BlackRock Reports Full Year 2024 Diluted EPS of $42.01, or $43.61 as Adjusted; Fourth Quarter 2024 Diluted EPS of $10.63, or $11.93 as Adjusted

15 Jan 2025

BlackRock, Inc. (NYSE: BLK) today reported financial results for the three months and year ended December 31, 2024.

$11.6 trillion in AUM following a record $641 billion of full year net inflows, including $281 billion in the fourth quarter

14% increase in full year revenue driven by the positive impact of markets on average AUM, organic base fee growth, and fees on AUM acquired in the GIP Transaction, as well as higher performance fees and technology service revenue

21% increase in full year operating income (23% as adjusted)

15% increase in full year diluted EPS also reflects lower nonoperating income and a higher effective tax rate in the current year

$4.7 billion returned to shareholders in 2024, including $1.6 billion of share repurchases

Previously announced agreement to acquire HPS Investment Partners to create an integrated private credit franchise with approximately $220 billion in pro-forma client assets

Laurence D. Fink, Chairman and CEO:

“Clients entrusted BlackRock with a record $641 billion of net inflows in 2024, including $281 billion in the fourth quarter for two consecutive record flows quarters. 2024 was also a milestone year for strategic acquisitions grounded in client service, technology and scale. Our closing of GIP and planned acquisitions of HPS and Preqin are expected to significantly scale and enhance our private markets investment and data capabilities.

“For many companies, periods of M&A contribute to a pause in client engagement. At BlackRock, clients are instead embracing and rewarding our strategy. Client activity accelerated into the fourth quarter, resulting in 7% organic base fee growth and 12% technology services ACV growth. Our operating model delivered exceptional performance in a year of meaningful change. We crossed $20 billion of annual revenue, up 14% from 2023. As adjusted operating income grew by 23%, and our industry-leading margin of 44.5% was up 280 basis points.

“Our record organic growth and financial results do not yet reflect the full integration or pending acquisitions of the high-growth businesses of GIP, HPS and Preqin. And we’ve steadily made organic investments ahead of structural trends that we expect to drive outsized growth in the years ahead.

“BlackRock’s world-class talent is central to our significant growth and sustained performance. We have a longstanding, deliberate strategy of systematically elevating our strongest leaders around the world. We’re excited to again have a number of them taking on expanded roles this year. BlackRock’s leadership team alongside top talent from GIP, HPS and Preqin position us to serve our clients with excellence and seize the opportunities ahead of us.

“In the 25 years since our IPO, BlackRock has delivered a 21% compounded annual total return for our shareholders, compared to 8% in the S&P 500. BlackRock enters 2025 with more growth and upside potential than ever. This is just the beginning.”

FINANCIAL RESULTS

 

 

NET FLOW HIGHLIGHTS(1)

 

(in millions,

Q4

 

 

Q4

 

 

Full Year

 

 

 

 

 

Q4

 

 

Full Year

 

except per share data)

2024

 

 

2023

 

 

2024

 

 

2023

 

 

(in billions)

2024

 

 

2024

 

AUM

$

11,551,251

 

 

$

10,008,995

 

 

$

11,551,251

 

 

$

10,008,995

 

 

Long-term net flows:

$

201

 

 

$

489

 

% change

 

15

%

 

 

 

 

 

15

%

 

 

 

 

 

 

 

 

 

 

 

 

Average AUM

$

11,555,434

 

 

$

9,384,929

 

 

$

10,804,007

 

 

$

9,220,700

 

 

By region:

 

 

 

 

 

% change

 

23

%

 

 

 

 

 

17

%

 

 

 

 

 

Americas

$

116

 

 

$

317

 

Total net flows

$

281,416

 

 

$

95,647

 

 

$

641,351

 

 

$

288,695

 

 

 

EMEA

 

74

 

 

 

149

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APAC

 

11

 

 

 

23

 

GAAP basis:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

5,677

 

 

$

4,631

 

 

$

20,407

 

 

$

17,859

 

 

By client type:

 

 

 

 

 

% change

 

23

%

 

 

 

 

 

14

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

$

2,075

 

 

$

1,585

 

 

$

7,574

 

 

$

6,275

 

 

 

Retail:

$

5

 

 

$

24

 

% change

 

31

%

 

 

 

 

 

21

%

 

 

 

 

 

 

US

 

3

 

 

 

19

 

Operating margin

 

36.6

%

 

 

34.2

%

 

 

37.1

%

 

 

35.1

%

 

 

 

International

 

2

 

 

 

5

 

Net income(1)

$

1,670

 

 

$

1,375

 

 

$

6,369

 

 

$

5,502

 

 

 

 

 

 

 

 

 

 

% change

 

21

%

 

 

 

 

 

16

%

 

 

 

 

 

ETFs:

$

143

 

 

$

390

 

Diluted EPS

$

10.63

 

 

$

9.15

 

 

$

42.01

 

 

$

36.51

 

 

 

 

Core equity

 

75

 

 

 

175

 

% change

 

16

%

 

 

 

 

 

15

%

 

 

 

 

 

 

Strategic

 

18

 

 

 

113

 

Weighted-average

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cryptocurrency

 

18

 

 

 

41

 

diluted shares

 

157.0

 

 

 

150.2

 

 

 

151.6

 

 

 

150.7

 

 

 

 

Other precision

 

32

 

 

 

61

 

% change

 

5

%

 

 

 

 

 

1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional:

$

53

 

 

$

74

 

As Adjusted(2) :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active

 

25

 

 

 

64

 

Operating income

$

2,326

 

 

$

1,716

 

 

$

8,110

 

 

$

6,593

 

 

 

 

Index

 

28

 

 

 

9

 

% change

 

36

%

 

 

 

 

 

23

%

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

45.5

%

 

 

41.6

%

 

 

44.5

%

 

 

41.7

%

 

 

 

 

 

 

 

 

 

Net income(1)

$

1,874

 

 

$

1,451

 

 

$

6,612

 

 

$

5,692

 

 

Cash management net flows

$

81

 

 

$

153

 

% change

 

29

%

 

 

 

 

 

16

%

 

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS

$

11.93

 

 

$

9.66

 

 

$

43.61

 

 

$

37.77

 

 

 

 

 

 

 

 

 

 

% change

 

23

%

 

 

 

 

 

15

%

 

 

 

 

Total net flows

$

281

 

 

$

641

 

_________________________

 

 

 

 

 

 

 

 

_________________________

 

(1) Net income represents net income attributable to BlackRock, Inc.
(2) See pages 10 through 12 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items.

 

 

(1) Totals may not add due to rounding.

