965

288,394

(2,728

)

(86,907

)

(24,411

)

3,353,313

3,310,384

Multi-asset

1,161,957

76,529

108,434

(8,401

)

1,338,519

1,271,561

Alternatives:

Private markets

320,886

52,527

(30,749

)

(5,651

)

(1,019

)

335,994

325,633

Liquid alternatives

97,448

23,934

(924

)

9,579

245

130,282

111,515

Alternatives subtotal

418,334

76,461

(31,673

)

3,928

(774

)

466,276

437,148

Digital assets

103,965

6,305

(30,629

)

79,632

73,276

Currency and

commodities(4)

136,600

8,020

21,141

(357

)

165,404

169,239

Long-term

12,458,896

777,648

(34,401

)

1,262,196

(77,221

)

14,387,118

13,536,080

Cash management

1,004,729

90,953

9,789

(4,326

)

1,101,145

1,068,840

Total

13,463,625

868,601

(34,401

)

1,271,985

(81,547

)

15,488,263

14,604,920

Year-over-Year Component Changes by Client Type and Product Type (Long-Term)

Net

September 30,

inflows

Market

September 30,

Average

2025

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Retail:

Equity

597,262

47,201

91,118

(3,417

)

732,164

664,308

Fixed income

344,651

50,408

(7,962

)

(587

)

386,510

380,913

Multi-asset

168,883

26,619

15,444

(263

)

210,683

199,111

Private markets

29,770

2,957

(1,536

)

(761

)

(181

)

30,249

30,813

Liquid alternatives

33,002

11,964

(222

)

1,871

(35

)

46,580

38,494

Retail subtotal

1,173,568

139,149

(1,758

)

99,710

(4,483

)

1,406,186

1,313,639

ETFs:

Equity

3,788,431

371,781

622,404

(12,636

)

4,769,980

4,317,980

Fixed income

1,157,582

229,836

(55,248

)

(4,956

)

1,327,214

1,254,166

Multi-asset

13,111

10,279

1,470

(160

)

24,700

17,601

Digital assets

103,965

6,305

(30,629

)

79,632

73,276

Commodities

130,225

7,418

19,508

(220

)

156,931

161,894

ETFs subtotal

5,193,314

625,619

557,505

(17,981

)

6,358,457

5,824,917

Institutional:

Active:

Equity

242,002

12,568

50,345

(1,959

)

302,956

269,930

Fixed income

901,576

13,954

(2,728

)

(11,363

)

(4,380

)

897,059

903,036

Multi-asset

976,474

40,022

91,173

(7,947

)

1,099,722

1,051,116

Private markets

291,116

49,570

(29,213

)

(4,890

)

(838

)

305,745

294,820

Liquid alternatives

64,446

11,970

(702

)

7,708

280

83,702

73,021

Active subtotal

2,475,614

128,084

(32,643

)

132,973

(14,844

)

2,689,184

2,591,923

Index

3,616,400

(115,204

)

472,008

(39,913

)

3,933,291

3,805,601

Institutional subtotal

6,092,014

12,880

(32,643

)

604,981

(54,757

)

6,622,475

6,397,524

Long-term

12,458,896

777,648

(34,401

)

1,262,196

(77,221

)

14,387,118

13,536,080

(1)

Realizations represent return of capital/return on investments.

(2)

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

(3)

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

(4)

Amounts include commodity ETFs and ETPs.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Year-over-Year Component Changes by Investment Style and Product Type (Long-Term)

Net

September 30,

inflows

Market

September 30,

Average

2025

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Active:

Equity

517,176

41,265

90,116

(3,835

)

644,722

579,507

Fixed income

1,213,771

62,701

(2,728

)

(18,754

)

(4,459

)

1,250,531

1,250,164

Multi-asset

1,145,338

66,642

106,615

(8,210

)

1,310,385

1,250,209

Private markets

320,886

52,527

(30,749

)

(5,651

)

(1,019

)

335,994

325,633

Liquid alternatives

97,448

23,934

(924

)

9,579

245

130,282

111,515

Active subtotal

3,294,619

247,069

(34,401

)

181,905

(17,278

)

3,671,914

3,517,028

ETFs:

Equity

3,788,431

371,781

622,404

(12,636

)

4,769,980

4,317,980

Fixed income

1,157,582

229,836

(55,248

)

(4,956

)

