Blackrock, Inc. · NYSE:BLK
Blackrock — Q3 2026 Earnings Presentation
14 slides from Blackrock's earnings presentation, Oct 14, 2026
Slide 1: Q3 2026 Earnings Release Supplement
Q3 2026 Earnings Exhibit 99.2 October 14, 2026 Earnings Release Supplement
Slide 2: A broadly diversified business across clients, products and geographies
A broadly diversified business across clients, products and geographies Base fees include investment advisory, administration fees and securities lending revenue. Base fees and AUM by region data are based on client domicile. 1 Product Type Client Type Style Region Assets Under Management of $15.5 t
Slide 3: Net flows and LTM organic growth rates
LTM organic asset growth rate (%) LTM organic base fee growth rate (%) Net flows ($ in billions) Total BlackRock Retail Long-term Institutional Long-term 2 Institutional Active Institutional Index ETFs Long-term Long-term Cash LTM organic asset growth rate measures rolling last twelve months net flo
Slide 4: Profitability
Profitability ($ in millions, except per share data) For further information and reconciliations to GAAP, see page 12 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
Slide 5: Capital management
Capital management (amounts in millions, except per share data) (1) 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”). (2) Q
Slide 6: Major market indices and exchange rates
Major market indices and exchange rates 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 benchm
Slide 7: Quarterly revenue
Quarterly revenue ($ in millions) $1,243 $668 Q3 2026 compared to Q3 2025 Q3 2026 compared to Q2 2026 6 Percentage Change Year-over-Year Sequential Base fees 19 % 5 % Securities lending revenue 25 % 6 % Performance fees 22 % 107 % Tech services & subscription revenue 14 % 4 % Distribution fees 17 %
Slide 8: Quarterly investment advisory, administration fees and securities lending revenue
$990 $310 Q3 2026 compared to Q3 2025 Q3 2026 compared to Q2 2026 Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) 7
Slide 9: Quarterly expense, as adjusted
Quarterly expense, as adjusted ($ in millions) $534 $254 Q3 2026 compared to Q3 2025 Q3 2026 compared to Q2 2026 8 Percentage Change Year-over-Year Sequential Employee comp. & benefits 12 % 10 % Sales, asset & account 22 % 5 % General & administration 6 % (3) % Total 14 % 6 % For information and rec
Slide 10: Alternatives Total AUM and Fee-Paying AUM
Q3 2025 Q3 2026 Total AUM Multi-alternatives Real estate Private equity Private credit Infrastructure Fee-Paying AUM Q3 2025 Q3 2026 Liquid alternatives Liquid credit Note: Beginning in the third quarter of 2026, BlackRock updated this page to include the Company’s Total AUM to provide add
Slide 11: Available Capital and AUM not yet earning fees
32 25 7 Available Capital AUM not yet earning fees Multi-alternatives Real estate Private equity Private credit Infrastructure Definitions: Available Capital: Total capital available for future investment, which includes fee-earning and non-fee-earning commitments, capital available for rein
Slide 12: Private Markets Capital Activity
Gross Deployment Gross Fundraising Q3 2026 Q3 2026 LTM $14 $68 Multi-alternatives Real estate Private equity Private credit Infrastructure Definitions: Gross Fundraising: Represents new capital commitments and subscriptions to BlackRock closed-ended and open-ended funds and managed accounts.
Slide 13: Reconciliation between GAAP and as adjusted
Reconciliation between GAAP and as adjusted ($ in millions) 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
Slide 14: 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