BLACKROCK, INC., 10-K filed on 2/25/2026
Annual Report
v3.25.4
Document and Entity Information - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Jan. 31, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2025    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Entity Registrant Name BlackRock, Inc.    
Entity Central Index Key 0002012383    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer Yes    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Document Financial Statement Error Correction [Flag] false    
Entity Public Float     $ 159
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 Annual Report true    
Document Transition Report false    
Entity Interactive Data Current Yes    
Auditor Name Deloitte & Touche LLP    
Auditor Firm ID 34    
Auditor Location New York, New York    
Documents Incorporated by Reference

The following documents are incorporated by reference herein:

Portions of the definitive Proxy Statement of BlackRock, Inc. to be filed pursuant to Regulation 14A of the general rules and regulations under the Securities Exchange Act of 1934, as amended, for the 2026 annual meeting of stockholders (“Proxy Statement”) are incorporated by reference into Part III of this Form 10-K.

   
Auditor Opinion [Text Block]

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial condition of BlackRock, Inc. and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 25, 2026, expressed an unqualified opinion on the Company’s internal control over financial reporting.

    
Common Stock [Member]      
Document Information [Line Items]      
Trading Symbol BLK    
Title of 12(b) Security Common Stock, $.01 par value    
Security Exchange Name NYSE    
Entity Common Stock, Shares Outstanding   155,541,536  
3.750% Notes due 2035 [Member]      
Document Information [Line Items]      
Trading Symbol BLK 35    
Title of 12(b) Security 3.750% Notes due 2035    
Security Exchange Name NYSE    
Fully Diluted Shares [Member]      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   163,156,051  
Exchangeable Units [Member]      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   7,614,515  
v3.25.4
Consolidated Statements of Financial Condition - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents [1] $ 11,468 $ 12,762
Accounts receivable 5,158 4,304
Investments [1] 13,271 9,769
Separate account assets 60,098 52,811
Separate account collateral held under securities lending agreements 7,922 6,059
Property and equipment (net of accumulated depreciation and amortization of $1,692 and $1,553 at December 31, 2025 and 2024, respectively) 1,256 1,103
Intangible assets (net of accumulated amortization of $1,482 and $782 at December 31, 2025 and 2024, respectively) 27,968 [2] 20,743 [3]
Goodwill 35,283 25,949
Operating lease right-of-use assets 1,874 1,519
Other assets [1] 5,700 3,596
Total assets 169,998 138,615
Liabilities    
Accrued compensation and benefits 3,830 2,964
Accounts payable and accrued liabilities 1,740 1,536
Borrowings 12,768 12,314
Separate account liabilities 60,098 52,811
Separate account collateral liabilities under securities lending agreements 7,922 6,059
Contingent consideration liabilities 8,429 4,302
Deferred income tax liabilities 4,618 3,334
Operating lease liabilities 2,228 1,908
Other liabilities [1] 6,823 4,032
Total liabilities 108,456 89,260
Commitments and contingencies (Note 16)
Permanent equity    
Common stock, $0.01 par value; Shares authorized: 500,000,000 at December 31, 2025 and 2024; Shares issued: 156,276,289 and 155,318,170 at December 31, 2025 and 2024, respectively; Shares outstanding: 155,069,171 and 154,947,813 at December 31, 2025 and 2024, respectively 2 2
Additional paid-in capital 19,748 13,446
Retained earnings 37,899 35,611
Accumulated other comprehensive loss (545) (1,178)
Treasury stock, common, at cost (1,207,118 and 370,357 shares held at December 31, 2025 and 2024, respectively) (1,216) (386)
Total BlackRock, Inc. stockholders’ equity 55,888 47,495
Nonredeemable NCI - CIPs 227 169
Total permanent equity 56,115 47,664
Total liabilities, temporary equity and permanent equity 169,998 138,615
Subco [Member]    
Temporary equity    
Redeemable noncontrolling interests 2,791 0
Consolidated Sponsored Investment Products [Member]    
Assets    
Cash and cash equivalents [4] 461 169
Investments 9,131 5,752
Other assets 187 76
Liabilities    
Other liabilities [5] 4,112 2,223
Temporary equity    
Redeemable noncontrolling interests 2,636 1,691
Permanent equity    
Nonredeemable NCI - CIPs $ 2,757 $ 1,802
[1] At December 31, 2025, cash and cash equivalents, investments, other assets and other liabilities include $428 million, $8.5 billion, $76 million and $4.1 billion, respectively, related to consolidated 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.
[2] Amount primarily includes approximately $3.0 billion of indefinite-lived management contracts, $2.7 billion of finite-lived management contracts and $1 billion of finite-lived investor relationships acquired in connection with the HPS Transaction and $1.1 billion of finite-lived customer relationships and $125 million of finite-lived technology-related intangible assets acquired in connection with the Preqin Transaction (see Note 3, Acquisitions, for further information). Additionally, in connection with the ElmTree Transaction, the Company acquired approximately $115 million of finite-lived management contracts and investor relationships.
[3] In connection with the GIP Transaction, the Company acquired approximately $1.8 billion of finite-lived management contracts, $820 million of finite-lived investor relationships and $80 million of a finite-lived trade name (see Note 3, Acquisitions, for further information).
[4] The Company generally cannot readily access cash and cash equivalents held by CIPs to use in its operating activities.
[5] At both December 31, 2025 and 2024, other liabilities of VIEs primarily include deferred carried interest liabilities and borrowings of a consolidated CLO.
v3.25.4
Consolidated Statements of Financial Condition (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property and equipment, accumulated depreciation $ 1,692 $ 1,553
Intangible assets, accumulated amortization $ 1,482 [1] $ 782 [2]
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 500,000,000 500,000,000
Common stock, shares issued 156,276,289 155,318,170
Common stock, shares outstanding 155,069,171 154,947,813
Treasury stock, common shares 1,207,118 370,357
Cash and cash equivalents [3] $ 11,468 $ 12,762
Investments [3] 13,271 9,769
Other assets [3] 5,700 3,596
Other liabilities [3] 6,823 4,032
Consolidated Variable Interest Entities [Member]    
Cash and cash equivalents [4] 428 125
Investments 8,487 5,092
Other assets 76 45
Other liabilities [5] $ 4,052 $ 2,130
[1] Amount primarily includes approximately $3.0 billion of indefinite-lived management contracts, $2.7 billion of finite-lived management contracts and $1 billion of finite-lived investor relationships acquired in connection with the HPS Transaction and $1.1 billion of finite-lived customer relationships and $125 million of finite-lived technology-related intangible assets acquired in connection with the Preqin Transaction (see Note 3, Acquisitions, for further information). Additionally, in connection with the ElmTree Transaction, the Company acquired approximately $115 million of finite-lived management contracts and investor relationships.
[2] In connection with the GIP Transaction, the Company acquired approximately $1.8 billion of finite-lived management contracts, $820 million of finite-lived investor relationships and $80 million of a finite-lived trade name (see Note 3, Acquisitions, for further information).
[3] At December 31, 2025, cash and cash equivalents, investments, other assets and other liabilities include $428 million, $8.5 billion, $76 million and $4.1 billion, respectively, related to consolidated 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 $2.1 billion, respectively, related to consolidated VIEs.
[4] The Company generally cannot readily access cash and cash equivalents held by CIPs to use in its operating activities.
[5] At both December 31, 2025 and 2024, other liabilities of VIEs primarily include deferred carried interest liabilities and borrowings of a consolidated CLO.
v3.25.4
Consolidated Statements of Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue      
Total revenue $ 24,216 $ 20,407 $ 17,859
Expense      
Employee compensation and benefits 8,446 6,546 5,779
Distribution and servicing costs 2,460 2,171 2,051
Direct fund expense 1,767 1,464 1,331
Sub-advisory and other 233 140 116
Total sales, asset and account expense 4,460 3,775 3,498
General and administration expense 2,731 2,257 2,092
Change in fair value of contingent consideration 720 (36) 3
Restructuring Charge 39 0 61
Amortization and impairment of intangible assets 775 291 151
Total expense 17,171 12,833 11,584
Operating income 7,045 7,574 6,275
Nonoperating income (expense)      
Net gain (loss) on investments 634 492 699
Interest and dividend income 554 767 473
Interest expense (614) (538) (292)
Total nonoperating income (expense) 574 721 880
Income before income taxes 7,619 8,295 7,155
Income tax expense 1,677 1,783 1,479
Net income 5,942 6,512 5,676
Net income attributable to BlackRock, Inc. $ 5,553 $ 6,369 $ 5,502
Earnings per share attributable to BlackRock, Inc. common stockholders:      
Basic $ 35.83 $ 42.45 $ 36.85
Diluted $ 35.31 $ 42.01 $ 36.51
Weighted-average common shares outstanding:      
Basic 154,984,319 150,042,269 149,327,558
Diluted (including Subco Units) 160,866,521 151,615,085 150,706,451
Subco [Member]      
Nonoperating income (expense)      
Net income (loss) attributable to noncontrolling interests $ 127 $ 0 $ 0
CIPs [Member]      
Nonoperating income (expense)      
Net income (loss) attributable to noncontrolling interests 262 143 174
Investment Advisory, Administration Fees and Securities Lending Revenue [Member]      
Revenue      
Total revenue [1],[2] 19,179 16,100 14,399
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Investment Advisory and Administration Fees [Member]      
Revenue      
Total revenue 18,474 15,485 13,724
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Securities Lending Revenue [Member]      
Revenue      
Total revenue 705 615 675
Investment Advisory Performance Fees [Member]      
Revenue      
Total revenue 1,424 1,207 554
Technology Services and Subscription Revenue [Member]      
Revenue      
Total revenue 1,981 1,603 1,485
Distribution Fees [Member]      
Revenue      
Total revenue 1,355 1,273 1,262
Advisory and Other Revenue [Member]      
Revenue      
Total revenue $ 277 $ 224 $ 159
[1] Amounts include $705 million, $615 million and $675 million of securities lending revenue for 2025, 2024 and 2023, respectively.
[2] Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 and 2023 to conform to this new presentation. See page 11 of Exhibit 99.2 to the Current Report on Form 8-K furnished on April 11, 2025 for the reclassified presentation of the 2024 and 2023 investment advisory, administration fees and securities lending revenue line items.
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net income $ 5,942 $ 6,512 $ 5,676
Other comprehensive income (loss):      
Foreign currency translation adjustments [1] 606 (338) 261
Comprehensive income (loss) 6,548 6,174 5,937
Comprehensive income attributable to BlackRock, Inc. 6,159 6,031 5,763
Subco [Member]      
Other comprehensive income (loss):      
Less: Comprehensive income (loss) attributable to NCI 127 0 0
Consolidated Sponsored Investment Products [Member]      
Other comprehensive income (loss):      
Less: Comprehensive income (loss) attributable to NCI $ 262 $ 143 $ 174
[1] Amount for 2025 includes a loss from a net investment hedge of $96 million (net of tax benefit of $30 million). Amount for 2024 includes a gain from a net investment hedge of $37 million (net of tax expense of $12 million). Amount for 2023 includes a loss from a net investment hedge of $20 million (net of tax benefit of $6 million).
v3.25.4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Gain (loss) from net investment hedging, net of tax $ (96) $ 37 $ (20)
Gain (loss) from net investment hedging, tax (expense) benefit $ 30 $ (12) $ 6
v3.25.4
Consolidated Statements of Changes in Equity - USD ($)
$ in Millions
Total
Additional Paid-in Capital [Member]
 [1]
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 - CIPs [Member]
Redeemable Noncontrolling Interests / Temporary Equity - Subco [Member]
Balance at Dec. 31, 2022 $ 37,876 $ 19,774 $ 29,876 $ (1,101) $ (10,805) $ 37,744 $ 132 $ 909 $ 0
Net income 5,518 0 5,502 0 0 5,502 16 158 0
Dividends declared (3,035) 0 (3,035) 0 0 (3,035) 0 0 0
Stock-based compensation 630 630 0 0 0 630 0 0 0
Issuance of common shares related to employee stock transactions 129 (569) 0 0 698 129 0 0 0
Employee tax withholdings related to employee stock transactions (375) 0 0 0 (375) (375) 0 0 0
Shares repurchased (1,509) 0 0 0 (1,509) (1,509) 0 0 0
Subscriptions (redemptions/distributions) — noncontrolling interest holders (16) 0 0 0 0 0 (16) 1,643 0
Net consolidations (deconsolidations) of sponsored investment funds 21 0 0 0 0 0 21 (970) 0
Other comprehensive income (loss) 261 0 0 261 0 261 0 0 0
Balance Ending at Dec. 31, 2023 39,500 19,835 32,343 (840) (11,991) 39,347 153 1,740 0
Net income 6,369 0 6,369 0 0 6,369 0 143 0
Dividends declared (3,101) 0 (3,101) 0 0 (3,101) 0 0 0
Stock-based compensation 753 753 0 0 0 753 0 0 0
Issuance of common shares related to employee stock transactions 491 (215) 0 0 706 491 0 0 0
Issuance of Subco/ common shares in connection with the GIP Transaction 5,904 5,904 0 0 0 5,904 0 0 0
Employee tax withholdings related to employee stock transactions (305) 0 0 0 (305) (305) 0 0 0
Shares repurchased (1,625) 0 0 0 (1,625) (1,625) 0 0 0
Cancellation of treasury stock, common in connection with the GIP Transaction 0 (12,829) 0 0 12,829 0 0 0 0
Subscriptions (redemptions/distributions) — noncontrolling interest holders 16 0 0 0 0 0 16 2,389 0
Net consolidations (deconsolidations) of sponsored investment funds 0 0 0 0 0 0 0 (2,581) 0
Other comprehensive income (loss) (338) 0 0 (338) 0 (338) 0 0 0
Balance Ending at Dec. 31, 2024 47,664 13,448 35,611 (1,178) (386) 47,495 169 1,691 0
Net income 5,551 0 5,553 0 0 5,553 (2) 264 127
Dividends declared (3,265) 0 (3,265) 0 0 (3,265) 0 0 (82)
Stock-based compensation 1,307 1,307 0 0 0 1,307 0   0
Issuance of common shares related to employee stock transactions 195 (151) 0 0 346 195 0 0 0
Issuance of Subco/ common shares in connection with the GIP Transaction         0        
Employee tax withholdings related to employee stock transactions (326) 0 0 0 (326) (326) 0 0 0
Issuance of Subco Units/common shares in connection with acquisitions 5,713 5,713 0 0 0 5,713 0 0 2,981
Shares/Subco Units repurchased (1,374) (524) 0 0 (850) (1,374) 0 0 (251)
Subscriptions (redemptions/distributions) — noncontrolling interest holders 16 0 0 0 0 0 16 3,811 0
Net consolidations (deconsolidations) of sponsored investment funds 44 0 0 0 0 0 44 (3,130) 0
Other comprehensive income (loss) 606 0 0 606 0 606 0 0 0
Change in BlackRock, Inc.'s ownership interest (16) (43) 0 27 0 (16) 0 0 16
Balance Ending at Dec. 31, 2025 $ 56,115 $ 19,750 $ 37,899 $ (545) $ (1,216) $ 55,888 $ 227 $ 2,636 $ 2,791
[1] Amounts include $2 million of common stock at December 31, 2025, 2024, 2023 and 2022.
v3.25.4
Consolidated Statements of Changes in Equity (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dividends declared, amount per share $ 20.84 $ 20.4 $ 20  
Additional Paid-in Capital, value of stock $ 56,115 $ 47,664 $ 39,500 $ 37,876
Common Stock [Member]        
Additional Paid-in Capital, value of stock $ 2 $ 2 $ 2 $ 2
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income $ 5,942 $ 6,512 $ 5,676
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:      
Depreciation and amortization 1,126 529 427
Impairment of intangible assets 0 50 0
Noncash lease expense 148 129 140
Stock-based compensation [1] 1,307 753 630
Deferred income tax expense (benefit) (631) (106) 124
Charitable Contribution 109 0 0
Change in fair value of contingent consideration 720 (36) 3
Other investment gains (289) (126) 0
Net (gains) losses within CIPs (480) (269) (380)
Net (purchases) proceeds within CIPs (4,214) (2,672) (1,780)
(Earnings) losses from equity method investees (51) (41) (378)
Distributions of earnings from equity method investees 429 57 49
Other adjustments      
Accounts receivable (619) (443) (586)
Investments, trading 193 58 72
Other assets (722) 317 (326)
Accrued compensation and benefits 659 367 145
Accounts payable and accrued liabilities 75 259 (26)
Other liabilities 225 (382) 375
Net cash provided by/(used in) operating activities 3,927 4,956 4,165
Investing activities      
Purchases of investments (1,384) (818) (846)
Proceeds from sales and maturities of investments 544 766 400
Distributions of capital from equity method investees 390 366 46
Net consolidations (deconsolidations) of sponsored investment funds (97) (127) (26)
Acquisitions, net of cash acquired (3,496) (2,936) (189)
Purchases of property and equipment (375) (255) (344)
Net cash provided by/(used in) investing activities (4,418) (3,004) (959)
Financing activities      
Repayments of long-term borrowings (796) (1,000) 0
Proceeds from long-term borrowings 1,080 5,474 1,238
Dividends/Subco distributions paid (3,347) (3,101) (3,035)
Proceeds from stock options exercised 167 464 95
Shares/Subco Units repurchased (1,951) (1,930) (1,884)
Net proceeds from (repayments of) borrowings by CIPs (112) (58) (59)
Net subscriptions received/(redemptions/distributions paid) from noncontrolling interest holders 3,827 2,405 1,627
Other financing activities 5 (18) 26
Net cash provided by/(used in) financing activities (1,127) 2,236 (1,992)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 329 (162) 106
Net increase/(decrease) in cash, cash equivalents and restricted cash (1,289) 4,026 1,320
Cash, cash equivalents and restricted cash, beginning of year 12,779 8,753 7,433
Cash, cash equivalents and restricted cash, end of year 11,490 12,779 8,753
Supplemental disclosure of cash flow information:      
Interest 482 289 200
Income taxes (net of refunds) 2,298 1,699 1,392
Supplemental schedule of noncash investing and financing transactions:      
Issuance of common shares related to employee stock transactions 151 215 569
Issuance of Subco Units/common shares in connection with acquisitions 8,694 5,904 0
Cancellation of treasury stock, common in connection with the GIP Transaction 0 (12,829) 0
Increase/(decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds (3,086) (2,581) (949)
Established contingent consideration liabilities in connection with acquisitions $ 3,413 $ 4,246 $ 0
[1] Amounts for 2025 and 2023 include $12 million and $14 million, respectively, of compensation expense for accelerated vesting of previously granted stock-based compensation awards recognized as part of restructuring charges. See Note 24, Restructuring Charge for more information.
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Net Income (Loss) $ 5,553 $ 6,369 $ 5,502
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 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
v3.25.4
Cybersecurity Risk Management, Strategy and Governance
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Item 1C. Cybersecurity

Cybersecurity Risk Management and Strategy

BlackRock recognizes the importance of identifying, assessing, and managing material risks associated with cybersecurity threats. Cybersecurity represents an important component of the Company’s approach to enterprise risk management (“ERM”). The Company leverages a multi-layered defense model in which cybersecurity operational processes are executed by global information security and other firmwide teams, supported by dedicated internal audit and technology risk management (“TRM”) teams that independently review technology risks. The Company’s cybersecurity program is fully integrated into its ERM framework and is aligned with recognized frameworks, such as NIST Cybersecurity Framework, Cyber Risk Institute Profile, ISO/IEC 27001/27002, and other leading frameworks. BlackRock aims to inform and continuously improve its cybersecurity program through engagement with regulatory, client, insurer, vendor, partner, peer, government and industry organizations and associations, as well as external audit, technology risk, information security and other assessments.

BlackRock seeks to address cybersecurity risks through a global, multilayered strategy of control programs that are designed to preserve the confidentiality, integrity and availability of the information that BlackRock collects and stores by identifying, preventing and mitigating cybersecurity threats and incidents. As one of the critical elements of the Company’s overall ERM framework, BlackRock’s cybersecurity program is focused on the following key areas:

•
Governance: As discussed in more detail under the heading “Cybersecurity Governance” below, the Board’s oversight of cybersecurity risk management is supported by the Risk Committee, which regularly interacts with the Company’s risk management function, the Company’s Chief Risk Officer (“CRO”) and Chief Information Security Officer (“CISO”), along with other members of management. In addition, technology and cybersecurity risks are formally overseen by a dedicated management risk governance committee, the Technology Risk and Cybersecurity Committee (“TRCC”), which is a sub-committee of the firmwide Enterprise Risk Committee (“ERC”).
•
Cross-Functional Approach: The Company has implemented a global, cross-functional approach to identifying, preventing, and mitigating cybersecurity threats and incidents, while also implementing layered preventative, detective, reactive and recovery controls to identify and manage cybersecurity risks.
•
Safeguards: The Company deploys a range of people, process and technical controls that are designed to protect the Company’s information systems from cybersecurity threats, which may include, among others: physical security controls, perimeter controls, technical assessments, firewalls, network segregation, intrusion detection and prevention, tabletop exercises, ongoing vulnerability and patch management, vendor due diligence, multi-factor authentication, device encryption, application security, code testing and penetration testing; endpoint security, including anti-malware protection, threat intel and response, managed detection and response, security configuration management, portable storage device lockdown, and restricted administrative privileges, employee awareness, training, and phishing testing, data loss prevention program and monitoring, information security incident reporting and monitoring; and layered and comprehensive access controls.
•
Incident Response and Recovery Planning: The Company maintains incident response and recovery plans that address the Company’s response to a cybersecurity incident, including processes designed to assess, escalate, contain, investigate and remediate an incident, as well as to comply with applicable legal obligations and mitigate potential reputational damage. These plans are evaluated on a periodic basis.
•
Third-Party Risk Management: The Company maintains a risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers, counterparties and clients, as well as the systems of third parties that could significantly and adversely impact the Company’s business in the event of a cybersecurity incident affecting those third-party systems. Operational incidents can arise as a result of failures by third parties with which the Company does business, such as failures by internet, communication technology and cloud service providers or other vendors to adequately follow processes and procedures, safeguard their systems, or prevent system disruptions or cyber-attacks. Third-party risks are included within BlackRock’s ERM framework, and risk identification and mitigation are supported by the Company’s cybersecurity program. BlackRock also performs due diligence on certain third parties and monitors cybersecurity threats and risks identified through such diligence.
•
Education and Awareness: BlackRock’s employees and contractors receive communications on its evolving information security policies and procedures and are required to complete annual information security training to equip them with effective tools to address cybersecurity threats.

The Company’s global information security team, in collaboration with the technology risk and internal audit teams, engages in the periodic assessment and testing of the Company’s cyber risks and cybersecurity program. These efforts may include a wide range of activities, including audits, assessments, wargames and “tabletop” exercises, threat modeling, vulnerability testing and other exercises focused on evaluating the effectiveness of the Company's cybersecurity measures and planning. BlackRock also participates in financial services industry and government forums to improve both internal and sector cybersecurity defense. The Company regularly engages third parties and advisors to assess its cybersecurity control environment. The results of certain program and control assessments are reported to the Risk Committee, and BlackRock adjusts its cybersecurity program as appropriate based on the information provided by these assessments.

As of December 31, 2025, BlackRock is not aware of any cybersecurity risks that have materially affected or are reasonably likely to materially affect BlackRock’s business strategy, results of operations, or financial condition. For additional information on whether and how risks from cybersecurity threats are reasonably likely to materially affect BlackRock, see “A cyber-attack or a failure to implement effective information and cybersecurity policies, procedures and capabilities could disrupt operations and lead to financial losses and reputational harm, which may cause BlackRock’s AUM, revenue and earnings to decline.” under Part I, Item 1A, Risk Factors herein.

