BlackRock : Q1 2026 BlackRock, Inc. Earnings Supplement

Published: 2026-04-14 08:32:06 ET BLK

Published on 04/14/2026 at 08:32 am EDT

‌April 14, 2026

Assets Under Management of $13.9 trillion at March 31, 2026 Q1 2026 Base Fees and Securities Lending Revenue of $5.4 billion

Product Type

Client Type

Style

Region

Equity 55%

Equity 48%

Retail 9%

ETFs 39%

Retail 23%

Active 25%

Active 43%

Americas 68%

Americas

66%

ETFs 44%

ETFs 39%

Fixed Income 24%

Multi-Asset 9%

Alternatives 3%

Digital Assets 0% Curr & Comm 1%

Cash 8%

Fixed Income 19%

Multi-Asset 7%

Alternatives 16%

Digital Assets 1% Curr & Comm 3%

Cash

Institutional 52%

Institutional 33%

Non-ETF

Index 28%

Cash 8%

ETFs 44%

Non-ETF

Index 7% Cash 6%

EMEA 25%

Asia-Pacific 7%

EMEA 28%

Asia-Pacific 6%

AUM Base Fees AUM Base Fees AUM Base Fees AUM Base Fees

Base fees include investment advisory, administration fees and securities lending revenue. Base fees and AUM by region data are based on client domicile.

‌Total BlackRock

($ in billions)

10%

11%

Retail Long-term

$13

$10

$15

10%

Long-term Cash

$221

$61

$281

$81

$74

$205

$34

$130

$84

$160 $201 $1

$83

$68

$22

$46

$268

$171

$136

$342

$82

$57

$30

$76

$51

$(19)

$(6)

2024

2025

2026

2024

2025

2026

ETFs Long-term Institutional Long-term

11%

12%

13%

(1)%

(2)%

(1)%

$181

$143

$153

$132

$97

$107

$83

$85

$67

$29 $28

$15

$(2)

$27

$25

$(13)

$22

$(14)

$16

$(12)

$24

$(35)

$(46)

$(35)

$(48)

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

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.

($ in millions, except per share data)

Operating Income and Margin, as adjusted Net Income and EPS, as adjusted

42.2%

44.1%

45.8% 45.5%

$2,326

43.2% 43.3%

44.6%

$2,621

45.0%

$2,848

44.5%

$2,669

$13.16

$2,128

$1,775 $1,881

$2,032 $2,099

$12.53

$11.46

$11.93

$12.05

$11.30

$11.55

$2,176

$10.36

$2,068

$9.81

$1,874

$1,883 $1,907

$1,715

$1,770

$1,550

$1,473

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Operating Income, as adjusted Operating Margin, as adjusted Net Income, as adjusted EPS, as adjusted

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.

(amounts in millions, except per share data)

Share repurchases and

weighted-average diluted shares

Dividends per share

(1)

165.2(2)165.4 165.0

157.0

156.6 156.3

150.1 149.7 149.6

$5.73

$5.21 $5.21 $5.21 $5.21

$5.10 $5.10 $5.10 $5.10

$500 $500

$450

$375

$375 $375 $375 $375 $375

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Share repurchases(3) Weighted-average diluted shares

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").

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").

Amounts exclude repurchases of employee tax withholdings related to employee stock transactions.

Spot

% Change

3/31/2026 vs.

Average

% Change

Q1 2026 vs.

3/31/2025

12/31/2025

3/31/2026

12/31/2025

3/31/2025

Q1 2025

Q4 2025

Q1 2026

Q4 2025

Q1 2025

Equity Indices

Domestic

S&P 500

5,612

6,846

6,529

(5)%

16%

5,900

6,780

6,822

16%

Global

MSCI Barra World Index

3,629

4,430

4,258

(4)%

17%

3,770

4,367

4,460

18%

MSCI Europe Index

193

232

225

(3)%

17%

190

224

237

25%

MSCI AC Asia Pacific Index

182

228

226

(1)%

24%

185

225

243

31%

MSCI Emerging Markets Index

1,101

1,404

1,397

27%

1,104

1,380

1,505

36%

S&P Global Natural Resources

5,292

6,378

7,633

20%

44%

5,242

6,083

7,231

19%

38%

BLK Equity Index(1)

(2)%

21%

24%

Fixed Income Index

Barclays U.S. Aggregate Bond Index 2,250 2,349 2,348

-% 4%

2,214 2,342 2,358

1% 7%

Foreign Exchange Rates

GBP to USD

1.29

1.35

1.32

(2)%

1.26

1.33

1.35

EUR to USD

1.08

1.17

1.16

(1)%

1.05

1.16

1.17

11%

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.

