Form 8-K

8-K — BlackRock, Inc.

Accession: 0001193125-26-153768

Filed: 2026-04-14

Period: 2026-04-14

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-20260414.htm (Primary)

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8-K

8-K (Primary)

Filename: blk-20260414.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): April 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 April 14, 2026, BlackRock, Inc. (the “Company”) reported results of operations for the three months ended March 31, 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 April 14, 2026, the Company will hold an investor conference call and webcast to discuss the Company’s earnings results for the three months ended March 31, 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 April 14, 2026 issued by the Company

99.2

First 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: April 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 First Quarter 2026 Diluted EPS of $14.06, or $12.53 as adjusted

New York, April 14, 2026 – BlackRock, Inc. (NYSE: BLK) today reported financial results for the three months ended March 31, 2026.

$130 billion of quarterly total net inflows, led by a record first quarter for iShares® ETFs alongside active and private markets net inflows

$744 billion of net inflows and 10% organic base fee growth over the last twelve months, broad-based across the platform and driven by private markets, ETFs, and systematic active strategies

27% increase in revenue year-over-year reflects the positive impact of markets, organic base fee growth, fees related to the HPS Transaction, and higher technology services and subscription revenue

22% growth in technology services and subscription revenue year-over-year, driven by continued momentum in Aladdin® and the impact of the Preqin Transaction

66% increase in GAAP operating income and 46% increase in GAAP diluted EPS year-over-year impacted by noncash acquisition-related items, which have been excluded from as adjusted results

31% increase in year-over-year operating income, as adjusted

11% increase in year-over-year diluted EPS, as adjusted also reflects lower nonoperating income, a higher diluted share count, and a higher effective tax rate in the current quarter

$450 million of share repurchases in the current quarter and 10% increase in quarterly cash dividend to $5.73 per share

Laurence D. Fink, Chairman and CEO:

“BlackRock delivered one of the strongest starts to a year in our history. Clients awarded us with $130 billion of net inflows in the first quarter, driving 8% organic base fee growth — our highest first quarter in five years. Technology services ACV grew 14%, and our adjusted margins expanded by over 100 basis points. Our results tell more than one quarter’s story. They reflect a business with accelerating momentum, deep client engagement, and a platform built to compound across market environments. Over the last twelve months, clients entrusted BlackRock with $744 billion of net new assets, powering 10% organic base fee growth.

“BlackRock is a scale operator across public markets, private markets, and technology. That combination is proving more valuable every day. Capital is in motion as market fundamentals and provider relationships are re-evaluated, and BlackRock is the trusted destination.

"iShares posted record first quarter net inflows of $132 billion and doubled net new base fees compared to a year ago, as clients rotated to our international and precision exposures. Active equity is a growth area at BlackRock, driving $3 billion of net inflows. Private markets net inflows of $9 billion were led by private credit and infrastructure, where we have strong fundraising and deployment momentum.

“We’re engaged with clients across every channel, geography, and asset class. Our results and growing pipeline of business show that when clients are making big decisions about their portfolios, they are choosing BlackRock. They’re coming to BlackRock because we can meet them across their whole portfolio. We do that by bringing together asset management and technology across public and private markets seamlessly, on one integrated platform. Our model is working, and we’re more confident than ever in the opportunity we see ahead for our firm, clients, and shareholders.”

FINANCIAL RESULTS

NET FLOW HIGHLIGHTS(1)

(in millions,

except per share data)

2026

2025

(in billions)

2026

LTM(2)

AUM

13,894,600

11,583,928

Long-term net flows:

136

620

% change

Average AUM

14,240,929

11,688,880

By region:

% change

Americas

123

490

Total net flows

129,724

84,171

EMEA

192

APAC

(62

)

GAAP basis:

Revenue

6,698

5,276

By client type:

% change

Operating income

2,814

1,698

Retail:

109

% change

Operating margin

42.0

32.2

International

Net income(1)

2,212

1,510

% change

ETFs:

132

551

Diluted EPS

14.06

9.64

Active

% change

Core equity

155

Weighted-average

Digital assets

diluted shares

165.0

156.6

Fixed income

171

% change

Precision & other

129

As Adjusted(2):

Institutional:

(11

)

(40

)

Operating income

2,669

2,032

Active

% change

Index

(35

)

(108

)

Operating margin

44.5

43.2

Net income

2,068

1,770

Cash management net flows

)

124

% change

Diluted EPS

12.53

11.30

Total net flows

130

744

% change

_________________________

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

(2) See pages 11 through 13 for the reconciliation to accounting principles generally accepted in

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

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

(1) Totals may not add due to rounding.