Cybersecurity Governance

BlackRock’s Board of Directors is actively engaged in the oversight of BlackRock’s risk management program. The Risk Committee assists the Board with its oversight of the Company’s levels of risk, risk assessment, risk management and related policies and processes, including risks arising from cybersecurity threats. The Risk Committee receives regular reports on the Company’s cybersecurity program, technology resilience risk management and related developments from members of the Company's information security team, including the CISO. The Board and the Risk Committee also receive information regarding cybersecurity incidents that meet certain reporting thresholds. On an annual basis, senior members of BlackRock’s technology, risk and information security teams provide a comprehensive overview of BlackRock’s cyber risk and related programs to a joint session of the Board’s Risk and Audit Committees.

Technology and cybersecurity risks at BlackRock are also overseen by the TRCC, a dedicated management risk governance committee and sub-committee of the firmwide ERC. The chair of the TRCC is appointed by the head of Enterprise Risk Management at the Company and its members include the CISO as well as a broad range of senior business stakeholders across BlackRock. The TRCC is responsible for oversight of BlackRock’s technology and cybersecurity risk management practices and helps ensure that technology and cybersecurity risks remain within firmwide risk tolerances and technology and cybersecurity risk issues are escalated as appropriate to the ERC and other committees.

BlackRock’s cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by the Company’s CISO. As of December 31, 2025, the CISO had over 31 years of experience in information technology with a 25-year concentration in information security, including previously serving as the CISO at several global financial institutions. He also holds the Certified Information Systems Security Professional certification. The CISO works closely with the leadership team and other subject matter experts in the global cybersecurity group, who collectively have extensive prior work experience in various roles involving managing information security, developing cybersecurity strategy, implementing effective information and cybersecurity programs and overseeing cybersecurity controls in technology risk and audit functions, as well as having relevant degrees and industry-leading certifications.

The CISO and members of the TRCC monitor the prevention, detection, mitigation and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management processes described above, including the operation of BlackRock’s incident response plan.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] The Company’s cybersecurity program is fully integrated into its ERM framework and is aligned with recognized frameworks, such as NIST Cybersecurity Framework, Cyber Risk Institute Profile, ISO/IEC 27001/27002, and other leading frameworks. BlackRock aims to inform and continuously improve its cybersecurity program through engagement with regulatory, client, insurer, vendor, partner, peer, government and industry organizations and associations, as well as external audit, technology risk, information security and other assessments.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

BlackRock’s Board of Directors is actively engaged in the oversight of BlackRock’s risk management program. The Risk Committee assists the Board with its oversight of the Company’s levels of risk, risk assessment, risk management and related policies and processes, including risks arising from cybersecurity threats. The Risk Committee receives regular reports on the Company’s cybersecurity program, technology resilience risk management and related developments from members of the Company's information security team, including the CISO. The Board and the Risk Committee also receive information regarding cybersecurity incidents that meet certain reporting thresholds. On an annual basis, senior members of BlackRock’s technology, risk and information security teams provide a comprehensive overview of BlackRock’s cyber risk and related programs to a joint session of the Board’s Risk and Audit Committees.

Technology and cybersecurity risks at BlackRock are also overseen by the TRCC, a dedicated management risk governance committee and sub-committee of the firmwide ERC. The chair of the TRCC is appointed by the head of Enterprise Risk Management at the Company and its members include the CISO as well as a broad range of senior business stakeholders across BlackRock. The TRCC is responsible for oversight of BlackRock’s technology and cybersecurity risk management practices and helps ensure that technology and cybersecurity risks remain within firmwide risk tolerances and technology and cybersecurity risk issues are escalated as appropriate to the ERC and other committees.

BlackRock’s cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by the Company’s CISO. As of December 31, 2025, the CISO had over 31 years of experience in information technology with a 25-year concentration in information security, including previously serving as the CISO at several global financial institutions. He also holds the Certified Information Systems Security Professional certification. The CISO works closely with the leadership team and other subject matter experts in the global cybersecurity group, who collectively have extensive prior work experience in various roles involving managing information security, developing cybersecurity strategy, implementing effective information and cybersecurity programs and overseeing cybersecurity controls in technology risk and audit functions, as well as having relevant degrees and industry-leading certifications.

The CISO and members of the TRCC monitor the prevention, detection, mitigation and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management processes described above, including the operation of BlackRock’s incident response plan.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Risk Committee assists the Board with its oversight of the Company’s levels of risk, risk assessment, risk management and related policies and processes, including risks arising from cybersecurity threats. The Risk Committee receives regular reports on the Company’s cybersecurity program, technology resilience risk management and related developments from members of the Company's information security team, including the CISO. The Board and the Risk Committee also receive information regarding cybersecurity incidents that meet certain reporting thresholds.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] On an annual basis, senior members of BlackRock’s technology, risk and information security teams provide a comprehensive overview of BlackRock’s cyber risk and related programs to a joint session of the Board’s Risk and Audit Committees.
Cybersecurity Risk Role of Management [Text Block]

Technology and cybersecurity risks at BlackRock are also overseen by the TRCC, a dedicated management risk governance committee and sub-committee of the firmwide ERC. The chair of the TRCC is appointed by the head of Enterprise Risk Management at the Company and its members include the CISO as well as a broad range of senior business stakeholders across BlackRock. The TRCC is responsible for oversight of BlackRock’s technology and cybersecurity risk management practices and helps ensure that technology and cybersecurity risks remain within firmwide risk tolerances and technology and cybersecurity risk issues are escalated as appropriate to the ERC and other committees.

BlackRock’s cybersecurity risk management and strategy processes, which are discussed in greater detail above, are led by the Company’s CISO. As of December 31, 2025, the CISO had over 31 years of experience in information technology with a 25-year concentration in information security, including previously serving as the CISO at several global financial institutions. He also holds the Certified Information Systems Security Professional certification. The CISO works closely with the leadership team and other subject matter experts in the global cybersecurity group, who collectively have extensive prior work experience in various roles involving managing information security, developing cybersecurity strategy, implementing effective information and cybersecurity programs and overseeing cybersecurity controls in technology risk and audit functions, as well as having relevant degrees and industry-leading certifications.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The CISO works closely with the leadership team and other subject matter experts in the global cybersecurity group, who collectively have extensive prior work experience in various roles involving managing information security, developing cybersecurity strategy, implementing effective information and cybersecurity programs and overseeing cybersecurity controls in technology risk and audit functions, as well as having relevant degrees and industry-leading certifications.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] As of December 31, 2025, the CISO had over 31 years of experience in information technology with a 25-year concentration in information security, including previously serving as the CISO at several global financial institutions. He also holds the Certified Information Systems Security Professional certification.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

The CISO and members of the TRCC monitor the prevention, detection, mitigation and remediation of cybersecurity incidents through their management of, and participation in, the cybersecurity risk management processes described above, including the operation of BlackRock’s incident response plan.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Business Overview
 12 Months Ended
Dec. 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. On July 1, 2025, BlackRock completed the acquisition of 100% of the business and assets of HPS Investment Partners (the "HPS Transaction" or "HPS"), a leading global credit investment manager, with substantially all consideration paid in Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC ("Subco"), a consolidated subsidiary of the Company. Concurrent with the acquisition, BlackRock Finance, Inc., Global Infrastructure Management, LLC ("GIP"), HPS, and their respective subsidiaries became wholly owned subsidiaries of Subco. See Note 3, Acquisitions, for information on the HPS Transaction.

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, digital assets, currencies and commodities, 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 and subscription services, including the investment and risk management technology platform, Aladdin®, Aladdin WealthTM, eFront®, Preqin and Cachematrix®, as well as advisory services and solutions to a broad base of institutional and wealth management clients.
v3.25.4
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation

These 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. NCI on the consolidated statements of financial condition represent the portion of CIPs and a consolidated affiliate. In addition, as of July 1, 2025, and subsequent to the HPS Transaction, NCI also represent Subco Units that are held by former equityholders of HPS. 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 prior period presentations were reclassified to ensure comparability with current period classifications.

Accounting Pronouncements Adopted in 2025

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 adopted disclosure requirements of ASU 2023-09 prospectively during the year ended December 31, 2025. See Note 25, Income Taxes, for further information.

Recent Accounting Pronouncements Not Yet Adopted

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. 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 consolidated financial statements.

Accounting for Internal-Use Software Costs. In September 2025, the FASB issued ASU 2025-06, Target Improvements to Accounting for Internal-Use Software (“ASU 2025-06”), to better align the guidance (1) for development of software to be sold via SaaS and software to be sold via license by introducing new capitalization considerations and (2) with agile software development by eliminating the existing software project staging guidance. ASU 2025-06 is effective for annual and interim periods in fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact of ASU 2025-06 on its consolidated financial statements.

Cash and Cash Equivalents. Cash and cash equivalents primarily consists of cash, money market funds and short-term, highly liquid investments with original maturities of three months or less. Cash and cash equivalent balances that are legally restricted from use by the Company are recorded in other assets on the consolidated statements of financial condition. Cash balances maintained by consolidated VIEs and voting rights entities (“VREs”) are not considered legally restricted and are included in cash and cash equivalents on the consolidated statements of financial condition.

Investments

Investments in Debt Securities. The Company classifies debt investments as held-to-maturity or trading based on the Company’s intent and ability to hold the debt security to maturity or its intent to sell the security.

Held-to-maturity securities are purchased with the positive intent and ability to be held to maturity and are recorded at amortized cost on the consolidated statements of financial condition.

Trading securities are those investments that are purchased principally for the purpose of selling them in the near term. Trading securities are carried at fair value on the consolidated statements of financial condition with changes in the fair value recorded through net income (“FVTNI”) within nonoperating income (expense). Trading securities include certain investments in collateralized loan obligations (“CLOs”) for which the fair value option is elected in order to reduce operational complexity of bifurcating embedded derivatives.

Investments in Equity Securities. Equity securities are generally carried at fair value on the consolidated statements of financial condition with changes in the FVTNI within nonoperating income (expense). For nonmarketable equity securities, the Company generally elects to apply the practicality exception to fair value measurement, under which such securities will be measured at cost, less impairment, plus or minus observable price changes for identical or similar securities of the same issuer with such changes recorded through net income within nonoperating income (expense). Dividends received are recorded as dividend income within nonoperating income (expense).

Equity Method. The Company applies the equity method of accounting for equity investments where the Company does not consolidate the investee, but can exert significant influence over the financial and operating policies of the investee. The evaluation of whether the Company exerts control or significant influence over the financial and operational policies of its investees is based on the facts and circumstances surrounding each individual investment and is generally considered to exist when the Company's ownership interest in the investee is between 20% and 50%, or lower for co-investments in certain sponsored investment funds generally structured as partnerships or similar vehicles. Factors considered in these evaluations may include the type of investment, the legal structure of the investee, the terms of BlackRock's contractual agreements, including investor voting or other rights, any influence BlackRock may have on the governing board of the investee, the legal rights of other investors in the entity pursuant to the entity’s operating documents and the relationship between BlackRock and other investors in the entity. The Company’s share of the investee’s underlying net income or loss is recorded as net gain (loss) on investments within nonoperating income (expense) and as other revenue for certain strategic investments since such investees are considered to be an extension of the Company’s core business. The Company’s share of net income of the investee is recorded based upon the most current information available at the time, which may precede the date of the consolidated statement of financial condition. Distributions received reduce the Company’s carrying value of the investment and the cost basis if deemed to be a return of capital. The Company classifies distributions in the consolidated statements of cash flows as either distributions of earnings (operating) or distributions of capital (investing) based on the nature of the distribution.

Impairments of Investments. Management periodically assesses equity method, nonmarketable investments, and held-to-maturity investments for impairment. If impairment exists, an impairment charge would be recorded for the excess of the carrying amount of the investment over its estimated fair value in the consolidated statements of income.

For equity method investments and nonmarketable investments, impairment evaluation considers qualitative factors, including the financial conditions and specific events related to an investee, that may indicate the fair value of the investment is less than its carrying value. For held-to-maturity investments, impairment is evaluated using market values, where available, or the expected future cash flows of the investment.

For the Company’s investments in CLOs, the Company reviews cash flow estimates over the life of each CLO investment. On a quarterly basis, if the present value of the estimated future cash flows is lower than the carrying value of the investment and there is an adverse change in estimated cash flows, an impairment is considered to be other-than-temporary.

Consolidation. The Company performs an analysis for investment products to determine if the product is a VIE or a VRE. Factors considered in this analysis include the entity’s legal organization, the entity’s capital structure, the rights of equity investment holders and the Company’s contractual involvement with, and economic interest in, the entity and any related party or de facto agent implications of the Company’s involvement with the entity. Entities that are determined to be VIEs are consolidated if the Company is the primary beneficiary (“PB”) of the entity. VREs are typically consolidated if the Company holds the majority voting interest. Upon the occurrence of certain events (such as contributions and redemptions, either by the Company, or third parties, or amendments to an entity’s governing documents), management reviews and reconsiders its previous conclusion regarding the status of an entity as a VIE or a VRE.

Consolidation of Variable Interest Entities. Certain investment products for which a controlling financial interest is achieved through arrangements that do not involve or are not directly linked to voting interests are deemed consolidated VIEs. BlackRock reviews factors, including whether or not (1) the entity has equity at risk that is sufficient to permit the entity to finance its activities without additional subordinated support from other parties and (2) the equity holders at risk have the obligation to absorb losses, the right to receive residual returns, and the right to direct the activities of the entity that most significantly impact the entity’s economic performance, to determine if the investment product is a VIE.

The PB of a VIE is defined as the variable interest holder that has a controlling financial interest in the VIE. A controlling financial interest is defined as (1) the power to direct the activities of the VIE that most significantly impact its economic performance and (2) the obligation to absorb losses of the entity or the right to receive benefits from the entity that potentially could be significant to the VIE. The Company generally consolidates VIEs in which it holds an economic interest of 10% or greater and deconsolidates such VIEs once economic interest falls below 10%. Management continually reconsiders whether the Company is deemed to be a VIE’s PB.

Consolidation of Voting Rights Entities. BlackRock is required to consolidate an investee to the extent that BlackRock can exert absolute control over the financial and operating policies of the investee, which generally exists if there is a greater than 50% voting equity interest.

Retention of Specialized Investment Company Accounting Principles. Upon consolidation of sponsored investment products, the Company retains the specialized investment company accounting principles of the underlying funds. All of the underlying investments held by such CIPs are carried at fair value with corresponding changes in the investments’ fair values reflected in net income within nonoperating income (expense). When the Company no longer controls these funds due to reduced ownership percentage or other reasons, the funds are deconsolidated and accounted for as an equity method investment or equity securities FVTNI.

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 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 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 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 lent 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 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 consolidated statements of financial condition. At December 31, 2025 and 2024, the fair value of loaned securities held by separate accounts was approximately $13.3 billion and $9.9 billion, respectively, and the fair value of the collateral under these securities lending agreements was approximately $14.4 billion and $10.6 billion, respectively, of which approximately $7.9 billion as of 2025 and $6.1 billion as of 2024 was recognized on the consolidated statements of financial condition. During 2025 and 2024, the Company had not resold or repledged any of the collateral received 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 consolidated statements of income.

Property and Equipment. Property and equipment are recorded at cost less accumulated depreciation. Depreciation is generally determined by cost less any estimated residual value using the straight-line method over the estimated useful lives of the various classes of property and equipment. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life or the remaining lease term.

The Company capitalizes certain costs incurred in connection with developing or obtaining software within property and equipment. Capitalized software costs are amortized, beginning when the software product is ready for its intended use, over the estimated useful life of the software of approximately three years.

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 11, 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 12, 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.

Noncontrolling Interests. Prior to July 1, 2025, NCI consisted of third-party ownership interests in the Company’s CIPs (“NCI – CIPs”) and 49.9% of an asset management company in China - BlackRock CCB Wealth Management Company Ltd. (“WMC”). The Company consolidates WMC, which it deems to be a VRE, because it exerts control over the financial and operating policies of the entity, based on the Company’s 50.1% ownership and voting rights.

Beginning on July 1, 2025, in connection with the HPS Transaction, NCI (redeemable) also represents Subco Units that were issued to former equityholders of HPS and will be exchangeable on a one-for-one basis into BlackRock common stock at the option of the holders when exchange rights begin. NCI - Subco is measured based on the Class B-2 common units' proportionate ownership in Subco.

NCI that are redeemable at the option of the holders are classified as temporary equity at estimated redemption value or carrying value if it is not probable that they will become redeemable. Nonredeemable NCI are classified as a component of permanent equity in the consolidated statements of financial condition. The Company reports net income (loss) attributable to redeemable and nonredeemable NCI holders within net income (loss) attributable to NCI in the consolidated statements of income.

Treasury Stock. The Company records common stock purchased for treasury at cost. At the date of subsequent reissuance, the treasury stock account is reduced by the cost of such stock using the average cost method.

Revenue Recognition. Revenue is recognized upon transfer of control of promised services to customers in an amount to which the Company expects to be entitled in exchange for those services. The Company enters into contracts that can include multiple services, which are accounted for separately if they are determined to be distinct. Consideration for the Company’s services is generally in the form of variable consideration because the amount of fees is subject to market conditions that are outside of the Company’s influence. The Company includes variable consideration in revenue when it is no longer probable of significant reversal, i.e. when the associated uncertainty is resolved. For some contracts with customers, the Company has discretion to involve a third-party in providing services to the customer. Generally, the Company is deemed to be the principal in these arrangements because the Company controls the promised services before they are transferred to customers, and accordingly presents the revenue gross of related costs.

Investment Advisory, Administration Fees and Securities Lending Revenue. Investment advisory and administration fees are recognized as the services are performed over time because the customer is receiving and consuming the benefits as they are provided by the Company. Fees are primarily based on agreed-upon percentages of AUM and recognized for services provided during the period, which are distinct from services provided in other periods. Such fees are affected by changes in AUM, including market appreciation or depreciation, foreign exchange translation and net inflows or outflows. Investment advisory and administration fees for investment funds are shown net of fee waivers. In addition, the Company may contract with third parties to provide sub-advisory services on its behalf. The Company presents the investment advisory fees and associated costs to such third-party advisors on a gross basis where it is deemed to be the principal and on a net basis where it is deemed to be the agent. Management judgment involved in making these assessments is focused on ascertaining whether the Company is primarily responsible for fulfilling the promised service.

The Company also earns revenue by lending securities on behalf of clients, primarily to highly rated banks and broker-dealers. The securities loaned are collateralized by either cash or securities, generally ranging from 102% to 112% of the value of the loaned securities. Securities lending fees are based on (1) a percentage of the notional value of the loaned securities and (2) a spread between the interest earned on the reinvested cash collateral and the amount rebated to the borrower. Revenue is recognized over time as services are performed. Generally, the securities lending fees are shared between the Company and the funds or other third-party accounts managed by the Company from which the securities are borrowed. Securities lending revenue earned by the Company is recorded in investment advisory, administration and securities lending revenue on the consolidated statements of income. Investment advisory, administration fees and securities lending revenue are reported together as the fees for these services often are agreed upon with clients as a bundled fee.

Investment Advisory Performance Fees / Carried Interest. The Company receives investment advisory performance fees, including incentive allocations (carried interest) from certain actively managed investment funds and certain separately managed accounts. These performance fees are dependent upon exceeding specified relative or absolute investment return thresholds, which vary by product or account, and include monthly, quarterly, annual or longer measurement periods.

Performance fees, including carried interest, are generated on certain management contracts when performance hurdles are achieved. Such performance fees are recognized when the contractual performance criteria have been met and when it is determined that they are no longer probable of significant reversal. Given the unique nature of each fee arrangement, contracts with customers are evaluated on an individual basis to determine the timing of revenue recognition. Significant judgment is involved in making such determination. Performance fees typically arise from investment management services that began in prior reporting periods. Consequently, a portion of the fees the Company recognizes may be partially related to the services performed in prior periods that meet the recognition criteria in the current period. At each reporting date, the Company considers various factors in estimating performance fees to be recognized, including carried interest.

The Company is allocated carried interest from certain alternative investment products upon exceeding performance thresholds. The Company may be required to reverse/return all, or part, of such carried interest allocations/distributions depending upon future performance of these funds. Carried interest subject to such clawback provisions is recorded in investments or cash and cash equivalents to the extent that it is distributed, on the Company's consolidated statements of financial condition.

The Company records a liability for deferred carried interest to the extent it receives cash or capital allocations related to carried interest prior to meeting the revenue recognition criteria. A portion of the deferred carried interest may also be paid to certain employees. The ultimate timing of the recognition of performance fee revenue and related compensation expense, if any, is unknown.

Technology services and subscription revenue. The Company offers investment management technology systems, risk management services, wealth management and digital distribution tools and subscriptions, all on a fee basis. Clients include banks, insurance companies, official institutions, pension funds, asset managers, retail distributors and other investors. Fees earned for technology services are primarily recorded as services are performed over time and are generally determined using the value of positions on the Aladdin platform, or on a fixed-rate basis. Revenue derived from the sale of software licenses is recognized upon the granting of access rights.

Distribution Fees. The Company earns distribution and service fees related to distributing investment products and shareholder support services for investment portfolios. Distribution fees are passed-through to third-party distributors, which perform various fund distribution services and shareholder servicing of certain funds on the Company’s behalf, and are recognized as distribution and servicing costs. The Company presents distribution fees and related distribution and servicing costs incurred on a gross basis.

Distribution fees primarily consist of ongoing distribution fees, shareholder servicing fees and upfront sales commissions for serving as the principal underwriter and/or distributor for certain managed mutual funds. The service of distribution is satisfied at the point in time when an investor makes an investment in a share class of the managed mutual funds. Fees are generally considered variable consideration because they are based on the value of AUM and are uncertain on trade date. Accordingly, the Company recognizes distribution fees when the amounts become known and the portion recognized in the current period may relate to distribution services performed in prior periods. Upfront sales commissions are recognized on a trade date basis. Shareholder servicing fees are based on AUM and recognized in revenue as the services are performed.

Advisory and other revenue. Advisory and other revenue primarily includes fees earned for advisory services, fees earned for transition management services primarily comprised of commissions recognized in connection with buying and selling securities on behalf of customers, and equity method investment earnings related to certain strategic investments.

Advisory services fees are determined using fixed-rate fees and are recognized over time as the related services are completed.

Commissions related to transition management services are recorded on a trade-date basis as transactions occur.

Stock-based Compensation. The Company recognizes compensation cost for equity classified awards based on the grant-date fair value of the award. The compensation cost is recognized over the period during which an employee is required to provide service (usually the vesting period) in exchange for the stock-based award.

The Company generally measures the grant-date fair value of restricted stock units (“RSUs”) using the Company’s stock price on the date of grant. For incentive retention RSUs granted in connection with the GIP Transaction in October 2024, the grant-date fair value was reduced by the present value of the dividends expected to be paid on the shares during the vesting period discounted at the appropriate risk-free interest rate, given that they are not entitled to participate in dividends until they vest (See Note 3, Acquisitions and Note 18, Stock-Based Compensation for further information on the GIP Transaction). For certain incentive retention RSUs granted in connection with the HPS Transaction in July 2025 and which are subject to a mandatory holding period post vesting, the grant-date fair value was discounted for the lack of marketability related to the holding period. Stock-based awards may have performance, market and/or service conditions. For employee stock options and awards with market conditions, the Company uses pricing models. Compensation cost for awards containing performance conditions is recognized if it is probable that the conditions will be achieved. The probability of achievement is assessed on a quarterly basis. If a stock-based award is modified after the grant-date, incremental compensation cost is recognized for an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. Awards under the Company’s stock-based compensation plans vest over various periods. Compensation cost is recorded by the Company on a straight-line basis over the requisite service period for each separate vesting portion of the award as if the award is, in-substance, multiple awards and is adjusted for actual forfeitures as they occur.