 

BUSINESS RESULTS

Q4 2024

Q4 2024

Base fees(1)

Base fees(1)

December 31, 2024

and securities

Q4 2024

December 31, 2024

and securities

AUM

lending revenue

(in millions), (unaudited)

Net flows

AUM

lending revenue

% of Total

% of Total

RESULTS BY CLIENT TYPE

 

 

 

 

 

 

 

 

 

 

Retail

$

4,650

 

$

1,015,827

 

$

1,105

 

 

9

%

 

25

%

ETFs

 

142,641

 

 

4,230,375

 

 

1,815

 

 

37

%

 

41

%

Institutional:

 

 

 

 

 

 

 

 

 

 

Active

 

25,126

 

 

2,136,749

 

 

962

 

 

18

%

 

22

%

Index

 

28,251

 

 

3,247,637

 

 

242

 

 

28

%

 

5

%

Total institutional

 

53,377

 

 

5,384,386

 

 

1,204

 

 

46

%

 

27

%

Long-term

 

200,668

 

 

10,630,588

 

 

4,124

 

 

92

%

 

93

%

Cash management

 

80,748

 

 

920,663

 

 

293

 

 

8

%

 

7

%

Total

$

281,416

 

$

11,551,251

 

$

4,417

 

 

100

%

 

100

%

 

 

 

 

 

 

 

 

 

 

 

RESULTS BY INVESTMENT STYLE

 

 

 

 

 

 

 

 

 

 

Active

$

22,830

 

$

2,870,656

 

$

1,991

 

 

25

%

 

45

%

Index and ETFs

 

177,838

 

 

7,759,932

 

 

2,133

 

 

67

%

 

48

%

Long-term

 

200,668

 

 

10,630,588

 

 

4,124

 

 

92

%

 

93

%

Cash management

 

80,748

 

 

920,663

 

 

293

 

 

8

%

 

7

%

Total

$

281,416

 

$

11,551,251

 

$

4,417

 

 

100

%

 

100

%

 

 

 

 

 

 

 

 

 

 

 

RESULTS BY PRODUCT TYPE

 

 

 

 

 

 

 

 

 

 

Equity

$

126,566

 

$

6,310,191

 

$

2,142

 

 

55

%

 

48

%

Fixed income

 

23,784

 

 

2,905,669

 

 

950

 

 

25

%

 

22

%

Multi-asset

 

24,307

 

 

992,921

 

 

326

 

 

8

%

 

7

%

Alternatives:

 

 

 

 

 

 

 

 

 

 

Private markets

 

4,730

 

 

211,974

 

 

480

 

 

2

%

 

11

%

Liquid alternatives

 

1,165

 

 

76,390

 

 

146

 

 

1

%

 

3

%

Currency and commodities(2)

 

20,116

 

 

133,443

 

 

80

 

 

1

%

 

2

%

Total alternatives

 

26,011

 

 

421,807

 

 

706

 

 

4

%

 

16

%

Long-term

 

200,668

 

 

10,630,588

 

 

4,124

 

 

92

%

 

93

%

Cash management

 

80,748

 

 

920,663

 

 

293

 

 

8

%

 

7

%

Total

$

281,416

 

$

11,551,251

 

$

4,417

 

 

100

%

 

100

%

_________________________

(1)

Base fees include investment advisory and administration fees.

(2)

Amounts include cryptocurrency and commodity ETFs and exchange-traded products ("ETPs").

INVESTMENT PERFORMANCE AT DECEMBER 31, 2024(1)

One-year period

Three-year period

Five-year period

Fixed income:

 

 

 

Actively managed AUM above benchmark or peer median

 

 

 

Taxable

69%

79%

82%

Tax-exempt

69%

42%

45%

Index AUM within or above applicable tolerance

97%

99%

98%

Equity:

 

 

 

Actively managed AUM above benchmark or peer median

 

 

 

Fundamental

47%

44%

64%

Systematic

93%

89%

93%

Index AUM within or above applicable tolerance

94%

99%

100%

_________________________

(1)

Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 14 for performance disclosure detail.

TELECONFERENCE, WEBCAST AND PRESENTATION INFORMATION

Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Martin S. Small, will host a teleconference call for investors and analysts on Wednesday, January 15, 2025 at 7:30 a.m. (Eastern Time). Members of the public who are interested in participating in the teleconference should dial, from the United States, (786) 460-7166, or from outside the United States, (866) 409-1555, shortly before 7:30 a.m. and reference the BlackRock Conference Call (ID Number 6231688). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.

The webcast will be available for replay by 10:30 a.m. (Eastern Time) on Wednesday, January 15, 2025. To access the replay of the webcast, please visit the investor relations section of www.blackrock.com.

ABOUT BLACKROCK

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

(in millions, except per share data), (unaudited)

 

 

 

 

 

 

 

 

Three Months

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

Ended

 

 

 

 

 

 

December 31,

 

 

 

 

 

 

September 30,

 

 

 

 

 

 

2024

 

 

2023

 

 

Change

 

 

 

2024

 

 

Change

 

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory, administration fees and securities lending revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory and administration fees

$

4,256

 

 

$

3,448

 

 

$

808

 

 

 

$

3,881

 

 

$

375

 

 

Securities lending revenue

 

161

 

 

 

157

 

 

 

4

 

 

 

 

149

 

 

 

12

 

 

Total investment advisory, administration fees and securities lending revenue

 

4,417

 

 

 

3,605

 

 

 

812

 

 

 

 

4,030

 

 

 

387

 

 

Investment advisory performance fees

 

451

 

 

 

311

 

 

 

140

 

 

 

 

388

 

 

 

63

 

 

Technology services revenue

 

428

 

 

 

379

 

 

 

49

 

 

 

 

403

 

 

 

25

 

 

Distribution fees

 

322

 

 

 

303

 

 

 

19

 

 

 

 

323

 

 

 

(1

)

 

Advisory and other revenue

 

59

 

 

 

33

 

 

 

26

 

 

 

 

53

 

 

 

6

 

 

Total revenue

 

5,677

 

 

 

4,631

 

 

 

1,046

 

 

 

 

5,197

 

 

 

480

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

1,885

 

 

 

1,503

 

 

 

382

 

 

 

 

1,578

 

 

 

307

 

 

Sales, asset and account expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution and servicing costs

 

565

 

 

 

502

 

 

 

63

 

 

 

 

549

 

 

 

16

 

 

Direct fund expense

 

389

 

 

 

318

 

 

 

71

 

 

 

 

379

 

 

 

10

 

 

Sub-advisory and other

 

42

 

 

 

35

 

 

 

7

 

 

 

 

34

 

 

 

8

 

 

Total sales, asset and account expense

 

996

 

 

 

855

 

 

 

141

 

 

 

 

962

 

 

 

34

 

 

General and administration expense

 

596

 

 

 

589

 

 

 

7

 

 

 

 

562

 

 

 

34

 

 

Restructuring charge

 

-

 

 

 

61

 

 

 

(61

)

 

 

 

-

 

 

 

-

 

 

Amortization and impairment of intangible assets

 

125

 

 

 

38

 

 

 

87

 

 

 

 

89

 

 

 

36

 

 

Total expense

 

3,602

 

 

 

3,046

 

 

 

556

 

 

 

 

3,191

 

 

 

411

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

2,075

 

 

 

1,585

 

 

 

490

 

 

 

 

2,006

 

 

 

69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonoperating income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain (loss) on investments

 

(18

)

 

 

265

 

 

 

(283

)

 

 

 

177

 

 

 

(195

)

 

Interest and dividend income

 

212

 

 

 

159

 

 

 

53

 

 

 

 

236

 

 

 

(24

)

 

Interest expense

 

(166

)

 

 

(82

)

 

 

(84

)

 

 

 

(154

)

 

 

(12

)

 

Total nonoperating income (expense)

 

28

 

 

 

342

 

 

 

(314

)

 

 

 

259

 

 

 

(231

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

2,103

 

 

 

1,927

 

 

 

176

 

 

 

 

2,265

 

 

 

(162

)

 

Income tax expense

 

442

 

 

 

438

 

 

 

4

 

 

 

 

574

 

 

 

(132

)

 

Net income

 

1,661

 

 

 

1,489

 

 

 

172

 

 

 

 

1,691

 

 

 

(30

)

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to noncontrolling interests

 

(9

)

 

 

114

 

 

 

(123

)

 

 

 

60

 

 

 

(69

)

 

Net income attributable to BlackRock, Inc.