1,327,214

1,254,166

Multi-asset

13,111

10,279

1,470

(160

)

24,700

17,601

Digital assets

103,965

6,305

(30,629

)

79,632

73,276

Commodities

130,225

7,418

19,508

(220

)

156,931

161,894

ETFs subtotal

5,193,314

625,619

557,505

(17,981

)

6,358,457

5,824,917

Non-ETF index

3,970,963

(95,040

)

522,786

(41,962

)

4,356,747

4,194,135

Long-term

12,458,896

777,648

(34,401

)

1,262,196

(77,221

)

14,387,118

13,536,080

Year-over-Year Component Changes by Private Markets Product Type (Long-Term)

Net

September 30,

inflows

Market

September 30,

Average

2025

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Private markets:

Infrastructure

110,101

19,036

(7,108

)

(2,054

)

(213

)

119,762

113,180

Private equity

34,033

4,209

(6,174

)

(1,009

)

(91

)

30,968

31,639

Private credit

141,974

24,906

(12,227

)

(1,849

)

(531

)

152,273

147,634

Real estate

25,525

2,427

(4,318

)

(857

)

(129

)

22,648

23,394

Multi-alternatives

9,253

1,949

(922

)

118

(55

)

10,343

9,786

Total private markets

320,886

52,527

(30,749

)

(5,651

)

(1,019

)

335,994

325,633

(1)

Realizations represent return of capital/return on investments.

(2)

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

(3)

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

SUMMARY OF REVENUE

Three Months

Nine Months

Ended

September 30,

June 30,

September 30,

(in millions), (unaudited)

2026

2025

Change

2026

Change

2026

2025

Change

Revenue

Investment advisory, administration fees and

securities lending revenue:

Equity:

Active

658

557

101

626

1,877

1,582

295

ETFs

2,134

1,597

537

1,989

145

5,916

4,347

1,569

Equity subtotal

2,792

2,154

638

2,615

177

7,793

5,929

1,864

Fixed income:

Active

550

513

539

1,620

1,492

128

ETFs

464

393

443

1,341

1,111

230

Fixed income subtotal

1,014

906

108

982

2,961

2,603

358

Active multi-asset

405

344

387

1,163

969

194

Alternatives:

Private markets

668

653

639

1,965

1,687

278

Liquid alternatives

240

178

212

649

485

164

Alternatives subtotal

908

831

851

2,614

2,172

442

Non-ETF index

399

353

385

1,126

973

153

Digital assets, commodities and multi-asset

ETFs(1)

164

140

163

506

340

166

Long-term

5,682

4,728

954

5,383

299

16,163

12,986

3,177

Cash management

354

318

343

1,037

915

122

Total investment advisory, administration

fees and securities lending revenue

6,036

5,046

990

5,726

310

17,200

13,901

3,299

Investment advisory performance fees:

Equity

(39

)

103

Fixed income

)

Multi-asset

Alternatives:

Private markets

191

298

(107

)

137

560

361

199

Liquid alternatives

409

202

207

100

309

516

247

269

Alternatives subtotal

600

500

100

237

363

1,076

608

468

Total investment advisory performance fees

630

516

114

305

325

1,207

670

537

Technology services and subscription revenue

588

515

566

1,684

1,450

234

Distribution fees

414

355

395

1,198

996

202

Advisory and other revenue:

Advisory

)

Other

(10

)

215

152

Total advisory and other revenue

)

245

191

Total revenue

7,752

6,509

1,243

7,084

668

21,534

17,208

4,326

(1)

Amounts include commodity ETFs and ETPs.

Highlights

•

Investment advisory, administration fees and securities lending revenue increased $990 million from the third quarter of 2025, primarily driven by organic base fee growth and the impact of market beta on average AUM. Securities lending revenue of $253 million increased from $203 million in the third quarter of 2025, primarily reflecting higher spreads and higher average balances of securities on loan.

Investment advisory, administration fees and securities lending revenue increased $310 million from the second quarter of 2026, primarily driven by organic base fee growth, the impact of market beta on average AUM, and the effect of one additional day in the quarter. Securities lending revenue of $253 million increased from $239 million in the second quarter of 2026, primarily reflecting higher spreads and higher average balances of securities on loan.

•

Performance fees increased $114 million from the third quarter of 2025, primarily reflecting higher revenue from liquid alternative products, largely related to a single hedge fund with an annual performance measurement period that ends in the third quarter, partially offset by lower revenue from private markets products.

