BLACKROCK, INC., 10-Q filed on 5/7/2025
Quarterly Report
v3.25.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2025
Apr. 30, 2025
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2025  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Entity Registrant Name BlackRock, Inc.  
Entity Central Index Key 0002012383  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Shell Company false  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   154,926,181
Entity Current Reporting Status Yes  
Entity File Number 001-42297  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 99-1116001  
Entity Address, Address Line One 50 Hudson Yards  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10001  
City Area Code 212  
Local Phone Number 810-5800  
Document Quarterly Report true  
Document Transition Report false  
Entity Interactive Data Current Yes  
Common Stock [Member]    
Document Information [Line Items]    
Trading Symbol BLK  
Title of 12(b) Security Common Stock, $.01 par value  
Security Exchange Name NYSE  
3.750% Notes due 2035 [Member]    
Document Information [Line Items]    
Trading Symbol BLK 35  
Title of 12(b) Security 3.750% Notes due 2035  
Security Exchange Name NYSE  
v3.25.1
Condensed Consolidated Statements of Financial Condition - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents [1] $ 7,747 $ 12,762
Accounts receivable 4,281 4,304
Investments [1] 10,525 9,769
Separate account assets 53,655 52,811
Separate account collateral held under securities lending agreements 5,803 6,059
Property and equipment (net of accumulated depreciation and amortization of $1,630 and $1,553 at March 31, 2025 and December 31, 2024, respectively) 1,120 1,103
Intangible assets (net of accumulated amortization of $892 and $782 at March 31, 2025 and December 31, 2024, respectively) 21,850 20,743
Goodwill 28,298 25,949
Operating lease right-of-use assets 1,520 1,519
Other assets [1] 7,143 3,596
Total assets 141,942 138,615
Liabilities    
Accrued compensation and benefits 1,153 2,964
Accounts payable and accrued liabilities 1,619 1,536
Borrowings 12,349 12,314
Separate account liabilities 53,655 52,811
Separate account collateral liabilities under securities lending agreements 5,803 6,059
Contingent consideration liabilities 4,390 4,302
Deferred income tax liabilities 3,675 3,334
Operating lease liabilities 1,910 1,908
Other liabilities [1] 7,198 4,032
Total liabilities 91,752 89,260
Commitments and contingencies (Note 15)
Temporary equity    
Redeemable noncontrolling interests 1,984 1,691
Permanent equity    
Common stock, $0.01 par value; Shares authorized: 500,000,000 at March 31, 2025 and December 31, 2024; Shares issued: 156,032,049 and 155,318,170 at March 31, 2025 and December 31, 2024, respectively; Shares outstanding: 155,022,449 and 154,947,813 at March 31, 2025 and December 31, 2024, respectively 2 2
Additional paid-in capital 13,744 13,446
Retained earnings 36,283 35,611
Accumulated other comprehensive loss (951) (1,178)
Treasury stock, common, at cost (1,009,600 and 370,357 shares held at March 31, 2025 and December 31, 2024, respectively) (1,042) (386)
Total BlackRock, Inc. stockholders’ equity 48,036 47,495
Nonredeemable noncontrolling interests 170 169
Total permanent equity 48,206 47,664
Total liabilities, temporary equity and permanent equity $ 141,942 $ 138,615
[1] At March 31, 2025, cash and cash equivalents, investments, other assets and other liabilities include $282 million, $5.5 billion, $77 million and $2.1 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include $125 million, $5.1 billion, $45 million and $2.1 billion, respectively, related to consolidated VIEs.
v3.25.1
Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Property and equipment, accumulated depreciation $ 1,630 $ 1,553
Intangible assets, accumulated amortization $ 892 $ 782
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 500,000,000 500,000,000
Common stock, shares issued 156,032,049 155,318,170
Common stock, shares outstanding 155,022,449 154,947,813
Treasury stock, common shares 1,009,600 370,357
Cash and cash equivalents [1] $ 7,747 $ 12,762
Investments [1] 10,525 9,769
Other assets [1] 7,143 3,596
Other liabilities [1] 7,198 4,032
Consolidated Variable Interest Entities [Member]    
Cash and cash equivalents 282 125
Investments 5,529 5,092
Other assets 77 45
Other liabilities $ 2,145 $ 2,130
[1] At March 31, 2025, cash and cash equivalents, investments, other assets and other liabilities include $282 million, $5.5 billion, $77 million and $2.1 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include $125 million, $5.1 billion, $45 million and $2.1 billion, respectively, related to consolidated VIEs.
v3.25.1
Condensed Consolidated Statements of Income - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue    
Total revenue $ 5,276 $ 4,728
Expense    
Employee compensation and benefits 1,741 1,580
Distribution and servicing costs 570 518
Direct fund expense 392 338
Sub-advisory and other 47 32
Total sales, asset and account expense 1,009 888
General and administration expense 711 529
Amortization of intangible assets 117 38
Total expense 3,578 3,035
Operating income 1,698 1,693
Nonoperating income (expense)    
Net gain (loss) on investments 58 171
Interest and dividend income 173 141
Interest expense (166) (92)
Total nonoperating income (expense) 65 220
Income before income taxes 1,763 1,913
Income tax expense 248 290
Net income 1,515 1,623
Net income (loss) attributable to noncontrolling interests 5 50
Net income attributable to BlackRock, Inc. $ 1,510 $ 1,573
Earnings per share attributable to BlackRock, Inc. common stockholders:    
Basic $ 9.74 $ 10.58
Diluted $ 9.64 $ 10.48
Weighted-average common shares outstanding:    
Basic 155,038,772 148,689,172
Diluted 156,632,023 150,125,182
Investment Advisory, Administration Fees and Securities Lending Revenue [Member]    
Revenue    
Total revenue [1],[2] $ 4,401 $ 3,778
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Related Parties [Member]    
Revenue    
Total revenue 3,279 2,847
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Other Third Parties [Member]    
Revenue    
Total revenue 1,122 931
Investment Advisory Performance Fees [Member]    
Revenue    
Total revenue 60 204
Technology Services and Subscription Revenue [Member]    
Revenue    
Total revenue 436 377
Distribution Fees [Member]    
Revenue    
Total revenue 321 310
Advisory and Other Revenue [Member]    
Revenue    
Total revenue $ 58 $ 59
[1] Amounts include $157 million and $151 million of securities lending revenue for the three months ended March 31, 2025 and 2024, respectively.
[2] Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation. See page 11 of Exhibit 99.2 to the Current Report on Form 8-K furnished on April 11, 2025 for the reclassified presentation of the 2024 investment advisory, administration fees and securities lending revenue line items.
v3.25.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 1,515 $ 1,623
Other comprehensive income (loss):    
Foreign currency translation adjustments [1] 227 (93)
Comprehensive income (loss) 1,742 1,530
Less: Comprehensive income (loss) attributable to noncontrolling interests 5 50
Comprehensive income attributable to BlackRock, Inc. $ 1,737 $ 1,480
[1] Amount for the three months ended March 31, 2025 includes a loss from a net investment hedge of $34 million (net of tax benefit of $11 million). Amount for the three months ended March 31, 2024 includes a gain from a net investment hedge of $13 million (net of tax expense of $4 million).
v3.25.1
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Gain (loss) from net investment hedging, net of tax $ (34) $ 13
Gain (loss) from net investment hedging, tax (expense) benefit $ 11 $ (4)
v3.25.1
Condensed Consolidated Statements of Changes in Equity - USD ($)
$ in Millions
Total
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Treasury Stock Common [Member]
Total BlackRock Stockholders' Equity [Member]
Nonredeemable Noncontrolling Interests [Member]
Redeemable Noncontrolling Interests / Temporary Equity [Member]
Balance at Dec. 31, 2023 $ 39,500 $ 19,835 [1] $ 32,343 $ (840) $ (11,991) $ 39,347 $ 153 $ 1,740
Net income 1,566 0 [1] 1,573 0 0 1,573 (7) 57
Dividends declared (795) 0 [1] (795) 0 0 (795) 0 0
Stock-based compensation 176 176 [1] 0 0 0 176 0 0
Issuance of common shares related to employee stock transactions 151 (392) [1] 0 0 543 151 0 0
Employee tax withholdings related to employee stock transactions (259) 0 [1] 0 0 (259) (259) 0 0
Shares repurchased (375) 0 [1] 0 0 (375) (375) 0 0
Subscriptions (redemptions/distributions) — noncontrolling interest holders 24 0 [1] 0 0 0 0 24 406
Net consolidations (deconsolidations) of sponsored investment funds 0 0 [1] 0 0 0 0 0 (353)
Other comprehensive income (loss) (93) 0 [1] 0 (93) 0 (93) 0 0
Balance Ending at Mar. 31, 2024 39,895 19,619 [1] 33,121 (933) (12,082) 39,725 170 1,850
Balance at Dec. 31, 2024 47,664 13,448 [2] 35,611 (1,178) (386) 47,495 169 1,691
Net income 1,509 0 [2] 1,510 0 0 1,510 (1) 6
Dividends declared (838) 0 (838) 0 0 (838) 0 0
Stock-based compensation 241 241 [2] 0 0 0 241 0 0
Issuance of common shares related to employee stock transactions 58 57 [2] 0 0 1 58 0 0
Employee tax withholdings related to employee stock transactions (282) 0 [2] 0 0 (282) (282) 0 0
Shares repurchased (375) 0 [2] 0 0 (375) (375) 0 0
Subscriptions (redemptions/distributions) — noncontrolling interest holders 2 0 [2] 0 0 0 0 2 809
Net consolidations (deconsolidations) of sponsored investment funds 0 0 [2] 0 0 0 0 0 (522)
Other comprehensive income (loss) 227 0 [2] 0 227 0 227 0 0
Balance Ending at Mar. 31, 2025 $ 48,206 $ 13,746 [2] $ 36,283 $ (951) $ (1,042) $ 48,036 $ 170 $ 1,984
[1] Amounts include $2 million of common stock at both March 31, 2024 and December 31, 2023.
[2] Amounts include $2 million of common stock at both March 31, 2025 and December 31, 2024.
v3.25.1
Condensed Consolidated Statements of Changes in Equity (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Additional Paid-in Capital, value of stock $ 48,206 $ 39,895 $ 47,664 $ 39,500
Dividends declared, amount per share $ 5.21 $ 5.1    
Common Stock [Member]        
Additional Paid-in Capital, value of stock $ 2 $ 2 $ 2 $ 2
v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net income $ 1,515 $ 1,623
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Depreciation and amortization 194 111
Noncash lease expense 34 32
Stock-based compensation 241 176
Deferred income tax expense (benefit) 15 (41)
Contingent consideration fair value adjustments 96 (7)
Other investment (gains) (36) (24)
Net (gains) losses within CIPs (13) (104)
Net (purchases) proceeds within CIPs (1,098) (989)
(Earnings) losses from equity method investees (51) (48)
Distributions of earnings from equity method investees 14 8
Changes in operating assets and liabilities:    
Accounts receivable 123 (73)
Investments, trading 12 (9)
Other assets (3,454) (796)
Accrued compensation and benefits (1,794) (1,339)
Accounts payable and accrued liabilities 84 196
Other liabilities 2,990 876
Net cash provided by/(used in) operating activities (1,128) (408)
Investing activities    
Purchases of investments (298) (324)
Proceeds from sales and maturities of investments 151 210
Distributions of capital from equity method investees 13 162
Net consolidations (deconsolidations) of sponsored investment funds (1) (6)
Acquisition, net of cash acquired (3,123) 0
Purchases of property and equipment (78) (64)
Net cash provided by/(used in) investing activities (3,336) (22)
Financing activities    
Repayments of long-term borrowings 0 (1,000)
Proceeds from long-term borrowings 0 2,979
Cash dividends paid (838) (795)
Proceeds from stock options exercised 51 144
Repurchases of common stock (657) (634)
Net proceeds from (repayments of) borrowings by CIPs (24) (14)
Net subscriptions received/(redemptions/distributions paid) from noncontrolling interest holders 811 430
Other financing activities (4) (15)
Net cash provided by/(used in) financing activities (661) 1,095
Effect of exchange rate changes on cash, cash equivalents and restricted cash 110 (27)
Net increase/(decrease) in cash, cash equivalents and restricted cash (5,015) 638
Cash, cash equivalents and restricted cash, beginning of period 12,779 8,753
Cash, cash equivalents and restricted cash, end of period 7,764 9,391
Supplemental schedule of noncash investing and financing transactions:    
Issuance of common stock 0 392
Increase (decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds $ (522) $ (353)
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) $ 1,510 $ 1,573
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Business Overview
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business Overview

1. Business Overview

BlackRock, Inc. (together, with its subsidiaries, unless the context otherwise indicates, “BlackRock” or the “Company”) is a leading publicly traded investment management firm providing a broad range of investment management and technology services to institutional and retail clients worldwide.

BlackRock’s diverse platform of alpha-seeking active, private markets, index and cash management investment strategies across asset classes enables the Company to offer choice and tailor investment and asset allocation solutions for clients. Product offerings include single- and multi-asset portfolios investing in equities, fixed income, private markets, liquid alternatives and money market instruments. Products are offered directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares® exchange-traded funds (“ETFs”), separate accounts, collective trust funds and other pooled investment vehicles. BlackRock also offers technology services, including the investment and risk management technology platform, Aladdin®, Aladdin WealthTM, eFront® and Cachematrix®, as well as advisory services and solutions to a broad base of institutional and wealth management clients.
v3.25.1
Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation

These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its controlled subsidiaries. Noncontrolling interests (“NCI”) on the condensed consolidated statements of financial condition represent the portion of consolidated sponsored investment products (“CIPs”) and a consolidated affiliate in which the Company does not have direct equity ownership. Intercompany balances and transactions have been eliminated upon consolidation.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates.

Certain financial information that normally is included in annual financial statements, including certain financial statement footnotes, is not required for interim reporting purposes and has been condensed or omitted herein. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and footnotes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission (“SEC”) on February 25, 2025 (“2024 Form 10-K”).

The interim financial information at March 31, 2025 and for the three months ended March 31, 2025 and 2024 is unaudited. However, in the opinion of management, the interim information includes all normal recurring adjustments necessary for the fair presentation of the Company’s results for the periods presented. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year.

Certain prior period presentations were reclassified to ensure comparability with current period classifications.

Recent Accounting Pronouncements Not Yet Adopted

Income Tax Disclosure Requirements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which enhances annual income tax disclosures. The two primary enhancements disaggregate existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. The Company will include the required ASU 2023-09 disclosures within BlackRock's 2025 Annual Report on Form 10-K.

 

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires entities to disaggregate in a tabular presentation disclosures about specific types of expenses included in the expense captions presented on the face of the income statement, as well as disclosures about selling expenses. Specifically, ASU 2024-03 requires disaggregation of expense captions that include any of the following natural expenses: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities or other types of depletion expenses. The requirements are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 and are required to be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company does not expect the additional disclosure requirements under ASU 2024-03 to have a material impact on the condensed consolidated financial statements.

Fair Value Measurements

Hierarchy of Fair Value Inputs. The Company uses a fair value hierarchy that prioritizes inputs to valuation approaches used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories:

Level 1 Inputs:

Quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date.

•
Level 1 assets may include listed mutual funds, ETFs, listed equities, commodities and certain exchange-traded derivatives.

Level 2 Inputs:

Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; quotes from pricing services or brokers for which the Company can determine that orderly transactions took place at the quoted price or that the inputs used to arrive at the price are observable; and inputs other than quoted prices that are observable, such as models or other valuation methodologies.

•
Level 2 assets may include debt securities, loans held within consolidated collateralized loan obligations (“CLOs”), short-term floating-rate notes, asset-backed securities, as well as over-the-counter derivatives, including interest rate swaps and foreign currency exchange contracts that have inputs to the valuations that generally can be corroborated by observable market data.

Level 3 Inputs:

Unobservable inputs for the valuation of the asset or liability, which may include nonbinding broker quotes. Level 3 assets include investments for which there is little, if any, market activity. These inputs require significant management judgment or estimation.

•
Level 3 assets may include direct private equity investments, including those held within CIPs, investments in CLOs, and loans held within consolidated CLOs and CIPs.
•
Level 3 liabilities may include borrowings of consolidated CLOs and contingent liabilities related to acquisitions valued using the income approach based on unobservable market data, or other valuation techniques.

Significance of Inputs. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Valuation Approaches. The fair values of certain Level 3 assets and liabilities were determined using various valuation approaches as appropriate, including third-party pricing vendors, broker quotes and market and income approaches.

A significant number of inputs used to value equity, debt securities, and loans held within CLOs and CIPs are sourced from third-party pricing vendors. Generally, prices obtained from pricing vendors are categorized as Level 1 inputs for identical securities traded in active markets and as Level 2 for other similar securities if the vendor uses observable inputs in determining the price.

In addition, quotes obtained from brokers generally are nonbinding and categorized as Level 3 inputs. However, if the Company is able to determine that market participants have transacted for the asset in an orderly manner near the quoted price or if the Company can determine that the inputs used by the broker are observable, the quote is classified as a Level 2 input.

Investments Measured at Net Asset Value. As a practical expedient, the Company uses net asset value (“NAV”) as the fair value for certain investments. The inputs to value these investments may include the Company’s capital accounts for its partnership interests in various alternative investments, including hedge funds, real assets and private equity funds. The various partnerships are investment companies, which record their underlying investments at fair value based on fair value policies established by management of the underlying fund. Fair value policies at the underlying fund generally require the fund to utilize pricing/valuation information from third-party sources, including independent appraisals. However, in some instances, current valuation information for illiquid securities or securities in markets that are not active may not be available from any third-party source or fund management may conclude that the valuations that are available from third-party sources are not reliable. In these instances, fund management may perform model-based analytical valuations that could be used as an input to value these investments.

Fair Value Assets and Liabilities of Consolidated CLO. The Company applies the fair value option provisions for eligible assets, including loans, held by a consolidated CLO. As the fair value of the financial assets of the consolidated CLO is more observable than the fair value of the borrowings of the consolidated CLO, the Company measures the fair value of the borrowings of the consolidated CLO equal to the fair value of the assets of the consolidated CLO less the fair value of the Company’s economic interest in the CLO.

Derivatives and Hedging Activities. The Company does not use derivative financial instruments for trading or speculative purposes. The Company uses derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates of certain assets and liabilities, and market price and interest rate exposures with respect to its total portfolio of seed investments in sponsored investment products. In addition, certain CIPs also utilize derivatives as a part of their investment strategies.

In addition, the Company uses derivatives and makes investments to economically hedge market valuation changes on certain deferred cash compensation plans, for which the final value of the deferred amount distributed to employees in cash upon vesting is determined based on the returns of specified investment funds. The Company recognizes compensation expense for the appreciation (depreciation) of the deferred cash compensation liability in proportion to the vested amount of the award during a respective period, while the gain (loss) to economically hedge these plans is immediately recognized in nonoperating income (expense). See Note 5, Investments, and Note 9, Derivatives and Hedging, for further information on the Company’s investments and derivatives, respectively, used to economically hedge these deferred cash compensation plans.

The Company records all derivative financial instruments as either assets or liabilities at fair value on a gross basis in the condensed consolidated statements of financial condition. Credit risks are managed through master netting and collateral support agreements. The amounts related to the right to reclaim or the obligation to return cash collateral may not be used to offset amounts due under the derivative instruments in the normal course of settlement. Therefore, such amounts are not offset against fair value amounts recognized for derivative instruments with the same counterparty and are included in other assets and other liabilities. Changes in the fair value of the Company’s derivative financial instruments are recognized in earnings and, where applicable, are offset by the corresponding gain or loss on the related foreign-denominated or hedged assets or liabilities, on the condensed consolidated statements of income.

The Company may also use financial instruments designated as net investment hedges for accounting purposes to hedge net investments in international subsidiaries, the functional currency of which is not United States ("US") dollars. The gain or loss from revaluing net investment hedges at the spot rate is deferred and reported within accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated statements of financial condition. The Company reassesses the effectiveness of its net investment hedge at least quarterly.

Separate Account Assets and Liabilities. Separate account assets are maintained by BlackRock Life Limited, a wholly owned subsidiary of the Company, which is a registered life insurance company in the United Kingdom (“UK”), and represent segregated assets held for purposes of funding individual and group pension contracts. The life insurance company does not underwrite any insurance contracts that involve any insurance risk transfer from the insured to the life insurance company. The separate account assets primarily include equity securities, debt securities, money market funds and derivatives. The separate account assets are not subject to general claims of the creditors of BlackRock. These separate account assets and the related equal and offsetting liabilities are recorded as separate account assets and separate account liabilities on the condensed consolidated statements of financial condition.

The net investment income attributable to separate account assets supporting individual and group pension contracts accrues directly to the contract owner and is not reported on the condensed consolidated statements of income. While BlackRock has no economic interest in these separate account assets and liabilities, BlackRock earns policy administration and management fees associated with these products, which are included in investment advisory, administration fees and securities lending revenue on the condensed consolidated statements of income.

Separate Account Collateral Assets Held and Liabilities Under Securities Lending Agreements. The Company facilitates securities lending arrangements whereby securities held by separate accounts maintained by BlackRock Life Limited are lent to third parties under global master securities lending agreements. In exchange, the Company obtains either (1) the legal title, or (2) a first ranking priority security interest, in the collateral. The minimum collateral values generally range from approximately 102% to 112% of the value of the securities in order to reduce counterparty risk. The required collateral value is calculated on a daily basis. The global master securities lending agreements provide the Company the right to request additional collateral or, in the event of borrower default, the right to liquidate collateral. The securities lending transactions entered into by the Company are accompanied by an agreement that entitles the Company to request the borrower to return the securities at any time; therefore, these transactions are not reported as sales.

In situations where the Company obtains the legal title to collateral under these securities lending arrangements, the Company records an asset on the condensed consolidated statements of financial condition in addition to an equal collateral liability for the obligation to return the collateral. Additionally, in situations where the Company obtains a first ranking priority security interest in the collateral, the Company does not have the ability to pledge or resell the collateral and therefore does not record the collateral on the condensed consolidated statements of financial condition. At March 31, 2025 and December 31, 2024, the fair value of loaned securities held by separate accounts was approximately $10.1 billion and $9.9 billion, respectively, and the fair value of the collateral under these securities lending agreements was approximately $11.0 billion and $10.6 billion, respectively, of which approximately $5.8 billion as of March 31, 2025 and $6.1 billion as of December 31, 2024 was recognized on the condensed consolidated statements of financial condition. During the three months ended March 31, 2025 and 2024, the Company had not resold or repledged any of the collateral obtained under these arrangements. The securities lending revenue earned from lending securities held by the separate accounts is included in investment advisory, administration fees and securities lending revenue on the condensed consolidated statements of income.

Goodwill and Intangible Assets. Goodwill represents the cost of a business acquisition in excess of the fair value of the net assets acquired. The Company has determined that it has one reporting unit for goodwill impairment testing purposes, the consolidated BlackRock single operating segment, which is consistent with internal management reporting and management's oversight of operations. The Company performs an impairment assessment of its goodwill at least annually, as of July 31. In its assessment of goodwill for impairment, the Company considers such factors as the book value and market capitalization of the Company as well as other qualitative factors. See Note 10, Goodwill, for further information on the Company's goodwill.

Intangible assets are comprised of indefinite-lived intangible assets and finite-lived intangible assets acquired in a business acquisition. The value of contracts to manage assets in proprietary open-end funds and collective trust funds and certain other commingled products without a specified termination date is generally classified as indefinite-lived intangible assets. In addition, trade names/trademarks are considered indefinite-lived intangible assets when they are expected to generate cash flows indefinitely.

Indefinite-lived intangible assets and goodwill are not amortized. Finite-lived investor/customer relationships, technology-related assets, and management contracts, which relate to acquired separate accounts and funds, that are expected to contribute to the future cash flows of the Company for a specified period of time, are amortized over their estimated useful lives. On a quarterly basis, the Company considers whether the indefinite-lived and finite-lived classifications are still appropriate.

The Company performs assessments to determine if any intangible assets are potentially impaired at least annually, as of July 31. The carrying value of finite-lived assets and their remaining useful lives are reviewed to determine if circumstances exist which may indicate a potential impairment or revisions to the amortization period.

In evaluating whether it is more likely than not that the fair value of indefinite-lived intangibles is less than its carrying value, BlackRock assesses various significant quantitative factors, including assets under management (“AUM”), revenue basis points, projected AUM growth rates, operating margins, tax rates and discount rates. If an indefinite-lived intangible is determined to be more likely than not impaired, then the fair value of the asset is compared with its carrying value and any excess of the carrying value over the fair value would be recognized as an expense in the period in which the impairment occurs. See Note 11, Intangible Assets, for further information on the Company’s intangible assets.

For finite-lived intangible assets, if potential impairment circumstances are considered to exist, the Company will perform a recoverability test using an undiscounted cash flow analysis. If the carrying value of the asset is determined not to be recoverable based on the undiscounted cash flow test, the excess of the carrying value of the asset over its fair value would be recognized as an expense in the period in which the impairment occurs.
v3.25.1
Acquisitions
 3 Months Ended
Mar. 31, 2025
Business Combinations [Abstract]  
Acquisitions

3. Acquisitions

Preqin

On March 3, 2025, BlackRock completed the acquisition of 100% of the shares of Preqin Holding Limited (the "Preqin Transaction" or "Preqin"), a leading provider of private markets data, for £2.5 billion (or approximately $3.2 billion) in cash.

The purchase price for the Preqin Transaction was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the transaction. The goodwill recognized in connection with the acquisition is non-deductible for tax purposes and is primarily attributable to anticipated synergies from incorporating Preqin data, insight and analytics into BlackRock’s investment technology, presenting an opportunity for Aladdin to bridge a transparency gap between public and private markets.

The following table summarizes the consideration paid for Preqin and the fair values of the assets acquired and liabilities assumed recognized at the acquisition date:

(in millions)

 

Fair Value Estimate

 

Finite-lived intangible assets:

 

 

 

Customer relationships(1)

 

$

1,090

 

Technology-related(2)

 

 

125

 

Trade name

 

 

7

 

Goodwill

 

 

2,344

 

Other assets(3)

 

 

59

 

Deferred revenue(3)

 

 

(104

)

Deferred income tax liabilities

 

 

(308

)

Other liabilities assumed(3)

 

 

(90

)

Total consideration, net of cash acquired

 

$

3,123

 

 

 

 

 

Summary of consideration, net of cash acquired:

 

 

 

Cash paid

 

$

3,219

 

Cash acquired

 

 

(96

)

Total cash consideration, net of cash acquired

 

$

3,123

 

 

(1)
The fair value was determined using an income approach (Level 3 inputs), has a weighted-average estimated useful life of approximately 9 years and is amortized based on its expected pattern of economic benefit.
(2)
The fair value was determined using a replacement cost approach (Level 3 inputs), has a weighted-average estimated useful life of approximately 5 years and is amortized based on the straight-line method.
(3)
Acquired deferred revenue was determined based on current revenue guidance. The acquired book values of the remaining assets and liabilities approximated their fair values.

At this time, the Company does not expect material changes to the value of the assets acquired or liabilities assumed in conjunction with the transaction.

Finite-lived intangible assets are amortized over their estimated useful lives, which range from 5 to 11 years. Amortization expense related to the finite-lived intangible assets was $9 million for the three months ended March 31, 2025. The finite-lived intangible assets had a weighted-average remaining useful life of approximately eight years with remaining amortization expense as follows:

(in millions)

 

 

 

Year

 

Amount

 

2025 (excluding the three months ended March 31, 2025)

 

$

87

 

2026

 

 

144

 

2027

 

 

151

 

2028

 

 

162

 

2029

 

 

171

 

2030

 

 

145

 

Thereafter

 

 

353

 

Total

 

$

1,213

 

Pro forma financial information for Preqin has not been presented, as the effects were not material to the Company's historical consolidated financial statements. See Note 10, Goodwill, Note 11, Intangible Assets, and Note 16, Revenue for further information regarding goodwill, intangible assets, and deferred revenue acquired, respectively.

Global Infrastructure Management, LLC

On October 1, 2024, BlackRock completed the acquisition of 100% of the issued and outstanding limited liability company interests of Global Infrastructure Management, LLC ("GIP" or the "GIP Transaction"), a leading infrastructure fund manager. BlackRock expects the combination of GIP with BlackRock’s complementary infrastructure offerings will create a broad global infrastructure franchise with differentiated origination and asset management capabilities. Consideration at close included approximately $3 billion in cash, funded through the issuance of long-term notes in March 2024 (See Note 15, Borrowings, in the 2024 Form 10-K for more information regarding the Company’s borrowings), and 6.9 million of unregistered shares of BlackRock common stock. The shares were valued at $5.9 billion at close, based on the price of BlackRock's common stock on September 30, 2024 of approximately $950, discounted for security-specific registration restrictions for two years after closing, resulting in a value of approximately $855 per share. In addition, as part of the purchase consideration, a contingent consideration payment, all in stock, may be due subject to achieving certain performance targets. The contingent consideration payment, if any, ranges from 4.0 million to 5.2 million shares, and will be valued based on the price of BlackRock's common stock at the time the contingency is resolved. The payment is expected to be payable no later than December 31, 2028 or based on the achievement of the agreed upon performance targets. The fair value of the contingent consideration payment, which was determined by using the income approach with the assistance of a third-party fair value specialist, was $4.2 billion at close, and was recorded within contingent consideration liabilities in the consolidated statements of financial condition. Certain significant inputs were used to determine the fair value, including assumptions on discount rates as well as estimates of the timing and amounts of fundraising forecasts, stock and AUM volatility, and correlation between stock price and AUM (Level 3 inputs). The contingent consideration payment was classified as a liability as the value of the consideration to be delivered in shares is predominately based on achieving certain performance targets. See Note 8, Fair Value Disclosures and Note 15, Commitments and Contingencies for additional information on the contingent consideration related to GIP.