$

1,670

 

 

$

1,375

 

 

$

295

 

 

 

$

1,631

 

 

$

39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

155.0

 

 

 

148.7

 

 

 

6.3

 

 

 

 

148.0

 

 

 

6.9

 

 

Diluted

 

157.0

 

 

 

150.2

 

 

 

6.8

 

 

 

 

149.6

 

 

 

7.4

 

 

Earnings per share attributable to BlackRock, Inc. common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

10.78

 

 

$

9.25

 

 

$

1.53

 

 

 

$

11.02

 

 

$

(0.24

)

 

Diluted

$

10.63

 

 

$

9.15

 

 

$

1.48

 

 

 

$

10.90

 

 

$

(0.27

)

 

Cash dividends declared and paid per share

$

5.10

 

 

$

5.00

 

 

$

0.10

 

 

 

$

5.10

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AUM (end of period)

$

11,551,251

 

 

$

10,008,995

 

 

$

1,542,256

 

 

 

$

11,475,362

 

 

$

75,889

 

 

Shares outstanding (end of period)

 

154.9

 

 

 

148.5

 

 

 

6.4

 

 

 

 

148.0

 

 

 

7.0

 

 

GAAP:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

36.6

%

 

 

34.2

%

 

 

240

 

bps

 

 

38.6

%

 

 

(200

)

bps

Effective tax rate

 

20.9

%

 

 

24.2

%

 

 

(330

)

bps

 

 

26.0

%

 

 

(510

)

bps

As adjusted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (1)

$

2,326

 

 

$

1,716

 

 

$

610

 

 

 

$

2,128

 

 

$

198

 

 

Operating margin (1)

 

45.5

%

 

 

41.6

%

 

 

390

 

bps

 

 

45.8

%

 

 

(30

)

bps

Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests (2)

$

39

 

 

$

199

 

 

$

(160

)

 

 

$

190

 

 

$

(151

)

 

Net income attributable to BlackRock, Inc. (3)

$

1,874

 

 

$

1,451

 

 

$

423

 

 

 

$

1,715

 

 

$

159

 

 

Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3)

$

11.93

 

 

$

9.66

 

 

$

2.27

 

 

 

$

11.46

 

 

$

0.47

 

 

Effective tax rate

 

20.8

%

 

 

24.2

%

 

 

(340

)

bps

 

 

26.0

%

 

 

(520

)

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See pages 10 through 12 for the reconciliation to accounting principles generally accepted in the United States ("GAAP") and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items. Beginning in the first quarter of 2024, BlackRock, Inc. updated the presentation of the Company’s expense line items within the condensed consolidated statements of income by including a new “sales, asset and account expense” income statement caption. Such expense line items have been recast for 2023 to conform to this new presentation. For a recast of 2023 expense line items, see page 12 of Exhibit 99.1 to the Current Report on Form 8-K furnished on April 12, 2024.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

(in millions, except per share data), (unaudited)

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

 

 

 

 

December 31,

 

 

 

 

 

 

2024

 

 

2023

 

 

Change

 

 

Revenue

 

 

 

 

 

 

 

 

 

Investment advisory, administration fees and securities lending revenue:

 

 

 

 

 

 

 

 

 

Investment advisory and administration fees

$

15,485

 

 

$

13,724

 

 

$

1,761

 

 

Securities lending revenue

 

615

 

 

 

675

 

 

 

(60

)

 

Total investment advisory, administration fees and securities lending revenue

 

16,100

 

 

 

14,399

 

 

 

1,701

 

 

Investment advisory performance fees

 

1,207

 

 

 

554

 

 

 

653

 

 

Technology services revenue

 

1,603

 

 

 

1,485

 

 

 

118

 

 

Distribution fees

 

1,273

 

 

 

1,262

 

 

 

11

 

 

Advisory and other revenue

 

224

 

 

 

159

 

 

 

65

 

 

Total revenue

 

20,407

 

 

 

17,859

 

 

 

2,548

 

 

 

 

 

 

 

 

 

 

 

 

Expense

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

6,546

 

 

 

5,779

 

 

 

767

 

 

Sales, asset and account expense:

 

 

 

 

 

 

 

 

 

Distribution and servicing costs

 

2,171

 

 

 

2,051

 

 

 

120

 

 

Direct fund expense

 

1,464

 

 

 

1,331

 

 

 

133

 

 

Sub-advisory and other

 

140

 

 

 

116

 

 

 

24

 

 

Total sales, asset and account expense

 

3,775

 

 

 

3,498

 

 

 

277

 

 

General and administration expense

 

2,221

 

 

 

2,095

 

 

 

126

 

 

Restructuring charge

 

-

 

 

 

61

 

 

 

(61

)

 

Amortization and impairment of intangible assets

 

291

 

 

 

151

 

 

 

140

 

 

Total expense

 

12,833

 

 

 

11,584

 

 

 

1,249

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

7,574

 

 

 

6,275

 

 

 

1,299

 

 

 

 

 

 

 

 

 

 

 

 

Nonoperating income (expense)

 

 

 

 

 

 

 

 

 

Net gain (loss) on investments

 

492

 

 

 

699

 

 

 

(207

)

 

Interest and dividend income

 

767

 

 

 

473

 

 

 

294

 

 

Interest expense

 

(538

)

 

 

(292

)

 

 

(246

)

 

Total nonoperating income (expense)

 

721

 

 

 

880

 

 

 

(159

)

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

8,295

 

 

 

7,155

 

 

 

1,140

 

 

Income tax expense

 

1,783

 

 

 

1,479

 

 

 

304

 

 

Net income

 

6,512

 

 

 

5,676

 

 

 

836

 

 

Less:

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to noncontrolling interests

 

143

 

 

 

174

 

 

 

(31

)

 

Net income attributable to BlackRock, Inc.