The Company amortizes the grant-date fair value of stock-based compensation awards made to retirement-eligible employees over the requisite service period. Upon notification of retirement, the Company accelerates the unamortized portion of the award over the contractually required retirement notification period.

The Company recognizes all excess tax benefits and deficiencies in income tax expense on the consolidated statements of income, which results in volatility of income tax expense as a result of fluctuations in the Company’s stock price. Accordingly, the Company recorded a discrete income tax benefit of $67 million, $37 million and $41 million during 2025, 2024 and 2023, respectively, for vested RSUs where the grant date stock price was lower than the vesting date stock price.

Distribution and Servicing Costs. Distribution and servicing costs include payments to third parties, primarily associated with distribution and servicing of client investments in certain BlackRock products. Distribution and servicing costs are expensed as incurred.

Direct Fund Expense. Direct fund expense, which is expensed as incurred, primarily consists of third-party non-advisory expense incurred by BlackRock related to certain investment products for the use of certain index trademarks, reference data for certain indices, custodial services, fund administration, fund accounting, transfer agent services, shareholder reporting services, audit and tax services as well as other fund-related expense directly attributable to the non-advisory operations of the fund.

Leases. The Company determines if a contract is a lease or contains a lease at inception. The Company accounts for its office facility leases as operating leases, which may include escalation clauses that are based on an index or market rate. The Company accounts for lease and non-lease components, including common areas maintenance charges, as a single component for its leases. The Company elected the short-term lease exception for leases with an initial term of 12 months or less. Consequently, such leases are not recorded on the consolidated statements of financial condition. The Company’s lease terms include options to extend or terminate the lease when it is reasonably certain they will be exercised or not.

The Company recognizes operating right-of-use (“ROU”) assets and operating lease liabilities on the consolidated statements of financial condition based on the present value of future lease payments over the lease term at the commencement date discounted using an incremental borrowing rate (“IBR”). The IBR for individual leases is estimated considering the Company’s or a subsidiary’s credit rating using various financial metrics, such as revenue, operating margin and revenue growth, and, as appropriate, performing market analysis of yields on publicly traded bonds (secured or unsecured) with similar terms of comparable companies in a similar economic environment. ROU assets are tested for impairment when there is an indication that the carrying value of an asset may not be recoverable. Fixed lease payments made over the lease term are recorded as lease expense on a straight-line basis. Variable lease payments based on usage, changes in an index or market rate are expensed as incurred.

Foreign Exchange. Foreign currency transactions are recorded at the exchange rates prevailing on the dates of the transactions. Monetary assets and liabilities that are denominated in foreign currencies are subsequently remeasured into the functional currencies of the Company's subsidiaries at the rates prevailing at each statement of financial condition date. Gains and losses arising on remeasurement are included in general and administration expense on the consolidated statements of income. Revenue and expenses are translated at average exchange rates during the period. Gains or losses resulting from translating foreign currency financial statements into United States ("US") dollars are included in accumulated other comprehensive income (loss) (“AOCI”), a separate component of stockholders’ equity, on the consolidated statements of financial condition.

Income Taxes. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases using currently enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred income tax assets and liabilities is recognized on the consolidated statements of income in the period that includes the enactment date.

Management periodically assesses the recoverability of its deferred income tax assets based upon expected future earnings, taxable income in prior carryback years, future deductibility of the asset, changes in applicable tax laws and other factors. If management determines that it is not more likely than not that the deferred tax asset will be fully recoverable in the future, a valuation allowance will be established for the difference between the asset balance and the amount expected to be recoverable in the future. This allowance will result in additional income tax expense. Further, the Company records its income taxes receivable and payable based upon its estimated income tax position.

Earnings per Share (“EPS”). Basic EPS is calculated by dividing net income applicable to common shareholders by the weighted-average number of shares outstanding during the period. Diluted EPS includes the determinants of basic EPS and common stock equivalents outstanding during the period. The Company applies the treasury stock method to determine the dilutive weighted-average common shares outstanding for RSUs and stock options. The Company applies the “if-converted” method to the Subco Units to determine the dilutive impact, if any, of the exchange right included in the Subco Units.

Business Segments. The Company’s management directs BlackRock’s operations as one business, the asset management business. The Company utilizes a consolidated approach to assess performance and allocate resources. As such, the Company operates in one business segment.

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 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 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 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 US dollars. The gain or loss from revaluing net investment hedges at the spot rate is deferred and reported within AOCI on the consolidated statements of financial condition. The Company reassesses the effectiveness of its net investment hedge at least quarterly.
v3.25.4
Acquisitions
 12 Months Ended
Dec. 31, 2025
Business Combination [Abstract]  
Acquisitions

3. Acquisitions

HPS Investment Partners

On July 1, 2025, BlackRock completed the acquisition of 100% of the business and assets of HPS, a leading global credit investment manager, with substantially all consideration paid in Subco Units. The HPS Transaction, which added $165 billion of client AUM and $118 billion of fee-paying AUM, positions the Company to provide an integrated private credit platform with both public and private income solutions for clients across their whole portfolios. At close, approximately 8.5 million Subco Units were delivered to former equityholders of HPS and valued at $8.5 billion, based on the price of BlackRock's common stock on June 30, 2025 of approximately $1,049 and discounted for a one-year lack of marketability before exchange rights begin. Such Subco Units are exchangeable on a one-for-one basis into BlackRock common stock (accordingly, the value of each unit delivered was based on the price of a share of BlackRock's common stock and the specific terms of the Subco Units). Subco Units are also eligible to receive distributions at an amount equal to the dividend amount paid on each share of BlackRock common stock.

In addition, as part of the purchase consideration, a contingent consideration payment, all in Subco Units, may be due subject to the achievement of certain post-closing conditions and financial performance milestones. The contingent consideration, if any, ranges from approximately 2.8 million to 4.4 million Subco Units and is expected to be payable approximately five years following the closing of the HPS Transaction. The fair value of the contingent consideration payment, which was determined by using the income approach with the assistance of a third-party valuation specialist, was $3.4 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 and fee related earnings forecasts, cost of equity, and future stock price performance (Level 3 inputs). The contingent consideration was classified as a liability as the value of the consideration to be delivered in Subco Units is predominately based on achieving certain performance targets or certain settlement provisions of the Subco Units. See Note 8, Fair Value Disclosures and Note 16, Commitments and Contingencies for additional information on the contingent consideration related to HPS.

In addition, at the time of close, the Company granted incentive retention awards to certain employees of approximately 680,000 RSUs that vest in increasing yearly increments over five years valued at $675 million and approximately 270,000 RSUs valued at $260 million that cliff vested 100% at December 31, 2025. See Note 18, Stock-Based Compensation, for additional information on the incentive retention awards issued in connection with the HPS Transaction.

In general, if (i) the maximum amount of contingent consideration is achieved, (ii) all Subco Units are exchanged for shares of the Company's common stock (including those issued on the closing date), and (iii) all RSUs vest and are settled in the form of shares of the Company's common stock, the Company does not expect to issue more than approximately 13.8 million shares of common stock in the aggregate.

The HPS Transaction was accounted for as a business combination under the acquisition method of accounting. Accordingly, the purchase price of the HPS 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 includes future benefits for BlackRock as a result of scale and anticipated synergies from combining the Company's and HPS's capabilities by creating one integrated private financing solutions platform.

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

(in millions)

 

Fair Value Estimate

 

Investments

 

$

1,972

 

Finite-lived intangible assets:

 

 

 

Management contracts(1)

 

 

2,660

 

Investor relationships(1)

 

 

965

 

Indefinite-lived intangible assets - management contracts(2)

 

 

3,000

 

Goodwill

 

 

6,841

 

Operating lease ROU assets

 

 

178

 

Other assets

 

 

644

 

Accrued compensation and benefits

 

 

(262

)

Accounts payable and accrued liabilities

 

 

(162

)

Operating lease liabilities

 

 

(150

)

Deferred income tax liabilities

 

 

(1,585

)

Other liabilities assumed(3)

 

 

(1,880

)

Total consideration, net of cash acquired

 

$

12,221

 

 

 

 

 

Summary of consideration, net of cash acquired:

 

 

 

Closing consideration at fair value - Subco Units(4)

 

$

8,452

 

Cash acquired

 

 

(244

)

Deferred consideration at fair value - Subco Units(4)

 

 

3,400

 

Debt repayment

 

 

613

 

Total consideration, net of cash acquired

 

$

12,221

 
(1)
The fair value for finite-lived management contracts and investor relationships was determined using the excess earnings method (Level 3 inputs), have weighted-average estimated useful lives of approximately 8 years and 12 years, respectively, and are amortized based on the straight-line method.
(2)
The fair value for indefinite-lived management contracts was determined using the excess earnings method (Level 3 inputs).
(3)
Other liabilities assumed primarily included deferred carried interest.
(4)
The fair value for the closing consideration was determined based on approximately 8.5 million of Subco Units, which were delivered to former equityholders of HPS. The fair value of the deferred consideration was determined based on approximately 2.8 million to 4.4 million of Subco Units, and is subject to the achievement of certain post-closing conditions and financial performance milestones.

Transaction and integration costs incurred in connection with the HPS Transaction were approximately $525 million in 2025. These costs were primarily comprised of $465 million of compensation expense, mostly nonrecurring retention-related deferred compensation and $60 million of other acquisition-related transaction costs, largely related to advisory fees, legal fees and consulting expenses, recorded in general and administration expense.

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

Finite-lived intangible assets are amortized over their estimated useful lives, which range from 3 to 12 years. Amortization expense related to the finite-lived intangible assets was $234 million for 2025. The finite-lived intangible assets had a weighted-average remaining useful life of approximately nine years with remaining amortization expense as follows:

(in millions)

 

 

 

Year

 

Amount

 

2026

 

$

467

 

2027

 

 

467

 

2028

 

 

442

 

2029

 

 

368

 

2030

 

 

318

 

Thereafter

 

 

1,329

 

Total

 

$

3,391

 

Preqin Holding Limited

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 includes 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)

 

$

1,050

 

Technology-related(2)

 

 

125

 

Trade name

 

 

7

 

Goodwill

 

 

2,377

 

Other assets

 

 

59

 

Deferred revenue

 

 

(104

)

Deferred income tax liabilities

 

 

(298

)

Other liabilities assumed

 

 

(93

)

Total consideration, net of cash acquired

 

$

3,123

 

 

 

 

 

Summary of consideration, net of cash acquired:

 

 

 

Cash paid

 

$

3,219

 

Cash acquired

 

 

(96

)

Total 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 8 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.

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

Finite-lived intangible assets are amortized over their estimated useful lives, which range from 5 to 10 years. Amortization expense related to the finite-lived intangible assets was $95 million for 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

 

2026

 

$

136

 

2027

 

 

143

 

2028

 

 

154

 

2029

 

 

163

 

2030

 

 

146

 

Thereafter

 

 

345

 

Total

 

$

1,087

 

See Note 11, Goodwill, Note 12, Intangible Assets, and Note 17, 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 GIP (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, 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 ultimately 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 and is 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 valuation 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 16, 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 $180 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

 

Finite-lived intangible assets:

 

 

 

Management contracts(1)

 

$

1,840

 

Investor relationships(1)

 

 

820

 

Trade name(2)

 

 

80

 

Goodwill

 

 

10,278

 

Operating lease ROU assets

 

 

75

 

Other assets

 

 

116

 

Accrued compensation and benefits

 

 

(154

)

Operating lease liabilities

 

 

(96

)

Other liabilities assumed

 

 

(10

)

Total consideration, net of cash acquired

 

$

12,949

 

 

 

 

 

Summary of consideration, net of cash acquired:

 

 

 

Cash paid

 

$

2,913

 

Cash acquired

 

 

(68

)

Closing stock consideration at fair value

 

 

5,904

 

Deferred stock consideration at fair value

 

 

4,200

 

Total consideration, net of cash acquired

 

$

12,949

 
(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.

ElmTree Funds

On September 2, 2025, BlackRock completed the acquisition of 100% of the equity interests in ElmTree Funds (the "ElmTree Transaction" or "ElmTree"), a net-lease real estate investment firm, with consideration paid primarily in BlackRock common stock. The acquisition of ElmTree positions the Company to scale its real estate-related offerings, while expanding into new markets as an owner-operator. See Note 11, Goodwill and Note 12, Intangible Assets for additional information on the goodwill and intangible assets related to ElmTree.

SpiderRock Advisors

In May 2024, BlackRock completed the acquisition of the remaining equity interest in SpiderRock Advisors (“SRA”), a leading provider of customized option overlay strategies in the US wealth market (the "SpiderRock Transaction"). This transaction expands on BlackRock’s minority investment in SRA made in 2021 and reinforces BlackRock’s commitment to personalized separately managed accounts.

Unaudited Pro Forma Information

The following unaudited pro forma information presents combined results of operations of the Company as if the GIP Transaction and HPS Transaction had occurred on January 1, 2023 and January 1, 2024, respectively. The unaudited pro forma financial information is not indicative of the actual results of operations that would have been achieved nor is it 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, GIP and HPS filed consolidated tax returns during the years presented.

(Unaudited) (in millions)

 

2025(1)

 

 

2024

 

Total revenue

 

$

24,984

 

 

$

22,479

 

Net income attributable to BlackRock, Inc.

 

$

5,645

 

 

$

5,469

 
(1)
Subsequent to the closing of the HPS Transaction on July 1, 2025, HPS contributed approximately $900 million of revenue and $230 million of net income.

 

Pro forma adjustments related to GIP include 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. 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.

HPS's results are included in the Company's consolidated financial statements from the acquisition date on July 1, 2025, through the year ended December 31, 2025. Accordingly, the following pro forma adjustments and related tax effects have been included as if the HPS Transaction occurred on January 1, 2024 (unaudited).

•
Compensation expense included retention-related deferred compensation awards of approximately $575 million for the year ended 2024. In addition, 2025 compensation expense included a $285 million pro forma reduction in 2025 (see HPS Transaction above and Note 18, Stock-Based Compensation, for further information on retention related deferred compensation issued in connection with the HPS Transaction);
•
Acquisition-related transaction costs of approximately $60 million which were recorded in the year ended 2025, were included in the year ended 2024 results, and removed from the 2025 results;
•
Amortization of finite-lived intangible assets of approximately $500 million for the year ended 2024. 2025 amortization expense included an additional $250 million of amortization for 2025;
•
Adjustments to reflect the tax effects of the HPS Transaction, as if HPS had been included in the Company's results as of January 1, 2024; and
•
Adjustments for the allocation of net income to NCI - Subco, based on the unit holders pro rata ownership percentage for the respective periods.

Pro forma financial information for SpiderRock, ElmTree and Preqin has not been presented, as the effects were not material to net income attributable to BlackRock, Inc.
v3.25.4
Cash, Cash Equivalents and Restricted Cash
 12 Months Ended
Dec. 31, 2025
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [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 consolidated statements of financial condition to the cash, cash equivalents, and restricted cash reported within the consolidated statements of cash flows.

 

 

December 31,

 

 

December 31,

 

(in millions)

 

2025

 

 

2024

 

Cash and cash equivalents

 

$

11,468

 

 

$

12,762

 

Restricted cash included in other assets

 

 

22

 

 

 

17

 

Total cash, cash equivalents and restricted cash

 

$

11,490

 

 

$

12,779

 
v3.25.4
Investments
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments

5. Investments

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

(in millions)

 

December 31,
 2025

 

 

December 31,
 2024

 

Debt securities:

 

 

 

 

 

 

Trading securities (including $2,782 and $1,743 held by CIPs at December 31, 2025
   and December 31, 2024, respectively)

 

$

2,789

 

 

$

1,751

 

Held-to-maturity investments

 

 

507

 

 

 

547

 

Total debt securities

 

 

3,296

 

 

 

2,298

 

Equity securities at FVTNI (including $1,681 and $1,556 held by CIPs at December 31,
   2025 and December 31, 2024, respectively)(1)

 

 

2,282

 

 

 

1,950

 

Equity method investments:

 

 

 

 

 

 

Equity method investments(2)

 

 

1,833

 

 

 

2,610

 

Investments related to deferred cash compensation plans(1)

 

 

300

 

 

 

173

 

Total equity method investments

 

 

2,133

 

 

 

2,783

 

Loans held by CIPs

 

 

—

 

 

 

145

 

CLOs held at fair value

 

 

568

 

 

 

72

 

Federal Reserve Bank stock(3)

 

 

87

 

 

 

93

 

Carried interest(4)

 

 

3,710

 

 

 

1,983

 

Other investments(5)

 

 

1,195

 

 

 

445

 

Total investments

 

$

13,271

 

 

$

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 FVTNI comprised $37 million and $12 million at December 31, 2025 and 2024, respectively.
(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 private equity, private credit, real asset, commodity, and digital asset 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 December 31, 2025, $13 million mature between one and five years, $316 million mature between five and ten years and $178 million 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:

 

 

December 31, 2025

 

 

December 31, 2024

 

(in millions)

 

Cost

 

 

Carrying
Value

 

 

Cost

 

 

Carrying
Value

 

Trading debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

 

$

1,153

 

 

$

1,185

 

 

$

957

 

 

$

989

 

Government debt

 

 

430

 

 

 

430

 

 

 

578

 

 

 

557

 

Asset/mortgage-backed debt

 

 

1,185

 

 

 

1,174

 

 

 

222

 

 

 

205

 

Total trading debt securities

 

$

2,768

 

 

$

2,789

 

 

$

1,757

 

 

$

1,751

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

$

2,049

 

 

$

2,282

 

 

$

1,843

 

 

$

1,950

 

 
v3.25.4
Consolidated Sponsored Investment Products
 12 Months Ended
Dec. 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 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 consolidated statements of financial condition, including BlackRock’s net interest in these products:

 

 

December 31, 2025

 

 

December 31, 2024

 

(in millions)

 

VIEs

 

 

VREs

 

 

Total

 

 

VIEs

 

 

VREs

 

 

Total

 

Cash and cash equivalents(1)

 

$

428

 

 

$

33

 

 

$

461

 

 

$

125

 

 

$

44

 

 

$

169

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

 

2,350

 

 

 

432

 

 

 

2,782

 

 

 

1,497

 

 

 

246

 

 

 

1,743

 

Equity securities at FVTNI

 

 

1,537

 

 

 

144

 

 

 

1,681

 

 

 

1,179

 

 

 

377

 

 

 

1,556

 

Loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

141

 

 

 

4

 

 

 

145

 

Other investments

 

 

946

 

 

 

68

 

 

 

1,014

 

 

 

370

 

 

 

33

 

 

 

403

 

Carried interest

 

 

3,654

 

 

 

—

 

 

 

3,654

 

 

 

1,905

 

 

 

—

 

 

 

1,905

 

Total investments

 

 

8,487

 

 

 

644

 

 

 

9,131

 

 

 

5,092

 

 

 

660

 

 

 

5,752

 

Other assets

 

 

76

 

 

 

111

 

 

 

187

 

 

 

45

 

 

 

31

 

 

 

76

 

Other liabilities(2)

 

 

(4,052

)

 

 

(60

)

 

 

(4,112

)

 

 

(2,130

)

 

 

(93

)

 

 

(2,223

)

Noncontrolling interest - CIPs

 

 

(2,521

)

 

 

(236

)

 

 

(2,757

)

 

 

(1,672

)

 

 

(130

)

 

 

(1,802

)

BlackRock's net interest in CIPs

 

$

2,418

 

 

$

492

 

 

$

2,910

 

 

$

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 December 31, 2025 and 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:

(in millions)

 

2025

 

 

2024

 

 

2023

 

Nonoperating net gain (loss) on consolidated VIEs

 

$

399

 

 

$

234

 

 

$

310

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to NCI on consolidated VIEs

 

$

248

 

 

$

132

 

 

$

174

 
v3.25.4
Variable Interest Entities
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities

7. Variable Interest Entities

Nonconsolidated VIEs. At December 31, 2025 and 2024, the Company’s carrying value of assets and liabilities included on the 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 PB, was as follows:

(in millions)

 

Investments

 

 

Advisory
Fee
Receivables

 

 

Other Net
Assets
(Liabilities)

 

 

Maximum
Risk of Loss(1)

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Sponsored investment products

 

$

2,325

 

 

$

101

 

 

$

(12

)

 

$

2,443

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Sponsored investment products

 

$

2,330

 

 

$

158

 

 

$

(11

)

 

$

2,505

 
(1)
At both December 31, 2025 and 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 $53 billion and $46 billion at December 31, 2025 and 2024, respectively.
v3.25.4
Fair Value Disclosures
 12 Months Ended
Dec. 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

 

December 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)

 

 

December 31,
2025

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

2,782

 

 

$

7

 

 

$

—

 

 

$

—

 

 

$

2,789

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

507

 

 

 

507

 

Total debt securities

 

—

 

 

 

2,782

 

 

 

7

 

 

 

—

 

 

 

507

 

 

 

3,296

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

2,146

 

 

 

—

 

 

 

136

 

 

 

—

 

 

 

—

 

 

 

2,282

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and multi-asset
   mutual funds

 

205

 

 

 

148

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

353

 

Hedge funds/funds of hedge
   funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

446

 

 

 

—

 

 

 

446

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

510

 

 

 

—

 

 

 

510

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

524

 

 

 

—

 

 

 

524

 

Investments related to deferred cash
   compensation plans

 

—

 

 

 

—

 

 

 

—

 

 

 

300

 

 

 

—

 

 

 

300

 

Total equity method

 

205

 

 

 

148

 

 

 

—

 

 

 

1,780

 

 

 

—

 

 

 

2,133

 

Loans held by CIPs

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

CLOs held at fair value

 

—

 

 

 

495

 

 

 

73

 

 

 

—

 

 

 

—

 

 

 

568

 

Federal Reserve Bank stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

87

 

 

 

87

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,710

 

 

 

3,710

 

Other investments

 

—

 

 

 

—

 

 

 

—

 

 

 

1,078

 

 

 

117

 

 

 

1,195

 

Total investments

 

2,351

 

 

 

3,425

 

 

 

216

 

 

 

2,858

 

 

 

4,421

 

 

 

13,271

 

Other assets(3)

 

113

 

 

 

10

 

 

 

151

 

 

 

—

 

 

 

—

 

 

 

274

 

Separate account assets

 

38,688

 

 

 

20,895

 

 

 

—

 

 

 

—

 

 

 

515

 

 

 

60,098

 

Separate account collateral held under
securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

4,194

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,194

 

Debt securities

 

—

 

 

 

3,728

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,728

 

Total separate account collateral held under
   securities lending agreements

 

4,194

 

 

 

3,728

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,922

 

Total

$

45,346

 

 

$

28,058

 

 

$

367

 

 

$

2,858

 

 

$

4,936

 

 

$

81,565

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral liabilities
   under securities lending agreements

$

4,194

 

 

$

3,728

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

7,922

 

Contingent consideration liabilities

 

—

 

 

 

—

 

 

 

8,429

 

 

 

—

 

 

 

—

 

 

 

8,429

 

Other liabilities(4)

 

—

 

 

 

13

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13

 

Total

$

4,194

 

 

$

3,741

 

 

$

8,429

 

 

$

—

 

 

$

—

 

 

$

16,364

 
(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 1 amount includes a minority investment in a publicly traded company. 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).