The GIP Transaction was accounted for as a business combination under the acquisition method of accounting. Accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the transaction. The goodwill recognized in connection with the acquisition includes future benefits for BlackRock as a result of scale and anticipated synergies from a combined global infrastructure franchise. The amount of goodwill expected to be deductible for tax purposes is approximately $200 million.

The following table summarizes the consideration paid for GIP and the fair values of the assets acquired and liabilities assumed recognized at the acquisition date:

(in millions)

 

Fair Value Estimate

 

Finite-lived intangible assets:

 

 

 

Management contracts(1)

 

$

1,840

 

Investor relationships(1)

 

 

820

 

Trade name(2)

 

 

80

 

Goodwill

 

 

10,297

 

Operating lease ROU assets(3)

 

 

75

 

Other assets(3)

 

 

114

 

Accrued compensation and benefits(3)

 

 

(154

)

Operating lease liabilities(3)

 

 

(96

)

Other liabilities assumed(3)

 

 

(10

)

Total consideration, net of cash acquired

 

$

12,966

 

 

 

 

 

Summary of consideration, net of cash acquired:

 

 

 

Cash paid

 

$

2,930

 

Cash acquired

 

 

(68

)

Closing stock consideration at fair value

 

 

5,904

 

Deferred stock consideration at fair value

 

 

4,200

 

Total stock and cash consideration, net of cash acquired

 

$

12,966

 

 

(1)
The fair value for management contracts and investor relationships was determined based on a discounted cash flow analysis (Level 3 inputs), have weighted-average estimated useful lives of approximately 8 years and 14 years, respectively, and are amortized based on their expected pattern of economic benefit.
(2)
The fair value was determined based upon a relief from royalty method (Level 3 inputs), has a weighted-average estimated useful life of approximately 10 years and is amortized based on its expected pattern of economic benefit.
(3)
Acquired operating lease ROU assets and operating lease liabilities were determined based on current lease guidance. The acquired book values of the remaining assets and liabilities approximated their fair values.

At this time, the Company does not expect material changes to the value of the assets acquired or liabilities assumed in conjunction with the transaction.

The following unaudited pro forma information presents combined results of operations of the Company as if the GIP Transaction and related $3.0 billion in aggregate notes issuance (see Note 3, Acquisitions, and Note 15, Borrowings, in the 2024 Form 10-K for more information regarding the Company’s pro forma adjustments and borrowings, respectively) had occurred on January 1, 2023 and are not indicative of the actual results of operations that would have been achieved nor are they indicative of future results of operations of the combined Company. The pro forma combined provision for income taxes may not represent the amount that would have resulted had BlackRock and GIP filed consolidated tax returns during the years presented.

 

 

Three Months Ended

 

(Unaudited) (in millions)

 

March 31, 2024

 

Total revenue

 

$

4,937

 

Net income attributable to BlackRock, Inc.

 

$

1,561

 

For purposes of the pro forma financial information above, pro forma adjustments, including compensation expense for retention-related deferred compensation awards, amortization of finite-lived intangible assets, interest expense for the $3.0 billion of notes, which were issued in March 2024 in connection with the GIP Transaction, acquisition-related transaction costs and related tax effects were reflected as if the GIP Transaction had occurred on January 1, 2023.
v3.25.1
Cash, Cash Equivalents and Restricted Cash
 3 Months Ended
Mar. 31, 2025
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Restricted Cash

4. Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents reported within the condensed consolidated statements of financial condition to the cash, cash equivalents, and restricted cash reported within the condensed consolidated statements of cash flows.

 

 

March 31,

 

 

December 31,

 

(in millions)

 

2025

 

 

2024

 

Cash and cash equivalents

 

$

7,747

 

 

$

12,762

 

Restricted cash included in other assets

 

 

17

 

 

 

17

 

Total cash, cash equivalents and restricted cash

 

$

7,764

 

 

$

12,779

 
v3.25.1
Investments
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments

5. Investments

A summary of the carrying value of total investments is as follows:

 

March 31,

 

 

December 31,

 

(in millions)

2025

 

 

2024

 

Debt securities:

 

 

 

 

 

Trading securities (including $1,884 and $1,743 held by CIPs at
   March 31, 2025 and December 31, 2024, respectively)

$

1,964

 

 

$

1,823

 

Held-to-maturity investments

 

530

 

 

 

547

 

Total debt securities

 

2,494

 

 

 

2,370

 

Equity securities at FVTNI (including $1,737 and $1,556 held by CIPs at
   March 31, 2025 and December 31, 2024, respectively)(1)

 

2,208

 

 

 

1,950

 

Equity method investments:

 

 

 

 

 

Equity method investments(2)

 

2,568

 

 

 

2,610

 

Investments related to deferred cash compensation plans(1)

 

265

 

 

 

173

 

Total equity method investments

 

2,833

 

 

 

2,783

 

Loans held by CIPs

 

119

 

 

 

145

 

Federal Reserve Bank stock(3)

 

93

 

 

 

93

 

Carried interest(4)

 

1,987

 

 

 

1,983

 

Other investments(5)

 

791

 

 

 

445

 

Total investments

$

10,525

 

 

$

9,769

 

 

(1)
Amounts include investments held to economically hedge the impact of market valuation changes on certain deferred cash compensation plans. Amounts related to deferred cash compensation plans included within equity securities held at fair value recorded through net income ("FVTNI") comprised $12 million at both March 31, 2025 and December 31, 2024.
(2)
Equity method investments include BlackRock’s direct investments in certain BlackRock sponsored investment funds.
(3)
Federal Reserve Bank stock is held for regulatory purposes and is restricted from sale.
(4)
Carried interest represents allocations to BlackRock’s general partner capital accounts from certain sponsored investment funds. These balances are subject to change upon cash distributions, additional allocations or reallocations back to limited partners within the respective funds.
(5)
Other investments include BlackRock’s investments in nonmarketable equity securities, which are measured at cost, adjusted for observable price changes, and private equity, private credit, real asset, and commodity investments held by CIPs, which are measured at fair value.

Held-to-Maturity Investments

Held-to-maturity investments included certain investments in BlackRock sponsored CLOs. The amortized cost (carrying value) of these investments approximated fair value (primarily a Level 2 input). At March 31, 2025, $17 million of these investments mature between one and five years, $350 million of these investments mature between five and ten years and $163 million of these investments mature after ten years.

Trading Debt Securities and Equity Securities at FVTNI

A summary of the cost and carrying value of trading debt securities and equity securities at FVTNI is as follows:

 

 

 

 

 

 

 

 

 

 

March 31, 2025

 

 

December 31, 2024

 

(in millions)

Cost

 

 

Carrying
Value

 

 

Cost

 

 

Carrying
Value

 

Trading debt securities:

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

1,298

 

 

$

1,308

 

 

$

1,047

 

 

$

1,061

 

Government debt

 

387

 

 

 

368

 

 

 

578

 

 

 

557

 

Asset/mortgage-backed debt

 

309

 

 

 

288

 

 

 

222

 

 

 

205

 

Total trading debt securities

$

1,994

 

 

$

1,964

 

 

$

1,847

 

 

$

1,823

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

$

2,104

 

 

$

2,208

 

 

$

1,843

 

 

$

1,950

 
v3.25.1
Consolidated Sponsored Investment Products
 3 Months Ended
Mar. 31, 2025
Statement of Financial Position [Abstract]  
Consolidated Sponsored Investment Products

6. Consolidated Sponsored Investment Products

In the normal course of business, the Company is the manager of various types of sponsored investment products, which may be considered VIEs or voting rights entities ("VREs"). The Company consolidates certain sponsored investment funds accounted for as VREs because it is deemed to control such funds. In addition, the Company may from time to time own equity or debt securities issued by vehicles or enter into derivatives or loan arrangements with the vehicles, each of which are considered variable interests. The Company’s involvement in financing the operations of the VIEs is generally limited to its economic interest in the entity. The Company’s consolidated VIEs include certain sponsored investment products in which BlackRock has an economic interest and as the investment manager, is deemed to have both the power to direct the most significant activities of the products and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these sponsored investment products. The assets of these VIEs are not available to creditors of the Company. In addition, the investors in these VIEs have no recourse to the credit of the Company.

The following table presents the balances related to these CIPs accounted for as VIEs and VREs that were recorded on the condensed consolidated statements of financial condition, including BlackRock’s net interest in these products:

 

 

March 31, 2025

 

 

December 31, 2024

 

(in millions)

 

VIEs

 

 

VREs

 

 

Total

 

 

VIEs

 

 

VREs

 

 

Total

 

Cash and cash equivalents(1)

 

$

282

 

 

$

58

 

 

$

340

 

 

$

125

 

 

$

44

 

 

$

169

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

 

1,535

 

 

 

349

 

 

 

1,884

 

 

 

1,497

 

 

 

246

 

 

 

1,743

 

Equity securities at FVTNI

 

 

1,382

 

 

 

355

 

 

 

1,737

 

 

 

1,179

 

 

 

377

 

 

 

1,556

 

Loans

 

 

115

 

 

 

4

 

 

 

119

 

 

 

141

 

 

 

4

 

 

 

145

 

Other investments

 

 

581

 

 

 

34

 

 

 

615

 

 

 

370

 

 

 

33

 

 

 

403

 

Carried interest

 

 

1,916

 

 

 

—

 

 

 

1,916

 

 

 

1,905

 

 

 

—

 

 

 

1,905

 

Total investments

 

 

5,529

 

 

 

742

 

 

 

6,271

 

 

 

5,092

 

 

 

660

 

 

 

5,752

 

Other assets

 

 

77

 

 

 

37

 

 

 

114

 

 

 

45

 

 

 

31

 

 

 

76

 

Other liabilities(2)

 

 

(2,145

)

 

 

(78

)

 

 

(2,223

)

 

 

(2,130

)

 

 

(93

)

 

 

(2,223

)

Noncontrolling interest - CIPs

 

 

(1,939

)

 

 

(158

)

 

 

(2,097

)

 

 

(1,672

)

 

 

(130

)

 

 

(1,802

)

BlackRock's net interest in CIPs

 

$

1,804

 

 

$

601

 

 

$

2,405

 

 

$

1,460

 

 

$

512

 

 

$

1,972

 

 

(1)
The Company generally cannot readily access cash and cash equivalents held by CIPs to use in its operating activities.
(2)
At both March 31, 2025 and December 31, 2024, other liabilities of VIEs primarily include deferred carried interest liabilities and borrowings of a consolidated CLO.

BlackRock’s total exposure to CIPs represents the value of its economic interest in these CIPs. Valuation changes associated with financial instruments held at fair value by these CIPs are reflected in nonoperating income (expense) and partially offset in net income (loss) attributable to NCI for the portion not attributable to BlackRock.

Net gain (loss) related to consolidated VIEs is presented in the following table:

 

 

Three Months Ended

 

 

 

 

March 31,

 

 

(in millions)

 

2025

 

 

2024

 

 

Nonoperating net gain (loss) on consolidated VIEs

 

$

12

 

 

$

71

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to NCI on consolidated VIEs

 

$

8

 

 

$

39

 

 

 

 

 

 

 

 

 

 
v3.25.1
Variable Interest Entities
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities

7. Variable Interest Entities

Nonconsolidated VIEs. At March 31, 2025 and December 31, 2024, the Company’s carrying value of assets and liabilities included on the condensed consolidated statements of financial condition pertaining to nonconsolidated VIEs and its maximum risk of loss related to VIEs in which it held a variable interest, but for which it was not the primary beneficiary, was as follows:

 

 

 

 

Advisory Fee

 

 

Other Net Assets

 

 

Maximum

 

(in millions)

Investments

 

Receivables

 

(Liabilities)

 

Risk of Loss(1)

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 Sponsored investment
   products

$

2,499

 

$

137

 

$

(11

)

$

2,652

 

December 31, 2024

 

 

 

 

 Sponsored investment
   products

$

2,330

 

$

158

 

$

(11

)

$

2,505

 

 

(1)
At both March 31, 2025 and December 31, 2024, BlackRock’s maximum risk of loss associated with these VIEs primarily related to BlackRock’s investments and the collection of receivables.

The net assets of sponsored investment products that are nonconsolidated VIEs approximated $52 billion and $46 billion at March 31, 2025 and December 31, 2024, respectively.
v3.25.1
Fair Value Disclosures
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Disclosures

8. Fair Value Disclosures

Fair Value Hierarchy

Assets and liabilities measured at fair value on a recurring basis

March 31, 2025
(in millions)

Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Investments
Measured at
NAV(1)

 

 

Other(2)

 

 

March 31,
 2025

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

1,885

 

 

$

79

 

 

$

—

 

 

$

—

 

 

$

1,964

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

530

 

 

 

530

 

Total debt securities

 

—

 

 

 

1,885

 

 

 

79

 

 

 

—

 

 

 

530

 

 

 

2,494

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

2,208

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,208

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and multi-asset
   mutual funds

 

301

 

 

 

133

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

434

 

Hedge funds/funds of hedge
   funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

443

 

 

 

—

 

 

 

443

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

1,123

 

 

 

—

 

 

 

1,123

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

568

 

 

 

—

 

 

 

568

 

Investments related to deferred
   cash compensation plans

 

—

 

 

 

—

 

 

 

—

 

 

 

265

 

 

 

—

 

 

 

265

 

Total equity method

 

301

 

 

 

133

 

 

 

—

 

 

 

2,399

 

 

 

—

 

 

 

2,833

 

Loans held by CIPs

 

—

 

 

 

12

 

 

 

107

 

 

 

—

 

 

 

—

 

 

 

119

 

Federal Reserve Bank stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

93

 

 

 

93

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,987

 

 

 

1,987

 

Other investments

 

105

 

 

 

—

 

 

 

—

 

 

 

528

 

 

 

158

 

 

 

791

 

Total investments

 

2,614

 

 

 

2,030

 

 

 

186

 

 

 

2,927

 

 

 

2,768

 

 

 

10,525

 

Other assets(3)

 

—

 

 

 

7

 

 

 

152

 

 

 

—

 

 

 

—

 

 

 

159

 

Separate account assets

 

33,141

 

 

 

20,064

 

 

 

—

 

 

 

—

 

 

 

450

 

 

 

53,655

 

Separate account collateral held under
 securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

2,134

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,134

 

Debt securities

 

—

 

 

 

3,669

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,669

 

Total separate account collateral held
   under securities lending agreements

 

2,134

 

 

 

3,669

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,803

 

Total

$

37,889

 

 

$

25,770

 

 

$

338

 

 

$

2,927

 

 

$

3,218

 

 

$

70,142

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral
   liabilities under securities
   lending agreements

$

2,134

 

 

$

3,669

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

5,803

 

Contingent consideration liabilities

 

—

 

 

 

—

 

 

 

4,390

 

 

 

—

 

 

 

—

 

 

 

4,390

 

Other liabilities(4)

 

—

 

 

 

19

 

 

 

102

 

 

 

—

 

 

 

—

 

 

 

121

 

Total

$

2,134

 

 

$

3,688

 

 

$

4,492

 

 

$

—

 

 

$

—

 

 

$

10,314

 

 

(1)
Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient.
(2)
Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, and carried interest.
(3)
Level 3 amount includes corporate minority private debt investments with changes in fair value recorded in AOCI, net of tax.
(4)
Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information). Level 3 amount primarily includes borrowings of a consolidated CLO classified based on the significance of unobservable inputs used for calculating the fair value of consolidated CLO assets.

December 31, 2024
(in millions)

Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Investments
Measured at
NAV(1)

 

 

Other(2)

 

 

December 31,
2024

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

1,744

 

 

$

79

 

 

$

—

 

 

$

—

 

 

$

1,823

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

547

 

 

 

547

 

Total debt securities

 

—

 

 

 

1,744

 

 

 

79

 

 

 

—

 

 

 

547

 

 

 

2,370

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

1,950

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,950

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and multi-asset
   mutual funds

 

347

 

 

 

131

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

478

 

Hedge funds/funds of hedge
   funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

552

 

 

 

—

 

 

 

552

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

1,060

 

 

 

—

 

 

 

1,060

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

520

 

 

 

—

 

 

 

520

 

Investments related to deferred
   cash compensation plans

 

—

 

 

 

—

 

 

 

—

 

 

 

173

 

 

 

—

 

 

 

173

 

Total equity method

 

347

 

 

 

131

 

 

 

—

 

 

 

2,305

 

 

 

—

 

 

 

2,783

 

Loans held by CIPs

 

—

 

 

 

10

 

 

 

135

 

 

 

—

 

 

 

—

 

 

 

145

 

Federal Reserve Bank stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

93

 

 

 

93

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,983

 

 

 

1,983

 

Other investments

 

18

 

 

 

—

 

 

 

—

 

 

 

274

 

 

 

153

 

 

 

445

 

Total investments

 

2,315

 

 

 

1,885

 

 

 

214

 

 

 

2,579

 

 

 

2,776

 

 

 

9,769

 

Other assets(3)

 

—

 

 

 

7

 

 

 

149

 

 

 

—

 

 

 

—

 

 

 

156

 

Separate account assets

 

32,933

 

 

 

19,346

 

 

 

—

 

 

 

—

 

 

 

532

 

 

 

52,811

 

Separate account collateral held under
securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

2,719

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,719

 

Debt securities

 

—

 

 

 

3,340

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,340

 

Total separate account collateral held
   under securities lending agreements

 

2,719

 

 

 

3,340

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,059

 

Total

$

37,967

 

 

$

24,578

 

 

$

363

 

 

$

2,579

 

 

$

3,308

 

 

$

68,795

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral
   liabilities under securities
   lending agreements

$

2,719

 

 

$

3,340

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

6,059

 

Contingent consideration liabilities

 

—

 

 

 

—

 

 

 

4,302

 

 

 

—

 

 

 

—

 

 

 

4,302

 

Other liabilities(4)

 

—

 

 

 

46

 

 

 

129

 

 

 

—

 

 

 

—

 

 

 

175

 

Total

$

2,719

 

 

$

3,386

 

 

$

4,431

 

 

$

—

 

 

$

—

 

 

$

10,536

 

 

(1)
Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient.
(2)
Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, and carried interest.
(3)
Level 3 amount includes corporate minority private debt investments with changes in fair value recorded in AOCI, net of tax.
(4)
Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information). Level 3 amount primarily includes borrowings of a consolidated CLO classified based on the significance of unobservable inputs used for calculating the fair value of consolidated CLO assets.

Level 3 Assets. Level 3 assets predominantly include investments in nonconsolidated CLOs, loans of consolidated CIPs, and corporate minority private debt investments. Investments in CLOs and loans were valued based on single-broker nonbinding quotes or quotes from pricing services which use significant unobservable inputs. BlackRock's corporate minority private debt investments were primarily valued using the income approach by discounting the expected cash flows to a single present value. For investments utilizing a discounted cashflow valuation technique, an increase (decrease) in the discount rate or risk premium in isolation could have resulted in a significantly lower (higher) fair value measurement as of March 31, 2025 and December 31, 2024.

Level 3 Liabilities. Level 3 liabilities primarily include borrowings of a consolidated CLO, which were valued based on the fair value of the assets of the consolidated CLO less the fair value of the Company’s economic interest in the CLO, as well as contingent consideration liabilities related to certain acquisitions, which were valued based upon discounted cash flow analyses using unobservable market data inputs or other valuation techniques.

At March 31, 2025 and December 31, 2024, the contingent consideration liability related to the GIP Transaction was estimated using the income approach, with certain significant inputs including risk-free discount rates of approximately 3.9% and 4.3%, respectively, as well as current estimates of the timing and amounts of fundraising forecasts, stock and AUM volatility, and correlation between stock price and AUM (Level 3 inputs). Accordingly, changes in key inputs and assumptions described will impact the amount of contingent consideration expense recorded in a reporting period until the contingency is resolved. Changes in fair value are recorded within general and administration expense of the condensed consolidated statements of income.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2025

(in millions)

 

December 31,
 2024

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

March 31,
 2025

 

 

Total Net
Unrealized
Gains (Losses)
Included in
Earnings(2)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

$

79

 

 

$

(2

)

 

$

4

 

 

$

(2

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

79

 

 

$

(2

)

Loans

 

 

135

 

 

 

(11

)

 

 

11

 

 

 

(28

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

107

 

 

 

(11

)

Total investments

 

 

214

 

 

 

(13

)

 

 

15

 

 

 

(30

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

186

 

 

 

(13

)

Other assets

 

 

149

 

 

 

3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

152

 

 

 

3

 

Total assets

 

$

363

 

 

$

(10

)

 

$

15

 

 

$

(30

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

338

 

 

$

(10

)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration 
   liabilities

 

$

4,302

 

 

$

(99

)

 

$

—

 

 

$

—

 

 

$

(11

)

 

$

—

 

 

$

—

 

 

$

4,390

 

 

$

(99

)

Other liabilities

 

 

129

 

 

 

3

 

 

 

—

 

 

 

—

 

 

 

(24

)

 

 

—

 

 

 

—

 

 

 

102

 

 

 

3

 

Total liabilities

 

$

4,431

 

 

$

(96

)

 

$

—

 

 

$

—

 

 

$

(35

)

 

$

—

 

 

$

—

 

 

$

4,492

 

 

$

(96

)

 

(1)
Issuances and other settlements amounts include a contingent liability payment related to a previous acquisition and repayments of borrowings of a consolidated CLO.
(2)
Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2024

(in millions)

 

December 31,
2023

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

March 31,
2024

 

 

Total Net
Unrealized
Gains (Losses)
Included in
Earnings(2)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

$

42

 

 

$

(1

)

 

$

7

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

48

 

 

$

(1

)

Loans

 

 

175

 

 

 

2

 

 

 

365

 

 

 

(17

)

 

 

—

 

 

 

3

 

 

 

(3

)

 

 

525

 

 

 

2

 

Total investments

 

 

217

 

 

 

1

 

 

 

372

 

 

 

(17

)

 

 

—

 

 

 

3

 

 

 

(3

)

 

 

573

 

 

 

1

 

Other assets

 

 

120

 

 

 

(7

)

 

 

25

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

138

 

 

 

(7

)

Total assets

 

$

337

 

 

$

(6

)

 

$

397

 

 

$

(17

)

 

$

—

 

 

$

3

 

 

$

(3

)

 

$

711

 

 

$

(6

)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

$

279

 

 

$

6

 

 

$

—

 

 

$

—

 

 

$

(15

)

 

$

—

 

 

$

—

 

 

$

258

 

 

$

6

 

 

 

(1)
Amounts include repayments of borrowings of a consolidated CLO.
(2)
Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.

Realized and Unrealized Gains (Losses) for Level 3 Assets and Liabilities. Realized and unrealized gains (losses) recorded for Level 3 assets and liabilities are reported in nonoperating income (expense) or AOCI for corporate minority private debt investments. A portion of net income (loss) related to securities held by CIPs is allocated to NCI to reflect net income (loss) not attributable to the Company.

Transfers in and/or out of Levels. Transfers in and/or out of levels are reflected when significant inputs, including market inputs or performance attributes, used for the fair value measurement become observable/unobservable.

Disclosures of Fair Value for Financial Instruments Not Held at Fair Value. At March 31, 2025 and December 31, 2024, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below:

 

March 31, 2025

 

 

December 31, 2024

 

 

 

 

(in millions)

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Fair Value
Hierarchy

 

Financial assets(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

7,747

 

 

$

7,747

 

 

$

12,762

 

 

$

12,762

 

 

Level 1

(2)(3)

Other assets

$

108

 

 

$

108

 

 

$

86

 

 

$

86

 

 

Level 1

(2)(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term borrowings

$

12,349

 

 

$

11,911

 

 

$

12,314

 

 

$

11,680

 

 

Level 2

(5)

 

(1)
See Note 5, Investments, for further information on investments not held at fair value.
(2)
Cash and cash equivalents, other than money market funds, are carried at either cost or amortized cost, which approximates fair value due to their short-term maturities.
(3)
At March 31, 2025 and December 31, 2024, approximately $2.4 billion and $6.2 billion, respectively, of money market funds were recorded within cash and cash equivalents on the condensed consolidated statements of financial condition. Money market funds are valued based on quoted market prices, or $1.00 per share, which generally is the NAV of the fund.
(4)
At March 31, 2025 and December 31, 2024, other assets included cash collateral of approximately $91 million and $69 million, respectively. See Note 9, Derivatives and Hedging for further information on derivatives held by the Company. In addition, other assets included $17 million of restricted cash at both March 31, 2025 and December 31, 2024.
(5)
Long-term borrowings are recorded at amortized cost, net of debt issuance costs. The fair value of the long-term borrowings, including the current portion of long-term borrowings, is determined using market prices and the EUR/USD foreign exchange rate at the end of March 2025 and December 2024, respectively. See Note 14, Borrowings, for the fair value of each of the Company’s long-term borrowings.

Investments in Certain Entities that Calculate NAV Per Share

As a practical expedient to value certain investments that do not have a readily determinable fair value and have attributes of an investment company, the Company uses NAV as the fair value. The following tables list information regarding all investments that use a fair value measurement to account for both their financial assets and financial liabilities in their calculation of a NAV per share (or equivalent).

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

Ref

 

Fair Value

 

 

Total
Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice Period

Equity method(1):

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds/funds of hedge
  funds/other

 

(a)

 

$

443

 

 

$

132

 

 

Daily/Monthly (2%)
Quarterly (17%)
N/R (81%)

 

1 – 90 days

Private equity funds

 

(b)

 

 

1,123

 

 

 

248

 

 

N/R

 

N/R

Real assets funds

 

(c)

 

 

568

 

 

 

723

 

 

Quarterly (6%)
N/R (94%)

 

60 days

Investments related to deferred
   cash compensation plan

 

(d)

 

 

265

 

 

 

—

 

 

Monthly

 

1 – 90 days

Other investments:

 

 

 

 

 

 

 

 

 

 

 

 

Private credit fund

 

(a)

 

 

136

 

 

 

—

 

 

Quarterly

 

30 days

Consolidated sponsored
   investment products:

 

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

 

(c)

 

 

157

 

 

 

36

 

 

N/R

 

N/R

Private equity funds

 

(e)

 

 

88

 

 

 

42

 

 

N/R

 

N/R

Hedge funds/other

 

(a)

 

 

147

 

 

 

57

 

 

Quarterly (77%)
N/R (23%)

 

90 days

Total

 

 

 

$

2,927

 

 

$

1,238

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

Ref

 

Fair Value

 

 

Total
Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice Period

Equity method(1):

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds/funds of hedge
  funds/other

 

(a)

 

$

552

 

 

$

138

 

 

Daily/Monthly (2%)
Quarterly (10%)
N/R (88%)

 

1 – 90 days

Private equity funds

 

(b)

 

 

1,060

 

 

 

227

 

 

N/R

 

N/R

Real assets funds

 

(c)

 

 

520

 

 

 

710

 

 

Quarterly (7%)
N/R (93%)

 

60 days

Investments related to deferred
   cash compensation plan

 

(d)

 

 

173

 

 

 

—

 

 

Monthly

 

1 – 90 days

Consolidated sponsored
   investment products:

 

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

 

(c)

 

 

175

 

 

 

40

 

 

N/R

 

N/R

Private equity funds

 

(e)

 

 

7

 

 

 

42

 

 

N/R

 

N/R

Hedge funds/other

 

(a)

 

 

92

 

 

 

58

 

 

Quarterly (64%)
N/R (36%)

 

90 days

Total

 

 

 

$

2,579

 

 

$

1,215

 

 

 

 

 

 

 

N/R – Not Redeemable

(1)
Comprised of equity method investments, which include investment companies that account for their financial assets and most financial liabilities under fair value measures; therefore, the Company’s investment in such equity method investees approximates fair value.
(a)
This category includes hedge funds, funds of hedge funds, and other funds that invest primarily in equities, fixed income securities, private credit, opportunistic and mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company’s ownership interest in partners’ capital. The liquidation period for the investments in the funds that are not subject to redemption is unknown at both March 31, 2025 and December 31, 2024.
(b)
This category includes private equity funds that initially invest in nonmarketable securities of private companies, which ultimately may become public in the future. The fair values of these investments have been estimated using capital accounts representing the Company’s ownership interest in the funds and may also include other performance inputs. The Company’s investment in each fund is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying assets of the private equity funds. The liquidation period for the investments in these funds is unknown at both March 31, 2025 and December 31, 2024.
(c)
This category includes several real assets funds that invest directly and indirectly in real estate or infrastructure. The fair values of the investments have been estimated using capital accounts representing the Company’s ownership interest in the funds. The Company’s investments that are not subject to redemption or are not currently redeemable are normally returned through distributions and realizations of the underlying assets of the funds. The liquidation period for the investments in the funds that are not subject to redemptions is unknown at both March 31, 2025 and December 31, 2024. The total remaining unfunded commitments were $759 million and $750 million at March 31, 2025 and December 31, 2024, respectively. The Company’s portion of the total remaining unfunded commitments was $746 million and $736 million at March 31, 2025 and December 31, 2024, respectively.
(d)
This category includes hedge funds and funds of hedge funds that invest primarily in equities, fixed income securities, mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company's ownership interest in partners' capital. The investments in hedge funds will be redeemed upon settlement of certain deferred cash compensation liabilities.
(e)
This category includes the underlying third-party private equity funds within consolidated BlackRock sponsored private equity funds of funds. These investments are not subject to redemption or are not currently redeemable; however, for certain funds, the Company may sell or transfer its interest, which may need approval by the general partner of the underlying funds. Due to the nature of the investments in this category, the Company reduces its investment by distributions that are received through the realization of the underlying assets of the funds. The liquidation period for the underlying assets of these funds is unknown.