$

6,369

 

 

$

5,502

 

 

$

867

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

 

 

 

 

 

 

 

Basic

 

150.0

 

 

 

149.3

 

 

 

0.7

 

 

Diluted

 

151.6

 

 

 

150.7

 

 

 

0.9

 

 

Earnings per share attributable to BlackRock, Inc. common stockholders

 

 

 

 

 

 

 

 

 

Basic

$

42.45

 

 

$

36.85

 

 

$

5.60

 

 

Diluted

$

42.01

 

 

$

36.51

 

 

$

5.50

 

 

Cash dividends declared and paid per share

$

20.40

 

 

$

20.00

 

 

$

0.40

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AUM (end of period)

$

11,551,251

 

 

$

10,008,995

 

 

$

1,542,256

 

 

Shares outstanding (end of period)

 

154.9

 

 

 

148.5

 

 

 

6.4

 

 

GAAP:

 

 

 

 

 

 

 

 

 

Operating margin

 

37.1

%

 

 

35.1

%

 

 

200

 

bps

Effective tax rate

 

21.9

%

 

 

21.2

%

 

 

70

 

bps

As adjusted:

 

 

 

 

 

 

 

 

 

Operating income (1)

$

8,110

 

 

$

6,593

 

 

$

1,517

 

 

Operating margin (1)

 

44.5

%

 

 

41.7

%

 

 

280

 

bps

Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests (2)

$

533

 

 

$

648

 

 

$

(115

)

 

Net income attributable to BlackRock, Inc. (3)

$

6,612

 

 

$

5,692

 

 

$

920

 

 

Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3)

$

43.61

 

 

$

37.77

 

 

$

5.84

 

 

Effective tax rate

 

23.5

%

 

 

21.4

%

 

 

210

 

bps

 

 

 

 

 

 

 

 

 

 

See pages 10 through 12 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items. Beginning in the first quarter of 2024, BlackRock, Inc. updated the presentation of the Company’s expense line items within the condensed consolidated statements of income by including a new “sales, asset and account expense” income statement caption. Such expense line items have been recast for 2023 to conform to this new presentation. For a recast of 2023 expense line items, see page 12 of Exhibit 99.1 to the Current Report on Form 8-K furnished on April 12, 2024.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Current Quarter Component Changes by Client Type and Product Type

 

 

 

 

 

Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

inflows

 

 

 

 

 

Market

 

 

 

 

 

December 31,

 

 

 

 

 

2024

 

 

(outflows)

 

 

Acquisition(1)

 

 

change

 

 

FX impact(2)

 

 

2024

 

 

Average AUM(3)

 

Retail:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

$

521,270

 

 

$

(127

)

 

$

-

 

 

$

(7,209

)

 

$

(8,816

)

 

$

505,118

 

 

$

514,867

 

Fixed income

 

324,245

 

 

 

4,155

 

 

 

-

 

 

 

(4,823

)

 

 

(4,936

)

 

 

318,641

 

 

 

321,799

 

Multi-asset

 

154,078

 

 

 

(424

)

 

 

-

 

 

 

(1,909

)

 

 

(767

)

 

 

150,978

 

 

 

152,157

 

Alternatives

 

41,608

 

 

 

1,046

 

 

 

-

 

 

 

(1,009

)

 

 

(555

)

 

 

41,090

 

 

 

41,243

 

Retail subtotal

 

1,041,201

 

 

 

4,650

 

 

 

-

 

 

 

(14,950

)

 

 

(15,074

)

 

 

1,015,827

 

 

 

1,030,066

 

ETFs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

3,061,840

 

 

 

110,601

 

 

 

-

 

 

 

(43,614

)

 

 

(22,429

)

 

 

3,106,398

 

 

 

3,090,667

 

Fixed income

 

1,019,176

 

 

 

11,834

 

 

 

-

 

 

 

(34,956

)

 

 

(10,402

)

 

 

985,652

 

 

 

1,005,156

 

Multi-asset

 

10,036

 

 

 

1,070

 

 

 

-

 

 

 

(153

)

 

 

(219

)

 

 

10,734

 

 

 

10,281

 

Alternatives

 

97,283

 

 

 

19,136

 

 

 

-

 

 

 

11,332

 

 

 

(160

)

 

 

127,591

 

 

 

115,012

 

ETFs subtotal

 

4,188,335

 

 

 

142,641

 

 

 

-

 

 

 

(67,391

)

 

 

(33,210

)

 

 

4,230,375

 

 

 

4,221,116

 

Institutional:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

225,361

 

 

 

(2,050

)

 

 

-

 

 

 

2,432

 

 

 

(6,895

)

 

 

218,848

 

 

 

222,045

 

Fixed income

 

873,385

 

 

 

(1,509

)

 

 

-

 

 

 

(18,258

)

 

 

(13,290

)

 

 

840,328

 

 

 

851,910

 

Multi-asset

 

833,975

 

 

 

23,844

 

 

 

-

 

 

 

(8,141

)

 

 

(21,639

)

 

 

828,039

 

 

 

835,579

 

Alternatives

 

178,223

 

 

 

4,841

 

 

 

69,875

 

 

 

448

 

 

 

(3,853

)

 

 

249,534

 

 

 

230,800

 

Active subtotal

 

2,110,944

 

 

 

25,126

 

 

 

69,875

 

 

 

(23,519

)

 

 

(45,677

)

 

 

2,136,749

 

 

 

2,140,334

 

Index:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

2,472,528

 

 

 

18,142

 

 

 

-

 

 

 

46,933

 

 

 

(57,776

)

 

 

2,479,827

 

 

 

2,493,289

 

Fixed income

 

806,888

 

 

 

9,304

 

 

 

-

 

 

 

(14,389

)

 

 

(40,755

)

 

 

761,048

 

 

 

780,330

 

Multi-asset

 

3,426

 

 

 

(183

)

 

 

-

 

 

 

(1

)

 

 

(72

)

 

 

3,170

 

 

 

3,325

 

Alternatives

 

2,653

 

 

 

988

 

 

 

-

 

 

 

19

 

 

 

(68

)

 

 

3,592

 

 

 

3,149

 

Index subtotal

 

3,285,495

 

 

 

28,251

 

 

 

-

 

 

 

32,562

 

 

 

(98,671

)

 

 

3,247,637

 

 

 

3,280,093

 

Institutional subtotal

 

5,396,439

 

 

 

53,377

 

 

 

69,875

 

 

 

9,043

 

 

 

(144,348

)

 

 

5,384,386

 

 

 

5,420,427

 

Long-term

 

10,625,975

 

 

 

200,668

 

 

 

69,875

 

 

 

(73,298

)

 

 

(192,632

)

 

 

10,630,588

 

 

 

10,671,609

 

Cash management

 

849,387

 

 

 

80,748

 

 

 

-

 

 

 

2,521

 

 

 

(11,993

)

 

 

920,663

 

 

 

883,825

 

Total

$

11,475,362

 

 

$

281,416

 

 

$

69,875

 

 

$

(70,777

)

 

$

(204,625

)

 

$

11,551,251

 

 

$

11,555,434

 

Current Quarter Component Changes by Investment Style and Product Type (Long-Term)

 

 

 

 

 

Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

inflows

 

 

 

 

 

Market

 

 

 

 

 

December 31,

 

 

 

 

 

2024

 

 

(outflows)

 

 

Acquisition(1)

 

 

change

 

 

FX impact(2)

 

 

2024

 

 

Average AUM(3)

 

Active:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

$

492,193

 

 

$

(8,057

)

 

$

-

 

 

$

(6,198

)

 

$

(10,775

)

 

$

467,163

 

 

$

480,255

 

Fixed income

 

1,171,739

 

 

 

1,580

 

 

 

-

 

 

 

(22,623

)

 

 

(16,822

)

 

 

1,133,874

 

 

 

1,148,283

 

Multi-asset

 

988,035

 

 

 

23,420

 

 

 

-

 

 

 

(10,050

)

 

 

(22,404

)

 

 

979,001

 

 

 

987,720

 

Alternatives

 

219,824

 

 

 

5,887

 

 

 

69,875

 

