BlackRock, Inc.
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
View on SEC.govAbout this filing
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, 2026 · Filed Nov 4, 2026
BLK$1,178.87+0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001193125-26-337177
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001193125-26-447043
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 224 previous paragraphs and 220 current paragraphs.
124 unchanged; 69 reworded; 25 added; 28 removed; 3 previous and 2 current paragraphs rearranged.
Tables are not compared: 31 previous and 31 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (25)
Current report
GAAP. Operating income of $2.3 billion increased $373 million from the three months ended September 30, 2025, while operating margin was 30.0% at both September 30, 2026 and 2025. Operating income growth was driven by higher revenue, reflecting the positive impact of markets, organic base fee growth, higher performance fees, and higher technology services and subscription revenue, partially offset by higher expenses, including the impact of a noncash change in fair value of contingent consideration associated with the HPS and GIP Transactions and higher sales, asset and account expense.
Current report
Earnings per diluted common share increased $2.14, or 25%, from the three months ended September 30, 2025, reflecting higher operating and nonoperating income, partially offset by a higher effective tax rate.
Current report
Earnings per diluted common share increased $8.61, or 31%, from the nine months ended September 30, 2025, primarily reflecting higher operating income, partially offset by a higher effective tax rate, a higher diluted share count in connection with the HPS Transaction, and lower nonoperating income.
Current report
AUM increased $144 billion to $15.5 trillion at September 30, 2026 from $15.3 trillion at June 30, 2026, driven by net inflows, partially offset by net market depreciation.
Current report
Long-term net inflows of $175 billion were comprised of $135 billion, $23 billion and $17 billion from ETFs, retail and institutional clients, respectively. Net flows in long-term products are described below.
Current report
Institutional index net outflows of $27 billion were concentrated in low-fee index equity offerings.
Current report
Net market depreciation of $60 billion was primarily driven by US and global fixed income market depreciation.
Current report
AUM increased $4 billion due to the impact of foreign exchange movements, primarily due to the weakening of the US dollar, largely against the Japanese yen, partially offset by the strengthening of the US dollar largely against the euro.
Current report
Component Changes in AUM for the Nine Months Ended September 30, 2026
Current report
The following table presents the component changes in AUM by product type for the nine months ended September 30, 2026.
Current report
The following table presents the component changes in AUM by client type and product type for the nine months ended September 30, 2026.
Current report
The following table presents the component changes in AUM by investment style and product type for the nine months ended September 30, 2026.
Current report
The following table presents the component changes in AUM by private markets product type for the nine months ended September 30, 2026.
Current report
Long-term net inflows of $510 billion were comprised of $444 billion, $57 billion and $8 billion from ETFs, retail and institutional clients, respectively. Net flows in long-term products are described below.
Current report
Institutional index net outflows of $104 billion were concentrated in low-fee index equity offerings.
Current report
Cash management net inflows of $17 billion were driven by net inflows into US government and prime money market funds.
Current report
Net market appreciation of $1.0 trillion was primarily driven by US and global equity market appreciation.
Current report
Long-term net inflows of $778 billion were comprised of net inflows of $626 billion, $139 billion and $13 billion from ETFs, retail and institutional clients, respectively. Net flows in long-term products are described below.
Current report
Institutional index net outflows of $115 billion were concentrated in low-fee index equity offerings.
Current report
Revenue increased $1.2 billion, or 19%, from the three months ended September 30, 2025, reflecting the positive impact of markets, organic base fee growth, higher performance fees and higher technology services and subscription revenue.
Current report
Investment advisory performance fees of $630 million increased $114 million from $516 million for the three months ended September 30, 2025, primarily reflecting higher revenue from liquid alternative products, largely related to a single hedge fund with an annual performance measurement period that ends in the third quarter, partially offset by lower revenue from private markets products.
Current report
Distribution fees of $414 million increased $59 million from $355 million for the three months ended September 30, 2025, primarily reflecting higher average AUM.
Current report
Revenue increased $4.3 billion, or 25%, from the nine months ended September 30, 2025, primarily driven by organic base fee growth, the positive impact of market beta on average AUM, fees related to the HPS Transaction, higher performance fees and higher technology services and subscription revenue.
Current report
Distribution fees of $1.2 billion increased $202 million from $996 million for the nine months ended September 30, 2025, primarily reflecting higher average AUM.
