Blackrock, Inc. · NYSE:BLK
Blackrock — Q1 2025 Earnings Presentation
13 slides from Blackrock's earnings presentation, Apr 11, 2025
Slide 1: Q1 2025 Earnings Release Supplement
April 11, 2025 Q1 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 $11.6 trillion at March 31, 2025 Q1 2025 Base Fees and Securities Lending Revenue of $4.4 billion Product Type Client Type Style Region Retail 9% Retail Active 24% 25% Equity Active Equity 47% 46% ETFs
Slide 3: Net flows
Net flows ($ in billions) Total BlackRock Retail Long-term 3% 4% 4% 3% 3% 3% 5% 6% 6% (3)% (2)% (2)% (1)% 0% 0% 1% 3% 3% 0% 0% 1% 1% 1% 1% 3% 4% 6% Long-term Cash $281 $221 $81 $61 $13 $110 $7 $6 $7 $5 $96 $84 $4 $8 $80 $57 $82 $201 $1 $0.5 $23 $3 $33 $30 $160 $103 $76 $83 $(4) $57 $15 $63 $51 $(9)
Slide 4: Profitability
Profitability ($ 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 $11.30 $3,000 50.0% $2,900 $2,040 $10.91 $2,800 45.8% 45.5% $10.36 $2,700 44.1% $1,920 $1,874 $2,600 43.2% $9.28 $9.66 $9.81 42.5% 42.3% 45.0% $2,
Slide 5: Capital management
Capital management (amounts in millions, except per share data) Share repurchases and weighted-average diluted shares Dividends per share 157.0(1) 156.6 151.3 150.7 150.5 150.2 150.1 149.7 149.6 $5.21 $5.10 $5.10 $5.10 $5.10 $5.00 $5.00 $5.00 $5.00 $500 $375 $375 $375 $375 $375 $375 $375 $375 Q1 Q2
Slide 6: Major market indices and exchange rates
Major market indices and exchange rates % Change % Change Spot 3/31/2025 vs. Average Q1 2025 vs. 3/31/2024 12/31/2024 3/31/2025 12/31/2024 3/31/2024 Q1 2024 Q4 2024 Q1 2025 Q4 2024 Q1 2024 Equity Indices Domestic S&P 500 5,254 5,882 5,612 (5)% 7% 4,990 5,910 5,900 -% 18% Global MSCI Barra World Inde
Slide 7: Quarterly revenue
Quarterly revenue ($ in millions) Percentage Change Year-over-Year Sequential 81% Base fees Base fees 17% -% Securities lending revenue Securities lending revenue 4% (2)% Performance fees Performance fees (71)% (87)% Tech services & subscription revenue Tech services & subscription revenue 16% 2% 1%
Slide 8: Quarterly investment advisory, administration fees and securities lending revenue
Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q1 2025 compared to Q1 2024 Q1 2025 compared to Q4 2024 $623 $(16) $55 $12 $4 $(2) $(5) $(6) $(8) $(26) $4,417 $(40) $19 $12 $8 $8 $2 $4,401 $4,401 $25 $47 $48 $159 $295 (1) $3,778 Q1 Private ETFs Cash
Slide 9: Quarterly expense, as adjusted
Quarterly expense, as adjusted ($ in millions) Percentage Change Year-over-Year Sequential Employee comp. & benefits 31% Employee comp. & benefits 7% (6)% Sales, asset & account 14% 1% Sales, asset & account General & administration 12% (2)% 51% 10% (3)% Total General & administration 18% Q1 2025 co
Slide 10: Alternatives at BlackRock
Alternatives at BlackRock ($ in billions) Client Assets Fee-Paying AUM $457 11 26 40 $381 Multi-alternatives $330 43 8 26 12 $300 34 Real estate 27 35 7 37 27 Private credit 169 31 42 35 108 51 Private equity 37 79 79 Infrastructure 76 76 Liquid alternatives 87 89 87 89 Liquid credit Q
Slide 11: Reconciliation between GAAP and as adjusted
Reconciliation between GAAP and as adjusted ($ in millions) 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Operating Income GAAP $ 1,438 $ 1,615 $ 1,637 $ 1,585 $ 1,693 $ 1,800 $ 2,006 $ 2,075 $ 1,698 Non-GAAP expense adjustments 73 60 54 131 82 81 122 251 334 As Adjusted $ 1,511 $ 1,675 $ 1,691 $ 1,716
Slide 12: Investment advisory, administration fees and securities lending line items reclassified presentation
Investment advisory, administration fees and securities lending line items reclassified presentation(1) 2024 INVESTMENT ADVISORY, ADMINISTRATION FEES AND SECURITIES LENDING REVENUE RECLASSIFIED PRESENTATION Three Months Ended Year Ended (in millions), (unaudited) March 31 June 30 September 30 Decemb
Slide 13: 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