Performance fees increased $325 million from the second quarter of 2026, primarily reflecting higher revenue from liquid alternative and private markets products, partially offset by lower revenue from long-only products.

•

Technology services and subscription revenue increased $73 million from the third quarter of 2025 and $22 million from the second quarter of 2026, reflecting the sustained demand for Aladdin and multi-product solutions. Technology services and subscription annual contract value (“ACV”)(1) increased 12% from the third quarter of 2025.

•

Distribution fees increased $59 million from the third quarter of 2025 primarily reflecting higher average AUM.

(1)

See note (4) to the condensed consolidated statements of income and supplemental information on page 16 for more information on ACV.

SUMMARY OF OPERATING EXPENSE

Three Months

Nine Months

Ended

September 30,

June 30,

September 30,

(in millions), (unaudited)

2026

2025

Change

2026

Change

2026

2025

Change

Operating expense

Employee compensation and benefits

2,440

2,357

2,274

166

6,939

5,862

1,077

Sales, asset and account expense:

Distribution and servicing costs

785

638

147

732

2,222

1,784

438

Direct fund expense

551

464

543

1,575

1,297

278

Sub-advisory and other

215

153

Total sales, asset and account expense

1,413

1,162

251

1,342

4,012

3,234

778

General and administration expense:

Marketing and promotional

(12

)

277

272

Occupancy and office related

184

137

153

484

371

113

Portfolio services

207

195

Technology

237

213

227

670

600

Professional services

104

(33

)

226

228

)

Communications

)

Foreign exchange remeasurement

)

Other general and administration

)

234

225

Total general and administration expense

731

689

720

2,125

1,917

208

Change in fair value of contingent consideration

564

471

553

265

(239

)

Restructuring charge

(39

)

Amortization of intangible assets

276

253

276

829

507

322

Total operating expense

5,424

4,554

870

4,623

801

13,931

11,824

2,107

Highlights

•

Employee compensation and benefits expense increased $83 million from the third quarter of 2025 and $166 million from the second quarter of 2026, primarily reflecting the impact of higher operating income and performance fees, partially offset by lower nonrecurring retention-related deferred compensation expense(1).

•

Sales, asset and account expense increased $251 million from the third quarter of 2025 and $71 million from the second quarter of 2026, driven by higher distribution and servicing costs and direct fund expense, primarily reflecting higher average AUM.

•

General and administration expense increased $42 million from the third quarter of 2025 and $11 million from the second quarter of 2026, primarily driven by higher occupancy and office related expense, including the impact of acquisition-related expenses(1) and higher technology expense, partially offset by lower acquisition-related(1) professional services expense.

•

Change in fair value of contingent consideration(1) increased $471 million as compared to the change in the third quarter of 2025, and increased $553 million as compared to the change in the second quarter of 2026, primarily in connection with the fair value of contingent consideration for the Global Infrastructure Management, LLC ("GIP") transaction and HPS Investment Partners ("HPS") transaction, which is impacted by the share price of BlackRock common stock at the end of the period.

(1)

These expenses have been excluded from the Company's "as adjusted" financial results under the expense adjustments for acquisition-related costs, as applicable. See pages 14 through 16 for the reconciliation to GAAP and notes (1) through (3) for more information on as adjusted items.

SUMMARY OF NONOPERATING INCOME (expense), less net income (loss) attributable TO noncontrolling interests - Consolidated Sponsored investment products

Three Months

Nine Months

Ended

September 30,

June 30,

September 30,

(in millions), (unaudited)

2026

2025

Change

2026

Change

2026

2025

Change

Nonoperating income (expense), GAAP basis

316

274

258

602

628

(26

)

Less: Net income (loss) attributable to

NCI - CIPs

181

134

146

222

211

Nonoperating income (expense), net of

NCI - CIPs

135

(92

)

227

223

(88

)

380

417

(37

)

Less: Hedge gain (loss) on deferred cash

compensation plans(1)

)

(70

)

Nonoperating income (expense), net of

NCI - CIPs, as adjusted(2)

127

(106

)

233

145

(18

)

294

373

(79

)

Three Months

Nine Months

Ended

September 30,

June 30,

September 30,

(in millions), (unaudited)

2026

2025

Change

2026

Change

2026

2025

Change

Net gain (loss) on investments, net of NCI - CIPs

Private equity

(21

)

