BlackRock, Inc.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Financial Condition
| September 30, | December 31, | |
|---|---|---|
| (in millions, except shares and per share data) | 2025 | 2024 |
| Assets | ||
| Cash and cash equivalents(1) | $9,979 | $12,762 |
| Accounts receivable | 4,796 | 4,304 |
| Investments(1) | 13,669 | 9,769 |
| Separate account assets | 53,572 | 52,811 |
| Separate account collateral held under securities lending agreements | 6,236 | 6,059 |
| Property and equipment (net of accumulated depreciation and amortization of $1,768 and $1,553 at September 30, 2025 and December 31, 2024, respectively) | 1,227 | 1,103 |
| Intangible assets (net of accumulated amortization of $1,214 and $782 at September 30, 2025 and December 31, 2024, respectively) | 28,162 | 20,743 |
| Goodwill | 35,356 | 25,949 |
| Operating lease right-of-use assets | 1,909 | 1,519 |
| Other assets(1) | 7,776 | 3,596 |
| Total assets | $162,682 | $138,615 |
| Liabilities | ||
| Accrued compensation and benefits | $2,785 | $2,964 |
| Accounts payable and accrued liabilities | 1,646 | 1,536 |
| Borrowings | 12,766 | 12,314 |
| Separate account liabilities | 53,572 | 52,811 |
| Separate account collateral liabilities under securities lending agreements | 6,236 | 6,059 |
| Contingent consideration liabilities | 7,978 | 4,302 |
| Deferred income tax liabilities | 4,997 | 3,334 |
| Operating lease liabilities | 2,277 | 1,908 |
| Other liabilities(1) | 8,570 | 4,032 |
| Total liabilities | 100,827 | 89,260 |
| Commitments and contingencies (Note 15) | ||
| Temporary equity | ||
| Redeemable noncontrolling interests ("NCI") - consolidated sponsored investment products ("CIPs") | 3,216 | 1,691 |
| Redeemable NCI - Subco | 2,904 | — |
| Permanent equity | ||
| BlackRock, Inc. stockholders’ equity | ||
| Common stock, $0.01 par value; | 2 | 2 |
| Shares authorized: 500,000,000 at September 30, 2025 and December 31, 2024; Shares issued: 156,276,289 and 155,318,170 at September 30, 2025 and December 31, 2024, respectively; Shares outstanding: 155,124,267 and 154,947,813 at September 30, 2025 and December 31, 2024, respectively | ||
| Additional paid-in capital | 19,649 | 13,446 |
| Retained earnings | 37,581 | 35,611 |
| Accumulated other comprehensive loss | (558) | (1,178) |
| Treasury stock, common, at cost (1,152,022 and 370,357 shares held at September 30, 2025 and December 31, 2024, respectively) | (1,155) | (386) |
| Total BlackRock, Inc. stockholders’ equity | 55,519 | 47,495 |
| Nonredeemable NCI - CIPs | 216 | 169 |
| Total permanent equity | 55,735 | 47,664 |
| Total liabilities, temporary equity and permanent equity | $162,682 | $138,615 |
(1)
At September 30, 2025, cash and cash equivalents, investments, other assets and other liabilities include$163 million,$8.4 billion,$196 million and$3.6 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include$125 million,$5.1 billion,$45 million and$2.1 billion, respectively, related to consolidated VIEs.
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