Blackrock, Inc. · NYSE:BLK
Blackrock — Q3 2025 Earnings Presentation
12 slides from Blackrock's earnings presentation, Oct 14, 2025
Slide 1: Q3 2025 Earnings: Earnings Release Supplement
October 14, 2025 Q3 2025 Earnings Earnings Release Supplement
Slide 2: A broadly diversified business across clients, products and geographies
A broadly diversified business across clients, products and geographies Assets Under Management of $13.5 trillion at September 30, 2025 Q3 2025 Base Fees and Securities Lending Revenue of $5.0 billion Product Type Client Type Style Region Retail 9% Retail Active 23% 24% Active Equity Equity 44% 48%
Slide 3: Net flows
Net flows ($ in billions) Total BlackRock Retail Long-term 4% 3% 3% 3% 5% 6% 6% 6% 6% (2)% (1)% 0% 0% 1% 3% 3% 3% 3% 1% 1% 1% 1% 3% 4% 6% 7% 8% Long-term Cash $281 $221 $81 $205 $61 $34 $13 $7 $10 $84 $68 $6 $7 $5 $96 $82 $2 $57 $201 $1 $22 $33 $160 $171 $3 $30 $15 $76 $83 $(4) $63 $51 $46 $(9) $(13
Slide 4: Profitability
Profitability ($ in millions, except per share data) Operating Income and Margin, as adjusted Net Income and EPS, as adjusted $2,280 $2,160 $11.93 $12.05 $11.46 $11.30 $11.55 $3,500 50.0% $3,400 $2,040 $10.91 $3,300 45.8% 45.5% $10.36 $3,200 $3,100 44.1% 44.6% $1,920 $9.66 $9.81 $1,874 $1,883 $1,907
Slide 5: Capital management
Capital management (amounts in millions, except per share data) Share repurchases and weighted-average diluted common shares, as adjusted Dividends per share 165.2(2) 157.0(1) 156.6 156.3 150.5 150.2 150.1 149.7 149.6 $5.21 $5.21 $5.21 $5.10 $5.10 $5.10 $5.10 $5.00 $5.00 $500 $375 $375 $375 $375 $37
Slide 6: Major market indices and exchange rates
Major market indices and exchange rates % Change % Change Spot 9/30/2025 vs. Average Q3 2025 vs. 9/30/2024 6/30/2025 9/30/2025 6/30/2025 9/30/2024 Q3 2024 Q2 2025 Q3 2025 Q2 2025 Q3 2024 Equity Indices Domestic S&P 500 5,762 6,205 6,688 8% 16% 5,545 5,730 6,426 12% 16% Global MSCI Barra World Index
Slide 7: Quarterly revenue
Quarterly revenue ($ in millions) Percentage Change Year-over-Year Sequential 75% Base fees Base fees 25% 13% Securities lending revenue Securities lending revenue 36% 19% Performance fees Performance fees 33% 449% Tech services & subscription revenue Tech services & subscription revenue 28% 3% 1% 5
Slide 8: Quarterly investment advisory, administration fees and securities lending revenue
Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q3 2025 compared to Q3 2024 Q3 2025 compared to Q2 2025 $1,016 $592 $26 $20 $4 $5,046 $21 $14 $5,046 $39 $35 $27 $26 $54 $32 $32 $55 $40 $77 $50 $154 (2) $288 $196 $418 (1) $4,454 $4,030 Q3 Private ETFs
Slide 9: Quarterly expense, as adjusted
Quarterly expense, as adjusted ($ in millions) 10% All other comp. & benefits Percentage Change Year-over-Year Sequential Employee comp. & benefits 33% 26% 30% Performance fee related comp. Sales, asset & account 21% 9% General & administration 18% 7% Sales, asset & account Total 27% 17% 43% 17% Gen
Slide 10: Alternatives at BlackRock
Alternatives at BlackRock ($ in billions) Client Assets Fee-Paying AUM $663 12 26 $526 Multi-alternatives 196 26 9 Real estate 40 142 $334 Private credit 11 $305 34 27 37 182 27 7 Private equity 32 110 43 36 52 39 Infrastructure 98 97 76 76 Liquid alternatives 88 109 88 108 Liquid cred
Slide 11: Reconciliation between GAAP and as adjusted
Reconciliation between GAAP and as adjusted (in millions) 2023 2024 2025 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Operating Income GAAP $ 1,637 $ 1,585 $ 1,693 $ 1,800 $ 2,006 $ 2,075 $ 1,698 $ 1,731 $ 1,955 Non-GAAP expense adjustments 54 131 82 81 122 251 334 368 666 As Adjusted $ 1,691 $ 1,716 $ 1,775 $ 1,881
Slide 12: Important notes
Important notes This presentation, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock’s future financial or business performance, strategies or expectations. Forward-lookin