Fair Value Option

At both March 31, 2025 and December 31, 2024, the Company elected the fair value option for certain investments in CLOs of approximately $72 million reported within investments.

In addition, the Company elected the fair value option for bank loans and borrowings of a consolidated CLO, recorded within investments and other liabilities, respectively. The following table summarizes the information related to these bank loans and borrowings at March 31, 2025 and December 31, 2024:

 

 

March 31,

 

 

December 31,

 

(in millions)

 

2025

 

 

2024

 

CLO loans:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

138

 

 

$

156

 

Fair value

 

 

115

 

 

 

141

 

Aggregate unpaid principal balance in excess of (less than) fair value

 

$

23

 

 

$

15

 

 

 

 

 

 

 

CLO borrowings:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

122

 

 

$

146

 

Fair value

 

 

102

 

 

 

129

 

Aggregate unpaid principal balance in excess of (less than) fair value

 

$

20

 

 

$

17

 

 

At March 31, 2025, the principal amounts outstanding of the borrowings issued by the consolidated CLO mature in 2030, and may be repaid prior to maturity at any time.

During the three months ended March 31, 2025 and 2024, the net gains (losses) from the change in fair value of the bank loans and borrowings held by the consolidated CLO were not material and were recorded in net gain (loss) on the condensed consolidated statements of income. The change in fair value of the assets and liabilities included interest income and expense, respectively.
v3.25.1
Derivatives and Hedging
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging

9. Derivatives and Hedging

The Company maintains a program to enter into exchange traded futures as a macro hedging strategy to hedge market price and interest rate exposures with respect to its total portfolio of seed investments in sponsored investment products. The Company had outstanding exchange traded futures related to this macro hedging strategy with aggregate notional values of approximately $1.8 billion at both March 31, 2025 and December 31, 2024, with expiration dates during the second and first quarter of 2025, respectively.

In addition, the Company enters into exchange traded futures to economically hedge the exposure to market movements on certain deferred cash compensation plans. At March 31, 2025 and December 31, 2024, the Company had outstanding exchange traded futures with aggregate notional values related to its deferred cash compensation hedging program of approximately $218 million and $197 million, with expiration dates during the second and first quarter of 2025, respectively.

Changes in the value of the futures contracts are recognized as gains or losses within nonoperating income (expense). Variation margin payments, which represent settlements of profit/loss, are generally received or made daily, and are reflected in other assets and other liabilities on the condensed consolidated statements of financial condition. These amounts were not material as of March 31, 2025 and December 31, 2024.

The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange movements. At March 31, 2025 and December 31, 2024, the Company had outstanding forward foreign currency exchange contracts with aggregate notional values of approximately $3.1 billion, with expiration dates primarily in April 2025, and $3.6 billion, with expiration dates in January 2025, respectively.

At both March 31, 2025 and December 31, 2024, the Company had a derivative providing credit protection with a notional amount of approximately $17 million to a counterparty, representing the Company’s maximum risk of loss with respect to the derivative. The Company carries the derivative at fair value based on the expected discounted future cash outflows under the arrangement.

The following table presents the fair values of derivative instruments recognized in the condensed consolidated statements of financial condition at March 31, 2025 and December 31, 2024:

 

Assets

 

 

Liabilities

 

(in millions)

Statement of
Financial
Condition
Classification

 

March 31, 2025

 

 

December 31, 2024

 

 

Statement of
Financial
Condition
Classification

 

March 31, 2025

 

 

December 31, 2024

 

Derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward foreign currency
   exchange contracts

Other assets

 

$

7

 

 

$

7

 

 

Other liabilities

 

$

8

 

 

$

35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table presents realized and unrealized gains (losses) recognized in the condensed consolidated statements of income on derivative instruments:

 

 

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

 

Statement of Income

 

2025

 

 

2024

 

(in millions)

 

Classification

 

Gains (Losses)

 

Derivative instruments

 

 

 

 

 

 

 

 

Exchange traded futures(1)

 

Net gain (loss) on investments

 

$

4

 

 

$

(32

)

Forward foreign currency
   exchange contracts

 

General and administration expense

 

 

47

 

 

 

(5

)

Total gain (loss) from derivative
   instruments

 

 

 

$

51

 

 

$

(37

)

 

(1)
Amounts for the three months ended March 31, 2025 and 2024 include $10 million of gains and $43 million of losses on futures used in a macro hedging strategy of seed investments, respectively, and $6 million of losses and $11 million of gains on futures used to economically hedge certain deferred cash compensation plans, respectively.

The Company's CIPs may utilize derivative instruments as a part of the funds' investment strategies. The change in fair value of such derivatives, which is recorded in nonoperating income (expense), was not material for the three months ended March 31, 2025 and 2024.

See Note 15, Borrowings, in the 2024 Form 10-K for more information on the Company’s net investment hedge.
v3.25.1
Goodwill
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill

10. Goodwill

Goodwill activity during the three months ended March 31, 2025 was as follows:

 (in millions)

 

 

 December 31, 2024

$

25,949

 

Acquisition(1)

 

2,344

 

Other

 

5

 

 March 31, 2025

$

28,298

 

 

(1)
Amount represents goodwill in connection with the Preqin Transaction. See Note 3, Acquisitions, for further information.
v3.25.1
Intangible Assets
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

11. Intangible Assets

The carrying amounts of identifiable intangible assets are summarized as follows:

 (in millions)

Indefinite-lived

 

 

Finite-lived

 

 

Total

 

 December 31, 2024

$

17,528

 

 

$

3,215

 

 

$

20,743

 

Acquisition(1)

 

—

 

 

 

1,222

 

 

 

1,222

 

Amortization expense

 

—

 

 

 

(117

)

 

 

(117

)

Other

 

—

 

 

 

2

 

 

 

2

 

 March 31, 2025

$

17,528

 

 

$

4,322

 

 

$

21,850

 

 

(1)
In connection with the Preqin Transaction, the Company acquired approximately $1.1 billion of finite-lived customer relationships, $125 million of finite-lived technology-related intangible assets and $7 million of a finite-lived trade name. See Note 3, Acquisitions, for further information.
v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases

12. Leases

The following table presents components of lease cost included in general and administration expense on the condensed consolidated statements of income:

 

Three Months Ended

 

 

March 31,

 

(in millions)

2025

 

 

2024

 

Lease cost:

 

 

 

 

 

Operating lease cost(1)

$

50

 

 

$

45

 

Variable lease cost(2)

 

17

 

 

 

14

 

Total lease cost

$

67

 

 

$

59

 

 

(1)
Amounts include short-term leases, which are immaterial for the three months ended March 31, 2025 and 2024.
(2)
Amounts include operating lease payments, which may be adjusted based on usage, changes in an index or market rate, as well as common area maintenance charges and other variable costs not included in the measurement of right-of-use (“ROU”) assets and operating lease liabilities.

Supplemental information related to operating leases is summarized below:

 

 

Three Months Ended

 

 

 

March 31,

 

(in millions)

 

2025

 

 

2024

 

Supplemental cash flow information:

 

 

 

 

 

 

Operating cash flows from operating leases included in the measurement
   of operating lease liabilities

 

$

49

 

 

$

44

 

 

 

 

 

 

 

 

Supplemental noncash information:

 

 

 

 

 

 

ROU assets in exchange for operating lease liabilities

 

$

30

 

 

$

27

 

 

 

March 31,

 

December 31,

 

2025

 

2024

Lease term and discount rate:

 

 

 

 

 

 

 

Weighted-average remaining lease term

 

14

 

years

 

 

14

 

years

Weighted-average discount rate

 

3

 

%

 

 

3

 

%
v3.25.1
Other Assets
 3 Months Ended
Mar. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets

13. Other Assets

The Company records certain corporate investments, which exclude seed and co-investments in the Company's sponsored investment products, within other assets on the condensed consolidated statements of financial condition.

At March 31, 2025 and December 31, 2024, the Company had $933 million and $888 million, respectively, of corporate equity method investments, recorded within other assets. At March 31, 2025 and December 31, 2024, the Company's ownership interest in its minority investment in iCapital Network Inc. ("iCapital") was approximately 23%, and 24%, respectively, and the carrying value of the Company's interest was $685 million and $652 million, respectively. In accordance with GAAP, certain equity method investees, including iCapital, do not account for both their financial assets and liabilities under fair value measures; therefore, the Company’s investment in such equity method investees may not represent fair value.

At March 31, 2025 and December 31, 2024, the Company had $456 million and $438 million, respectively, of other nonequity method corporate minority investments recorded within other assets. These investments include equity securities, generally measured at fair value or under the measurement alternative to fair value for nonmarketable securities, and corporate minority private debt investments measured at fair value. Changes in value of the equity securities are recorded in nonoperating income (expense) and changes in value of the debt securities are recorded in AOCI, net of tax. See Note 2, Significant Accounting Policies, in the notes to the consolidated financial statements contained in the 2024 Form 10-K for further information.
v3.25.1
Borrowings
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Borrowings

14. Borrowings

Short-Term Borrowings

2025 Revolving Credit Facility. The Company maintains an unsecured revolving credit facility (the “2025 Credit Facility”) of $5.4 billion as of March 31, 2025, with a maturity date of March 2029 for lenders other than one non-extending lender and the commitment of the non-extending lender maturing in March 2028. The 2025 Credit Facility is available for working capital and general corporate purposes. The 2025 Credit Facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, which could increase the overall size of the 2025 Credit Facility to an aggregate principal amount of up to $6.4 billion. Interest on outstanding borrowings accrues at an applicable benchmark rate for the denominated currency of the loan, plus a spread. The 2025 Credit Facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1, which was satisfied with a ratio of less than 1 to 1 at March 31, 2025. At March 31, 2025, the Company had no amount outstanding under the 2025 Credit Facility.

Commercial Paper Program. The Company may issue short-term unsecured commercial paper notes (the “CP Notes”) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $5 billion. The payments of the CP Notes have been unconditionally guaranteed by BlackRock Finance, Inc. (formerly known as BlackRock, Inc.) ("Old BlackRock") (the "CP Notes Guarantee"). The CP Notes will rank equal in right of payment with all of BlackRock's other unsubordinated indebtedness, and the obligations of Old BlackRock under the CP Notes Guarantee will rank equal in right of payment with all of Old BlackRock's other unsubordinated indebtedness. Net proceeds of issuances of the CP Notes are expected to be used for general corporate purposes. The commercial paper program is currently supported by the 2025 Credit Facility. At March 31, 2025, BlackRock had no CP Notes outstanding.

Subsidiary Credit Facility. BlackRock Investment Management (UK) Limited ("BIM UK"), a wholly owned subsidiary of the Company, maintains a revolving credit facility (the “Subsidiary Credit Facility”) in the amount of £25 million (or approximately $32 million based on the GBP/USD foreign exchange rate at March 31, 2025) with a rolling 364-day term structure. The Subsidiary Credit Facility is available for BIM UK's general corporate and working capital purposes. At March 31, 2025, there was no amount outstanding under the Subsidiary Credit Facility.

Long-Term Borrowings

The carrying value and fair value of long-term borrowings determined using market prices and EUR/USD foreign exchange rate at March 31, 2025 included the following:

(in millions)

Maturity
Amount

 

 

Unamortized
Discount
and Debt
Issuance Costs(1)

 

 

Carrying Value

 

 

Fair Value

 

1.25% Notes due 2025(2)

$

756

 

 

$

—

 

 

$

756

 

 

$

755

 

3.20% Notes due 2027(2)

 

700

 

 

 

(2

)

 

 

698

 

 

 

688

 

4.60% Notes due 2027

 

800

 

 

 

(3

)

 

 

797

 

 

 

806

 

3.25% Notes due 2029(2)

 

1,000

 

 

 

(6

)

 

 

994

 

 

 

960

 

4.70% Notes due 2029

 

500

 

 

 

(3

)

 

 

497

 

 

 

506

 

2.40% Notes due 2030(2)

 

1,000

 

 

 

(3

)

 

 

997

 

 

 

905

 

1.90% Notes due 2031(2)

 

1,250

 

 

 

(6

)

 

 

1,244

 

 

 

1,080

 

2.10% Notes due 2032(2)

 

1,000

 

 

 

(10

)

 

 

990

 

 

 

848

 

4.75% Notes due 2033(2)

 

1,250

 

 

 

(17

)

 

 

1,233

 

 

 

1,245

 

5.00% Notes due 2034

 

1,000

 

 

 

(7

)

 

 

993

 

 

 

1,008

 

4.90% Notes due 2035

 

500

 

 

 

(5

)

 

 

495

 

 

 

498

 

5.25% Notes due 2054

 

1,500

 

 

 

(31

)

 

 

1,469

 

 

 

1,446

 

5.35% Notes due 2055

 

1,200

 

 

 

(14

)

 

 

1,186

 

 

 

1,166

 

Total long-term borrowings

$

12,456

 

 

$

(107

)

 

$

12,349

 

 

$

11,911

 

 

(1)
The unamortized discount and debt issuance costs are amortized over the term of the notes.
(2)
Issued by Old BlackRock and guaranteed by BlackRock, Inc. ("New BlackRock").

 

Long-term borrowings at December 31, 2024 had a carrying value of $12.3 billion and a fair value of $11.7 billion, determined using market prices at the end of December 31, 2024.

See Note 15, Borrowings, in the 2024 Form 10-K for more information regarding the Company’s borrowings.
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

15. Commitments and Contingencies

Investment Commitments. At March 31, 2025, the Company had $1.2 billion of various capital commitments to fund sponsored investment products, including CIPs. These products include various private market products, including private equity funds, real assets funds and opportunistic funds. This amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds. Generally, the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment. These unfunded commitments are not recorded on the condensed consolidated statements of financial condition. These commitments do not include potential future commitments approved by the Company that are not yet legally binding. The Company intends to make additional capital commitments from time to time to fund additional investment products for, and with, its clients.

Contingencies

Contingent Consideration Liabilities. In connection with certain acquisitions, BlackRock is required to make contingent payments, subject to the achievement of specified performance targets or satisfaction of certain post-closing events. The fair value of any contingent consideration is estimated at the time of acquisition closing and is included in contingent consideration liabilities on the condensed consolidated statements of financial condition. The fair value of the remaining aggregate contingent payments at March 31, 2025 totaled $4.4 billion, including $4.3 billion related to the GIP Transaction, which, if any, will be settled, all in stock, ranging from 4.0 million to 5.2 million shares, subject to achieving certain performance targets. See Note 3, Acquisitions, for more information.

Legal Proceedings. From time to time, BlackRock receives subpoenas or other requests for information from various US federal and state governmental and regulatory authorities and international governmental and regulatory authorities in connection with industry-wide or other investigations or proceedings. It is BlackRock’s policy to cooperate fully with such matters. In 2023, BlackRock responded to requests from the SEC in connection with a publicly reported, industry-wide investigation of investment advisers’ compliance with record retention requirements relating to certain types of electronic communications.

The Company, certain of its subsidiaries and employees have been named as defendants in various legal actions, including arbitrations and other litigation arising in connection with BlackRock’s activities. Additionally, BlackRock-advised investment portfolios may be subject to lawsuits, any of which potentially could harm the investment returns of the applicable portfolio or result in the Company being liable to the portfolios for any resulting damages.

Management, after consultation with legal counsel, currently does not anticipate that the aggregate liability arising out of regulatory matters or lawsuits will have a material effect on BlackRock’s results of operations, financial position, or cash flows. However, there is no assurance as to whether any such pending or threatened matters will have a material effect on BlackRock’s results of operations, financial position or cash flows in any future reporting period. Due to uncertainties surrounding the outcome of these matters, management cannot reasonably estimate the possible loss or range of loss that may arise from these matters.

Indemnifications. In the ordinary course of business or in connection with certain acquisition agreements, BlackRock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances. The terms of these indemnities vary from contract to contract and the amount of indemnification liability, if any, cannot be determined or the likelihood of any liability is considered remote. Consequently, no liability has been recorded on the condensed consolidated statements of financial condition.

In connection with securities lending transactions, BlackRock has agreed to indemnify certain securities lending clients against potential loss resulting from a borrower’s failure to fulfill its obligations under the securities lending agreement should the value of the collateral pledged by the borrower at the time of default be insufficient to cover the borrower’s obligation under the securities lending agreement. The amount of securities on loan as of March 31, 2025 and subject to this type of indemnification was approximately $316 billion. In the Company’s capacity as lending agent, cash and securities totaling approximately $334 billion were held as collateral for indemnified securities on loan at March 31, 2025. The fair value of these indemnifications was not material at March 31, 2025.
v3.25.1
Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

16. Revenue

The table below presents detail of revenue for the three months ended March 31, 2025 and 2024 and includes the product type mix of investment advisory, administration fees and securities lending revenue, and performance fees.

 

Three Months Ended

 

 

March 31,

 

(in millions)

2025

 

 

2024

 

Revenue

 

 

 

 

 

Investment advisory, administration fees and
   securities lending revenue(1):

 

 

 

 

 

Equity:

 

 

 

 

 

Active

$

518

 

 

$

516

 

ETFs

 

1,349

 

 

 

1,190

 

Equity subtotal

 

1,867

 

 

 

1,706

 

Fixed income:

 

 

 

 

 

Active

 

492

 

 

 

484

 

ETFs

 

352

 

 

 

327

 

Fixed income subtotal

 

844

 

 

 

811

 

Active multi-asset

 

313

 

 

 

305

 

Alternatives:

 

 

 

 

 

Private markets

 

535

 

 

 

240

 

Liquid alternatives

 

150

 

 

 

138

 

Alternatives subtotal

 

685

 

 

 

378

 

Non-ETF index

 

307

 

 

 

288

 

Digital assets, commodities and multi-asset ETFs(2)

 

92

 

 

 

45

 

Long-term

 

4,108

 

 

 

3,533

 

Cash management

 

293

 

 

 

245

 

Total investment advisory, administration fees
   and securities lending revenue(3)

 

4,401

 

 

 

3,778

 

Investment advisory performance fees:

 

 

 

 

 

Equity

 

10

 

 

 

8

 

Fixed income

 

12

 

 

 

4

 

Multi-asset

 

4

 

 

 

2

 

Alternatives:

 

 

 

 

 

Private markets

 

24

 

 

 

125

 

Liquid alternatives

 

10

 

 

 

65

 

Alternatives subtotal

 

34

 

 

 

190

 

Total investment advisory performance fees

 

60

 

 

 

204

 

Technology services and subscription revenue

 

436

 

 

 

377

 

Distribution fees

 

321

 

 

 

310

 

Advisory and other revenue:

 

 

 

 

 

Advisory

 

14

 

 

 

13

 

Other

 

44

 

 

 

46

 

Total advisory and other revenue

 

58

 

 

 

59

 

Total revenue

$

5,276

 

 

$

4,728

 

 

(1)
Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation. See page 11 of Exhibit 99.2 to the Current Report on Form 8-K furnished on April 11, 2025 for the reclassified presentation of the 2024 investment advisory, administration fees and securities lending revenue line items.
(2)
Amounts include commodity ETFs and exchange-traded products ("ETPs").
(3)
Amounts include $157 million and $151 million of securities lending revenue for the three months ended March 31, 2025 and 2024, respectively.

The tables below present the investment advisory, administration fees and securities lending revenue by client type and investment style:

 

Three Months Ended

 

 

March 31,

 

(in millions)

2025

 

 

2024

 

By client type(1):

 

 

 

 

 

Retail

$

1,061

 

 

$

1,041

 

ETFs

 

1,793

 

 

 

1,562

 

Institutional:

 

 

 

 

 

Active

 

1,016

 

 

 

697

 

Index

 

238

 

 

 

233

 

Institutional subtotal

 

1,254

 

 

 

930

 

Long-term

 

4,108

 

 

 

3,533

 

Cash management

 

293

 

 

 

245

 

Total

$

4,401

 

 

$

3,778

 

 

 

 

 

 

 

By investment style(1):

 

 

 

 

 

Active

$

2,008

 

 

$

1,683

 

ETFs

 

1,793

 

 

 

1,562

 

Non-ETF index

 

307

 

 

 

288

 

Long-term

 

4,108

 

 

 

3,533

 

Cash management

 

293

 

 

 

245

 

Total

$

4,401

 

 

$

3,778

 

 

(1)
Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation. See page 11 of Exhibit 99.2 to the Current Report on Form 8-K furnished on April 11, 2025 for the reclassified presentation of the 2024 investment advisory, administration fees and securities lending revenue line items.

Investment Advisory and Administration Fees – Remaining Performance Obligation

The tables below present estimated investment advisory and administration fees expected to be recognized in the future related to the unsatisfied portion of the performance obligations at March 31, 2025 and 2024:

March 31, 2025

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2025

 

 

2026

 

 

2027

 

 

2028

 

 

Thereafter

 

 

Total

 

Investment advisory and
   administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

369

 

 

$

445

 

 

$

416

 

 

$

131

 

 

$

32

 

 

$

1,393

 

 

March 31, 2024

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2024

 

 

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

Investment advisory and
   administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

152

 

 

$

180

 

 

$

159

 

 

$

119

 

 

$

49

 

 

$

659

 

 

(1)
Investment advisory and administration fees include management fees related to certain private markets products, which are determined based on known contractual committed capital outstanding at March 31, 2025 and 2024. Revenue attributed to future periods could be subject to change due to a change in business activities and actual amounts could differ from amounts disclosed in the table above.
(2)
The Company elected practical expedients to exclude amounts related to (a) performance obligations with an original duration of one year or less, and (b) variable consideration related to future service periods.

 

Change in Deferred Carried Interest Liability

The table below presents changes in the deferred carried interest liability, which is included in other liabilities on the condensed consolidated statements of financial condition, for the three months ended March 31, 2025 and 2024:

 

Three Months Ended

 

 

March 31,

 

(in millions)

2025

 

 

2024

 

Beginning balance

$

1,860

 

 

$

1,783

 

Net increase (decrease) in unrealized allocations

 

104

 

 

 

142

 

Performance fee revenue recognized

 

(32

)

 

 

(111

)

Ending balance

$

1,932

 

 

$

1,814

 

 

Technology Services and Subscription Revenue – Remaining Performance Obligation

The tables below present estimated technology services and subscription revenue expected to be recognized in the future related to the unsatisfied portion of the performance obligations at March 31, 2025 and 2024:

March 31, 2025

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2025

 

 

2026

 

 

2027

 

 

2028

 

 

Thereafter

 

 

Total

 

Technology services and
   subscription revenue(1)(2)

$

177

 

 

$

141

 

 

$

73

 

 

$

38

 

 

$

51

 

 

$

480

 

 

March 31, 2024

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2024

 

 

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

Technology services and
   subscription revenue(1)(2)

$

104

 

 

$

76

 

 

$

59

 

 

$

33

 

 

$

31

 

 

$

303

 

 

(1)
Technology services and subscription revenue primarily includes upfront payments from customers, which the Company generally recognizes as services are performed. Revenue attributed to future periods could be subject to change due to a change in business activities and actual amounts could differ from amounts disclosed in the table above.
(2)
The Company elected practical expedients to exclude amounts related to (a) performance obligations with an original duration of one year or less, and (b) variable consideration related to future service periods.

In addition to amounts disclosed in the tables above, certain technology services and subscription contracts require fixed minimum fees, which are billed on a monthly or quarterly basis in arrears. The Company recognizes such revenue as services are performed. As of March 31, 2025, the estimated fixed minimum fees for the remainder of the year approximated $890 million. The term for these contracts, which are either in their initial or renewal period, ranges from one to five years.

The table below presents changes in the technology services and subscription deferred revenue liability for the three months ended March 31, 2025 and 2024, which is included in other liabilities on the condensed consolidated statements of financial condition:

 

Three Months Ended

 

 

March 31,

 

(in millions)

2025

 

 

2024

 

Beginning balance

$

124

 

 

$

133

 

Acquisition(1)

 

88

 

 

 

—

 

Additions(2)

 

44

 

 

 

25

 

Revenue recognized that was included
   in the beginning balance

 

(24

)

 

 

(28

)

Ending balance

$

232

 

 

$

130

 

 

(1)
Amount for 2025 includes deferred revenue acquired in connection with the Preqin Transaction, net of revenue recognized for the three months ended March 31, 2025. See Note 3, Acquisitions, for information on the Preqin Transaction.
(2)
Amounts are net of revenue recognized.
v3.25.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

17. Stock-Based Compensation

Restricted Stock Units ("RSUs")

Time-Based RSUs

RSU activity for the three months ended March 31, 2025 is summarized below.

Outstanding at

RSUs

 

 

Weighted-
Average
Grant Date
Fair Value

 

December 31, 2024

 

2,297,665

 

 

$

793.08

 

Granted

 

630,243

 

 

$

1,001.67

 

Converted

 

(577,831

)

 

$

799.18

 

Forfeited

 

(29,476

)

 

$

813.67

 

March 31, 2025

 

2,320,601

 

 

$

847.95

 

 

In January 2025, pursuant to the BlackRock, Inc. Third Amended and Restated 1999 Stock Award and Incentive Plan (the "Award Plan"), the Company granted as part of the 2024 annual incentive compensation approximately 332,000 RSUs to employees that vest ratably over three years from the grant date and approximately 216,000 RSUs to employees that cliff vest 100% on January 31, 2028. The Company values RSUs at their grant-date fair value as measured by BlackRock’s common stock price. For certain incentive retention RSUs, which were granted in connection with the GIP Transaction in October of 2024, and which are not entitled to participate in dividends until they vest, the grant-date fair value was reduced by the present value of the dividends expected to be paid on the common shares during the vesting period, discounted at a risk-free interest rate. The grant-date fair market value of RSUs granted to employees during the three months ended March 31, 2025 was $631 million.

At March 31, 2025, the intrinsic value of outstanding RSUs was $2.2 billion, reflecting a closing stock price of $946.

At March 31, 2025, total unrecognized stock-based compensation expense related to unvested RSUs was $1.3 billion. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 2.3 years.

Performance-Based RSUs

Performance-based RSU activity for the three months ended March 31, 2025 is summarized below.

Outstanding at

Performance-
Based RSUs

 

 

Weighted-
Average
Grant Date
Fair Value

 

 

Performance-
Based RSUs in Connection with the GIP Transaction

 

 

Weighted-
Average
Grant Date
Fair Value

 

 

Total Performance-
Based RSUs

 

 

Weighted-
Average
Grant Date
Fair Value

 

December 31, 2024

 

451,042

 

 

$

788.61

 

 

 

210,505

 

 

$

845.48

 

 

 

661,547

 

 

$

806.71

 

Granted

 

136,133

 

 

$

999.36

 

 

 

—

 

 

$

—

 

 

 

136,133

 

 

$

999.36

 

Reduction of shares due to performance measures

 

(71,866

)

 

$

832.07

 

 

 

—

 

 

$

—

 

 

 

(71,866

)

 

$

832.07

 

Converted

 

(54,212

)

 

$

832.07

 

 

 

—

 

 

$

—

 

 

 

(54,212

)

 

$

832.07

 

Forfeited

 

(2,721

)

 

$

771.55

 

 

 

(3,459

)

 

$

845.48

 

 

 

(6,180

)

 

$

812.93

 

March 31, 2025

 

458,376

 

 

$

839.35

 

 

 

207,046

 

 

$

845.48

 

 

 

665,422

 

 

$

841.26

 

 

In January 2025, the Company granted approximately 136,000 performance-based RSUs to certain employees that cliff vest 100% on January 31, 2028. These awards are amortized over a service period of three years. The number of shares distributed at vesting could be higher or lower than the original grant based on the level of attainment of predetermined Company performance measures. In January 2025, the Company reduced the number of original shares granted in 2022 by 71,866 RSUs based on the level of attainment of Company performance measures during the performance period.

The Company values performance-based RSUs at their grant-date fair value as measured by BlackRock’s common stock price. The incentive retention performance-based RSUs granted in connection with the GIP Transaction in October 2024 mentioned above, are not entitled to participate in dividends until they vest, hence the grant-date fair value of the awards are reduced by the present value of the dividends expected to be paid on the common shares during the vesting period, discounted at a risk-free interest rate. The total grant-date fair market value of performance-based RSUs granted (including impact due to performance measures) to employees during the three months ended March 31, 2025 was $76 million.