(14

)

(55

)

(37

)

Real assets

)

Other alternatives(3)

Other investments(4)

(10

)

(36

)

(65

)

Hedge gain (loss) on deferred cash

compensation plans(1)

)

(70

)

Subtotal

(29

)

193

(185

)

217

152

Other income/gain (expense/loss)(5)

164

(107

)

271

109

269

309

(40

)

Total net gain (loss) on investments, net of

NCI - CIPs

172

(70

)

242

248

(76

)

486

461

Net interest income (expense)

(37

)

(22

)

(15

)

(25

)

(12

)

(106

)

(44

)

(62

)

Nonoperating income (expense), net of

NCI - CIPs

135

(92

)

227

223

(88

)

380

417

(37

)

Less: Hedge gain (loss) on deferred cash

compensation plans(1)

)

(70

)

Nonoperating income (expense), net of

NCI - CIPs, as adjusted(2)

127

(106

)

233

145

(18

)

294

373

(79

)

(1)

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

(2)

Management believes nonoperating income (expense), net of NCI - CIPs, as adjusted, is an effective measure for reviewing BlackRock’s nonoperating results, which ultimately impacts BlackRock’s book value. For more information on as adjusted items and the reconciliation to GAAP, see notes to the condensed consolidated statements of income and supplemental information on pages 14 through 16.

(3)

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

(4)

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

(5)

Amounts for the three months ended September 30, 2026 and 2025, include a nonoperating noncash pre-tax gain of approximately $22 million and a noncash pre-tax loss of approximately $115 million, respectively, in connection with the Company's minority investment in Circle Internet Group, Inc. Amounts for the three months ended September 30, 2026 also include a nonoperating noncash pre-tax gain of approximately $80 million in connection with the Company's minority investment in Securitize Corp. Additional amounts include earnings (losses) from certain equity method minority investments and noncash pre-tax gains (losses) related to the revaluation of certain other minority investments.

summary of INCOME TAX EXPENSE

Three Months

Nine Months

Ended

September 30,

June 30,

September 30,

(in millions), (unaudited)

2026

2025

Change

2026

Change

2026

2025

Change

Income tax expense

724

470

254

677

1,917

1,305

612

Effective tax rate

29.4

25.2

420 bps

25.2

420 bps

24.0

22.5

150 bps

RECONCILIATION OF GAAP OPERATING INCOME AND OPERATING MARGIN TO OPERATING INCOME AND OPERATING MARGIN, AS ADJUSTED

Three Months Ended

Nine Months Ended

September 30,

June 30,

September 30,

(in millions), (unaudited)

2026

2025

2026

2025

Operating income, GAAP basis

2,328

1,955

2,461

7,603

5,384

Non-GAAP expense adjustments:

Compensation expense related to appreciation (depreciation)

on deferred cash compensation plans (a)

Amortization of intangible assets (b)

276

253

276

829

507

Acquisition-related compensation costs (b)

262

286

423

Acquisition-related general and administration expense (b)

Change in fair value of contingent consideration (b)

564

265

Restructuring charge (c)

Operating income, as adjusted (1)

3,330

2,621

2,916

8,915

6,752

Revenue, GAAP basis

7,752

6,509

7,084

21,534

17,208

Non-GAAP adjustments:

Distribution fees

(414

)

(355

)

(395

)

(1,198

)

(996

)

Investment advisory fees

(371

)

(283

)

(337

)

(1,024

)

(788

)

Revenue used for operating margin measurement

6,967

5,871

6,352

19,312

15,424

Operating margin, GAAP basis

30.0

34.7

35.3

31.3

Operating margin, as adjusted (1)

47.8

44.6

45.9

46.2

43.8

See note (1) to the condensed consolidated statements of income and supplemental information on page 15 for more information on as adjusted items.

RECONCILIATION OF GAAP NONOPERATING INCOME (EXPENSE) TO NONOPERATING INCOME (EXPENSE), LESS NET INCOME (LOSS) ATTRIBUTABLE TO NCI - CIPs, AS ADJUSTED

Three Months Ended

Nine Months Ended

September 30,

June 30,

September 30,

(in millions), (unaudited)

2026

2025

2026

2025

Nonoperating income (expense), GAAP basis

316

258

602

628

Less: Net income (loss) attributable to NCI - CIPs

181

134

222

211

Nonoperating income (expense), net of NCI - CIPs

135

(92

)

223

380

417

Less: Hedge gain (loss) on deferred cash compensation

plans (a)

Nonoperating income (expense), less net income (loss)

attributable to NCI - CIPs, as adjusted (2)

127

(106

)

145

294

373

See notes (1) and (2) to the condensed consolidated statements of income and supplemental information on pages 15 and 16 for more information on as adjusted items.

