BlackRock 10-Q 2026-06-30

Filed 2026-08-06. 5 sections, 332K characters. Original on sec.gov · Markdown · JSON

Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended June 30, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from to .

Commission file number 001-42297

BlackRock, Inc.

(Exact name of registrant as specified in its charter)


Delaware		99-1116001
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

50 Hudson Yards**,** New York**,** NY 10001

(Address of Principal Executive Offices) (Zip Code)

(212) 810-5800

(Registrant’s Telephone Number, Including Area Code)

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	BLK	New York Stock Exchange
3.750% Notes due 2035	BLK 35	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.


Yes		X		No

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).


Yes		X		No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).


Yes				No		X

As of July 31, 2026, there were 154,869,259 shares of the registrant’s common stock outstanding (162,476,186 on a fully diluted basis, including 7,606,927 Class B-2 common units of a consolidated subsidiary, BlackRock Saturn Subco, LLC, which are exchangeable on a one-for-one basis into common stock of the registrant).

BlackRock, Inc.

Index to Form 10-Q

PART I

FINANCIAL INFORMATION


		Page

Item 1.	Financial Statements (unaudited)

	Condensed Consolidated Statements of Financial Condition	1

	Condensed Consolidated Statements of Income	2

	Condensed Consolidated Statements of Comprehensive Income	3

	Condensed Consolidated Statements of Changes in Equity	4

	Condensed Consolidated Statements of Cash Flows	6

	Notes to Condensed Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	71

Item 4.	Controls and Procedures	72

PART II

OTHER INFORMATION


Item 1.	Legal Proceedings	73

Item 1A.	Risk Factors	74

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	75

Item 6.	Exhibits	76


	Signatures	77

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Black****Rock, Inc.

Condensed Consolidated Statements of Financial Condition

(unaudited)


	June 30,			December 31,
(in millions, except shares and per share data)	2026			2025
Assets
Cash and cash equivalents(1)	$	10,492		$	11,468
Accounts receivable		5,444			5,158
Investments(1)		15,144			13,271
Separate account assets		65,267			60,098
Separate account collateral held under securities lending agreements		6,269			7,922
Property and equipment (net of accumulated depreciation and amortization of $1,852 and $1,692 at June 30, 2026 and December 31, 2025, respectively)		1,305			1,256
Intangible assets (net of accumulated amortization of $1,989 and $1,482 at June 30, 2026 and December 31, 2025, respectively)		27,415			27,968
Goodwill		35,203			35,283
Operating lease right-of-use assets		1,848			1,874
Other assets(1)		7,488			5,700
Total assets	$	175,875		$	169,998
Liabilities
Accrued compensation and benefits	$	2,432		$	3,830
Accounts payable and accrued liabilities		2,012			1,740
Borrowings		12,744			12,768
Separate account liabilities		65,267			60,098
Separate account collateral liabilities under securities lending agreements		6,269			7,922
Contingent consideration liabilities		7,875			8,429
Deferred income tax liabilities		4,488			4,618
Operating lease liabilities		2,224			2,228
Other liabilities(1)		8,024			6,823
Total liabilities		111,335			108,456
Commitments and contingencies (Note 15)
Temporary equity
Redeemable noncontrolling interests ("NCI") - consolidated sponsored investment products ("CIPs")		3,872			2,636
Redeemable NCI - BlackRock Saturn Subco, LLC ("Subco")		2,828			2,791
Permanent equity
BlackRock, Inc. stockholders’ equity
Common stock, $0.01 par value;		2			2
Shares authorized: 500,000,000 at June 30, 2026 and December 31, 2025; Shares issued: 156,276,289 at both June 30, 2026 and December 31, 2025 Shares outstanding: 154,996,807 and 155,069,171 at June 30, 2026 and December 31, 2025, respectively
Additional paid-in capital		19,414			19,748
Retained earnings		40,205			37,899
Accumulated other comprehensive loss		(653	)		(545	)
Treasury stock, common, at cost (1,279,482 and 1,207,118 shares held at June 30, 2026 and December 31, 2025, respectively)		(1,355	)		(1,216	)
Total BlackRock, Inc. stockholders’ equity		57,613			55,888
Nonredeemable NCI - CIPs		227			227
Total permanent equity		57,840			56,115
Total liabilities, temporary equity and permanent equity	$	175,875		$	169,998

(1)

At June 30, 2026, cash and cash equivalents, investments, other assets and other liabilities include $180 million, $9.5 billion, $42 million and $3.7 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2025, cash and cash equivalents, investments, other assets and other liabilities include $428 million, $8.5 billion, $76 million and $4.1 billion, respectively, related to consolidated VIEs.