 

 

(560

)

 

 

(4,408

)

 

 

290,618

 

 

 

272,039

 

Active subtotal

 

2,871,791

 

 

 

22,830

 

 

 

69,875

 

 

 

(39,431

)

 

 

(54,409

)

 

 

2,870,656

 

 

 

2,888,297

 

Index and ETFs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ETFs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

3,061,840

 

 

 

110,601

 

 

 

-

 

 

 

(43,614

)

 

 

(22,429

)

 

 

3,106,398

 

 

 

3,090,667

 

Fixed income

 

1,019,176

 

 

 

11,834

 

 

 

-

 

 

 

(34,956

)

 

 

(10,402

)

 

 

985,652

 

 

 

1,005,156

 

Multi-asset

 

10,036

 

 

 

1,070

 

 

 

-

 

 

 

(153

)

 

 

(219

)

 

 

10,734

 

 

 

10,281

 

Alternatives

 

97,283

 

 

 

19,136

 

 

 

-

 

 

 

11,332

 

 

 

(160

)

 

 

127,591

 

 

 

115,012

 

ETFs subtotal

 

4,188,335

 

 

 

142,641

 

 

 

-

 

 

 

(67,391

)

 

 

(33,210

)

 

 

4,230,375

 

 

 

4,221,116

 

Non-ETF index:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

2,726,966

 

 

 

24,022

 

 

 

-

 

 

 

48,354

 

 

 

(62,712

)

 

 

2,736,630

 

 

 

2,749,946

 

Fixed income

 

832,779

 

 

 

10,370

 

 

 

-

 

 

 

(14,847

)

 

 

(42,159

)

 

 

786,143

 

 

 

805,756

 

Multi-asset

 

3,444

 

 

 

(183

)

 

 

-

 

 

 

(1

)

 

 

(74

)

 

 

3,186

 

 

 

3,341

 

Alternatives

 

2,660

 

 

 

988

 

 

 

-

 

 

 

18

 

 

 

(68

)

 

 

3,598

 

 

 

3,153

 

Non-ETF index subtotal

 

3,565,849

 

 

 

35,197

 

 

 

-

 

 

 

33,524

 

 

 

(105,013

)

 

 

3,529,557

 

 

 

3,562,196

 

Index and ETFs subtotal

 

7,754,184

 

 

 

177,838

 

 

 

-

 

 

 

(33,867

)

 

 

(138,223

)

 

 

7,759,932

 

 

 

7,783,312

 

Long-term

$

10,625,975

 

 

$

200,668

 

 

$

69,875

 

 

$

(73,298

)

 

$

(192,632

)

 

$

10,630,588

 

 

$

10,671,609

 

Current Quarter Component Changes by Product Type (Long-Term)

 

 

 

 

 

Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

inflows

 

 

 

 

 

Market

 

 

 

 

 

December 31,

 

 

 

 

 

2024

 

 

(outflows)

 

 

Acquisition(1)

 

 

change

 

 

FX impact(2)

 

 

2024

 

 

Average AUM(3)

 

Equity

$

6,280,999

 

 

$

126,566

 

 

$

-

 

 

$

(1,458

)

 

$

(95,916

)

 

$

6,310,191

 

 

$

6,320,868

 

Fixed income

 

3,023,694

 

 

 

23,784

 

 

 

-

 

 

 

(72,426

)

 

 

(69,383

)

 

 

2,905,669

 

 

 

2,959,195

 

Multi-asset

 

1,001,515

 

 

 

24,307

 

 

 

-

 

 

 

(10,204

)

 

 

(22,697

)

 

 

992,921

 

 

 

1,001,342

 

Alternatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Private markets

 

141,409

 

 

 

4,730

 

 

 

69,875

 

 

 

(746

)

 

 

(3,294

)

 

 

211,974

 

 

 

193,493

 

Liquid alternatives

 

75,990

 

 

 

1,165

 

 

 

-

 

 

 

240

 

 

 

(1,005

)

 

 

76,390

 

 

 

76,211

 

Currency and commodities(4)

 

102,368

 

 

 

20,116

 

 

 

-

 

 

 

11,296

 

 

 

(337

)

 

 

133,443

 

 

 

120,500

 

Alternatives subtotal

 

319,767

 

 

 

26,011

 

 

 

69,875

 

 

 

10,790

 

 

 

(4,636

)

 

 

421,807

 

 

 

390,204

 

Long-term

$

10,625,975

 

 

$

200,668

 

 

$

69,875

 

 

$

(73,298

)

 

$

(192,632

)

 

$

10,630,588

 

 

$

10,671,609

 

_________________________

(1)

Amounts include AUM attributable to the acquisition of Global Infrastructure Management, LLC ("GIP") in October 2024 (the "GIP Transaction").

(2)

Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

(3)

Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.

(4)

Amounts include cryptocurrency and commodity ETFs and ETPs .

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Year-over-Year Component Changes by Client Type and Product Type

 

 

 

 

 

Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

inflows

 

 

 

 

 

Market

 

 

 

 

 

December 31,

 

 

 

 

 

2023

 

 

(outflows)

 

 

Acquisition(1)

 

 

change

 

 

FX impact(2)

 

 

2024

 

 

Average AUM(3)

 

Retail:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

$

435,734

 

 

$

15,285

 

 

$

4,074

 

 

$

54,257

 

 

$

(4,232

)

 

$

505,118

 

 

$

485,161

 

Fixed income

 

312,799

 

 

 

11,671

 

 

 

-

 

 

 

1,483

 

 

 

(7,312

)

 

 

318,641

 

 

 

316,520

 

Multi-asset

 

139,537

 

 

 

(2,328

)

 

 

-

 

 

 

14,420

 

 

 

(651

)

 

 

150,978

 

 

 

147,169

 

Alternatives

 

41,627

 

 

 

(261

)

 

 

-

 

 

 

69

 

 

 

(345

)

 

 

41,090

 

 

 

41,087

 

Retail subtotal

 

929,697

 

 

 

24,367

 

 

 

4,074

 

 

 

70,229

 

 

 

(12,540

)

 

 

1,015,827

 

 

 

989,937

 

ETFs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

2,532,631

 

 

 

236,357

 

 

 

-

 

 

 

359,322

 

 

 

(21,912

)

 

 

3,106,398

 

 

 

2,845,456

 

Fixed income

 

898,403

 

 

 

112,341

 

 

 

-

 

 

 

(16,291

)

 

 

(8,801

)

 

 

985,652

 

 

 

948,250

 

Multi-asset

 

9,140

 

 

 

1,025

 

 

 

-

 

 

 

841

 

 

 

(272

)

 

 

10,734

 

 

 

9,451

 

Alternatives

 

59,125

 

 

 

40,710

 

 

 

-

 

 

 

27,919

 

 

 

(163

)

 

 

127,591

 

 

 

89,331

 

ETFs subtotal

 

3,499,299

 

 

 

390,433

 

 

 

-

 

 

 

371,791

 

 

 

(31,148

)

 

 

4,230,375

 

 

 

3,892,488

 

Institutional:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

186,688

 

 

 

5,380

 

 

 

-

 

 

 

30,876

 

 

 

(4,096

)

 

 

218,848

 

 

 

207,929

 

Fixed income

 

836,823

 

