Pay vs Performance Disclosure, Table

Pay Versus Performance

As required by Item 402(v) of Regulation S-K, we are providing the following information regarding the relationship between executive “compensation actually paid” (as defined by SEC rules) and certain aspects of our financial performance for each of the last three completed fiscal years. In determining the “compensation actually paid” to our NEOs, we are required to include various adjustments to amounts that have been reported in the Summary Compensation Table for 2024 and in previous years, as the SEC’s valuation methods for this section differ from those required in the Summary Compensation Table. The table below summarizes compensation values both reported in our Summary Compensation Table for 2024 and in previous years, as well as the adjusted values required in this section for the 2020, 2021, 2022, 2023 and 2024 calendar years.


													Value of Initial Fixed $100 Investment Based on:
Year	Summary Compensation Table Total for CEO(1)			Compensation Actually Paid to CEO(2)			Average Summary Compensation Table Total NEOs(1)			Average Compensation Actually Paid to Non-CEO NEOs(2)			Total Shareholder Return(3)			Peer Group Total Shareholder Return(4)			Net Income ($ millions)(5)			Operating Margin, as Adjusted(6)
2024		$	30,768,546		$	56,483,706		$	13,609,260		$	36,574,292		$	231.05		$	232.43		$	6,369		44.5	%
2023		$	26,939,474		$	26,855,065		$	15,627,388		$	20,027,946		$	178.70		$	168.44		$	5,502		41.7	%
2022		$	32,726,109		$	(5,793,787)		$	13,782,910		$	(12,461,284)		$	151.62		$	128.15		$	5,178		42.8	%
2021		$	32,587,335		$	65,321,174		$	14,814,344		$	39,235,001		$	190.47		$	171.06		$	5,901		46.8	%
2020		$	27,356,432		$	56,852,871		$	12,121,020		$	36,172,170		$	147.21		$	115.88		$	4,932		46.0	%

Company Selected Measure Name

Operating Margin, as adjusted

Named Executive Officers, Footnote

Reflects compensation amounts reported in the Summary Compensation Table for Mr. Fink, who served as our CEO for the respective years shown. Reflects average compensation amounts reported in the Summary Compensation Table for the following non-CEO NEOs for the fiscal years noted below:

•2024: Messrs. Kapito, Goldstein, Small and Kushel.

•2023: Messrs. Kapito, Goldstein, Wiedman, Small and Shedlin.

•2022: Messrs. Kapito, Goldstein, Kushel and Shedlin.

•2021: Messrs. Kapito, Goldstein, Kushel and Shedlin.

•2020: Messrs. Kapito, Goldstein, Shedlin and Wiedman.

Peer Group Issuers, Footnote

Represents the cumulative TSR of the S&P U.S. BMI Asset Management & Custody Banks Index (as reported in BlackRock’s Annual Report on Form 10-K) for each of the periods ending on December 31, 2024, 2023, 2022, 2021 and 2020, respectively, based on an initial fixed investment of $100 in BlackRock common stock on December 31, 2019. For 2024, represents the five-year TSR (2020-2024), for 2023, represents the four-year TSR (2020-2023), for 2022, represents the three-year TSR (2020-2022), for 2021, represents the two-year TSR (2020-2021) and for 2020 represents the one-year TSR (2020).

PEO Total Compensation Amount

$ 30,768,546

$ 26,939,474

$ 32,726,109

$ 32,587,335

$ 27,356,432

PEO Actually Paid Compensation Amount

$ 56,483,706

26,855,065

(5,793,787)