Current report
Expense increased $870 million, or 19%, from the three months ended September 30, 2025, driven by higher noncash change in fair value of contingent consideration associated with the HPS and GIP Transactions, and higher sales, asset and account expense.
Removed paragraphs (28)
Previous report
GAAP. Operating income of $2.5 billion increased $730 million and operating margin of 34.7% increased 280 bps from the three months ended June 30, 2025. 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. In addition, during the second quarter of 2025, BlackRock recorded a $39 million restructuring charge, comprised of severance and compensation expense for accelerated vesting of previously granted deferred compensation awards, in connection with an initiative to modify the Company's organization to fit more closely with strategic priorities.
Previous report
Earnings per diluted common share increased $2.00, or 20%, from the three months ended June 30, 2025, reflecting higher operating income and a lower effective tax rate, partially offset by lower nonoperating income and a higher diluted share count in connection with the HPS Transaction.
Previous report
Earnings per diluted common share increased $6.42, or 32%, from the six months ended June 30, 2025, primarily reflecting higher operating income, partially offset by lower nonoperating income, a higher diluted share count in connection with the HPS Transaction, and a higher effective tax rate.
Previous report
Amounts included within general and administration expense.
Previous report
Non-GAAP adjustments, excluding income tax matters, are net of tax.
Previous report
AUM increased $1.5 trillion to $15.3 trillion at June 30, 2026 from $13.9 trillion at March 31, 2026, driven by net market appreciation and net inflows.
Previous report
Long-term net inflows of $199 billion were comprised of $178 billion, $19 billion and $2 billion from ETFs, retail clients and institutional clients, respectively. Net flows in long-term products are described below.
Previous report
Institutional index net outflows of $41 billion were concentrated in low-fee index equity offerings.
Previous report
Cash management net outflows of $7 billion were driven by redemptions from US government funds.
Previous report
Component Changes in AUM for the Six Months Ended June 30, 2026
Previous report
The following table presents the component changes in AUM by product type for the six months ended June 30, 2026.
Previous report
The following table presents the component changes in AUM by client type and product type for the six months ended June 30, 2026.
Previous report
The following table presents the component changes in AUM by investment style and product type for the six months ended June 30, 2026.
Previous report
The following table presents the component changes in AUM by private markets product type for the six months ended June 30, 2026.
Previous report
Long-term net inflows of $335 billion were comprised of $310 billion and $34 billion from ETFs and retail clients, respectively, partially offset by net outflows of $9 billion from institutional clients. Net flows in long-term products are described below.
Previous report
Institutional index net outflows of $76 billion were concentrated in low-fee index equity offerings.
Previous report
Net market appreciation of $1.1 trillion was primarily driven by global equity market appreciation.
Previous report
Amounts include AUM attributable to the HPS and ElmTree Transactions.
Previous report
Amounts include AUM attributable to the HPS and ElmTree Transactions.
Previous report
Long-term net inflows of $773 billion were comprised of net inflows of $644 billion, $126 billion and $4 billion from ETFs, retail clients and institutional clients, respectively. Net flows in long-term products are described below.
Previous report
Institutional index net outflows of $102 billion were concentrated in low-fee index equity offerings.
Previous report
Net market appreciation of $2.0 trillion was primarily driven by US and global equity market appreciation.
Previous report
AUM decreased $111 billion due to the impact of foreign exchange movements, primarily resulting from the strengthening of the US dollar, largely against the Japanese yen, the British pound, the euro and the Canadian dollar.
Previous report
Revenue increased $1.7 billion, or 31%, from the three months ended June 30, 2025, primarily driven by 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.
Previous report
Distribution fees of $395 million increased $75 million from $320 million for the three months ended June 30, 2025, primarily reflecting higher average AUM.
Previous report
Revenue increased $3.1 billion, or 29%, from the six months ended June 30, 2025, primarily driven by 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.
Previous report
Distribution fees of $784 million increased $143 million from $641 million for the six months ended June 30, 2025, primarily reflecting higher average AUM.
Previous report
Sales, asset and account expense of $1.3 billion increased $279 million from $1.1 billion for the three months ended June 30, 2025, driven by higher direct fund expense and distribution and servicing costs, primarily reflecting higher average AUM.