(2) Amounts represent last twelve months net flows from April 1, 2025 to March 31, 2026.

BUSINESS RESULTS

Q1 2026

Base fees(1)

March 31, 2026

and securities

Q1 2026

March 31, 2026

and securities

AUM

lending revenue

(in millions), (unaudited)

Net flows

AUM

lending revenue

% of Total

RESULTS BY PRODUCT TYPE

Equity

71,842

7,661,385

2,626

Fixed income

34,314

3,270,863

1,058

Multi-asset

17,827

1,222,612

381

Alternatives:

Private markets

9,076

320,431

658

Liquid alternatives

5,551

108,639

197

Alternatives subtotal

14,627

429,070

855

Digital assets

935

60,671

Currency and commodities(2)

(3,644

)

176,676

136

Long-term

135,901

12,821,277

5,098

Cash management

(6,177

)

1,073,323

340

Total

129,724

13,894,600

5,438

100

RESULTS BY CLIENT TYPE

Retail

15,233

1,262,374

1,263

ETFs

131,692

5,485,544

2,406

Institutional:

Active

23,713

2,509,266

1,174

Index

(34,737

)

3,564,093

255

Institutional subtotal

(11,024

)

6,073,359

1,429

Long-term

135,901

12,821,277

5,098

Cash management

(6,177

)

1,073,323

340

Total

129,724

13,894,600

5,438

100

RESULTS BY INVESTMENT STYLE

Active

29,620

3,410,923

2,350

ETFs

131,692

5,485,544

2,406

Non-ETF index

(25,411

)

3,924,810

342

Long-term

135,901

12,821,277

5,098

Cash management

(6,177

)

1,073,323

340

Total

129,724

13,894,600

5,438

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 March 31, 2026(1)

One-year period

Three-year period

Five-year period

Fixed income:

Actively managed AUM above benchmark or peer median

Taxable

81%

86%

82%

Tax-exempt

43%

52%

55%

Index AUM within or above applicable tolerance

98%

99%

100%

Equity:

Actively managed AUM above benchmark or peer median

Fundamental

39%

51%

42%

Systematic

73%

91%

94%

Index AUM within or above applicable tolerance

92%

96%

99%

(1)

Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 15 for performance disclosure detail.

TELECONFERENCE, WEBCAST AND PRESENTATION INFORMATION

Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Martin S. Small, will host a teleconference call for investors and analysts on Tuesday, April 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 7276005). 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 Tuesday, April 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

March 31,

December 31,

2026

2025

Change

2025

Change

Revenue

Investment advisory, administration fees and

securities lending revenue:

Investment advisory and administration fees

5,259

4,244

1,015

5,104

155

Securities lending revenue

179

157

174

Total investment advisory, administration fees

and securities lending revenue

5,438

4,401

1,037

5,278

160

Investment advisory performance fees

272

212

754

(482

)

Technology services and subscription revenue

530

436

531

)

Distribution fees

389

321

359

Advisory and other revenue

(17

)

Total revenue

6,698

5,276

1,422

7,008

(310

)

Expense

Employee compensation and benefits

2,225

1,741

484

2,584

(359

)

Sales, asset and account expense:

Distribution and servicing costs

705

570

135

676

Direct fund expense

481

392

470

Sub-advisory and other

)

Total sales, asset and account expense

1,257

1,009

248

1,226

General and administration expense

674

615

814

(140

)

Change in fair value of contingent consideration

(549

)

(645

)

455

(1,004

)

Amortization of intangible assets

277

117

160

268

Total expense

3,884

3,578

306

5,347

(1,463

)

Operating income

2,814

1,698

1,116

1,661

1,153

Nonoperating income (expense)

Net gain (loss) on investments

(38

)

110

Net interest income (expense)

(44

)

(51

)

(16

)

(28

)

Total nonoperating income (expense)

(37

)

(54

)

Income before income taxes

2,842

1,763

1,079

1,607

1,235

Income tax expense

516

248

268

372

144

Net income

2,326

1,515

811

1,235

1,091

Less:

Net income (loss) attributable to noncontrolling

interests ("NCI") - consolidated sponsored

investment products ("CIPs")

(45

)

Net income (loss) attributable to NCI - Subco

108

Net income attributable to BlackRock, Inc.