 

 

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

 

 

$

7

 

 

$

—

 

 

$

—

 

 

$

1,751

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

547

 

 

 

547

 

Total debt securities

 

—

 

 

 

1,744

 

 

 

7

 

 

 

—

 

 

 

547

 

 

 

2,298

 

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

 

CLOs held at fair value

 

—

 

 

 

—

 

 

 

72

 

 

 

—

 

 

 

—

 

 

 

72

 

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 December 31, 2025 and 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 December 31, 2025 and 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 3.5% 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). At December 31, 2025, the contingent consideration liability related to the HPS Transaction was estimated using the income approach, with certain significant inputs including a risk-free discount rate of approximately 3.7%, as well as estimates of the timing and amounts of fundraising and fee related earnings forecasts, cost of equity, and future stock price performance (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.

Nonrecurring Fair Value Measurements. During the year ended 2024, the Company assessed its intangible assets for impairment during the annual impairment assessment as of July 31, 2024 and concluded that an impairment charge was required for indefinite-lived intangible assets related to certain open-end management contracts, which reduced the carrying value of these management contracts to a fair value of $87 million. See Note 12, Intangible Assets, for more information. The fair value of these contracts was determined using a discounted cash flow analysis. The most sensitive assumptions used to determine present value were growth expectations, revenue basis points, revenue forecast, and the discount rate applied to the cash flow forecast, which are considered Level 3 inputs in the valuation hierarchy.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for 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

 

 

December 31,
2025

 

 

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

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

$

7

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

7

 

 

$

—

 

Equity securities/mutual funds

 

—

 

 

 

—

 

 

 

136

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

136

 

 

 

—

 

Loans

 

135

 

 

 

(8

)

 

 

15

 

 

 

(142

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

CLOs held at fair value

 

72

 

 

 

(11

)

 

 

10

 

 

 

(3

)

 

 

21

 

 

 

—

 

 

 

(16

)

 

 

73

 

 

 

(10

)

Total investments

 

214

 

 

 

(19

)

 

 

161

 

 

 

(145

)

 

 

21

 

 

 

—

 

 

 

(16

)

 

 

216

 

 

 

(10

)

Other assets

 

149

 

 

 

18

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(16

)

 

 

151

 

 

 

18

 

Total assets

$

363

 

 

$

(1

)

 

$

161

 

 

$

(145

)

 

$

21

 

 

$

—

 

 

$

(32

)

 

$

367

 

 

$

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

December 31,
2024

 

 

Realized
and
Unrealized
(Gains)
Losses(3)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances
and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

December 31,
2025

 

 

Total Net
Unrealized
(Gains)
Losses
Included in
Earnings(2)(3)

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration 
   liabilities

$

4,302

 

 

$

729

 

 

$

—

 

 

$

—

 

 

$

3,398

 

 

$

—

 

 

$

—

 

 

$

8,429

 

 

$

729

 

Other liabilities

 

129

 

 

 

(17

)

 

 

—

 

 

 

—

 

 

 

(112

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total liabilities

$

4,431

 

 

$

712

 

 

$

—

 

 

$

—

 

 

$

3,286

 

 

$

—

 

 

$

—

 

 

$

8,429

 

 

$

729

 
(1)
Issuances and other settlements amounts include acquired CLOs and a contingent liability primarily related to the HPS Transaction, 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.
(3)
Amount includes changes in fair value of contingent consideration recorded within expense on the consolidated statements of income.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for 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

 

 

December 31,
2024

 

 

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

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

$

42

 

 

$

3

 

 

$

35

 

 

$

(1

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

79

 

 

$

3

 

Loans

 

175

 

 

 

7

 

 

 

402

 

 

 

(455

)

 

 

—

 

 

 

12

 

 

 

(6

)

 

 

135

 

 

 

7

 

Total investments

 

217

 

 

 

10

 

 

 

437

 

 

 

(456

)

 

 

—

 

 

 

12

 

 

 

(6

)

 

 

214

 

 

 

10

 

Other assets

 

120

 

 

 

(8

)

 

 

37

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

149

 

 

 

(8

)

Total assets

$

337

 

 

$

2

 

 

$

474

 

 

$

(456

)

 

$

—

 

 

$

12

 

 

$

(6

)

 

$

363

 

 

$

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

 

December 31,
2024

 

 

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

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration
liabilities

$

99

 

 

$

(42

)

 

$

—

 

 

$

—

 

 

$

4,245

 

 

$

—

 

 

$

—

 

 

$

4,302

 

 

$

(42

)

Other liabilities

 

180

 

 

 

7

 

 

 

—

 

 

 

—

 

 

 

(58

)

 

 

—

 

 

 

—

 

 

 

129

 

 

 

7

 

Total liabilities

$

279

 

 

$

(35

)

 

$

—

 

 

$

—

 

 

$

4,187

 

 

$

—

 

 

$

—

 

 

$

4,431

 

 

$

(35

)
(1)
Issuances and other settlements amounts include contingent consideration liabilities related to the SpiderRock and GIP Transactions 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.

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 - CIPs 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 December 31, 2025 and 2024, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below:

 

 

December 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

 

$

11,468

 

 

$

11,468

 

 

$

12,762

 

 

$

12,762

 

 

Level 1

(2)(3)

Other assets

 

 

103

 

 

 

103

 

 

 

86

 

 

 

86

 

 

Level 1

(2)(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term borrowings

 

$

12,768

 

 

$

12,546

 

 

$

12,314

 

 

$

11,680

 

 

Level 2

(5)

Other liabilities

 

 

302

 

 

 

302

 

 

 

—

 

 

 

—

 

 

Level 2

(6)
(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 December 31, 2025 and 2024, approximately $5.3 billion and $6.2 billion, respectively, of money market funds were recorded within cash and cash equivalents on the 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 December 31, 2025 and 2024, other assets included cash collateral of approximately $81 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 $22 million and $17 million of restricted cash at December 31, 2025 and 2024, respectively.
(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 December 2025 and 2024, respectively. See Note 15, Borrowings, for the fair value of each of the Company’s long-term borrowings.
(6)
Other liabilities include repurchase agreements related to CLO financing arrangements to finance portions of investments in certain CLOs managed by the Company. Repurchase agreements were recorded at amortized cost, which approximates fair value, with maturity dates ranging from 2034 to 2039.

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).

December 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)

 

$

446

 

 

$

150

 

 

Quarterly (12%)
N/R (88%)

 

1 – 90 days

Private equity funds

(b)

 

 

510

 

 

 

225

 

 

N/R

 

N/R

Real assets funds

(c)

 

 

524

 

 

 

1,870

 

 

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

 

60 days

Investments related to deferred cash
   compensation plan

(d)

 

 

300

 

 

 

—

 

 

Monthly

 

1 – 90 days

Other investments:

 

 

 

 

 

 

 

 

 

 

 

Private credit fund

(a)

 

 

140

 

 

 

—

 

 

Quarterly

 

30 days

Consolidated sponsored investment products:

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

(c)

 

 

372

 

 

 

29

 

 

N/R

 

N/R

Private equity funds

(e)

 

 

181

 

 

 

34

 

 

N/R

 

N/R

Hedge funds/other

(a)

 

 

385

 

 

 

48

 

 

Quarterly (89%)
N/R (11%)

 

60 – 90 days

Total

 

 

$

2,858

 

 

$

2,356

 

 

 

 

 

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 December 31, 2025 and 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 December 31, 2025 and 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 December 31, 2025 and 2024. The total remaining unfunded commitments were $1.9 billion and $750 million at December 31, 2025 and 2024, respectively. The Company’s portion of the total remaining unfunded commitments was $1.9 billion and $736 million at December 31, 2025 and 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 December 31, 2025 and 2024, the Company elected the fair value option for certain investments in CLOs of approximately $568 million and $72 million, respectively, reported within investments.

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

 

 

December 31,

 

 

December 31,

 

(in millions)

 

2025

 

 

2024

 

CLO loans:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

—

 

 

$

156

 

Fair value

 

 

—

 

 

 

141

 

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

 

$

—

 

 

$

15

 

 

 

 

 

 

 

 

CLO borrowings:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

—

 

 

$

146

 

Fair value

 

 

—

 

 

 

129

 

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

 

$

—

 

 

$

17

 
During the year ended December 31, 2025 and 2024, the net gains (losses) from the change in fair value of the bank loans and borrowings held by the previously consolidated CLO were not material and were recorded in net gain (loss) on the consolidated statements of income. The change in fair value of the assets and liabilities included interest income and expense, respectively.
v3.25.4
Derivatives and Hedging
 12 Months Ended
Dec. 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 $1.7 billion and $1.8 billion at December 31, 2025 and 2024, with expiration dates during the first quarter of 2026 and 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. The Company had outstanding exchange traded futures with aggregate notional values related to its deferred cash compensation hedging program of approximately $231 million and $197 million at December 31, 2025 and 2024, with expiration dates during the first quarter of 2026 and 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 consolidated statements of financial condition. These amounts were not material as of December 31, 2025 and 2024.

The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange movements. At December 31, 2025 and 2024, the Company had outstanding forward foreign currency exchange contracts with aggregate notional values of approximately $3.0 billion and $3.6 billion, with expiration dates during the first quarter of 2026 and 2025, respectively.

At both December 31, 2025 and 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 consolidated statements of financial condition at December 31, 2025:

 

Assets

 

 

Liabilities

 

 

Statement of
Financial Condition

 

December 31,

 

 

December 31,

 

 

Statement of
Financial Condition

 

December 31,

 

 

December 31,

 

(in millions)

Classification

 

2025

 

 

2024

 

 

Classification

 

2025

 

 

2024

 

Derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward foreign currency
  exchange contracts

Other assets

 

$

10

 

 

$

7

 

 

Other liabilities

 

$

1

 

 

$

35

 

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

 

 

 

 

Gains (Losses)

 

(in millions)

 

Statement of Income Classification

 

2025

 

 

2024

 

 

2023

 

Derivative instruments

 

 

 

 

 

 

 

 

 

 

 

Exchange traded futures(1)

 

Net gain (loss) on investments

 

$

(199

)

 

$

(30

)

 

$

(88

)

Forward foreign currency exchange contracts

 

General and administration expense

 

 

72

 

 

 

5

 

 

 

98

 

Total gain (loss) from derivative instruments

 

$

(127

)

 

$

(25

)

 

$

10

 
(1)
Amounts for 2025, 2024 and 2023 include $230 million, $48 million and $112 million of losses on futures used as a macro hedging strategy of seed investments, respectively. In addition, amounts for 2025, 2024 and 2023 include $31 million, $18 million and $24 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 2025, 2024 and 2023.

See Note 15, Borrowings, for more information on the Company’s net investment hedge.
v3.25.4
Property and Equipment
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment

10. Property and Equipment

Property and equipment consists of the following:

 

 

Estimated Useful

 

December 31,

 

(in millions)

 

Life-In Years

 

2025

 

 

2024

 

Property and equipment:

 

 

 

 

 

 

 

 

Land

 

N/A

 

$

6

 

 

$

6

 

Building

 

39

 

 

33

 

 

 

33

 

Building improvements

 

15

 

 

34

 

 

 

32

 

Leasehold improvements

 

1-15

 

 

1,256

 

 

 

1,048

 

Equipment and computer software

 

3

 

 

1,213

 

 

 

1,136

 

Other transportation equipment

 

8-10

 

 

199

 

 

 

198

 

Furniture and fixtures

 

7

 

 

141

 

 

 

101

 

Construction in progress

 

N/A

 

 

66

 

 

 

102

 

Total

 

 

 

 

2,948

 

 

 

2,656

 

Less: Accumulated depreciation and amortization

 

 

 

 

1,692

 

 

 

1,553

 

Property and equipment, net

 

 

 

$

1,256

 

 

$

1,103

 

N/A – Not Applicable

Qualifying software costs of approximately $121 million, $105 million and $103 million have been capitalized within equipment and computer software during 2025, 2024 and 2023, respectively, and are being amortized over an estimated useful life of three years.

Depreciation and amortization expense was $297 million, $270 million and $263 million for 2025, 2024 and 2023, respectively.
v3.25.4
Goodwill
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill

11. Goodwill

Goodwill activity during 2025 and 2024 was as follows:

(in millions)

 

2025

 

 

2024

 

Beginning of year balance

 

$

25,949

 

 

$

15,524

 

Acquisitions(1)

 

 

9,343

 

 

 

10,428

 

Other

 

 

(9

)

 

 

(3

)

End of year balance

 

$

35,283

 

 

$

25,949

 
(1)
2025 amount primarily includes goodwill of $6.8 billion and $2.4 billion and $0.2 billion in connection with the HPS, Preqin and ElmTree Transactions, respectively. 2024 amount represents goodwill of $10.3 billion related to the GIP Transaction and $0.1 billion related to the SpiderRock Transaction. See Note 3, Acquisitions, for further information.

BlackRock assessed its goodwill for impairment as of July 31, 2025, 2024 and 2023 and considered such factors as the book value and the market capitalization of the Company. The impairment assessment indicated no impairment charges were required. The Company continues to monitor its book value per share compared with closing prices of its common stock as well as qualitative factors for potential indicators of impairment. At December 31, 2025, the Company’s common stock closed at a market price of $1,070, which exceeded its book value of $360 per share.
v3.25.4
Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

12. Intangible Assets

Intangible assets at December 31, 2025 and 2024 consisted of the following:

(in millions)

 

Remaining
Weighted-Average
Estimated Useful
Life (years)

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

At December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

Indefinite-lived intangible assets(1):

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

N/A

 

$

19,019

 

 

$

—

 

 

$

19,019

 

Trade names/trademarks

 

N/A

 

 

1,403

 

 

 

—

 

 

 

1,403

 

License

 

N/A

 

 

6

 

 

 

—

 

 

 

6

 

Total indefinite-lived intangible assets

 

 

 

 

20,428

 

 

 

—

 

 

 

20,428

 

Finite-lived intangible assets(1):

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

7.1

 

 

4,927

 

 

 

665

 

 

 

4,262

 

Investor/customer relationships

 

10.3

 

 

3,617

 

 

 

592

 

 

 

3,025

 

Technology-related

 

3.4

 

 

382

 

 

 

206

 

 

 

176

 

Trade names/trademarks

 

8.6

 

 

96

 

 

 

19

 

 

 

77

 

Total finite-lived intangible assets

 

8.3

 

 

9,022

 

 

 

1,482

 

 

 

7,540

 

Total intangible assets

 

 

 

$

29,450

 

 

$

1,482

 

 

$

27,968

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

N/A

 

$

16,119

 

 

$

—

 

 

$

16,119

 

Trade names/trademarks

 

N/A

 

 

1,403

 

 

 

—

 

 

 

1,403

 

License

 

N/A

 

 

6

 

 

 

—

 

 

 

6

 

Total indefinite-lived intangible assets

 

 

 

 

17,528

 

 

 

—

 

 

 

17,528

 

Finite-lived intangible assets(2):

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

7.6

 

 

2,028

 

 

 

215

 

 

 

1,813

 

Investor/customer relationships

 

11.2

 

 

1,623

 

 

 

414

 

 

 

1,209

 

Technology-related

 

3.5

 

 

257

 

 

 

144

 

 

 

113

 

Trade names/trademarks

 

9.6

 

 

89

 

 

 

9

 

 

 

80

 

Total finite-lived intangible assets

 

8.9

 

 

3,997

 

 

 

782

 

 

 

3,215

 

Total intangible assets

 

 

 

$

21,525

 

 

$

782

 

 

$

20,743

 

N/A – Not Applicable

(1)
Amount primarily includes approximately $3.0 billion of indefinite-lived management contracts, $2.7 billion of finite-lived management contracts and $1 billion of finite-lived investor relationships acquired in connection with the HPS Transaction and $1.1 billion of finite-lived customer relationships and $125 million of finite-lived technology-related intangible assets acquired in connection with the Preqin Transaction (see Note 3, Acquisitions, for further information). Additionally, in connection with the ElmTree Transaction, the Company acquired approximately $115 million of finite-lived management contracts and investor relationships.
(2)
In connection with the GIP Transaction, the Company acquired approximately $1.8 billion of finite-lived management contracts, $820 million of finite-lived investor relationships and $80 million of a finite-lived trade name (see Note 3, Acquisitions, for further information).

The impairment test performed for intangible assets as of July 31, 2025 and 2023 indicated no impairment charges were required.

The impairment tests performed for intangible assets as of July 31, 2024 indicated that an impairment charge was required for indefinite-lived intangible assets related to certain acquired open-end management contracts, primarily driven by quantitative factors, such as reduced growth expectations, a decrease in revenue basis points and net client outflows. As a result, the Company recorded a noncash impairment charge of $50 million, which is included within amortization and impairment of intangible assets expense on the consolidated statements of income for the year ended December 31, 2024. No impairment charges were required for any other intangible assets.

Estimated amortization expense for finite-lived intangible assets for each of the five succeeding years is as follows:

(in millions)

 

 

 

Year

 

Amount

 

2026

 

$

1,104

 

2027

 

 

1,038

 

2028

 

 

927

 

2029

 

 

852

 

2030

 

 

809

 
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases

13. Leases

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

(in millions)

 

2025

 

 

2024

 

 

2023

 

Lease cost:

 

 

 

 

 

 

 

 

 

Operating lease cost(1)

 

$

233

 

 

$

183

 

 

$

189

 

Variable lease cost(2)

 

 

69

 

 

 

60

 

 

 

49

 

Total lease cost

 

$

302

 

 

$

243

 

 

$

238

 
(1)
Amounts include short-term leases, which are immaterial for 2025, 2024 and 2023.
(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 ROU assets and operating lease liabilities.

Supplemental information related to operating leases is summarized below:

(in millions)

2025

 

 

2024

 

 

2023

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

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

$

210

 

 

$

183

 

 

$

142

 

 

 

 

 

 

 

 

 

 

Supplemental noncash information:

 

 

 

 

 

 

 

 

ROU assets in exchange for operating lease liabilities(1)

$

489

 

 

$

235

 

 

$

32

 

(1) Amount for 2025 includes $178 million of ROU assets obtained in connection with the HPS Transaction. Amount for 2024 includes $75 million of ROU assets obtained in connection with the GIP Transaction. See Note 3, Acquisitions, for further information.

 

December 31, 2025

December 31, 2024

Lease term and discount rate:

 

 

 

 

 

 

Weighted-average remaining lease term

 

13

 

years

 

14

 

years

Weighted-average discount rate

 

4

 

%

 

3

 

%

 

(in millions)

 

 

 

Maturity of operating lease liabilities at December 31, 2025

 

Amount

 

2026

 

$

237

 

2027

 

 

246

 

2028

 

 

239

 

2029

 

 

227

 

2030

 

 

218

 

Thereafter

 

 

1,617

 

Total lease payments

 

 

2,784

 

Less: Imputed interest

 

 

(556

)

Present value of lease liabilities

 

$

2,228

 
v3.25.4
Other Assets
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets

14. 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 consolidated statements of financial condition.

At December 31, 2025 and 2024, the Company had $1.6 billion and $888 million, respectively, of corporate equity method investments, recorded within other assets. At December 31, 2025 and 2024, the Company's ownership interest in its minority investment in iCapital Network Inc. ("iCapital") was approximately 22% and 24%, respectively, and the carrying value of the Company's interest was $711 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 December 31, 2025 and 2024, the Company had $780 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, for further information.

 
v3.25.4
Borrowings
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Borrowings

15. Borrowings

Short-Term Borrowings

2025 Revolving Credit Facility. The Company maintains an unsecured revolving credit facility, which is available for working capital and general corporate purposes (the “2025 Credit Facility”). 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 consolidated leverage ratio covenant to 3.5 to 1. The amended 2025 Credit Facility 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. 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 consolidated leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3.5 to 1, which was satisfied with a ratio of less than 1 to 1 at December 31, 2025. At December 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 December 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 $34 million based on the GBP/USD foreign exchange rate at December 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 December 31, 2025, there was no amount outstanding.

Long-Term Borrowings

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

(in millions)

Maturity Amount

 

 

Unamortized
Discount and Debt Issuance Costs(1)

 

 

Carrying Value

 

 

Fair Value

 

3.20% Notes due 2027(2)

$

700

 

 

$

(1

)

 

$

699

 

 

$

696

 

4.60% Notes due 2027

 

800

 

 

 

(2

)

 

 

798

 

 

 

810

 

4.70% Notes due 2029

 

500

 

 

 

(3

)

 

 

497

 

 

 

511

 

3.25% Notes due 2029(2)

 

1,000

 

 

 

(5

)

 

 

995

 

 

 

978

 

2.40% Notes due 2030(2)

 

1,000

 

 

 

(3

)

 

 

997

 

 

 

935

 

1.90% Notes due 2031(2)

 

1,250

 

 

 

(6

)

 

 

1,244

 

 

 

1,123

 

2.10% Notes due 2032(2)

 

1,000

 

 

 

(9

)

 

 

991

 

 

 

883

 

4.75% Notes due 2033(2)

 

1,250

 

 

 

(15

)

 

 

1,235

 

 

 

1,277

 

5.00% Notes due 2034

 

1,000

 

 

 

(6

)

 

 

994

 

 

 

1,032

 

4.90% Notes due 2035

 

500

 

 

 

(5

)

 

 

495

 

 

 

510

 

3.75% Notes due 2035

 

1,175

 

 

 

(8

)

 

 

1,167

 

 

 

1,187

 

5.25% Notes due 2054

 

1,500

 

 

 

(30

)

 

 

1,470

 

 

 

1,436

 

5.35% Notes due 2055

 

1,200

 

 

 

(14

)

 

 

1,186

 

 

 

1,168

 

Total long-term borrowings

$

12,875

 

 

$

(107

)

 

$

12,768

 

 

$

12,546

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

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 2024.

2035 Notes. In April 2025, the Company issued €1.0 billion (or approximately $1.2 billion based on the EUR/USD foreign exchange rate at December 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, which included the repayment of the 2025 Notes at maturity. Interest of approximately €38 million (or approximately $44 million based on the EUR/USD foreign exchange rate at December 31, 2025) per year is payable annually on July 18 of each year which commenced 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 the Company 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. The Company designated a portion of the 2035 Notes as a net investment hedge to offset the currency exposure related to its net investment in certain euro functional currency operations. Gain (loss) associated with the net investment hedge is recognized on the consolidated statements of comprehensive income.

The Company designated a portion of the 2035 Notes and prior to repayment, the 2025 Notes described below, as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations. A loss of $96 million (net of tax benefit of $30 million), gain of $37 million (net of tax expense of $12 million), and a loss of $20 million (net of tax benefit of $6 million) were recognized in other comprehensive income for 2025, 2024 and 2023, respectively. No hedge ineffectiveness was recognized during 2025, 2024 and 2023.

