Form 8-K

8-K — BlackRock, Inc.

Accession: 0001193125-26-304013

Filed: 2026-07-15

Period: 2026-07-15

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-20260715.htm (Primary)

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8-K

8-K (Primary)

Filename: blk-20260715.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): July 15, 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 July 15, 2026, BlackRock, Inc. (the “Company”) reported results of operations for the three and six months ended June 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 July 15, 2026, the Company will hold an investor conference call and webcast to discuss the Company’s earnings results for the three and six months ended June 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 July 15, 2026 issued by the Company

99.2

Second 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: July 15, 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 Second Quarter 2026 Diluted EPS of $12.19, or $13.91 as adjusted

New York, July 15, 2026 – BlackRock, Inc. (NYSE: BLK) today reported financial results for the three and six months ended June 30, 2026.

$15.3 trillion in AUM following $868 billion of net inflows over the last twelve months, reflecting 10% organic base fee growth

Record first half net inflows of $321 billion including $192 billion in the second quarter, broad-based across the platform and driven by ETFs, private markets, active fixed income and systematic equity strategies

31% increase in revenue year-over-year reflects the positive impact of markets, organic base fee growth, fees related to the HPS Transaction, higher performance fees, and higher technology services and subscription revenue

13% growth in technology services and subscription revenue year-over-year, driven by continued momentum in Aladdin® and multi-product solutions

42% increase in operating income year-over-year (39% as adjusted)

20% increase in diluted EPS year-over-year (15% as adjusted) also reflects a lower nonoperating income and higher diluted share count in the current quarter

$450 million of share repurchases in the current quarter

Increasing planned quarterly share repurchases to $550 million

Laurence D. Fink, Chairman and CEO:

“Market fundamentals are strong and well supported, with higher margins and earnings momentum catalyzed by new technology. The scale and depth of our client relationships globally have never been greater. Clients are turning to BlackRock for insights and opportunities. That’s powering record financial performance, $868 billion of net inflows, and 10% organic base fee growth over the last year. Flows in the first six months of 2026 more than doubled year-over-year, driving AUM to a record $15.3 trillion.

“BlackRock is simultaneously a leading public markets manager, a scaled private markets platform, and a global technology company. The quality and breadth of our platform is differentiating us with clients more than ever before. It’s enabling us to earn more of their portfolios, and power durable earnings for our shareholders.

“In the second quarter clients entrusted us with $192 billion of net inflows, generating 8% organic base fee growth – well in excess of our target. iShares crossed $6 trillion in AUM, roughly doubling in three years. Demand is building across our active franchise with $53 billion of net inflows, where our systematic strategies drove equity net inflows and a record $7 billion into liquid alternatives. Technology services and subscription ACV growth of 15% reflects continued adoption of Aladdin as transparency, data, and analytics become more and more critical to our clients and industry.

“We’re seeing this momentum in our financial results. Our second quarter adjusted operating margin was 45.9% – the highest in almost five years. Quarterly operating income grew approximately 40% year-over-year. And our conviction in the growth ahead for BlackRock led us to increase our planned level of 2026 share repurchases to $2 billion.

“Helping more people benefit from the long-term growth of the capital markets is the core of our strategy and our greatest source of opportunity. It's how we deliver higher, more durable organic growth. We see it in our results this quarter: 8% organic base fee growth, a nearly 46% adjusted operating margin, double-digit EPS growth, and increasing capital return. The more clients we help participate in the markets, the more our own growth builds – higher organic growth, higher earnings growth, and more value for our shareholders. Our momentum is accelerating, and I've never been more optimistic about the growth ahead."

FINANCIAL RESULTS

NET FLOW HIGHLIGHTS(1)

(in millions,

YTD

except per share data)

2026

2025

(in billions)

2026

AUM

15,344,624

12,527,590

Long-term net flows:

199

335

% change

Average AUM

14,853,996

11,974,829

By region:

% change

Americas

152

275

Total net flows

191,700

67,737

EMEA

APAC

)

GAAP basis:

Revenue

7,084

5,423

By client type:

% change

Operating income

2,461

1,731

Retail:

% change

Operating margin

34.7

31.9

International

Net income(1)

1,914

1,593

% change

ETFs:

178

310

Diluted EPS

12.19

10.19

Active

% change

Core equity

117

Weighted-average

Digital assets

)

diluted shares

164.6

156.3

Fixed income

102

% change

Precision & other

As Adjusted(2):

Institutional:

)

Operating income

2,916

2,099

Active

% change

Index

(41

)

(76

)

Operating margin

45.9

43.3

Net income

2,291

1,883

Cash management net flows

)

(14

)

% change

Diluted EPS

13.91

12.05

Total net flows

192

321

% 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

Q2 2026

Base fees(1)

June 30, 2026

and securities

Q2 2026

June 30, 2026

and securities

AUM

lending revenue

(in millions), (unaudited)

Net flows

AUM

lending revenue

% of Total

RESULTS BY PRODUCT TYPE

Equity

71,597

8,888,234

2,891

Fixed income

92,096

3,390,161

1,081

Multi-asset

16,784

1,347,299

402

Alternatives:

Private markets

15,432

329,083

639

Liquid alternatives

6,595

120,312

212

Alternatives subtotal

22,027

449,395

851

Digital assets

(3,116

)

48,839

Currency and commodities(2)

(254

)

151,849

118

Long-term

199,134

14,275,777

5,383

Cash management

(7,434

)