At March 31, 2025, the intrinsic value of outstanding performance-based RSUs was $630 million, reflecting a closing stock price of $946.

At March 31, 2025, total unrecognized stock-based compensation expense related to unvested performance-based awards was $397 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 2.4 years.

Stock Options

Stock option activity and ending balance for the three months ended March 31, 2025 is summarized below.

 

2017 Performance-based
Options

 

 

2023 Performance-based
Options

 

 

2023 Time-based
Options

 

 

Shares
Under
Option

 

 

Weighted
Average
Exercise
Price

 

 

Shares
Under
Option

 

 

Weighted
Average
Exercise
Price

 

 

Shares
Under
Option

 

 

Weighted
Average
Exercise
Price

 

Outstanding at December 31, 2024

 

625,825

 

 

$

513.50

 

 

 

766,970

 

 

$

673.58

 

 

 

299,686

 

 

$

673.58

 

Exercised

 

(99,848

)

 

$

513.50

 

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Forfeited

 

—

 

 

$

—

 

 

 

(30,544

)

 

$

673.58

 

 

 

—

 

 

$

—

 

Outstanding at March 31, 2025

 

525,977

 

 

$

513.50

 

 

 

736,426

 

 

$

673.58

 

 

 

299,686

 

 

$

673.58

 

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Option Type

 

Exercise Prices

 

 

Options Outstanding

 

 

Weighted Average Remaining Life (years)

 

 

Aggregate
Intrinsic
Value
(in millions)

 

 

Exercise Prices

 

 

Options
Exercisable

 

 

Weighted Average Remaining Life (years)

 

 

Aggregate
Intrinsic
Value
(in millions)

 

2017 Performance-based

 

$

513.50

 

 

 

525,977

 

 

 

1.7

 

 

$

228

 

 

$

513.50

 

 

 

525,977

 

 

 

1.7

 

 

$

228

 

2023 Performance-based

 

$

673.58

 

 

 

736,426

 

 

 

7.2

 

 

 

201

 

 

$

673.58

 

 

 

—

 

 

 

—

 

 

 

—

 

2023 Time-based

 

$

673.58

 

 

 

299,686

 

 

 

7.2

 

 

 

82

 

 

$

673.58

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

1,562,089

 

 

 

5.3

 

 

$

511

 

 

 

 

 

 

525,977

 

 

 

1.7

 

 

$

228

 

 

At March 31, 2025, total unrecognized stock-based compensation expense related to unvested performance-based and time-based stock options was $102 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 3.4 years.

Performance-Based Stock Options

In 2017, pursuant to the Award Plan, the Company awarded performance-based stock option grants to certain employees ("2017 Performance-based Options"). Vesting of 2017 Performance-based Options was contingent upon the achievement of obtaining 125% of BlackRock's grant-date stock price within five years from the grant date and the attainment of Company performance measures during the four-year performance period. Both hurdles have been achieved, and each of the three tranches of the awards vested in equal installments at the end of 2022, 2023 and 2024, respectively. Vested 2017 Performance-based Options are exercisable for up to nine years following the grant date. The expense for each tranche has been amortized over the respective requisite service period. The aggregate intrinsic value of 2017 Performance-based Options exercised during the three months ended March 31, 2025 was $51 million.

On May 30, 2023, pursuant to the Award Plan, the Company awarded performance-based options to purchase 814,482 shares of BlackRock common stock to certain employees as long-term incentive compensation ("2023 Performance-based Options"). Vesting of 2023 Performance-based Options is contingent upon the achievement of obtaining 130% of grant-date stock price over 60 calendar days within four years from the grant date and attainment of a predetermined Company performance measure during the three-year performance period. As of March 31, 2025, the price hurdle was achieved and the Company assumes that the performance measure will be achieved. Accordingly, the awards are expected to vest in three tranches of 25%, 25% and 50% in May 2027, 2028 and 2029, respectively. Vested 2023 Performance-based Options are exercisable for up to nine years following the grant date, and the awards are forfeited if the employee resigns before the respective vesting date. The expense for each tranche is amortized over the respective requisite service period.

Time-Based Stock Options

On May 30, 2023, pursuant to the Award Plan, the Company awarded time-based stock options to purchase 326,391 shares of BlackRock common stock to certain employees as long-term incentive compensation ("2023 Time-based Options"). These awards will vest in three tranches of 25%, 25% and 50% in May 2027, 2028 and 2029, respectively. Vested 2023 Time-based Options can be exercised up to nine years following the grant date, and the awards are forfeited if the employee resigns before the respective vesting date. The expense is amortized over the respective requisite service period.

See Note 18, Stock-Based Compensation, in the 2024 Form 10-K for more information on RSUs, performance-based RSUs and stock options.
v3.25.1
Net Capital Requirements
 3 Months Ended
Mar. 31, 2025
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Net Capital Requirements

18. Net Capital Requirements

The Company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions, which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions. As a result, such subsidiaries of the Company may be restricted in their ability to transfer cash between different jurisdictions and to their parents. Additionally, transfers of cash between international jurisdictions may have adverse tax consequences that could discourage such transfers.

At March 31, 2025, the Company was required to maintain approximately $1.9 billion in net capital in certain regulated subsidiaries, including BlackRock Institutional Trust Company, N.A. (a wholly owned subsidiary of the Company, which is chartered as a national bank whose powers are limited to trust and other fiduciary activities and which is subject to regulatory capital requirements administered by the US Office of the Comptroller of the Currency), entities regulated by the Financial Conduct Authority and Prudential Regulation Authority in the UK, and the Company’s broker-dealers. The Company was in compliance with all applicable regulatory net capital requirements.
v3.25.1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)

19. Accumulated Other Comprehensive Income (Loss)

The following table presents changes in AOCI for the three months ended March 31, 2025 and 2024:

 

Three Months Ended

 

 

 

March 31,

 

 

 (in millions)

2025

 

 

2024

 

 

 Beginning balance

$

(1,178

)

 

$

(840

)

 

Foreign currency translation adjustments(1)

 

227

 

 

 

(93

)

 

 Ending balance

$

(951

)

 

$

(933

)

 

 

(1)
Amount for the three months ended March 31, 2025 includes a loss from a net investment hedge of $34 million (net of tax benefit of $11 million). Amount for the three months ended March 31, 2024 includes a gain from a net investment hedge of $13 million (net of tax expense of $4 million).
v3.25.1
Capital Stock
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Capital Stock

20. Capital Stock

Share Repurchases. During the three months ended March 31, 2025, the Company repurchased 0.4 million common shares under the Company’s existing share repurchase program for approximately $375 million. At March 31, 2025, there were approximately 3.4 million shares still authorized to be repurchased under the program. The timing and actual number of shares repurchased will depend on a variety of factors, including legal limitations, price and market conditions.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

21. Income Taxes

Income tax expense for the three months ended March 31, 2025 included a $149 million discrete tax benefit related to the realization of capital losses from changes in the Company's organizational structure and a $46 million discrete tax benefit related to stock-based compensation awards that vested in the first quarter.

Income tax expense for the three months ended March 31, 2024 included a discrete tax benefit of $137 million recognized in connection with the reorganization and establishment of a more efficient global intellectual property and technology platform and corporate structure. In addition, for the three months ended March 31, 2024 income tax expense included $28 million of additional discrete tax benefits, including a benefit related to stock-based compensation awards that vested in the first quarter.
v3.25.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share

22. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three months ended March 31, 2025 and 2024 under the treasury stock method:

 

Three Months Ended

 

 

March 31,

 

(in millions, except shares and per share data)

2025

 

 

2024

 

Net income attributable to BlackRock, Inc.

$

1,510

 

 

$

1,573

 

Basic weighted-average shares outstanding

 

155,038,772

 

 

 

148,689,172

 

Dilutive effect of:

 

 

 

 

 

   Nonparticipating RSUs

 

1,111,006

 

 

 

944,335

 

   Stock options

 

482,245

 

 

 

491,675

 

Total diluted weighted-average shares outstanding

 

156,632,023

 

 

 

150,125,182

 

Basic earnings per share

$

9.74

 

 

$

10.58

 

Diluted earnings per share

$

9.64

 

 

$

10.48

 

 

The amount of anti-dilutive RSUs was immaterial for three months ended March 31, 2025. For the three months ended March 31, 2024, 338,300 shares primarily related to stock options were excluded from the calculation of diluted EPS because to include them would have an anti-dilutive effect. Certain performance-based RSUs for the three months ended March 31, 2025, and certain performance-based RSUs and options for the three months ended March 31, 2024 were excluded from the diluted EPS calculation because the designated contingencies were not met.
v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information

23. Segment Information

The Company’s management directs BlackRock’s operations as one business, the asset management business. As such, the Company operates in one asset management operating segment. See the condensed consolidated financial statements for key financial metrics, including total revenue, operating income and net income attributable to BlackRock, Inc., and for more financial information, including significant expenses on a consolidated basis, regarding the Company’s operating segment. The measure of segment assets is reported on the balance sheet as total consolidated assets.

The following table illustrates total revenue for the three months ended March 31, 2025 and 2024 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the customer resides, or affiliated services are provided.

 

 

Three Months Ended

 

 

 

March 31,

 

(in millions)

 

2025

 

 

2024

 

Revenue

 

 

 

 

 

 

Americas

 

$

3,477

 

 

$

3,138

 

Europe

 

 

1,557

 

 

 

1,403

 

Asia-Pacific

 

 

242

 

 

 

187

 

Total revenue

 

$

5,276

 

 

$

4,728

 

 

See Note 16, Revenue, for further information on the Company’s sources of revenue.

The following table illustrates long-lived assets that consist of goodwill and property and equipment at March 31, 2025 and December 31, 2024 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the asset is physically located.

 

 

March 31,

 

 

December 31,

 

(in millions)

 

2025

 

 

2024

 

Long-lived Assets

 

 

 

 

 

 

Americas

 

$

25,507

 

 

$

25,515

 

Europe

 

 

3,807

 

 

 

1,437

 

Asia-Pacific

 

 

104

 

 

 

100

 

Total long-lived assets

 

$

29,418

 

 

$

27,052

 

 

 

Americas is primarily comprised of the US, and also includes Latin America and Canada. Europe is primarily comprised of the UK, Luxembourg and the Netherlands, and also includes Switzerland, Ireland and France. Asia-Pacific is primarily comprised of Hong Kong, Japan, Singapore and Australia.
v3.25.1
Subsequent Events
 3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events

24. Subsequent Events

In December 2024, BlackRock announced that it had entered into a definitive agreement to acquire 100% of the business and assets of HPS Investment Partners ("HPS"), a leading global credit investment manager with 100% of the consideration paid in BlackRock equity (the "HPS Transaction"). The equity will generally be delivered in units of a wholly-owned subsidiary of BlackRock (“SubCo Units”) which will be exchangeable on a one-for-one basis (subject to certain adjustments) into BlackRock common stock (accordingly, the value of each unit delivered will be based on the price of a share of BlackRock’s common stock and the specific terms of the SubCo Units). Approximately 9.2 million SubCo Units and RSUs will be paid at closing. Approximately 2.9 million SubCo Units will be paid in approximately five years, subject to the satisfaction of certain post-closing conditions. In addition, there is potential for additional consideration to be earned of up to 1.6 million SubCo Units that is based on financial performance milestones measured and paid in approximately five years. Of the total deal consideration, up to 0.7 million units will be used to fund an equity retention pool for HPS employees. In aggregate, inclusive of all SubCo Units paid at closing, eligible to be paid in approximately five years, and potentially earned through achievement of financial performance milestones as well as BlackRock RSUs to be issued in the transaction, the maximum amount of common stock issuable upon exchange of such SubCo Units would be approximately 13.7 million shares. The Company expects the addition of HPS will create an integrated private credit platform to provide both public and private income solutions for clients across their whole portfolios. The HPS Transaction is anticipated to close in mid-2025 subject to regulatory approvals and customary closing conditions.

In April 2025, the Company issued €1.0 billion (or approximately $1.1 billion based on the EUR/USD foreign exchange rate at March 31, 2025) in aggregate principal amount of 3.75% senior unsecured and unsubordinated notes maturing July 18, 2035 (the "2035 Notes"). The 2035 Notes are listed on the New York Stock Exchange. Net proceeds are being used for general corporate purposes, including the repayment of the €700 million (or approximately $756 million based on the EUR/USD foreign exchange rate at March 31, 2025) 1.25% Notes in May 2025 at maturity. Interest of approximately €38 million (or approximately $41 million based on the EUR/USD foreign exchange rate at March 31, 2025) per year is payable annually on July 18 of each year commencing on July 18, 2025. The 2035 Notes are fully and unconditionally guaranteed (the "Guarantee") on a senior unsecured basis by Old BlackRock. The 2035 Notes and the Guarantee rank equally in right of payment with all of New BlackRock and Old BlackRock's other unsubordinated indebtedness, respectively. The 2035 Notes may be redeemed at the option of the Company, in whole or in part, at any time prior to April 18, 2035 at a "make-whole" redemption price, or thereafter at 100% of the principal amount of the 2035 Notes, in each case plus accrued but unpaid interest. The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2035 Notes.

In April 2025, the 2025 Credit Facility was amended to, among other things, (1) increase the aggregate commitment amount by $500 million to $5.9 billion, (2) extend the maturity date to March 2030 for lenders (other than one non-extending lender) pursuant to the Company's option to request extensions of the maturity date available under the 2025 Credit Facility (with the commitment of the non-extending lender maturing in March 2028) and (3) change the threshold for the maximum leverage ratio to 3.5 to 1. The amended 2025 Credit Facility also permits the Company to request up to an additional $1.4 billion of borrowing capacity, subject to lender credit approval, which could increase the overall size of the 2025 Credit Facility to an aggregate principal amount of up to $7.3 billion.

The Company conducted a review for additional subsequent events and determined that no subsequent events had occurred that would require accrual or additional disclosures.
v3.25.1
Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its controlled subsidiaries. Noncontrolling interests (“NCI”) on the condensed consolidated statements of financial condition represent the portion of consolidated sponsored investment products (“CIPs”) and a consolidated affiliate in which the Company does not have direct equity ownership. Intercompany balances and transactions have been eliminated upon consolidation.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates.

Certain financial information that normally is included in annual financial statements, including certain financial statement footnotes, is not required for interim reporting purposes and has been condensed or omitted herein. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and footnotes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission (“SEC”) on February 25, 2025 (“2024 Form 10-K”).

The interim financial information at March 31, 2025 and for the three months ended March 31, 2025 and 2024 is unaudited. However, in the opinion of management, the interim information includes all normal recurring adjustments necessary for the fair presentation of the Company’s results for the periods presented. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year.

Certain prior period presentations were reclassified to ensure comparability with current period classifications.
Recent Accounting Pronouncements Not Yet Adopted

Recent Accounting Pronouncements Not Yet Adopted

Income Tax Disclosure Requirements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which enhances annual income tax disclosures. The two primary enhancements disaggregate existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. The Company will include the required ASU 2023-09 disclosures within BlackRock's 2025 Annual Report on Form 10-K.

 

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires entities to disaggregate in a tabular presentation disclosures about specific types of expenses included in the expense captions presented on the face of the income statement, as well as disclosures about selling expenses. Specifically, ASU 2024-03 requires disaggregation of expense captions that include any of the following natural expenses: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities or other types of depletion expenses. The requirements are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 and are required to be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company does not expect the additional disclosure requirements under ASU 2024-03 to have a material impact on the condensed consolidated financial statements.
Fair Value Measurements

Fair Value Measurements

Hierarchy of Fair Value Inputs. The Company uses a fair value hierarchy that prioritizes inputs to valuation approaches used to measure fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories:

Level 1 Inputs:

Quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date.

•
Level 1 assets may include listed mutual funds, ETFs, listed equities, commodities and certain exchange-traded derivatives.

Level 2 Inputs:

Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities that are not active; quotes from pricing services or brokers for which the Company can determine that orderly transactions took place at the quoted price or that the inputs used to arrive at the price are observable; and inputs other than quoted prices that are observable, such as models or other valuation methodologies.

•
Level 2 assets may include debt securities, loans held within consolidated collateralized loan obligations (“CLOs”), short-term floating-rate notes, asset-backed securities, as well as over-the-counter derivatives, including interest rate swaps and foreign currency exchange contracts that have inputs to the valuations that generally can be corroborated by observable market data.

Level 3 Inputs:

Unobservable inputs for the valuation of the asset or liability, which may include nonbinding broker quotes. Level 3 assets include investments for which there is little, if any, market activity. These inputs require significant management judgment or estimation.

•
Level 3 assets may include direct private equity investments, including those held within CIPs, investments in CLOs, and loans held within consolidated CLOs and CIPs.
•
Level 3 liabilities may include borrowings of consolidated CLOs and contingent liabilities related to acquisitions valued using the income approach based on unobservable market data, or other valuation techniques.

Significance of Inputs. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Valuation Approaches. The fair values of certain Level 3 assets and liabilities were determined using various valuation approaches as appropriate, including third-party pricing vendors, broker quotes and market and income approaches.

A significant number of inputs used to value equity, debt securities, and loans held within CLOs and CIPs are sourced from third-party pricing vendors. Generally, prices obtained from pricing vendors are categorized as Level 1 inputs for identical securities traded in active markets and as Level 2 for other similar securities if the vendor uses observable inputs in determining the price.

In addition, quotes obtained from brokers generally are nonbinding and categorized as Level 3 inputs. However, if the Company is able to determine that market participants have transacted for the asset in an orderly manner near the quoted price or if the Company can determine that the inputs used by the broker are observable, the quote is classified as a Level 2 input.

Investments Measured at Net Asset Value. As a practical expedient, the Company uses net asset value (“NAV”) as the fair value for certain investments. The inputs to value these investments may include the Company’s capital accounts for its partnership interests in various alternative investments, including hedge funds, real assets and private equity funds. The various partnerships are investment companies, which record their underlying investments at fair value based on fair value policies established by management of the underlying fund. Fair value policies at the underlying fund generally require the fund to utilize pricing/valuation information from third-party sources, including independent appraisals. However, in some instances, current valuation information for illiquid securities or securities in markets that are not active may not be available from any third-party source or fund management may conclude that the valuations that are available from third-party sources are not reliable. In these instances, fund management may perform model-based analytical valuations that could be used as an input to value these investments.

Fair Value Assets and Liabilities of Consolidated CLO. The Company applies the fair value option provisions for eligible assets, including loans, held by a consolidated CLO. As the fair value of the financial assets of the consolidated CLO is more observable than the fair value of the borrowings of the consolidated CLO, the Company measures the fair value of the borrowings of the consolidated CLO equal to the fair value of the assets of the consolidated CLO less the fair value of the Company’s economic interest in the CLO.
Derivatives and Hedging Activities

Derivatives and Hedging Activities. The Company does not use derivative financial instruments for trading or speculative purposes. The Company uses derivative financial instruments primarily for purposes of hedging exposures to fluctuations in foreign currency exchange rates of certain assets and liabilities, and market price and interest rate exposures with respect to its total portfolio of seed investments in sponsored investment products. In addition, certain CIPs also utilize derivatives as a part of their investment strategies.

In addition, the Company uses derivatives and makes investments to economically hedge market valuation changes on certain deferred cash compensation plans, for which the final value of the deferred amount distributed to employees in cash upon vesting is determined based on the returns of specified investment funds. The Company recognizes compensation expense for the appreciation (depreciation) of the deferred cash compensation liability in proportion to the vested amount of the award during a respective period, while the gain (loss) to economically hedge these plans is immediately recognized in nonoperating income (expense). See Note 5, Investments, and Note 9, Derivatives and Hedging, for further information on the Company’s investments and derivatives, respectively, used to economically hedge these deferred cash compensation plans.

The Company records all derivative financial instruments as either assets or liabilities at fair value on a gross basis in the condensed consolidated statements of financial condition. Credit risks are managed through master netting and collateral support agreements. The amounts related to the right to reclaim or the obligation to return cash collateral may not be used to offset amounts due under the derivative instruments in the normal course of settlement. Therefore, such amounts are not offset against fair value amounts recognized for derivative instruments with the same counterparty and are included in other assets and other liabilities. Changes in the fair value of the Company’s derivative financial instruments are recognized in earnings and, where applicable, are offset by the corresponding gain or loss on the related foreign-denominated or hedged assets or liabilities, on the condensed consolidated statements of income.

The Company may also use financial instruments designated as net investment hedges for accounting purposes to hedge net investments in international subsidiaries, the functional currency of which is not United States ("US") dollars. The gain or loss from revaluing net investment hedges at the spot rate is deferred and reported within accumulated other comprehensive income (loss) (“AOCI”) on the condensed consolidated statements of financial condition. The Company reassesses the effectiveness of its net investment hedge at least quarterly.
Separate Account Assets and Liabilities

Separate Account Assets and Liabilities. Separate account assets are maintained by BlackRock Life Limited, a wholly owned subsidiary of the Company, which is a registered life insurance company in the United Kingdom (“UK”), and represent segregated assets held for purposes of funding individual and group pension contracts. The life insurance company does not underwrite any insurance contracts that involve any insurance risk transfer from the insured to the life insurance company. The separate account assets primarily include equity securities, debt securities, money market funds and derivatives. The separate account assets are not subject to general claims of the creditors of BlackRock. These separate account assets and the related equal and offsetting liabilities are recorded as separate account assets and separate account liabilities on the condensed consolidated statements of financial condition.

The net investment income attributable to separate account assets supporting individual and group pension contracts accrues directly to the contract owner and is not reported on the condensed consolidated statements of income. While BlackRock has no economic interest in these separate account assets and liabilities, BlackRock earns policy administration and management fees associated with these products, which are included in investment advisory, administration fees and securities lending revenue on the condensed consolidated statements of income.
Separate Account Collateral Assets Held and Liabilities Under Securities Lending Agreements

Separate Account Collateral Assets Held and Liabilities Under Securities Lending Agreements. The Company facilitates securities lending arrangements whereby securities held by separate accounts maintained by BlackRock Life Limited are lent to third parties under global master securities lending agreements. In exchange, the Company obtains either (1) the legal title, or (2) a first ranking priority security interest, in the collateral. The minimum collateral values generally range from approximately 102% to 112% of the value of the securities in order to reduce counterparty risk. The required collateral value is calculated on a daily basis. The global master securities lending agreements provide the Company the right to request additional collateral or, in the event of borrower default, the right to liquidate collateral. The securities lending transactions entered into by the Company are accompanied by an agreement that entitles the Company to request the borrower to return the securities at any time; therefore, these transactions are not reported as sales.

In situations where the Company obtains the legal title to collateral under these securities lending arrangements, the Company records an asset on the condensed consolidated statements of financial condition in addition to an equal collateral liability for the obligation to return the collateral. Additionally, in situations where the Company obtains a first ranking priority security interest in the collateral, the Company does not have the ability to pledge or resell the collateral and therefore does not record the collateral on the condensed consolidated statements of financial condition. At March 31, 2025 and December 31, 2024, the fair value of loaned securities held by separate accounts was approximately $10.1 billion and $9.9 billion, respectively, and the fair value of the collateral under these securities lending agreements was approximately $11.0 billion and $10.6 billion, respectively, of which approximately $5.8 billion as of March 31, 2025 and $6.1 billion as of December 31, 2024 was recognized on the condensed consolidated statements of financial condition. During the three months ended March 31, 2025 and 2024, the Company had not resold or repledged any of the collateral obtained under these arrangements. The securities lending revenue earned from lending securities held by the separate accounts is included in investment advisory, administration fees and securities lending revenue on the condensed consolidated statements of income.
Goodwill and Intangible Assets

Goodwill and Intangible Assets. Goodwill represents the cost of a business acquisition in excess of the fair value of the net assets acquired. The Company has determined that it has one reporting unit for goodwill impairment testing purposes, the consolidated BlackRock single operating segment, which is consistent with internal management reporting and management's oversight of operations. The Company performs an impairment assessment of its goodwill at least annually, as of July 31. In its assessment of goodwill for impairment, the Company considers such factors as the book value and market capitalization of the Company as well as other qualitative factors. See Note 10, Goodwill, for further information on the Company's goodwill.

Intangible assets are comprised of indefinite-lived intangible assets and finite-lived intangible assets acquired in a business acquisition. The value of contracts to manage assets in proprietary open-end funds and collective trust funds and certain other commingled products without a specified termination date is generally classified as indefinite-lived intangible assets. In addition, trade names/trademarks are considered indefinite-lived intangible assets when they are expected to generate cash flows indefinitely.

Indefinite-lived intangible assets and goodwill are not amortized. Finite-lived investor/customer relationships, technology-related assets, and management contracts, which relate to acquired separate accounts and funds, that are expected to contribute to the future cash flows of the Company for a specified period of time, are amortized over their estimated useful lives. On a quarterly basis, the Company considers whether the indefinite-lived and finite-lived classifications are still appropriate.

The Company performs assessments to determine if any intangible assets are potentially impaired at least annually, as of July 31. The carrying value of finite-lived assets and their remaining useful lives are reviewed to determine if circumstances exist which may indicate a potential impairment or revisions to the amortization period.

In evaluating whether it is more likely than not that the fair value of indefinite-lived intangibles is less than its carrying value, BlackRock assesses various significant quantitative factors, including assets under management (“AUM”), revenue basis points, projected AUM growth rates, operating margins, tax rates and discount rates. If an indefinite-lived intangible is determined to be more likely than not impaired, then the fair value of the asset is compared with its carrying value and any excess of the carrying value over the fair value would be recognized as an expense in the period in which the impairment occurs. See Note 11, Intangible Assets, for further information on the Company’s intangible assets.

For finite-lived intangible assets, if potential impairment circumstances are considered to exist, the Company will perform a recoverability test using an undiscounted cash flow analysis. If the carrying value of the asset is determined not to be recoverable based on the undiscounted cash flow test, the excess of the carrying value of the asset over its fair value would be recognized as an expense in the period in which the impairment occurs.
v3.25.1
Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2025
Preqin [Member]  
Business Acquisition [Line Items]  
Summary of Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the consideration paid for Preqin and the fair values of the assets acquired and liabilities assumed recognized at the acquisition date:

(in millions)

 

Fair Value Estimate

 

Finite-lived intangible assets:

 

 

 

Customer relationships(1)

 

$

1,090

 

Technology-related(2)

 

 

125

 

Trade name

 

 

7

 

Goodwill

 

 

2,344

 

Other assets(3)

 

 

59

 

Deferred revenue(3)

 

 

(104

)

Deferred income tax liabilities

 

 

(308

)

Other liabilities assumed(3)

 

 

(90

)

Total consideration, net of cash acquired

 

$

3,123

 

 

 

 

 

Summary of consideration, net of cash acquired:

 

 

 

Cash paid

 

$

3,219

 

Cash acquired

 

 

(96

)

Total cash consideration, net of cash acquired

 

$

3,123

 

 

(1)
The fair value was determined using an income approach (Level 3 inputs), has a weighted-average estimated useful life of approximately 9 years and is amortized based on its expected pattern of economic benefit.
(2)
The fair value was determined using a replacement cost approach (Level 3 inputs), has a weighted-average estimated useful life of approximately 5 years and is amortized based on the straight-line method.
(3)
Acquired deferred revenue was determined based on current revenue guidance. The acquired book values of the remaining assets and liabilities approximated their fair values.
Summary of Finite Lived Intangible Assets Weighted Average Remaining Useful Life of Remaining Amortization Expense The finite-lived intangible assets had a weighted-average remaining useful life of approximately eight years with remaining amortization expense as follows:

(in millions)

 

 

 

Year

 

Amount

 

2025 (excluding the three months ended March 31, 2025)

 

$

87

 

2026

 

 

144

 

2027

 

 

151

 

2028

 

 

162

 

2029

 

 

171

 

2030

 

 

145

 

Thereafter

 

 

353

 

Total

 

$

1,213

 
Global Infrastructure Management, LLC [Member]  
Business Acquisition [Line Items]  
Summary of Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the consideration paid for GIP and the fair values of the assets acquired and liabilities assumed recognized at the acquisition date:

(in millions)

 

Fair Value Estimate

 

Finite-lived intangible assets:

 

 

 

Management contracts(1)

 

$

1,840

 

Investor relationships(1)

 

 

820

 

Trade name(2)

 

 

80

 

Goodwill

 

 

10,297

 

Operating lease ROU assets(3)

 

 

75

 

Other assets(3)

 

 

114

 

Accrued compensation and benefits(3)

 

 

(154

)

Operating lease liabilities(3)

 

 

(96

)

Other liabilities assumed(3)

 

 

(10

)

Total consideration, net of cash acquired

 

$

12,966

 

 

 

 

 

Summary of consideration, net of cash acquired:

 

 

 

Cash paid

 

$

2,930

 

Cash acquired

 

 

(68

)

Closing stock consideration at fair value

 

 

5,904

 

Deferred stock consideration at fair value

 

 

4,200

 

Total stock and cash consideration, net of cash acquired

 

$

12,966

 

 

(1)
The fair value for management contracts and investor relationships was determined based on a discounted cash flow analysis (Level 3 inputs), have weighted-average estimated useful lives of approximately 8 years and 14 years, respectively, and are amortized based on their expected pattern of economic benefit.
(2)
The fair value was determined based upon a relief from royalty method (Level 3 inputs), has a weighted-average estimated useful life of approximately 10 years and is amortized based on its expected pattern of economic benefit.
(3)
Acquired operating lease ROU assets and operating lease liabilities were determined based on current lease guidance. The acquired book values of the remaining assets and liabilities approximated their fair values.
Summary of Business Acquisition, Pro Forma Information Combined Results of Operations

The following unaudited pro forma information presents combined results of operations of the Company as if the GIP Transaction and related $3.0 billion in aggregate notes issuance (see Note 3, Acquisitions, and Note 15, Borrowings, in the 2024 Form 10-K for more information regarding the Company’s pro forma adjustments and borrowings, respectively) had occurred on January 1, 2023 and are not indicative of the actual results of operations that would have been achieved nor are they indicative of future results of operations of the combined Company. The pro forma combined provision for income taxes may not represent the amount that would have resulted had BlackRock and GIP filed consolidated tax returns during the years presented.