 

 

(2,843

)

 

 

-

 

 

 

16,885

 

 

 

(10,537

)

 

 

840,328

 

 

 

841,830

 

Multi-asset

 

717,182

 

 

 

54,887

 

 

 

-

 

 

 

72,798

 

 

 

(16,828

)

 

 

828,039

 

 

 

774,210

 

Alternatives

 

171,980

 

 

 

7,023

 

 

 

69,875

 

 

 

3,618

 

 

 

(2,962

)

 

 

249,534

 

 

 

191,190

 

Active subtotal

 

1,912,673

 

 

 

64,447

 

 

 

69,875

 

 

 

124,177

 

 

 

(34,423

)

 

 

2,136,749

 

 

 

2,015,159

 

Index:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

2,138,291

 

 

 

(31,454

)

 

 

-

 

 

 

420,860

 

 

 

(47,870

)

 

 

2,479,827

 

 

 

2,333,824

 

Fixed income

 

756,001

 

 

 

42,500

 

 

 

-

 

 

 

(5,068

)

 

 

(32,385

)

 

 

761,048

 

 

 

759,871

 

Multi-asset

 

4,945

 

 

 

(1,906

)

 

 

-

 

 

 

204

 

 

 

(73

)

 

 

3,170

 

 

 

3,693

 

Alternatives

 

3,252

 

 

 

234

 

 

 

-

 

 

 

165

 

 

 

(59

)

 

 

3,592

 

 

 

2,912

 

Index subtotal

 

2,902,489

 

 

 

9,374

 

 

 

-

 

 

 

416,161

 

 

 

(80,387

)

 

 

3,247,637

 

 

 

3,100,300

 

Institutional subtotal

 

4,815,162

 

 

 

73,821

 

 

 

69,875

 

 

 

540,338

 

 

 

(114,810

)

 

 

5,384,386

 

 

 

5,115,459

 

Long-term

 

9,244,158

 

 

 

488,621

 

 

 

73,949

 

 

 

982,358

 

 

 

(158,498

)

 

 

10,630,588

 

 

 

9,997,884

 

Cash management

 

764,837

 

 

 

152,730

 

 

 

-

 

 

 

10,606

 

 

 

(7,510

)

 

 

920,663

 

 

 

806,123

 

Total

$

10,008,995

 

 

$

641,351

 

 

$

73,949

 

 

$

992,964

 

 

$

(166,008

)

 

$

11,551,251

 

 

$

10,804,007

 

Year-over-Year Component Changes by Investment Style and Product Type (Long-Term)

 

 

 

 

 

Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

inflows

 

 

 

 

 

Market

 

 

 

 

 

December 31,

 

 

 

 

 

2023

 

 

(outflows)

 

 

Acquisition(1)

 

 

change

 

 

FX impact(2)

 

 

2024

 

 

Average AUM(3)

 

Active:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

$

427,448

 

 

$

(6,333

)

 

$

4,074

 

 

$

48,479

 

 

$

(6,505

)

 

$

467,163

 

 

$

461,583

 

Fixed income

 

1,123,422

 

 

 

9,184

 

 

 

-

 

 

 

18,516

 

 

 

(17,248

)

 

 

1,133,874

 

 

 

1,133,152

 

Multi-asset

 

856,705

 

 

 

52,553

 

 

 

-

 

 

 

87,221

 

 

 

(17,478

)

 

 

979,001

 

 

 

921,364

 

Alternatives

 

213,603

 

 

 

6,760

 

 

 

69,875

 

 

 

3,687

 

 

 

(3,307

)

 

 

290,618

 

 

 

232,274

 

Active subtotal

 

2,621,178

 

 

 

62,164

 

 

 

73,949

 

 

 

157,903

 

 

 

(44,538

)

 

 

2,870,656

 

 

 

2,748,373

 

Index and ETFs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ETFs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

2,532,631

 

 

 

236,357

 

 

 

-

 

 

 

359,322

 

 

 

(21,912

)

 

 

3,106,398

 

 

 

2,845,456

 

Fixed income

 

898,403

 

 

 

112,341

 

 

 

-

 

 

 

(16,291

)

 

 

(8,801

)

 

 

985,652

 

 

 

948,250

 

Multi-asset

 

9,140

 

 

 

1,025

 

 

 

-

 

 

 

841

 

 

 

(272

)

 

 

10,734

 

 

 

9,451

 

Alternatives

 

59,125

 

 

 

40,710

 

 

 

-

 

 

 

27,919

 

 

 

(163

)

 

 

127,591

 

 

 

89,331

 

ETFs subtotal

 

3,499,299

 

 

 

390,433

 

 

 

-

 

 

 

371,791

 

 

 

(31,148

)

 

 

4,230,375

 

 

 

3,892,488

 

Non-ETF index:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

2,333,265

 

 

 

(4,456

)

 

 

-

 

 

 

457,514

 

 

 

(49,693

)

 

 

2,736,630

 

 

 

2,565,331

 

Fixed income

 

782,201

 

 

 

42,144

 

 

 

-

 

 

 

(5,216

)

 

 

(32,986

)

 

 

786,143

 

 

 

785,069

 

Multi-asset

 

4,959

 

 

 

(1,900

)

 

 

-

 

 

 

201

 

 

 

(74

)

 

 

3,186

 

 

 

3,708

 

Alternatives

 

3,256

 

 

 

236

 

 

 

-

 

 

 

165

 

 

 

(59

)

 

 

3,598

 

 

 

2,915

 

Non-ETF index subtotal

 

3,123,681

 

 

 

36,024

 

 

 

-

 

 

 

452,664

 

 

 

(82,812

)

 

 

3,529,557

 

 

 

3,357,023

 

Index and ETFs subtotal

 

6,622,980

 

 

 

426,457

 

 

 

-

 

 

 

824,455

 

 

 

(113,960

)

 

 

7,759,932

 

 

 

7,249,511

 

Long-term

$

9,244,158

 

 

$

488,621

 

 

$

73,949

 

 

$

982,358

 

 

$

(158,498

)

 

$

10,630,588

 

 

$

9,997,884

 

Year-over-Year Component Changes by Product Type (Long-Term)

 

 

 

 

 

Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

inflows

 

 

 

 

 

Market

 

 

 

 

 

December 31,

 

 

 

 

 

2023

 

 

(outflows)

 

 

Acquisition(1)

 

 

change

 

 

FX impact(2)

 

 

2024

 

 

Average AUM(3)

 

Equity

$

5,293,344

 

 

$

225,568

 

 

$

4,074

 

 

$

865,315

 

 

$

(78,110

)

 

$

6,310,191

 

 

$

5,872,370

 

Fixed income

 

2,804,026

 

 

 

163,669

 

 

 

-

 

 

 

(2,991

)

 

 

(59,035

)

 

 

2,905,669

 

 

 

2,866,471

 

Multi-asset

 

870,804

 

 

 

51,678

 

 

 

-

 

 

 

88,263

 

 

 

(17,824

)

 

 

992,921

 

 

 

934,523

 

Alternatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Private markets

 

136,909

 

 

 

9,457

 

 

 

69,875

 

 

 

(1,803

)

 

 

(2,464

)

 

 

211,974

 

 

 

154,597

 

Liquid alternatives

 

74,233

 

 

 

(2,609

)

 

 

-

 

 

 

5,482

 

 

 

(716

)

 

 

76,390

 

 

 

75,402

 

Currency and commodities(4)

 

64,842

 

 

 

40,858

 

 

 

-

 

 

 

28,092

 

 

 

(349

)

 

 

133,443

 

 

 

94,521

 

Alternatives subtotal

 

275,984

 

 

 

47,706

 

 

 

69,875

 

 

 

31,771

 

 

 

(3,529

)

 

 

421,807

 

 

 

324,520

 

Long-term

$

9,244,158

 

 

$

488,621

 

 

$

73,949

 

 

$

982,358

 

 

$

(158,498

)

 

$

10,630,588

 

 

$

9,997,884

 

_________________________

(1)

Amounts include AUM attributable to the GIP Transaction and the acquisition of SpiderRock Advisors, LLC in May 2024 (the "SpiderRock Transaction").

