Q2 2026 Earnings Supplement

Q2 2026 Earnings

July 15, 2026

Earnings Release Supplement
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Cash 7%  Cash 6%  Cash 7%  Cash 6%
Curr & Comm 1%  Curr & Comm 2%
Digital Assets 0%  Digital Assets 1%
Alternatives 3%  Alternatives 15%
Multi-Asset 9%Multi-Asset 7%  Institutional 50%  Institutional 32%  Non-ETF Index 28%  Non-ETF Index 7%  Asia-Pacific 6%  Asia-Pacific 6%

Fixed Income 22%Fixed Income 19%

ETFs 41%

ETFs 45%  ETFs 41%  ETFs 45%  EMEA 26%  EMEA 28%

Equity 58%  Equity 50%  Retail 9%  Retail 23%  Active 24%  Active 42%  Americas 68%  Americas 66%

AUM  Base Fees  AUM  Base Fees  AUM  Base Fees  AUM  Base Fees

A broadly diversified business across clients, products and geographies

Base fees include investment advisory, administration fees and securities lending revenue.

Base fees and AUM by region data are based on client domicile.

1

Product Type  Client Type  Style  Region
Assets Under Management of $15.3 trillion at June 30, 2026Q2 2026 Base Fees and Securities Lending Revenue of $5.7 billion 
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8% (2)% (1)%(1)%

LTM organic asset growth rate (%)  LTM organic base fee growth rate (%)

$51  $160  $201  $83  $46  $171  $268  $136  $199
$30  $61  $81  $1  $22  $34  $74  $(6)  $(7)
$82   $221   $281   $84   $68   $205   $342   $130   $192

Q22024  Q3 2024  Q4 2024  Q1 2025  Q2 2025  Q3 2025  Q4 2025  Q1 2026  Q2 2026

Net flows($ in billions)Total BlackRock  Retail Long-term Institutional Long-term  2

$(2)  $27  $25  $8  $7  $22  $16  $24  $44

$(35)$29  $28  $(46)  $(48)  $(14)  $(12)  $(35)  $(41)

Q22024  Q3 2024  Q4 2024  Q1 2025  Q2 2025  Q3 2025  Q4 2025  Q1 2026  Q2 2026

Institutional Active  Institutional Index

$83  $97  $143  $107  $85  $153  $181  $132  $178

Q22024  Q3 2024  Q4 2024  Q1 2025  Q2 2025  Q3 2025  Q4 2025  Q1 2026  Q2 2026

ETFs Long-term

Long-term  Cash  $6  $7  $5  $13  $2  $10  $82  $15  $19

Q22024  Q3 2024  Q4 2024  Q1 2025  Q2 2025  Q3 2025  Q4 2025  Q1 2026  Q2 2026

LTM organic asset growth rate measures rolling last twelve months net flows over beginning of period assets.

Beginning in the first quarter of 2025, BlackRock updated the presentation of the Company's AUM line items.

In addition, beginning in the first quarter of 2025, BlackRock updated the presentation of net flows to separately disclose realizations, which represent return of capital/return on investments.

Realizations have not been recast for prior periods.

LTM organic base fee growth rate is calculated by dividing net new base fees earned on net asset inflows for the LTM period by the base fee run-rate at the beginning of the period.

Totals may not add due to rounding. 
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Profitability ($ in millions, except per share data)

For further information and reconciliations to GAAP, see page 10 of this Earnings Release Supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks.

Operating Income, as adjusted  Operating Margin, as adjusted  Net Income, as adjusted  EPS, as adjusted

$1,881 $2,128 $2,326 $2,032 $2,099 $2,621 $2,848 $2,669 $2,916 44.1%45.8%45.5% 43.2%43.3%44.6%45.0%44.5%45.9%

15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%

$0$100$200$300$400$500$600$700$800$900$1,000$1,100$1,200$1,300$1,400$1,500$1,600$1,700$1,800$1,900$2,000$2,100$2,200$2,300$2,400$2,500$2,600$2,700$2,800$2,900$3,000$3,100$3,200$3,300$3,400$3,500$3,600$3,700$3,800

Q22024  Q3 2024  Q4 2024  Q1 2025  Q2 2025  Q3 2025  Q4 2025  Q1 2026  Q2 2026

$1,550 $1,715 $1,874 $1,770 $1,883 $1,907 $2,176 $2,068 $2,291 $10.36 $11.46 $11.93 $11.30 $12.05 $11.55 $13.16 $12.53 $13.91 $600 $720 $840 $960 $1,080 $1,200 $1,320 $1,440 $1,560 $1,680 $1,800 $1,920 $2,040 $2,160 $2,280 $2,400 $2,520 $2,640  Q2 2024  Q3 2024  Q4 2024  Q1 2025  Q2 2025  Q3 2025  Q4 2025  Q1 2026  Q2 2026  3

Operating Income and Margin, as adjusted  Net Income and EPS, as adjusted
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$450 $450 $500

$375 $375 $375 $375 $375 $500

Q22026Q12026Q42025Q32025Q22025Q12025Q42024Q32024Q22024

Capital management (amounts in millions, except per share data)

(1) Q4 2024 weighted-average diluted shares include the impact of 6.9 million shares issued as part of the consideration for the acquisition of Global Infrastructure Management, LLC ("GIP") in October 2024

(the "GIP Transaction").
(2) Q3 2025 weighted-average diluted shares include the impact of approximately 8.5 million Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC issued as part of the consideration for

the acquisition of HPS Investment Partners ("HPS") in July 2025 (the "HPS Transaction"). 
(3) Amounts exclude repurchases of employee tax withholdings related to employee stock transactions.

For further information and reconciliations to GAAP, see page 10 of this Earnings Release Supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current Earnings Release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks.

Share repurchases and weighted-average diluted shares

Share repurchases  Weighted-average diluted shares  4

$5.10 $5.10 $5.10 $5.21 $5.21 $5.21 $5.21 $5.73 $5.73 Q2 2024  Q3 2024  Q4 2024  Q1 2025  Q2 2025  Q3 2025  Q4 2025  Q1 2026  Q2 2026

Dividends per share

149.7149.6157.0 156.6156.3165.2 165.4165.0164.6
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