AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 4/6 · 29/10/2026
Moat56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Distribution relationships, broad investment capabilities and integrated workflows are corroborated by substantial net inflows and expanded technology relationships. These support a current commercial advantage. The passages do not establish network effects, comparative cost leadership or superiority against identified rivals.
durability · 2/4 · Five-year cumulative inflows and continued third-quarter 2026 demand demonstrate persistence. However, broad client exit rights, annual fund-board approvals and technology substitution limit the protection shown. The evidence supports a durable component to relationships without establishing exceptional or assured longevity.
customer dependency · 2/4 · Aladdin integrates several investment functions, and customized fiduciary mandates transfer substantial investment responsibilities to BlackRock. These imply operational dependence for some clients. This is an inference from disclosed workflows; migration costs are unquantified, and advisory clients retain meaningful termination rights.
erosion resilience · 2/4 · Strong aggregate inflows and technology expansion coexist with institutional index outflows and a management-contract impairment. This demonstrates resilience at the platform level alongside localized weakness. Technology competition disclosures identify possible future erosion, rather than proving widespread realized customer losses.
Pricing power—
Insufficient evidence for every rubric criterion; no category score is inferred.
realized pricing · — · The passages do not isolate realized fee increases or cuts. Effective fee rates vary with AUM mix, organic base fee growth measures net new business, and ACV combines contractual sales while assuming renewals. Revenue growth therefore cannot establish a price outcome independently of volume, markets and mix.
retention · 3/4 · Five-year net inflows, continued 2026 demand and explicitly expanded technology relationships strongly support repeat demand indirectly. Customized fiduciary mandates add engagement evidence. Aggregate flows also contain new customers, and ACV assumes renewals, so this assessment does not imply a measured retention rate.
margin resilience · 2/4 · Adjusted margin increased to 45.2% in first-half 2026, while third-quarter GAAP margin remained 30.0% year over year. The 2025 GAAP decline and acquisition effects complicate the picture. Adjusted margins also use a reduced revenue denominator, so they are not directly comparable with GAAP margins or proof of pricing power.
contractual freedom · 1/4 · Clients and fund directors have significant withdrawal, termination and replacement rights. Relevant US fund contracts require annual board approval, and advisory fees may be reduced, including at a board's request. These disclosed contractual constraints support a low grade even though actual fee reductions are not established.
Predictability—
At least three consecutive published annual periods with reported revenue and consolidated net income are required for financial-sector predictability.
Financial strength69
Qualitative financial_services assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-services-1; not an industrial ratio score or credit rating.
capital adequacy · 3/4 · June 2026 disclosures establish actual compliance with applicable subsidiary capital requirements, approximately $2.2 billion of required net capital, $57.613 billion of parent GAAP equity and covenant leverage below one against a 3.5 maximum. This supports strong qualitative capacity without equating GAAP equity with regulatory capital or estimating regulatory headroom.
liquidity funding · 3/4 · June cash excluding CIPs was $10.157 billion against $12.744 billion of borrowings. The committed facility totals $6.3 billion and matures in March 2031; March disclosures show it undrawn and no 2026 principal repayments. Subsidiary cash restrictions and unestablished June utilization prevent treating all resources as freely available.
asset liability risk · 2/4 · June disclosures distinguish matched separate-account assets and liabilities from corporate investments and $7.875 billion of contingent consideration. Acquisition liabilities depend on significant valuation assumptions, and March disclosures identify substantial investment illiquidity. These exposures support a mixed assessment; matching client balances does not eliminate corporate market, contingent or liquidity risk.
earnings resilience · 3/4 · Five years of positive parent-attributable earnings, higher first-half 2026 income and increased third-quarter operating income demonstrate resilience. Fees remain sensitive to market-valued AUM and performance outcomes. Acquisition expenses and contingent-consideration changes affect reported earnings, limiting any claim of exceptional stability.