(2)

Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

(3)

Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.

(4)

Amounts include cryptocurrency and commodity ETFs and ETPs .

SUMMARY OF REVENUE

 

Three Months

 

 

 

 

 

Three Months

 

 

 

 

 

 

 

 

 

 

 

Ended

 

 

 

 

 

Ended

 

 

 

 

 

Year Ended

 

 

 

 

 

December 31,

 

 

 

 

 

September 30,

 

 

 

 

 

December 31,

 

 

 

 

(in millions), (unaudited)

2024

 

 

2023

 

 

Change

 

 

2024

 

 

Change

 

 

2024

 

 

2023

 

 

Change

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory, administration fees and securities lending revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active

$

558

 

 

$

484

 

 

$

74

 

 

$

553

 

 

$

5

 

 

$

2,166

 

 

$

2,000

 

 

$

166

 

ETFs

 

1,375

 

 

 

1,102

 

 

 

273

 

 

 

1,309

 

 

 

66

 

 

 

5,124

 

 

 

4,418

 

 

 

706

 

Non-ETF index

 

209

 

 

 

183

 

 

 

26

 

 

 

198

 

 

 

11

 

 

 

784

 

 

 

743

 

 

 

41

 

Equity subtotal

 

2,142

 

 

 

1,769

 

 

 

373

 

 

 

2,060

 

 

 

82

 

 

 

8,074

 

 

 

7,161

 

 

 

913

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active

 

494

 

 

 

468

 

 

 

26

 

 

 

493

 

 

 

1

 

 

 

1,952

 

 

 

1,897

 

 

 

55

 

ETFs

 

360

 

 

 

311

 

 

 

49

 

 

 

354

 

 

 

6

 

 

 

1,367

 

 

 

1,230

 

 

 

137

 

Non-ETF index

 

96

 

 

 

85

 

 

 

11

 

 

 

93

 

 

 

3

 

 

 

369

 

 

 

353

 

 

 

16

 

Fixed income subtotal

 

950

 

 

 

864

 

 

 

86

 

 

 

940

 

 

 

10

 

 

 

3,688

 

 

 

3,480

 

 

 

208

 

Multi-asset

 

326

 

 

 

299

 

 

 

27

 

 

 

325

 

 

 

1

 

 

 

1,278

 

 

 

1,203

 

 

 

75

 

Alternatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Private markets

 

480

 

 

 

251

 

 

 

229

 

 

 

235

 

 

 

245

 

 

 

1,196

 

 

 

889

 

 

 

307

 

Liquid alternatives

 

146

 

 

 

138

 

 

 

8

 

 

 

143

 

 

 

3

 

 

 

568

 

 

 

572

 

 

 

(4

)

Currency and commodities(1)

 

80

 

 

 

44

 

 

 

36

 

 

 

63

 

 

 

17

 

 

 

247

 

 

 

185

 

 

 

62

 

Alternatives subtotal

 

706

 

 

 

433

 

 

 

273

 

 

 

441

 

 

 

265

 

 

 

2,011

 

 

 

1,646

 

 

 

365

 

Long-term

 

4,124

 

 

 

3,365

 

 

 

759

 

 

 

3,766

 

 

 

358

 

 

 

15,051

 

 

 

13,490

 

 

 

1,561

 

Cash management

 

293

 

 

 

240

 

 

 

53

 

 

 

264

 

 

 

29

 

 

 

1,049

 

 

 

909

 

 

 

140

 

Total investment advisory, administration fees and securities lending revenue

 

4,417

 

 

 

3,605

 

 

 

812

 

 

 

4,030

 

 

 

387

 

 

 

16,100

 

 

 

14,399

 

 

 

1,701

 

Investment advisory performance fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

112

 

 

 

61

 

 

 

51

 

 

 

13

 

 

 

99

 

 

 

161

 

 

 

99

 

 

 

62

 

Fixed income

 

22

 

 

 

2

 

 

 

20

 

 

 

3

 

 

 

19

 

 

 

34

 

 

 

4

 

 

 

30

 

Multi-asset

 

10

 

 

 

5

 

 

 

5

 

 

 

1

 

 

 

9

 

 

 

24

 

 

 

28

 

 

 

(4

)

Alternatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Private markets

 

108

 

 

 

149

 

 

 

(41

)

 

 

7

 

 

 

101

 

 

 

308

 

 

 

273

 

 

 

35

 

Liquid alternatives

 

199

 

 

 

94

 

 

 

105

 

 

 

364

 

 

 

(165

)

 

 

680

 

 

 

150

 

 

 

530

 

Alternatives subtotal

 

307

 

 

 

243

 

 

 

64

 

 

 

371

 

 

 

(64

)

 

 

988

 

 

 

423

 

 

 

565

 

Total investment advisory performance fees

 

451

 

 

 

311

 

 

 

140

 

 

 

388

 

 

 

63

 

 

 

1,207

 

 

 

554

 

 

 

653

 

Technology services revenue

 

428

 

 

 

379

 

 

 

49

 

 

 

403

 

 

 

25

 

 

 

1,603

 

 

 

1,485

 

 

 

118

 

Distribution fees

 

322

 

 

 

303

 

 

 

19

 

 

 

323

 

 

 

(1

)

 

 

1,273

 

 

 

1,262

 

 

 

11

 

Advisory and other revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advisory

 

14

 

 

 

15

 

 

 

(1

)

 

 

11

 

 

 

3

 

 

 

49

 

 

 

81

 

 

 

(32

)

Other

 

45

 

 

 

18

 

 

 

27

 

 

 

42

 

 

 

3

 

 

 

175

 

 

 

78

 

 

 

97

 

Total advisory and other revenue

 

59

 

 

 

33

 

 

 

26

 

 

 

53

 

 

 

6

 

 

 

224

 

 

 

159

 

 

 

65

 

Total revenue

$

5,677

 

 

$

4,631

 

 

$

1,046

 

 

$

5,197

 

 

$

480

 

 

$

20,407

 

 

$

17,859

 

 

$

2,548

 

_________________________

(1)

Amounts include cryptocurrency and commodity ETFs and ETPs.