65,321,174

56,852,871

Adjustment To PEO Compensation, Footnote

Dollar amounts reflect “compensation actually paid” for our CEO and average “compensation actually paid” for our non-CEO NEOs for each of the 2024, 2023, 2022, 2021 and 2020 fiscal years. In determining the “compensation actually paid” to our NEOs, we are required by SEC rules to include various adjustments to amounts that have been reported in the Summary Compensation Table for 2024 and in previous years, as the SEC’s valuation methods for this section differ from those required in the Summary Compensation Table. Because none of our NEOs participated in any Company-sponsored defined benefit pension program in the covered years, we have not included any adjustments with respect to service cost or prior service cost for any pension plans. These amounts do not reflect the year-end executive pay decisions made by the MDCC as detailed in the “NEO Total Annual Compensation Summary” on page 62. For information regarding the decisions made by our MDCC in regard to our NEO’s compensation for each fiscal year, please see the Compensation Discussion and Analysis sections of the proxy statements reporting pay for the fiscal years covered in the table above, including the discussion beginning on page 56 of this Proxy Statement.

CEO Summary Compensation Table Total Compensation to Compensation Actually Paid Reconciliation


Year	2020		2021		2022		2023		2024
CEO		Mr. Fink		Mr. Fink		Mr. Fink		Mr. Fink		Mr. Fink
Summary Compensation Table Total Compensation ($)		27,356,432		32,587,335		32,726,109		26,939,474		30,768,546
Less: Equity Award Values Reported in Summary Compensation Table for the Covered Year ($)		(15,999,930)		(18,849,371)		(23,250,554)		(16,449,974)		(18,150,103)
Plus: Year-End Fair Value for Outstanding Unvested Equity Awards Granted in the Covered Year ($)		23,542,782		29,527,964		10,821,969		15,241,152		31,087,941
Plus/Less: Change in Fair Value as of Year-End of Outstanding Unvested Equity Awards from Prior Years ($)		19,210,242		20,751,886		(22,966,972)		(1,211,612)		12,076,637
Plus/Less: Change in Fair Value as of the Vesting Date of Equity Awards from Prior Years that Vested in the Covered Year ($)		1,149,414		(635,548)		(4,072,502)		1,577,082		(755,917)
Plus: Fair Value as of the Vesting Date of Equity Awards Granted and Vested in the Same Covered Year ($)		—		—		—		—		—
Less: Fair Value of Equity Awards Forfeited during the Covered Year ($)		—		—		—		—		—
Plus: Value of Dividends Accrued on Equity Awards in the Covered Year not Otherwise Reflected in the Summary Compensation Table Total Compensation ($)		1,593,931		1,938,907		948,163		758,942		1,456,602
Compensation Actually Paid to CEO ($)		56,852,871		65,321,174		(5,793,787)		26,855,065		56,483,706

Average Non-CEO NEO Summary Compensation Table Total Compensation to Average Compensation Actually Paid Reconciliation


Year	2020 Average	2021 Average	2022 Average	2023 Average	2024 Average
Non-CEO NEOs	See note (1) above for NEO details
Average Summary Compensation Table Total Compensation ($)	12,121,020	14,814,344	13,782,910	15,627,388	13,609,260
Less: Average Equity Award Values Reported in Summary Compensation Table for the Covered Year ($)	(7,137,300)	(8,646,287)	(10,018,757)	(11,741,131)	(8,241,278)
Plus: Average Year-End Fair Value for Outstanding Unvested Equity Awards Granted in the Covered Year ($)	10,462,842	13,191,839	5,372,696	14,044,991	14,110,760
Plus/Less: Average Change in Fair Value as of Year-End of Outstanding Unvested Equity Awards from Prior Years ($)	19,724,323	19,333,261	(16,643,676)	950,007	12,869,440
Plus/Less: Average Change in Fair Value as of the Vesting Date of Equity Awards from Prior Years that Vested in the Covered Year ($)	402,384	(231,411)	(5,388,671)	835,730	3,602,949
Plus: Average Fair Value as of the Vesting Date of Equity Awards Granted and Vested in the Same Covered Year ($)	—	—	—	—	—
Less: Average Fair Value of Equity Awards Forfeited during the Covered Year ($)	—	—	—	—	—
Plus: Average Value of Dividends Accrued on Equity Awards in the Covered Year not Otherwise Reflected in the Average Summary Compensation Table Total Compensation ($)	598,901	773,255	434,214	310,960	623,161
Average Compensation Actually Paid to Non-CEO NEOs ($)	36,172,170	39,235,001	(12,461,284)	20,027,946	36,574,292