1,068,847

343

Total

191,700

15,344,624

5,726

100

RESULTS BY CLIENT TYPE

Retail

18,862

1,396,257

1,323

ETFs

177,934

6,246,070

2,595

Institutional:

Active

43,792

2,687,174

1,176

Index

(41,454

)

3,946,276

289

Institutional subtotal

2,338

6,633,450

1,465

Long-term

199,134

14,275,777

5,383

Cash management

(7,434

)

1,068,847

343

Total

191,700

15,344,624

5,726

100

RESULTS BY INVESTMENT STYLE

Active

53,313

3,665,405

2,403

ETFs

177,934

6,246,070

2,595

Non-ETF index

(32,113

)

4,364,302

385

Long-term

199,134

14,275,777

5,383

Cash management

(7,434

)

1,068,847

343

Total

191,700

15,344,624

5,726

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 June 30, 2026(1)

One-year period

Three-year period

Five-year period

Fixed income:

Actively managed AUM above benchmark or peer median

Taxable

85%

86%

83%

Tax-exempt

78%

66%

57%

Index AUM within or above applicable tolerance

99%

100%

Equity:

Actively managed AUM above benchmark or peer median

Fundamental

62%

63%

Systematic

86%

92%

93%

Index AUM within or above applicable tolerance

93%

95%

99%

(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, July 15, 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 3230408). 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, July 15, 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

June 30,

March 31,

2026

2025

Change

2026

Change

Revenue

Investment advisory, administration fees and

securities lending revenue:

Investment advisory and administration fees

5,487

4,283

1,204

5,259

228

Securities lending revenue

239

171

179

Total investment advisory, administration fees

and securities lending revenue

5,726

4,454

1,272

5,438

288

Investment advisory performance fees

305

211

272

Technology services and subscription revenue

566

499

530

Distribution fees

395

320

389

Advisory and other revenue

Total revenue

7,084

5,423

1,661

6,698

386

Expense

Employee compensation and benefits

2,274

1,764

510

2,225

Sales, asset and account expense:

Distribution and servicing costs

732

576

156

705

Direct fund expense

543

441

102

481

Sub-advisory and other

)

Total sales, asset and account expense

1,342

1,063

279

1,257

General and administration expense

720

613

107

674

Change in fair value of contingent consideration

(65

)

(549

)

560

Restructuring charge

(39

)

Amortization of intangible assets

276

137

139

277

)

Total expense

4,623

3,692

931

3,884

739

Operating income

2,461

1,731

730

2,814

(353

)

Nonoperating income (expense)

Net gain (loss) on investments

283

550

(267

)

211

Net interest income (expense)

(25

)

(29

)

(44

)

Total nonoperating income (expense)

258

521

(263

)

230

Income before income taxes

2,719

2,252

467

2,842

(123

)

Income tax expense

677

587

516

161

Net income

2,042

1,665

377

2,326

(284

)

Less:

Net income (loss) attributable to noncontrolling

interests ("NCI") - consolidated sponsored

investment products ("CIPs")

(37

)

Net income (loss) attributable to NCI - Subco

108

(15

)

Net income attributable to BlackRock, Inc.

1,914

1,593

321

2,212

(298

)

Weighted-average common shares outstanding

Basic

155.2

154.9

0.3

155.3

(0.2

)

Diluted (including Subco Units)

164.6

156.3

8.4

165.0

(0.4

)

Earnings per share attributable to BlackRock, Inc.

common stockholders

Basic

12.34

10.29

2.05

14.24

(1.90

)

Diluted

12.19

10.19

2.00

14.06

(1.87

)

Cash dividends declared and paid per share

5.73

5.21

0.52

5.73

Supplemental information:

AUM (end of period)

15,344,624

12,527,590

2,817,034

13,894,600

1,450,024

Shares outstanding including Subco Units

162.6

154.8

7.9

163.0

(0.4

)

GAAP:

Operating margin

34.7

31.9

280

bps

42.0

(730

)

bps

Effective tax rate

25.2

26.9

(170

)

bps

18.2

700

bps

As adjusted:

Operating income (1)

2,916

2,099

817

2,669

247

Operating margin (1)

45.9

43.3

260

bps

44.5

140

bps

Nonoperating income (expense), less net income

(loss) attributable to NCI - CIPs (2)

145

404

(259

)

123

Net income attributable to BlackRock, Inc. (3)

2,291

1,883

408

2,068

223

Diluted earnings attributable to BlackRock, Inc.

common stockholders per share (3)

13.91

12.05

1.86

12.53

1.38

Effective tax rate

25.2

24.8

bps

23.2

200

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 June 30, 2026, there were 155.0 million shares of common stock and 7.6 million Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC ("Subco") outstanding.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

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

Six Months Ended

June 30,

2026

2025

Change

Revenue

Investment advisory, administration fees and

securities lending revenue:

Investment advisory and administration fees

10,746

8,527

2,219

Securities lending revenue

418

328

Total investment advisory, administration fees

and securities lending revenue

11,164

8,855

2,309

Investment advisory performance fees

577

154

423

Technology services and subscription revenue

1,096

935

161

Distribution fees

784

641

143

Advisory and other revenue

161

114

Total revenue

13,782

10,699

3,083

Expense

Employee compensation and benefits

4,499

3,505

994

Sales, asset and account expense:

Distribution and servicing costs

1,437

1,146

291

Direct fund expense

1,024

833

191

Sub-advisory and other

138

Total sales, asset and account expense

2,599

2,072

527

General and administration expense

1,394

1,228

166

Change in fair value of contingent consideration

(538

)

172

(710

)

Restructuring charge

(39

)

Amortization of intangible assets

553

254

299

Total expense

8,507

7,270

1,237

Operating income

5,275

3,429

1,846

Nonoperating income (expense)

Net gain (loss) on investments

355

608

(253

)

Net interest income (expense)

(69

)

(22

)

(47

)

Total nonoperating income (expense)

286

586

(300

)

Income before income taxes

5,561

4,015

1,546

Income tax expense

1,193

835

358

Net income

4,368

3,180

1,188

Less:

Net income (loss) attributable to NCI - CIPs

(36

)

Net income (loss) attributable to NCI - Subco

201

Net income attributable to BlackRock, Inc.

4,126

3,103

1,023

Weighted-average common shares outstanding

Basic

155.2

155.0

0.3

Diluted (including Subco Units)

164.8

156.4

8.4

Earnings per share attributable to BlackRock, Inc.

common stockholders

Basic

26.58

20.03

6.55

Diluted

26.25

19.83

6.42

Cash dividends declared and paid per share

11.46

10.42

1.04

Supplemental information:

AUM (end of period)

15,344,624

12,527,590

2,817,034

Shares outstanding including Subco Units

162.6

154.8

7.9

GAAP:

Operating margin

38.3

32.0

630

bps

Effective tax rate

21.6

21.2

bps

As adjusted:

Operating income (1)

5,585

4,131

1,454

Operating margin (1)

45.2

43.2

200

bps

Nonoperating income (expense), less net income

(loss) attributable to NCI - CIPs (2)

167

479

(312

)

Net income attributable to BlackRock, Inc. (3)

4,359

3,653

706

Diluted earnings attributable to BlackRock, Inc.

common stockholders per share (3)

26.45

23.35

3.10

Effective tax rate

24.2

20.8

340

bps

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Current Quarter Component Changes by Product Type

Net

March 31,

inflows

Market

June 30,

Average

2026

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Equity

7,661,385

71,597

1,167,280

(12,028

)

8,888,234

8,467,690

Fixed income

3,270,863

92,096

(915

)

32,155

(4,038

)

3,390,161

3,339,692

Multi-asset

1,222,612

16,784

109,665

(1,762

)

1,347,299

1,299,289

Alternatives:

Private markets

320,431

15,432

(6,209

)

(469

)

(102

)

329,083

324,696

Liquid alternatives

108,639

6,595

(70

)

5,062

120,312

114,686

Alternatives subtotal

429,070

22,027

(6,279

)

4,593

(16

)

449,395

439,382

Digital assets

60,671

(3,116

)

(8,710

)

48,839

61,479

Currency and commodities(4)

176,676

(254

)

(24,483

)

(90

)

151,849

171,774

Long-term

12,821,277

199,134

(7,194

)

1,280,500

(17,940

)

14,275,777

13,779,306

Cash management

1,073,323

(7,434

)

3,138

(180

)

1,068,847

1,074,690

Total

13,894,600

191,700

(7,194

)

1,283,638

(18,120

)

15,344,624

14,853,996

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

Net

March 31,

inflows

Market

June 30,

Average

2026

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Retail:

Equity

615,043

7,992

90,962

(249

)

713,748

679,470

Fixed income

382,823

9,325

5,131

790

398,069

392,520

Multi-asset

195,980

(2,336

)

18,052

211,740

206,508

Private markets

31,190

(238

)

(220

)

(30

)

30,788

31,233

Liquid alternatives

37,338

3,795

)

777

41,912

39,832

Retail subtotal

1,262,374

18,862

(245

)

114,702

564

1,396,257

1,349,563

ETFs:

Equity

4,001,533

110,035

615,561

(4,572

)

4,722,557

4,455,626

Fixed income

1,239,025

66,388

4,531

(1,317

)

1,308,627

1,274,752

Multi-asset

15,086

5,552

1,246

(117

)

21,767

18,275

Digital assets

60,671

(3,116

)

(8,710

)

48,839

61,479

Commodities

169,229

(925

)

(23,968

)

(56

)

144,280

164,009

ETFs subtotal

5,485,544

177,934

588,660

(6,068

)

6,246,070

5,974,141

Institutional:

Active:

Equity

248,689

2,083

38,250

(293

)

288,729

275,621

Fixed income

892,131

10,293

(915

)

11,182

(613

)

912,078

902,982

Multi-asset

1,007,904

13,270

90,169

(1,671

)

1,109,672

1,070,376

Private markets

289,241

15,346

(5,971

)

(249

)

(72

)

298,295

293,463

Liquid alternatives

71,301

2,800

(63

)

4,285

78,400

74,854

Active subtotal

2,509,266

43,792

(6,949

)

143,637

(2,572

)

2,687,174

2,617,296

Index

3,564,093

(41,454

)

433,501

(9,864

)

3,946,276

3,838,306

Institutional subtotal

6,073,359

2,338

(6,949

)

577,138

(12,436

)

6,633,450

6,455,602

Long-term

12,821,277

199,134

(7,194

)

1,280,500

(17,940

)

14,275,777

13,779,306

(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

March 31,

inflows

Market

June 30,

Average

2026

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Active:

Equity

535,995

2,106

81,700

(562

)

619,239

591,272

Fixed income

1,241,991

18,246

(915

)