Capital allocation56
Qualitative financial_services assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-services-1; not an industrial ratio score or credit rating.
capital efficiency · 2/4 · 2025 parent-attributable net income of $5.553 billion divided by average 2024–2025 parent stockholders' equity implies approximately 10.7% GAAP return on equity, calculated rather than reported. First-half 2026 income improved, but acquisition-expanded capital and unproven acquisition returns limit the conclusion. This is not a regulatory-capital return measure.
distributions and buffers · 3/4 · 2025 cash dividends of $3.3 billion and repurchases of approximately $1.6 billion were below $5.553 billion of parent-attributable earnings. Further first-half 2026 repurchases coexist with actual subsidiary capital compliance and covenant leverage below one. This supports distributions alongside buffers, without establishing cash-flow coverage or buyback value.
dilution and cost · 2/4 · First-half diluted weighted-average shares increased to approximately 164.8 million from 156.4 million, principally reflecting Subco units, despite repurchases. HPS retention awards add compensation commitments. Diluted EPS nevertheless increased to $26.25 from $19.83, supporting a mixed assessment rather than assuming dilution necessarily destroyed value.
investment discipline · 2/4 · HPS added $118 billion of fee-paying AUM and contributed fees to operating growth; deferred consideration incorporates financial milestones. Large closing consideration, retention awards and valuation-sensitive contingent obligations remain material. The passages demonstrate commercial contribution and conditional payment design, but do not establish realized acquisition returns or synergies.
Management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Actual distributions and buybacks coexist with reported covenant leverage below one. HPS added fee-paying assets, but substantial consideration, retention awards and contingent obligations create material commitments. Commercial contribution is demonstrated; acquisition returns, repurchase value creation and full cash-flow coverage remain unestablished.
incentive alignment · 3/4 · Actual BPIP grants, three-year operating targets and realized payouts demonstrate implemented performance incentives. All NEOs exceeded ownership guidelines, although that definition includes unvested time-based awards. Historical payouts averaging below target support downside responsiveness; these disclosures establish strong alignment without proving exceptional incentive effectiveness.
execution · 3/4 · Multiyear inflows, expanded technology relationships and realized technology revenue growth demonstrate commercial execution through September 2026. This assessment uses aggregate operating evidence rather than management's claims of differentiation. Markets and acquisitions contribute to growth, while institutional index outflows show execution remains uneven.
governance · 2/4 · Election of all nominees confirms the proxy's 16-of-19 independent board composition, and actual cybersecurity updates demonstrate oversight activity. A serving lead independent director offsets some concentration from combined CEO-chair roles. Approximately 65% compensation support among votes for and against reveals substantial shareholder dissent.
Evidence
BlackRock’s diverse platform of alpha-seeking active, private markets, index and cash management investment strategies across asset classes enables the Company to offer choice and tailor investment and asset allocation solutions for clients.
2025 Form 10-K, filed 2026-02-25: Business, investment platform · Filed 25/02/2026
BlackRock maintains a significant global sales and marketing presence that is focused on establishing and maintaining retail and institutional investment management and technology service relationships by marketing its services to investors directly and through third-party distribution relationships, including financial professionals and pension consultants.
2025 Form 10-K, filed 2026-02-25: Business, distribution relationships · Filed 25/02/2026
BlackRock’s effective fee rates fluctuate due to changes in AUM mix.
2025 Form 10-K, filed 2026-02-25: effective fee rates and AUM mix · Filed 25/02/2026
The advisory or management contracts BlackRock has entered into with its clients, including the agreements that govern many of BlackRock’s investment funds, provide investors or, in some cases, the independent directors of applicable investment funds, with significant latitude to terminate such contracts, withdraw funds or liquidate funds, or to remove BlackRock as a fund’s investment advisor (or equivalent).
2025 Form 10-K, filed 2026-02-25: advisory contract termination and withdrawal rights · Filed 25/02/2026
BlackRock also manages its US mutual funds, closed-end and exchange-traded funds under management contracts that must be renewed and approved annually by the funds’ respective boards of directors, a majority of whom are independent from the Company.
2025 Form 10-K, filed 2026-02-25: annual fund-board contract approvals · Filed 25/02/2026
BlackRock’s fee arrangements under any of its advisory or management contracts may be reduced (including at the behest of a fund’s board of directors).