March 2024 Notes. In March 2024, the Company issued $3.0 billion in aggregate principal amount of senior unsecured and unsubordinated notes. These notes were issued as three separate series of senior debt securities including $500 million of 4.70% notes maturing on March 14, 2029 (the "March 2029 Notes"), $1.0 billion of 5.00% notes maturing on March 14, 2034 (the "2034 Notes") and $1.5 billion of 5.25% notes maturing on March 14, 2054 (the "2054 Notes") (collectively, the "March 2024 Notes"). Net proceeds were used to fund a portion of the cash consideration for the GIP Transaction, which closed in October 2024. Interest on the March 2024 Notes of approximately $152 million per year is payable semi-annually on March 14 and September 14 of each year, which commenced on September 14, 2024. The March 2024 Notes are fully and unconditionally guaranteed (the “March 2024 Notes Guarantee”) on a senior unsecured basis by Old BlackRock. The March 2024 Notes and the March 2024 Notes Guarantee rank equally in right of payment with all of BlackRock and Old BlackRock’s other unsubordinated indebtedness, respectively. The March 2024 Notes may be redeemed prior to maturity at any time in whole or in part at the option of BlackRock at the redemption prices set forth in the applicable series of March 2024 Notes.

July 2024 Notes. In July 2024, the Company issued $2.5 billion in aggregate principal amount of senior unsecured and unsubordinated notes. These notes were issued as three separate series of senior debt securities including $800 million of 4.60% notes maturing on July 26, 2027 (the "July 2027 Notes"), $500 million of 4.90% notes maturing on January 8, 2035 (the "2035 Notes") and $1.2 billion of 5.35% notes maturing on January 8, 2055 (the "2055 Notes") (collectively, the "July 2024 Notes"). Net proceeds were used to fund a portion of the cash consideration for the Preqin Transaction. The July 2024 Notes are fully and unconditionally guaranteed (the “July 2024 Notes Guarantee”) on a senior unsecured basis by Old BlackRock. The July 2024 Notes and the July 2024 Notes Guarantee rank equally in right of payment with all of BlackRock's and Old BlackRock’s other unsubordinated indebtedness, respectively. Interest on the July 2027 Notes of approximately $37 million per year is payable semi-annually on January 26 and July 26 of each year, beginning January 26, 2025. Interest on the 2035 Notes and 2055 Notes of approximately $25 million and $64 million per year, respectively, is payable semi-annually on January 8 and July 8 of each year, beginning January 8, 2025. The July 2024 Notes may be redeemed prior to maturity at any time in whole or in part at the option of BlackRock at the redemption prices set forth in the applicable series of July 2024 Notes.

2033 Notes. In May 2023, the Company issued $1.25 billion in aggregate principal amount of 4.75% senior unsecured notes maturing on May 25, 2033 (the “2033 Notes”). The net proceeds of the 2033 Notes are being used for general corporate purposes. Interest of approximately $59 million per year is payable semi-annually on May 25 and November 25 of each year, commencing on November 25, 2023. The 2033 Notes may be redeemed at the option of the Company, in whole or in part, at any time prior to February 25, 2033 at a "make-whole" redemption price, or thereafter at 100% of the principal amount of the 2033 Notes, in each case plus accrued but unpaid interest.

2032 Notes. In December 2021, the Company issued $1 billion in aggregate principal amount of 2.10% senior unsecured and unsubordinated notes maturing on February 25, 2032 (the “2032 Notes”). The net proceeds of the 2032 Notes were used for general corporate purposes, which included the repayment of the $750 million 3.375% Notes in June 2022. Interest of approximately $21 million per year is payable semi-annually on February 25 and August 25 of each year, which commenced on February 25, 2022. The 2032 Notes may be redeemed prior to November 25, 2031 in whole or in part at any time, at the option of the Company, at a “make-whole” redemption price or at 100% of the principal amount of the 2032 Notes thereafter.

2031 Notes. In April 2020, the Company issued $1.25 billion in aggregate principal amount of 1.90% senior unsecured and unsubordinated notes maturing on January 28, 2031 (the “2031 Notes”). The net proceeds of the 2031 Notes were used for general corporate purposes. Interest of approximately $24 million per year is payable semi-annually on January 28 and July 28 of each year, which commenced on July 28, 2020. The 2031 Notes may be redeemed prior to October 28, 2030 in whole or in part at any time, at the option of the Company, at a “make-whole” redemption price or at 100% of the principal amount of the 2031 Notes thereafter.

2030 Notes. In January 2020, the Company issued $1 billion in aggregate principal amount of 2.40% senior unsecured and unsubordinated notes maturing on April 30, 2030 (the “2030 Notes”). The net proceeds of the 2030 Notes were used for general corporate purposes. Interest of approximately $24 million per year is payable semi-annually on April 30 and October 30 of each year, which commenced on April 30, 2020. The 2030 Notes may be redeemed prior to January 30, 2030 in whole or in part at any time, at the option of the Company, at a “make-whole” redemption price or at 100% of the principal amount of the 2030 Notes thereafter.

2029 Notes. In April 2019, the Company issued $1 billion in aggregate principal amount of 3.25% senior unsecured and unsubordinated notes maturing on April 30, 2029 (the “2029 Notes”). The net proceeds of the 2029 Notes were used for general corporate purposes, which included a portion of the purchase price for the acquisition of eFront Holdings SAS, repayment of a portion of the $1 billion 5.00% notes in December 2019 and repayment of borrowings under its commercial paper program. Interest is payable semi-annually on April 30 and October 30 of each year, which commenced on October 30, 2019, and is approximately $33 million per year. The 2029 Notes may be redeemed prior to January 30, 2029 in whole or in part at any time, at the option of the Company, at a “make-whole” redemption price or at par thereafter.

2027 Notes. In March 2017, the Company issued $700 million in aggregate principal amount of 3.20% senior unsecured and unsubordinated notes maturing on March 15, 2027 (the “2027 Notes”). The net proceeds of the 2027 Notes were used to fully repay $700 million in aggregate principal amount outstanding of 6.25% notes in April 2017 prior to their maturity in September 2017. Interest is payable semi-annually on March 15 and September 15 of each year, and is approximately $22 million per year. The 2027 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a “make-whole” redemption price.

2025 Notes. In May 2015, the Company issued €700 million of 1.25% senior unsecured notes, which were repaid in May 2025 at maturity (the “2025 Notes” and, together with the 2027 Notes, the 2029 Notes, the 2030 Notes, the 2031 Notes, the 2032 Notes and the 2033 Notes, the “Old BlackRock Notes”). The notes were listed on the Official List of The International Stock Exchange. The net proceeds of the 2025 Notes were used for general corporate purposes, including refinancing of outstanding indebtedness. Interest of approximately $11 million per year based on current exchange rates was payable annually on May 6 of each year.

New BlackRock Guarantee. On October 1, 2024, in connection with the closing of the GIP Transaction, BlackRock, Inc. also entered into a guarantee (the “New BlackRock Guarantee”) pursuant to which BlackRock, Inc. fully and unconditionally guaranteed, on a senior unsecured basis, the obligations of Old BlackRock with respect to the Old BlackRock Notes. The New BlackRock Guarantee ranks equally in right of payment with all of BlackRock, Inc.'s other unsubordinated indebtedness. The New BlackRock Guarantee will be automatically and unconditionally released and discharged, and BlackRock, Inc. will be released from all obligations under the New BlackRock Guarantee, in certain circumstances as described in the New BlackRock Guarantee.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

16. Commitments and Contingencies

Investment Commitments. At December 31, 2025, the Company had $2.4 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 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 this contingent consideration is estimated at the time of acquisition closing and is included in contingent consideration liabilities on the consolidated statements of financial condition. The fair value of the remaining aggregate contingent payments at December 31, 2025 totaled $8.4 billion, including $4.8 billion and $3.5 billion related to the GIP and HPS Transactions, respectively. The contingent payments related to the GIP Transaction, if any, will be settled all in stock, for a number of shares ranging from 4.0 million to 5.2 million shares, subject to achieving certain performance targets. The contingent payments related to the HPS Transaction, if any, will be delivered all in Subco Units of approximately 2.8 million to 4.4 million, subject to achieving certain post-closing conditions and financial performance milestones. 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. The Company, certain of its subsidiaries and employees have been named as defendants in various legal actions, including arbitrations and other litigations 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.

BlackRock is currently defending a lawsuit filed by thirteen state Attorneys General in Federal Court in the Eastern District of Texas against BlackRock, State Street, and Vanguard, alleging antitrust violations on the theory that the three companies conspired to artificially suppress coal supply. Four states are also pursuing alleged violations of state consumer protection laws regarding statements on BlackRock fund websites. In 2025, the court largely denied defendants' motion to dismiss.

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 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 December 31, 2025 and subject to this type of indemnification was approximately $353 billion. In the Company’s capacity as lending agent, cash and securities totaling approximately $375 billion were held as collateral for indemnified securities on loan at December 31, 2025. The fair value of these indemnifications was not material at December 31, 2025.
v3.25.4
Revenue
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

17. Revenue

The table below presents detail of revenue for 2025, 2024 and 2023 and includes the product type mix of investment advisory, administration fees and securities lending revenue and performance fees.

(in millions)

2025

 

 

2024

 

 

2023

 

Revenue:

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Active

$

2,167

 

 

$

2,166

 

 

$

2,000

 

ETFs

 

6,043

 

 

 

5,124

 

 

 

4,418

 

Equity subtotal

 

8,210

 

 

 

7,290

 

 

 

6,418

 

Fixed income:

 

 

 

 

 

 

 

 

Active

 

2,018

 

 

 

1,952

 

 

 

1,897

 

ETFs

 

1,532

 

 

 

1,367

 

 

 

1,230

 

Fixed income subtotal

 

3,550

 

 

 

3,319

 

 

 

3,127

 

Active multi-asset

 

1,332

 

 

 

1,248

 

 

 

1,172

 

Alternatives:

 

 

 

 

 

 

 

 

Private markets

 

2,350

 

 

 

1,196

 

 

 

889

 

Liquid alternatives

 

669

 

 

 

568

 

 

 

572

 

Alternatives subtotal

 

3,019

 

 

 

1,764

 

 

 

1,461

 

Non-ETF index

 

1,321

 

 

 

1,183

 

 

 

1,127

 

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

 

502

 

 

 

247

 

 

 

185

 

Long-term

 

17,934

 

 

 

15,051

 

 

 

13,490

 

Cash management

 

1,245

 

 

 

1,049

 

 

 

909

 

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

 

19,179

 

 

 

16,100

 

 

 

14,399

 

Investment advisory performance fees:

 

 

 

 

 

 

 

 

Equity

 

132

 

 

 

161

 

 

 

99

 

Fixed income

 

16

 

 

 

34

 

 

 

4

 

Multi-asset

 

23

 

 

 

24

 

 

 

28

 

Alternatives:

 

 

 

 

 

 

 

 

Private markets

 

695

 

 

 

308

 

 

 

273

 

Liquid alternatives

 

558

 

 

 

680

 

 

 

150

 

Alternatives subtotal

 

1,253

 

 

 

988

 

 

 

423

 

Total investment advisory performance fees

 

1,424

 

 

 

1,207

 

 

 

554

 

Technology services and subscription revenue

 

1,981

 

 

 

1,603

 

 

 

1,485

 

Distribution fees

 

1,355

 

 

 

1,273

 

 

 

1,262

 

Advisory and other revenue:

 

 

 

 

 

 

 

 

Advisory

 

50

 

 

 

49

 

 

 

81

 

Other

 

227

 

 

 

175

 

 

 

78

 

Total advisory and other revenue

 

277

 

 

 

224

 

 

 

159

 

Total revenue

$

24,216

 

 

$

20,407

 

 

$

17,859

 
(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 and 2023 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 and 2023 investment advisory, administration fees and securities lending revenue line items.
(2)
Amounts include commodity ETFs and exchange-traded products ("ETPs").
(3)
Amounts include $705 million, $615 million and $675 million of securities lending revenue for 2025, 2024 and 2023, respectively.

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

(in millions)

2025

 

 

2024

 

 

2023

 

By client type(1):

 

 

 

 

 

 

 

 

Retail

$

4,534

 

 

$

4,284

 

 

$

4,115

 

ETFs

 

8,077

 

 

 

6,738

 

 

 

5,833

 

Institutional:

 

 

 

 

 

 

 

 

Active

 

4,313

 

 

 

3,089

 

 

 

2,624

 

Index

 

1,010

 

 

 

940

 

 

 

918

 

Institutional subtotal

 

5,323

 

 

 

4,029

 

 

 

3,542

 

Long-term

 

17,934

 

 

 

15,051

 

 

 

13,490

 

Cash management

 

1,245

 

 

 

1,049

 

 

 

909

 

Total

$

19,179

 

 

$

16,100

 

 

$

14,399

 

 

 

 

 

 

 

 

 

 

By investment style(1):

 

 

 

 

 

 

 

 

Active

$

8,536

 

 

$

7,130

 

 

$

6,530

 

ETFs

 

8,077

 

 

 

6,738

 

 

 

5,833

 

Non-ETF index

 

1,321

 

 

 

1,183

 

 

 

1,127

 

Long-term

 

17,934

 

 

 

15,051

 

 

 

13,490

 

Cash management

 

1,245

 

 

 

1,049

 

 

 

909

 

Total

$

19,179

 

 

$

16,100

 

 

$

14,399

 
(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 and 2023 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 and 2023 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 December 31, 2025 and 2024:

December 31, 2025

(in millions)

2026

 

 

2027

 

 

2028

 

 

Thereafter

 

 

Total

 

Investment advisory and administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

492

 

 

$

459

 

 

$

226

 

 

$

75

 

 

$

1,252

 

December 31, 2024

(in millions)

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

Investment advisory and administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

427

 

 

$

381

 

 

$

353

 

 

$

142

 

 

$

1,303

 
(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 December 31, 2025 and 2024. Revenue attributed to future periods could be subject to change due to a change in business activities (e.g. post-investment period) 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 consolidated statements of financial condition, for the year ended December 31, 2025 and 2024:

(in millions)

2025

 

 

2024

 

Beginning balance

$

1,860

 

 

$

1,783

 

Acquisition(1)

 

1,441

 

 

 

—

 

Net increase (decrease) in unrealized allocations

 

706

 

 

 

364

 

Performance fee revenue recognized

 

(492

)

 

 

(287

)

Ending balance

$

3,515

 

 

$

1,860

 
(1)
Amount for 2025 includes deferred carried interest acquired in connection with the HPS Transaction. See Note 3, Acquisitions, for information on the HPS Transaction.

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 December 31, 2025 and 2024:

December 31, 2025

(in millions)

2026

 

 

2027

 

 

2028

 

 

Thereafter

 

 

Total

 

Technology services and subscription revenue(1)(2)

$

208

 

 

$

121

 

 

$

73

 

 

$

95

 

 

$

497

 

December 31, 2024

(in millions)

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

Technology services and subscription revenue(1)(2)

$

134

 

 

$

81

 

 

$

50

 

 

$

69

 

 

$

334

 
(1)
Technology services and subscription revenue includes upfront payments from customers, which the Company 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 December 31, 2025, the estimated annual fixed minimum fees for 2026 for outstanding contracts approximated $1.3 billion. 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 year ended December 31, 2025 and 2024, which is included in other liabilities on the consolidated statements of financial condition:

(in millions)

2025

 

 

2024

 

Beginning balance

$

124

 

 

$

133

 

Acquisition(1)

 

3

 

 

 

—

 

Additions(2)

 

218

 

 

 

84

 

Revenue recognized that was included in the beginning balance

 

(85

)

 

 

(93

)

Ending balance

$

260

 

 

$

124

 
(1)
Amount for 2025 includes deferred revenue acquired in connection with the Preqin Transaction, net of revenue recognized. See Note 3, Acquisitions, for information on the Preqin Transaction.
(2)
Amounts are net of revenue recognized.
v3.25.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

18. Stock-Based Compensation

Prior to May 15, 2024, the Company maintained the BlackRock, Inc. Second Amended and Restated 1999 Stock Award and Incentive Plan. On May 15, 2024, the Company adopted, pursuant to shareholder approval, the BlackRock, Inc. Third Amended and Restated 1999 Stock Award and Incentive Plan (the "Award Plan"). Any awards granted on or after May 15, 2024 are granted pursuant to such plan.

The components of stock-based compensation expense are as follows:

(in millions)

2025

 

 

2024

 

 

2023

 

Stock-based compensation:

 

 

 

 

 

 

 

 

RSUs(1)

$

1,282

 

 

$

718

 

 

$

596

 

Stock options

 

25

 

 

 

35

 

 

 

34

 

Total stock-based compensation(2)

$

1,307

 

 

$

753

 

 

$

630

 
(1)
Amount for 2025 includes incentive retention awards granted in connection with the HPS and GIP Transactions of $394 million and $142 million, respectively. Amount for 2024 includes $71 million of incentive retention awards granted in connection with the GIP Transaction.
(2)
Amounts for 2025 and 2023 include $12 million and $14 million, respectively, of compensation expense for accelerated vesting of previously granted stock-based compensation awards recognized as part of restructuring charges. See Note 24, Restructuring Charge for more information.

Stock Award and Incentive Plan. Pursuant to the Award Plan, options to purchase shares of the Company’s common stock at an exercise price not less than the market value of BlackRock’s common stock on the date of grant in the form of stock options, restricted stock or RSUs may be granted to employees and nonemployee directors. A maximum of 48,500,000 shares of common stock were authorized for issuance under the Award Plan. Of this amount, 6,154,871 shares remain available for future awards at December 31, 2025. Upon exercise of employee stock options, the issuance of restricted stock or the vesting of RSUs, the Company generally issues shares out of treasury to the extent available.

RSUs

Time-Based RSUs

Pursuant to the Award Plan, RSUs may be granted to certain employees. Substantially all RSUs vest over periods ranging from one to five years and are expensed using the straight-line method over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. RSUs are not considered participating securities for purposes of calculating EPS as the dividend equivalents are subject to forfeiture prior to vesting of the award.

RSU activity for 2025 is summarized below.

Outstanding at

RSUs

 

 

Weighted-
Average
Grant Date
Fair Value

 

December 31, 2024

 

2,297,665

 

 

$

793.08

 

Granted

 

1,745,842

 

 

$

991.30

 

Converted

 

(649,378

)

 

$

796.68

 

Forfeited

 

(156,422

)

 

$

851.75

 

December 31, 2025

 

3,237,707

 

 

$

896.41

 

In July 2025, in connection with the HPS Transaction, the Company granted incentive retention awards of approximately 680,000 RSUs that vest in increasing yearly increments over five years from the date of grant and approximately 270,000 RSUs that cliff vested 100% as of December 31, 2025. The weighted-average grant date fair value of these awards were $991.52 and $957.42, respectively.

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 HPS Transaction in July 2025, and which are subject to a mandatory holding period post vesting, the grant-date fair value was discounted for the lack of marketability related to the holding period. 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 (present value was determined using a risk-free interest rate). The grant-date fair market value of RSUs granted to employees during 2025, 2024 and 2023 was $1.7 billion, $1.1 billion and $565 million, respectively. The total grant-date fair market value of RSUs converted to common stock during 2025, 2024 and 2023 was $517 million, $592 million and $592 million, respectively.

RSUs granted under the Award Plan in connection with annual incentive compensation and incentive retention awards in connection with the GIP and HPS Transactions primarily related to the following:

 

2025

 

 

2024

 

 

2023

 

Awards granted that vest ratably over three years from the date of grant

 

369,169

 

 

 

346,831

 

 

 

342,706

 

Awards granted that vest with varying vesting periods

 

173,599

 

 

 

204,622

 

 

 

169,764

 

Awards granted that vest in increasing yearly increments over five years(1)

 

680,691

 

 

 

—

 

 

 

—

 

Awards granted that cliff vest 100% on:

 

 

 

 

 

 

 

 

December 31, 2025(1)

 

269,930

 

 

 

—

 

 

 

—

 

January 31, 2026

 

—

 

 

 

—

 

 

 

259,465

 

January 31, 2027

 

—

 

 

 

343,418

 

 

 

—

 

January 31, 2028

 

221,825

 

 

 

—

 

 

 

—

 

October 1, 2029(1)

 

30,628

 

 

 

500,440

 

 

 

—

 

Total awards granted

 

1,745,842

 

 

 

1,395,311

 

 

 

771,935

 
(1)
Includes incentive retention awards granted in connection with the HPS and GIP Transactions.

At December 31, 2025, the intrinsic value of outstanding RSUs was $3.5 billion, reflecting a closing stock price of $1,070.

At December 31, 2025, total unrecognized stock-based compensation expense related to unvested RSUs was $1.4 billion. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 2 years.

In January 2026, pursuant to the Award Plan, the Company granted approximately:

•
342,000 RSUs to employees as part of annual incentive compensation that vest ratably over three years from the date of grant;
•
320,000 RSUs to employees that cliff vest 100% on January 31, 2029; and
•
36,000 RSUs to employees with various vesting schedules.

Performance-Based RSUs

Pursuant to the Award Plan, performance-based RSUs may be granted to certain employees. Each performance-based award consists of a “base” number of RSUs granted to the employee. The number of shares that an employee ultimately receives at vesting will be equal to the base number of performance-based RSUs granted, multiplied by a predetermined percentage determined in accordance with the level of attainment of Company performance measures during the performance period and could be higher or lower than the original RSU grant. Performance-based RSUs are not considered participating securities as the dividend equivalents are subject to forfeiture prior to vesting of the award.

In the first quarter of 2025, 2024 and 2023, the Company granted approximately 136,000, 166,000 and 170,000, respectively, performance-based RSUs to certain employees that cliff vest 100% on January 31, 2028, 2027 and 2026, respectively. These awards are amortized over a service period of three years. In 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.

In October 2024, in connection with the GIP Transaction, the Company awarded a target amount of approximately 210,000 incentive retention
performance-based RSUs to certain employees subject to achievement of certain performance targets. The number of shares that an employee
ultimately receives at vesting could be higher or lower than the original target amount, based on the achievement of certain performance targets.

Performance-based RSU activity for 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

 

167,962

 

 

$

991.38

 

 

 

769

 

 

$

952.02

 

 

 

168,731

 

 

$

991.20

 

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

 

(14,690

)

 

$

798.13

 

 

 

(11,530

)

 

$

845.48

 

 

 

(26,220

)

 

$

818.95

 

December 31, 2025

 

478,236

 

 

$

848.08

 

 

 

199,744

 

 

$

845.89

 

 

 

677,980

 

 

$

847.43

 

The Company values performance-based RSUs at their grant-date fair value as measured by BlackRock’s common stock price. The total grant-date fair market value of performance-based RSUs granted (including impact due to performance measures) to employees during 2025, 2024 and 2023 was $107 million, $279 million and $142 million, respectively.

At December 31, 2025, the intrinsic value of outstanding performance-based RSUs was $726 million reflecting a closing stock price of $1,070. At December 31, 2025, total unrecognized stock-based compensation expense related to unvested performance-based awards was $290 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 1.9 years.

In January 2026, the Company granted approximately 137,000 performance-based RSUs to certain employees that cliff vest 100% on January 31, 2029. 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.

Stock Options

Stock option activity and ending balance for year-end December 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

 

(325,469

)

 

$

513.50

 

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Forfeited

 

—

 

 

$

—

 

 

 

(88,238

)

 

$

673.58

 

 

 

(18,309

)

 

$

673.58

 

Outstanding at December 31, 2025

 

300,356

 

 

$

513.50

 

 

 

678,732

 

 

$

673.58

 

 

 

281,377

 

 

$

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

 

 

 

300,356

 

 

 

0.9

 

 

$

167

 

 

$

513.50

 

 

 

300,356

 

 

 

0.9

 

 

$

167

 

2023 Performance-based

 

$

673.58

 

 

 

678,732

 

 

 

6.4

 

 

 

269

 

 

$

673.58

 

 

 

—

 

 

 

—

 

 

 

—

 

2023 Time-based

 

$

673.58

 

 

 

281,377

 

 

 

6.4

 

 

 

112

 

 

$

673.58

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

 

 

 

1,260,465

 

 

 

5.1

 

 

$

548

 

 

 

 

 

 

300,356

 

 

 

0.9

 

 

$

167

 

At December 31, 2025, total unrecognized stock-based compensation expense related to unvested performance-based and time-based stock options was $72 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 2.7 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 2025 was $171 million.