15,895

161

1,275,378

1,261,566

Multi-asset

1,203,867

10,934

108,219

(1,627

)

1,321,393

1,276,865

Private markets

320,431

15,432

(6,209

)

(469

)

(102

)

329,083

324,696

Liquid alternatives

108,639

6,595

(70

)

5,062

120,312

114,686

Active subtotal

3,410,923

53,313

(7,194

)

210,407

(2,044

)

3,665,405

3,569,085

ETFs:

Equity

4,001,533

110,035

615,561

(4,572

)

4,722,557

4,455,626

Fixed income

1,239,025

66,388

4,531

(1,317

)

1,308,627

1,274,752

Multi-asset

15,086

5,552

1,246

(117

)

21,767

18,275

Digital assets

60,671

(3,116

)

(8,710

)

48,839

61,479

Commodities

169,229

(925

)

(23,968

)

(56

)

144,280

164,009

ETFs subtotal

5,485,544

177,934

588,660

(6,068

)

6,246,070

5,974,141

Non-ETF index

3,924,810

(32,113

)

481,433

(9,828

)

4,364,302

4,236,080

Long-term

12,821,277

199,134

(7,194

)

1,280,500

(17,940

)

14,275,777

13,779,306

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

Net

March 31,

inflows

Market

June 30,

Average

2026

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Private markets:

Infrastructure

111,867

5,233

(3,006

)

(648

)

113,488

112,172

Private equity

30,231

2,677

(769

)

147

(25

)

32,261

31,663

Private credit

147,045

6,004

(1,833

)

(184

)

(95

)

150,937

148,997

Real estate

21,654

237

(133

)

221

(26

)

21,953

21,943

Multi-alternatives

9,634

1,281

(468

)

10,444

9,921

Total private markets

320,431

15,432

(6,209

)

(469

)

(102

)

329,083

324,696

(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

June 30,

Average

2025

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Equity

7,793,875

143,440

987,657

(36,738

)

8,888,234

8,275,937

Fixed income

3,272,021

126,410

(1,871

)

12,505

(18,904

)

3,390,161

3,328,895

Multi-asset

1,223,625

34,610

96,952

(7,888

)

1,347,299

1,280,725

Alternatives:

Private markets

322,624

24,509

(14,681

)

(2,458

)

(911

)

329,083

323,993

Liquid alternatives

100,990

12,147

(765

)

7,767

173

120,312

110,531

Alternatives subtotal

423,614

36,656

(15,446

)

5,309

(738

)

449,395

434,524

Digital assets

78,435

(2,182

)

(27,403

)

(11

)

48,839

65,172

Currency and commodities(4)

169,216

(3,898

)

(13,178

)

(291

)

151,849

181,688

Long-term

12,960,786

335,036

(17,317

)

1,061,842

(64,570

)

14,275,777

13,566,941

Cash management

1,080,732

(13,611

)

5,344

(3,618

)

1,068,847

1,073,788

Total

14,041,518

321,425

(17,317

)

1,067,186

(68,188

)

15,344,624

14,640,729

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

Net

December 31,

inflows

Market

June 30,

Average

2025

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Retail:

Equity

629,081

15,426

72,254

(3,013

)

713,748

665,257

Fixed income

384,887

12,141

1,316

(275

)

398,069

390,475

Multi-asset

199,655

(1,337

)

13,604

(182

)

211,740

205,415

Private markets

30,681

1,347

(533

)

(559

)

(148

)

30,788

31,217

Liquid alternatives

34,428

6,517

(192

)

1,191

(32

)

41,912

38,107

Retail subtotal

1,278,732

34,094

(725

)

87,806

(3,650

)

1,396,257

1,330,471

ETFs:

Equity

4,006,014

198,148

529,796

(11,401

)

4,722,557

4,324,286

Fixed income

1,205,953

111,827

(4,832

)

(4,321

)

1,308,627

1,256,084

Multi-asset

14,402

6,435

1,157

(227

)

21,767

16,861

Digital assets

78,435

(2,182

)

(27,403

)

(11

)

48,839

65,172

Commodities

162,906

(4,602

)

(13,811

)

(213

)

144,280

174,350

ETFs subtotal

5,467,710

309,626

484,907

(16,173

)

6,246,070

5,836,753

Institutional:

Active:

Equity

247,993

6,468

36,012

(1,744

)

288,729

268,130

Fixed income

905,566

3,101

(1,871

)

8,812

(3,530

)

912,078

905,950

Multi-asset

1,006,106

29,147

81,874

(7,455

)

1,109,672

1,054,559

Private markets

291,943

23,162

(14,148

)

(1,899

)

(763

)

298,295

292,776

Liquid alternatives

66,562

5,630

(573

)

6,576

205

78,400

72,424

Active subtotal

2,518,170

67,508

(16,592

)

131,375

(13,287

)

2,687,174

2,593,839

Index

3,696,174

(76,192

)

357,754

(31,460

)

3,946,276

3,805,878

Institutional subtotal

6,214,344

(8,684

)

(16,592

)

489,129

(44,747

)

6,633,450

6,399,717

Long-term

12,960,786

335,036

(17,317

)

1,061,842

(64,570

)

14,275,777

13,566,941

(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 seven 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

June 30,

Average

2025

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Active:

Equity

546,028

5,255

71,209

(3,253

)

619,239

580,183

Fixed income

1,257,358

13,213

(1,871

)

10,027

(3,349

)