Reworded paragraphs (69)
Previous wording
BlackRock, Inc. (together, with its subsidiaries, unless the context otherwise indicates, “BlackRock” or the “Company”) is a leading publicly traded investment management firm with $15.3 trillion of AUM at June 30, 2026. With approximately 26,200 employees in more than 30 countries, BlackRock provides a broad range of investment management and technology and subscription services to institutional and retail clients in more than 100 countries across the globe.
Current wording
BlackRock, Inc. (together, with its subsidiaries, unless the context otherwise indicates, “BlackRock” or the “Company”) is a leading publicly traded investment management firm with $15.5 trillion of AUM at September 30, 2026. With approximately 26,000 employees in more than 40 countries, BlackRock provides a broad range of investment management and technology and subscription services to institutional and retail clients in more than 100 countries across the globe.
Previous wording
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. Product offerings include single- and multi-asset portfolios investing in equities, fixed income, private markets, liquid alternatives, digital assets, currencies and commodities, and money market instruments. Products are offered directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares® ETFs, separate accounts, collective trust funds and other pooled investment vehicles. BlackRock also offers technology and subscription services, including the investment and risk management technology platform, Aladdin®, Aladdin Wealth TM, eFront®, Preqin and Cachematrix®, as well as advisory services and solutions to a broad base of institutional and wealth management clients. The Company is highly regulated and manages its clients’ assets as a fiduciary. The Company does not engage in proprietary trading activities that could conflict with the interests of its clients.
Current wording
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. Product offerings include single- and multi-asset portfolios investing in equities, fixed income, private markets, liquid alternatives, digital assets, currencies and commodities, and money market instruments. Products are offered directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares® exchange-traded funds (“ETFs”), separate accounts, collective trust funds and other pooled investment vehicles. BlackRock also offers technology and subscription services, including the investment and risk management technology platform, Aladdin®, Aladdin Wealth TM, eFront®, Preqin and Cachematrix®, as well as advisory services and solutions to a broad base of institutional and wealth management clients. The Company is highly regulated and manages its clients’ assets as a fiduciary. The Company does not engage in proprietary trading activities that could conflict with the interests of its clients.
Previous wording
Net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, assume all Subco Units have been exchanged in accordance with their terms on a one-for-one basis into common stock of BlackRock. Accordingly, the noncontrolling interest allocated to these Subco Units has been included as part of net income attributable to BlackRock, Inc., as adjusted. See Non-GAAP Financial Measures for further information.
Current wording
Net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, assume all Subco Units have been exchanged in accordance with their terms on a one-for-one basis into common stock of BlackRock. Accordingly, the NCI allocated to these Subco Units has been included as part of net income attributable to BlackRock, Inc., as adjusted. See Non-GAAP Financial Measures for further information.
Previous wording
As of June 30, 2026, there were 155.0 million shares of common stock and 7.6 million Subco Units outstanding.
Current wording
As of September 30, 2026, there were 154.6 million shares of common stock and 7.6 million Subco Units outstanding.
Previous wording
Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs decreased $226 million from the three months ended June 30, 2025, driven primarily by a $330 million noncash pre-tax gain in the second quarter of 2025 related to Circle Internet Group, Inc. ("Circle"), partially offset by higher equity method earnings and noncash gains on revaluation of investments.
Current wording
Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs increased $227 million from the three months ended September 30, 2025, driven primarily by noncash pre-tax gains in connection with the Company's minority investments in Securitize Corp. ("Securitize") and Circle Internet Group, Inc. ("Circle").
Previous wording
As Adjusted. Operating income of $2.9 billion increased $817 million and operating margin of 45.9% increased 260 bps from the three months ended June 30, 2025. The acquisition-related expenses and restructuring charge described above have been excluded from as adjusted results. Earnings per diluted common share increased $1.86, or 15%, from the three months ended June 30, 2025, primarily reflecting higher operating income, partially offset by lower nonoperating income and a higher diluted share count in connection with the HPS Transaction.
Current wording
As Adjusted. Operating income of $3.3 billion increased $709 million and operating margin of 47.8% increased 320 bps from the three months ended September 30, 2025. The acquisition-related expenses, including the previously described noncash change in fair value of contingent consideration, have been excluded from as adjusted results. Earnings per diluted common share increased $4.38, or 38%, from the three months ended September 30, 2025, primarily reflecting higher operating and nonoperating income.