 

 

Three Months Ended

 

(Unaudited) (in millions)

 

March 31, 2024

 

Total revenue

 

$

4,937

 

Net income attributable to BlackRock, Inc.

 

$

1,561

 
v3.25.1
Cash, Cash Equivalents and Restricted Cash (Tables)
 3 Months Ended
Mar. 31, 2025
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]  
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents reported within the condensed consolidated statements of financial condition to the cash, cash equivalents, and restricted cash reported within the condensed consolidated statements of cash flows.

 

 

March 31,

 

 

December 31,

 

(in millions)

 

2025

 

 

2024

 

Cash and cash equivalents

 

$

7,747

 

 

$

12,762

 

Restricted cash included in other assets

 

 

17

 

 

 

17

 

Total cash, cash equivalents and restricted cash

 

$

7,764

 

 

$

12,779

 
v3.25.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Carrying Value of Total Investments

A summary of the carrying value of total investments is as follows:

 

March 31,

 

 

December 31,

 

(in millions)

2025

 

 

2024

 

Debt securities:

 

 

 

 

 

Trading securities (including $1,884 and $1,743 held by CIPs at
   March 31, 2025 and December 31, 2024, respectively)

$

1,964

 

 

$

1,823

 

Held-to-maturity investments

 

530

 

 

 

547

 

Total debt securities

 

2,494

 

 

 

2,370

 

Equity securities at FVTNI (including $1,737 and $1,556 held by CIPs at
   March 31, 2025 and December 31, 2024, respectively)(1)

 

2,208

 

 

 

1,950

 

Equity method investments:

 

 

 

 

 

Equity method investments(2)

 

2,568

 

 

 

2,610

 

Investments related to deferred cash compensation plans(1)

 

265

 

 

 

173

 

Total equity method investments

 

2,833

 

 

 

2,783

 

Loans held by CIPs

 

119

 

 

 

145

 

Federal Reserve Bank stock(3)

 

93

 

 

 

93

 

Carried interest(4)

 

1,987

 

 

 

1,983

 

Other investments(5)

 

791

 

 

 

445

 

Total investments

$

10,525

 

 

$

9,769

 

 

(1)
Amounts include investments held to economically hedge the impact of market valuation changes on certain deferred cash compensation plans. Amounts related to deferred cash compensation plans included within equity securities held at fair value recorded through net income ("FVTNI") comprised $12 million at both March 31, 2025 and December 31, 2024.
(2)
Equity method investments include BlackRock’s direct investments in certain BlackRock sponsored investment funds.
(3)
Federal Reserve Bank stock is held for regulatory purposes and is restricted from sale.
(4)
Carried interest represents allocations to BlackRock’s general partner capital accounts from certain sponsored investment funds. These balances are subject to change upon cash distributions, additional allocations or reallocations back to limited partners within the respective funds.
(5)
Other investments include BlackRock’s investments in nonmarketable equity securities, which are measured at cost, adjusted for observable price changes, and private equity, private credit, real asset, and commodity investments held by CIPs, which are measured at fair value.
Summary of Cost and Carrying Value of Equity and Trading Debt Securities

A summary of the cost and carrying value of trading debt securities and equity securities at FVTNI is as follows:

 

 

 

 

 

 

 

 

 

 

March 31, 2025

 

 

December 31, 2024

 

(in millions)

Cost

 

 

Carrying
Value

 

 

Cost

 

 

Carrying
Value

 

Trading debt securities:

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

$

1,298

 

 

$

1,308

 

 

$

1,047

 

 

$

1,061

 

Government debt

 

387

 

 

 

368

 

 

 

578

 

 

 

557

 

Asset/mortgage-backed debt

 

309

 

 

 

288

 

 

 

222

 

 

 

205

 

Total trading debt securities

$

1,994

 

 

$

1,964

 

 

$

1,847

 

 

$

1,823

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

$

2,104

 

 

$

2,208

 

 

$

1,843

 

 

$

1,950

 
v3.25.1
Consolidated Sponsored Investment Products (Tables)
 3 Months Ended
Mar. 31, 2025
Statement of Financial Position [Abstract]  
Consolidated VIEs And VREs Recorded in Condensed Consolidated Statements of Financial Condition

The following table presents the balances related to these CIPs accounted for as VIEs and VREs that were recorded on the condensed consolidated statements of financial condition, including BlackRock’s net interest in these products:

 

 

March 31, 2025

 

 

December 31, 2024

 

(in millions)

 

VIEs

 

 

VREs

 

 

Total

 

 

VIEs

 

 

VREs

 

 

Total

 

Cash and cash equivalents(1)

 

$

282

 

 

$

58

 

 

$

340

 

 

$

125

 

 

$

44

 

 

$

169

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

 

1,535

 

 

 

349

 

 

 

1,884

 

 

 

1,497

 

 

 

246

 

 

 

1,743

 

Equity securities at FVTNI

 

 

1,382

 

 

 

355

 

 

 

1,737

 

 

 

1,179

 

 

 

377

 

 

 

1,556

 

Loans

 

 

115

 

 

 

4

 

 

 

119

 

 

 

141

 

 

 

4

 

 

 

145

 

Other investments

 

 

581

 

 

 

34

 

 

 

615

 

 

 

370

 

 

 

33

 

 

 

403

 

Carried interest

 

 

1,916

 

 

 

—

 

 

 

1,916

 

 

 

1,905

 

 

 

—

 

 

 

1,905

 

Total investments

 

 

5,529

 

 

 

742

 

 

 

6,271

 

 

 

5,092

 

 

 

660

 

 

 

5,752

 

Other assets

 

 

77

 

 

 

37

 

 

 

114

 

 

 

45

 

 

 

31

 

 

 

76

 

Other liabilities(2)

 

 

(2,145

)

 

 

(78

)

 

 

(2,223

)

 

 

(2,130

)

 

 

(93

)

 

 

(2,223

)

Noncontrolling interest - CIPs

 

 

(1,939

)

 

 

(158

)

 

 

(2,097

)

 

 

(1,672

)

 

 

(130

)

 

 

(1,802

)

BlackRock's net interest in CIPs

 

$

1,804

 

 

$

601

 

 

$

2,405

 

 

$

1,460

 

 

$

512

 

 

$

1,972

 

 

(1)
The Company generally cannot readily access cash and cash equivalents held by CIPs to use in its operating activities.
(2)
At both March 31, 2025 and December 31, 2024, other liabilities of VIEs primarily include deferred carried interest liabilities and borrowings of a consolidated CLO.
Schedule of Nonoperating Gains (Loss) Related to Consolidated Variable Interest Entity

Net gain (loss) related to consolidated VIEs is presented in the following table:

 

 

Three Months Ended

 

 

 

 

March 31,

 

 

(in millions)

 

2025

 

 

2024

 

 

Nonoperating net gain (loss) on consolidated VIEs

 

$

12

 

 

$

71

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to NCI on consolidated VIEs

 

$

8

 

 

$

39

 

 

 

 

 

 

 

 

 

 
v3.25.1
Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2025
Variable Interest Entity, Not Primary Beneficiary [Member]  
Variable Interest Entity [Line Items]  
Schedule of VIE Assets and Liabilities At March 31, 2025 and December 31, 2024, the Company’s carrying value of assets and liabilities included on the condensed consolidated statements of financial condition pertaining to nonconsolidated VIEs and its maximum risk of loss related to VIEs in which it held a variable interest, but for which it was not the primary beneficiary, was as follows:

 

 

 

 

Advisory Fee

 

 

Other Net Assets

 

 

Maximum

 

(in millions)

Investments

 

Receivables

 

(Liabilities)

 

Risk of Loss(1)

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 Sponsored investment
   products

$

2,499

 

$

137

 

$

(11

)

$

2,652

 

December 31, 2024

 

 

 

 

 Sponsored investment
   products

$

2,330

 

$

158

 

$

(11

)

$

2,505

 

 

(1)
At both March 31, 2025 and December 31, 2024, BlackRock’s maximum risk of loss associated with these VIEs primarily related to BlackRock’s investments and the collection of receivables.
v3.25.1
Fair Value Disclosures (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis

March 31, 2025
(in millions)

Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Investments
Measured at
NAV(1)

 

 

Other(2)

 

 

March 31,
 2025

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

1,885

 

 

$

79

 

 

$

—

 

 

$

—

 

 

$

1,964

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

530

 

 

 

530

 

Total debt securities

 

—

 

 

 

1,885

 

 

 

79

 

 

 

—

 

 

 

530

 

 

 

2,494

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

2,208

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,208

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and multi-asset
   mutual funds

 

301

 

 

 

133

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

434

 

Hedge funds/funds of hedge
   funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

443

 

 

 

—

 

 

 

443

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

1,123

 

 

 

—

 

 

 

1,123

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

568

 

 

 

—

 

 

 

568

 

Investments related to deferred
   cash compensation plans

 

—

 

 

 

—

 

 

 

—

 

 

 

265

 

 

 

—

 

 

 

265

 

Total equity method

 

301

 

 

 

133

 

 

 

—

 

 

 

2,399

 

 

 

—

 

 

 

2,833

 

Loans held by CIPs

 

—

 

 

 

12

 

 

 

107

 

 

 

—

 

 

 

—

 

 

 

119

 

Federal Reserve Bank stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

93

 

 

 

93

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,987

 

 

 

1,987

 

Other investments

 

105

 

 

 

—

 

 

 

—

 

 

 

528

 

 

 

158

 

 

 

791

 

Total investments

 

2,614

 

 

 

2,030

 

 

 

186

 

 

 

2,927

 

 

 

2,768

 

 

 

10,525

 

Other assets(3)

 

—

 

 

 

7

 

 

 

152

 

 

 

—

 

 

 

—

 

 

 

159

 

Separate account assets

 

33,141

 

 

 

20,064

 

 

 

—

 

 

 

—

 

 

 

450

 

 

 

53,655

 

Separate account collateral held under
 securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

2,134

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,134

 

Debt securities

 

—

 

 

 

3,669

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,669

 

Total separate account collateral held
   under securities lending agreements

 

2,134

 

 

 

3,669

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,803

 

Total

$

37,889

 

 

$

25,770

 

 

$

338

 

 

$

2,927

 

 

$

3,218

 

 

$

70,142

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral
   liabilities under securities
   lending agreements

$

2,134

 

 

$

3,669

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

5,803

 

Contingent consideration liabilities

 

—

 

 

 

—

 

 

 

4,390

 

 

 

—

 

 

 

—

 

 

 

4,390

 

Other liabilities(4)

 

—

 

 

 

19

 

 

 

102

 

 

 

—

 

 

 

—

 

 

 

121

 

Total

$

2,134

 

 

$

3,688

 

 

$

4,492

 

 

$

—

 

 

$

—

 

 

$

10,314

 

 

(1)
Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient.
(2)
Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, and carried interest.
(3)
Level 3 amount includes corporate minority private debt investments with changes in fair value recorded in AOCI, net of tax.
(4)
Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information). Level 3 amount primarily includes borrowings of a consolidated CLO classified based on the significance of unobservable inputs used for calculating the fair value of consolidated CLO assets.

December 31, 2024
(in millions)

Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Investments
Measured at
NAV(1)

 

 

Other(2)

 

 

December 31,
2024

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

1,744

 

 

$

79

 

 

$

—

 

 

$

—

 

 

$

1,823

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

547

 

 

 

547

 

Total debt securities

 

—

 

 

 

1,744

 

 

 

79

 

 

 

—

 

 

 

547

 

 

 

2,370

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

1,950

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,950

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and multi-asset
   mutual funds

 

347

 

 

 

131

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

478

 

Hedge funds/funds of hedge
   funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

552

 

 

 

—

 

 

 

552

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

1,060

 

 

 

—

 

 

 

1,060

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

520

 

 

 

—

 

 

 

520

 

Investments related to deferred
   cash compensation plans

 

—

 

 

 

—

 

 

 

—

 

 

 

173

 

 

 

—

 

 

 

173

 

Total equity method

 

347

 

 

 

131

 

 

 

—

 

 

 

2,305

 

 

 

—

 

 

 

2,783

 

Loans held by CIPs

 

—

 

 

 

10

 

 

 

135

 

 

 

—

 

 

 

—

 

 

 

145

 

Federal Reserve Bank stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

93

 

 

 

93

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,983

 

 

 

1,983

 

Other investments

 

18

 

 

 

—

 

 

 

—

 

 

 

274

 

 

 

153

 

 

 

445

 

Total investments

 

2,315

 

 

 

1,885

 

 

 

214

 

 

 

2,579

 

 

 

2,776

 

 

 

9,769

 

Other assets(3)

 

—

 

 

 

7

 

 

 

149

 

 

 

—

 

 

 

—

 

 

 

156

 

Separate account assets

 

32,933

 

 

 

19,346

 

 

 

—

 

 

 

—

 

 

 

532

 

 

 

52,811

 

Separate account collateral held under
securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

2,719

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,719

 

Debt securities

 

—

 

 

 

3,340

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,340

 

Total separate account collateral held
   under securities lending agreements

 

2,719

 

 

 

3,340

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,059

 

Total

$

37,967

 

 

$

24,578

 

 

$

363

 

 

$

2,579

 

 

$

3,308

 

 

$

68,795

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral
   liabilities under securities
   lending agreements

$

2,719

 

 

$

3,340

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

6,059

 

Contingent consideration liabilities

 

—

 

 

 

—

 

 

 

4,302

 

 

 

—

 

 

 

—

 

 

 

4,302

 

Other liabilities(4)

 

—

 

 

 

46

 

 

 

129

 

 

 

—

 

 

 

—

 

 

 

175

 

Total

$

2,719

 

 

$

3,386

 

 

$

4,431

 

 

$

—

 

 

$

—

 

 

$

10,536

 

 

(1)
Amounts are comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient.
(2)
Amounts are comprised of investments held at amortized cost and cost, adjusted for observable price changes, and carried interest.
(3)
Level 3 amount includes corporate minority private debt investments with changes in fair value recorded in AOCI, net of tax.
(4)
Level 2 amount primarily includes fair value of derivatives (See Note 9, Derivatives and Hedging, for more information). Level 3 amount primarily includes borrowings of a consolidated CLO classified based on the significance of unobservable inputs used for calculating the fair value of consolidated CLO assets.
Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2025

(in millions)

 

December 31,
 2024

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

March 31,
 2025

 

 

Total Net
Unrealized
Gains (Losses)
Included in
Earnings(2)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

$

79

 

 

$

(2

)

 

$

4

 

 

$

(2

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

79

 

 

$

(2

)

Loans

 

 

135

 

 

 

(11

)

 

 

11

 

 

 

(28

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

107

 

 

 

(11

)

Total investments

 

 

214

 

 

 

(13

)

 

 

15

 

 

 

(30

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

186

 

 

 

(13

)

Other assets

 

 

149

 

 

 

3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

152

 

 

 

3

 

Total assets

 

$

363

 

 

$

(10

)

 

$

15

 

 

$

(30

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

338

 

 

$

(10

)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration 
   liabilities

 

$

4,302

 

 

$

(99

)

 

$

—

 

 

$

—

 

 

$

(11

)

 

$

—

 

 

$

—

 

 

$

4,390

 

 

$

(99

)

Other liabilities

 

 

129

 

 

 

3

 

 

 

—

 

 

 

—

 

 

 

(24

)

 

 

—

 

 

 

—

 

 

 

102

 

 

 

3

 

Total liabilities

 

$

4,431

 

 

$

(96

)

 

$

—

 

 

$

—

 

 

$

(35

)

 

$

—

 

 

$

—

 

 

$

4,492

 

 

$

(96

)

 

(1)
Issuances and other settlements amounts include a contingent liability payment related to a previous acquisition and repayments of borrowings of a consolidated CLO.
(2)
Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2024

(in millions)

 

December 31,
2023

 

 

Realized
and
Unrealized
Gains
(Losses)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

March 31,
2024

 

 

Total Net
Unrealized
Gains (Losses)
Included in
Earnings(2)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

$

42

 

 

$

(1

)

 

$

7

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

48

 

 

$

(1

)

Loans

 

 

175

 

 

 

2

 

 

 

365

 

 

 

(17

)

 

 

—

 

 

 

3

 

 

 

(3

)

 

 

525

 

 

 

2

 

Total investments

 

 

217

 

 

 

1

 

 

 

372

 

 

 

(17

)

 

 

—

 

 

 

3

 

 

 

(3

)

 

 

573

 

 

 

1

 

Other assets

 

 

120

 

 

 

(7

)

 

 

25

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

138

 

 

 

(7

)

Total assets

 

$

337

 

 

$

(6

)

 

$

397

 

 

$

(17

)

 

$

—

 

 

$

3

 

 

$

(3

)

 

$

711

 

 

$

(6

)

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

$

279

 

 

$

6

 

 

$

—

 

 

$

—

 

 

$

(15

)

 

$

—

 

 

$

—

 

 

$

258

 

 

$

6

 

 

 

(1)
Amounts include repayments of borrowings of a consolidated CLO.
(2)
Earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities still held at the reporting date.
Fair Value of Financial Assets and Financial Liabilities

Disclosures of Fair Value for Financial Instruments Not Held at Fair Value. At March 31, 2025 and December 31, 2024, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below:

 

March 31, 2025

 

 

December 31, 2024

 

 

 

 

(in millions)

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Fair Value
Hierarchy

 

Financial assets(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

7,747

 

 

$

7,747

 

 

$

12,762

 

 

$

12,762

 

 

Level 1

(2)(3)

Other assets

$

108

 

 

$

108

 

 

$

86

 

 

$

86

 

 

Level 1

(2)(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term borrowings

$

12,349

 

 

$

11,911

 

 

$

12,314

 

 

$

11,680

 

 

Level 2

(5)

 

(1)
See Note 5, Investments, for further information on investments not held at fair value.
(2)
Cash and cash equivalents, other than money market funds, are carried at either cost or amortized cost, which approximates fair value due to their short-term maturities.
(3)
At March 31, 2025 and December 31, 2024, approximately $2.4 billion and $6.2 billion, respectively, of money market funds were recorded within cash and cash equivalents on the condensed consolidated statements of financial condition. Money market funds are valued based on quoted market prices, or $1.00 per share, which generally is the NAV of the fund.
(4)
At March 31, 2025 and December 31, 2024, other assets included cash collateral of approximately $91 million and $69 million, respectively. See Note 9, Derivatives and Hedging for further information on derivatives held by the Company. In addition, other assets included $17 million of restricted cash at both March 31, 2025 and December 31, 2024.
(5)
Long-term borrowings are recorded at amortized cost, net of debt issuance costs. The fair value of the long-term borrowings, including the current portion of long-term borrowings, is determined using market prices and the EUR/USD foreign exchange rate at the end of March 2025 and December 2024, respectively. See Note 14, Borrowings, for the fair value of each of the Company’s long-term borrowings.
Investments in Certain Entities that Calculate Net Asset Value per Share The following tables list information regarding all investments that use a fair value measurement to account for both their financial assets and financial liabilities in their calculation of a NAV per share (or equivalent).

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

Ref

 

Fair Value

 

 

Total
Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice Period

Equity method(1):

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds/funds of hedge
  funds/other

 

(a)

 

$

443

 

 

$

132

 

 

Daily/Monthly (2%)
Quarterly (17%)
N/R (81%)

 

1 – 90 days

Private equity funds

 

(b)

 

 

1,123

 

 

 

248

 

 

N/R

 

N/R

Real assets funds

 

(c)

 

 

568

 

 

 

723

 

 

Quarterly (6%)
N/R (94%)

 

60 days

Investments related to deferred
   cash compensation plan

 

(d)

 

 

265

 

 

 

—

 

 

Monthly

 

1 – 90 days

Other investments:

 

 

 

 

 

 

 

 

 

 

 

 

Private credit fund

 

(a)

 

 

136

 

 

 

—

 

 

Quarterly

 

30 days

Consolidated sponsored
   investment products:

 

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

 

(c)

 

 

157

 

 

 

36

 

 

N/R

 

N/R

Private equity funds

 

(e)

 

 

88

 

 

 

42

 

 

N/R

 

N/R

Hedge funds/other

 

(a)

 

 

147

 

 

 

57

 

 

Quarterly (77%)
N/R (23%)

 

90 days

Total

 

 

 

$

2,927

 

 

$

1,238

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

 

Ref

 

Fair Value

 

 

Total
Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice Period

Equity method(1):

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds/funds of hedge
  funds/other

 

(a)

 

$

552

 

 

$

138

 

 

Daily/Monthly (2%)
Quarterly (10%)
N/R (88%)

 

1 – 90 days

Private equity funds

 

(b)

 

 

1,060

 

 

 

227

 

 

N/R

 

N/R

Real assets funds

 

(c)

 

 

520

 

 

 

710

 

 

Quarterly (7%)
N/R (93%)

 

60 days

Investments related to deferred
   cash compensation plan

 

(d)

 

 

173

 

 

 

—

 

 

Monthly

 

1 – 90 days

Consolidated sponsored
   investment products:

 

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

 

(c)

 

 

175

 

 

 

40

 

 

N/R

 

N/R

Private equity funds

 

(e)

 

 

7

 

 

 

42

 

 

N/R

 

N/R

Hedge funds/other

 

(a)

 

 

92

 

 

 

58

 

 

Quarterly (64%)
N/R (36%)

 

90 days

Total

 

 

 

$

2,579

 

 

$

1,215

 

 

 

 

 

 

 

N/R – Not Redeemable

(1)
Comprised of equity method investments, which include investment companies that account for their financial assets and most financial liabilities under fair value measures; therefore, the Company’s investment in such equity method investees approximates fair value.
(a)
This category includes hedge funds, funds of hedge funds, and other funds that invest primarily in equities, fixed income securities, private credit, opportunistic and mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company’s ownership interest in partners’ capital. The liquidation period for the investments in the funds that are not subject to redemption is unknown at both March 31, 2025 and December 31, 2024.
(b)
This category includes private equity funds that initially invest in nonmarketable securities of private companies, which ultimately may become public in the future. The fair values of these investments have been estimated using capital accounts representing the Company’s ownership interest in the funds and may also include other performance inputs. The Company’s investment in each fund is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying assets of the private equity funds. The liquidation period for the investments in these funds is unknown at both March 31, 2025 and December 31, 2024.
(c)
This category includes several real assets funds that invest directly and indirectly in real estate or infrastructure. The fair values of the investments have been estimated using capital accounts representing the Company’s ownership interest in the funds. The Company’s investments that are not subject to redemption or are not currently redeemable are normally returned through distributions and realizations of the underlying assets of the funds. The liquidation period for the investments in the funds that are not subject to redemptions is unknown at both March 31, 2025 and December 31, 2024. The total remaining unfunded commitments were $759 million and $750 million at March 31, 2025 and December 31, 2024, respectively. The Company’s portion of the total remaining unfunded commitments was $746 million and $736 million at March 31, 2025 and December 31, 2024, respectively.
(d)
This category includes hedge funds and funds of hedge funds that invest primarily in equities, fixed income securities, mortgage instruments and other third-party hedge funds. The fair values of the investments have been estimated using the NAV of the Company's ownership interest in partners' capital. The investments in hedge funds will be redeemed upon settlement of certain deferred cash compensation liabilities.
(e)
This category includes the underlying third-party private equity funds within consolidated BlackRock sponsored private equity funds of funds. These investments are not subject to redemption or are not currently redeemable; however, for certain funds, the Company may sell or transfer its interest, which may need approval by the general partner of the underlying funds. Due to the nature of the investments in this category, the Company reduces its investment by distributions that are received through the realization of the underlying assets of the funds. The liquidation period for the underlying assets of these funds is unknown.
Summary of Information Related to Bank Loans and Borrowings of Consolidated CLO Recorded within Investments and Borrowings of Consolidated VIEs Respectively for which Fair Value Option was Elected

In addition, the Company elected the fair value option for bank loans and borrowings of a consolidated CLO, recorded within investments and other liabilities, respectively. The following table summarizes the information related to these bank loans and borrowings at March 31, 2025 and December 31, 2024:

 

 

March 31,

 

 

December 31,

 

(in millions)

 

2025

 

 

2024

 

CLO loans:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

138

 

 

$

156

 

Fair value

 

 

115

 

 

 

141

 

Aggregate unpaid principal balance in excess of (less than) fair value

 

$

23

 

 

$

15

 

 

 

 

 

 

 

CLO borrowings:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

122

 

 

$

146

 

Fair value

 

 

102

 

 

 

129

 

Aggregate unpaid principal balance in excess of (less than) fair value

 

$

20

 

 

$

17

 
v3.25.1
Derivative and Hedging (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Fair Values of Derivatives Instruments Recognized in Condensed Consolidated Statements of Financial Condition

The following table presents the fair values of derivative instruments recognized in the condensed consolidated statements of financial condition at March 31, 2025 and December 31, 2024:

 

Assets

 

 

Liabilities

 

(in millions)

Statement of
Financial
Condition
Classification

 

March 31, 2025

 

 

December 31, 2024

 

 

Statement of
Financial
Condition
Classification

 

March 31, 2025

 

 

December 31, 2024

 

Derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward foreign currency
   exchange contracts

Other assets

 

$

7

 

 

$

7

 

 

Other liabilities

 

$

8

 

 

$

35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Summary of Realized and Unrealized Gains (Losses) Recognized in Condensed Consolidated Statements of Income on Derivative Instruments

The following table presents realized and unrealized gains (losses) recognized in the condensed consolidated statements of income on derivative instruments:

 

 

 

 

Three Months Ended

 

 

 

 

 

March 31,

 

 

 

Statement of Income

 

2025

 

 

2024

 

(in millions)

 

Classification

 

Gains (Losses)

 

Derivative instruments

 

 

 

 

 

 

 

 

Exchange traded futures(1)

 

Net gain (loss) on investments

 

$

4

 

 

$

(32

)

Forward foreign currency
   exchange contracts

 

General and administration expense

 

 

47

 

 

 

(5

)

Total gain (loss) from derivative
   instruments

 

 

 

$

51

 

 

$

(37

)

 

(1)
Amounts for the three months ended March 31, 2025 and 2024 include $10 million of gains and $43 million of losses on futures used in a macro hedging strategy of seed investments, respectively, and $6 million of losses and $11 million of gains on futures used to economically hedge certain deferred cash compensation plans, respectively.
v3.25.1
Goodwill (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Activity

Goodwill activity during the three months ended March 31, 2025 was as follows:

 (in millions)

 

 

 December 31, 2024

$

25,949

 

Acquisition(1)

 

2,344

 

Other

 

5

 

 March 31, 2025

$

28,298

 

 

(1)
Amount represents goodwill in connection with the Preqin Transaction. See Note 3, Acquisitions, for further information.
v3.25.1
Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Carrying Amounts of Identifiable Intangible Assets

The carrying amounts of identifiable intangible assets are summarized as follows:

 (in millions)

Indefinite-lived

 

 

Finite-lived

 

 

Total

 

 December 31, 2024

$

17,528

 

 

$

3,215

 

 

$

20,743

 

Acquisition(1)

 

—

 

 

 

1,222

 

 

 

1,222

 

Amortization expense

 

—

 

 

 

(117

)

 

 

(117

)

Other

 

—

 

 

 

2

 

 

 

2

 

 March 31, 2025

$

17,528

 

 

$

4,322

 

 

$

21,850

 

 

(1)
In connection with the Preqin Transaction, the Company acquired approximately $1.1 billion of finite-lived customer relationships, $125 million of finite-lived technology-related intangible assets and $7 million of a finite-lived trade name. See Note 3, Acquisitions, for further information.
v3.25.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Components of Lease Cost

The following table presents components of lease cost included in general and administration expense on the condensed consolidated statements of income:

 

Three Months Ended

 

 

March 31,

 

(in millions)

2025

 

 

2024

 

Lease cost:

 

 

 

 

 

Operating lease cost(1)

$

50

 

 

$

45

 

Variable lease cost(2)

 

17

 

 

 

14

 

Total lease cost

$

67

 

 

$

59

 

 

(1)
Amounts include short-term leases, which are immaterial for the three months ended March 31, 2025 and 2024.
(2)
Amounts include operating lease payments, which may be adjusted based on usage, changes in an index or market rate, as well as common area maintenance charges and other variable costs not included in the measurement of right-of-use (“ROU”) assets and operating lease liabilities.
Schedule of Supplemental Information Related to Operating Lease

Supplemental information related to operating leases is summarized below:

 

 

Three Months Ended

 

 

 

March 31,

 

(in millions)

 

2025

 

 

2024

 

Supplemental cash flow information:

 

 

 

 

 

 

Operating cash flows from operating leases included in the measurement
   of operating lease liabilities

 

$

49

 

 

$

44

 

 

 

 

 

 

 

 

Supplemental noncash information:

 

 

 

 

 

 

ROU assets in exchange for operating lease liabilities

 

$

30

 

 

$

27

 

 

 

March 31,

 

December 31,

 

2025

 

2024

Lease term and discount rate:

 

 

 

 

 

 

 

Weighted-average remaining lease term

 

14

 

years

 

 

14

 

years

Weighted-average discount rate

 

3

 

%

 

 

3

 

%
v3.25.1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Carrying Value and Fair Value of Long-Term Borrowings Determined Market Prices EUR/USD Foreign Exchange Rate

The carrying value and fair value of long-term borrowings determined using market prices and EUR/USD foreign exchange rate at March 31, 2025 included the following:

(in millions)

Maturity
Amount

 

 

Unamortized
Discount
and Debt
Issuance Costs(1)

 

 

Carrying Value

 

 

Fair Value

 

1.25% Notes due 2025(2)

$

756

 

 

$

—

 

 

$

756

 

 

$

755

 

3.20% Notes due 2027(2)

 

700

 

 

 

(2

)

 

 

698

 

 

 

688

 

4.60% Notes due 2027

 

800

 

 

 

(3

)

 

 

797

 

 

 

806

 

3.25% Notes due 2029(2)

 

1,000

 

 

 

(6

)

 

 

994

 

 

 

960

 

4.70% Notes due 2029

 

500

 

 

 

(3

)

 

 

497

 

 

 

506

 

2.40% Notes due 2030(2)

 

1,000

 

 

 

(3

)

 

 

997

 

 

 

905

 

1.90% Notes due 2031(2)

 

1,250

 

 

 

(6

)

 

 

1,244

 

 

 

1,080

 

2.10% Notes due 2032(2)

 

1,000

 

 

 

(10

)

 

 

990

 

 

 

848

 

4.75% Notes due 2033(2)

 

1,250

 

 

 

(17

)

 

 

1,233

 

 

 

1,245

 

5.00% Notes due 2034

 

1,000

 

 

 

(7

)

 

 

993

 

 

 

1,008

 

4.90% Notes due 2035

 

500

 

 

 

(5

)

 

 

495

 

 

 

498

 

5.25% Notes due 2054

 

1,500

 

 

 

(31

)

 

 

1,469

 

 

 

1,446

 

5.35% Notes due 2055

 

1,200

 

 

 

(14

)

 

 

1,186

 

 

 

1,166

 

Total long-term borrowings

$

12,456

 

 

$

(107

)

 

$

12,349

 

 

$

11,911

 

 

(1)
The unamortized discount and debt issuance costs are amortized over the term of the notes.
(2)
Issued by Old BlackRock and guaranteed by BlackRock, Inc. ("New BlackRock").
v3.25.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Type

The table below presents detail of revenue for the three months ended March 31, 2025 and 2024 and includes the product type mix of investment advisory, administration fees and securities lending revenue, and performance fees.