The options have a strike price of $513.50, which was the closing price of the shares on the grant date. The grant-date fair value of the awards issued in 2017 was $208 million and was estimated using a Monte Carlo simulation with an embedded lattice model using the assumptions included in the following table:

Grant Year

Expected Term (Years)(1)

 

 

Expected Stock Volatility(2)

 

 

Expected Dividend Yield(3)

 

 

Risk-Free Interest Rate(4)

 

 

2017

 

6.56

 

 

 

22.23

%

 

 

2.16

%

 

 

2.33

%

 
(1)
The expected term was derived using a Monte Carlo simulation with the embedded lattice model and represents the period of time that options granted are expected to be outstanding.
(2)
The expected stock volatility was based upon an average of historical stock price fluctuations of BlackRock’s common stock and an implied volatility at the grant date.
(3)
The expected dividend yield was calculated as the most recent quarterly dividend divided by the average three-month stock price as of the grant date.
(4)
The risk-free interest rate is based on the US Treasury Constant Maturities yield curve at grant date.

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 December 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.

The 2023 Performance-based Options have a strike price of $673.58 which was the closing price of the shares on the grant date. The grant-date fair value of the 2023 Performance-based Options was $120 million and was estimated using a Monte Carlo simulation with an embedded lattice model using the assumptions included in the following table:

Grant Year

Expected Term (Years)(1)

 

Expected Stock Volatility(2)

 

 

Expected Dividend Yield(3)

 

 

Risk-Free Interest Rate(4)

 

2023

6.02

 

 

27.73

%

 

 

3.02

%

 

 

3.61

%
(1)
The expected term was derived using a Monte Carlo simulation with the embedded lattice model and represents the period of time that options granted are expected to be outstanding.
(2)
The expected stock volatility was based upon an average of historical stock price fluctuations of BlackRock’s common stock and an implied volatility at the grant date.
(3)
The expected dividend yield was calculated as the most recent quarterly dividend divided by the average three-month stock price as of the grant date.
(4)
The risk-free interest rate is based on the US Treasury Constant Maturities yield curve at grant date.

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.

The 2023 Time-based Options have a strike price of $673.58 which was the closing price of the shares on the grant date. The grant-date fair value of the 2023 Time-based Options was $55 million and was estimated using a Black-Scholes-Merton model using the assumptions included in the following table:

Grant Year

Expected Term (Years)(1)

 

 

Expected Stock Volatility(2)

 

 

Expected Dividend Yield(3)

 

 

Risk-Free Interest Rate(4)

 

2023

 

7.13

 

 

 

28.29

%

 

 

3.02

%

 

 

3.65

%
(1)
The expected term represents the period of time that options granted are expected to be outstanding, and was calculated as the midpoint between the weighted average time to vest and expiration.
(2)
The expected stock volatility was based upon an average of historical stock price fluctuations of BlackRock’s common stock and an implied volatility at the grant date.
(3)
The expected dividend yield was calculated as the most recent quarterly dividend divided by the average three-month stock price as of the grant date.
(4)
The risk-free interest rate is based on the US Treasury Constant Maturities yield curve at grant date.

Employee Stock Purchase Plan (“ESPP”). The ESPP allows eligible employees to purchase the Company’s common stock at 95% of the fair market value on the last day of each three-month offering period; therefore, the Company does not record compensation expense related to employees purchasing shares under the ESPP.
v3.25.4
Deferred Cash Compensation and Employee Benefit Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Deferred Cash Compensation and Employee Benefit Plans

19. Deferred Cash Compensation and Employee Benefit Plans

Deferred Cash Compensation Plans

The components of deferred cash compensation expense are as follows:

(in millions)

2025

 

 

2024

 

 

2023

 

Deferred cash compensation expense:

 

 

 

 

 

 

 

 

IPDCP

$

225

 

 

$

155

 

 

$

195

 

VDCP

 

26

 

 

 

26

 

 

 

17

 

Other(1)

 

120

 

 

 

31

 

 

 

14

 

Total deferred cash compensation expense

$

371

 

 

$

212

 

 

$

226

 
(1)
Amounts primarily relate to deferred cash compensation in connection with certain acquisitions.

Investment Professional Deferred Compensation Program (“IPDCP”). The Company adopted IPDCP for the purpose of providing deferred compensation and retention incentives to certain employees. For this plan, the final value of the deferred amount to be distributed in cash upon vesting is associated with investment returns of certain investment funds. In January 2025, 2024 and 2023, the Company granted approximately $264 million, $114 million, and $90 million of deferred compensation that will fluctuate with investment returns and will vest ratably over three years from the date of grant. The liabilities for this plan were $272 million and $220 million at December 31, 2025 and 2024, respectively, and are reflected in the consolidated statements of financial condition as accrued compensation and benefits. In January 2026, the Company granted approximately $251 million of additional deferred compensation that will fluctuate with investment returns and will vest ratably over three years from the date of grant.

Voluntary Deferred Compensation Plan. The Company adopted a Voluntary Deferred Compensation Plan (“VDCP”) that allows eligible employees in the US to elect to defer between 1% and 100% of their annual cash incentive compensation. The participants must specify a deferral period of up to 10 years from the year of deferral and additionally elect to receive distributions in the form of a lump sum or in up to 10 annual installments. VDCP deferred cash compensation expense includes the mark-to-market impact of investment returns. The liability balance of $208 million and $170 million at December 31, 2025 and 2024, respectively, is reflected on the consolidated statements of financial condition as accrued compensation and benefits.

Other Deferred Cash Plans. The liabilities related to other deferred cash plans were $62 million and $34 million at December 31, 2025 and 2024, respectively, primarily related to deferred cash plans granted in connection with certain acquisitions.

In 2019, the Company adopted a carried interest retention incentive program referred to as the BlackRock Leadership Retention Carry Plan, pursuant to which senior-level employees (but not including the Chief Executive Officer), as may be determined by the Company from time to time, will be eligible to receive a portion of the cash payments, based on their percentage points, in the total carried interest distributions paid to the Company from participating carry funds. Cash payments, if any, with respect to these percentage points will be made over time following the recipient’s termination of employment due to qualified retirement, death or disability, subject to his or her execution of a release of claims and continued compliance with his or her restrictive covenant obligations following termination. There was no material impact to the consolidated financial statements.

Defined Contribution Plans

The Company has several defined contribution plans primarily in the US and UK.

Certain of the Company’s US employees participate in a defined contribution plan. Employee contributions of up to 8% of eligible compensation, as defined by the plan and subject to Internal Revenue Code limitations, are matched by the Company at 50% up to a maximum of $5,000 annually. In addition, the Company makes an annual retirement contribution to eligible participants generally equal to 3-5% of eligible compensation. The Company’s contribution expense related to this plan was $118 million in 2025, $149 million in 2024, and $86 million in 2023.

Certain UK wholly owned subsidiaries of the Company contribute to defined contribution plans for their employees. The contributions range between 9% and 15% of each employee’s eligible compensation as of December 31, 2025. The Company’s contribution expense related to these plans was $77 million in 2025, $66 million in 2024, and $64 million in 2023.

In addition, the contribution expense related to defined contribution plans in other regions was $70 million in 2025, $50 million in 2024 and $42 million in 2023.

Defined Benefit Plans. The Company has several defined benefit pension plans with plan assets of approximately $28 million and $27 million at December 31, 2025 and 2024, respectively. The underfunded obligations at December 31, 2025 and 2024 were not material. Benefit payments for the next five years and in aggregate for the five years thereafter are not expected to be material.
v3.25.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions

20. Related Party Transactions

The Company derives a significant portion of its investment advisory, administration fees and investment advisory performance fees from investment funds that it manages. In addition, equity method investments are considered related parties, due to the Company’s influence over the financial and operating policies of the investee. As a result, a majority of BlackRock's investment advisory, administration fees and investment advisory performance fees as well as accounts receivable related to such revenue are from related parties.

Due from related parties, which is included within other assets on the consolidated statements of financial condition, was $377 million and $245 million at December 31, 2025 and 2024, respectively, and represented receivables from certain investment products managed by BlackRock.

Due to related parties, which is included within other liabilities on the consolidated statements of financial condition, was $9 million and $11 million at December 31, 2025 and 2024, respectively, and primarily represented payables to certain investment products managed by BlackRock.
v3.25.4
Net Capital Requirements
 12 Months Ended
Dec. 31, 2025
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Net Capital Requirements

21. 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.

Bank Regulatory Requirements. BlackRock Institutional Trust Company, N.A. ("BTC") is a consolidated subsidiary of the Company that is chartered as a national bank whose operations are limited to trust and other fiduciary activities and is subject to regulatory capital requirements administered by the US Office of the Comptroller of the Currency ("OCC"). The OCC would be required to take certain actions and permitted to take certain actions in the event of BTC’s failure to meet minimum capital requirements that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements.

Quantitative measures established by federal banking regulators to ensure capital adequacy require BTC to maintain a minimum Common Equity Tier 1 capital and Tier 1 leverage ratio, as well as Tier 1 and total risk-based capital ratios. Based on BTC’s calculations as of December 31, 2025 and 2024, it exceeded the applicable capital adequacy requirements.

 

 

Actual

 

 

For Capital
Adequacy
Purposes

 

 

To Be Well
Capitalized
Under Prompt
Corrective Action
Provisions

 

(in millions)

 

Amount

 

 

Ratio

 

 

Amount

 

 

Ratio

 

 

Amount

 

 

Ratio

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capital (to risk weighted assets)

 

$

851

 

 

 

114.6

%

 

$

59

 

 

 

8.0

%

 

$

74

 

 

 

10.0

%

Common Equity Tier 1 capital (to risk weighted assets)

 

$

846

 

 

 

114.0

%

 

$

33

 

 

 

4.5

%

 

$

48

 

 

 

6.5

%

Tier 1 capital (to risk weighted assets)

 

$

846

 

 

 

114.0

%

 

$

45

 

 

 

6.0

%

 

$

59

 

 

 

8.0

%

Tier 1 capital (to average assets)

 

$

846

 

 

 

67.6

%

 

$

50

 

 

 

4.0

%

 

$

63

 

 

 

5.0

%

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capital (to risk weighted assets)

 

$

961

 

 

 

153.2

%

 

$

50

 

 

 

8.0

%

 

$

63

 

 

 

10.0

%

Common Equity Tier 1 capital (to risk weighted assets)

 

$

953

 

 

 

151.9

%

 

$

28

 

 

 

4.5

%

 

$

41

 

 

 

6.5

%

Tier 1 capital (to risk weighted assets)

 

$

953

 

 

 

151.9

%

 

$

38

 

 

 

6.0

%

 

$

50

 

 

 

8.0

%

Tier 1 capital (to average assets)

 

$

953

 

 

 

71.3

%

 

$

53

 

 

 

4.0

%

 

$

67

 

 

 

5.0

%

 

Broker-dealers. BlackRock Investments, LLC and BlackRock Execution Services are registered broker-dealers and wholly owned subsidiaries of BlackRock that are subject to the Uniform Net Capital requirements under the Securities Exchange Act of 1934, which requires maintenance of certain minimum net capital levels.

Capital Requirements. At December 31, 2025 and 2024, the Company was required to maintain approximately $2.2 billion and $1.8 billion, respectively, in net capital in certain regulated subsidiaries, including BTC, 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.

v3.25.4
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)

22. Accumulated Other Comprehensive Income (Loss)

The following table presents changes in AOCI for 2025, 2024 and 2023:

(in millions)

 

2025

 

 

2024

 

 

2023

 

 Beginning balance

 

$

(1,178

)

 

$

(840

)

 

$

(1,101

)

Foreign currency translation adjustments(1)

 

 

606

 

 

 

(338

)

 

 

261

 

Change in BlackRock, Inc.'s ownership interest

 

 

27

 

 

 

—

 

 

 

—

 

 Ending balance

 

$

(545

)

 

$

(1,178

)

 

$

(840

)
(1)
Amount for 2025 includes a loss from a net investment hedge of $96 million (net of tax benefit of $30 million). Amount for 2024 includes a gain from a net investment hedge of $37 million (net of tax expense of $12 million). Amount for 2023 includes a loss from a net investment hedge of $20 million (net of tax benefit of $6 million).
v3.25.4
Capital Stock
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Capital Stock

23. Capital Stock

Cash Dividends for Common Shares / RSUs. During 2025, 2024 and 2023, the Company paid cash dividends of $20.84 per share (or $3.3 billion), $20.40 per share (or $3.1 billion) and $20.00 per share (or $3.0 billion), respectively.

The HPS Transaction. On July 1, 2025, as part of the closing of the HPS Transaction, the Company issued approximately 8.5 million Subco Units to former equity holders of HPS. See Note 1, Business Overview, Note 2, Significant Accounting Policies, and Note 3, Acquisitions, for additional information. As of December 31, 2025, there were approximately 7.7 million Subco Units outstanding.

Share Repurchases. During 2025, under the Company’s existing share repurchase program, the Company repurchased an aggregate of 1.6 million shares and share equivalents for approximately $1.6 billion. At December 31, 2025, there were approximately 2.2 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.

In January 2026, the Company announced that the Board of Directors authorized the repurchase of an additional seven million shares under
the Company's existing share repurchase program for a total of up to approximately 9.2 million shares of BlackRock common stock.

The Company’s common shares issued and outstanding and related activity consist of the following:

 

 

Shares Issued

 

 

Shares Outstanding

 

 

 

Common
Shares

 

 

 

Treasury
Common
Shares

 

 

Subco Units

 

 

Common
Shares

 

 

Subco Units

 

December 31, 2022

 

 

172,075,373

 

 

 

 

(22,318,881

)

 

 

—

 

 

 

149,756,492

 

 

 

—

 

Shares repurchased

 

 

—

 

 

 

 

(2,176,538

)

 

 

—

 

 

 

(2,176,538

)

 

 

—

 

Net issuance of common shares
   related to employee stock
   transactions

 

 

—

 

 

 

 

920,120

 

 

 

—

 

 

 

920,120

 

 

 

—

 

December 31, 2023

 

 

172,075,373

 

 

 

 

(23,575,299

)

 

 

—

 

 

 

148,500,074

 

 

 

—

 

Shares repurchased

 

 

—

 

 

 

 

(1,909,964

)

 

 

—

 

 

 

(1,909,964

)

 

 

—

 

Net issuance of common shares
   related to employee stock
   transactions

 

 

456,182

 

 

 

 

993,105

 

 

 

—

 

 

 

1,449,287

 

 

 

—

 

Issuance of common shares in
   connection with the GIP
   Transaction

 

 

6,908,416

 

 

 

 

—

 

 

 

—

 

 

 

6,908,416

 

 

 

—

 

Cancellation of treasury stock,
   common in connection with
   the GIP Transaction

 

 

(24,121,801

)

 

 

 

24,121,801

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2024

 

 

155,318,170

 

 

 

 

(370,357

)

 

 

—

 

 

 

154,947,813

 

 

 

—

 

Issuance of Subco Units/common
   shares in connection with
   acquisitions

 

 

244,240

 

 

 

 

—

 

 

 

8,448,427

 

 

 

244,240

 

 

 

8,448,427

 

Shares/Subco Units repurchased

 

 

—

 

 

 

 

(872,569

)

 

 

(705,118

)

 

 

(872,569

)

 

 

(705,118

)

Net issuance of common shares
   related to employee stock
   transactions

 

 

713,879

 

 

 

 

35,808

 

 

 

—

 

 

 

749,687

 

 

 

—

 

December 31, 2025

 

 

156,276,289

 

 

 

 

(1,207,118

)

 

 

7,743,309

 

 

 

155,069,171

 

 

 

7,743,309

 
v3.25.4
Restructuring Charge
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Charge

24. Restructuring Charge

A restructuring charge of $39 million ($29 million after-tax), comprised of $27 million of severance and $12 million of compensation expense for accelerated vesting of previously granted deferred compensation awards, was recorded in the second quarter of 2025 in connection with an initiative to modify the Company's organization to fit more closely with strategic priorities.

The table below presents a rollforward of the Company’s restructuring liability for 2025 and 2024, which is included in other liabilities on the consolidated statements of financial condition:

(in millions)

 

 

 

 Liability as of December 31, 2023

 

$

47

 

Cash payments

 

 

(47

)

 Liability as of December 31, 2024

 

$

—

 

Additions

 

 

39

 

Accelerated amortization expense of equity-based awards

 

 

(12

)

Cash payments

 

 

(27

)

 Liability as of December 31, 2025

 

$

—

 
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

25. Income Taxes

The components of income tax expense for 2025, 2024 and 2023, are as follows:

(in millions)

 

2025

 

 

2024

 

 

2023

 

Current income tax expense:

 

 

 

 

 

 

 

 

 

Federal

 

$

1,250

 

 

$

960

 

 

$

641

 

State and local

 

 

214

 

 

 

142

 

 

 

176

 

Foreign

 

 

844

 

 

 

787

 

 

 

538

 

Total net current income tax expense

 

 

2,308

 

 

 

1,889

 

 

 

1,355

 

Deferred income tax expense (benefit):

 

 

 

 

 

 

 

 

 

Federal

 

 

(530

)

 

 

(105

)

 

 

101

 

State and local

 

 

(30

)

 

 

—

 

 

 

11

 

Foreign

 

 

(71

)

 

 

(1

)

 

 

12

 

Total net deferred income tax expense (benefit)

 

 

(631

)

 

 

(106

)

 

 

124

 

Total income tax expense

 

$

1,677

 

 

$

1,783

 

 

$

1,479

 

Income tax expense has been based on the following components of income before taxes, less net income (loss) attributable to NCI - CIPs:

(in millions)

 

2025

 

 

2024

 

 

2023

 

Domestic

 

$

3,837

 

 

$

5,139

 

 

$

4,565

 

Foreign

 

 

3,520

 

 

 

3,013

 

 

 

2,416

 

Total

 

$

7,357

 

 

$

8,152

 

 

$

6,981

 

The foreign income before taxes includes countries that have statutory tax rates that are different than the US federal statutory tax rate of 21%, such as the UK, Channel Islands, British Virgin Islands and Germany.

The components of cash paid for income taxes, net of refunds for 2025 are as follows:

(in millions)

 

2025

 

Federal

 

$

1,089

 

State and local

 

 

307

 

Foreign

 

 

902

 

Total

 

$

2,298

 

Income taxes paid, net of refunds exceeded five percent of the total in the following jurisdictions:

(in millions)

 

2025

 

State and local:

 

 

 

New York City

 

$

163

 

Foreign:

 

 

 

United Kingdom

 

$

410

 

A reconciliation of income tax expense with expected federal income tax expense computed at the applicable federal income tax rate of 21% for 2025 is as follows:

(in millions)

 

2025

 

Statutory income tax expense

 

$

1,545

 

 

 

21

%

State and local income taxes, net of federal income tax effect(1)

 

 

137

 

 

 

2

 

Foreign tax effects

 

 

 

 

 

 

United Kingdom

 

 

 

 

 

 

Statutory tax rate difference between United Kingdom and United States

 

 

79

 

 

 

1

 

Nontaxable income from Partnerships

 

 

(169

)

 

 

(2

)

Other

 

 

21

 

 

 

—

 

Channel Islands

 

 

 

 

 

 

Statutory tax rate difference between Channel Islands and United States

 

 

79

 

 

 

1

 

Other

 

 

1

 

 

 

—

 

Other foreign jurisdictions

 

 

56

 

 

 

1

 

Effect of cross-border tax laws

 

 

 

 

 

 

Subpart F Income (net of FTC)

 

 

112

 

 

 

2

 

Global intangible low-taxed income (net of FTC)

 

 

100

 

 

 

1

 

Base erosion and anti-abuse tax

 

 

106

 

 

 

1

 

Tax benefit from changes in organizational structure

 

 

(366

)

 

 

(5

)

Losses from foreign partnerships

 

 

(107

)

 

 

(1

)

Other

 

 

(60

)

 

 

(1

)

Tax credits

 

 

(10

)

 

 

—

 

Nontaxable & nondeductible items

 

 

 

 

 

 

Nontaxable interest income

 

 

(88

)

 

 

(1

)

Nondeductible fair value adjustment on contingent consideration

 

 

142

 

 

 

2

 

Other

 

 

7

 

 

 

—

 

Changes in unrecognized tax benefits

 

 

(18

)

 

 

—

 

Changes in Valuation Allowances

 

 

 

 

 

 

Valuation allowance from changes in organizational structure

 

 

92

 

 

 

1

 

Other Adjustments

 

 

 

 

 

 

Other

 

 

18

 

 

 

—

 

Income tax expense

 

$

1,677

 

 

 

23

%
(1)
State taxes in New York State, New York City and California make up the majority (greater than 50 percent) of the tax effect in this category.

A reconciliation of income tax expense with expected federal income tax expense computed at the applicable federal income tax rate of 21% for 2024 and 2023 is as follows:

(in millions)

 

2024

 

 

2023

 

Statutory income tax expense

 

$

1,712

 

 

 

21

%

 

$

1,466

 

 

 

21

%

Increase (decrease) in income taxes resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

State and local taxes (net of federal benefit)

 

 

130

 

 

 

2

 

 

 

110

 

 

 

2

 

Impact of federal, foreign, state, and local tax rate
   changes on deferred taxes

 

 

12

 

 

 

—

 

 

 

—

 

 

 

—

 

Stock-based compensation awards

 

 

(37

)

 

 

—

 

 

 

(41

)

 

 

(1

)

Resolution of outstanding tax matters

 

 

—

 

 

 

—

 

 

 

(204

)

 

 

(3

)

Intellectual property reorganization

 

 

(137

)

 

 

(2

)

 

 

—

 

 

 

—

 

Effect of foreign tax rates

 

 

84

 

 

 

1

 

 

 

112

 

 

 

2

 

Other

 

 

19

 

 

 

—

 

 

 

36

 

 

 

—

 

Income tax expense

 

$

1,783

 

 

 

22

%

 

$

1,479

 

 

 

21

%

Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated financial statements. These temporary differences result in taxable or deductible amounts in future years.

The components of deferred income tax assets and liabilities are shown below:

 

 

December 31,

 

(in millions)

 

2025

 

 

2024

 

Deferred income tax assets:

 

 

 

 

 

 

Compensation and benefits

 

$

534

 

 

$

354

 

Realized investment gains

 

 

24

 

 

 

—

 

Loss carryforwards

 

 

115

 

 

 

103

 

Foreign tax credit carryforward

 

 

105

 

 

 

39

 

Capitalized costs

 

 

313

 

 

 

276

 

Outside basis differences on foreign subsidiaries

 

 

389

 

 

 

—

 

Other

 

 

855

 

 

 

795

 

Gross deferred tax assets

 

 

2,335

 

 

 

1,567

 

Less: Deferred tax valuation allowances

 

 

(181

)

 

 

(69

)

Deferred tax assets net of valuation allowances

 

 

2,154

 

 

 

1,498

 

Deferred income tax liabilities:

 

 

 

 

 

 

Goodwill and acquired indefinite-lived intangibles

 

 

4,943

 

 

 

4,199

 

Acquired finite-lived intangibles

 

 

1,147

 

 

 

53

 

Unrealized investment gains

 

 

—

 

 

 

58

 

Other

 

 

493

 

 

 

341

 

Gross deferred tax liabilities

 

 

6,583

 

 

 

4,651

 

Net deferred tax (liabilities)

 

$

(4,429

)

 

$

(3,153

)

Deferred income tax assets and liabilities are recorded net when related to the same tax jurisdiction. At December 31, 2025, the Company recorded on the consolidated statement of financial condition deferred income tax assets, within other assets, and deferred income tax liabilities of $189 million and $4.6 billion, respectively. At December 31, 2024, the Company recorded on the consolidated statement of financial condition deferred income tax assets, within other assets, and deferred income tax liabilities of $181 million and $3.3 billion, respectively.