Previous wording
GAAP. Operating income of $5.3 billion increased $1.8 billion, while operating margin of 38.3% increased 630 bps from the six months ended June 30, 2025. Operating income and operating margin reflected higher revenue, driven by the positive impact of markets, organic base fee growth, fees related to the HPS Transaction, and higher technology services and subscription revenue. GAAP operating income and operating margin were also impacted by noncash acquisition-related items in connection with the HPS and GIP Transactions as well as the restructuring charge described above.
Current wording
GAAP. Operating income of $7.6 billion increased $2.2 billion, while operating margin of 35.3% increased 400 bps from the nine months ended September 30, 2025. Operating income and operating margin reflected higher revenue, driven by 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 expenses, including higher employee compensation and benefits expense, and higher sales, asset and account expense. GAAP operating income and operating margin were also impacted by noncash acquisition-related expenses in connection with the HPS and GIP Transactions.
Previous wording
Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs decreased $264 million from the six months ended June 30, 2025, driven by the previously mentioned $330 million noncash pre-tax gain related to Circle recorded in 2025 and lower net interest income (expense), partially offset by higher equity method earnings and noncash gains on revaluation of investments.
Current wording
Nonoperating income (expense), less net income (loss) attributable to NCI - CIPs decreased $37 million from the nine months ended September 30, 2025, driven by the $215 million noncash pre-tax gain related to Circle recorded in 2025 and lower net interest income (expense), partially offset by noncash gains on revaluation of investments and higher equity method earnings.
Previous wording
Income tax expense for the six months ended June 30, 2026 and 2025, included $62 million and $50 million of discrete tax benefits, respectively, related to vested stock-based compensation awards. In addition, income tax expense for the six months ended June 30, 2025 included a $149 million discrete tax benefit realized from changes in the Company's organizational entity structure.
Current wording
Income tax expense for the nine months ended September 30, 2026 and 2025, included $72 million and $62 million of discrete tax benefits, respectively, related to vested stock-based compensation awards. In addition, income tax expense for the nine months ended September 30, 2025, included a $149 million discrete tax benefit realized from changes in the Company's organizational entity structure.
Previous wording
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. The acquisition-related expenses and restructuring charge described above have been excluded from as adjusted results. Earnings per diluted common share increased $3.10, or 13%, from the six months ended June 30, 2025, reflecting higher operating income, partially offset by lower nonoperating income, a higher effective tax rate, and a higher diluted share count in connection with the HPS Transaction.
Current wording
As Adjusted. Operating income of $8.9 billion increased $2.2 billion and operating margin of 46.2% increased 240 bps from the nine months ended September 30, 2025. The acquisition-related expenses described above have been excluded from as adjusted results. Earnings per diluted common share increased $7.48, or 21%, from the nine months ended September 30, 2025, reflecting higher operating income, partially offset by a higher effective tax rate, a higher diluted share count in connection with the HPS Transaction, and lower nonoperating income.
Previous wording
ETFs net inflows of $310 billion were led by core equity and index bond ETFs net inflows of $117 billion and $102 billion, respectively. Active ETFs contributed $39 billion of net inflows.
Current wording
ETFs net inflows of $135 billion were led by index bond ETFs and precision and other ETFs net inflows of $61 billion and $41 billion, respectively. Active ETFs contributed $22 billion of net inflows.
Previous wording
Retail net inflows of $19 billion were driven by net inflows into active fixed income products and continued demand for Aperio and BlackRock's liquid alternatives funds.
Current wording
Retail net inflows of $23 billion were led by equity products, driven by demand for Aperio and SpiderRock, and BlackRock's liquid alternatives funds.
Previous wording
Institutional active net inflows of $44 billion were driven by strength in private markets, fixed income, systematic equity strategies, as well as outsourcing and target-date offerings.
Current wording
Institutional active net inflows of $44 billion were positive across all product types, and were led by strength in private markets, fixed income, systematic equities and liquid alternatives.
Previous wording
Cash management net outflows of $14 billion were driven by net outflows from US government money market funds.
Current wording
Cash management net inflows of $31 billion were driven by inflows into US government money market funds.
Previous wording
AUM increased $1.3 trillion to $15.3 trillion at June 30, 2026 from $14.0 trillion at December 31, 2025, driven by net market appreciation and net inflows, partially offset by the negative impact of foreign exchange movements.