2025 Form 10-K, filed 2026-02-25: reducible advisory and management fees · Filed 25/02/2026
The HPS Transaction, which added $165 billion of client AUM and $118 billion of fee-paying AUM, positions the Company to provide an integrated private credit platform with both public and private income solutions for clients across their whole portfolios.
2025 Form 10-K, filed 2026-02-25: HPS acquired AUM and fee-paying AUM · Filed 25/02/2026
At close, approximately 8.5 million Subco Units were delivered to former equityholders of HPS and valued at $8.5 billion, based on the price of BlackRock's common stock on June 30, 2025 of approximately $1,049 and discounted for a one-year lack of marketability before exchange rights begin.
2025 Form 10-K, filed 2026-02-25: HPS closing consideration and valuation · Filed 25/02/2026
In addition, at the time of close, the Company granted incentive retention awards to certain employees of approximately 680,000 RSUs that vest in increasing yearly increments over five years valued at $675 million and approximately 270,000 RSUs valued at $260 million that cliff vest 100% after six months.
2025 Form 10-K, filed 2026-02-25: HPS employee retention awards · Filed 25/02/2026
Furthermore, deferred consideration, which is to be delivered all in Subco Units of approximately 2.8 million to 4.4 million, and initially valued at $3.4 billion at close, may be paid in approximately five years, subject to achievement of certain post-closing conditions and financial performance milestones.
2025 Form 10-K, filed 2026-02-25: HPS contingent deferred consideration · Filed 25/02/2026
Clients awarded BlackRock with a record $698 billion of net inflows in 2025, driving 9% organic base fee growth.
2025 Form 10-K, filed 2026-02-25: 2025 net inflows and organic base fee growth · Filed 25/02/2026
In addition, expense for 2024 included a $50 million noncash impairment charge related to certain indefinite-lived open-end management contracts.
2025 Form 10-K, filed 2026-02-25: 2024 management-contract impairment · Filed 25/02/2026
Aladdin’s competitive position is based in part on its ability to combine risk analytics with portfolio management, trading and operations tools on a single platform.
2025 Form 10-K, filed 2026-02-25: Aladdin platform integration · Filed 25/02/2026
Through the integration of Aladdin and eFront, clients are able to better manage and analyze risk across their whole portfolio spanning public and private markets.
2025 Form 10-K, filed 2026-02-25: Aladdin and eFront integration · Filed 25/02/2026
Technology services and subscription annual contract value ("ACV") grew 16% organically, reflecting both new and expanded client relationships.
2025 Form 10-K, filed 2026-02-25: organic technology ACV growth and expanded relationships · Filed 25/02/2026
Increased competition from risk analytics and investment management technology providers, including from competitors with increasingly sophisticated and comprehensive product offerings, or a shift in client demand toward standalone or internally developed solutions, whether due to price competition, perceived market share, platform offerings or flexibility, or market-based or regulatory factors, may weaken Aladdin’s competitive position and may cause the Company’s revenue and earnings to decline.
2025 Form 10-K, filed 2026-02-25: technology competition and substitution risks · Filed 25/02/2026
In addition, to the extent that Aladdin competitors are able to innovate more effectively than BlackRock or leverage delivery models that provide clients faster time to market, lower costs or the ability to more seamlessly combine or bundle with other service offerings, BlackRock may lose existing clients or fail to capture future market share, which may impede its productivity and growth.
2025 Form 10-K, filed 2026-02-25: technology innovation and delivery-model risks · Filed 25/02/2026
1 Financial Highlights (in millions, except per share data) GAAP: 2025 2024 2023 2022 2021 Total revenue $ 24,216 $ 20,407 $ 17,859 $ 17,873 $ 19,374 Operating income $ 7,045 $ 7,574 $ 6,275 $ 6,385 $ 7,450 Operating margin 29.1 % 37.1 % 35.1 % 35.7 % 38.5 % Nonoperating income (expense)(1) $ 312 $ 578 $ 706 $ 89 $ 419 Net income attributable to BlackRock, Inc.