2,212

1,510

702

1,127

1,085

Weighted-average common shares outstanding

Basic

155.3

155.0

0.3

155.1

0.2

Diluted (including Subco Units)

165.0

156.6

8.4

165.4

(0.4

)

Earnings per share attributable to BlackRock, Inc.

common stockholders

Basic

14.24

9.74

4.50

7.27

6.97

Diluted

14.06

9.64

4.42

7.16

6.90

Cash dividends declared and paid per share

5.73

5.21

0.52

5.21

0.52

Supplemental information:

AUM (end of period)

13,894,600

11,583,928

2,310,672

14,041,518

(146,918

)

Shares outstanding including Subco Units

163.0

155.0

7.9

162.8

0.2

GAAP:

Operating margin

42.0

32.2

980

bps

23.7

1,830

bps

Effective tax rate

18.2

14.1

410

bps

23.9

(570

)

bps

As adjusted:

Operating income (1)

2,669

2,032

637

2,848

(179

)

Operating margin (1)

44.5

43.2

130

bps

45.0

(50

)

bps

Nonoperating income (expense), less net income

(loss) attributable to NCI - CIPs (2)

(53

)

(122

)

144

Net income attributable to BlackRock, Inc. (3)

2,068

1,770

298

2,176

(108

)

Diluted earnings attributable to BlackRock, Inc.

common stockholders per share (3)

12.53

11.30

1.23

13.16

(0.63

)

Effective tax rate

23.2

16.0

720

bps

20.2

300

bps

See pages 11 through 13 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items. As of March 31, 2026, there were 155.4 million shares of common stock and 7.6 million Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC ("Subco") outstanding.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Current Quarter Component Changes by Product Type

Net

December 31,

inflows

Market

March 31,

Average

2025

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Equity

7,793,875

71,842

(179,623

)

(24,709

)

7,661,385

7,930,545

Fixed income

3,272,021

34,314

(957

)

(19,649

)

(14,866

)

3,270,863

3,303,591

Multi-asset

1,223,625

17,827

(12,714

)

(6,126

)

1,222,612

1,247,632

Alternatives:

Private markets

322,624

9,076

(8,471

)

(1,989

)

(809

)

320,431

322,399

Liquid alternatives

100,990

5,551

(695

)

2,707

108,639

105,904

Alternatives subtotal

423,614

14,627

(9,166

)

718

(723

)

429,070

428,303

Digital assets

78,435

935

(18,694

)

60,671

67,740

Currency and commodities(4)

169,216

(3,644

)

11,305

(201

)

176,676

190,349

Long-term

12,960,786

135,901

(10,123

)

(218,657

)

(46,630

)

12,821,277

13,168,160

Cash management

1,080,732

(6,177

)

2,206

(3,438

)

1,073,323

1,072,769

Total

14,041,518

129,724

(10,123

)

(216,451

)

(50,068

)

13,894,600

14,240,929

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

Net

December 31,

inflows

Market

March 31,

Average

2025

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Retail:

Equity

629,081

7,434

(18,708

)

(2,764

)

615,043

638,493

Fixed income

384,887

2,816

(3,815

)

(1,065

)

382,823

386,517

Multi-asset

199,655

999

(4,447

)

(227

)

195,980

201,964

Private markets

30,681

1,261

(295

)

(338

)

(119

)

31,190

31,195

Liquid alternatives

34,428

2,723

(185

)

414

(42

)

37,338

36,190

Retail subtotal

1,278,732

15,233

(480

)

(26,894

)

(4,217

)

1,262,374

1,294,359

ETFs:

Equity

4,006,014

88,113

(85,765

)

(6,829

)

4,001,533

4,112,258

Fixed income

1,205,953

45,438

(9,362

)

(3,004

)

1,239,025

1,233,149

Multi-asset

14,402

884

(90

)

(110

)

15,086

15,005

Digital assets

78,435

935

(18,694

)

60,671

67,740

Commodities

162,906

(3,678

)

10,158

(157

)

169,229

183,413

ETFs subtotal

5,467,710

131,692

(103,753

)

(10,105

)

5,485,544

5,611,565

Institutional:

Active:

Equity

247,993

4,385

(2,238

)

(1,451

)