 

Three Months Ended

 

 

March 31,

 

(in millions)

2025

 

 

2024

 

Revenue

 

 

 

 

 

Investment advisory, administration fees and
   securities lending revenue(1):

 

 

 

 

 

Equity:

 

 

 

 

 

Active

$

518

 

 

$

516

 

ETFs

 

1,349

 

 

 

1,190

 

Equity subtotal

 

1,867

 

 

 

1,706

 

Fixed income:

 

 

 

 

 

Active

 

492

 

 

 

484

 

ETFs

 

352

 

 

 

327

 

Fixed income subtotal

 

844

 

 

 

811

 

Active multi-asset

 

313

 

 

 

305

 

Alternatives:

 

 

 

 

 

Private markets

 

535

 

 

 

240

 

Liquid alternatives

 

150

 

 

 

138

 

Alternatives subtotal

 

685

 

 

 

378

 

Non-ETF index

 

307

 

 

 

288

 

Digital assets, commodities and multi-asset ETFs(2)

 

92

 

 

 

45

 

Long-term

 

4,108

 

 

 

3,533

 

Cash management

 

293

 

 

 

245

 

Total investment advisory, administration fees
   and securities lending revenue(3)

 

4,401

 

 

 

3,778

 

Investment advisory performance fees:

 

 

 

 

 

Equity

 

10

 

 

 

8

 

Fixed income

 

12

 

 

 

4

 

Multi-asset

 

4

 

 

 

2

 

Alternatives:

 

 

 

 

 

Private markets

 

24

 

 

 

125

 

Liquid alternatives

 

10

 

 

 

65

 

Alternatives subtotal

 

34

 

 

 

190

 

Total investment advisory performance fees

 

60

 

 

 

204

 

Technology services and subscription revenue

 

436

 

 

 

377

 

Distribution fees

 

321

 

 

 

310

 

Advisory and other revenue:

 

 

 

 

 

Advisory

 

14

 

 

 

13

 

Other

 

44

 

 

 

46

 

Total advisory and other revenue

 

58

 

 

 

59

 

Total revenue

$

5,276

 

 

$

4,728

 

 

(1)
Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation. See page 11 of Exhibit 99.2 to the Current Report on Form 8-K furnished on April 11, 2025 for the reclassified presentation of the 2024 investment advisory, administration fees and securities lending revenue line items.
(2)
Amounts include commodity ETFs and exchange-traded products ("ETPs").
(3)
Amounts include $157 million and $151 million of securities lending revenue for the three months ended March 31, 2025 and 2024, respectively.

The tables below present the investment advisory, administration fees and securities lending revenue by client type and investment style:

 

Three Months Ended

 

 

March 31,

 

(in millions)

2025

 

 

2024

 

By client type(1):

 

 

 

 

 

Retail

$

1,061

 

 

$

1,041

 

ETFs

 

1,793

 

 

 

1,562

 

Institutional:

 

 

 

 

 

Active

 

1,016

 

 

 

697

 

Index

 

238

 

 

 

233

 

Institutional subtotal

 

1,254

 

 

 

930

 

Long-term

 

4,108

 

 

 

3,533

 

Cash management

 

293

 

 

 

245

 

Total

$

4,401

 

 

$

3,778

 

 

 

 

 

 

 

By investment style(1):

 

 

 

 

 

Active

$

2,008

 

 

$

1,683

 

ETFs

 

1,793

 

 

 

1,562

 

Non-ETF index

 

307

 

 

 

288

 

Long-term

 

4,108

 

 

 

3,533

 

Cash management

 

293

 

 

 

245

 

Total

$

4,401

 

 

$

3,778

 

 

(1)
Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation. See page 11 of Exhibit 99.2 to the Current Report on Form 8-K furnished on April 11, 2025 for the reclassified presentation of the 2024 investment advisory, administration fees and securities lending revenue line items.
Schedule of Estimated Investment Advisory, Administration Fees Expected to be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations

The tables below present estimated investment advisory and administration fees expected to be recognized in the future related to the unsatisfied portion of the performance obligations at March 31, 2025 and 2024:

March 31, 2025

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2025

 

 

2026

 

 

2027

 

 

2028

 

 

Thereafter

 

 

Total

 

Investment advisory and
   administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

369

 

 

$

445

 

 

$

416

 

 

$

131

 

 

$

32

 

 

$

1,393

 

 

March 31, 2024

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2024

 

 

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

Investment advisory and
   administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

152

 

 

$

180

 

 

$

159

 

 

$

119

 

 

$

49

 

 

$

659

 

 

(1)
Investment advisory and administration fees include management fees related to certain private markets products, which are determined based on known contractual committed capital outstanding at March 31, 2025 and 2024. Revenue attributed to future periods could be subject to change due to a change in business activities and actual amounts could differ from amounts disclosed in the table above.
(2)
The Company elected practical expedients to exclude amounts related to (a) performance obligations with an original duration of one year or less, and (b) variable consideration related to future service periods.
Schedule of Changes in Deferred Carried Interest Liability

The table below presents changes in the deferred carried interest liability, which is included in other liabilities on the condensed consolidated statements of financial condition, for the three months ended March 31, 2025 and 2024:

 

Three Months Ended

 

 

March 31,

 

(in millions)

2025

 

 

2024

 

Beginning balance

$

1,860

 

 

$

1,783

 

Net increase (decrease) in unrealized allocations

 

104

 

 

 

142

 

Performance fee revenue recognized

 

(32

)

 

 

(111

)

Ending balance

$

1,932

 

 

$

1,814

 
Schedule of Estimated Technology Services and Subscription Revenue Expected to Be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations

The tables below present estimated technology services and subscription revenue expected to be recognized in the future related to the unsatisfied portion of the performance obligations at March 31, 2025 and 2024:

March 31, 2025

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2025

 

 

2026

 

 

2027

 

 

2028

 

 

Thereafter

 

 

Total

 

Technology services and
   subscription revenue(1)(2)

$

177

 

 

$

141

 

 

$

73

 

 

$

38

 

 

$

51

 

 

$

480

 

 

March 31, 2024

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2024

 

 

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

Technology services and
   subscription revenue(1)(2)

$

104

 

 

$

76

 

 

$

59

 

 

$

33

 

 

$

31

 

 

$

303

 

 

(1)
Technology services and subscription revenue primarily includes upfront payments from customers, which the Company generally recognizes as services are performed. Revenue attributed to future periods could be subject to change due to a change in business activities and actual amounts could differ from amounts disclosed in the table above.
(2)
The Company elected practical expedients to exclude amounts related to (a) performance obligations with an original duration of one year or less, and (b) variable consideration related to future service periods.
Schedule of Changes in Technology Services and Subscription Deferred Revenue Liability

The table below presents changes in the technology services and subscription deferred revenue liability for the three months ended March 31, 2025 and 2024, which is included in other liabilities on the condensed consolidated statements of financial condition:

 

Three Months Ended

 

 

March 31,

 

(in millions)

2025

 

 

2024

 

Beginning balance

$

124

 

 

$

133

 

Acquisition(1)

 

88

 

 

 

—

 

Additions(2)

 

44

 

 

 

25

 

Revenue recognized that was included
   in the beginning balance

 

(24

)

 

 

(28

)

Ending balance

$

232

 

 

$

130

 

 

(1)
Amount for 2025 includes deferred revenue acquired in connection with the Preqin Transaction, net of revenue recognized for the three months ended March 31, 2025. See Note 3, Acquisitions, for information on the Preqin Transaction.
(2)
Amounts are net of revenue recognized.
v3.25.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Restricted Stock and RSU Activity

RSU activity for the three months ended March 31, 2025 is summarized below.

Outstanding at

RSUs

 

 

Weighted-
Average
Grant Date
Fair Value

 

December 31, 2024

 

2,297,665

 

 

$

793.08

 

Granted

 

630,243

 

 

$

1,001.67

 

Converted

 

(577,831

)

 

$

799.18

 

Forfeited

 

(29,476

)

 

$

813.67

 

March 31, 2025

 

2,320,601

 

 

$

847.95

 

 
Stock Option Activity

Stock option activity and ending balance for the three months ended March 31, 2025 is summarized below.

 

2017 Performance-based
Options

 

 

2023 Performance-based
Options

 

 

2023 Time-based
Options

 

 

Shares
Under
Option

 

 

Weighted
Average
Exercise
Price

 

 

Shares
Under
Option

 

 

Weighted
Average
Exercise
Price

 

 

Shares
Under
Option

 

 

Weighted
Average
Exercise
Price

 

Outstanding at December 31, 2024

 

625,825

 

 

$

513.50

 

 

 

766,970

 

 

$

673.58

 

 

 

299,686

 

 

$

673.58

 

Exercised

 

(99,848

)

 

$

513.50

 

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Forfeited

 

—

 

 

$

—

 

 

 

(30,544

)

 

$

673.58

 

 

 

—

 

 

$

—

 

Outstanding at March 31, 2025

 

525,977

 

 

$

513.50

 

 

 

736,426

 

 

$

673.58

 

 

 

299,686

 

 

$

673.58

 

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Option Type

 

Exercise Prices

 

 

Options Outstanding

 

 

Weighted Average Remaining Life (years)

 

 

Aggregate
Intrinsic
Value
(in millions)

 

 

Exercise Prices

 

 

Options
Exercisable

 

 

Weighted Average Remaining Life (years)

 

 

Aggregate
Intrinsic
Value
(in millions)

 

2017 Performance-based

 

$

513.50

 

 

 

525,977

 

 

 

1.7

 

 

$

228

 

 

$

513.50

 

 

 

525,977

 

 

 

1.7

 

 

$

228

 

2023 Performance-based

 

$

673.58

 

 

 

736,426

 

 

 

7.2

 

 

 

201

 

 

$

673.58

 

 

 

—

 

 

 

—

 

 

 

—

 

2023 Time-based

 

$

673.58

 

 

 

299,686

 

 

 

7.2

 

 

 

82

 

 

$

673.58

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

1,562,089

 

 

 

5.3

 

 

$

511

 

 

 

 

 

 

525,977

 

 

 

1.7

 

 

$

228

 
Performance-Based RSUs [Member]  
Restricted Stock and RSU Activity

Performance-based RSU activity for the three months ended March 31, 2025 is summarized below.

Outstanding at

Performance-
Based RSUs

 

 

Weighted-
Average
Grant Date
Fair Value

 

 

Performance-
Based RSUs in Connection with the GIP Transaction

 

 

Weighted-
Average
Grant Date
Fair Value

 

 

Total Performance-
Based RSUs

 

 

Weighted-
Average
Grant Date
Fair Value

 

December 31, 2024

 

451,042

 

 

$

788.61

 

 

 

210,505

 

 

$

845.48

 

 

 

661,547

 

 

$

806.71

 

Granted

 

136,133

 

 

$

999.36

 

 

 

—

 

 

$

—

 

 

 

136,133

 

 

$

999.36

 

Reduction of shares due to performance measures

 

(71,866

)

 

$

832.07

 

 

 

—

 

 

$

—

 

 

 

(71,866

)

 

$

832.07

 

Converted

 

(54,212

)

 

$

832.07

 

 

 

—

 

 

$

—

 

 

 

(54,212

)

 

$

832.07

 

Forfeited

 

(2,721

)

 

$

771.55

 

 

 

(3,459

)

 

$

845.48

 

 

 

(6,180

)

 

$

812.93

 

March 31, 2025

 

458,376

 

 

$

839.35

 

 

 

207,046

 

 

$

845.48

 

 

 

665,422

 

 

$

841.26

 
v3.25.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Changes in AOCI

The following table presents changes in AOCI for the three months ended March 31, 2025 and 2024:

 

Three Months Ended

 

 

 

March 31,

 

 

 (in millions)

2025

 

 

2024

 

 

 Beginning balance

$

(1,178

)

 

$

(840

)

 

Foreign currency translation adjustments(1)

 

227

 

 

 

(93

)

 

 Ending balance

$

(951

)

 

$

(933

)

 

 

(1)
Amount for the three months ended March 31, 2025 includes a loss from a net investment hedge of $34 million (net of tax benefit of $11 million). Amount for the three months ended March 31, 2024 includes a gain from a net investment hedge of $13 million (net of tax expense of $4 million).
v3.25.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings per Share ("EPS") under Treasury Stock Method

The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three months ended March 31, 2025 and 2024 under the treasury stock method:

 

Three Months Ended

 

 

March 31,

 

(in millions, except shares and per share data)

2025

 

 

2024

 

Net income attributable to BlackRock, Inc.

$

1,510

 

 

$

1,573

 

Basic weighted-average shares outstanding

 

155,038,772

 

 

 

148,689,172

 

Dilutive effect of:

 

 

 

 

 

   Nonparticipating RSUs

 

1,111,006

 

 

 

944,335

 

   Stock options

 

482,245

 

 

 

491,675

 

Total diluted weighted-average shares outstanding

 

156,632,023

 

 

 

150,125,182

 

Basic earnings per share

$

9.74

 

 

$

10.58

 

Diluted earnings per share

$

9.64

 

 

$

10.48

 
v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Total Revenue by Geographic Region

The following table illustrates total revenue for the three months ended March 31, 2025 and 2024 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the customer resides, or affiliated services are provided.

 

 

Three Months Ended

 

 

 

March 31,

 

(in millions)

 

2025

 

 

2024

 

Revenue

 

 

 

 

 

 

Americas

 

$

3,477

 

 

$

3,138

 

Europe

 

 

1,557

 

 

 

1,403

 

Asia-Pacific

 

 

242

 

 

 

187

 

Total revenue

 

$

5,276

 

 

$

4,728

 

 
Schedule of Long-Lived Assets by Geographic Region

The following table illustrates long-lived assets that consist of goodwill and property and equipment at March 31, 2025 and December 31, 2024 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the asset is physically located.

 

 

March 31,

 

 

December 31,

 

(in millions)

 

2025

 

 

2024

 

Long-lived Assets

 

 

 

 

 

 

Americas

 

$

25,507

 

 

$

25,515

 

Europe

 

 

3,807

 

 

 

1,437

 

Asia-Pacific

 

 

104

 

 

 

100

 

Total long-lived assets

 

$

29,418

 

 

$

27,052

 