Current wording
AUM increased $1.4 trillion to $15.5 trillion at September 30, 2026 from $14.0 trillion at December 31, 2025, driven by net market appreciation and net inflows, partially offset by the negative impact of foreign exchange movements.
Previous wording
ETFs net inflows of $178 billion were led by core equity and index bond ETFs net inflows of $85 billion and $61 billion, respectively. Active ETFs contributed $20 billion of net inflows.
Current wording
ETFs net inflows of $444 billion were led by index bond and core equity ETFs net inflows of $163 billion and $120 billion, respectively. Active ETFs contributed $61 billion of net inflows.
Previous wording
Retail net inflows of $34 billion were driven by net inflows into equity products, largely reflecting net inflows in Aperio, and continued strength in the Company's systematic liquid alternatives and active fixed income offerings.
Current wording
Retail net inflows of $57 billion were driven by net inflows into equity products, largely reflecting net inflows in Aperio and SpiderRock, and continued strength in the Company's active fixed income and systematic liquid alternatives offerings.
Previous wording
Institutional active net inflows of $68 billion were driven by BlackRock's LifePath® target-date franchise, private markets, systematic equity strategies and outsourcing mandates.
Current wording
Institutional active net inflows of $112 billion were driven by private markets, BlackRock's LifePath® target-date franchise, systematic equity strategies, and outsourcing mandates.
Previous wording
AUM decreased $68 billion due to the impact of foreign exchange movements, primarily due to the strengthening of the US dollar, largely against the Japanese yen, the euro, the British pound and the Canadian dollar.
Current wording
AUM decreased $64 billion due to the impact of foreign exchange movements, primarily due to the strengthening of the US dollar, largely against the euro, the British pound and the Canadian dollar.
Previous wording
AUM increased $2.8 trillion to $15.3 trillion at June 30, 2026 from $12.5 trillion at June 30, 2025, driven by net market appreciation, net inflows and AUM added from the HPS and ElmTree Transactions, partially offset by the negative impact of foreign exchange movements.
Current wording
AUM increased $2.0 trillion to $15.5 trillion at September 30, 2026 from $13.5 trillion at September 30, 2025, driven by net market appreciation and net inflows, partially offset by the negative impact of foreign exchange movements.
Previous wording
ETFs net inflows of $644 billion were led by core equity and index bond ETFs net inflows of $240 billion and $191 billion, respectively. Precision and other, and Active ETFs contributed $124 billion and $73 billion of net inflows, respectively.
Current wording
ETFs net inflows of $626 billion were led by index bond and core equity ETFs net inflows of $211 billion and $190 billion, respectively. Precision and other, and Active ETFs contributed $143 billion and $74 billion of net inflows, respectively.
Previous wording
Retail net inflows of $126 billion were led by net inflows into fixed income, equity and multi-asset strategies, driven by the onboarding of a significant separately managed account ("SMA") assignment in the fourth quarter of 2025 as well as demand for Aperio. Liquid alternatives and private markets added $11 billion and $4 billion, respectively.
Current wording
Retail net inflows of $139 billion were led by net inflows into fixed income, equity and multi-asset strategies, driven by the onboarding of a significant separately managed account ("SMA") assignment in the fourth quarter of 2025 as well as demand for Aperio and SpiderRock. Liquid alternatives and private markets added $12 billion and $3 billion, respectively.
Previous wording
Institutional active net inflows of $106 billion were led by $74 billion in multi-asset net inflows reflecting continued growth from significant outsourcing mandates and Lifepath target-date offerings. Private markets net inflows of $46 billion were led by private credit and infrastructure. Multi-asset and private markets net inflows were partially offset by net outflows from equity and fixed income products, including a single-client transfer to institutional index equity in the third quarter of 2025.
Current wording
Institutional active net inflows of $128 billion were led by private markets net inflows of $50 billion driven by private credit and infrastructure. Multi-asset net inflows of $40 billion reflected continued growth from significant outsourcing mandates and LifePath target-date offerings.
Previous wording
Cash management net inflows of $94 billion were primarily due to net inflows into US government, international and prime money market funds.
Current wording
Cash management net inflows of $91 billion were largely due to net inflows into US government and prime money market funds.