2025 annual financial highlights, filed 2026-02-25: units, 2021–2025 revenue and GAAP operating results · Filed 25/02/2026
$ 5,553 $ 6,369 $ 5,502 $ 5,178 $ 5,901 Diluted earnings per common share $ 35.31 $ 42.01 $ 36.51 $ 33.97 $ 38.22 (in millions, except per share data) As adjusted(2): 2025 2024 2023 2022 2021 Operating income $ 9,600 $ 8,110 $ 6,593 $ 6,711 $ 7,747 Operating margin 44.1 % 44.5 % 41.7 % 42.8 % 46.8 % Nonoperating income (expense)(1) $ 251 $ 533 $ 648 $ 89 $ 419 Net income attributable to BlackRock, Inc.
2025 annual financial highlights, filed 2026-02-25: continuation, attributable earnings and adjusted operating results · Filed 25/02/2026
Decreases in GAAP operating income and operating margin were driven by noncash acquisition-related expenses and the noncash Charitable Contribution.
2025 Form 10-K, filed 2026-02-25: explanation of GAAP operating deterioration · Filed 25/02/2026
Fiduciary management services generated net inflows of $35 billion.
2025 Form 10-K, filed 2026-02-25: fiduciary management net inflows · Filed 25/02/2026
These are complex mandates in which pension plan sponsors or endowments and foundations retain BlackRock to assume responsibility for some or all aspects of investment management, often with BlackRock acting as outsourced chief investment officer.
2025 Form 10-K, filed 2026-02-25: outsourced fiduciary responsibilities · Filed 25/02/2026
These customized services require strong partnership with the clients’ investment staff and trustees in order to tailor investment strategies to meet client-specific risk budgets and return objectives.
2025 Form 10-K, filed 2026-02-25: customized fiduciary partnerships · Filed 25/02/2026
(in millions, except shares and per share data)
December 31,
2025
December 31,
2024
Assets
Cash and cash equivalents(1)
$
11,468
$
12,762
Accounts receivable
5,158
4,304
Investments(1)
13,271
9,769
Separate account assets
60,098
52,811
Separate account collateral held under securities lending agreements
7,922
6,059
Property and equipment (net of accumulated depreciation and amortization of $1,692 and
2025 consolidated balance sheet, filed 2026-02-25: units and December 2025/2024 column dates · Filed 25/02/2026
stockholders’ equity
55,888
47,495
Nonredeemable NCI - CIPs
227
169
Total permanent equity
56,115
47,664
Total liabilities, temporary equity and permanent equity
$
169,998
$
138,615
2025 consolidated balance sheet, filed 2026-02-25: continuation, parent stockholders’ equity · Filed 25/02/2026
During 2025, 2024 and 2023, the Company paid cash dividends of $20.84 per share (or $3.3 billion), $20.40 per share (or $3.1 billion) and $20.00 per share (or $3.0 billion), respectively.
2025 Form 10-K, filed 2026-02-25: actual cash dividends · Filed 25/02/2026
F-39
Share Repurchases. During 2025, under the Company’s existing share repurchase program, the Company repurchased an aggregate of 1.6 million shares and share equivalents for approximately $1.6 billion.