 
v3.25.1
Significant Accounting Policies - Additional Information (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Significant Accounting Policies [Line Items]    
Fair value of loaned securities held $ 10,100 $ 9,900
Fair value of collateral loan under these securities lending agreements 11,000 10,600
Separate account collateral held under securities lending agreements 5,803 6,059
Fair value of securities received as collateral have been resold or repledged $ 0 $ 0
Minimum [Member]    
Significant Accounting Policies [Line Items]    
Collateral cash and securities received in exchange of value of securities lent in order to reduce counterparty risk 102.00%  
Maximum [Member]    
Significant Accounting Policies [Line Items]    
Collateral cash and securities received in exchange of value of securities lent in order to reduce counterparty risk 112.00%  
v3.25.1
Acquisitions - Additional Information (Detail)
$ / shares in Units, shares in Millions, $ in Millions, £ in Billions
 1 Months Ended 3 Months Ended
Mar. 03, 2025
USD ($)
Mar. 03, 2025
GBP (£)
Oct. 01, 2024
USD ($)
shares
Dec. 31, 2024
USD ($)
shares
Mar. 31, 2025
USD ($)
shares
Mar. 31, 2024
USD ($)
Sep. 30, 2024
$ / shares
Jan. 01, 2023
USD ($)
Business Acquisition [Line Items]                
Amortization of intangible assets         $ 117 $ 38    
Number of shares issued | shares       9.2        
Contingent consideration liabilities       $ 4,302 4,390      
Debt instrument, aggregate principal amount         12,456      
Preqin [Member]                
Business Acquisition [Line Items]                
Cash paid $ 3,219 £ 2.5            
Amortization of intangible assets         $ 9      
Acquired finite-lived intangible assets weighted-average useful life         8 years      
Description of acquisition On March 3, 2025, BlackRock completed the acquisition of 100% of the shares of Preqin Holding Limited (the "Preqin Transaction" or "Preqin"), a leading provider of private markets data, for £2.5 billion (or approximately $3.2 billion) in cash. On March 3, 2025, BlackRock completed the acquisition of 100% of the shares of Preqin Holding Limited (the "Preqin Transaction" or "Preqin"), a leading provider of private markets data, for £2.5 billion (or approximately $3.2 billion) in cash.            
Business acquisition, percentage of equity interest acquired 100.00% 100.00%            
Preqin [Member] | Maximum [Member]                
Business Acquisition [Line Items]                
Finite lived intangible assets estimated useful lives         11 years      
Preqin [Member] | Minimum [Member]                
Business Acquisition [Line Items]                
Finite lived intangible assets estimated useful lives         5 years      
Global Infrastructure Management, LLC [Member]                
Business Acquisition [Line Items]                
Cash paid     $ 2,930          
Description of acquisition     On October 1, 2024, BlackRock completed the acquisition of 100% of the issued and outstanding limited liability company interests of Global Infrastructure Management, LLC ("GIP" or the "GIP Transaction")          
Business acquisition, percentage of equity interest acquired     100.00%          
Contingent consideration liabilities     $ 4,200          
Goodwill, expected tax deductible amount     $ 200          
Debt instrument, aggregate principal amount           $ 3,000   $ 3,000
Global Infrastructure Management, LLC [Member] | Common Stock [Member]                
Business Acquisition [Line Items]                
Number of shares issued | shares     6.9          
Stock issued during period, value     $ 5,900          
Stock price | $ / shares             $ 950  
Shares issued, price per share | $ / shares             $ 855  
Global Infrastructure Management, LLC [Member] | March 2024 Notes [Member]                
Business Acquisition [Line Items]                
Cash paid     $ 3,000          
Global Infrastructure Management, LLC [Member] | Maximum [Member] | First contingent payment [Member]                
Business Acquisition [Line Items]                
Contingent payments | shares     5.2   5.2      
Global Infrastructure Management, LLC [Member] | Minimum [Member] | First contingent payment [Member]                
Business Acquisition [Line Items]                
Contingent payments | shares     4.0   4.0      
v3.25.1
Acquisitions - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Detail)
$ in Millions, £ in Billions
 3 Months Ended
Mar. 03, 2025
USD ($)
Mar. 03, 2025
GBP (£)
Oct. 01, 2024
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Business Acquisition [Line Items]            
Goodwill       $ 28,298   $ 25,949
Accrued compensation and benefits       (1,153)   (2,964)
Operating lease liabilities       (1,910)   $ (1,908)
Total consideration, net of cash acquired       $ 3,123 $ 0  
Preqin [Member]            
Business Acquisition [Line Items]            
Goodwill $ 2,344          
Other assets [1] 59          
Deferred revenue [1] (104)          
Deferred income tax liabilities (308)          
Other liabilities assumed [1] (90)          
Total consideration, net of cash acquired 3,123          
Cash paid 3,219 £ 2.5        
Cash acquired (96)          
Total consideration, net of cash acquired 3,123          
Preqin [Member] | Customer Relationships [Member]            
Business Acquisition [Line Items]            
Finite-lived intangible assets [2] 1,090          
Preqin [Member] | Technology- Related [Member]            
Business Acquisition [Line Items]            
Finite-lived intangible assets [3] 125          
Preqin [Member] | Trade Name [Member]            
Business Acquisition [Line Items]            
Finite-lived intangible assets $ 7          
Global Infrastructure Management, LLC [Member]            
Business Acquisition [Line Items]            
Goodwill     $ 10,297      
Operating lease ROU assets [4]     75      
Other assets [4]     114      
Accrued compensation and benefits [4]     (154)      
Operating lease liabilities [4]     (96)      
Other liabilities assumed [4]     (10)      
Total consideration, net of cash acquired     12,966      
Cash paid     2,930      
Cash acquired     (68)      
Closing stock consideration at fair value     5,904      
Deferred stock consideration at fair value     4,200      
Total stock and cash consideration, net of cash acquired     12,966      
Global Infrastructure Management, LLC [Member] | Management Contracts [Member]            
Business Acquisition [Line Items]            
Finite-lived intangible assets [5]     1,840      
Global Infrastructure Management, LLC [Member] | Investor Relationship [Member]            
Business Acquisition [Line Items]            
Finite-lived intangible assets [5]     820      
Global Infrastructure Management, LLC [Member] | Trade Name [Member]            
Business Acquisition [Line Items]            
Finite-lived intangible assets [6]     $ 80      
[1] Acquired deferred revenue was determined based on current revenue guidance. The acquired book values of the remaining assets and liabilities approximated their fair values.
[2] The fair value was determined using an income approach (Level 3 inputs), has a weighted-average estimated useful life of approximately 9 years and is amortized based on its expected pattern of economic benefit.
[3] The fair value was determined using a replacement cost approach (Level 3 inputs), has a weighted-average estimated useful life of approximately 5 years and is amortized based on the straight-line method.
[4] Acquired operating lease ROU assets and operating lease liabilities were determined based on current lease guidance. The acquired book values of the remaining assets and liabilities approximated their fair values.
[5] The fair value for management contracts and investor relationships was determined based on a discounted cash flow analysis (Level 3 inputs), have weighted-average estimated useful lives of approximately 8 years and 14 years, respectively, and are amortized based on their expected pattern of economic benefit.
[6] The fair value was determined based upon a relief from royalty method (Level 3 inputs), has a weighted-average estimated useful life of approximately 10 years and is amortized based on its expected pattern of economic benefit.
v3.25.1
Acquisitions - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) - Fair Value, Inputs, Level 3
Mar. 03, 2025
Oct. 01, 2024
Customer Relationships [Member]    
Business Acquisition [Line Items]    
Finite-lived intangible assets acquired, useful life 9 years  
Technology- Related [Member]    
Business Acquisition [Line Items]    
Finite-lived intangible assets acquired, useful life 5 years  
Management Contracts [Member]    
Business Acquisition [Line Items]    
Finite-lived intangible assets acquired, useful life   8 years
Investor Relationship [Member]    
Business Acquisition [Line Items]    
Finite-lived intangible assets acquired, useful life   14 years
Trade Name [Member]    
Business Acquisition [Line Items]    
Finite-lived intangible assets acquired, useful life   10 years
v3.25.1
Acquisitions - Summary of Finite Lived Intangible Assets Weighted Average Remaining Useful Life of Remaining amortization Expense (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Business Acquisition [Line Items]    
Total $ 4,322 $ 3,215
Preqin [Member]    
Business Acquisition [Line Items]    
2025 (excluding the three months ended March 31, 2025) 87  
2026 144  
2027 151  
2028 162  
2029 171  
2030 145  
Thereafter 353  
Total $ 1,213  
v3.25.1
Acquisitions - Summary of Business Acquisition, Pro Forma Information Combined Results of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Business Acquisition [Line Items]    
Total revenue $ 5,276 $ 4,728
Global Infrastructure Management, LLC [Member]    
Business Acquisition [Line Items]    
Total revenue   4,937
Net income attributable to BlackRock, Inc.   $ 1,561
v3.25.1
Cash, Cash Equivalents and Restricted Cash - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]        
Cash and cash equivalents [1] $ 7,747 $ 12,762    
Restricted cash included in other assets $ 17 $ 17    
Restricted Cash, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets    
Total cash, cash equivalents and restricted cash $ 7,764 $ 12,779 $ 9,391 $ 8,753
[1] At March 31, 2025, cash and cash equivalents, investments, other assets and other liabilities include $282 million, $5.5 billion, $77 million and $2.1 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include $125 million, $5.1 billion, $45 million and $2.1 billion, respectively, related to consolidated VIEs.
v3.25.1
Investments - Summary of Carrying Value of Total Investments (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Schedule of Investments [Line Items]    
Trading securities (including $1,884 and $1,743 held by CIPs at March 31, 2025 and December 31, 2024, respectively) $ 1,964 $ 1,823
Held-to-maturity investments 530 547
Total debt securities 2,494 2,370
Equity securities at FVTNI (including $1,737 and $1,556 held by CIPs at March 31, 2025 and December 31, 2024, respectively) 2,208 1,950
Total equity method investments 2,833 2,783
Loans held By CIPs 119 145
Total investments [1] 10,525 9,769
Other Investments [Member]    
Schedule of Investments [Line Items]    
Total investments 791 445
Equity Method Investments [Member]    
Schedule of Investments [Line Items]    
Total equity method investments 2,568 2,610
Deferred Cash Compensation Plans [Member]    
Schedule of Investments [Line Items]    
Total equity method investments 265 173
Federal Reserve Bank Stock [Member]    
Schedule of Investments [Line Items]    
Total investments 93 93
Consolidated Entities [Member] | Carried Interest [Member]    
Schedule of Investments [Line Items]    
Total investments $ 1,987 $ 1,983
[1] At March 31, 2025, cash and cash equivalents, investments, other assets and other liabilities include $282 million, $5.5 billion, $77 million and $2.1 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include $125 million, $5.1 billion, $45 million and $2.1 billion, respectively, related to consolidated VIEs.
v3.25.1
Investments - Summary of Carrying Value of Total Investments (Detail) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Schedule of Investments [Line Items]    
Trading securities $ 1,964 $ 1,823
Equity securities 2,208 1,950
Total equity method investments 2,833 2,783
Investments [1] 10,525 9,769
Deferred Cash Compensation Plan Mutual Fund Investments [Member]    
Schedule of Investments [Line Items]    
Investments 12 12
Deferred Cash Compensation Plans [Member]    
Schedule of Investments [Line Items]    
Total equity method investments 265 173
Other Investments [Member]    
Schedule of Investments [Line Items]    
Investments 791 445
Consolidated Sponsored Investment Products [Member]    
Schedule of Investments [Line Items]    
Trading securities 1,884 1,743
Equity securities 1,737 1,556
Investments $ 6,271 $ 5,752
[1] At March 31, 2025, cash and cash equivalents, investments, other assets and other liabilities include $282 million, $5.5 billion, $77 million and $2.1 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include $125 million, $5.1 billion, $45 million and $2.1 billion, respectively, related to consolidated VIEs.
v3.25.1
Investments - Additional Information (Detail)
$ in Millions
Mar. 31, 2025
USD ($)
Investments, Debt and Equity Securities [Abstract]  
Held-to-maturity investments, after one year through five years $ 17
Foreign government debt, after five years through ten years 350
Held-to-maturity investments, after ten years $ 163
v3.25.1
Investments - Summary of Cost and Carrying Value of Equity and Trading Debt Securities (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Schedule of Investments [Line Items]    
Total trading debt securities, Cost $ 1,994 $ 1,847
Total trading debt, Carrying Value 1,964 1,823
Equity securities at FVTNI, Carrying Value 2,208 1,950
Corporate Debt [Member]    
Schedule of Investments [Line Items]    
Total trading debt securities, Cost 1,298 1,047
Total trading debt, Carrying Value 1,308 1,061
Government Debt [Member]    
Schedule of Investments [Line Items]    
Total trading debt securities, Cost 387 578
Total trading debt, Carrying Value 368 557
Asset/Mortgage-Backed Debt [Member]    
Schedule of Investments [Line Items]    
Total trading debt securities, Cost 309 222
Total trading debt, Carrying Value 288 205
Equity Securities [Member]    
Schedule of Investments [Line Items]    
Equity securities at FVTNI, Cost 2,104 1,843
Equity securities at FVTNI, Carrying Value $ 2,208 $ 1,950
v3.25.1
Consolidated Sponsored Investment Products - Consolidated VIEs And VREs Recorded in Consolidated Statements of Financial Condition (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents [1] $ 7,747 $ 12,762
Investments:    
Trading securities 1,964 1,823
Equity securities 2,208 1,950
Total investments [1] 10,525 9,769
Other assets [1] 7,143 3,596
Other liabilities [1] (7,198) (4,032)
Noncontrolling interests - CIPs (170) (169)
Consolidated Variable Interest Entities [Member]    
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents 282 125
Investments:    
Trading securities 1,535 1,497
Equity securities 1,382 1,179
Loans 115 141
Other investments 581 370
Carried interest 1,916 1,905
Total investments 5,529 5,092
Other assets 77 45
Other liabilities (2,145) (2,130)
Noncontrolling interests - CIPs (1,939) (1,672)
BlackRock's net interests in CIPs 1,804 1,460
Consolidated Voting Rights Entities [Member]    
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents 58 44
Investments:    
Trading securities 349 246
Equity securities 355 377
Loans 4 4
Other investments 34 33
Carried interest 0 0
Total investments 742 660
Other assets 37 31
Other liabilities (78) (93)
Noncontrolling interests - CIPs (158) (130)
BlackRock's net interests in CIPs 601 512
Consolidated Sponsored Investment Products [Member]    
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents 340 169
Investments:    
Trading securities 1,884 1,743
Equity securities 1,737 1,556
Loans 119 145
Other investments 615 403
Carried interest 1,916 1,905
Total investments 6,271 5,752
Other assets 114 76
Other liabilities (2,223) (2,223)
Noncontrolling interests - CIPs (2,097) (1,802)
BlackRock's net interests in CIPs 2,405 1,972
Equity Securities [Member]    
Investments:    
Equity securities $ 2,208 $ 1,950
[1] At March 31, 2025, cash and cash equivalents, investments, other assets and other liabilities include $282 million, $5.5 billion, $77 million and $2.1 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include $125 million, $5.1 billion, $45 million and $2.1 billion, respectively, related to consolidated VIEs.
v3.25.1
Consolidated Sponsored Investment Products - Schedule of Net Gain (Loss) Related to Consolidated VIEs (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Variable Interest Entity [Line Items]    
Nonoperating net gain (loss) on consolidated VIEs $ 58 $ 171
Net income (loss) attributable to NCI on consolidated VIEs 5 50
Consolidated Variable Interest Entities [Member]    
Variable Interest Entity [Line Items]    
Nonoperating net gain (loss) on consolidated VIEs 12 71
Net income (loss) attributable to NCI on consolidated VIEs $ 8 $ 39
v3.25.1
Variable Interest Entities Reflects adoption of ASU 2015-12 - Balances Relating to Variable Interest Entities in which BlackRock is Not Primary Beneficiary (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Investments [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products $ 2,499 $ 2,330
Advisory Fee Receivables [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products 137 158
Other Net Assets (Liabilities) [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products (11) (11)
Maximum Risk of Loss [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products $ 2,652 $ 2,505
v3.25.1
Variable Interest Entities Reflects adoption of ASU 2015-12 - Additional Information (Detail) - USD ($)
$ in Billions
Mar. 31, 2025
Dec. 31, 2024
Variable Interest Entity, Not Primary Beneficiary [Member] | Sponsored Investment Products [Member]    
Variable Interest Entity [Line Items]    
Net assets of investments funds $ 52 $ 46
v3.25.1
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities $ 1,964 $ 1,823
Equity securities 2,208 1,950
Loans held by CIPs 119 145
Separate account assets 53,655 52,811
Separate account collateral liabilities under securities lending agreements 5,803 6,059
Equity Securities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Equity securities 2,208 1,950
Investments Measured at NAV [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Other assets 108 86
Fair Value, Measurements, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total debt securities 2,494 2,370
Equity securities 2,208 1,950
Total equity method 2,833 2,783
Loans held by CIPs 119 145
Federal Reserve Bank stock 93 93
Carried interest 1,987 1,983
Other investments 791 445
Total investments 10,525 9,769
Other assets 159 156
Separate account assets 53,655 52,811
Total separate account collateral held under securities lending agreements 5,803 6,059
Total 70,142 68,795
Separate account collateral liabilities under securities lending agreements 5,803 6,059
Contingent consideration liabilities 4,390 4,302
Other liabilities 121 175
Total liabilities measured at fair value 10,314 10,536
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total debt securities 0 0
Equity securities 2,208 1,950
Total equity method 301 347
Loans held by CIPs 0 0
Federal Reserve Bank stock 0 0
Carried interest 0 0
Other investments 105 18
Total investments 2,614 2,315
Other assets 0 0
Separate account assets 33,141 32,933
Total separate account collateral held under securities lending agreements 2,134 2,719
Total 37,889 37,967
Separate account collateral liabilities under securities lending agreements 2,134 2,719
Contingent consideration liabilities 0 0
Other liabilities 0 0
Total liabilities measured at fair value 2,134 2,719
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total debt securities 1,885 1,744
Equity securities 0 0
Total equity method 133 131
Loans held by CIPs 12 10
Federal Reserve Bank stock 0 0
Carried interest 0 0
Other investments 0 0
Total investments 2,030 1,885
Other assets 7 7
Separate account assets 20,064 19,346
Total separate account collateral held under securities lending agreements 3,669 3,340
Total 25,770 24,578
Separate account collateral liabilities under securities lending agreements 3,669 3,340
Contingent consideration liabilities 0 0
Other liabilities 19 46
Total liabilities measured at fair value 3,688 3,386
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total debt securities 79 79
Equity securities 0 0
Total equity method 0 0
Loans held by CIPs 107 135
Federal Reserve Bank stock 0 0
Carried interest 0 0
Other investments 0 0
Total investments 186 214
Other assets 152 149
Separate account assets 0 0
Total separate account collateral held under securities lending agreements 0 0
Total 338 363
Separate account collateral liabilities under securities lending agreements 0 0
Contingent consideration liabilities 4,390 4,302
Other liabilities 102 129
Total liabilities measured at fair value 4,492 4,431
Fair Value, Measurements, Recurring [Member] | Debt Securities/ Fixed Income Mutual Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities 1,964 1,823
Held-to-maturity investments 530 547
Fair Value, Measurements, Recurring [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities 0 0
Held-to-maturity investments 0 0
Fair Value, Measurements, Recurring [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities 1,885 1,744
Held-to-maturity investments 0 0
Fair Value, Measurements, Recurring [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities 79 79
Held-to-maturity investments 0 0
Fair Value, Measurements, Recurring [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 443 552
Fair Value, Measurements, Recurring [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Equity Fixed Income And Multi Asset Mutual Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 434 478
Fair Value, Measurements, Recurring [Member] | Equity Fixed Income And Multi Asset Mutual Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 301 347
Fair Value, Measurements, Recurring [Member] | Equity Fixed Income And Multi Asset Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 133 131
Fair Value, Measurements, Recurring [Member] | Equity Fixed Income And Multi Asset Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Private/ Public Equity [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 1,123 1,060
Fair Value, Measurements, Recurring [Member] | Private/ Public Equity [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Private/ Public Equity [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Private/ Public Equity [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Real Assets Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 568 520
Fair Value, Measurements, Recurring [Member] | Real Assets Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Real Assets Funds [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Real Assets Funds [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Investments Related To Deferred Cash Compensation Plans [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 265 173
Fair Value, Measurements, Recurring [Member] | Investments Related To Deferred Cash Compensation Plans [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Investments Related To Deferred Cash Compensation Plans [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Investments Related To Deferred Cash Compensation Plans [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 2,134 2,719
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 2,134 2,719
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 0 0
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 0 0
Fair Value, Measurements, Recurring [Member] | Debt securities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 3,669 3,340
Fair Value, Measurements, Recurring [Member] | Debt securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 0 0
Fair Value, Measurements, Recurring [Member] | Debt securities [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 3,669 3,340
Fair Value, Measurements, Recurring [Member] | Debt securities [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 0 0
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total debt securities 0 0
Equity securities 0 0
Total equity method 2,399 2,305
Loans held by CIPs 0 0
Federal Reserve Bank stock 0 0
Carried interest 0 0
Other investments 528 274
Total investments 2,927 2,579
Other assets 0 0
Separate account assets 0 0
Total separate account collateral held under securities lending agreements 0 0
Total 2,927 2,579
Separate account collateral liabilities under securities lending agreements 0 0
Contingent consideration liabilities 0 0
Other liabilities 0 0
Total liabilities measured at fair value 0 0
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Debt Securities/ Fixed Income Mutual Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities 0 0
Held-to-maturity investments 0 0
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 443 552
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Equity Fixed Income And Multi Asset Mutual Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Private/ Public Equity [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 1,123 1,060
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Real Assets Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 568 520
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Investments Related To Deferred Cash Compensation Plans [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 265 173
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Equity Securities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 0 0
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Debt securities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 0 0
Fair Value, Measurements, Recurring [Member] | Other [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities 0 0
Held-to-maturity investments 530 547
Total debt securities 530 547
Equity securities 0 0
Total equity method 0 0
Loans held by CIPs 0 0
Federal Reserve Bank stock 93 93
Carried interest 1,987 1,983
Other investments 158 153
Total investments 2,768 2,776
Other assets 0 0
Separate account assets 450 532
Total separate account collateral held under securities lending agreements 0 0
Total 3,218 3,308
Separate account collateral liabilities under securities lending agreements 0 0
Contingent consideration liabilities 0 0
Other liabilities 0 0
Total liabilities measured at fair value 0 0
Fair Value, Measurements, Recurring [Member] | Other [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Other [Member] | Equity Fixed Income And Multi Asset Mutual Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Other [Member] | Private/ Public Equity [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Other [Member] | Real Assets Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Other [Member] | Investments Related To Deferred Cash Compensation Plans [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Other [Member] | Equity Securities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 0 0
Fair Value, Measurements, Recurring [Member] | Other [Member] | Debt securities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements $ 0 $ 0
v3.25.1
Fair Value Disclosures - Additional Information (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Collateralized loan obligations outstanding borrowings maturity year 2030  
Fair Value Option [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total investments $ 72 $ 72
Discount rate [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Contingent consideration liability related to GIP Transaction, discount rate 0.039 0.043
v3.25.1
Fair Value Disclosures - Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets measured at fair value, beginning balance $ 363 $ 337
Realized and Unrealized Gains (Losses),Assets (10) (6)
Purchases, Assets 15 397
Sales and Maturities, Assets (30) (17)
Issuances and other Settlements, Assets 0 0
Transfers into Level 3, Assets 0 3
Transfers out of Level 3, Assets 0 (3)
Assets measured at fair value, ending balance 338 711
Total Net Unrealized Gains (Losses) Included in Earnings (10) (6)
Liabilities measured at fair value, beginning balance 4,431  
Realized and Unrealized Gains (Losses), Liabilities (96)  
Purchases, Liabilities 0  
Sales and Maturities, Liabilities 0  
Issuances and other Settlements, Liabilities (35)  
Transfers into Level 3, Liabilities 0  
Transfers out of Level 3, Liabilities 0  
Liabilities measured at fair value, ending balance 4,492  
Total Net Unrealized Gains (Losses) Included in Earnings (96)  
Other Assets [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets measured at fair value, beginning balance 149 120
Assets measured at fair value, ending balance 152 138
Other Liabilities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Liabilities measured at fair value, beginning balance 129 279
Liabilities measured at fair value, ending balance 102 258
Investments [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets measured at fair value, beginning balance 214 217
Realized and Unrealized Gains (Losses),Assets (13) 1
Purchases, Assets 15 372
Sales and Maturities, Assets (30) (17)
Issuances and other Settlements, Assets 0 0
Transfers into Level 3, Assets 0 3
Transfers out of Level 3, Assets 0 (3)
Assets measured at fair value, ending balance 186 573
Total Net Unrealized Gains (Losses) Included in Earnings (13) 1
Contingent Consideration Liabilities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Liabilities measured at fair value, beginning balance 4,302  
Realized and Unrealized Gains (Losses), Liabilities (99)  
Purchases, Liabilities 0  
Sales and Maturities, Liabilities 0  
Issuances and other Settlements, Liabilities (11)  
Transfers into Level 3, Liabilities 0  
Transfers out of Level 3, Liabilities 0  
Liabilities measured at fair value, ending balance 4,390  
Total Net Unrealized Gains (Losses) Included in Earnings $ (99)  
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Business Combination, Contingent Consideration, Liability, Current  
Debt securities [Member] | Trading [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets measured at fair value, beginning balance $ 79 42
Realized and Unrealized Gains (Losses),Assets (2) (1)
Purchases, Assets 4 7
Sales and Maturities, Assets (2) 0
Issuances and other Settlements, Assets 0 0
Transfers into Level 3, Assets 0 0
Transfers out of Level 3, Assets 0 0
Assets measured at fair value, ending balance 79 48
Total Net Unrealized Gains (Losses) Included in Earnings $ (2) $ (1)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income (Expense) Nonoperating Income (Expense)
Consolidated Variable Interest Entities [Member] | Loans [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Assets measured at fair value, beginning balance $ 135 $ 175
Realized and Unrealized Gains (Losses),Assets (11) 2
Purchases, Assets 11 365
Sales and Maturities, Assets (28) (17)
Issuances and other Settlements, Assets 0 0
Transfers into Level 3, Assets 0 3
Transfers out of Level 3, Assets 0 (3)
Assets measured at fair value, ending balance 107 525
Total Net Unrealized Gains (Losses) Included in Earnings (11) 2
Other Assets One [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Realized and Unrealized Gains (Losses),Assets 3 (7)
Purchases, Assets 0 25
Sales and Maturities, Assets 0 0
Issuances and other Settlements, Assets 0 0
Transfers into Level 3, Assets 0 0
Transfers out of Level 3, Assets 0 0
Total Net Unrealized Gains (Losses) Included in Earnings 3 (7)
Other Liabilities One [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Realized and Unrealized Gains (Losses), Liabilities 3 6
Purchases, Liabilities 0 0
Sales and Maturities, Liabilities 0 0
Issuances and other Settlements, Liabilities (24) (15)
Transfers into Level 3, Liabilities 0 0
Transfers out of Level 3, Liabilities 0 0
Total Net Unrealized Gains (Losses) Included in Earnings $ 3 $ 6
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income (Expense) Nonoperating Income (Expense)
v3.25.1
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Cash and cash equivalents [1] $ 7,747 $ 12,762
Long-term borrowings 12,349 12,314
Carrying Amount [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Cash and cash equivalents 7,747 12,762
Other assets 108 86
Carrying Amount [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Long-term borrowings 12,349 12,314
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Cash and cash equivalents 7,747 12,762
Other assets 108 86
Estimated Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Long-term borrowings $ 11,911 $ 11,680
[1] At March 31, 2025, cash and cash equivalents, investments, other assets and other liabilities include $282 million, $5.5 billion, $77 million and $2.1 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include $125 million, $5.1 billion, $45 million and $2.1 billion, respectively, related to consolidated VIEs.
v3.25.1
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Parenthetical) (Detail) - USD ($)
$ / shares in Units, $ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Cash and cash equivalents [1] $ 7,747 $ 12,762
Money market valuation per share floor $ 1  
Derivative cash collateral $ 91 69
Restricted cash included in other assets 17 17
Money Market Funds [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Cash and cash equivalents $ 2,400 $ 6,200
[1] At March 31, 2025, cash and cash equivalents, investments, other assets and other liabilities include $282 million, $5.5 billion, $77 million and $2.1 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include $125 million, $5.1 billion, $45 million and $2.1 billion, respectively, related to consolidated VIEs.
v3.25.1
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 1,238 $ 1,215
Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value 2,927 2,579
Hedge Funds/Funds of Hedge Funds/Other [Member] | Consolidated Variable Interest Entities [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 57 $ 58
Redemption Frequency (Quarterly) 77.00% 64.00%
Redemption Frequency (Not Redeemable) 23.00% 36.00%
Hedge Funds/Funds of Hedge Funds/Other [Member] | Consolidated Variable Interest Entities [Member] | Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value $ 147 $ 92
Private Equity Funds [Member] | Consolidated Variable Interest Entities [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments 42 42
Private Equity Funds [Member] | Consolidated Variable Interest Entities [Member] | Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value 88 7
Real Assets Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments 759 750
Real Assets Funds [Member] | Consolidated Variable Interest Entities [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments 36 40
Real Assets Funds [Member] | Consolidated Variable Interest Entities [Member] | Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value $ 157 $ 175
Other Funds [Member] | Consolidated Variable Interest Entities [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Redemption Notice Period, days 90 days 90 days
Equity Method Investments [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 132 $ 138
Redemption Frequency (Daily) 2.00% 2.00%
Redemption Frequency (Monthly) 2.00% 2.00%
Redemption Frequency (Quarterly) 17.00% 10.00%
Redemption Frequency (Not Redeemable) 81.00% 88.00%
Equity Method Investments [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member] | Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value $ 443 $ 552
Equity Method Investments [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member] | Minimum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Redemption Notice Period, days 1 day 1 day
Equity Method Investments [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member] | Maximum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Redemption Notice Period, days 90 days 90 days
Equity Method Investments [Member] | Private Equity Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 248 $ 227
Equity Method Investments [Member] | Private Equity Funds [Member] | Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value 1,123 1,060
Equity Method Investments [Member] | Real Assets Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 723 $ 710
Redemption Frequency (Quarterly) 6.00% 7.00%
Redemption Frequency (Not Redeemable) 94.00% 93.00%
Redemption Notice Period, days 60 days 60 days
Equity Method Investments [Member] | Real Assets Funds [Member] | Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value $ 568 $ 520
Equity Method Investments [Member] | Investments Related To Deferred Cash Compensation Plans [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments 0 0
Equity Method Investments [Member] | Investments Related To Deferred Cash Compensation Plans [Member] | Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value $ 265 $ 173
Equity Method Investments [Member] | Investments Related To Deferred Cash Compensation Plans [Member] | Minimum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Redemption Notice Period, days 1 day 1 day
Equity Method Investments [Member] | Investments Related To Deferred Cash Compensation Plans [Member] | Maximum [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Redemption Notice Period, days 90 days 90 days
Other Investments [Member] | Private Credit Fund [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 0  
Redemption Notice Period, days 30 days  
Other Investments [Member] | Private Credit Fund [Member] | Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value $ 136  
v3.25.1
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Parenthetical) (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share Line Items    
Total Unfunded Commitments $ 1,238 $ 1,215
Investment, Type [Extensible Enumeration] Real Assets Funds [Member] Real Assets Funds [Member]
Real Assets Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share Line Items    
Total Unfunded Commitments $ 759 $ 750
Total remaining Unfunded Commitments $ 746 $ 736
v3.25.1
Fair Value Disclosures - Summary of Information Related to Bank Loans and Borrowings of Consolidated CLO Recorded within Investments and Borrowings of Consolidated VIEs Respectively for which Fair Value Option was Elected (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value Option Quantitative Disclosures [Line Items]    
Aggregate principal amounts outstanding $ 12,456  
CLO Loans [Member]    
Fair Value Option Quantitative Disclosures [Line Items]    
Aggregate principal amounts outstanding 138 $ 156
Fair value 115 141
Aggregate unpaid principal balance in excess of (less than) fair value 23 15
CLO Borrowings [Member]    
Fair Value Option Quantitative Disclosures [Line Items]    
Aggregate principal amounts outstanding 122 146
Fair value 102 129
Aggregate unpaid principal balance in excess of (less than) fair value $ 20 $ 17
v3.25.1
Derivatives and Hedging - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Notional value $ 218 $ 197
Derivative expiration dates 2025-06 2025-03
Derivative maximum risk of loss $ 17 $ 17
Foreign Exchange Future [Member]    
Derivative [Line Items]    
Notional value $ 1,800 $ 1,800
Derivative expiration dates 2025-06 2025-03
Forward Foreign Currency Exchange Contracts [Member]    
Derivative [Line Items]    
Notional value $ 3,100 $ 3,600
Derivative expiration dates 2025-04 2025-01
v3.25.1
Derivatives and Hedging - Summary of Fair Values of Derivatives Instruments Recognized in Consolidated Statements of Financial Condition (Detail) - Forward Foreign Currency Exchange Contracts [Member] - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Other Assets [Member]    
Derivatives Fair Value [Line Items]    
Other assets, fair value $ 7 $ 7
Other Liabilities [Member]    
Derivatives Fair Value [Line Items]    
Other liabilities, fair value $ 8 $ 35
v3.25.1
Derivatives and Hedging - Summary of Realized and Unrealized Gains (Losses) Recognized in Condensed Consolidated Statements of Income on Derivative Instruments (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments Gain Loss [Line Items]    
Total gain (loss) from derivative instruments $ 51 $ (37)
Foreign Exchange Future [Member]    
Derivative Instruments Gain Loss [Line Items]    
Total gain (loss) from derivative instruments $ 4 $ (32)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income (Expense) Nonoperating Income (Expense)
Forward Foreign Currency Exchange Contracts [Member]    
Derivative Instruments Gain Loss [Line Items]    
Total gain (loss) from derivative instruments $ 47 $ (5)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] General and Administrative Expense General and Administrative Expense
v3.25.1
Derivatives and Hedging - Summary of Realized and Unrealized Gains (Losses) Recognized in Condensed Consolidated Statements of Income on Derivative Instruments (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivatives $ 51 $ (37)
Seed Investment [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivatives 10 (43)
Deferred Cash Compensation Plans [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on derivatives $ (6) $ 11
v3.25.1
Goodwill - Goodwill Activity (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Goodwill [Roll Forward]  
December 31, 2024 $ 25,949
Acquisition 2,344
Other 5
March 31, 2025 $ 28,298
v3.25.1
Intangible Assets - Carrying Amounts of Identifiable Intangible Assets (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Indefinite-lived intangible assets, Beginning Balance $ 17,528  
Indefinite-lived intangible assets, acquisition 0  