248,689

255,779

Fixed income

905,566

(7,192

)

(957

)

(2,368

)

(2,918

)

892,131

905,463

Multi-asset

1,006,106

15,877

(8,295

)

(5,784

)

1,007,904

1,027,077

Private markets

291,943

7,815

(8,176

)

(1,651

)

(690

)

289,241

291,204

Liquid alternatives

66,562

2,828

(510

)

2,293

128

71,301

69,714

Active subtotal

2,518,170

23,713

(9,643

)

(12,259

)

(10,715

)

2,509,266

2,549,237

Index

3,696,174

(34,737

)

(75,751

)

(21,593

)

3,564,093

3,712,999

Institutional subtotal

6,214,344

(11,024

)

(9,643

)

(88,010

)

(32,308

)

6,073,359

6,262,236

Long-term

12,960,786

135,901

(10,123

)

(218,657

)

(46,630

)

12,821,277

13,168,160

(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

December 31,

inflows

Market

March 31,

Average

2025

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Active:

Equity

546,028

3,150

(10,493

)

(2,690

)

535,995

558,046

Fixed income

1,257,358

(5,033

)

(957

)

(5,867

)

(3,510

)

1,241,991

1,258,117

Multi-asset

1,205,743

16,876

(12,741

)

(6,011

)

1,203,867

1,229,024

Private markets

322,624

9,076

(8,471

)

(1,989

)

(809

)

320,431

322,399

Liquid alternatives

100,990

5,551

(695

)

2,707

108,639

105,904

Active subtotal

3,432,743

29,620

(10,123

)

(28,383

)

(12,934

)

3,410,923

3,473,490

ETFs:

Equity

4,006,014

88,113

(85,765

)

(6,829

)

4,001,533

4,112,258

Fixed income

1,205,953

45,438

(9,362

)

(3,004

)

1,239,025

1,233,149

Multi-asset

14,402

884

(90

)

(110

)

15,086

15,005

Digital assets

78,435

935

(18,694

)

60,671

67,740

Commodities

162,906

(3,678

)

10,158

(157

)

169,229

183,413

ETFs subtotal

5,467,710

131,692

(103,753

)

(10,105

)

5,485,544

5,611,565

Non-ETF index

4,060,333

(25,411

)

(86,521

)

(23,591

)

3,924,810

4,083,105

Long-term

12,960,786

135,901

(10,123

)

(218,657

)

(46,630

)

12,821,277

13,168,160

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

Net

December 31,

inflows

Market

March 31,

Average

2025

(outflows)

Realizations(1)

change

impact(2)

2026

AUM(3)

Private markets:

Infrastructure

112,116

1,234

(320

)

(902

)

(261

)

111,867

112,127

Private equity

30,623

399

(579

)

(162

)

(50

)

30,231

30,434

Private credit

145,385

6,619

(3,906

)

(711

)

(342

)

147,045

146,753

Real estate

25,062

455

(3,494

)

(262

)

(107

)

21,654

23,570

Multi-alternatives

9,438

369

(172

)

(49

)

9,634

9,515

Total private markets

322,624

9,076

(8,471

)

(1,989

)

(809

)

320,431

322,399

(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-over-Year Component Changes by Product Type

Net

March 31,

inflows

Market

March 31,

Average

2025

(outflows)

Realizations(1)

Acquisitions(2)

change

impact(3)

2026

AUM(4)

Equity

6,204,549

272,656

1,152,903

31,277

7,661,385

7,278,164

Fixed income

3,006,670

160,975

(2,990

)

13,567

69,382

23,259

3,270,863

3,164,014

Multi-asset

1,002,681

81,550

126,819

11,562

1,222,612

1,144,988

Alternatives:

Private markets

212,354

41,766

(31,648

)

101,017

(5,738

)

2,680

320,431

287,605

Liquid alternatives

79,356

14,539

(889

)

6,377

8,498

758

108,639

95,293

Alternatives subtotal

291,710

56,305

(32,537

)

107,394

2,760

3,438

429,070

382,898

Digital assets

50,329

32,343

(22,002

)

60,671

78,541

Currency and

commodities(5)

97,355

16,206

63,137

(22

)

176,676

140,338

Long-term

10,653,294

620,035

(35,527

)

120,961

1,392,999

69,515

12,821,277

12,188,943

Cash management

930,634

123,780

9,748

9,161

1,073,323

1,010,890

Total

11,583,928

743,815

(35,527

)