Income tax expense for 2025 included a net discrete tax benefit of $251 million realized from changes in the Company's organizational entity structure, $67 million related to vested stock-based compensation awards, and $29 million recognized in connection with the Charitable Contribution. Income tax expense for 2024 included discrete tax benefits of $137 million, recognized in connection with the reorganization and establishment of a more efficient global intellectual property and technology platform and corporate structure, $63 million related to the realization of capital losses from changes in the Company's organizational entity structure, $37 million related to vested stock-based compensation awards, and a net noncash discrete tax expense of $14 million related to the revaluation of deferred income tax liabilities

At December 31, 2025 and 2024, the Company had available state net operating loss carryforwards of $2.8 billion and $2.9 billion, respectively, which will begin to expire in 2027. At December 31, 2025 and 2024, the Company had foreign net operating loss carryforwards of $266 million and $193 million, respectively, of which $21 million will begin to expire in 2026. At December 31, 2025, the Company had foreign tax credit carryforwards for income tax purposes of $105 million which will begin to expire in 2034.

At December 31, 2025 and 2024, the Company had $181 million and $69 million of valuation allowances for deferred income tax assets, respectively, recorded on the consolidated statements of financial condition.

Current income taxes are recorded net on the consolidated statements of financial condition when related to the same tax jurisdiction. At December 31, 2025, the Company had current income taxes receivable and payable of $247 million and $188 million, respectively, recorded in other assets and accounts payable and accrued liabilities, respectively. At December 31, 2024, the Company had current income taxes receivable and payable of $215 million and $134 million, respectively, recorded in other assets and accounts payable and accrued liabilities, respectively.

The following tabular reconciliation presents the total amounts of gross unrecognized tax benefits:

(in millions)

 

2025

 

 

2024

 

 

2023

 

Balance at January 1

 

$

517

 

 

$

749

 

 

$

912

 

Additions for tax positions of prior years

 

 

15

 

 

 

30

 

 

 

25

 

Reductions for tax positions of prior years

 

 

(8

)

 

 

(10

)

 

 

(22

)

Additions based on tax positions related to current year

 

 

79

 

 

 

51

 

 

 

49

 

Additions related to business combinations

 

 

—

 

 

 

—

 

 

 

16

 

Lapse of Statute Limitation

 

 

(5

)

 

 

—

 

 

 

—

 

Settlements

 

 

(87

)

 

 

(303

)

 

 

(231

)

Balance at December 31

 

$

511

 

 

$

517

 

 

$

749

 

 

Included in the balance of unrecognized tax benefits at December 31, 2025, 2024 and 2023, respectively, are $435 million, $431 million and $505 million of tax benefits that, if recognized, would affect the effective tax rate.

The Company recognizes interest and penalties related to income tax matters as a component of income tax expense. Related to the unrecognized tax benefits noted above, the Company accrued interest and penalties of $(30) million during 2025 and in total, as of December 31, 2025, had recognized a liability for interest and penalties of $173 million. The Company accrued interest and penalties of $63 million during 2024 and in total, as of December 31, 2024, had recognized a liability for interest and penalties of $203 million. The Company accrued interest and penalties of $(20) million during 2023 and in total, as of December 31, 2023, had recognized a liability for interest and penalties of $140 million.

BlackRock is subject to US federal income tax, state and local income tax, and foreign income tax in multiple jurisdictions. Tax years after 2016 remain open to US federal income tax examination.

During 2020 and 2021, the Internal Revenue Service commenced its examination of BlackRock’s 2017 through 2018 tax years and 2019 tax year, respectively. During 2023, the Internal Revenue Service commenced its examination of BlackRock's 2016 tax year, for which the examination was concluded in 2025.

The Company is currently under audit in several state and local jurisdictions. The significant state and local income tax examinations are in New York State for tax years 2015 through 2020, and New York City for tax years 2015 through 2017. New York City tax examination for 2012 through 2014 was concluded during 2025. No open state and local tax examinations cover years earlier than 2015.

From time to time, BlackRock may receive or be subject to tax authorities’ assessments and challenges related to income taxes. BlackRock does not currently expect the ultimate resolution of any other existing matters to be material to the consolidated financial statements.

v3.25.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share

26. Earnings Per Share

The following table sets forth the computation of basic and diluted EPS for 2025, 2024 and 2023:

(in millions, except shares and per share data)

 

2025

 

 

2024

 

 

2023

 

Basic net income attributable to BlackRock, Inc.

 

$

5,553

 

 

$

6,369

 

 

$

5,502

 

Add: Incremental net income from dilutive securities - NCI - Subco

 

 

127

 

 

 

—

 

 

 

—

 

Diluted net income attributable to BlackRock, Inc.

 

$

5,680

 

 

$

6,369

 

 

$

5,502

 

Basic weighted-average shares outstanding

 

 

154,984,319

 

 

 

150,042,269

 

 

 

149,327,558

 

Dilutive effect of:

 

 

 

 

 

 

 

 

 

      Nonparticipating RSUs

 

 

1,383,325

 

 

 

1,034,323

 

 

 

969,089

 

      Stock options

 

 

460,656

 

 

 

538,493

 

 

 

409,804

 

      Subco Units

 

 

4,038,221

 

 

 

—

 

 

 

—

 

Total diluted weighted-average shares outstanding

 

 

160,866,521

 

 

 

151,615,085

 

 

 

150,706,451

 

Basic earnings per share

 

$

35.83

 

 

$

42.45

 

 

$

36.85

 

Diluted earnings per share

 

$

35.31

 

 

$

42.01

 

 

$

36.51

 

The Company applies the treasury stock method to determine the dilutive weighted-average common shares outstanding for RSUs and stock options. The Company applies the “if-converted” method to the Subco Units to determine the dilutive impact, if any, of the exchange right included in the Subco Units.

The amount of anti-dilutive RSUs and stock options were immaterial for 2025 and 2024. For 2023, 194,240 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 awards were excluded from the diluted EPS calculation because the designated contingencies were not met.
v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information

27. 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. The Company's chief operating decision maker ("CODM") is its Chairman and Chief Executive Officer, who reviews financial information presented, including significant expenses on a consolidated basis, as presented in the consolidated statements of income. The CODM utilizes a consolidated approach to assess performance and allocates resources using key financial metrics including total revenue, operating income and net income attributable to BlackRock, Inc. These financial metrics are used by the CODM to make key operating decisions, including capital allocation, determining annual and long-term compensation and managing costs in relation to revenue. Furthermore, these financial metrics are used to evaluate financial performance based on consolidated specific business objectives, contributions to the total firm operating margin and to evaluate the Company's relative performance against industry peers. See the consolidated financial statements for key financial metrics used by the CODM and for more financial information 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 2025, 2024 and 2023 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.

(in millions)

2025

 

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

 

 

 

Americas

$

15,956

 

 

$

13,411

 

 

$

11,899

 

Europe

 

7,166

 

 

 

6,137

 

 

 

5,209

 

Asia-Pacific

 

1,094

 

 

 

859

 

 

 

751

 

Total revenue

$

24,216

 

 

$

20,407

 

 

$

17,859

 

See Note 17, 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 December 31, 2025 and 2024 by geographic region. These amounts are aggregated on a legal entity basis and do not necessarily reflect where the asset is physically located.

(in millions)

2025

 

 

2024

 

Long-lived Assets

 

 

 

 

 

Americas

$

32,492

 

 

$

25,515

 

Europe

 

3,921

 

 

 

1,437

 

Asia-Pacific

 

126

 

 

 

100

 

Total long-lived assets

$

36,539

 

 

$

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, India, Singapore and Australia.
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events

28. Subsequent Events

On January 15, 2026, the Company announced that the Board of Directors approved BlackRock’s quarterly dividend of $5.73 per share to be paid on March 24, 2026 to stockholders of record at the close of business on March 6, 2026.

The Company conducted a review for additional subsequent events and determined that no subsequent events had occurred that would require accrual or additional disclosures.
v3.25.4
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

These 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. NCI on the consolidated statements of financial condition represent the portion of CIPs and a consolidated affiliate. In addition, as of July 1, 2025, and subsequent to the HPS Transaction, NCI also represent Subco Units that are held by former equityholders of HPS. 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 prior period presentations were reclassified to ensure comparability with current period classifications.
Accounting Pronouncements Adopted and Recent Accounting Pronouncements Not Yet Adopted

Accounting Pronouncements Adopted in 2025

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 adopted disclosure requirements of ASU 2023-09 prospectively during the year ended December 31, 2025. See Note 25, Income Taxes, for further information.

Recent Accounting Pronouncements Not Yet Adopted

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. 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 consolidated financial statements.

Accounting for Internal-Use Software Costs. In September 2025, the FASB issued ASU 2025-06, Target Improvements to Accounting for Internal-Use Software (“ASU 2025-06”), to better align the guidance (1) for development of software to be sold via SaaS and software to be sold via license by introducing new capitalization considerations and (2) with agile software development by eliminating the existing software project staging guidance. ASU 2025-06 is effective for annual and interim periods in fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact of ASU 2025-06 on its consolidated financial statements.
Cash and Cash Equivalents

Cash and Cash Equivalents. Cash and cash equivalents primarily consists of cash, money market funds and short-term, highly liquid investments with original maturities of three months or less. Cash and cash equivalent balances that are legally restricted from use by the Company are recorded in other assets on the consolidated statements of financial condition. Cash balances maintained by consolidated VIEs and voting rights entities (“VREs”) are not considered legally restricted and are included in cash and cash equivalents on the consolidated statements of financial condition.
Investments

Investments

Investments in Debt Securities. The Company classifies debt investments as held-to-maturity or trading based on the Company’s intent and ability to hold the debt security to maturity or its intent to sell the security.

Held-to-maturity securities are purchased with the positive intent and ability to be held to maturity and are recorded at amortized cost on the consolidated statements of financial condition.

Trading securities are those investments that are purchased principally for the purpose of selling them in the near term. Trading securities are carried at fair value on the consolidated statements of financial condition with changes in the fair value recorded through net income (“FVTNI”) within nonoperating income (expense). Trading securities include certain investments in collateralized loan obligations (“CLOs”) for which the fair value option is elected in order to reduce operational complexity of bifurcating embedded derivatives.

Investments in Equity Securities. Equity securities are generally carried at fair value on the consolidated statements of financial condition with changes in the FVTNI within nonoperating income (expense). For nonmarketable equity securities, the Company generally elects to apply the practicality exception to fair value measurement, under which such securities will be measured at cost, less impairment, plus or minus observable price changes for identical or similar securities of the same issuer with such changes recorded through net income within nonoperating income (expense). Dividends received are recorded as dividend income within nonoperating income (expense).

Equity Method. The Company applies the equity method of accounting for equity investments where the Company does not consolidate the investee, but can exert significant influence over the financial and operating policies of the investee. The evaluation of whether the Company exerts control or significant influence over the financial and operational policies of its investees is based on the facts and circumstances surrounding each individual investment and is generally considered to exist when the Company's ownership interest in the investee is between 20% and 50%, or lower for co-investments in certain sponsored investment funds generally structured as partnerships or similar vehicles. Factors considered in these evaluations may include the type of investment, the legal structure of the investee, the terms of BlackRock's contractual agreements, including investor voting or other rights, any influence BlackRock may have on the governing board of the investee, the legal rights of other investors in the entity pursuant to the entity’s operating documents and the relationship between BlackRock and other investors in the entity. The Company’s share of the investee’s underlying net income or loss is recorded as net gain (loss) on investments within nonoperating income (expense) and as other revenue for certain strategic investments since such investees are considered to be an extension of the Company’s core business. The Company’s share of net income of the investee is recorded based upon the most current information available at the time, which may precede the date of the consolidated statement of financial condition. Distributions received reduce the Company’s carrying value of the investment and the cost basis if deemed to be a return of capital. The Company classifies distributions in the consolidated statements of cash flows as either distributions of earnings (operating) or distributions of capital (investing) based on the nature of the distribution.

Impairments of Investments. Management periodically assesses equity method, nonmarketable investments, and held-to-maturity investments for impairment. If impairment exists, an impairment charge would be recorded for the excess of the carrying amount of the investment over its estimated fair value in the consolidated statements of income.

For equity method investments and nonmarketable investments, impairment evaluation considers qualitative factors, including the financial conditions and specific events related to an investee, that may indicate the fair value of the investment is less than its carrying value. For held-to-maturity investments, impairment is evaluated using market values, where available, or the expected future cash flows of the investment.

For the Company’s investments in CLOs, the Company reviews cash flow estimates over the life of each CLO investment. On a quarterly basis, if the present value of the estimated future cash flows is lower than the carrying value of the investment and there is an adverse change in estimated cash flows, an impairment is considered to be other-than-temporary.
Consolidation

Consolidation. The Company performs an analysis for investment products to determine if the product is a VIE or a VRE. Factors considered in this analysis include the entity’s legal organization, the entity’s capital structure, the rights of equity investment holders and the Company’s contractual involvement with, and economic interest in, the entity and any related party or de facto agent implications of the Company’s involvement with the entity. Entities that are determined to be VIEs are consolidated if the Company is the primary beneficiary (“PB”) of the entity. VREs are typically consolidated if the Company holds the majority voting interest. Upon the occurrence of certain events (such as contributions and redemptions, either by the Company, or third parties, or amendments to an entity’s governing documents), management reviews and reconsiders its previous conclusion regarding the status of an entity as a VIE or a VRE.

Consolidation of Variable Interest Entities. Certain investment products for which a controlling financial interest is achieved through arrangements that do not involve or are not directly linked to voting interests are deemed consolidated VIEs. BlackRock reviews factors, including whether or not (1) the entity has equity at risk that is sufficient to permit the entity to finance its activities without additional subordinated support from other parties and (2) the equity holders at risk have the obligation to absorb losses, the right to receive residual returns, and the right to direct the activities of the entity that most significantly impact the entity’s economic performance, to determine if the investment product is a VIE.

The PB of a VIE is defined as the variable interest holder that has a controlling financial interest in the VIE. A controlling financial interest is defined as (1) the power to direct the activities of the VIE that most significantly impact its economic performance and (2) the obligation to absorb losses of the entity or the right to receive benefits from the entity that potentially could be significant to the VIE. The Company generally consolidates VIEs in which it holds an economic interest of 10% or greater and deconsolidates such VIEs once economic interest falls below 10%. Management continually reconsiders whether the Company is deemed to be a VIE’s PB.

Consolidation of Voting Rights Entities. BlackRock is required to consolidate an investee to the extent that BlackRock can exert absolute control over the financial and operating policies of the investee, which generally exists if there is a greater than 50% voting equity interest.

Retention of Specialized Investment Company Accounting Principles. Upon consolidation of sponsored investment products, the Company retains the specialized investment company accounting principles of the underlying funds. All of the underlying investments held by such CIPs are carried at fair value with corresponding changes in the investments’ fair values reflected in net income within nonoperating income (expense). When the Company no longer controls these funds due to reduced ownership percentage or other reasons, the funds are deconsolidated and accounted for as an equity method investment or equity securities FVTNI.
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 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 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 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 lent 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 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 consolidated statements of financial condition. At December 31, 2025 and 2024, the fair value of loaned securities held by separate accounts was approximately $13.3 billion and $9.9 billion, respectively, and the fair value of the collateral under these securities lending agreements was approximately $14.4 billion and $10.6 billion, respectively, of which approximately $7.9 billion as of 2025 and $6.1 billion as of 2024 was recognized on the consolidated statements of financial condition. During 2025 and 2024, the Company had not resold or repledged any of the collateral received 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 consolidated statements of income.
Property and Equipment

Property and Equipment. Property and equipment are recorded at cost less accumulated depreciation. Depreciation is generally determined by cost less any estimated residual value using the straight-line method over the estimated useful lives of the various classes of property and equipment. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life or the remaining lease term.

The Company capitalizes certain costs incurred in connection with developing or obtaining software within property and equipment. Capitalized software costs are amortized, beginning when the software product is ready for its intended use, over the estimated useful life of the software of approximately three years.

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 11, 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 12, 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.

Noncontrolling Interests

Noncontrolling Interests. Prior to July 1, 2025, NCI consisted of third-party ownership interests in the Company’s CIPs (“NCI – CIPs”) and 49.9% of an asset management company in China - BlackRock CCB Wealth Management Company Ltd. (“WMC”). The Company consolidates WMC, which it deems to be a VRE, because it exerts control over the financial and operating policies of the entity, based on the Company’s 50.1% ownership and voting rights.

Beginning on July 1, 2025, in connection with the HPS Transaction, NCI (redeemable) also represents Subco Units that were issued to former equityholders of HPS and will be exchangeable on a one-for-one basis into BlackRock common stock at the option of the holders when exchange rights begin. NCI - Subco is measured based on the Class B-2 common units' proportionate ownership in Subco.

NCI that are redeemable at the option of the holders are classified as temporary equity at estimated redemption value or carrying value if it is not probable that they will become redeemable. Nonredeemable NCI are classified as a component of permanent equity in the consolidated statements of financial condition. The Company reports net income (loss) attributable to redeemable and nonredeemable NCI holders within net income (loss) attributable to NCI in the consolidated statements of income.

Treasury Stock

Treasury Stock. The Company records common stock purchased for treasury at cost. At the date of subsequent reissuance, the treasury stock account is reduced by the cost of such stock using the average cost method.

Revenue Recognition

Revenue Recognition. Revenue is recognized upon transfer of control of promised services to customers in an amount to which the Company expects to be entitled in exchange for those services. The Company enters into contracts that can include multiple services, which are accounted for separately if they are determined to be distinct. Consideration for the Company’s services is generally in the form of variable consideration because the amount of fees is subject to market conditions that are outside of the Company’s influence. The Company includes variable consideration in revenue when it is no longer probable of significant reversal, i.e. when the associated uncertainty is resolved. For some contracts with customers, the Company has discretion to involve a third-party in providing services to the customer. Generally, the Company is deemed to be the principal in these arrangements because the Company controls the promised services before they are transferred to customers, and accordingly presents the revenue gross of related costs.

Investment Advisory, Administration Fees and Securities Lending Revenue. Investment advisory and administration fees are recognized as the services are performed over time because the customer is receiving and consuming the benefits as they are provided by the Company. Fees are primarily based on agreed-upon percentages of AUM and recognized for services provided during the period, which are distinct from services provided in other periods. Such fees are affected by changes in AUM, including market appreciation or depreciation, foreign exchange translation and net inflows or outflows. Investment advisory and administration fees for investment funds are shown net of fee waivers. In addition, the Company may contract with third parties to provide sub-advisory services on its behalf. The Company presents the investment advisory fees and associated costs to such third-party advisors on a gross basis where it is deemed to be the principal and on a net basis where it is deemed to be the agent. Management judgment involved in making these assessments is focused on ascertaining whether the Company is primarily responsible for fulfilling the promised service.

The Company also earns revenue by lending securities on behalf of clients, primarily to highly rated banks and broker-dealers. The securities loaned are collateralized by either cash or securities, generally ranging from 102% to 112% of the value of the loaned securities. Securities lending fees are based on (1) a percentage of the notional value of the loaned securities and (2) a spread between the interest earned on the reinvested cash collateral and the amount rebated to the borrower. Revenue is recognized over time as services are performed. Generally, the securities lending fees are shared between the Company and the funds or other third-party accounts managed by the Company from which the securities are borrowed. Securities lending revenue earned by the Company is recorded in investment advisory, administration and securities lending revenue on the consolidated statements of income. Investment advisory, administration fees and securities lending revenue are reported together as the fees for these services often are agreed upon with clients as a bundled fee.

Investment Advisory Performance Fees / Carried Interest. The Company receives investment advisory performance fees, including incentive allocations (carried interest) from certain actively managed investment funds and certain separately managed accounts. These performance fees are dependent upon exceeding specified relative or absolute investment return thresholds, which vary by product or account, and include monthly, quarterly, annual or longer measurement periods.

Performance fees, including carried interest, are generated on certain management contracts when performance hurdles are achieved. Such performance fees are recognized when the contractual performance criteria have been met and when it is determined that they are no longer probable of significant reversal. Given the unique nature of each fee arrangement, contracts with customers are evaluated on an individual basis to determine the timing of revenue recognition. Significant judgment is involved in making such determination. Performance fees typically arise from investment management services that began in prior reporting periods. Consequently, a portion of the fees the Company recognizes may be partially related to the services performed in prior periods that meet the recognition criteria in the current period. At each reporting date, the Company considers various factors in estimating performance fees to be recognized, including carried interest.

The Company is allocated carried interest from certain alternative investment products upon exceeding performance thresholds. The Company may be required to reverse/return all, or part, of such carried interest allocations/distributions depending upon future performance of these funds. Carried interest subject to such clawback provisions is recorded in investments or cash and cash equivalents to the extent that it is distributed, on the Company's consolidated statements of financial condition.

The Company records a liability for deferred carried interest to the extent it receives cash or capital allocations related to carried interest prior to meeting the revenue recognition criteria. A portion of the deferred carried interest may also be paid to certain employees. The ultimate timing of the recognition of performance fee revenue and related compensation expense, if any, is unknown.

Technology services and subscription revenue. The Company offers investment management technology systems, risk management services, wealth management and digital distribution tools and subscriptions, all on a fee basis. Clients include banks, insurance companies, official institutions, pension funds, asset managers, retail distributors and other investors. Fees earned for technology services are primarily recorded as services are performed over time and are generally determined using the value of positions on the Aladdin platform, or on a fixed-rate basis. Revenue derived from the sale of software licenses is recognized upon the granting of access rights.

Distribution Fees. The Company earns distribution and service fees related to distributing investment products and shareholder support services for investment portfolios. Distribution fees are passed-through to third-party distributors, which perform various fund distribution services and shareholder servicing of certain funds on the Company’s behalf, and are recognized as distribution and servicing costs. The Company presents distribution fees and related distribution and servicing costs incurred on a gross basis.

Distribution fees primarily consist of ongoing distribution fees, shareholder servicing fees and upfront sales commissions for serving as the principal underwriter and/or distributor for certain managed mutual funds. The service of distribution is satisfied at the point in time when an investor makes an investment in a share class of the managed mutual funds. Fees are generally considered variable consideration because they are based on the value of AUM and are uncertain on trade date. Accordingly, the Company recognizes distribution fees when the amounts become known and the portion recognized in the current period may relate to distribution services performed in prior periods. Upfront sales commissions are recognized on a trade date basis. Shareholder servicing fees are based on AUM and recognized in revenue as the services are performed.

Advisory and other revenue. Advisory and other revenue primarily includes fees earned for advisory services, fees earned for transition management services primarily comprised of commissions recognized in connection with buying and selling securities on behalf of customers, and equity method investment earnings related to certain strategic investments.

Advisory services fees are determined using fixed-rate fees and are recognized over time as the related services are completed.