Equity Award Valuation Assumptions: BPIP award grant date fair values are calculated using the stock price as of the grant date assuming target performance. Adjustments to these values have been made using the stock price and projected vesting assumptions as of each subsequent measurement date, assuming actual performance relative to the applicable performance targets through the applicable measurement date and target performance for years in the performance period beyond the applicable measurement date (based on the award determination matrix for the BPIP award granted in the January following the applicable measurement date). RSU values represent fair values which are calculated using the stock price as of each measurement date. Stock options represent performance-based option awards with vesting contingent on the NEOs’ continued service and BlackRock’s achievement of a stock price hurdle and positive Organic Revenue Growth. Stock option fair values for measurement dates prior to when the price hurdle was achieved are calculated by a Monte Carlo simulation model with an embedded binomial lattice model, which accounts for the risk of non-achievement. For stock option fair values occurring after the achievement of the price hurdle, the values are calculated by a binomial lattice model only. The stock option binomial lattice modelling uses a consistent set of valuation inputs (including BlackRock stock price, volatility, and dividend rates, market risk free rate, and the options’ strike price and term) which have been updated as of each measurement date, as applicable.

Non-PEO NEO Average Total Compensation Amount

$ 13,609,260

15,627,388

13,782,910

14,814,344

12,121,020

Non-PEO NEO Average Compensation Actually Paid Amount

$ 36,574,292

20,027,946

(12,461,284)

39,235,001

36,172,170

Adjustment to Non-PEO NEO Compensation Footnote

CEO Summary Compensation Table Total Compensation to Compensation Actually Paid Reconciliation


Year	2020		2021		2022		2023		2024
CEO		Mr. Fink		Mr. Fink		Mr. Fink		Mr. Fink		Mr. Fink
Summary Compensation Table Total Compensation ($)		27,356,432		32,587,335		32,726,109		26,939,474		30,768,546
Less: Equity Award Values Reported in Summary Compensation Table for the Covered Year ($)		(15,999,930)		(18,849,371)		(23,250,554)		(16,449,974)		(18,150,103)
Plus: Year-End Fair Value for Outstanding Unvested Equity Awards Granted in the Covered Year ($)		23,542,782		29,527,964		10,821,969		15,241,152		31,087,941
Plus/Less: Change in Fair Value as of Year-End of Outstanding Unvested Equity Awards from Prior Years ($)		19,210,242		20,751,886		(22,966,972)		(1,211,612)		12,076,637
Plus/Less: Change in Fair Value as of the Vesting Date of Equity Awards from Prior Years that Vested in the Covered Year ($)		1,149,414		(635,548)		(4,072,502)		1,577,082		(755,917)
Plus: Fair Value as of the Vesting Date of Equity Awards Granted and Vested in the Same Covered Year ($)		—		—		—		—		—
Less: Fair Value of Equity Awards Forfeited during the Covered Year ($)		—		—		—		—		—
Plus: Value of Dividends Accrued on Equity Awards in the Covered Year not Otherwise Reflected in the Summary Compensation Table Total Compensation ($)		1,593,931		1,938,907		948,163		758,942		1,456,602
Compensation Actually Paid to CEO ($)		56,852,871		65,321,174		(5,793,787)		26,855,065		56,483,706

Average Non-CEO NEO Summary Compensation Table Total Compensation to Average Compensation Actually Paid Reconciliation


