Blackrock, Inc. · NYSE:BLK
Blackrock — Q2 2025 Earnings Presentation
12 slides from Blackrock's earnings presentation, Jul 15, 2025
Slide 1: Q2 2025 Earnings Release Supplement
July 15, 2025 Q2 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 $12.5 trillion at June 30, 2025 Q2 2025 Base Fees and Securities Lending Revenue of $4.5 billion Product Type Client Type Style Region Retail 9% Retail Active 24% 24% Active Equity Equity 44% 48% ETFs
Slide 3: Net flows
Net flows ($ in billions) Total BlackRock Retail Long-term 4% 4% 3% 3% 3% 5% 6% 6% 6% (2)% (2)% (1)% 0% 0% 1% 3% 3% 3% 0% 1% 1% 1% 1% 3% 4% 6% 7% Long-term Cash $281 $221 $81 $61 $13 $7 $6 $7 $5 $96 $84 $68 $4 $2 $80 $57 $82 $201 $1 $33 $160 $22 $23 $3 $30 $76 $83 $(4) $57 $15 $63 $51 $46 $(9) $(13)
Slide 4: Profitability
Profitability ($ in millions, except per share data) Operating Income and Margin, as adjusted Net Income and EPS, as adjusted $2,280 $2,160 $11.93 $12.05 $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 $9.66 $9.81 $1,874 $1,883 $2,600 42.5% 42.3% 43.2% 4
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) 156.6 156.3 150.7 150.5 150.2 150.1 149.7 149.6 $5.21 $5.21 $5.10 $5.10 $5.10 $5.10 $5.00 $5.00 $5.00 $500 $375 $375 $375 $375 $375 $375 $375 $375 Q2 Q3
Slide 6: Major market indices and exchange rates
Major market indices and exchange rates % Change % Change Spot 6/30/2025 vs. Average Q2 2025 vs. 6/30/2024 3/31/2025 6/30/2025 3/31/2025 6/30/2024 Q2 2024 Q1 2025 Q2 2025 Q1 2025 Q2 2024 Equity Indices Domestic S&P 500 5,460 5,612 6,205 11% 14% 5,251 5,900 5,730 (3)% 9% Global MSCI Barra World Index
Slide 7: Quarterly revenue
Quarterly revenue ($ in millions) Percentage Change Year-over-Year Sequential 79% Base fees Base fees 15% 1% Securities lending revenue Securities lending revenue 11% 9% Performance fees Performance fees (43)% 57% Tech services & subscription revenue Tech services & subscription revenue 26% 14% 1% 6
Slide 8: Quarterly investment advisory, administration fees and securities lending revenue
Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q2 2025 compared to Q2 2024 Q2 2025 compared to Q1 2025 $579 $53 $16 $6 $6 $(32) $14 $11 $7 $6 $(1) $(5) $(11) $(36) $28 $4,454 $52 $16 $4,454 $40 $49 $4,401 $57 $151 $258 (1) $3,875 Q2 Private ETFs Cas
Slide 9: Quarterly expense, as adjusted
Quarterly expense, as adjusted ($ in millions) Percentage Change Year-over-Year Sequential Employee comp. & benefits 32% Employee comp. & benefits 12% -% Sales, asset & account 14% 5% Sales, asset & account General & administration 16% 5% 50% Total 14% 2% General & administration 18% Q2 2025 compare
Slide 10: Alternatives at BlackRock
Alternatives at BlackRock ($ in billions) Client Assets Fee-Paying AUM $474 11 25 42 $392 Multi-alternatives 40 25 8 $326 36 Real estate 12 $297 26 8 34 35 179 26 Private credit 31 43 112 36 Private equity 51 37 87 87 Infrastructure 75 75 Liquid alternatives 84 90 84 90 Liquid credit Q
Slide 11: Reconciliation between GAAP and as adjusted
Reconciliation between GAAP and as adjusted ($ in millions) 2023 2024 2025 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Operating Income GAAP $ 1,615 $ 1,637 $ 1,585 $ 1,693 $ 1,800 $ 2,006 $ 2,075 $ 1,698 $ 1,731 Non-GAAP expense adjustments 60 54 131 82 81 122 251 334 368 As Adjusted $ 1,675 $ 1,691 $ 1,716 $ 1,775
Slide 12: 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