1,275,378

1,262,392

Multi-asset

1,205,743

27,810

95,477

(7,637

)

1,321,393

1,259,956

Private markets

322,624

24,509

(14,681

)

(2,458

)

(911

)

329,083

323,993

Liquid alternatives

100,990

12,147

(765

)

7,767

173

120,312

110,531

Active subtotal

3,432,743

82,934

(17,317

)

182,022

(14,977

)

3,665,405

3,537,055

ETFs:

Equity

4,006,014

198,148

529,796

(11,401

)

4,722,557

4,324,286

Fixed income

1,205,953

111,827

(4,832

)

(4,321

)

1,308,627

1,256,084

Multi-asset

14,402

6,435

1,157

(227

)

21,767

16,861

Digital assets

78,435

(2,182

)

(27,403

)

(11

)

48,839

65,172

Commodities

162,906

(4,602

)

(13,811

)

(213

)

144,280

174,350

ETFs subtotal

5,467,710

309,626

484,907

(16,173

)

6,246,070

5,836,753

Non-ETF index

4,060,333

(57,524

)

394,913

(33,420

)

4,364,302

4,193,133

Long-term

12,960,786

335,036

(17,317

)

1,061,842

(64,570

)

14,275,777

13,566,941

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

Net

December 31,

inflows

Market

June 30,

Average

2025

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Private markets:

Infrastructure

112,116

6,467

(3,325

)

(1,551

)

(219

)

113,488

112,190

Private equity

30,623

3,076

(1,348

)

(16

)

(74

)

32,261

31,165

Private credit

145,385

12,624

(5,741

)

(893

)

(438

)

150,937

147,993

Real estate

25,062

692

(3,627

)

(41

)

(133

)

21,953

22,915

Multi-alternatives

9,438

1,650

(640

)

(47

)

10,444

9,730

Total private markets

322,624

24,509

(14,681

)

(2,458

)

(911

)

329,083

323,993

(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 seven months.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Year-over-Year Component Changes by Product Type

Net

June 30,

inflows

Market

June 30,

Average

2025

(outflows)

Realizations(1)

Acquisitions(2)

change

impact(3)

2026

AUM(4)

Equity

6,905,438

315,471

1,725,405

(58,080

)

8,888,234

7,826,258

Fixed income

3,087,297

257,735

(3,362

)

13,567

70,604

(35,680

)

3,390,161

3,246,979

Multi-asset

1,076,709

105,077

176,329

(10,816

)

1,347,299

1,215,620

Alternatives:

Private markets

215,244

50,379

(31,383

)

101,017

(5,139

)

(1,035

)

329,083

313,356

Liquid alternatives

86,670

18,187

(931

)

6,377

9,791

218

120,312

103,399

Alternatives subtotal

301,914

68,566

(32,314

)

107,394

4,652

(817

)

449,395

416,755

Digital assets

79,551

15,088

(45,790

)

(10

)

48,839

78,692

Currency and

commodities(5)

106,980

11,443

33,884

(458

)

151,849

156,496

Long-term

11,557,889

773,380

(35,676

)

120,961

1,965,084

(105,861

)

14,275,777

12,940,800

Cash management

969,701

94,398

9,856

(5,108

)

1,068,847

1,039,777

Total

12,527,590

867,778

(35,676

)

120,961

1,974,940

(110,969

)

15,344,624

13,980,577

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

Net

June 30,

inflows

Market

June 30,

Average

2025

(outflows)

Realizations(1)

Acquisitions(2)

change

impact(3)

2026

AUM(4)

Retail:

Equity

557,833

32,750

127,779

(4,614

)

713,748

627,810

Fixed income

333,624

55,304

8,213

928

398,069

367,653

Multi-asset

162,852

22,315

26,751

(178

)

211,740

188,039

Private markets

16,823

4,158

(1,267

)

11,674

(424

)

(176

)

30,788

29,566

Liquid alternatives

29,865

11,051

(223

)

1,289

(70

)

41,912

35,305

Retail subtotal

1,100,997

125,578

(1,490

)

11,674

163,608

(4,110

)

1,396,257

1,248,373

ETFs:

Equity

3,455,117

400,347

880,389

(13,296

)

4,722,557

4,033,738

Fixed income

1,101,224

209,764

2,419

(4,780

)

1,308,627

1,205,001

Multi-asset

11,926

8,105

1,969

(233

)

21,767

15,014

Digital assets

79,551

15,088

(45,790

)

(10

)

48,839

78,692

Commodities

100,950

10,763

32,791

(224

)

144,280

149,716

ETFs subtotal

4,748,768

644,067

871,778

(18,543

)

6,246,070

5,482,161

Institutional:

Active:

Equity

242,098

(15,783

)

65,940

(3,526

)

288,729

255,587

Fixed income

881,932

(5,974

)

(3,362

)

13,567

32,204

(6,289

)

912,078

900,391

Multi-asset

898,621

74,298

147,106

(10,353

)

1,109,672

1,008,898

Private markets

198,421

46,221

(30,116

)

89,343

(4,715

)

(859

)

298,295

283,790

Liquid alternatives

56,805

7,136

(708

)

6,377

8,502

288

78,400

68,094

Active subtotal

2,277,877

105,898

(34,186

)

109,287

249,037

(20,739

)

2,687,174

2,516,760

Index

3,430,247

(102,163

)

680,661

(62,469

)

3,946,276

3,693,506

Institutional subtotal

5,708,124

3,735

(34,186

)

109,287

929,698

(83,208

)

6,633,450

6,210,266

Long-term

11,557,889

773,380

(35,676

)

120,961

1,965,084

(105,861

)

14,275,777

12,940,800

(1)

Realizations represent return of capital/return on investments.

