Blackrock, Inc. · NYSE:BLK
Blackrock — Q4 2025 Earnings Presentation
15 slides from Blackrock's earnings presentation, Jan 15, 2026
Slide 1: Q4 2025 Earnings Release Supplement
Q4 2025 Earnings Exhibit 99.2 January 15, 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 $14.0 t
Slide 3: Net flows and organic growth rates
LTM organic asset growth rate (%) LTM organic base fee growth rate (%) Net flows ($ in billions) Total BlackRock Retail Long-term Institutional Long-term 2 Institutional Active Institutional Index ETFs Long-term 12% 6% 8% 8% 11% 11% 11% 11% Long-term Cash 0% 1% (1)% (2)% 0% 2% 1% 1% 3% 3% 5% 6% 6% 6
Slide 4: Profitability
Profitability ($ in millions, except per share data) Beginning in the third quarter of 2025, net income and EPS, as adjusted, assume all Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC ("Subco"), a consolidated subsidiary of the Company, have been exchanged in accordance with t
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) $1,331 $499 Q4 2025 compared to Q4 2024 Q4 2025 compared to Q3 2025 6 Percentage Change Year-over-Year Sequential Base fees 20 % 5 % Securities lending revenue 8 % (14) % Performance fees 67 % 46 % Tech services & subscription revenue 24 % 3 % Distribution fees 11 %
Slide 8: Quarterly investment advisory, administration fees and securities lending revenue
$861 $232 Q4 2025 compared to Q4 2024 Q4 2025 compared to Q3 2025 Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) 7 (1) Fees primarily related to the impact of the HPS Transaction. Beginning in the first quarter of 2025, BlackRock reclassified the pr
Slide 9: Quarterly expense, as adjusted
Quarterly expense, as adjusted ($ in millions) $809 $272 Q4 2025 compared to Q4 2024 Q4 2025 compared to Q3 2025 8 Percentage Change Year-over-Year Sequential Employee comp. & benefits 28 % 9 % Sales, asset & account 23 % 6 % General & administration 15 % 5 % Total 24 % 7 % For information and recon
Slide 10: Full year revenue
$3,809 2025 compared to 2024 9 Percentage Change Year-over-Year Base fees 19 % Securities lending revenue 15 % Performance fees 18 % Tech services & subscription revenue 24 % Distribution fees 6 % Advisory & other revenue 24 % Total 19 % Full year revenue ($ in millions)
Slide 11: Full year investment advisory, administration fees and securities lending revenue
Full year investment advisory, administration fees and securities lending revenue ($ in millions) $3,079 2025 compared to 2024 10 (1) Fees include the impact of the HPS and GIP Transactions. Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment a
Slide 12: Full year expense, as adjusted
Full year expense, as adjusted ($ in millions) $2,319 2025 compared to 2024 11 Percentage Change Year-over-Year Employee comp. & benefits 20 % Sales, asset & account 18 % General & administration 15 % Total 19 % For information and reconciliations of as adjusted items to GAAP, see page 13 of this Ea
Slide 13: Alternatives at BlackRock
Alternatives at BlackRock ($ in billions) Q4 2024 Q4 2025 Client Assets Multi-alternatives Real estate Private equity Private credit Infrastructure Fee-Paying AUM Q4 2024 Q4 2025 Liquid alternatives Liquid credit Definitions: Client Assets: Alternative assets at BlackRock across reported AUM
Slide 14: 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 15: 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