Year	2020 Average	2021 Average	2022 Average	2023 Average	2024 Average
Non-CEO NEOs	See note (1) above for NEO details
Average Summary Compensation Table Total Compensation ($)	12,121,020	14,814,344	13,782,910	15,627,388	13,609,260
Less: Average Equity Award Values Reported in Summary Compensation Table for the Covered Year ($)	(7,137,300)	(8,646,287)	(10,018,757)	(11,741,131)	(8,241,278)
Plus: Average Year-End Fair Value for Outstanding Unvested Equity Awards Granted in the Covered Year ($)	10,462,842	13,191,839	5,372,696	14,044,991	14,110,760
Plus/Less: Average Change in Fair Value as of Year-End of Outstanding Unvested Equity Awards from Prior Years ($)	19,724,323	19,333,261	(16,643,676)	950,007	12,869,440
Plus/Less: Average Change in Fair Value as of the Vesting Date of Equity Awards from Prior Years that Vested in the Covered Year ($)	402,384	(231,411)	(5,388,671)	835,730	3,602,949
Plus: Average Fair Value as of the Vesting Date of Equity Awards Granted and Vested in the Same Covered Year ($)	—	—	—	—	—
Less: Average Fair Value of Equity Awards Forfeited during the Covered Year ($)	—	—	—	—	—
Plus: Average Value of Dividends Accrued on Equity Awards in the Covered Year not Otherwise Reflected in the Average Summary Compensation Table Total Compensation ($)	598,901	773,255	434,214	310,960	623,161
Average Compensation Actually Paid to Non-CEO NEOs ($)	36,172,170	39,235,001	(12,461,284)	20,027,946	36,574,292

Compensation Actually Paid vs. Total Shareholder Return

The following chart shows that the “compensation actually paid” to our CEO and average “compensation actually paid” to our other NEOs for each of the 2020, 2021, 2022, 2023 and 2024 fiscal years align to trends with BlackRock’s and our peer group’s (S&P U.S. BMI Asset Management & Custody Banks Index) TSR over the same period. BlackRock maintained a relatively consistent TSR premium relative to our peer group.

Compensation Actually Paid vs. TSR

Compensation

Actually Paid to CEO

Average Compensation

Actually Paid to Non-CEO NEOs

Total Shareholder

Return

Peer Group Total

Shareholder Return

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Net Income(1)

Compensation

Actually Paid to CEO

Average Compensation

Actually Paid to Non-CEO NEOs

Net Income(1)

Compensation Actually Paid vs. Company Selected Measure

The following chart shows that “compensation actually paid” to our CEO and average “compensation actually paid” to our other NEOs for each of the 2020, 2021, 2022, 2023 and 2024 fiscal years align to trends with BlackRock’s Operating Margin, as adjusted, over the same period.

Compensation Actually Paid vs. Operating Margin, as adjusted(2)

Compensation

Actually Paid to CEO

Average Compensation

Actually Paid to Non-CEO NEOs

Operating Margin, as adjusted(2)

(1)Reflects net income attributable to BlackRock, Inc. in the Company’s Consolidated Statements of Income included in BlackRock’s Annual Reports on Form 10-K for each of the fiscal years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively.

(2)BlackRock’s Company-Selected Measure is Operating Margin, as adjusted. For reconciliation with GAAP for 2022-2024, please see Annex A. For reconciliation with GAAP for 2020 and 2021, please see page 37 of BlackRock’s Annual Report on Form 10-K for the year ended December 31, 2022.

Tabular List, Table

List of Most Important Measures

The following table presents the most important financial performance measures that we use to link “compensation actually paid” (as defined by SEC rules) to our NEOs for 2024 to our performance. Performance outcomes for each measure are generally assessed in the context of external market conditions, and may be considered relative to industry performance or over variable time horizons. These measures are not ranked.


Measure
Operating Margin, as adjusted(1)
Operating Income, as adjusted(1)
Net New Business
Organic Revenue Growth(2)
Total Shareholder Return(3)

(1)For reconciliation with GAAP, please see Annex A.

(2)Organic Revenue Growth is a measure of the estimated annual revenue impact of BlackRock’s total net new business in a given year, including net new technology services revenue, excluding the effect of market appreciation/(depreciation) and foreign exchange. Organic Revenue is not directly correlated with the actual revenue earned in a given year.