(2)

Amounts include AUM attributable to the acquisitions of HPS in July 2025 (the "HPS Transaction") and ElmTree Funds in September 2025 (the "ElmTree Transaction").

(3)

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

(4)

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

(5)

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

June 30,

inflows

Market

June 30,

Average

2025

(outflows)

Realizations(1)

Acquisitions(2)

change

impact(3)

2026

AUM(4)

Active:

Equity

504,554

(4,079

)

124,323

(5,559

)

619,239

548,591

Fixed income

1,183,948

46,205

(3,362

)

13,567

39,647

(4,627

)

1,275,378

1,234,874

Multi-asset

1,061,457

96,613

173,855

(10,532

)

1,321,393

1,196,919

Private markets

215,244

50,379

(31,383

)

101,017

(5,139

)

(1,035

)

329,083

313,356

Liquid alternatives

86,670

18,187

(931

)

6,377

9,791

218

120,312

103,399

Active subtotal

3,051,873

207,305

(35,676

)

120,961

342,477

(21,535

)

3,665,405

3,397,139

ETFs:

Equity

3,455,117

400,347

880,389

(13,296

)

4,722,557

4,033,738

Fixed income

1,101,224

209,764

2,419

(4,780

)

1,308,627

1,205,001

Multi-asset

11,926

8,105

1,969

(233

)

21,767

15,014

Digital assets

79,551

15,088

(45,790

)

(10

)

48,839

78,692

Commodities

100,950

10,763

32,791

(224

)

144,280

149,716

ETFs subtotal

4,748,768

644,067

871,778

(18,543

)

6,246,070

5,482,161

Non-ETF index

3,757,248

(77,992

)

750,829

(65,783

)

4,364,302

4,061,500

Long-term

11,557,889

773,380

(35,676

)

120,961

1,965,084

(105,861

)

14,275,777

12,940,800

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

Net

June 30,

inflows

Market

June 30,

Average

2025

(outflows)

Realizations(1)

Acquisitions(2)

change

impact(3)

2026

AUM(4)

Private markets:

Infrastructure

112,323

14,337

(8,660

)

(4,276

)

(236

)

113,488

111,458

Private equity

33,743

4,082

(5,738

)

246

(72

)

32,261

32,208

Private credit

35,985

27,745

(11,899

)

101,017

(1,455

)

(456

)

150,937

136,321

Real estate

25,276

844

(4,158

)

188

(197

)

21,953

23,963

Multi-alternatives

7,917

3,371

(928

)

158

(74

)

10,444

9,406

Total private markets

215,244

50,379

(31,383

)

101,017

(5,139

)

(1,035

)

329,083

313,356

(1)

Realizations represent return of capital/return on investments.

(2)

Amounts include AUM attributable to the HPS and ElmTree Transactions.

(3)

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

(4)

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

SUMMARY OF REVENUE

Three Months

Six Months

Ended

June 30,

March 31,

June 30,

(in millions), (unaudited)

2026

2025

Change

2026

Change

2026

2025

Change

Revenue

Investment advisory, administration fees and

securities lending revenue:

Equity:

Active

626

507

119

593

1,219

1,025

194

ETFs

1,989

1,401

588

1,793

196

3,782

2,750

1,032

Equity subtotal

2,615

1,908

707

2,386

229

5,001

3,775

1,226

Fixed income:

Active

539

487

531

1,070

979

ETFs

443

366

434

877

718

159

Fixed income subtotal

982

853

129

965

1,947

1,697

250

Active multi-asset

387

312

371

758

625

133

Alternatives:

Private markets

639

499

140

658

(19

)

1,297

1,034

263

Liquid alternatives

212

157

197

409

307

102

Alternatives subtotal

851

656

195

855

)

1,706

1,341

365

Non-ETF index

385

313

342

727

620

107

Digital assets, commodities and multi-asset

ETFs(1)

163

108

179

(16

)

342

200

142

Long-term

5,383

4,150

1,233

5,098

285

10,481

8,258

2,223

Cash management

343

304

340

683

597

Total investment advisory, administration

fees and securities lending revenue

5,726

4,454

1,272

5,438

288

11,164

8,855

2,309

Investment advisory performance fees:

Equity

Fixed income

)

Multi-asset

)

Alternatives:

Private markets

137

232

(95

)

369

306

Liquid alternatives

100

107

Alternatives subtotal

237

163

239

)

476

108

368

Total investment advisory performance fees

305

211

272

577

154

423

Technology services and subscription revenue

566

499

530

1,096

935

161

Distribution fees

395

320

389

784

641

143

Advisory and other revenue:

Advisory

)

Other

141

Total advisory and other revenue

161

114

Total revenue

7,084

5,423

1,661

6,698

386

13,782

10,699

3,083

(1)

Amounts include commodity ETFs and ETPs.

Highlights

•

Investment advisory, administration fees and securities lending revenue increased $1.3 billion from the second quarter of 2025, primarily driven by the positive impact of market beta on average AUM, organic base fee growth and approximately $230 million of fees related to the HPS Transaction. Securities lending revenue of $239 million increased from $171 million in the second quarter of 2025, primarily reflecting higher spreads.

