Slide 1: Q2 2026 Earnings
July 15, 2026 Q2 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 $15.3 trillion at June 30, 2026 Q2 2026 Base Fees and Securities Lending Revenue of $5.7 billion Product Type Client Type Style Region Retail 9% Retail Active 23% 24% Active Equity 42% Equity 50% ETFs
Slide 3: Net flows
Net flows ($ in billions) Total BlackRock Retail Long-term 3% 5% 6% 6% 6% 6% 6% 6% 7% 0% 1% 3% 3% 3% 3% 10% 11% 11% 1% 3% 4% 6% 7% 8% 9% 10% 10% Long-term Cash $82 $342 $281 $74 $221 $81 $205 $192 $61 $34 $82 $130 $19 $84 $68 $268 $13 $15 $30 $201 $1 $199 $6 $7 $10 $160 $22 $171 $5 $2 $136 $51 $83 $
Slide 4: Profitability
Profitability ($ in millions, except per share data) Operating Income and Margin, as adjusted Net Income and EPS, as adjusted $2,640 $13.91 $2,520 $13.16 $3,800 50.0% $2,400 $12.53 $3,700 $3,600 45.8% 45.5% 45.9% $2,280 $11.93 $12.05 $2,291 $3,500 44.6% 45.0% 44.5% $11.46 $11.55 $3,400 44.1% $11.30
Slide 5: Capital management
Capital management (amounts in millions, except per share data) Share repurchases and weighted-average diluted shares Dividends per share (2) 165.4 165.2 165.0 164.6 (1) 157.0 156.6 156.3 149.7 149.6 $5.73 $5.73 $5.21 $5.21 $5.21 $5.21 $5.10 $5.10 $5.10 $500 $500 $450 $450 $375 $375 $375 $375 $375 Q
Slide 6: Major market indices and exchange rates
Major market indices and exchange rates % Change % Change Spot 6/30/2026 vs. Average Q2 2026 vs. 6/30/2025 3/31/2026 6/30/2026 3/31/2026 6/30/2025 Q2 2025 Q1 2026 Q2 2026 Q1 2026 Q2 2025 Equity Indices Domestic S&P 500 6,205 6,529 7,499 15% 21% 5,730 6,822 7,267 7% 27% Global MSCI Barra World Index
Slide 7: Quarterly revenue
Quarterly revenue ($ in millions) Percentage Change Year-over-Year Sequential 78% Base fees Base fees 28% 4% Securities lending revenue Securities lending revenue 40% 34% Performance fees Performance fees 224% 12% Tech services & subscription revenue Tech services & subscription revenue 13% 7% 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 2026 compared to Q2 2025 Q2 2026 compared to Q1 2026 $1,272 $288 $39 $5,726 $16 $15 $9 $8 $3 $(16) $(19) $5,726 $52 $43 $33 $55 $196 $55 $72 $75 $5,438 $77 $119 $140 $588 $4,454 Q2 ETFs Private Activ
Slide 9: Quarterly expense, as adjusted
Quarterly expense, as adjusted ($ in millions) Performance fee related comp. Percentage Change Year-over-Year Sequential 32% Employee comp. & benefits 28% -% Other comp. & benefits Sales, asset & account 26% 7% 46% General & administration 17% 7% Sales, asset & account Total 25% 3% 17% General & adm
Slide 10: Alternatives at BlackRock
Alternatives at BlackRock ($ in billions) Client Assets Fee-Paying AUM $715 23 13 40 $556 Multi-alternatives 10 22 197 32 $474 Real estate 11 114 25 $392 40 25 8 Private equity 34 212 151 179 Infrastructure 112 42 36 Private credit 123 120 87 87 Liquid alternatives 90 107 90 107 Liquid
Slide 11: Reconciliation between GAAP and as adjusted
Reconciliation between GAAP and as adjusted ($ in millions) 2024 2025 2026 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Operating Income GAAP $ 1,800 $ 2,006 $ 2,075 $ 1,698 $ 1,731 $ 1,955 $ 1,661 $ 2,814 $ 2,461 Non-GAAP expense adjustments 81 122 251 334 368 666 1,187 (145) 455 As Adjusted $ 1,881 $ 2,128 $ 2,326
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