Blackrock, Inc. · NYSE:BLK
Blackrock — Investor Day (June 2025)
31 slides from Blackrock's investor day presentation, June 2025
Slide 1: Investor Day 2025
Investor : Day 2025 BlackRock ‘
Slide 2: Forward-looking Statements
Forward–looking Statements This presentation, and other statements that BlackRock may make, 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
Slide 3: BlackRock's 2030 Ambition
Martin Small Chief Financial Officer and Global Head of Corporate Strategy BlackRock’s 2030 Ambition
Slide 4: Foundations of our strategy…
Foundations of our strategy… Connect investors, corporates ~40 million 2,000+ & the public sector to the power of capital markets US investors using iShares Retirement and pension ETFs1 scheme clients globally2 Serve clients as a fiduciary, 78% $9 billion delivering excellent performance across whol
Slide 5: …and its building blocks
…and its building blocks Exp ert ole portfolio is Organic growth wh ad as vi e d su n stai s a ader i nab le Le or l le ba ive growth Dr Operating leverage LK Platform in lo s ket ve eg ar stin Be th ET Service Private M Alpha g Fs at the heart Capital management Aladdin® 1B s EPS growth ces Ac ≥5%
Slide 6: Driving stronger, more resilient growth: aiming to double operating income and market cap by 2030
Driving stronger, more resilient growth: aiming to double operating income and market cap by 2030 BlackRock total revenue ambitions (excluding beta) $35B+ 2024 2030 aspiration (excluding beta) 30%+ 10% $35B+ of total revenue Revenue $20B CAGR $15B $20B Private markets & 15% Op. income, as-adj. $8B ~
Slide 7: Well positioned in structural growers across our platform
Well positioned in structural growers across our platform 17% Industry organic 14% revenue 13% growth1 2020-24 11% 11% 8% 6% Private Credit ETFs Technology Infrastructure SMA Cash OCIO BlackRock AUM rank2 Top 5* #1 2 N/A Top 3 Top 5 Top 3 Top 3 2024 *pro-forma for HPS acquisition Note: For footnoted
Slide 8: Large existing asset pools within the walls of BlackRock
Large existing asset pools within the walls of BlackRock Institutional $3.2T Scaled franchise value 92 with largest asset owners, Index AUM2 SWFs and pensions ~30 $840B+ Outsourcing OCIO AUM3 $5B+ OCIO mandates funded since 20204 of the top 100 asset owners Target Date $500B+ AUM2 #1 DCIO franchise5
Slide 9: New builds toward our 2030 vision
New builds toward our 2030 vision We’re building new $500M+ businesses… …by helping clients access innovative opportunities • Largest third-party manager in balance sheet insurance assets with $700B in AUM1 Private Markets to Insurance • Near-term ambition to rotate more than 10% of core FI insuranc
Slide 10: Integrating our private markets platforms and extending reach through BlackRock's global relationship network
Integrating our private markets platforms and extending reach through BlackRock’s global relationship network Infrastructure Private Credit ~9 months since closing: Anticipated upon closing: Target achieved over $25B – Leveraging BlackRock’s global GIP V largest-ever client capital raise in an Fundr
Slide 11: We are targeting $400B of cumulative fundraising in private markets by 2030
We are targeting $400B of cumulative fundraising in private markets by 2030 Target Enabled by… Strong corporate and Diversified, multi-asset asset owner relationships platform $400B gross fundraise from Differentiated origination Scaled, flexible capital base 2025 – 2030 Extending private Deeper ins
Slide 12: Accelerating growth in technology and data
Accelerating growth in technology and data Aladdin® is the leading public markets solution… …and we’re bringing the same transparency and scale to the private markets Front office Trading execution + Private markets workflow Asset owners Exposure & performance + Private markets data Risk The languag
Slide 13: Our strategy is built to unlock value for shareholders and excellence for clients
Our strategy is built to unlock value for shareholders and excellence for clients Connect investors, Serve clients as a Create scale and corporates and the fiduciary, delivering network economies public sector to the excellent performance across a 1BlackRock power of capital across whole portfolios
Slide 14: End notes
End notes These notes refer to the financial metrics and/or defined term presented on: Slide 4 – Foundations of our strategy… 1. Source: BlackRock estimates and Broadridge as of May 2025. Includes individual US investor accounts, based on an empirical analysis of aggregate brokerage accounts in the
Slide 15: Why BlackRock, and Why Now?
Martin Small Chief Financial Officer and Global Head of Corporate Strategy Why BlackRock, and Why Now?