120,961

1,402,747

78,676

13,894,600

13,199,833

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

Net

March 31,

inflows

Market

March 31,

Average

2025

(outflows)

Realizations(1)

Acquisitions(2)

change

impact(3)

2026

AUM(4)

Retail:

Equity

502,678

25,555

82,411

4,399

615,043

584,908

Fixed income

323,508

46,548

6,907

5,860

382,823

351,337

Multi-asset

153,420

22,806

19,144

610

195,980

175,265

Private markets

16,017

4,839

(1,505

)

11,674

(86

)

251

31,190

26,160

Liquid alternatives

27,257

8,925

(217

)

1,273

100

37,338

32,411

Retail subtotal

1,022,880

108,673

(1,722

)

11,674

109,649

11,220

1,262,374

1,170,081

ETFs:

Equity

3,111,438

312,379

563,717

13,999

4,001,533

3,703,511

Fixed income

1,039,115

186,993

5,339

7,578

1,239,025

1,151,324

Multi-asset

10,603

3,028

1,357

15,086

13,083

Digital assets

50,329

32,343

(22,002

)

60,671

78,541

Commodities

91,276

16,251

61,650

169,229

133,994

ETFs subtotal

4,302,761

550,994

610,061

21,728

5,485,544

5,080,453

Institutional:

Active:

Equity

217,390

(18,082

)

47,323

2,058

248,689

241,606

Fixed income

853,873

(11,272

)

(2,990

)

13,567

33,309

5,644

892,131

889,801

Multi-asset

835,479

55,646

105,920

10,859

1,007,904

953,221

Private markets

196,337

36,927

(30,143

)

89,343

(5,652

)

2,429

289,241

261,445

Liquid alternatives

52,099

5,614

(672

)

6,377

7,225

658

71,301

62,882

Active subtotal

2,155,178

68,833

(33,805

)

109,287

188,125

21,648

2,509,266

2,408,955

Index

3,172,475

(108,465

)

485,164

14,919

3,564,093

3,529,454

Institutional subtotal

5,327,653

(39,632

)

(33,805

)

109,287

673,289

36,567

6,073,359

5,938,409

Long-term

10,653,294

620,035

(35,527

)

120,961

1,392,999

69,515

12,821,277

12,188,943

(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

March 31,

inflows

Market

March 31,

Average

2025

(outflows)

Realizations(1)

Acquisitions(2)

change

impact(3)

2026

AUM(4)

Active:

Equity

458,656

(10,765

)

83,936

4,168

535,995

516,014

Fixed income

1,149,891

31,413

(2,990

)

13,567

39,448

10,662

1,241,991

1,209,113

Multi-asset

988,884

78,452

125,063

11,468

1,203,867

1,128,470

Private markets

212,354

41,766

(31,648

)

101,017

(5,738

)

2,680

320,431

287,605

Liquid alternatives

79,356

14,539

(889

)

6,377

8,498

758

108,639

95,293

Active subtotal

2,889,141

155,405

(35,527

)

120,961

251,207

29,736

3,410,923

3,236,495

ETFs:

Equity

3,111,438

312,379

563,717

13,999

4,001,533

3,703,511

Fixed income

1,039,115

186,993

5,339

7,578

1,239,025

1,151,324

Multi-asset

10,603

3,028

1,357

15,086

13,083

Digital assets

50,329

32,343

(22,002

)

60,671

78,541

Commodities

91,276

16,251

61,650

169,229

133,994

ETFs subtotal

4,302,761

550,994

610,061

21,728

5,485,544

5,080,453

Non-ETF index

3,461,392

(86,364

)

531,731

18,051

3,924,810

3,871,995

Long-term

10,653,294

620,035

(35,527

)

120,961

1,392,999

69,515

12,821,277

12,188,943

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

Net

March 31,

inflows

Market

March 31,

Average

2025

(outflows)

Realizations(1)

Acquisitions(2)

change

impact(3)

2026

AUM(4)

Private markets:

Infrastructure

108,371

12,487

(6,428

)

(3,585

)

1,022

111,867

110,867

Private equity

36,562

2,450

(9,155

)

203

171

30,231

33,325

Private credit

33,686

24,005

(11,162

)

101,017

(1,303

)

802

147,045

109,689

Real estate

26,076

541

(4,391

)

(1,202

)