Previous wording
Net market appreciation of $1.3 trillion was primarily driven by global equity market appreciation.
Current wording
Net market appreciation of $1.3 trillion was primarily driven by US and global equity market appreciation.
Previous wording
AUM decreased $18 billion due to the impact of foreign exchange movements, primarily due to the strengthening of the US dollar, largely against the Japanese yen and the euro.
Current wording
AUM decreased $82 billion due to the impact of foreign exchange movements, primarily due to the strengthening of the US dollar, largely against the euro, Japanese yen and the British pound.
Previous wording
The Company’s results of operations for the three and six months ended June 30, 2026 and 2025 are discussed below. For a further description of the Company’s revenue and expense, see the Company's Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the Securities and Exchange Commission on February 25, 2026 ("2025 Form 10-K").
Current wording
The Company’s results of operations for the three and nine months ended September 30, 2026 and 2025 are discussed below. For a further description of the Company’s revenue and expense, see the Company's Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the Securities and Exchange Commission on February 25, 2026 ("2025 Form 10-K").
Previous wording
The table below presents detail of revenue for the three and six months ended June 30, 2026 and 2025 and includes the product type mix of base fees and securities lending revenue and performance fees.
Current wording
The table below presents detail of revenue for the three and nine months ended September 30, 2026 and 2025 and includes the product type mix of base fees and securities lending revenue and performance fees.
Previous wording
Amounts include securities lending revenue of $239 million and $171 million for the three months ended June 30, 2026 and 2025, respectively, and $418 million and $328 million for the six months ended June 30, 2026 and 2025, respectively.
Current wording
Amounts include securities lending revenue of $253 million and $203 million for the three months ended September 30, 2026 and 2025, respectively, and $671 million and $531 million for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
Investment advisory, administration fees (collectively "base fees") and securities lending revenue of $5.7 billion increased $1.3 billion from $4.5 billion for the three months ended June 30, 2025, primarily driven by the positive impact of market beta on average AUM, organic base fee growth and approximately $230 million of fees related to the HPS Transaction. Securities lending revenue of $239 million increased from $171 million for the three months ended June 30, 2025, primarily reflecting higher spreads.
Current wording
Investment advisory, administration fees (collectively "base fees") and securities lending revenue of $6.0 billion increased $990 million from $5.0 billion for the three months ended September 30, 2025, primarily driven by organic base fee growth and the positive impact of market beta on average AUM. Securities lending revenue of $253 million increased from $203 million for the three months ended September 30, 2025, primarily reflecting higher spreads and higher average balances of securities on loan.
Previous wording
Technology services and subscription revenue of $566 million increased $67 million from $499 million for the three months ended June 30, 2025, reflecting the sustained demand for Aladdin and multi-product solutions.
Current wording
Technology services and subscription revenue of $588 million increased $73 million from $515 million for the three months ended September 30, 2025, reflecting the sustained demand for Aladdin and multi-product solutions.
Previous wording
Investment advisory, administration fees and securities lending revenue of $11.2 billion increased $2.3 billion from $8.9 billion for the six months ended June 30, 2025, primarily driven by the impact of market beta on average AUM, organic base fee growth and approximately $460 million of fees related to the HPS Transaction. Securities lending revenue of $418 million increased from $328 million for the six months ended June 30, 2025, primarily reflecting higher spreads.
Current wording
Investment advisory, administration fees and securities lending revenue of $17.2 billion increased $3.3 billion from $13.9 billion for the nine months ended September 30, 2025, primarily driven by organic base fee growth and the positive impact of market beta on average AUM, and fees related to the HPS Transaction, which was completed in July of 2025. Securities lending revenue of $671 million increased from $531 million for the nine months ended September 30, 2025, primarily reflecting higher spreads and higher average balances of securities on loan.
Previous wording
Investment advisory performance fees of $305 million increased $211 million from $94 million for the three months ended June 30, 2025, primarily reflecting higher revenue from alternative products, including the impact of the HPS Transaction, and higher revenue from long-only products.
Current wording
Investment advisory performance fees of $1.2 billion increased $537 million from $670 million for the nine months ended September 30, 2025, primarily reflecting higher revenue from alternative products, including the impact of the HPS Transaction, which was completed in July of 2025, and higher revenue from long-only products.