Slide 16: We have a longstanding framework for delivering shareholder value
We have a longstanding framework for delivering shareholder value Organic growth Operating Capital leverage management EPS growth ≥5% organic base fee growth ≥ 45% operating margin, as-adj. BlackRock’s ambition for profitable growth over a market cycle Note: The figures and statements above are forw
Slide 17: Successful execution of our financial framework
Successful execution of our financial framework Organic growth Operating margin, as adj. Capital management $7.7B shares repurchased (5)% share count reduction ex-M&A3 45.5% 44.5% $20.40 5% 5% organic asset growth1 organic base fee growth2 41.7% Market $13.20 cycle low in 2023 9% CAGR 1/1/20 – 12/31
Slide 18: Demonstrated ability to meet client needs across a variety of market environments
Demonstrated ability to meet client needs across a variety of market environments 9% CAGR $11.6T1 Net inflows ($B) $641 $540 $367 $429 $391 $307 $289 $3.5T $150 $202 $4.7T $124 $84 increase from net inflows Market / FX Movements ($B) $1,025 $1,124 $770 $856 $752 $827 $220 $3.2T appreciation ($159) (
Slide 19: Diversified platform supports ≥5% organic base fee growth target
Diversified platform supports ≥5% organic base fee growth target 5% 5–year average BlackRock organic base fee growth 2 2024 effective 3 17 27 77 75 13 fee rates (bps)1 18% Memo: 11% 10% 10% 6% 1 Strategic 5–year average organic 2% 2% base fee growth 1% rates2 ETFs Active ex-alts Private Liquid Cash
Slide 20: Fee rate is an output of client preferences and markets
Fee rate is an output of client preferences and markets Yields on flows increasing with high-value add capabilities Positive fee-rate leverage on international equity exposures Organic base fee growth: Effective fee rates (bps) 7% 11% 0% 1% 4% 6% 9 15 28 24 67 11 7x 28 60% 26 22 43% 17 16 16 16 16 1
Slide 21: Our expense framework is built to drive profitable growth…
Our expense framework is built to drive profitable growth… 20141 2022 (introduced framework in 2023) 2024 $4.7T AUM +83% +35% $2.5T of net inflows $8.6T $930B of net inflows $11.6T $11.1B Revenue +61% 1 $17.9B +14% $20.4B 42.9% Margin, as adj. (10)bps1 42.8% 170bps 44.5% Note: Represents as adjusted
Slide 22: …through alignment of investment with organic growth, fixed cost scale and variabilization of expense
…through alignment of investment with organic growth, fixed cost scale and variabilization of expense Organic revenue vs. Headcount footprint Variable vs. fixed cost controllable expenses Average Growth Employees Revenue 2-year CAGR3 (2023-1Q25) (in thousands) ($B) 21.1 $20.4 +7% 19.8 Operating 4% 4
Slide 23: Capital management policy to invest first and then return cash to shareholders
Capital Prioritization of cash use management policy to invest Organic business investments first and then G&A Headcount Seed & co–invest return cash to Tactical acquisitions & strategic minority investments shareholders Dividends Share repurchases 23
Slide 24: Successful track record of M&A execution and integration
Successful track record of M&A execution and integration Growth since acquisition 2017 3x Fee-paying AUM1 2021 20% Organic asset growth4 2018 4x Fee-paying AUM2 2023 5% Organic asset growth5 2019 2x ACV3 2024 40% Organic asset growth6 Pending close: Executing on strategic moves in private markets an
Slide 25: Minority investments delivering growth and shareholder value
Minority investments delivering growth and shareholder value Driving organic growth • $60B+ AUM from Envestnet platform1 • $50B+ managed for Circle (USDC reserves)2 Enabling new capabilities • $2B AUM in tokenized liquidity fund created with Securitize3 • Launched public / private customized models
Slide 26: Consistent capital return to shareholders
Consistent capital return to shareholders Cash payout & payout ratio1 Capital return since inception ($B) 94% 82% 15%+ 76% 74% 63% $4.9 $4.7 $4.5 compounded annual return on our buyback program since $3.8 $3.7 implementation in 20132 $1.9 $1.5 $1.6 $1.5 $1.2 $2.3 $2.5 $3.0 $3.0 $3.1 15%+ CAGR for di
Slide 27: BlackRock in 2030 – faster-growing, more resilient business on a highly recurring, durable revenue base
BlackRock in 2030 – faster-growing, more resilient business on a highly recurring, durable revenue base BlackRock total revenue ambitions Our 2030 ambitions: (excluding beta) $35B+ Above target organic base fee growth powered by 30%+ structural growers and new scaled business of total revenue New un
Slide 28: End notes
End notes These notes refer to the financial metrics and/or defined term presented on: Slide 17 – Successful execution of our financial framework 1. Organic asset growth rate is calculated by dividing net asset inflows over beginning of period assets. 5% reflects the average over the 5–year period.
Slide 29: End notes
End notes These notes refer to the financial metrics and/or defined term presented on: Slide 24 – Successful track record of M&A execution and integration 1. First Reserve fee-paying AUM growth from acquisition close date on June 2017 to March 2025. 2. TCP fee-paying AUM growth from acquisition clos
Slide 30: Reconciliation between GAAP and as adjusted
Reconciliation between GAAP and as adjusted ($mm, except per share data) 2014 1,2 2019 2 2022 2 2023 2 2024 2 Q1 2024 2 Q1 2025 2 Operating income Operating Income, GAAP basis $4,474 $5,551 $6,385 $6,275 $7,574 $1,693 $1,698 Non-GAAP expense adjustments: Amortization of intangible assets and impairm
Slide 31: Important notes / Performance notes
Important notes The opinions expressed herein are as of June 2025 and are subject to change at any time due to changes in the market, the economic or regulatory environment or for other reasons. The information should not be construed as research or relied upon in making investment decisions or be u