(3)We assess performance based in part on BlackRock’s 1-year, 3-year and 5-year Total Shareholder Return. Total Shareholder Return is defined as the change in stock price plus reinvested dividends, measured through December 31, 2024, then annualized.

Total Shareholder Return Amount

147.21

$ 190.47

$ 151.62

$ 178.70

$ 231.05

Peer Group Total Shareholder Return Amount

115.88

$ 171.06

$ 128.15

$ 168.44

$ 232.43

Net Income (Loss)

$ 6,369

$ 5,502

$ 5,178

$ 5,901

$ 4,932

Company Selected Measure Amount | percent

0.445

0.417

0.428

0.468

0.460

PEO Name

Mr. Fink

Measure:: 1

Non-GAAP Measure Description

Operating Margin, as adjusted(1)

BlackRock’s Company-Selected Measure is Operating Margin, as adjusted. For reconciliation with GAAP for 2022-2024, please see Annex A. For reconciliation with GAAP for 2020 and 2021, please see page 37 of BlackRock’s Annual Report on Form 10-K for the year ended December 31, 2022.

Measure:: 2

Operating Income, as adjusted(1)

Measure:: 3

Net New Business

Measure:: 4

Organic Revenue Growth(2)

Measure:: 5

PEO | Less: Equity Award Values Reported in Summary Compensation Table for the Covered Year ($) [Member]

Total Shareholder Return(3)

PEO | Plus: Year-End Fair Value for Outstanding Unvested Equity Awards Granted in the Covered Year ($) [Member]

$ (18,150,103)

$ (16,449,974)

$ (23,250,554)

$ (18,849,371)

$ (15,999,930)

PEO | Plus/Less: Change in Fair Value as of Year-‍End of Outstanding Unvested Equity Awards from Prior Years ($) [Member]

31,087,941

15,241,152

10,821,969

29,527,964

23,542,782

PEO | Plus/Less: Change in Fair Value as of the Vesting Date of Equity Awards from Prior Years that Vested in the Covered Year ($) [Member]

12,076,637

(1,211,612)

(22,966,972)

20,751,886

19,210,242

PEO | Plus: Fair Value as of the Vesting Date of Equity Awards Granted and Vested in the Same Covered Year ($) [Member]

(755,917)

1,577,082

(4,072,502)

(635,548)

1,149,414

PEO | Less: Fair Value of Equity Awards Forfeited during the Covered Year ($) [Member]

PEO | Plus: Value of Dividends Accrued on Equity Awards in the Covered Year not Otherwise Reflected in the Summary Compensation Table Total Compensation ($) [Member]

Non-PEO NEO | Less: Average Equity Award Values Reported in Summary Compensation Table for the Covered Year ($) [Member]

1,456,602

758,942

948,163

1,938,907

1,593,931

Non-PEO NEO | Plus: Average Year-End Fair Value for Outstanding Unvested Equity Awards Granted in the Covered Year ($) [Member]

(8,241,278)

(11,741,131)

(10,018,757)

(8,646,287)

(7,137,300)

Non-PEO NEO | Plus/Less: Average Change in Fair Value as of Year-End of Outstanding Unvested Equity Awards from Prior Years ($) [Member]

14,110,760

14,044,991

5,372,696

13,191,839

10,462,842

Non-PEO NEO | Plus/Less: Average Change in Fair Value as of the Vesting Date of Equity Awards from Prior Years that Vested in the Covered Year ($) [Member]

12,869,440

950,007

(16,643,676)

19,333,261

19,724,323

Non-PEO NEO | Plus: Average Fair Value as of the Vesting Date of Equity Awards Granted and Vested in the Same Covered Year ($) [Member]

3,602,949

835,730

(5,388,671)

(231,411)

402,384

Non-PEO NEO | Less: Average Fair Value of Equity Awards Forfeited during the Covered Year ($) [Member]

Non-PEO NEO | Plus: Average Value of Dividends Accrued on Equity Awards in the Covered Year not Otherwise Reflected in the Average Summary Compensation Table Total Compensation ($) [Member]