630

21,654

24,840

Multi-alternatives

7,659

2,283

(512

)

149

9,634

8,884

Total private markets

212,354

41,766

(31,648

)

101,017

(5,738

)

2,680

320,431

287,605

(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

Ended

March 31,

December 31,

(in millions), (unaudited)

2026

2025

Change

2025

Change

Revenue

Investment advisory, administration fees and

securities lending revenue:

Equity:

Active

593

518

585

ETFs

1,793

1,349

444

1,696

Equity subtotal

2,386

1,867

519

2,281

105

Fixed income:

Active

531

492

526

ETFs

434

352

421

Fixed income subtotal

965

844

121

947

Active multi-asset

371

313

363

Alternatives:

Private markets

658

535

123

663

)

Liquid alternatives

197

150

184

Alternatives subtotal

855

685

170

847

Non-ETF index

342

307

348

)

Digital assets, commodities and multi-asset

ETFs(1)

179

162

Long-term

5,098

4,108

990

4,948

150

Cash management

340

293

330

Total investment advisory, administration

fees and securities lending revenue

5,438

4,401

1,037

5,278

160

Investment advisory performance fees:

Equity

(74

)

Fixed income

(10

)

Multi-asset

)

Alternatives:

Private markets

232

208

334

(102

)

Liquid alternatives

)

311

(304

)

Alternatives subtotal

239

205

645

(406

)

Total investment advisory performance fees

272

212

754

(482

)

Technology services and subscription revenue

530

436

531

)

Distribution fees

389

321

359

Advisory and other revenue:

Advisory

)

Other

(18

)

Total advisory and other revenue

(17

)

Total revenue

6,698

5,276

1,422

7,008

(310

)

(1)

Amounts include commodity ETFs and ETPs.

Highlights

•

Investment advisory, administration fees and securities lending revenue increased $1.0 billion from the first quarter of 2025, primarily driven by organic base fee growth, the impact of market beta on average AUM, and approximately $230 million of fees related to the HPS Transaction. Securities lending revenue of $179 million increased from $157 million in the first quarter of 2025.

Investment advisory, administration fees and securities lending revenue increased $160 million from the fourth quarter of 2025, primarily driven by organic base fee growth and the impact of market beta on average AUM, partially offset by the effect of two fewer days in the current quarter.

•

Performance fees increased $212 million from the first quarter of 2025, primarily reflecting higher revenue from private markets, including the impact of the HPS Transaction.

Performance fees decreased $482 million from the fourth quarter of 2025, primarily reflecting a seasonally higher number of products with performance measurement periods that end in the fourth quarter.

•

Technology services and subscription revenue increased $94 million from the first quarter of 2025, reflecting the sustained demand for Aladdin technology offerings and a full-quarter impact of revenue from the acquisition of Preqin Holding Limited ("Preqin") in March 2025 (the "Preqin Transaction"). Preqin contributed approximately $65 million of revenue to the first quarter of 2026. Technology services and subscription annual contract value (“ACV”)(1) increased 14% from the first quarter of 2025.

(1)

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

SUMMARY OF OPERATING EXPENSE

Three Months

Ended

March 31,

December 31,

(in millions), (unaudited)

2026

2025

Change

2025

Change

Operating expense

Employee compensation and benefits

2,225

1,741

484

2,584

(359

)

Sales, asset and account expense:

Distribution and servicing costs

705

570

135

676

Direct fund expense

481

392

470

Sub-advisory and other

)

Total sales, asset and account expense

1,257

1,009

248

1,226

General and administration expense:

Marketing and promotional

101

Occupancy and office related

147

114

150

)

Portfolio services

Technology

206

189

209

)

Professional services

(23

)

Communications

Foreign exchange remeasurement

)

Charitable contribution

109

(109

)

Other general and administration

)

Total general and administration expense

674

615

814

(140

)

Change in fair value of contingent consideration

(549

)

(645

)

455

(1,004

)

Amortization of intangible assets

277

117

160

268

Total operating expense

3,884

3,578

306

5,347

(1,463

)

Highlights

•

Employee compensation and benefits expense increased $484 million from the first quarter of 2025, primarily reflecting the impact of higher operating income and performance fees, and the impact of the HPS and Preqin Transactions.

Employee compensation and benefits expense decreased $359 million from the fourth quarter of 2025, primarily reflecting lower incentive compensation as a result of lower performance fees and retention-related deferred compensation expense(1), partially offset by higher seasonal payroll taxes.

