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
October 14, 2026 Q3 2026 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 $15.5 trillion at September 30, 2026 Q3 2026 Base Fees and Securities Lending Revenue of $6.0 billion Product Type Client Type Style Region Retail 9% Retail Active 23% 24% Active Equity 42% Equity 51%
Slide 3: Net flows
Net flows ($ in billions) Total BlackRock Retail Long-term 5% 6% 6% 6% 6% 6% 6% 7% 6% 1% 3% 3% 3% 3% 10% 11% 11% 12% 3% 4% 6% 7% 8% 9% 10% 10% 10% Long-term Cash $82 $342 $281 $74 $221 $81 $205 $205 $192 $61 $34 $31 $130 $23 $84 $268 $15 $19 $68 $13 $10 $201 $1 $22 $171 $199 $175 $7 $5 $160 $136 $2
Slide 4: Profitability
Profitability ($ in millions, except per share data) Operating Income and Margin, as adjusted Net Income and EPS, as adjusted $3,240 $15.93 $3,120 $3,000 $13.91 $4,000 47.8% 50.0% $3,900 $2,880 $3,800 45.8% 45.5% 45.9% $13.16 $3,700 45.0% $2,760 $12.53 $3,600 44.6% 44.5% $2,621 $3,500 43.2% 43.3% $3
Slide 5: Capital management
Capital management (amounts in millions, except per share data) Share repurchases and weighted-average diluted shares Dividends per share 165.2(2)165.4 165.0 164.6 164.5 157.0(1)156.6 156.3 149.6 $550 $5.73 $5.73 $5.73 $500 $450 $450 $5.21 $5.21 $5.21 $5.21 $375 $375 $375 $375 $375 $5.10 $5.10 Q3 Q4
Slide 6: Major market indices and exchange rates
Major market indices and exchange rates % Change % Change Spot 9/30/2026 vs. Average Q3 2026 vs. 9/30/2025 6/30/2026 9/30/2026 6/30/2026 9/30/2025 Q3 2025 Q2 2026 Q3 2026 Q2 2026 Q3 2025 Equity Indices Domestic S&P 500 6,688 7,499 7,652 2% 14% 6,426 7,267 7,618 5% 19% Global MSCI Barra World Index 4
Slide 7: Quarterly revenue
Quarterly revenue ($ in millions) Percentage Change Year-over-Year Sequential 75% Base fees Base fees 19% 5% Securities lending revenue Securities lending revenue 25% 6% Performance fees Performance fees 22% 107% Tech services & subscription revenue Tech services & subscription revenue 14% 4% 1% 5%
Slide 8: Quarterly investment advisory, administration fees and securities lending revenue
Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q3 2026 compared to Q3 2025 Q3 2026 compared to Q2 2026 $990 $310 $24 $15 $6,036 $14 $11 $11 $1 $6,036 $36 $21 $18 $37 $28 $46 $29 $32 $61 $145 $62 $71 $5,726 $101 $537 $5,046 Q3 ETFs Active ETFs Liquid
Slide 9: Quarterly expense, as adjusted
Quarterly expense, as adjusted ($ in millions) Performance fee related comp. Percentage Change Year-over-Year Sequential Employee comp. & benefits 12% 10% 32% Other comp. & benefits Sales, asset & account 22% 5% 44% General & administration 6% (3)% Sales, asset & account Total 14% 6% 15% General & a
Slide 10: Alternatives at BlackRock
Alternatives at BlackRock ($ in billions) Total AUM Fee-Paying AUM $800 $717 Multi-alternatives 29 16 $573 14 53 $526 23 10 32 9 31 Real estate 52 26 216 34 120 185 110 Private equity 152 Infrastructure 249 142 227 Private credit 97 130 98 130 Liquid alternatives 109 107 108 107 Liquid
Slide 11: Private Markets Dry Powder
Private Markets Dry Powder ($ in billions) Available Capital AUM not yet earning fees 7 25 2 32 2 22 17 9 54 $139B $96B 51 32 64 Multi-alternatives Real estate Private equity Infrastructure Private credit Definitions: Available Capital: Total capital available for future investment, which
Slide 12: Private Markets Capital Activity
Private Markets Capital Activity ($ in billions) Gross Fundraising Gross Deployment $88 $68 2 2 1 4 2 7 Multi-alternatives 35 Real estate 33 Private equity $30 Infrastructure 1 1 Private credit $14 46 17 1 1 25 8 11 4 Q3 2026 Q3 2026 LTM Q3 2026 Q3 2026 LTM Definitions: Gross Fundraising:
Slide 13: Reconciliation between GAAP and as adjusted
Reconciliation between GAAP and as adjusted ($ in millions) 2024 2025 2026 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Operating Income GAAP $ 2,006 $ 2,075 $ 1,698 $ 1,731 $ 1,955 $ 1,661 $ 2,814 $ 2,461 $ 2,328 Non-GAAP expense adjustments 122 251 334 368 666 1,187 (145) 455 1,002 As Adjusted $ 2,128 $ 2,326 $ 2,0
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