2025 Form 10-K, filed 2026-02-25: actual share and share-equivalent repurchases · Filed 25/02/2026
June 30, 2026
(in millions)
GAAP
Basis
Separate
Account
Assets/
Collateral(1)
CIPs(2)
As
Adjusted
Assets
Cash and cash equivalents
$
10,492
$
—
$
335
$
10,157
Accounts receivable
5,444
—
—
5,444
Investments
15,144
—
4,072
11,072
Separate account assets and collateral held
June 2026 Form 10-Q, filed 2026-08-06: adjusted balance sheet date, units, cash and investments excluding CIPs · Filed 06/08/2026
under securities lending agreements
71,536
71,536
—
—
Operating lease right-of-use assets
1,848
—
—
1,848
Other assets(3)
8,793
—
55
8,738
Subtotal
113,257
71,536
4,462
37,259
Goodwill and intangible assets, net
62,618
—
—
62,618
Total assets
$
175,875
$
71,536
$
4,462
$
99,877
Liabilities
Accrued compensation and benefits
$
2,432
$
—
$
—
$
2,432
Accounts payable and accrued liabilities
2,012
—
—
2,012
Borrowings
12,744
—
—
12,744
Separate account liabilities and collateral
June 2026 Form 10-Q, filed 2026-08-06: adjusted balance sheet continuation, separate-account assets and corporate borrowings · Filed 06/08/2026
liabilities under securities lending agreements
71,536
71,536
—
—
Contingent consideration liabilities
7,875
—
—
7,875
Deferred income tax liabilities(4)
4,488
—
—
4,488
Operating lease liabilities
2,224
—
—
2,224
Other liabilities
8,024
—
462
7,562
Total liabilities
111,335
71,536
462
39,337
Equity
Total BlackRock, Inc.
June 2026 Form 10-Q, filed 2026-08-06: adjusted balance sheet continuation, separate-account liabilities and contingent consideration · Filed 06/08/2026
stockholders’ equity
57,613
—
—
57,613
Noncontrolling interests
6,927
—
4,000
2,927
Total equity
64,540
—
4,000
60,540
Total liabilities and equity
$
175,875
$
71,536
$
4,462
$
99,877
June 2026 Form 10-Q, filed 2026-08-06: adjusted balance sheet continuation, parent equity and noncontrolling interests · Filed 06/08/2026
19. Net Capital Requirements
The Company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions, which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions.
June 2026 Form 10-Q, filed 2026-08-06: subsidiary capital maintained partly in cash · Filed 06/08/2026
As a result, such subsidiaries of the Company may be restricted in their ability to transfer cash between different jurisdictions and to their parents.
June 2026 Form 10-Q, filed 2026-08-06: restrictions on subsidiary cash transfers · Filed 06/08/2026
At June 30, 2026, the Company was required to maintain approximately $2.2 billion in net capital in certain regulated subsidiaries, including BlackRock Institutional Trust Company, N.A.
June 2026 Form 10-Q, filed 2026-08-06: required subsidiary net capital at June 30, 2026 · Filed 06/08/2026
(a consolidated subsidiary of the Company, which is chartered as a national bank whose operations are limited to trust and other fiduciary activities and which is subject to regulatory capital requirements administered by the US Office of the Comptroller of the Currency), entities regulated by the Financial Conduct Authority and Prudential Regulation Authority in the UK, and the Company’s broker-dealers.
June 2026 Form 10-Q, filed 2026-08-06: continuation, regulated entity scope · Filed 06/08/2026
The Company was in compliance with all applicable regulatory net capital requirements.
June 2026 Form 10-Q, filed 2026-08-06: actual net-capital compliance · Filed 06/08/2026
During the six months ended June 30, 2026, under the Company’s existing share repurchase program, the Company repurchased an aggregate of 0.8 million shares and share equivalents for approximately $900 million.
June 2026 Form 10-Q, filed 2026-08-06: first-half actual repurchases · Filed 06/08/2026
34
23. Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three and six months ended June 30, 2026 and 2025:
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions, except shares and per share data)
2026
2025
2026
2025
Basic net income attributable to
BlackRock, Inc.
June 2026 Form 10-Q, filed 2026-08-06: EPS table dates, units and income scope · Filed 06/08/2026
$
1,914
$
1,593
$
4,126
$
3,103
Add: Incremental net income from dilutive
securities - NCI - Subco
93
—
201
—
Diluted net income attributable to
BlackRock, Inc.