Investment advisory, administration fees and securities lending revenue increased $288 million from the first quarter of 2026, primarily driven by the impact of market beta on average AUM, organic base fee growth and the effect of one additional day in the quarter. Securities lending revenue of $239 million increased from $179 million in the first quarter of 2026, primarily reflecting higher spreads.

•

Performance fees increased $211 million from the second quarter of 2025, primarily reflecting higher revenue from alternative products, including the impact of the HPS Transaction, and higher revenue from long-only products.

Performance fees increased $33 million from the first quarter of 2026, primarily reflecting higher revenue from liquid alternative and long-only products, partially offset by lower revenue from private markets products.

•

Technology services and subscription revenue increased $67 million from the second quarter of 2025 and $36 million from the first quarter of 2026, reflecting the sustained demand for Aladdin and multi-product solutions. Technology services and subscription annual contract value (“ACV”)(1) increased 15% from the second quarter of 2025.

•

Distribution fees increased $75 million from the second 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

Six Months

Ended

June 30,

March 31,

June 30,

(in millions), (unaudited)

2026

2025

Change

2026

Change

2026

2025

Change

Operating expense

Employee compensation and benefits

2,274

1,764

510

2,225

4,499

3,505

994

Sales, asset and account expense:

Distribution and servicing costs

732

576

156

705

1,437

1,146

291

Direct fund expense

543

441

102

481

1,024

833

191

Sub-advisory and other

)

138

Total sales, asset and account expense

1,342

1,063

279

1,257

2,599

2,072

527

General and administration expense:

Marketing and promotional

101

)

195

190

Occupancy and office related

153

120

147

300

234

Portfolio services

)

138

126

Technology

227

198

206

433

387

Professional services

155

124

Communications

Foreign exchange remeasurement

)

Other general and administration

156

150

Total general and administration expense

720

613

107

674

1,394

1,228

166

Change in fair value of contingent consideration

(65

)

(549

)

560

(538

)

172

(710

)

Restructuring charge

(39

)

(39

)

Amortization of intangible assets

276

137

139

277

)

553

254

299

Total operating expense

4,623

3,692

931

3,884

739

8,507

7,270

1,237

Highlights

•

Employee compensation and benefits expense increased $510 million from the second quarter of 2025, primarily reflecting the impact of higher operating income and performance fees, and the impact of the HPS Transaction.

•

Sales, asset and account expense increased $279 million from the second quarter of 2025 and $85 million from the first quarter of 2026, driven by higher direct fund expense and distribution and servicing costs, primarily reflecting higher average AUM.

•

General and administration expense increased $107 million from the second quarter of 2025, primarily driven by occupancy and office related expense, technology expense and professional services expense.

General and administration expense increased $46 million from the first quarter of 2026, primarily associated with higher technology expense.

•

Change in fair value of contingent consideration(1) decreased $65 million as compared to the change in the second quarter of 2025, and increased $560 million as compared to the change in the first quarter of 2026, primarily in connection with the fair value of contingent consideration for the Global Infrastructure Management, LLC ("GIP") and HPS Transactions, which is impacted by the share price of BlackRock common stock at the end of the period.

•

Amortization of intangible assets(1) increased $139 million from the second quarter of 2025, primarily reflecting amortization of intangible assets acquired in the HPS Transaction.

(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

Six Months

Ended

June 30,

March 31,

June 30,

(in millions), (unaudited)

2026

2025

Change

2026

Change

2026

2025

Change

Nonoperating income (expense), GAAP basis

258

521

(263

)

230

286

586

(300

)

Less: Net income (loss) attributable to

NCI - CIPs

(37

)

(36

)

Nonoperating income (expense), net of

NCI - CIPs

223

449

(226

)

201

245

509

(264

)

Less: Hedge gain (loss) on deferred cash

compensation plans(1)

Nonoperating income (expense), net of

NCI - CIPs, as adjusted(2)

145

404

(259

)

123

167

479

(312

)

Three Months

Six Months

Ended

June 30,

March 31,

June 30,

(in millions), (unaudited)

2026

2025

Change

2026

Change

2026

2025

Change

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

Private equity

(30

)

Real assets

)

Other alternatives(3)

)

Other investments(4)

(13

)

Hedge gain (loss) on deferred cash

compensation plans(1)

Subtotal

193

108

177

209

115

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

393

(338

)

105

416

(311

)

Total net gain (loss) on investments, net of

NCI - CIPs

248

478

(230

)

182

314

531

(217

)

Net interest income (expense)

(25

)

(29

)

(44

)

(69

)

(22

)

(47

)

Nonoperating income (expense), net of

NCI - CIPs

223

449

(226

)

201

245

509

(264

)

Less: Hedge gain (loss) on deferred cash

compensation plans(1)

Nonoperating income (expense), net of

NCI - CIPs, as adjusted(2)

145

404

(259

)

123

167

479

(312

)

(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 June 30, 2026 and 2025, include nonoperating noncash pre-tax losses of approximately $37 million and gains of approximately $330 million, respectively, in connection with the Company's minority investments in Circle Internet Group, Inc. 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

Six Months

Ended

June 30,

March 31,

June 30,

(in millions), (unaudited)

2026

2025

Change

2026

Change

2026

2025

Change

Income tax expense

677

587

516

161

1,193

835

358

Effective tax rate

25.2

26.9

(170) bps

18.2

700 bps

21.6

21.2

40 bps

Highlights

•

Second quarter 2026 and 2025 effective income tax rate was 25.2% and 26.9%, respectively. First quarter 2026 effective income tax rate of 18.2% included the impact of $57 million of discrete tax benefits related to stock-based compensation awards that vested in the first quarter.