($ in millions)

4% 3%

78%

Percentage Change

Year-over-Year

Sequential

Base fees

Securities lending revenue

Performance fees

353

(64)

Tech services & subscription revenue

Distribution fees

Advisory & other revenue

(20)

Total

(4)

Q1 2026 compared to Q1 2025 Q1 2026 compared to Q4 2025

$1,422 $(310)

$155 $30 $5 $(1) $(17) $(482)

$7,008

$212

$94

$68

$22

$11 $6,698

$1,015

$5,276

$6,698

Q1 2025

Base fees Performance

fees

Tech services & subscription revenue

Distribution fees

Securities lending revenue

Advisory & other revenue

Q1 2026

Q4 2025

Base fees Distribution

fees

Securities lending revenue

Tech services & subscription revenue

Advisory & other revenue

Performance fees

Q1 2026

($ in millions)

Q1 2026 compared to Q1 2025 Q1 2026 compared to Q4 2025

$1,037 $160

$75

$58

$47

$82

$87

$123

$444

$4,401

$47 $39 $35 $5,438

$97 $17 $13 $13 $10 $8 $8 $5 $(5) $(6) $5,438

$5,278

Q1 2025

ETFs EQ

Private Markets

Digital Assets,

ETFs FI

Active EQ

Active Multi-

Liquid Alts

Cash Active FI

Non-ETF

Index

Q1 2026

Q4 2025

ETFs EQ

Digital Assets,

ETFs FI

Liquid Alts

Cash Active EQ

Active Multi-

Active FI

Private Markets

Non-ETF

Index

Q1 2026

Commodities & Multi-Asset ETFs

Asset

Commodities & Multi-Asset ETFs

Asset

($ in millions)

Percentage Change

Year-over-Year

Sequential

Employee comp. & benefits

(6)

Sales, asset & account

General & administration

(3)

Total

(3)

47%

32%

16%

Q1 2026 compared to Q1 2025 Q1 2026 compared to Q4 2025

$785 $(131)

$4,160 $(145)

$(17)

$31

$4,029

$454 $4,029

$248

$83

$3,244

General &

Sales, asset

Employee

General &

Sales, asset

2025

administration

& account

comp. &

2026

2025

comp. &

administration

& account

2026

benefits

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.

($ in billions)

$687

22 12

$457

192

169

210

111

103

$381

$531

⬤ Multi-alternatives

⬤ Real estate

⬤ Private equity

⬤ Infrastructure

⬤ Private credit

⬤ Liquid alternatives

108

26 8

112

147

109

102

Q1 2025 Q1 2026

Definitions:

Q1 2025 Q1 2026

⬤ Liquid credit

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.

($ in millions)

2024 2025 2026

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

Operating Income

GAAP

$ 1,693

$ 1,800

$ 2,006

$ 2,075

$ 1,698

$ 1,731

$ 1,955

$ 1,661

$ 2,814

Non-GAAP expense adjustments

122

251

334

368

666

1,187

(145)

As Adjusted

$ 1,775

$ 1,881

$ 2,128

$ 2,326

$ 2,032

$ 2,099

$ 2,621

$ 2,848

$ 2,669

Nonoperating Income (Expense)

GAAP

$ 220

$ 214

$ 259

$ 28

$ 65

$ 521

$ 42

$ (54)

$ 28

Non-GAAP adjustments

(81)

(49)

(69)

(117)

(148)

(68)

(6)

As Adjusted

$ 139

$ 165

$ 190

$ 39

$ 75

$ 404

$ (106)

$ (122)

$ 22

Net Income

GAAP

$ 1,573

$ 1,495

$ 1,631

$ 1,670

$ 1,510

$ 1,593

$ 1,323

$ 1,127

$ 2,212

Non-GAAP adjustments

(100)

204

260

290

584

1,049

(144)

As Adjusted

$ 1,473

$ 1,550

$ 1,715

$ 1,874

$ 1,770

$ 1,883

$ 1,907

$ 2,176

$ 2,068

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.

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 https://www.blackrock.com.

Disclaimer

BlackRock Inc. published this content on April 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 14, 2026 at 12:31 UTC.