RECONCILIATION OF GAAP NET INCOME ATTRIBUTABLE TO BLACKROCK TO NET INCOME ATTRIBUTABLE TO BLACKROCK, AS ADJUSTED

Three Months Ended

Nine Months Ended

September 30,

June 30,

September 30,

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

2026

2025

2026

2025

Net income attributable to BlackRock, Inc., GAAP basis

1,659

1,323

1,914

5,785

4,426

Noncontrolling interest - Subco

281

Net income attributable to BlackRock, Inc., (for diluted EPS)

1,739

1,393

2,007

6,066

4,496

Non-GAAP adjustments(1):

Net impact of hedged deferred cash compensation plans (a)

(13

)

Amortization of intangible assets (b)

207

189

206

620

378

Acquisition-related compensation costs (b)

198

217

318

Acquisition-related general and administration expense (b)

Change in fair value of contingent consideration (b)

556

263

Restructuring charge (c)

Income tax matters

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

2,621

1,907

2,291

6,980

5,560

Diluted weighted-average common shares outstanding, including

Subco Units

164.5

165.2

164.6

164.7

159.4

Diluted earnings per common share, GAAP basis

10.57

8.43

12.19

36.82

28.21

Diluted earnings per common share, as adjusted (3)

15.93

11.55

13.91

42.37

34.89

(1)

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

See note (3) to the condensed consolidated statements of income and supplemental information on page 16 for more information on as adjusted items.

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

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

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

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

•

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

(a)

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

(b)

Acquisition-related costs. Acquisition-related costs include adjustments related to amortization of intangible assets, 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 and occupancy and office related expense. Management believes excluding the impact of these expenses when calculating operating income, as adjusted, provides a helpful indication of the Company’s financial performance over time, thereby providing helpful information for both management and investors while also increasing comparability with other companies.

(c)

Restructuring charge. In the second quarter of 2025, the Company recorded a restructuring charge, comprised of

severance and compensation expense for accelerated vesting of previously granted deferred compensation awards, in connection with an initiative to modify BlackRock's organization to fit more closely with strategic priorities. Management believes excluding the impact of this restructuring charge when calculating operating income, as adjusted, is useful to assess the Company’s financial performance and ongoing operations, and enhances comparability among periods presented.

•

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.

(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. The non-GAAP adjustments in 2025 and 2026 related to the change in fair value of contingent consideration are primarily not deductible for income tax purposes.

•

In addition, net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, assumes all outstanding Subco Units issued as part of the consideration for the HPS transaction have been exchanged in accordance with their terms on a one-for-one basis into common stock of BlackRock, as Subco Units are exchangeable at the option of the holder. Accordingly, the noncontrolling interest related to these Subco Units has been included as part of net income attributable to BlackRock, Inc., as adjusted. Management believes that these 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 outstanding including Subco Units.

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

FORWARD-LOOKING STATEMENTS

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

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

BlackRock has previously disclosed risk factors in its Securities and Exchange Commission (“SEC”) reports. These risk factors and those identified elsewhere in this earnings release, among others, could cause actual results to differ materially from forward-looking statements or historical performance and include: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management; (3) the relative and absolute investment performance of BlackRock’s investment products; (4) BlackRock’s ability to develop new products and services that address client preferences; (5) the impact of increased competition; (6) the impact of recent or future acquisitions or divestitures, including the acquisitions of GIP, Preqin Holding Limited and HPS (collectively, 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 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.

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

PERFORMANCE NOTES

Past performance is not indicative of future results. Except as specified, the performance information shown is as of September 30, 2026 and is based on preliminary data available at that time. The performance data shown reflects information for all actively and passively managed equity and fixed income accounts, including US registered investment companies, European-domiciled retail funds and separate accounts for which performance data is available, including performance data for high net worth accounts available as of August 31, 2026. The performance data does not include accounts terminated prior to September 30, 2026 and accounts for which data has not yet been verified. If such accounts had been included, the performance data provided may have substantially differed from that shown.