June 2026 Form 10-Q, filed 2026-08-06: EPS table continuation, parent net income and incremental Subco income · Filed 06/08/2026
$
2,007
$
1,593
$
4,327
$
3,103
Basic weighted-average shares outstanding
155,152,875
154,868,992
155,230,412
154,953,413
Dilutive effect of:
Nonparticipating RSUs
1,547,797
987,101
1,606,160
1,049,052
Stock options
340,167
397,762
363,028
440,004
Subco Units
7,606,927
—
7,624,315
—
Total diluted weighted-average shares
outstanding
164,647,766
156,253,855
164,823,915
156,442,469
Basic earnings per share
$
12.34
$
10.29
$
26.58
$
20.03
Diluted earnings per share
$
12.19
$
10.19
$
26.25
$
19.83
The Company applies the treasury stock method to determine the dilutive weighted-average common shares outstanding for RSUs and stock options.
June 2026 Form 10-Q, filed 2026-08-06: EPS table continuation, dilution and earnings per share · Filed 06/08/2026
The Company maintains an unsecured revolving credit facility, which is available for working capital and general corporate purposes (the “2026 Credit Facility”).
June 2026 Form 10-Q, filed 2026-08-06: corporate revolving credit facility purpose · Filed 06/08/2026
In March 2026, the 2026 Credit Facility was amended to, among other things, (1) increase the aggregate commitment amount by $400 million to $6.3 billion, (2) extend the maturity date to March 2031 for lenders pursuant to the Company's option to request extensions of the maturity date available under the 2026 Credit Facility and (3) remove the secured overnight financing rate ("SOFR") adjustment for all SOFR-based loans.
June 2026 Form 10-Q, filed 2026-08-06: committed facility size and maturity · Filed 06/08/2026
The 2026 Credit Facility requires the Company not to exceed a maximum consolidated leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3.5 to 1, which was satisfied with a ratio of less than 1 to 1 at June 30, 2026.
June 2026 Form 10-Q, filed 2026-08-06: reported leverage covenant definition and compliance · Filed 06/08/2026
At June 30, 2026 and December 31, 2025, the contingent consideration liability related to the HPS Transaction was estimated using the income approach, with certain significant inputs including a risk-free discount rate of approximately 4.1% and 3.7%, respectively, as well as estimates of the timing and amounts of fundraising and fee-related earnings forecasts, cost of equity, and future stock price performance (Level 3 inputs).
June 2026 Form 10-Q, filed 2026-08-06: HPS contingent consideration valuation inputs · Filed 06/08/2026
As Adjusted. Operating income of $5.6 billion increased $1.5 billion and operating margin of 45.2% increased 200 bps from the six months ended June 30, 2025.
June 2026 Form 10-Q, filed 2026-08-06: first-half adjusted operating results · Filed 06/08/2026
AUM Market Price Risk. BlackRock’s investment advisory and administration fees are primarily comprised of fees based on a percentage of the value of AUM and, in some cases, performance fees expressed as a percentage of the returns realized on AUM.
June 2026 Form 10-Q, filed 2026-08-06: AUM-linked and performance-fee economics · Filed 06/08/2026
Increases in operating income and operating margin were driven by higher revenue, reflecting 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, partially offset by higher expense, including the impact of the HPS Transaction primarily related to noncash acquisition-related costs, as well as higher sales, asset and account expense.
June 2026 Form 10-Q, filed 2026-08-06: operating growth drivers and acquisition expenses · Filed 06/08/2026
Accordingly, BPIP awards are granted in the form of RSUs that vest based on attainment of specified levels of Organic Revenue Growth and Operating Margin, as adjusted, over the three-year performance period.
2026 proxy, filed 2026-04-10: BPIP metrics and three-year vesting · Filed 10/04/2026
The most recently vested BPIP award (2022 BPIP for the 2023 - 2025 performance cycle) vested at 116.6% of target, with the payouts for the past five BPIP award cycles averaging below target.
2026 proxy, filed 2026-04-10: actual vested BPIP outcomes · Filed 10/04/2026
•For purposes of our stock ownership guidelines, “ownership” generally includes BlackRock shares owned outright, whether directly or indirectly, as well as unvested, time-based RSUs or restricted shares (but excludes unexercised options and unvested performance-based RSUs or restricted shares, such as the BPIP awards).
