BlackRock, Inc. (BLK) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

with the SEC, which lists some of the factors that may cause the results of BlackRock to differ materially from what we see today. BlackRock assumes no duty and does not undertake to update any forward-looking statements. So with that, I'll turn it over to Martin. Thanks, Chris, and good morning, everyone. It's my pleasure to present results for the third quarter of 2025. Before I turn it over to Larry, I'll review our financial performance and business results. Our earnings release discloses both GAAP and As Adjusted financial results. A reconciliation between GAAP and our As Adjusted results has been included in the tables attached to today's press release. I'll be focusing primarily on our As Adjusted results. At BlackRock, we always challenge ourselves to raise the bar, and our results consistently reflect that mindset. We've been focused on building capabilities that we anticipate our clients will need in the future while also implementing some of the largest and most multifaceted mandates in our history. This combination of forward-looking investment and consistent execution has fueled strong results across our business. The momentum we saw in the first half of the year accelerated in the third quarter. Our builds across ETFs, private markets, whole portfolio and cash management drove 8% organic base fee growth over the last 12 months. That's our highest level in over four years, but even more importantly, it's broadly diversified. We have great momentum across both our foundational businesses and categories that we've developed in just the last few years. That strength and diversification is resonating in meaningful opportunities across regions, client channels, product types, and asset classes. We're entering what's typically our seasonally strongest quarter ...