Performance comparisons shown are gross-of-fees for institutional and high net worth separate accounts, and net-of-fees for retail funds. The performance tracking shown for index accounts is based on gross-of-fees performance and includes all institutional accounts and all iShares funds globally using an index strategy. AUM information is based on AUM available as of September 30, 2026 for each account or fund in the asset class shown without adjustment for overlapping management of the same account or fund. Fund performance reflects the reinvestment of dividends and distributions.

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

EX-99.2

Filename: blk-ex99_2.htm · Sequence: 3

Q3 2026 Earnings Exhibit 99.2 October 14, 2026 Earnings Release Supplement

A broadly diversified business across clients, products and geographies Base fees include investment advisory, administration fees and securities lending revenue. Base fees and AUM by region data are based on client domicile. 1 Product Type Client Type Style Region Assets Under Management of $15.5 trillion at September 30, 2026 Q3 2026 Base Fees and Securities Lending Revenue of $6.0 billion

LTM organic asset growth rate (%) LTM organic base fee growth rate (%) Net flows($ in billions) Total BlackRock Retail Long-term Institutional Long-term 2 Institutional Active Institutional Index ETFs Long-term Long-term Cash LTM organic asset growth rate measures rolling last twelve months net flows over beginning of period assets. Beginning in the first quarter of 2025, BlackRock updated the presentation of the Company's AUM line items. In addition, beginning in the first quarter of 2025, BlackRock updated the presentation of net flows to separately disclose realizations, which represent return of capital/return on investments. Realizations have not been recast for prior periods. LTM organic base fee growth rate is calculated by dividing net new base fees earned on net asset inflows for the LTM period by the base fee run-rate at the beginning of the period. Totals may not add due to rounding. 1% 3% 3% 3% 3% 10% 11% 11% 0% 0% 2% 1% 1% (1)% (1)% 0% 12% 11% 11% 11% 11% 12% 13% 14% 8% 3% 4% 6% 7% 9% 10% 5% 6% 6% 6% 6% 6% 6% 7% 10% 6% 10% 12% 12% 0%

Profitability ($ in millions, except per share data) For further information and reconciliations to GAAP, see page 12 of this Earnings Release Supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. Operating Income, as adjusted Operating Margin, as adjusted Net Income, as adjusted EPS, as adjusted 3 Operating Income and Margin, as adjusted Net Income and EPS, as adjusted

Capital management (amounts in millions, except per share data) (1) Q4 2024 weighted-average diluted shares include the impact of 6.9 million shares issued as part of the consideration for the acquisition of Global Infrastructure Management, LLC (“GIP”) in October 2024 (the “GIP Transaction”). (2) Q3 2025 weighted-average diluted shares include the impact of approximately 8.5 million Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC issued as part of the consideration for the acquisition of HPS Investment Partners (“HPS”) in July 2025 (the “HPS Transaction”). (3) Amounts exclude repurchases of employee tax withholdings related to employee stock transactions. For further information and reconciliations to GAAP, see page 12 of this Earnings Release Supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. Share repurchases and weighted-average diluted shares Share repurchases(3) Weighted-average diluted shares 4 Dividends per share

Major market indices and exchange rates Source: Bloomberg (1) Revenue weighted composite index is calculated by BlackRock to approximate the impact of market fluctuations on BlackRock’s equity base fees. The index is derived from publicly available market indices that represent applicable AUM benchmarks for each equity portfolio, as selected by BlackRock. The performance information for each equity portfolio used to calculate the index may be substantially different from that shown. Index does not include portfolios that do not have an applicable market index. Index does not reflect BlackRock’s investment performance, and is not indicative of past or future results. 5

Quarterly revenue($ in millions) $1,243 $668 Q3 2026 compared to Q3 2025 Q3 2026 compared to Q2 2026 6 Percentage Change Year-over-Year Sequential Base fees 19 % 5 % Securities lending revenue 25 % 6 % Performance fees 22 % 107 % Tech services & subscription revenue 14 % 4 % Distribution fees 17 % 5 % Advisory & other revenue 9 % (9) % Total 19 % 9 %

$990 $310 Q3 2026 compared to Q3 2025 Q3 2026 compared to Q2 2026 Quarterly investment advisory, administration fees and securities lending revenue($ in millions) 7

Quarterly expense, as adjusted($ in millions) $534 $254 Q3 2026 compared to Q3 2025 Q3 2026 compared to Q2 2026 8 Percentage Change Year-over-Year Sequential Employee comp. & benefits 12 % 10 % Sales, asset & account 22 % 5 % General & administration 6 % (3) % Total 14 % 6 % For information and reconciliations of as adjusted items to GAAP, see page 12 of this Earnings Release Supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks.