2026 proxy, filed 2026-04-10: ownership-guideline definition and included unvested awards · Filed 10/04/2026
As of December 31, 2025, all of our NEOs exceeded the stock ownership guidelines.
2026 proxy, filed 2026-04-10: actual NEO ownership-guideline compliance · Filed 10/04/2026
BlackRock’s Global Insider Trading Policy prohibits the hedging or pledging of BlackRock securities by employees, including BlackRock’s Section 16 officers and directors.
2026 proxy, filed 2026-04-10: insider hedging and pledging policy · Filed 10/04/2026
Fink serves as both BlackRock’s CEO and Chairman of the Board, which the Board has determined is the most appropriate and effective leadership structure for the Board and the Company at this time.
2026 proxy, filed 2026-04-10: combined CEO and chairman roles · Filed 10/04/2026
Murry S. Gerber
OUR LEAD INDEPENDENT DIRECTOR (SERVING SINCE 2017)
2026 proxy, filed 2026-04-10: serving lead independent director · Filed 10/04/2026
If all 19 director nominees are elected, our Board will consist of 19 directors, 16 of whom, representing approximately 84% of the Board, will be “independent” as defined in the NYSE listing standards.
2026 proxy, filed 2026-04-10: conditional board independence following election · Filed 10/04/2026
The consistency of our results stands out even more over the long term, with nearly $2.5 trillion of net inflows over the last five years.
2026 proxy, filed 2026-04-10: five-year cumulative net inflows · Filed 10/04/2026
◦BPIP awards in particular represent more than 50% of 2025 NEO TAC in aggregate, with ultimate realized values that are further determined by achievement against pre-established 3-year key financial metric targets.
2026 proxy, filed 2026-04-10: performance awards’ share of aggregate 2025 NEO compensation · Filed 10/04/2026
For the 2025 BPIP awards granted in January 2026, the number of shares of BlackRock common stock that a participant ultimately receives upon settlement will be equal to the base number of RSUs granted, multiplied by a percentage determined in accordance with the 2025 BPIP Award Determination Matrix below.
2026 proxy, filed 2026-04-10: actual January 2026 BPIP grants · Filed 10/04/2026
During 2025, the Risk Committee received updates from the CISO at each of its regularly scheduled meetings, as well as at its joint session with the Audit Committee.
2026 proxy, filed 2026-04-10: actual 2025 board cybersecurity oversight · Filed 10/04/2026
14% growth in technology services and subscription revenue year-over-year, driven by continued momentum in Aladdin® and multi-product solutions
19% increase in year-over-year GAAP operating income and 25% increase in GAAP diluted EPS impacted by a noncash change in fair value of contingent consideration associated with prior acquisitions, which has been excluded from as adjusted results
Third-quarter 2026 earnings release, filed 2026-10-14: technology revenue growth and GAAP earnings drivers · Filed 14/10/2026
FINANCIAL RESULTS
NET FLOW HIGHLIGHTS(1)
(in millions,
Q3
Q3
Q3
YTD
except per share data)
2026
2025
(in billions)
2026
2026
AUM
$
15,488,263
$
13,463,625
Long-term net flows:
$
175
$
510
% change
15
%
Average AUM
$
15,460,140
$
12,960,773
By region:
% change
19
%
Americas
$
125
$
400
Total net flows
$
205,466
$
204,642
EMEA
31
100
APAC
19
10
GAAP basis:
Revenue
$
7,752
$
6,509
By client type:
% change
19
%
Operating income
$
2,328
$
1,955
Retail:
$
23
$
57
% change
19
%
US
17
45
Operating margin
30.0
%
30.0
%
International
6
12
Net income(1)
Third-quarter 2026 earnings release, filed 2026-10-14: financial and flow highlights, dates and units · Filed 14/10/2026
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.
Third-quarter 2026 earnings release, filed 2026-10-14: ACV definition and assumed renewals · Filed 14/10/2026
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.