•

Sales, asset and account expense increased $248 million from the first quarter of 2025 and $31 million from the fourth quarter of 2025, driven by higher distribution and servicing costs and direct fund expense, primarily reflecting higher average AUM.

•

General and administration expense increased $59 million from the first quarter of 2025, primarily driven by occupancy and office related expense and technology expense.

General and administration expense decreased $140 million from the fourth quarter of 2025, primarily driven by the charitable contribution of a portion of BlackRock's stake in Circle Internet Group, Inc. ("Circle") to the BlackRock Charitable Fund recorded in the fourth quarter of 2025 (the “Charitable Contribution”) and a decrease in professional services expense.

•

Change in fair value of contingent consideration(1) decreased $645 million as compared to the change in the first quarter of 2025 and decreased $1.0 billion as compared to the change in the fourth quarter of 2025, 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.

•

Amortization of intangible assets(1) increased $160 million from the first quarter of 2025, primarily reflecting amortization of intangible assets acquired in the HPS and Preqin Transactions.

(1)

These expenses have been excluded from the Company's "as adjusted" financial results under the expense adjustments for acquisition-related costs and the Charitable Contribution, as applicable. See pages 11 through 13 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

Ended

March 31,

December 31,

(in millions), (unaudited)

2026

2025

Change

2025

Change

Nonoperating income (expense), GAAP basis

(37

)

(54

)

Less: Net income (loss) attributable to

NCI - CIPs

(45

)

Nonoperating income (expense), net of

NCI - CIPs

(38

)

(105

)

127

Less: Hedge gain (loss) on deferred cash

compensation plans(1)

(15

)

(17

)

Nonoperating income (expense), net of

NCI - CIPs, as adjusted(2)

(53

)

(122

)

144

Three Months

Ended

March 31,

December 31,

(in millions), (unaudited)

2026

2025

Change

2025

Change

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

Private equity

(39

)

(42

)

Real assets

)

(12

)

Other alternatives(3)

Other investments(4)

(13

)

(10

)

(15

)

Hedge gain (loss) on deferred cash

compensation plans(1)

(15

)

(17

)

Subtotal

(14

)

(21

)

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

(68

)

118

Total net gain (loss) on investments, net of

NCI - CIPs

(89

)

155

Net interest income (expense)

(44

)

(51

)

(16

)

(28

)

Nonoperating income (expense), net of

NCI - CIPs

(38

)

(105

)

127

Less: Hedge gain (loss) on deferred cash

compensation plans(1)

(15

)

(17

)

Nonoperating income (expense), net of

NCI - CIPs, as adjusted(2)

(53

)

(122

)

144

(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 11 through 13.

(3)

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

(4)

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

(5)

Amount for the three months ended December 31, 2025, included nonoperating noncash pre-tax loss in connection with the Company’s minority investment in Circle of approximately $116 million. Additional amounts include earnings (losses) from certain equity method minority investments and noncash pre-tax gains (losses) related to the revaluation of certain other minority investments.

summary of INCOME TAX EXPENSE

Three Months

Ended

March 31,

December 31,

(in millions), (unaudited)

2026

2025

Change

2025

Change

Income tax expense

516

248

268

372

144

Effective tax rate

18.2

14.1

410 bps

23.9

(570) bps

Highlights

•

First quarter 2026 and 2025 income tax expense includes $57 million and $46 million of discrete tax benefits, respectively, related to vested stock-based compensation awards. In addition, first quarter 2025 and fourth quarter 2025 income tax expense included $149 million and $102 million, respectively, of net discrete tax benefits realized from changes in the Company's organizational entity structure.

Fourth quarter 2025 included a discrete tax benefit of $29 million related to the Charitable Contribution, which was excluded from as adjusted results due to its nonrecurring nature.