Q3 2025 Q3 2026 Total AUM Multi-alternatives  Real estate  Private equity  Private credit  Infrastructure Fee-Paying AUM Q3 2025 Q3 2026  Liquid alternatives Liquid credit Note: Beginning in the third quarter of 2026, BlackRock updated this page to include the Company’s Total AUM to provide additional information on our Alternatives platform. Historical periods have been recast to conform to this new presentation. Definitions: Total AUM: Alternative assets managed by BlackRock, which capture fair market value of investments and additional available capital. Fee-Paying AUM: Assets reported as AUM in BlackRock’s financial reports. Includes both invested capital and committed capital that is fee-paying in its commitment stage. Private Credit: Primarily represents direct lending, opportunistic and venture debt strategies. It does not include private credit assets across infrastructure and real estate debt, as well as assets in private placements and multi-strategy credit funds, which are reported within fixed income and multi-asset AUM. Liquid Alternatives: Includes hedge funds and hedge fund solutions (funds of funds). Liquid Credit: Active liquid credit strategies (such as high yield, bank loans, and collateralized loans) included in fixed income AUM. Note: Totals may not add due to rounding. Alternatives at BlackRock($ in billions)

32 25 7 Available Capital AUM not yet earning fees Multi-alternatives  Real estate  Private equity  Private credit  Infrastructure Definitions: Available Capital: Total capital available for future investment, which includes fee-earning and non-fee-earning commitments, capital available for reinvestment, and certain undrawn leverage and credit facilities for applicable vehicles. May include AUM which becomes unavailable to invest in certain cases. AUM not yet earning fees: Capital that is eligible to earn fees when invested or when certain conditions are met. May include leverage for certain investment vehicles and capital that only earns performance fees. Note: Totals may not add due to rounding. $96B $139B Private Markets Dry Powder($ in billions)

Gross Deployment Gross Fundraising Q3 2026 Q3 2026 LTM $14 $68 Multi-alternatives  Real estate  Private equity  Private credit  Infrastructure Definitions: Gross Fundraising: Represents new capital commitments and subscriptions to BlackRock closed-ended and open-ended funds and managed accounts. Includes fee-earning commitments and capital that is fee-earning on investment. May include non-fee earning commitments for certain vehicles. Gross Deployment: Represents the total aggregate amount of capital invested by BlackRock funds and managed accounts. May include drawn leverage and credit facilities for applicable vehicles. May include capital which is reinvested within certain vehicles. Note: Totals may not add due to rounding. Q3 2026 Q3 2026 LTM $30 $88 Private Markets Capital Activity($ in billions)

Reconciliation between GAAP and as adjusted ($ in millions) Non-GAAP adjustments include amounts related to (i) net impact of compensation expense and hedge (gain) loss on deferred cash compensation plans, (ii) amortization and impairment of intangible assets, (iii) acquisition-related compensation costs, (iv) acquisition-related general and administration expense, (v) change in fair value of contingent consideration, (vi) net income (loss) attributable to noncontrolling interests - consolidated sponsored investment products, (vii) restructuring charges, (viii) a charitable contribution, (ix) income tax matters, as applicable and (x) noncontrolling interest - Subco. For further information and reconciliation between GAAP and as adjusted items, see notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks.

Important notes This presentation, 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 presentation, among others, could cause actual results to differ materially from forward-looking statements or historical performance and include: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management; (3) the relative and absolute investment performance of BlackRock’s investment products; (4) BlackRock’s ability to develop new products and services that address client preferences; (5) the impact of increased competition; (6) the impact of recent or future acquisitions or divestitures, including the acquisitions of GIP, Preqin Holding Limited and HPS (collectively, 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 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. This presentation also includes non-GAAP financial measures. You can find our presentations on the most directly comparable GAAP financial measures calculated in accordance with GAAP and our reconciliations on page 12 of this Earnings Release Supplement, our current Earnings Release dated October 14, 2026, and BlackRock’s other periodic reports, which are available on BlackRock’s website at www.blackrock.com.

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