BlackRock, Inc. (BLK) Q3 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.555 with the SEC, which lists some of the factors that may cause the results of BlackRock 00:00:04.555 -- 00:00:08.199 to differ materially from what we see today. 00:00:08.199 -- 00:00:14.104 BlackRock assumes no duty and does not undertake to update any forward-looking statements. 00:00:14.104 -- 00:00:17.726 So with that, I'll turn it over to Martin. 00:00:19.749 -- 00:00:21.791 Thanks, Chris, and good morning, everyone. 00:00:21.791 -- 00:00:26.614 It's my pleasure to present results for the third quarter of 2025. 00:00:26.676 -- 00:00:31.968 Before I turn it over to Larry, I'll review our financial performance and business results. 00:00:31.968 -- 00:00:36.913 Our earnings release discloses both GAAP and As Adjusted financial results. 00:00:36.913 -- 00:00:41.798 A reconciliation between GAAP and our As Adjusted results has been included in the tables 00:00:41.798 -- 00:00:48.423 attached to today's press release. I'll be focusing primarily on our As Adjusted results. 00:00:48.525 -- 00:00:53.510 At BlackRock, we always challenge ourselves to raise the bar, and our results consistently 00:00:53.510 -- 00:00:58.631 reflect that mindset. We've been focused on building capabilities that we anticipate 00:00:58.631 -- 00:01:03.536 our clients will need in the future while also implementing some of the largest and most 00:01:03.536 -- 00:01:09.001 multifaceted mandates in our history. This combination of forward-looking investment 00:01:09.001 -- 00:01:13.746 and consistent execution has fueled strong results across our business. 00:01:13.746 -- 00:01:18.090 The momentum we saw in the first half of the year accelerated in the third quarter. 00:01:18.090 -- 00:01:23.916 Our builds across ETFs, private markets, whole portfolio and cash ma...