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

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

(in millions), (unaudited)

2026

2025

2026

2025

Operating income, GAAP basis

2,461

1,731

2,814

5,275

3,429

Non-GAAP expense adjustments:

Compensation expense related to appreciation (depreciation)

on deferred cash compensation plans (a)

Amortization of intangible assets (b)

276

137

277

553

254

Acquisition-related compensation costs (b)

107

202

161

Acquisition-related transaction costs (b)(1)

Change in fair value of contingent consideration (b)

(549

)

(538

)

172

Restructuring charge (c)

Operating income, as adjusted (1)

2,916

2,099

2,669

5,585

4,131

Revenue, GAAP basis

7,084

5,423

6,698

13,782

10,699

Non-GAAP adjustments:

Distribution fees

(395

)

(320

)

(389

)

(784

)

(641

)

Investment advisory fees

(337

)

(256

)

(316

)

(653

)

(505

)

Revenue used for operating margin measurement

6,352

4,847

5,993

12,345

9,553

Operating margin, GAAP basis

34.7

31.9

42.0

38.3

32.0

Operating margin, as adjusted (1)

45.9

43.3

44.5

45.2

43.2

(1)

Amounts included within general and administration expense.

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

Six Months Ended

June 30,

March 31,

June 30,

(in millions), (unaudited)

2026

2025

2026

2025

Nonoperating income (expense), GAAP basis

258

521

286

586

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

Nonoperating income (expense), net of NCI - CIPs

223

449

245

509

Less: Hedge gain (loss) on deferred cash compensation

plans (a)

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

attributable to NCI - CIPs, as adjusted (2)

145

404

167

479

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

Six Months Ended

June 30,

March 31,

June 30,

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

2026

2025

2026

2025

Net income attributable to BlackRock, Inc., GAAP basis

1,914

1,593

2,212

4,126

3,103

Noncontrolling interest - Subco

108

201

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

2,007

1,593

2,320

4,327

3,103

Non-GAAP adjustments(1):

Net impact of hedged deferred cash compensation plans (a)

(13

)

(11

)

Amortization of intangible assets (b)

206

102

207

413

189

Acquisition-related compensation costs (b)

151

120

Acquisition-related transaction costs (b)

Change in fair value of contingent consideration (b)

(554

)

(543

)

169

Restructuring charge (c)

Income tax matters

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

2,291

1,883

2,068

4,359

3,653

Diluted weighted-average common shares outstanding, including

Subco Units

164.6

156.3

165.0

164.8

156.4

Diluted earnings per common share, GAAP basis

12.19

10.19

14.06

26.25

19.83

Diluted earnings per common share, as adjusted (3)

13.91

12.05

12.53

26.45

23.35

(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. 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, 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 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 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 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 June 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 May 31, 2026. The performance data does not include accounts terminated prior to June 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 June 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

Q2 2026 Earnings Exhibit 99.2 July 15, 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 $15.3 trillion at June 30, 2026 Q2 2026 Base Fees and Securities Lending Revenue of $5.7 billion

8% 1% 3% 4% 6% 7% 9% 10% 3% 5% 6% 6% 6% 6% 6% 6% 12% 8% 11% 11% 11% 11% 12% 13% 0% (2)% 0% 2% 1% 1% (1)% (1)% 0% 1% 3% 3% 3% 3% 10% 11% 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. 11% 0% 14% 7% 10%

Profitability ($ in millions, except per share data) For further information and reconciliations to GAAP, see page 10 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 10 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) $1,661 $386 Q2 2026 compared to Q2 2025 Q2 2026 compared to Q1 2026 6 Percentage Change Year-over-Year Sequential Base fees 28 % 4 % Securities lending revenue 40 % 34 % Performance fees 224 % 12 % Tech services & subscription revenue 13 % 7 % Distribution fees 23 % 2 % Advisory & other revenue 64 % 33 % Total 31 % 6 %

$1,272 $288 Q2 2026 compared to Q2 2025 Q2 2026 compared to Q1 2026 Quarterly investment advisory, administration fees and securities lending revenue($ in millions) 7

Quarterly expense, as adjusted($ in millions) $844 $139 Q2 2026 compared to Q2 2025 Q2 2026 compared to Q1 2026 8 Percentage Change Year-over-Year Sequential Employee comp. & benefits 28 % - % Sales, asset & account 26 % 7 % General & administration 17 % 7 % Total 25 % 3 % For information and reconciliations of as adjusted items to GAAP, see page 10 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.

Alternatives at BlackRock($ in billions) Q2 2025 Q2 2026 Client Assets Multi-alternatives  Real estate  Private equity  Private credit  Infrastructure Fee-Paying AUM Q2 2025 Q2 2026 Liquid alternatives Liquid credit Definitions: Client Assets: Alternative assets at BlackRock across reported AUM and non-fee-paying committed capital, co-investments and market related gains on invested assets. Fee-Paying AUM: Assets reported in BlackRock’s AUM. 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. Totals may not add due to rounding.

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 transaction costs, (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 10 of this Earnings Release Supplement, our current Earnings Release dated July 15, 2026, and BlackRock’s other periodic reports, which are available on BlackRock’s website at www.blackrock.com.

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