Indefinite-lived intangible assets, amortization expense 0  
Other indefinite-lived intangible assets 0  
Indefinite-lived intangible assets, Ending Balance 17,528  
Finite-lived intangible assets, Beginning balance 3,215  
Finite-lived intangible assets, amortization expense (117) $ (38)
Other finite-lived intangible assets 2  
Finite-lived intangible assets, Ending balance 4,322  
Intangible assets, Beginning balance 20,743  
Finite-lived intangible assets, acquisition 1,222  
Total, amortization expense (117)  
Intangible assets, Ending balance $ 21,850  
v3.25.1
Intangible Assets - Carrying Amounts of Identifiable Intangible Assets (Parenthetical) (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Schedule Of Intangible Assets [Line Items]  
Finite-lived intangible assets, acquisition $ 1,222
Preqin [Member] | Customer Relationships [Member]  
Schedule Of Intangible Assets [Line Items]  
Finite-lived intangible assets, acquisition 1,100
Preqin [Member] | Trade Names [Member]  
Schedule Of Intangible Assets [Line Items]  
Finite-lived intangible assets, acquisition 7
Preqin [Member] | Technology-Based Intangible Assets [Member]  
Schedule Of Intangible Assets [Line Items]  
Finite-lived intangible assets, acquisition $ 125
v3.25.1
Intangible Assets - Additional Information (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Noncash impairment charge $ 0
v3.25.1
Leases - Components of Lease Cost (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Lease cost:    
Operating lease cost [1] $ 50 $ 45
Variable lease cost [2] 17 14
Total lease cost $ 67 $ 59
[1] Amounts include short-term leases, which are immaterial for the three months ended March 31, 2025 and 2024.
[2] Amounts include operating lease payments, which may be adjusted based on usage, changes in an index or market rate, as well as common area maintenance charges and other variable costs not included in the measurement of right-of-use (“ROU”) assets and operating lease liabilities.
v3.25.1
Leases - Schedule of Supplemental Information Related to Operating Leases (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Supplemental cash flow information:      
Operating cash flows from operating leases included in the measurement of operating lease liabilities $ 49 $ 44  
Supplemental noncash information:      
ROU assets in exchange for operating lease liabilities $ 30 $ 27  
Weighted-average remaining lease term 14 years   14 years
Weighted-average discount rate 3.00%   3.00%
v3.25.1
Other Assets - Additional Information (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
iCapital [Member]    
Other Assets [Line Items]    
Carrying value - equity method investment $ 685 $ 652
Percentage of strategic minority investment 23.00% 24.00%
Other Assets [Member]    
Other Assets [Line Items]    
Carrying value - equity method investment $ 933 $ 888
Other non equity method corporate minority investments $ 456 $ 438
v3.25.1
Borrowings - Additional Information (Detail)
£ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Mar. 31, 2025
GBP (£)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]      
Line of credit facility, covenant terms The 2025 Credit Facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, which could increase the overall size of the 2025 Credit Facility to an aggregate principal amount of up to $6.4 billion. Interest on outstanding borrowings accrues at an applicable benchmark rate for the denominated currency of the loan, plus a spread. The 2025 Credit Facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1    
Borrowings $ 12,349,000,000   $ 12,314,000,000
Fair Value 11,911,000,000   $ 11,700,000,000
Commercial Paper [Member]      
Debt Instrument [Line Items]      
Maximum amount available under facility 5,000,000,000    
Amount outstanding under credit facility 0    
2025 Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Unsecured revolving credit facility 5,400,000,000    
Additional amount available, subject to lender credit approval 1,000,000,000    
Maximum amount available under facility $ 6,400,000,000    
Line of credit facility, interest rate description Interest on outstanding borrowings accrues at an applicable benchmark rate for the denominated currency of the loan, plus a spread.    
Amount outstanding under credit facility $ 0    
Line of credit facility, covenant compliance less than 1 to 1    
Maximum leverage ratio required by credit facility 3 to 1    
2025 Subsidiary Credit Facility [Member] | Subsidiaries [Member]      
Debt Instrument [Line Items]      
Maximum amount available under facility $ 32,000,000 £ 25  
Amount outstanding under credit facility $ 0    
v3.25.1
Borrowings - Carrying Value and Fair Value of Long-Term Borrowings Determined Market Prices EUR/USD Foreign Exchange Rate (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Maturity Amount $ 12,456  
Unamortized Discount and Debt Issuance Costs [1] (107)  
Carrying Value 12,349 $ 12,314
Fair Value 11,911 $ 11,700
1.25% Notes due 2025 [Member]    
Debt Instrument [Line Items]    
Maturity Amount [2] 756  
Unamortized Discount and Debt Issuance Costs [1],[2] 0  
Carrying Value [2] 756  
Fair Value [2] 755  
3.20% Notes due 2027 [Member]    
Debt Instrument [Line Items]    
Maturity Amount [2] 700  
Unamortized Discount and Debt Issuance Costs [1],[2] (2)  
Carrying Value [2] 698  
Fair Value [2] 688  
4.60% Notes due 2027 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 800  
Unamortized Discount and Debt Issuance Costs [1] (3)  
Carrying Value 797  
Fair Value 806  
3.25% Notes due 2029 [Member]    
Debt Instrument [Line Items]    
Maturity Amount [2] 1,000  
Unamortized Discount and Debt Issuance Costs [1],[2] (6)  
Carrying Value [2] 994  
Fair Value [2] 960  
4.70% Notes due 2029 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 500  
Unamortized Discount and Debt Issuance Costs [1] (3)  
Carrying Value 497  
Fair Value 506  
2.40% Notes due 2030 [Member]    
Debt Instrument [Line Items]    
Maturity Amount [2] 1,000  
Unamortized Discount and Debt Issuance Costs [1],[2] (3)  
Carrying Value [2] 997  
Fair Value [2] 905  
1.90% Notes due 2031 [Member]    
Debt Instrument [Line Items]    
Maturity Amount [2] 1,250  
Unamortized Discount and Debt Issuance Costs [1],[2] (6)  
Carrying Value [2] 1,244  
Fair Value [2] 1,080  
2.10% Notes due 2032 [Member]    
Debt Instrument [Line Items]    
Maturity Amount [2] 1,000  
Unamortized Discount and Debt Issuance Costs [1],[2] (10)  
Carrying Value [2] 990  
Fair Value [2] 848  
4.75% Notes due 2033 [Member]    
Debt Instrument [Line Items]    
Maturity Amount [2] 1,250  
Unamortized Discount and Debt Issuance Costs [1],[2] (17)  
Carrying Value [2] 1,233  
Fair Value [2] 1,245  
5.00% Notes due 2034 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 1,000  
Unamortized Discount and Debt Issuance Costs [1] (7)  
Carrying Value 993  
Fair Value 1,008  
4.90% Notes due 2035 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 500  
Unamortized Discount and Debt Issuance Costs [1] (5)  
Carrying Value 495  
Fair Value 498  
5.25% Notes due 2054 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 1,500  
Unamortized Discount and Debt Issuance Costs [1] (31)  
Carrying Value 1,469  
Fair Value 1,446  
5.35% Notes due 2055 [Member]    
Debt Instrument [Line Items]    
Maturity Amount 1,200  
Unamortized Discount and Debt Issuance Costs [1] (14)  
Carrying Value 1,186  
Fair Value $ 1,166  
[1] The unamortized discount and debt issuance costs are amortized over the term of the notes.
[2] Issued by Old BlackRock and guaranteed by BlackRock, Inc. ("New BlackRock").
v3.25.1
Commitments and Contingencies - Additional Information (Detail) - USD ($)
shares in Millions
 3 Months Ended
Oct. 01, 2024
Mar. 31, 2025
Loss Contingencies [Line Items]    
Investment commitments   $ 1,200,000,000
Amount of securities on loan subject to indemnification   316,000,000,000
Collateral for indemnified securities   334,000,000,000
Fair value of indemnified securities   0
Global Infrastructure Management, LLC [Member]    
Loss Contingencies [Line Items]    
Contingent consideration at fair value   4,400,000,000
Fair value of deferred stock   $ 4,300,000,000
Global Infrastructure Management, LLC [Member] | First contingent payment [Member] | Minimum [Member]    
Loss Contingencies [Line Items]    
Contingent payments 4.0 4.0
Global Infrastructure Management, LLC [Member] | First contingent payment [Member] | Maximum [Member]    
Loss Contingencies [Line Items]    
Contingent payments 5.2 5.2
v3.25.1
Revenue - Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Type (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation Of Revenue [Line Items]    
Total revenue $ 5,276 $ 4,728
Investment Advisory, Administration Fees and Securities Lending Revenue [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [1],[2] 4,401 3,778
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity Active Product [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [2] 518 516
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity ETFs [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [2] 1,349 1,190
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [2] 1,867 1,706
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income Active [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [2] 492 484
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income ETFs [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [2] 352 327
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [2] 844 811
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Active Multi-Asset [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [2] 313 305
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [2] 685 378
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Liquid Alternatives [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [2] 150 138
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Private Markets [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [2] 535 240
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Non-ETF Index [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [2] 307 288
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Digital Assets, Commodities and Multi-asset ETFs [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [2],[3] 92 45
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Cash Management [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [2] 293 245
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Long-term [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [2] 4,108 3,533
Investment Advisory Performance Fees [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 60 204
Investment Advisory Performance Fees [Member] | Equity [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 10 8
Investment Advisory Performance Fees [Member] | Fixed Income [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 12 4
Investment Advisory Performance Fees [Member] | Multi-asset [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 4 2
Investment Advisory Performance Fees [Member] | Alternatives [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 34 190
Investment Advisory Performance Fees [Member] | Alternatives [Member] | Liquid Alternatives [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 10 65
Investment Advisory Performance Fees [Member] | Alternatives [Member] | Private Markets [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 24 125
Technology Services and Subscription Revenue [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 436 377
Distribution Fees [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 321 310
Advisory and Other Revenue [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 58 59
Advisory and Other Revenue [Member] | Advisory [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue 14 13
Advisory and Other Revenue [Member] | Other [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue $ 44 $ 46
[1] Amounts include $157 million and $151 million of securities lending revenue for the three months ended March 31, 2025 and 2024, respectively.
[2] Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation. See page 11 of Exhibit 99.2 to the Current Report on Form 8-K furnished on April 11, 2025 for the reclassified presentation of the 2024 investment advisory, administration fees and securities lending revenue line items.
[3] Amounts include commodity ETFs and exchange-traded products ("ETPs").
v3.25.1
Revenue - Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Type (Parenthetical) (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]    
Securities lending revenue earned $ 157 $ 151
v3.25.1
Revenue - Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Client Type and Investment Style (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation Of Revenue [Line Items]    
Total revenue $ 5,276 $ 4,728
Revenue by Client Type [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [1] 4,401 3,778
Revenue by Client Type [Member] | Retail [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [1] 1,061 1,041
Revenue by Client Type [Member] | Equity ETFs [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [1] 1,793 1,562
Revenue by Client Type [Member] | Institutional Active [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [1] 1,016 697
Revenue by Client Type [Member] | Institutional Index [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [1] 238 233
Revenue by Client Type [Member] | Institutional [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [1] 1,254 930
Revenue by Client Type [Member] | Cash Management [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [1] 293 245
Revenue by Client Type [Member] | Long-term [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [1] 4,108 3,533
Revenue by Investment Style [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [1] 4,401 3,778
Revenue by Investment Style [Member] | Equity ETFs [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [1] 1,793 1,562
Revenue by Investment Style [Member] | Equity Non ETFs [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [1] 307 288
Revenue by Investment Style [Member] | Active [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [1] 2,008 1,683
Revenue by Investment Style [Member] | Cash Management [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [1] 293 245
Revenue by Investment Style [Member] | Long-term [Member]    
Disaggregation Of Revenue [Line Items]    
Total revenue [1] $ 4,108 $ 3,533
[1] Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation. See page 11 of Exhibit 99.2 to the Current Report on Form 8-K furnished on April 11, 2025 for the reclassified presentation of the 2024 investment advisory, administration fees and securities lending revenue line items.
v3.25.1
Revenue - Schedule of Estimated Investment Advisory, Administration Fees Expected to be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations (Detail) - Investment Advisory, Administration Fees and Securities Lending Revenue [Member] - USD ($)
$ in Millions
Mar. 31, 2025
Mar. 31, 2024
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation $ 1,393 $ 659
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01    
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period   9 months
Revenue, Remaining Performance Obligation   $ 152
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01    
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period   1 year
Revenue, Remaining Performance Obligation   $ 180
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-04-01    
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 9 months  
Revenue, Remaining Performance Obligation $ 369  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01    
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year 1 year
Revenue, Remaining Performance Obligation $ 445 $ 159
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01    
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year 1 year
Revenue, Remaining Performance Obligation $ 416 $ 119
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01    
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year 1 year
Revenue, Remaining Performance Obligation $ 131 $ 49
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2029-01-01    
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year  
Revenue, Remaining Performance Obligation $ 32  
v3.25.1
Revenue - Schedule of Estimated Investment Advisory, Administration Fees Expected to be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations (Detail 1) - USD ($)
$ in Millions
Mar. 31, 2025
Mar. 31, 2024
Investment Advisory, Administration Fees and Securities Lending Revenue [Member]    
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation $ 1,393 $ 659
v3.25.1
Revenue - Schedule of Changes in Deferred Carried Interest Liability (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]    
Beginning balance $ 1,860 $ 1,783
Net increase (decrease) in unrealized allocations 104 142
Performance fee revenue recognized (32) (111)
Ending balance $ 1,932 $ 1,814
v3.25.1
Revenue - Schedule of Estimated Technology Services and Subscription Revenue Expected to Be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations (Detail) - Technology Services and Subscription Revenue [Member] - USD ($)
$ in Millions
Mar. 31, 2025
Mar. 31, 2024
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation $ 480 $ 303
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01    
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period   9 months
Revenue, Remaining Performance Obligation   $ 104
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01    
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period   1 year
Revenue, Remaining Performance Obligation   $ 76
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-04-01    
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 9 months  
Revenue, Remaining Performance Obligation $ 177  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01    
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year 1 year
Revenue, Remaining Performance Obligation $ 141 $ 59
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01    
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year 1 year
Revenue, Remaining Performance Obligation $ 73 $ 33
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01    
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year 1 year
Revenue, Remaining Performance Obligation $ 38 $ 31
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2029-01-01    
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year  
Revenue, Remaining Performance Obligation $ 51  
v3.25.1
Revenue - Schedule of Estimated Technology Services and Subscription Revenue Expected to Be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations (Detail 1) - USD ($)
$ in Millions
Mar. 31, 2025
Mar. 31, 2024
Technology Services and Subscription Revenue [Member]    
Schedule of Technology Services Revenue [line Items]    
Revenue, Remaining Performance Obligation $ 480 $ 303
v3.25.1
Revenue - Additional Information (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Schedule of Technology Services Revenue [line Items]  
Estimated annual fixed minimum fees for currently outstanding contracts $ 890
Minimum [Member]  
Schedule of Technology Services Revenue [line Items]  
Term of currently outstanding contracts 1 year
Maximum [Member]  
Schedule of Technology Services Revenue [line Items]  
Term of currently outstanding contracts 5 years
v3.25.1
Revenue - Schedule of Changes in Technology Services and Subscription Deferred Revenue Liability (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]    
Beginning balance $ 124 $ 133
Acquisition 88 0
Additions 44 25
Revenue recognized that was included in the beginning balance (24) (28)
Ending balance $ 232 $ 130
v3.25.1
Stock-Based Compensation - Restricted Stock and RSU Activity (Detail) - $ / shares
 1 Months Ended 3 Months Ended
Jan. 31, 2025
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted Stock Units, beginning of period 661,547 661,547
Restricted Stock Units, Granted   136,133
Reduction of shares due to performance measures   (71,866)
Restricted Stock Units, Converted   (54,212)
Restricted Stock Units, Forfeited   (6,180)
Restricted Stock Units, end of period   665,422
Weighted-Average Grant Date Fair Value, beginning of period $ 806.71 $ 806.71
Weighted-Average Grant Date Fair Value, Granted   999.36
Weighted-Average Grant Date Fair Value, Reduction of shares due to performance measures   832.07
Weighted-Average Grant Date Fair Value, Converted   832.07
Weighted-Average Grant Date Fair Value, Forfeited   812.93
Weighted-Average Grant Date Fair Value, end of period   $ 841.26
Performance-Based RSUs [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted Stock Units, beginning of period 451,042 451,042
Restricted Stock Units, Granted   136,133
Reduction of shares due to performance measures (71,866) (71,866)
Restricted Stock Units, Converted   (54,212)
Restricted Stock Units, Forfeited   (2,721)
Restricted Stock Units, end of period   458,376
Weighted-Average Grant Date Fair Value, beginning of period $ 788.61 $ 788.61
Weighted-Average Grant Date Fair Value, Granted   999.36
Weighted-Average Grant Date Fair Value, Reduction of shares due to performance measures   832.07
Weighted-Average Grant Date Fair Value, Converted   832.07
Weighted-Average Grant Date Fair Value, Forfeited   771.55
Weighted-Average Grant Date Fair Value, end of period   $ 839.35
Performance-Based RSUs [Member] | GIP Transaction [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted Stock Units, beginning of period 210,505 210,505
Restricted Stock Units, Granted   0
Reduction of shares due to performance measures   0
Restricted Stock Units, Converted   0
Restricted Stock Units, Forfeited   (3,459)
Restricted Stock Units, end of period   207,046
Weighted-Average Grant Date Fair Value, beginning of period $ 845.48 $ 845.48
Weighted-Average Grant Date Fair Value, Granted   0
Weighted-Average Grant Date Fair Value, Reduction of shares due to performance measures   0
Weighted-Average Grant Date Fair Value, Converted   0
Weighted-Average Grant Date Fair Value, Forfeited   845.48
Weighted-Average Grant Date Fair Value, end of period   $ 845.48
Time-based RSUs [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted Stock Units, beginning of period 2,297,665 2,297,665
Restricted Stock Units, Granted   630,243
Restricted Stock Units, Converted   (577,831)
Restricted Stock Units, Forfeited   (29,476)
Restricted Stock Units, end of period   2,320,601
Weighted-Average Grant Date Fair Value, beginning of period $ 793.08 $ 793.08
Weighted-Average Grant Date Fair Value, Granted   1,001.67
Weighted-Average Grant Date Fair Value, Converted   799.18
Weighted-Average Grant Date Fair Value, Forfeited   813.67
Weighted-Average Grant Date Fair Value, end of period   $ 847.95
v3.25.1
Stock-Based Compensation - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended
May 30, 2023
Jan. 31, 2025
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted Stock Units, Granted     136,133
Fair value of RSUs/restricted stock granted to employees     $ 631.0
Awards vesting     54,212
Reduction of shares due to performance measures     (71,866)
Restricted Stock Units (RSUs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Intrinsic value of outstanding RSUs     $ 2,200.0
Stock price     $ 946
Unrecognized stock-based compensation expense     $ 1.3
Remaining weighted-average period     2 years 3 months 18 days
Restricted Stock Units And Restricted Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted Stock Units, Granted   332,000  
Award vesting period, years   3 years  
Awards to employees cliff vesting   216,000  
RSUs to employees that cliff vest, percentage   100.00%  
RSUs to employees that cliff vest, date   Jan. 31, 2028  
Performance Based Restricted Stock Units [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted Stock Units, Granted     136,133
Award vesting period, years   3 years  
Awards to employees cliff vesting   136,000  
RSUs to employees that cliff vest, percentage   100.00%  
RSUs to employees that cliff vest, date   Jan. 31, 2028  
Share based compensation vesting option exercised period     up to nine years
Intrinsic value of outstanding RSUs     $ 630.0
Stock price     $ 946
Unrecognized stock-based compensation expense     $ 397.0
Remaining weighted-average period     2 years 4 months 24 days
Awards vesting     54,212
Reduction of shares due to performance measures   (71,866) (71,866)
Fair value of RSUs/restricted stock granted to employees     $ 76.0
Unrecognized stock-based compensation expense     $ 102.0
Performance Based Restricted Stock Units [Member] | Share-based Payment Arrangement, Tranche One [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
RSUs to employees that cliff vest, percentage 25.00%    
RSUs to employees that cliff vest, vesting date May 30, 2027    
Performance Based Restricted Stock Units [Member] | Share-based Payment Arrangement, Tranche Two [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
RSUs to employees that cliff vest, percentage 25.00%    
RSUs to employees that cliff vest, vesting date May 30, 2028    
Performance Based Restricted Stock Units [Member] | Share-based Payment Arrangement, Tranche Three [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
RSUs to employees that cliff vest, percentage 50.00%    
RSUs to employees that cliff vest, vesting date May 30, 2029    
Performance Based Restricted Stock Units [Member] | GIP Transaction [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Restricted Stock Units, Granted     0
Awards vesting     0
Reduction of shares due to performance measures     0
Performance Based Stock Options [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares awarded to purchase 814,482    
Share based compensation vesting option exercised period up to nine years    
Award vesting percentage of BlackRock's grant-date stock price 130.00%   125.00%
Award vesting period of BlackRock's grant-date stock price 4 years   5 years
Award vesting period of BlackRock's performance period 3 years    
Award performance measurement period     4 years
Aggregate intrinsic value of options exercised     $ 51.0
Performance Based Stock Options [Member] | Share-based Payment Arrangement, Tranche One [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Service year of awards     2022
Performance Based Stock Options [Member] | Share-based Payment Arrangement, Tranche Two [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Service year of awards     2023
Performance Based Stock Options [Member] | Share-based Payment Arrangement, Tranche Three [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Service year of awards     2024
Time-based stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of shares awarded to purchase 326,391    
Share based compensation vesting option exercised period up to nine years    
Remaining weighted-average period     3 years 4 months 24 days
Unrecognized stock-based compensation expense     $ 102.0
Time-based stock options | Share-based Payment Arrangement, Tranche One [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
RSUs to employees that cliff vest, percentage 25.00%    
RSUs to employees that cliff vest, vesting date May 30, 2027    
Time-based stock options | Share-based Payment Arrangement, Tranche Two [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
RSUs to employees that cliff vest, percentage 25.00%    
RSUs to employees that cliff vest, vesting date May 30, 2028    
Time-based stock options | Share-based Payment Arrangement, Tranche Three [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
RSUs to employees that cliff vest, percentage 50.00%    
RSUs to employees that cliff vest, vesting date May 30, 2029    
v3.25.1
Stock-Based Compensation - Stock Option Activity (Detail)
 3 Months Ended
Mar. 31, 2025
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Shares Under Option, End of Period 1,562,089
2017 Performance-based Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Shares Under Option, Beginning of Period 625,825
Outstanding, Shares Under Option, Exercised (99,848)
Outstanding, Shares Under Option, Forfeited 0
Outstanding, Shares Under Option, End of Period 525,977
Weighted Average Exercise Price, Beginning of Period | $ / shares $ 513.5
Weighted Average Exercise Price, Exercised | $ / shares 513.5
Weighted Average Exercise Price, Forfeited | $ / shares 0
Weighted Average Exercise Price, End of Period | $ / shares $ 513.5
2023 Performance-based Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Shares Under Option, Beginning of Period 766,970
Outstanding, Shares Under Option, Exercised 0
Outstanding, Shares Under Option, Forfeited (30,544)
Outstanding, Shares Under Option, End of Period 736,426
Weighted Average Exercise Price, Beginning of Period | $ / shares $ 673.58
Weighted Average Exercise Price, Exercised | $ / shares 0
Weighted Average Exercise Price, Forfeited | $ / shares 673.58
Weighted Average Exercise Price, End of Period | $ / shares $ 673.58
2023 Time-based Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Shares Under Option, Beginning of Period 299,686
Outstanding, Shares Under Option, Exercised 0
Outstanding, Shares Under Option, Forfeited 0
Outstanding, Shares Under Option, End of Period 299,686
Weighted Average Exercise Price, Beginning of Period | $ / shares $ 673.58
Weighted Average Exercise Price, Exercised | $ / shares 0
Weighted Average Exercise Price, Forfeited | $ / shares 0
Weighted Average Exercise Price, End of Period | $ / shares $ 673.58
v3.25.1
Stock-Based Compensation - Stock Option Activity 1 (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Options Outstanding 1,562,089  
Options Outstanding, Weighted Average Remaining Life (years) 5 years 3 months 18 days  
Options Outstanding, Aggregate Intrinsic Value $ 511  
Options Exercisable , Options Exercisable 525,977  
Options Exercisable, Weighted Average Remaining Life (years) 1 year 8 months 12 days  
Options Exercisable, Aggregate Intrinsic Value $ 228  
2017 Performance-based Options    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Options Outstanding, Exercise Prices $ 513.5 $ 513.5
Options Outstanding 525,977 625,825
Options Outstanding, Weighted Average Remaining Life (years) 1 year 8 months 12 days  
Options Outstanding, Aggregate Intrinsic Value $ 228  
Options Exercisable , Exercise Prices $ 513.5  
Options Exercisable , Options Exercisable 525,977  
Options Exercisable, Weighted Average Remaining Life (years) 1 year 8 months 12 days  
Options Exercisable, Aggregate Intrinsic Value $ 228  
2023 Performance-based Options    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Options Outstanding, Exercise Prices $ 673.58  
Options Outstanding 736,426  
Options Outstanding, Weighted Average Remaining Life (years) 7 years 2 months 12 days  
Options Outstanding, Aggregate Intrinsic Value $ 201  
Options Exercisable , Exercise Prices $ 673.58  
Options Exercisable , Options Exercisable 0  
Options Exercisable, Weighted Average Remaining Life (years) 0 years  
Options Exercisable, Aggregate Intrinsic Value $ 0  
2023 Time-based Options    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Options Outstanding, Exercise Prices $ 673.58  
Options Outstanding 299,686  
Options Outstanding, Weighted Average Remaining Life (years) 7 years 2 months 12 days  
Options Outstanding, Aggregate Intrinsic Value $ 82  
Options Exercisable , Exercise Prices $ 673.58  
Options Exercisable , Options Exercisable 0  
Options Exercisable, Weighted Average Remaining Life (years) 0 years  
Options Exercisable, Aggregate Intrinsic Value $ 0  
v3.25.1
Net Capital Requirements - Additional Information (Detail)
$ in Billions
Mar. 31, 2025
USD ($)
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Net capital requirement in certain regulated subsidiaries $ 1.9
v3.25.1
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Balance $ 47,664 $ 39,500
Foreign currency translation adjustments [1] 227 (93)
Balance Ending 48,206 39,895
Accumulated Other Comprehensive Income (Loss) [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Balance (1,178) (840)
Foreign currency translation adjustments [2] 227 (93)
Balance Ending $ (951) $ (933)
[1] Amount for the three months ended March 31, 2025 includes a loss from a net investment hedge of $34 million (net of tax benefit of $11 million). Amount for the three months ended March 31, 2024 includes a gain from a net investment hedge of $13 million (net of tax expense of $4 million).
[2] Amount for the three months ended March 31, 2025 includes a loss from a net investment hedge of $34 million (net of tax benefit of $11 million). Amount for the three months ended March 31, 2024 includes a gain from a net investment hedge of $13 million (net of tax expense of $4 million).
v3.25.1
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract]    
Gain (loss) from net investment hedging, net of tax $ (34) $ 13
Gain (loss) from net investment hedging, tax (expense) benefit $ 11 $ (4)
v3.25.1
Capital Stock - Additional Information (Detail) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Schedule of Capitalization, Equity [Line Items]    
Common shares repurchased, value $ 375 $ 375
Share Repurchase Program [Member]    
Schedule of Capitalization, Equity [Line Items]    
Common shares repurchased 0.4  
Common shares repurchased, value $ 375  
Shares authorized to be repurchased 3.4  
v3.25.1
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Realization of capital losses from changes in organizational tax structure $ 149  
Discrete tax benefits related to vested stock based compensation awards $ 46 $ 28
Discrete tax benefits   $ 137
v3.25.1
Earnings Per Share - Computation of Basic and Diluted Earnings per Share ("EPS") under Treasury Stock Method (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share Basic And Diluted [Line Items]    
Net Income (Loss) $ 1,510 $ 1,573
Basic weighted-average shares outstanding 155,038,772 148,689,172
Total diluted weighted-average shares outstanding 156,632,023 150,125,182
Basic earnings per share $ 9.74 $ 10.58
Diluted earnings per share $ 9.64 $ 10.48
Restricted Stock Units (RSUs) [Member]    
Earnings Per Share Basic And Diluted [Line Items]    
Dilutive effect of 1,111,006 944,335
Employee Stock Option    
Earnings Per Share Basic And Diluted [Line Items]    
Dilutive effect of 482,245 491,675
v3.25.1
Earnings Per Share - Additional Information (Detail) - shares
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Earnings Per Share Basic And Diluted [Line Items]    
Antidilutive securities excluded from computation of earnings per share 0 338,300
v3.25.1
Segment Information - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2025
Segment
Segment Reporting [Abstract]  
Number of business segments 1
v3.25.1
Segment Information - Total Revenue by Geographic Region (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Revenue $ 5,276 $ 4,728
Americas [Member]    
Segment Reporting Information [Line Items]    
Revenue 3,477 3,138
Europe [Member]    
Segment Reporting Information [Line Items]    
Revenue 1,557 1,403
Asia-Pacific [Member]    
Segment Reporting Information [Line Items]    
Revenue $ 242 $ 187
v3.25.1
Segment Information - Schedule of Long-Lived Assets by Geographic Region (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Long-lived assets $ 29,418 $ 27,052
Americas [Member]    
Segment Reporting Information [Line Items]    
Long-lived assets 25,507 25,515
Europe [Member]    
Segment Reporting Information [Line Items]    
Long-lived assets 3,807 1,437
Asia-Pacific [Member]    
Segment Reporting Information [Line Items]    
Long-lived assets $ 104 $ 100
v3.25.1
Subsequent Events - Additional Information (Detail)
€ in Millions, $ in Millions
 1 Months Ended 3 Months Ended
Apr. 30, 2025
USD ($)
Apr. 30, 2025
EUR (€)
Dec. 31, 2024
shares
Mar. 31, 2025
USD ($)
shares
Apr. 30, 2025
EUR (€)
Mar. 03, 2025
Oct. 01, 2024
Mar. 31, 2024
USD ($)
Jan. 01, 2023
USD ($)
Subsequent Event [Line Items]                  
Number of units issued | shares     9,200,000            
Number of units will be paid | shares     2,900,000            
Common stock, shares issued | shares     155,318,170 156,032,049          
Aggregate principal amount       $ 12,456          
Line of credit facility, covenant terms       The 2025 Credit Facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, which could increase the overall size of the 2025 Credit Facility to an aggregate principal amount of up to $6.4 billion. Interest on outstanding borrowings accrues at an applicable benchmark rate for the denominated currency of the loan, plus a spread. The 2025 Credit Facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1          
Two Thousand Twenty Five Revolving Credit Facilities [Member]                  
Subsequent Event [Line Items]                  
Maximum amount available under facility       $ 6,400          
Maximum leverage ratio required by credit facility       3 to 1          
Additional amount available, subject to lender credit approval       $ 1,000          
Subsequent Event [Member]                  
Subsequent Event [Line Items]                  
Line of credit facility, covenant terms In April 2025, the 2025 Credit Facility was amended to, among other things, (1) increase the aggregate commitment amount by $500 million to $5.9 billion, (2) extend the maturity date to March 2030 for lenders (other than one non-extending lender) pursuant to the Company's option to request extensions of the maturity date available under the 2025 Credit Facility (with the commitment of the non-extending lender maturing in March 2028) and (3) change the threshold for the maximum leverage ratio to 3.5 to 1. The amended 2025 Credit Facility also permits the Company to request up to an additional $1.4 billion of borrowing capacity, subject to lender credit approval, which could increase the overall size of the 2025 Credit Facility to an aggregate principal amount of up to $7.3 billion. In April 2025, the 2025 Credit Facility was amended to, among other things, (1) increase the aggregate commitment amount by $500 million to $5.9 billion, (2) extend the maturity date to March 2030 for lenders (other than one non-extending lender) pursuant to the Company's option to request extensions of the maturity date available under the 2025 Credit Facility (with the commitment of the non-extending lender maturing in March 2028) and (3) change the threshold for the maximum leverage ratio to 3.5 to 1. The amended 2025 Credit Facility also permits the Company to request up to an additional $1.4 billion of borrowing capacity, subject to lender credit approval, which could increase the overall size of the 2025 Credit Facility to an aggregate principal amount of up to $7.3 billion.              
Subsequent Event [Member] | Two Thousand Twenty Five Revolving Credit Facilities [Member]                  
Subsequent Event [Line Items]                  
Unsecured revolving credit facility $ 500                
Maximum amount available under facility 5,900                
Subsequent Event [Member] | Amended 2025 Credit Facility                  
Subsequent Event [Line Items]                  
Maximum amount available under facility 7,300                
Additional amount available, subject to lender credit approval $ 1,400                
Subsequent Event [Member] | 3.75% Senior Unsecured and Unsubordinated Notes due 2035 [Member]                  
Subsequent Event [Line Items]                  
Debt instrument, interest rate 3.75%       3.75%        
Debt instrument, maturity date Jul. 18, 2035 Jul. 18, 2035              
Aggregate principal amount $ 1,100       € 1,000        
Debt instrument, redemption period, end date Apr. 18, 2035 Apr. 18, 2035              
Subsequent Event [Member] | Unsecured Debt 2034 Notes [Member]                  
Subsequent Event [Line Items]                  
Repayment of debt $ 756 € 700              
Subsequent Event [Member] | 1.25% Notes due 2025 [Member]                  
Subsequent Event [Line Items]                  
Debt instrument, interest rate 1.25%       1.25%        
Debt instrument, Approximate annual interest expense | €   € 38              
Debt instrument, payment terms annually on July 18 of each year annually on July 18 of each year              
Debt Instrument, redemption price, percentage of principal amount redeemed 100.00% 100.00%              
Subsequent Event [Member] | 1.25% Notes due 2025 [Member] | Foreign Exchange [Member]                  
Subsequent Event [Line Items]                  
Debt instrument, Approximate annual interest expense $ 41                
Global Infrastructure Management L L C [Member]                  
Subsequent Event [Line Items]                  
Business acquisition, percentage of equity interest acquired             100.00%    
Aggregate principal amount               $ 3,000 $ 3,000
Preqin [Member]                  
Subsequent Event [Line Items]                  
Business acquisition, percentage of equity interest acquired           100.00%      
Hps Investment Partners [Member]                  
Subsequent Event [Line Items]                  
Business acquisition, percentage of equity interest acquired     100.00%            
Percentage of total consideration paid     100.00%            
Total deal consideration | shares     700,000            
Sub Co [Member]                  
Subsequent Event [Line Items]                  
Additional consideration | shares     1,600,000            
Common stock, shares issued | shares     13,700,000            
Maximum [Member] | Subsequent Event [Member] | Two Thousand Twenty Five Revolving Credit Facilities [Member]                  
Subsequent Event [Line Items]                  
Maximum leverage ratio required by credit facility 3.5 to 1 3.5 to 1