Previous wording
Technology services and subscription revenue of $1.1 billion increased $161 million from $935 million for the six months ended June 30, 2025, reflecting the sustained demand for Aladdin, multi-product solutions and the impact related to the Preqin Transaction, which was completed in March of 2025.
Current wording
Technology services and subscription revenue of $1.7 billion increased $234 million from $1.5 billion for the nine months ended September 30, 2025, reflecting the sustained demand for Aladdin, multi-product solutions and the impact related to the Preqin Transaction, which was completed in March of 2025.
Previous wording
The following table presents expense for the three and six months ended June 30, 2026 and 2025.
Current wording
The following table presents expense for the three and nine months ended September 30, 2026 and 2025.
Previous wording
Employee compensation and benefits expense of $2.3 billion increased $510 million from $1.8 billion for the three months ended June 30, 2025, primarily reflecting the impact of higher operating income and performance fees, and the impact of the HPS Transaction.
Current wording
Employee compensation and benefits expense of $2.4 billion increased $83 million from the three months ended September 30, 2025, primarily reflecting the impact of higher operating income and performance fees, partially offset by lower nonrecurring retention-related deferred compensation expense(1).
Previous wording
General and administration expense of $720 million increased $107 million from $613 million for the three months ended June 30, 2025, primarily driven by occupancy and office related expense, technology expense and professional services expense.
Current wording
General and administration expense of $731 million increased $42 million from $689 million for the three months ended September 30, 2025, primarily driven by occupancy and office related expense, including the impact of acquisition-related expenses(1)and higher technology expense, partially offset by lower acquisition-related(1) professional services expense.
Previous wording
Change in fair value of contingent consideration(1) of $11 million decreased $65 million as compared to the change in the three months ended June 30, 2025, primarily in connection with the fair value of contingent consideration for the GIP Transaction, which is impacted by the share price of BlackRock common stock at the end of the period.
Current wording
Change in fair value of contingent consideration(1) of $564 million increased $471 million as compared to the change in the three months ended September 30, 2025, primarily in connection with the fair value of contingent consideration for the GIP Transaction and HPS Transaction, which is impacted by the share price of BlackRock common stock at the end of the period.
Previous wording
Expense increased $1.2 billion, or 17%, from the six months ended June 30, 2025, reflecting higher employee compensation and benefits expense, sales, asset and account expense, and general and administration expense. Expense for the six months ended June 30, 2026 was impacted by the HPS, GIP and Preqin Transactions(1), including noncash change in fair value of contingent consideration and amortization of intangible assets.
Current wording
Expense increased $2.1 billion, or 18%, from the nine months ended September 30, 2025, reflecting higher employee compensation and benefits expense, sales, asset and account expense, and general and administration expense. Expense for the nine months ended September 30, 2026 was impacted by the HPS, GIP and Preqin Transactions(1).
Previous wording
Employee compensation and benefits expense of $4.5 billion increased $994 million from $3.5 billion for the six months ended June 30, 2025, primarily reflecting the impact of higher operating income and performance fees, and the impact of the HPS and Preqin Transactions.
Current wording
Employee compensation and benefits expense of $6.9 billion increased $1.1 billion from $5.9 billion for the nine months ended September 30, 2025, primarily reflecting the impact of higher operating income and performance fees and the impact of the HPS and Preqin Transactions(1).
Showing the first 40 of 69 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Current report — wording carried from elsewhere
Sales, asset and account expense of $1.4 billion increased $251 million from $1.2 billion for the three months ended September 30, 2025, primarily driven by higher distribution and servicing costs and direct fund expense, primarily reflecting higher average AUM.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Investment advisory performance fees of $577 million increased $423 million from $154 million for the six months ended June 30, 2025, primarily reflecting higher revenue from alternative products, including the impact of the HPS Transaction, and higher revenue from long-only products.
Previous report — wording carried elsewhere
Expense increased $931 million, or 25%, from the three months ended June 30, 2025, reflecting higher employee compensation and benefits expense, sales, asset and account expense, and general and administration expense. Expense for the three months ended June 30, 2026 was impacted by the HPS Transaction(1), including noncash acquisition-related expenses.
Previous report — wording carried elsewhere
Amortization of intangible assets(1) of $276 million increased $139 million from $137 million for the three months ended June 30, 2025, primarily reflecting amortization of intangible assets acquired in the HPS Transaction.