Blackrock, Inc. · NYSE:BLK
Blackrock — Q4 2024 Earnings Presentation
16 slides from Blackrock's earnings presentation, Jan 15, 2025
Slide 1: Q4 2024 Earnings Release Supplement
January 15, 2025 Q4 2024 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 $11.6 trillion at December 31, 2024 Q4 2024 Base Fees and Securities Lending Revenue of $4.4 billion Client Type Style Product Type Region Active Institutional 25% 34% Active Equity Institutional 45% E
Slide 3: Net flows
Net flows ($ in billions) Total BlackRock Retail Long-term 3% 3% 4% 4% 3% 3% 3% 5% 6% (2)% (3)% (2)% (2)% (1)% 0% 0% 1% 3% 0% 0% 0% 1% 1% 1% 1% 3% 4% Long-term Cash Advisory $281 $221 $81 $61 $114 $110 $7 $6 $7 $5 $96 $4 $8 $80 $57 $82 $201 $0.3 $146 $23 $3 $33 $30 $160 $103 $15 $76 $(4) $57 $63 $51
Slide 4: Profitability
Profitability ($ in millions, except per share data) Operating Income and Margin, as adjusted Net Income and EPS, as adjusted $2,280 $2,160 $11.93 $11.46 $3,000 50.0% $2,900 $2,040 $10.91 $2,800 45.8% 45.5% $10.36 $2,700 44.1% $1,920 $9.28 $9.66 $9.81 $1,874 $2,600 45.0% 42.5% 42.3% $2,500 $2,400 41
Slide 5: Capital management
Capital management (amounts in millions, except per share data) Share repurchases and weighted-average diluted shares Dividends per share (1) 157.0 151.8 151.3 150.7 150.5 150.2 150.1 149.7 149.6 $5.10 $5.10 $5.10 $5.10 $5.00 $5.00 $5.00 $5.00 $500 $500 $4.88 $375 $375 $375 $375 $375 $375 $375 Q4 Q1
Slide 6: Major market indices and exchange rates
Major market indices and exchange rates % Change % Change Spot 12/31/2024 vs. Average Q4 2024 vs. 12/31/2023 9/30/2024 12/31/2024 9/30/2024 12/31/2023 Q4 2023 Q3 2024 Q4 2024 Q3 2024 Q4 2023 Equity Indices Domestic S&P 500 4,770 5,762 5,882 2% 23% 4,471 5,545 5,910 7% 32% Global MSCI Barra World Ind
Slide 7: Quarterly revenue
Quarterly revenue ($ in millions) Percentage Change Year-over-Year Sequential 74% Base fees Base fees 23% 10% Securities lending revenue Securities lending revenue 3% 8% Performance fees Performance fees 45% 16% Technology services revenue Technology services revenue 13% 6% 1% 6% Distribution fees D
Slide 8: Quarterly investment advisory, administration fees and securities lending revenue
Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q4 2024 compared to Q4 2023 Q4 2024 compared to Q3 2024 $812 $387 $26 $11 $4,417 $11 $6 $5 $3 $1 $1 $4,417 $26 $29 $27 $66 $49 $265 (1) $53 $74 $273 (1) $4,030 $273 $3,605 Q4 2023 ETFs Alts Active Cash
Slide 9: Quarterly expense, as adjusted
Quarterly expense, as adjusted ($ in millions) Percentage Change Year-over-Year Sequential Employee comp. & benefits Employee comp. & benefits 20% 13% 30% Sales, asset & account 16% 4% Sales, asset & account General & administration -% 7% 53% Total 15% 9% General & administration 17% Q4 2024 compare
Slide 10: Full year revenue
Full year revenue ($ in millions) Percentage Change Year-over-Year 76% Base fees Base fees 13% Securities lending revenue Securities lending revenue (9)% Performance fees Performance fees 118% Technology services revenue Technology services revenue 8% 1% 6% Distribution fees Distribution fees 1% 8%
Slide 11: Full year investment advisory, administration fees and securities lending revenue
Full year investment advisory, administration fees and securities lending revenue ($ in millions) 2024 compared to 2023 $1,701 $55 $41 $16 $16,100 $137 $75 $140 (1) $166 $365 $706 $14,399 2023 ETFs Alts Active Cash ETFs Multi- Active Non-ETF Non-ETF 2024 EQ EQ FI Asset FI EQ FI (1) Includes approxim
Slide 12: Full year expense, as adjusted
Full year expense, as adjusted ($ in millions) Percentage Change Year-over-Year Employee comp. & benefits Employee comp. & benefits 11% 31% Sales, asset & account 8% General & administration 5% Sales, asset & account Total 9% 51% 18% General & administration 2024 compared to 2023 $1,031 $650 $12,297
Slide 13: Alternatives at BlackRock
Alternatives at BlackRock (in $ billions) Client Assets Fee-Paying AUM $455 11 27 38 $377 Multi-alternatives 43 $327 26 7 13 32 Real estate 28 $295 7 36 34 28 Private credit 170 42 31 35 110 Private equity 51 36 76 76 Infrastructure 75 74 Liquid alternatives 84 90 84 90 Liquid credit Q
Slide 14: Private markets fee-paying AUM component changes
Private markets fee-paying AUM component changes (in $ billions) Current Quarter Component Changes by Product Type Private Private Real Multi Infrastructure (1) Total Equity Credit Estate Alternatives September 30, 2024 AUM $ 38.9 $ 35.8 $ 32.2 $ 27.0 $ 7.5 $ 141.4 Net Flows (ex-Realizations) 3.2 1.
Slide 15: Reconciliation between GAAP and as adjusted
Reconciliation between GAAP and as adjusted ($ in millions) 2022 2023 2024 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Operating Income GAAP $ 1,427 $ 1,438 $ 1,615 $ 1,637 $ 1,585 $ 1,693 $ 1,800 $ 2,006 $ 2,075 Non-GAAP expense adjustments 150 73 60 54 131 82 81 122 251 As Adjusted $ 1,577 $ 1,511 $ 1,675 $ 1,691
Slide 16: 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