See accompanying notes to condensed consolidated financial statements.

Black****Rock, Inc.

Condensed Consolidated Statements of Income

(unaudited)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions, except per share data)	2026			2025			2026			2025
Revenue
Investment advisory, administration fees and securities lending revenue:
Investment advisory and administration fees	$	5,487		$	4,283		$	10,746		$	8,527
Securities lending revenue		239			171			418			328
Total investment advisory, administration fees and securities lending revenue		5,726			4,454			11,164			8,855
Investment advisory performance fees		305			94			577			154
Technology services and subscription revenue		566			499			1,096			935
Distribution fees		395			320			784			641
Advisory and other revenue		92			56			161			114
Total revenue		7,084			5,423			13,782			10,699
Expense
Employee compensation and benefits		2,274			1,764			4,499			3,505
Sales, asset and account expense:
Distribution and servicing costs		732			576			1,437			1,146
Direct fund expense		543			441			1,024			833
Sub-advisory and other		67			46			138			93
Total sales, asset and account expense		1,342			1,063			2,599			2,072
General and administration expense		720			613			1,394			1,228
Change in fair value of contingent consideration		11			76			(538	)		172
Restructuring charge		—			39			—			39
Amortization of intangible assets		276			137			553			254
Total expense		4,623			3,692			8,507			7,270
Operating income		2,461			1,731			5,275			3,429
Nonoperating income (expense)
Net gain (loss) on investments		283			550			355			608
Interest and dividend income		109			144			199			317
Interest expense		(134	)		(173	)		(268	)		(339	)
Dividend income and net interest income (expense)		(25	)		(29	)		(69	)		(22	)
Total nonoperating income (expense)		258			521			286			586
Income before income taxes		2,719			2,252			5,561			4,015
Income tax expense		677			587			1,193			835
Net income		2,042			1,665			4,368			3,180
Less:
Net income (loss) attributable to NCI - CIPs		35			72			41			77
Net income (loss) attributable to NCI - Subco		93			—			201			—
Net income attributable to BlackRock, Inc.

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Item 4. Controls and Procedures

Disclosure Controls and Procedures. Under the direction of BlackRock’s Chief Executive Officer and Chief Financial Officer, BlackRock evaluated the effectiveness of its disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report on Form 10-Q. Based on this evaluation, BlackRock’s Chief Executive Officer and Chief Financial Officer have concluded that BlackRock’s disclosure controls and procedures were effective.

Internal Control over Financial Reporting. There were no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2026 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Lega****l Proceedings

For a discussion of the Company’s legal proceedings, see Note 15, Commitments and Contingencies, in the notes to the condensed consolidated financial statements of this Form 10-Q.

I****tem 1A. Risk Factors

In addition to the other information set forth in this report, the risks discussed in BlackRock's Annual Report on Form 10-K for the year ended December 31, 2025 could materially affect our business, financial condition, operating results and nonoperating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the three months ended June 30, 2026, the Company made the following purchases of its common stock, which is registered pursuant to Section 12(b) of the Exchange Act.


	Total Number of Shares Purchased(1)		Average Price Paid per Share		TotalNumber of Shares Purchased as Part of Publicly AnnouncedPlans or Programs		Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(1)
April 1, 2026 through April 30, 2026		152,183	$	1,050.18		151,112		8,681,203
May 1, 2026 through May 31, 2026		253,608	$	1,070.00		247,183		8,434,020
June 1, 2026 through June 30, 2026		29,833	$	1,019.16		25,858		8,408,162
Total		435,624	$	1,059.60		424,153

(1)

Consists of purchases of common stock made by the Company primarily to satisfy income tax withholding obligations of employees and members of the Company’s Board of Directors related to the vesting of certain restricted stock unit awards and purchases of common stock and/or Subco Units made by the Company pursuant to the share repurchase plan. The Company announced its share repurchase plan in July 2010, which initially authorized the repurchase of 5.1 million shares with no stated expiration. In January 2026, the Company announced that the Board of Directors authorized the repurchase of an additional seven million shares under the Company’s existing share repurchase program, for a total of up to approximately 9.2 million shares of BlackRock common stock.

Item 6. Exhibits


Exhibit No.		Description

31.1		Section 302 Certification of Chief Executive Officer

31.2		Section 302 Certification of Chief Financial Officer

32.1		Section 906 Certification of Chief Executive Officer and Chief Financial Officer

101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH		Inline XBRL Taxonomy Extension Schema with Embedded Linkbases Document

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	BLACKROCK, INC.
	(Registrant)

	By:	/s/ Martin S. Small
Date: August 6, 2026		Martin S. Small
		Senior Managing Director & Chief Financial Officer (Principal Financial Officer)