Slide 1: Q1 2026 Earnings Release Supplement
April 14, 2026 Q1 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 $13.9 trillion at March 31, 2026 Q1 2026 Base Fees and Securities Lending Revenue of $5.4 billion Product Type Client Type Style Region Retail 9% Retail Active 23% 25% Active Equity 43% Equity 48% ETFs
Slide 3: Net flows
Net flows ($ in billions) Total BlackRock Retail Long-term 3% 3% 5% 6% 6% 6% 6% 6% 6% 0% 0% 1% 3% 3% 3% 3% 10% 11% 1% 1% 3% 4% 6% 7% 8% 9% 10% Long-term Cash $82 $342 $281 $74 $221 $81 $205 $61 $34 $130 $82 $84 $68 $268 $15 $57 $1 $13 $10 $30 $201 $22 $171 $7 $6 $7 $5 $160 $136 $2 $76 $51 $83 $46 $(
Slide 4: Profitability
Profitability ($ in millions, except per share data) Operating Income and Margin, as adjusted Net Income and EPS, as adjusted $2,640 $2,520 $13.16 $3,800 50.0% $2,400 $12.53 $3,700 $3,600 45.8% 45.5% $11.93 $12.05 $3,500 44.6% 45.0% 44.5% $2,280 $11.46 $11.55 $2,176 $3,400 44.1% $11.30 $3,300 $3,200
Slide 5: Capital management
Capital management (amounts in millions, except per share data) Share repurchases and weighted-average diluted shares Dividends per share (2) (1) 165.2 165.4 165.0 157.0 156.6 156.3 150.1 149.7 149.6 $5.73 $5.21 $5.21 $5.21 $5.21 $5.10 $5.10 $5.10 $5.10 $500 $500 $450 $375 $375 $375 $375 $375 $375 Q
Slide 6: Major market indices and exchange rates
Major market indices and exchange rates % Change % Change Spot 3/31/2026 vs. Average Q1 2026 vs. 3/31/2025 12/31/2025 3/31/2026 12/31/2025 3/31/2025 Q1 2025 Q4 2025 Q1 2026 Q4 2025 Q1 2025 Equity Indices Domestic S&P 500 5,612 6,846 6,529 (5)% 16% 5,900 6,780 6,822 1% 16% Global MSCI Barra World Ind
Slide 7: Quarterly revenue
Quarterly revenue ($ in millions) Percentage Change Year-over-Year Sequential 78% Base fees Base fees 24% 3% Securities lending revenue Securities lending revenue 14% 3% Performance fees Performance fees 353% (64)% Tech services & subscription revenue Tech services & subscription revenue 22% -% 1% 6
Slide 8: Quarterly investment advisory, administration fees and securities lending revenue
Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q1 2026 compared to Q1 2025 Q1 2026 compared to Q4 2025 $1,037 $160 $39 $35 $5,438 $13 $10 $8 $8 $5 $(5) $(6) $5,438 $47 $97 $17 $13 $58 $47 $5,278 $75 $82 $87 $123 $444 $4,401 Q1 ETFs Private Digital E
Slide 9: Quarterly expense, as adjusted
Quarterly expense, as adjusted ($ in millions) Performance fee related comp. Percentage Change Year-over-Year Sequential Employee comp. & benefits 27% (6)% 32% Other comp. & benefits Sales, asset & account 25% 3% 47% General & administration 14% (3)% Sales, asset & account Total 24% (3)% 16% General
Slide 10: Alternatives at BlackRock
Alternatives at BlackRock ($ in billions) Client Assets Fee-Paying AUM $687 22 12 37 $531 Multi-alternatives 192 22 9 $457 30 Real estate 11 26 $381 112 43 Private equity 26 8 37 210 Infrastructure 169 147 108 34 Private credit 40 111 109 79 79 Liquid alternatives 89 103 89 102 Liquid
Slide 11: Reconciliation between GAAP and as adjusted
Reconciliation between GAAP and as adjusted ($ in millions) 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Operating Income GAAP $ 1,693 $ 1,800 $ 2,006 $ 2,075 $ 1,698 $ 1,731 $ 1,955 $ 1,661 $ 2,814 Non-GAAP expense adjustments 82 81 122 251 334 368 666 1,187 (145) As Adjusted $ 1,775 $ 1,881 $ 2,128 $
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