Highlights

  • Investment advisory, administration fees and securities lending revenue increased $812 million from the fourth quarter of 2023 and $387 million from the third quarter of 2024, primarily driven by organic base fee growth, the impact of market beta on average AUM and approximately $230 million of fees related to AUM acquired in the GIP Transaction.
    Securities lending revenue of $161 million increased from $157 million in the fourth quarter of 2023 and $149 million in the third quarter of 2024.
  • Performance fees increased $140 million from the fourth quarter of 2023, reflecting higher revenue from liquid alternative and long-only products, partially offset by lower revenue from private markets products.
    Performance fees increased $63 million from the third quarter of 2024, primarily driven by higher revenue from private markets and long-only products, partially offset by strong performance from a single hedge fund with an annual performance measurement period that ends in the third quarter.
  • Technology services revenue increased $49 million from the fourth quarter of 2023 and $25 million from the third quarter of 2024, reflecting the successful onboarding of a number of new clients. Technology services annual contract value (“ACV”)(1)increased 12% from the fourth quarter of 2023, driven by strong demand for a full range of Aladdin technology offerings.

_________________________

(1)

See note (4) to the condensed consolidated statements of income and supplemental information on page 12 for more information on ACV.

SUMMARY OF OPERATING EXPENSE

 

Three Months

 

 

 

 

 

Three Months

 

 

 

 

 

 

 

 

 

 

 

Ended

 

 

 

 

 

Ended

 

 

 

 

 

Year Ended

 

 

 

 

 

December 31,

 

 

 

 

 

September 30,

 

 

 

 

 

December 31,

 

 

 

 

(in millions), (unaudited)

2024

 

 

2023

 

 

Change

 

 

2024

 

 

Change

 

 

2024

 

 

2023

 

 

Change

 

Operating expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

$

1,885

 

 

$

1,503

 

 

$

382

 

 

$

1,578

 

 

$

307

 

 

$

6,546

 

 

$

5,779

 

 

$

767

 

Sales, asset and account expense(1) :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution and servicing costs

 

565

 

 

 

502

 

 

 

63

 

 

 

549

 

 

 

16

 

 

 

2,171

 

 

 

2,051

 

 

 

120

 

Direct fund expense

 

389

 

 

 

318

 

 

 

71

 

 

 

379

 

 

 

10

 

 

 

1,464

 

 

 

1,331

 

 

 

133

 

Sub-advisory and other

 

42

 

 

 

35

 

 

 

7

 

 

 

34

 

 

 

8

 

 

 

140

 

 

 

116

 

 

 

24

 

Total sales, asset and account expense

 

996

 

 

 

855

 

 

 

141

 

 

 

962

 

 

 

34

 

 

 

3,775

 

 

 

3,498

 

 

 

277

 

General and administration expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketing and promotional

 

92

 

 

 

87

 

 

 

5

 

 

 

64

 

 

 

28

 

 

 

314

 

 

 

309

 

 

 

5

 

Occupancy and office related

 

113

 

 

 

105

 

 

 

8

 

 

 

105

 

 

 

8

 

 

 

421

 

 

 

418

 

 

 

3

 

Portfolio services

 

68

 

 

 

68

 

 

 

-

 

 

 

65

 

 

 

3

 

 

 

262

 

 

 

270

 

 

 

(8

)

Technology

 

182

 

 

 

186

 

 

 

(4

)

 

 

175

 

 

 

7

 

 

 

674

 

 

 

607

 

 

 

67

 

Professional services

 

88

 

 

 

67

 

 

 

21

 

 

 

67

 

 

 

21

 

 

 

277

 

 

 

195

 

 

 

82

 

Communications

 

10

 

 

 

11

 

 

 

(1

)

 

 

10

 

 

 

-

 

 

 

39

 

 

 

47

 

 

 

(8

)

Foreign exchange remeasurement

 

(7

)

 

 

(4

)

 

 

(3

)

 

 

3

 

 

 

(10

)

 

 

-

 

 

 

(6

)

 

 

6

 

Contingent consideration fair value adjustments

 

(28

)

 

 

2

 

 

 

(30

)

 

 

(2

)

 

 

(26

)

 

 

(36

)

 

 

3

 

 

 

(39

)

Other general and administration

 

78

 

 

 

67

 

 

 

11

 

 

 

75

 

 

 

3

 

 

 

270

 

 

 

252

 

 

 

18

 

Total general and administration expense

 

596

 

 

 

589

 

 

 

7

 

 

 

562

 

 

 

34

 

 

 

2,221

 

 

 

2,095

 

 

 

126

 

Restructuring charge

 

-

 

 

 

61

 

 

 

(61

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

61

 

 

 

(61

)

Amortization and impairment of intangible assets

 

125

 

 

 

38

 

 

 

87

 

 

 

89

 

 

 

36

 

 

 

291

 

 

 

151

 

 

 

140

 

Total operating expense

$

3,602

 

 

$

3,046

 

 

$

556

 

 

$

3,191

 

 

$

411

 

 

$

12,833

 

 

$

11,584

 

 

$

1,249

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

_________________________

(1)

Beginning in the first quarter of 2024, BlackRock, Inc. updated the presentation of the Company’s expense line items within the condensed consolidated statements of income by including a new “sales, asset and account expense” income statement caption. Such expense line items have been recast for 2023 to conform to this new presentation. For a recast of 2023 expense line items, see page 12 of Exhibit 99.1 to the Current Report on Form 8-K furnished on April 12, 2024.

Highlights

  • Employee compensation and benefits expense increased $382 million from the fourth quarter of 2023 and $307 million from the third quarter of 2024, primarily reflecting higher incentive compensation as a result of higher performance fees and operating income. Fourth quarter 2024 employee compensation and benefit expense was also impacted by the GIP Transaction, including nonrecurring retention-related deferred compensation expense(1).
  • Sales, asset and account expense increased $141 million from the fourth quarter of 2023 and $34 million from the third quarter of 2024, driven by higher distribution and servicing costs and direct fund expense, primarily reflecting higher average AUM.
  • General and administration expense increased $7 million from the fourth quarter of 2023 and $34 million from the third quarter of 2024, primarily associated with the acquisition-related costs(1)in connection with the GIP Transaction, including transaction costs recorded in professional services expense, partially offset by lower contingent consideration fair value adjustments. The general and administration expense increase from the third quarter of 2024 also included higher seasonal marketing and promotional expense.
  • Amortization and impairment of intangible assets(1)increased $87 million from the fourth quarter of 2023 and $36 million from the third quarter of 2024, primarily reflecting amortization of intangible assets acquired in the GIP Transaction. In addition, third quarter 2024 amortization and impairment of intangible assets included the impact of a $50 million noncash impairment charge related to certain of the Company's indefinite-lived management contracts.
  • In the fourth quarter of 2023, a restructuring charge(1)of $61 million, comprised of severance and compensation expense for accelerated vesting of previously granted deferred compensation awards, was recorded in connection with initiatives to reorganize specific platforms, primarily Aladdin and private markets.

_________________________

(1)

These expenses have been excluded from the Company's "as adjusted" financial results under the expense adjustments for acquisition-related costs and restructuring charge, as applicable. See pages 10 through 12 for the reconciliation to GAAP and notes (1) through (3) for more information on as adjusted items.

SUMMARY OF NONOPERATING INCOME (EXPENSE), LESS NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

Three Months

 

 

 

 

 

Three Months

 

 

 

 

 

 

 

 

 

 

 

Ended