Third-quarter 2026 earnings release, filed 2026-10-14: ACV inclusion of contracted new sales · Filed 14/10/2026
15,311
335,994
668
2
%
11
%
Liquid alternatives
8,925
130,282
240
1
%
4
%
Alternatives subtotal
24,236
466,276
908
3
%
15
%
Digital assets
7,907
79,632
39
1
%
1
%
Currency and commodities(2)
6,961
165,404
111
1
%
2
%
Long-term
174,814
14,387,118
5,682
93
%
94
%
Cash management
30,652
1,101,145
354
7
%
6
%
Total
$
205,466
$
15,488,263
$
6,036
100
%
100
%
RESULTS BY CLIENT TYPE
Retail
$
23,295
$
1,406,186
$
1,396
9
%
23
%
ETFs
134,509
6,358,457
2,762
41
%
46
%
Institutional:
Active
44,454
2,689,184
1,231
18
%
20
%
Index
(27,444
)
3,933,291
293
25
%
5
%
Institutional subtotal
17,010
6,622,475
1,524
43
%
25
%
Long-term
174,814
14,387,118
5,682
93
%
94
%
Cash management
30,652
1,101,145
354
7
%
6
%
Total
$
205,466
$
15,488,263
$
6,036
100
%
100
%
RESULTS BY INVESTMENT STYLE
Active
$
66,405
$
3,671,914
$
2,521
24
%
42
%
ETFs
134,509
6,358,457
2,762
41
%
46
%
Non-ETF index
(26,100
)
4,356,747
399
28
%
6
%
Long-term
174,814
14,387,118
5,682
93
%
94
%
Cash management
Third-quarter 2026 earnings release, filed 2026-10-14: results by client type, institutional index outflows · Filed 14/10/2026
All director nominees were elected (Item 1).
Annual-meeting Form 8-K, filed 2026-05-22: actual election of all director nominees · Filed 22/05/2026
Wagner
117,031,499
4,109,720
91,815
10,517,167
Mark Wilson
118,658,954
2,476,790
97,290
10,517,167
Item 2 – Approval, in a non-binding advisory vote, of the compensation for named executive officers:
For
Against
Abstentions
Broker Non-Votes
78,657,599
42,362,921
212,514
10,517,167
Item 3 – Ratification of the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year 2026:
For
Against
Abstentions
Broker Non-Votes
125,908,412
5,750,963
90,826
0
Item 4 – Amendment of the BlackRock Finance, Inc.
Annual-meeting Form 8-K, filed 2026-05-22: actual advisory compensation vote · Filed 22/05/2026
A significant portion of the Company’s $10.8 billion of investments, as adjusted, is illiquid in nature and, as such, cannot be readily convertible to cash.
March 2026 Form 10-Q, filed 2026-05-06: illiquidity of adjusted corporate investments · Filed 06/05/2026
At March 31, 2026, the Company had no amount outstanding under the 2026 Credit Facility.
March 2026 Form 10-Q, filed 2026-05-06: actual undrawn corporate facility at March 31 · Filed 06/05/2026
At March 31, 2026, BlackRock had no CP Notes outstanding.
March 2026 Form 10-Q, filed 2026-05-06: no outstanding commercial paper at March 31 · Filed 06/05/2026
Future principal repayments and interest requirements at March 31, 2026 were as follows:
(in millions)
Year
Principal
Interest(1)
Total
Payments
Remainder of 2026
$
—
$
332
$
332
2027
1,500
493
1,993
2028
—
445
445
2029
1,500
417
1,917
2030
1,000
377
1,377
2031
1,250
353
1,603
Thereafter(1)
7,603
3,765
11,368
Total
$
12,853
$
6,182
$
19,035
(1)
The amounts related to the 3.75% Notes due 2035 are calculated using the EUR/USD foreign exchange rate as of March 31, 2026.
March 2026 Form 10-Q, filed 2026-05-06: scheduled principal and interest payments, units and foreign-exchange footnote · Filed 06/05/2026
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.
Third-quarter 2026 earnings supplement, filed 2026-10-14: organic base fee growth definition · Filed 14/10/2026
•
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.
Second-quarter 2026 earnings release, filed 2026-07-15: adjusted operating-margin revenue denominator · Filed 15/07/2026