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

Three Months Ended

March 31,

December 31,

(in millions), (unaudited)

2026

2025

Operating income, GAAP basis

2,814

1,698

1,661

Non-GAAP expense adjustments:

Compensation expense related to appreciation (depreciation)

on deferred cash compensation plans (a)

)

Amortization of intangible assets (b)

277

117

268

Acquisition-related compensation costs (b)

107

315

Acquisition-related transaction costs (b)(1)

Change in fair value of contingent consideration (b)

(549

)

455

Charitable Contribution (c)

109

Operating income, as adjusted (1)

2,669

2,032

2,848

Revenue, GAAP basis

6,698

5,276

7,008

Non-GAAP adjustments:

Distribution fees

(389

)

(321

)

(359

)

Investment advisory fees

(316

)

(249

)

(317

)

Revenue used for operating margin measurement

5,993

4,706

6,332

Operating margin, GAAP basis

42.0

32.2

23.7

Operating margin, as adjusted (1)

44.5

43.2

45.0

(1)

Amounts included within general and administration expense.

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

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

Three Months Ended

March 31,

December 31,

(in millions), (unaudited)

2026

2025

Nonoperating income (expense), GAAP basis

(54

)

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

Nonoperating income (expense), net of NCI - CIPs

(105

)

Less: Hedge gain (loss) on deferred cash compensation

plans (a)

(15

)

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

attributable to NCI - CIPs, as adjusted (2)

(122

)

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

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

Three Months Ended

March 31,

December 31,

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

2026

2025

Net income attributable to BlackRock, Inc., GAAP basis

2,212

1,510

1,127

Noncontrolling interest - Subco

108

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

2,320

1,510

1,184

Non-GAAP adjustments(1):

Net impact of hedged deferred cash compensation plans (a)

)

Amortization of intangible assets (b)

207

200

Acquisition-related compensation costs (b)

231

Acquisition-related transaction costs (b)

Change in fair value of contingent consideration (b)

(554

)

454

Charitable Contribution (c)

Income tax matters

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

2,068

1,770

2,176

Diluted weighted-average common shares outstanding, including

Subco Units

165.0

156.6

165.4

Diluted earnings per common share, GAAP basis

14.06

9.64

7.16

Diluted earnings per common share, as adjusted (3)

12.53

11.30

13.16

(1)

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

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

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)

Charitable Contribution. The Charitable Contribution expense of $109 million has been excluded from operating income, as adjusted, in the fourth quarter of 2025, due to its nonrecurring nature.

•

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 fourth quarter of 2025 included a discrete tax benefit of $29 million recognized in connection with the Charitable Contribution. The discrete tax benefit has been excluded from as adjusted results due to the nonrecurring nature of the Charitable Contribution. Furthermore, the non-GAAP adjustment in 2025 and 2026 related to the change in fair value of contingent consideration is primarily not deductible for income tax purposes.

•

In addition, beginning in the third quarter of 2025, in connection with the HPS Transaction, the Company updated its definition of net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, to assume all outstanding Subco Units issued as part of the consideration for the HPS Transaction have been exchanged in accordance with their terms on a one-for-one basis into common stock of BlackRock, as Subco Units will be exchangeable at the option of the holder when exchange rights begin. Accordingly, the noncontrolling interest 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.

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

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 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 March 31, 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 February 28, 2026. The performance data does not include accounts terminated prior to March 31, 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 March 31, 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

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Q1 2026 Earnings Exhibit 99.2 April 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 $13.9 trillion at March 31, 2026 Q1 2026 Base Fees and Securities Lending Revenue of $5.4 billion

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

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) $1,422 $(310) Q1 2026 compared to Q1 2025 Q1 2026 compared to Q4 2025 6 Percentage Change Year-over-Year Sequential Base fees 24 % 3 % Securities lending revenue 14 % 3 % Performance fees 353 % (64) % Tech services & subscription revenue 22 % - % Distribution fees 21 % 8 % Advisory & other revenue 19 % (20) % Total 27 % (4) %

$1,037 $160 Q1 2026 compared to Q1 2025 Q1 2026 compared to Q4 2025 Quarterly investment advisory, administration fees and securities lending revenue($ in millions) 7

Quarterly expense, as adjusted($ in millions) $785 $(131) Q1 2026 compared to Q1 2025 Q1 2026 compared to Q4 2025 8 Percentage Change Year-over-Year Sequential Employee comp. & benefits 27 % (6) % Sales, asset & account 25 % 3 % General & administration 14 % (3) % Total 24 % (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) Q1 2025 Q1 2026 Client Assets Multi-alternatives  Real estate  Private equity  Private credit  Infrastructure Fee-Paying AUM Q1 2025 Q1 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 April 14, 2026, and BlackRock’s other periodic reports, which are available on BlackRock’s website at www.blackrock.com.

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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-Section 12

-Subsection d1-1

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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