Commissions related to transition management services are recorded on a trade-date basis as transactions occur.
Stock-based Compensation

Stock-based Compensation. The Company recognizes compensation cost for equity classified awards based on the grant-date fair value of the award. The compensation cost is recognized over the period during which an employee is required to provide service (usually the vesting period) in exchange for the stock-based award.

The Company generally measures the grant-date fair value of restricted stock units (“RSUs”) using the Company’s stock price on the date of grant. For incentive retention RSUs granted in connection with the GIP Transaction in October 2024, the grant-date fair value was reduced by the present value of the dividends expected to be paid on the shares during the vesting period discounted at the appropriate risk-free interest rate, given that they are not entitled to participate in dividends until they vest (See Note 3, Acquisitions and Note 18, Stock-Based Compensation for further information on the GIP Transaction). For certain incentive retention RSUs granted in connection with the HPS Transaction in July 2025 and which are subject to a mandatory holding period post vesting, the grant-date fair value was discounted for the lack of marketability related to the holding period. Stock-based awards may have performance, market and/or service conditions. For employee stock options and awards with market conditions, the Company uses pricing models. Compensation cost for awards containing performance conditions is recognized if it is probable that the conditions will be achieved. The probability of achievement is assessed on a quarterly basis. If a stock-based award is modified after the grant-date, incremental compensation cost is recognized for an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. Awards under the Company’s stock-based compensation plans vest over various periods. Compensation cost is recorded by the Company on a straight-line basis over the requisite service period for each separate vesting portion of the award as if the award is, in-substance, multiple awards and is adjusted for actual forfeitures as they occur.

The Company amortizes the grant-date fair value of stock-based compensation awards made to retirement-eligible employees over the requisite service period. Upon notification of retirement, the Company accelerates the unamortized portion of the award over the contractually required retirement notification period.

The Company recognizes all excess tax benefits and deficiencies in income tax expense on the consolidated statements of income, which results in volatility of income tax expense as a result of fluctuations in the Company’s stock price. Accordingly, the Company recorded a discrete income tax benefit of $67 million, $37 million and $41 million during 2025, 2024 and 2023, respectively, for vested RSUs where the grant date stock price was lower than the vesting date stock price.
Distribution and Servicing Costs

Distribution and Servicing Costs. Distribution and servicing costs include payments to third parties, primarily associated with distribution and servicing of client investments in certain BlackRock products. Distribution and servicing costs are expensed as incurred.
Direct Fund Expenses

Direct Fund Expense. Direct fund expense, which is expensed as incurred, primarily consists of third-party non-advisory expense incurred by BlackRock related to certain investment products for the use of certain index trademarks, reference data for certain indices, custodial services, fund administration, fund accounting, transfer agent services, shareholder reporting services, audit and tax services as well as other fund-related expense directly attributable to the non-advisory operations of the fund.
Leases

Leases. The Company determines if a contract is a lease or contains a lease at inception. The Company accounts for its office facility leases as operating leases, which may include escalation clauses that are based on an index or market rate. The Company accounts for lease and non-lease components, including common areas maintenance charges, as a single component for its leases. The Company elected the short-term lease exception for leases with an initial term of 12 months or less. Consequently, such leases are not recorded on the consolidated statements of financial condition. The Company’s lease terms include options to extend or terminate the lease when it is reasonably certain they will be exercised or not.

The Company recognizes operating right-of-use (“ROU”) assets and operating lease liabilities on the consolidated statements of financial condition based on the present value of future lease payments over the lease term at the commencement date discounted using an incremental borrowing rate (“IBR”). The IBR for individual leases is estimated considering the Company’s or a subsidiary’s credit rating using various financial metrics, such as revenue, operating margin and revenue growth, and, as appropriate, performing market analysis of yields on publicly traded bonds (secured or unsecured) with similar terms of comparable companies in a similar economic environment. ROU assets are tested for impairment when there is an indication that the carrying value of an asset may not be recoverable. Fixed lease payments made over the lease term are recorded as lease expense on a straight-line basis. Variable lease payments based on usage, changes in an index or market rate are expensed as incurred.
Foreign Exchange

Foreign Exchange. Foreign currency transactions are recorded at the exchange rates prevailing on the dates of the transactions. Monetary assets and liabilities that are denominated in foreign currencies are subsequently remeasured into the functional currencies of the Company's subsidiaries at the rates prevailing at each statement of financial condition date. Gains and losses arising on remeasurement are included in general and administration expense on the consolidated statements of income. Revenue and expenses are translated at average exchange rates during the period. Gains or losses resulting from translating foreign currency financial statements into United States ("US") dollars are included in accumulated other comprehensive income (loss) (“AOCI”), a separate component of stockholders’ equity, on the consolidated statements of financial condition.
Income Taxes

Income Taxes. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases using currently enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred income tax assets and liabilities is recognized on the consolidated statements of income in the period that includes the enactment date.

Management periodically assesses the recoverability of its deferred income tax assets based upon expected future earnings, taxable income in prior carryback years, future deductibility of the asset, changes in applicable tax laws and other factors. If management determines that it is not more likely than not that the deferred tax asset will be fully recoverable in the future, a valuation allowance will be established for the difference between the asset balance and the amount expected to be recoverable in the future. This allowance will result in additional income tax expense. Further, the Company records its income taxes receivable and payable based upon its estimated income tax position.
Earnings per Share ("EPS")

Earnings per Share (“EPS”). Basic EPS is calculated by dividing net income applicable to common shareholders by the weighted-average number of shares outstanding during the period. Diluted EPS includes the determinants of basic EPS and common stock equivalents outstanding during the period. The Company applies the treasury stock method to determine the dilutive weighted-average common shares outstanding for RSUs and stock options. The Company applies the “if-converted” method to the Subco Units to determine the dilutive impact, if any, of the exchange right included in the Subco Units.
Business Segments

Business Segments. The Company’s management directs BlackRock’s operations as one business, the asset management business. The Company utilizes a consolidated approach to assess performance and allocate resources. As such, the Company operates in one business segment.
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 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 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 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 US dollars. The gain or loss from revaluing net investment hedges at the spot rate is deferred and reported within AOCI on the consolidated statements of financial condition. The Company reassesses the effectiveness of its net investment hedge at least quarterly.
v3.25.4
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2025
Business Acquisition [Line Items]  
Summary of Finite Lived Intangible Assets Weighted Average Remaining Useful Life of Remaining Amortization Expense

Estimated amortization expense for finite-lived intangible assets for each of the five succeeding years is as follows:

(in millions)

 

 

 

Year

 

Amount

 

2026

 

$

1,104

 

2027

 

 

1,038

 

2028

 

 

927

 

2029

 

 

852

 

2030

 

 

809

 
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

 

Finite-lived intangible assets:

 

 

 

Management contracts(1)

 

$

1,840

 

Investor relationships(1)

 

 

820

 

Trade name(2)

 

 

80

 

Goodwill

 

 

10,278

 

Operating lease ROU assets

 

 

75

 

Other assets

 

 

116

 

Accrued compensation and benefits

 

 

(154

)

Operating lease liabilities

 

 

(96

)

Other liabilities assumed

 

 

(10

)

Total consideration, net of cash acquired

 

$

12,949

 

 

 

 

 

Summary of consideration, net of cash acquired:

 

 

 

Cash paid

 

$

2,913

 

Cash acquired

 

 

(68

)

Closing stock consideration at fair value

 

 

5,904

 

Deferred stock consideration at fair value

 

 

4,200

 

Total consideration, net of cash acquired

 

$

12,949

 
(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.
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 HPS Transaction had occurred on January 1, 2023 and January 1, 2024, respectively. The unaudited pro forma financial information is not indicative of the actual results of operations that would have been achieved nor is it 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, GIP and HPS filed consolidated tax returns during the years presented.

(Unaudited) (in millions)

 

2025(1)

 

 

2024

 

Total revenue

 

$

24,984

 

 

$

22,479

 

Net income attributable to BlackRock, Inc.

 

$

5,645

 

 

$

5,469

 
(1)
Subsequent to the closing of the HPS Transaction on July 1, 2025, HPS contributed approximately $900 million of revenue and $230 million of net income.
HPS Investment Partners [Member]  
Business Acquisition [Line Items]  
Summary of Fair Values of Assets Acquired and Liabilities Assumed

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

(in millions)

 

Fair Value Estimate

 

Investments

 

$

1,972

 

Finite-lived intangible assets:

 

 

 

Management contracts(1)

 

 

2,660

 

Investor relationships(1)

 

 

965

 

Indefinite-lived intangible assets - management contracts(2)

 

 

3,000

 

Goodwill

 

 

6,841

 

Operating lease ROU assets

 

 

178

 

Other assets

 

 

644

 

Accrued compensation and benefits

 

 

(262

)

Accounts payable and accrued liabilities

 

 

(162

)

Operating lease liabilities

 

 

(150

)

Deferred income tax liabilities

 

 

(1,585

)

Other liabilities assumed(3)

 

 

(1,880

)

Total consideration, net of cash acquired

 

$

12,221

 

 

 

 

 

Summary of consideration, net of cash acquired:

 

 

 

Closing consideration at fair value - Subco Units(4)

 

$

8,452

 

Cash acquired

 

 

(244

)

Deferred consideration at fair value - Subco Units(4)

 

 

3,400

 

Debt repayment

 

 

613

 

Total consideration, net of cash acquired

 

$

12,221

 
(1)
The fair value for finite-lived management contracts and investor relationships was determined using the excess earnings method (Level 3 inputs), have weighted-average estimated useful lives of approximately 8 years and 12 years, respectively, and are amortized based on the straight-line method.
(2)
The fair value for indefinite-lived management contracts was determined using the excess earnings method (Level 3 inputs).
(3)
Other liabilities assumed primarily included deferred carried interest.
(4)
The fair value for the closing consideration was determined based on approximately 8.5 million of Subco Units, which were delivered to former equityholders of HPS. The fair value of the deferred consideration was determined based on approximately 2.8 million to 4.4 million of Subco Units, and is subject to the achievement of certain post-closing conditions and financial performance milestones.
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 nine years with remaining amortization expense as follows:

(in millions)

 

 

 

Year

 

Amount

 

2026

 

$

467

 

2027

 

 

467

 

2028

 

 

442

 

2029

 

 

368

 

2030

 

 

318

 

Thereafter

 

 

1,329

 

Total

 

$

3,391

 
Preqin Holding Limited [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)

 

$

1,050

 

Technology-related(2)

 

 

125

 

Trade name

 

 

7

 

Goodwill

 

 

2,377

 

Other assets

 

 

59

 

Deferred revenue

 

 

(104

)

Deferred income tax liabilities

 

 

(298

)

Other liabilities assumed

 

 

(93

)

Total consideration, net of cash acquired

 

$

3,123

 

 

 

 

 

Summary of consideration, net of cash acquired:

 

 

 

Cash paid

 

$

3,219

 

Cash acquired

 

 

(96

)

Total 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 8 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.
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

 

2026

 

$

136

 

2027

 

 

143

 

2028

 

 

154

 

2029

 

 

163

 

2030

 

 

146

 

Thereafter

 

 

345

 

Total

 

$

1,087

 
v3.25.4
Cash, Cash Equivalents and Restricted Cash (Tables)
 12 Months Ended
Dec. 31, 2025
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [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 consolidated statements of financial condition to the cash, cash equivalents, and restricted cash reported within the consolidated statements of cash flows.

 

 

December 31,

 

 

December 31,

 

(in millions)

 

2025

 

 

2024

 

Cash and cash equivalents

 

$

11,468

 

 

$

12,762

 

Restricted cash included in other assets

 

 

22

 

 

 

17

 

Total cash, cash equivalents and restricted cash

 

$

11,490

 

 

$

12,779

 
v3.25.4
Investments (Tables)
 12 Months Ended
Dec. 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:

(in millions)

 

December 31,
 2025

 

 

December 31,
 2024

 

Debt securities:

 

 

 

 

 

 

Trading securities (including $2,782 and $1,743 held by CIPs at December 31, 2025
   and December 31, 2024, respectively)

 

$

2,789

 

 

$

1,751

 

Held-to-maturity investments

 

 

507

 

 

 

547

 

Total debt securities

 

 

3,296

 

 

 

2,298

 

Equity securities at FVTNI (including $1,681 and $1,556 held by CIPs at December 31,
   2025 and December 31, 2024, respectively)(1)

 

 

2,282

 

 

 

1,950

 

Equity method investments:

 

 

 

 

 

 

Equity method investments(2)

 

 

1,833

 

 

 

2,610

 

Investments related to deferred cash compensation plans(1)

 

 

300

 

 

 

173

 

Total equity method investments

 

 

2,133

 

 

 

2,783

 

Loans held by CIPs

 

 

—

 

 

 

145

 

CLOs held at fair value

 

 

568

 

 

 

72

 

Federal Reserve Bank stock(3)

 

 

87

 

 

 

93

 

Carried interest(4)

 

 

3,710

 

 

 

1,983

 

Other investments(5)

 

 

1,195

 

 

 

445

 

Total investments

 

$

13,271

 

 

$

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 FVTNI comprised $37 million and $12 million at December 31, 2025 and 2024, respectively.
(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 private equity, private credit, real asset, commodity, and digital asset 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:

 

 

December 31, 2025

 

 

December 31, 2024

 

(in millions)

 

Cost

 

 

Carrying
Value

 

 

Cost

 

 

Carrying
Value

 

Trading debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

 

$

1,153

 

 

$

1,185

 

 

$

957

 

 

$

989

 

Government debt

 

 

430

 

 

 

430

 

 

 

578

 

 

 

557

 

Asset/mortgage-backed debt

 

 

1,185

 

 

 

1,174

 

 

 

222

 

 

 

205

 

Total trading debt securities

 

$

2,768

 

 

$

2,789

 

 

$

1,757

 

 

$

1,751

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

$

2,049

 

 

$

2,282

 

 

$

1,843

 

 

$

1,950

 

 
v3.25.4
Consolidated Sponsored Investment Products (Tables)
 12 Months Ended
Dec. 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 consolidated statements of financial condition, including BlackRock’s net interest in these products:

 

 

December 31, 2025

 

 

December 31, 2024

 

(in millions)

 

VIEs

 

 

VREs

 

 

Total

 

 

VIEs

 

 

VREs

 

 

Total

 

Cash and cash equivalents(1)

 

$

428

 

 

$

33

 

 

$

461

 

 

$

125

 

 

$

44

 

 

$

169

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

 

2,350

 

 

 

432

 

 

 

2,782

 

 

 

1,497

 

 

 

246

 

 

 

1,743

 

Equity securities at FVTNI

 

 

1,537

 

 

 

144

 

 

 

1,681

 

 

 

1,179

 

 

 

377

 

 

 

1,556

 

Loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

141

 

 

 

4

 

 

 

145

 

Other investments

 

 

946

 

 

 

68

 

 

 

1,014

 

 

 

370

 

 

 

33

 

 

 

403

 

Carried interest

 

 

3,654

 

 

 

—

 

 

 

3,654

 

 

 

1,905

 

 

 

—

 

 

 

1,905

 

Total investments

 

 

8,487

 

 

 

644

 

 

 

9,131

 

 

 

5,092

 

 

 

660

 

 

 

5,752

 

Other assets

 

 

76

 

 

 

111

 

 

 

187

 

 

 

45

 

 

 

31

 

 

 

76

 

Other liabilities(2)

 

 

(4,052

)

 

 

(60

)

 

 

(4,112

)

 

 

(2,130

)

 

 

(93

)

 

 

(2,223

)

Noncontrolling interest - CIPs

 

 

(2,521

)

 

 

(236

)

 

 

(2,757

)

 

 

(1,672

)

 

 

(130

)

 

 

(1,802

)

BlackRock's net interest in CIPs

 

$

2,418

 

 

$

492

 

 

$

2,910

 

 

$

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 December 31, 2025 and 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:

(in millions)

 

2025

 

 

2024

 

 

2023

 

Nonoperating net gain (loss) on consolidated VIEs

 

$

399

 

 

$

234

 

 

$

310

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to NCI on consolidated VIEs

 

$

248

 

 

$

132

 

 

$

174

 
v3.25.4
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2025
Variable Interest Entity, Not Primary Beneficiary [Member]  
Variable Interest Entity [Line Items]  
Schedule of VIE Assets and Liabilities At December 31, 2025 and 2024, the Company’s carrying value of assets and liabilities included on the 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 PB, was as follows:

(in millions)

 

Investments

 

 

Advisory
Fee
Receivables

 

 

Other Net
Assets
(Liabilities)

 

 

Maximum
Risk of Loss(1)

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Sponsored investment products

 

$

2,325

 

 

$

101

 

 

$

(12

)

 

$

2,443

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Sponsored investment products

 

$

2,330

 

 

$

158

 

 

$

(11

)

 

$

2,505

 
At both December 31, 2025 and 2024, BlackRock’s maximum risk of loss associated with these VIEs primarily related to BlackRock’s investments and the collection of receivables.
v3.25.4
Fair Value Disclosures (Tables)
 12 Months Ended
Dec. 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

 

December 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)

 

 

December 31,
2025

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

2,782

 

 

$

7

 

 

$

—

 

 

$

—

 

 

$

2,789

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

507

 

 

 

507

 

Total debt securities

 

—

 

 

 

2,782

 

 

 

7

 

 

 

—

 

 

 

507

 

 

 

3,296

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

2,146

 

 

 

—

 

 

 

136

 

 

 

—

 

 

 

—

 

 

 

2,282

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and multi-asset
   mutual funds

 

205

 

 

 

148

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

353

 

Hedge funds/funds of hedge
   funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

446

 

 

 

—

 

 

 

446

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

510

 

 

 

—

 

 

 

510

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

524

 

 

 

—

 

 

 

524

 

Investments related to deferred cash
   compensation plans

 

—

 

 

 

—

 

 

 

—

 

 

 

300

 

 

 

—

 

 

 

300

 

Total equity method

 

205

 

 

 

148

 

 

 

—

 

 

 

1,780

 

 

 

—

 

 

 

2,133

 

Loans held by CIPs

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

CLOs held at fair value

 

—

 

 

 

495

 

 

 

73

 

 

 

—

 

 

 

—

 

 

 

568

 

Federal Reserve Bank stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

87

 

 

 

87

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,710

 

 

 

3,710

 

Other investments

 

—

 

 

 

—

 

 

 

—

 

 

 

1,078

 

 

 

117

 

 

 

1,195

 

Total investments

 

2,351

 

 

 

3,425

 

 

 

216

 

 

 

2,858

 

 

 

4,421

 

 

 

13,271

 

Other assets(3)

 

113

 

 

 

10

 

 

 

151

 

 

 

—

 

 

 

—

 

 

 

274

 

Separate account assets

 

38,688

 

 

 

20,895

 

 

 

—

 

 

 

—

 

 

 

515

 

 

 

60,098

 

Separate account collateral held under
securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

4,194

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,194

 

Debt securities

 

—

 

 

 

3,728

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,728

 

Total separate account collateral held under
   securities lending agreements

 

4,194

 

 

 

3,728

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,922

 

Total

$

45,346

 

 

$

28,058

 

 

$

367

 

 

$

2,858

 

 

$

4,936

 

 

$

81,565

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral liabilities
   under securities lending agreements

$

4,194

 

 

$

3,728

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

7,922

 

Contingent consideration liabilities

 

—

 

 

 

—

 

 

 

8,429

 

 

 

—

 

 

 

—

 

 

 

8,429

 

Other liabilities(4)

 

—

 

 

 

13

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13

 

Total

$

4,194

 

 

$

3,741

 

 

$

8,429

 

 

$

—

 

 

$

—

 

 

$

16,364

 
(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 1 amount includes a minority investment in a publicly traded company. 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).

 

 

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

 

 

$

7

 

 

$

—

 

 

$

—

 

 

$

1,751

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

547

 

 

 

547

 

Total debt securities

 

—

 

 

 

1,744

 

 

 

7

 

 

 

—

 

 

 

547

 

 

 

2,298

 

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

 

CLOs held at fair value

 

—

 

 

 

—

 

 

 

72

 

 

 

—

 

 

 

—

 

 

 

72

 

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 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

 

 

December 31,
2025

 

 

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

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

$

7

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

7

 

 

$

—

 

Equity securities/mutual funds

 

—

 

 

 

—

 

 

 

136

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

136

 

 

 

—

 

Loans

 

135

 

 

 

(8

)

 

 

15

 

 

 

(142

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

CLOs held at fair value

 

72

 

 

 

(11

)

 

 

10

 

 

 

(3

)

 

 

21

 

 

 

—

 

 

 

(16

)

 

 

73

 

 

 

(10

)

Total investments

 

214

 

 

 

(19

)

 

 

161

 

 

 

(145

)

 

 

21

 

 

 

—

 

 

 

(16

)

 

 

216

 

 

 

(10

)

Other assets

 

149

 

 

 

18

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(16

)

 

 

151

 

 

 

18

 

Total assets

$

363

 

 

$

(1

)

 

$

161

 

 

$

(145

)

 

$

21

 

 

$

—

 

 

$

(32

)

 

$

367

 

 

$

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

December 31,
2024

 

 

Realized
and
Unrealized
(Gains)
Losses(3)

 

 

Purchases

 

 

Sales and
Maturities

 

 

Issuances
and
Other
Settlements(1)

 

 

Transfers
into
Level 3

 

 

Transfers
out of
Level 3

 

 

December 31,
2025

 

 

Total Net
Unrealized
(Gains)
Losses
Included in
Earnings(2)(3)

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration 
   liabilities

$

4,302

 

 

$

729

 

 

$

—

 

 

$

—

 

 

$

3,398

 

 

$

—

 

 

$

—

 

 

$

8,429

 

 

$

729

 

Other liabilities

 

129

 

 

 

(17

)

 

 

—

 

 

 

—

 

 

 

(112

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total liabilities

$

4,431

 

 

$

712

 

 

$

—

 

 

$

—

 

 

$

3,286

 

 

$

—

 

 

$

—

 

 

$

8,429

 

 

$

729

 
(1)
Issuances and other settlements amounts include acquired CLOs and a contingent liability primarily related to the HPS Transaction, 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.
(3)
Amount includes changes in fair value of contingent consideration recorded within expense on the consolidated statements of income.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for 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

 

 

December 31,
2024

 

 

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

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

$

42

 

 

$

3

 

 

$

35

 

 

$

(1

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

79

 

 

$

3

 

Loans

 

175

 

 

 

7

 

 

 

402

 

 

 

(455

)

 

 

—

 

 

 

12

 

 

 

(6

)

 

 

135

 

 

 

7

 

Total investments

 

217

 

 

 

10

 

 

 

437

 

 

 

(456

)

 

 

—

 

 

 

12

 

 

 

(6

)

 

 

214

 

 

 

10

 

Other assets

 

120

 

 

 

(8

)

 

 

37

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

149

 

 

 

(8

)

Total assets

$

337

 

 

$

2

 

 

$

474

 

 

$

(456

)

 

$

—

 

 

$

12

 

 

$

(6

)

 

$

363

 

 

$

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

 

December 31,
2024

 

 

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

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration
liabilities

$

99

 

 

$

(42

)

 

$

—

 

 

$

—

 

 

$

4,245

 

 

$

—

 

 

$

—

 

 

$

4,302

 

 

$

(42

)

Other liabilities

 

180

 

 

 

7

 

 

 

—

 

 

 

—

 

 

 

(58

)

 

 

—

 

 

 

—

 

 

 

129

 

 

 

7

 

Total liabilities

$

279

 

 

$

(35

)

 

$

—

 

 

$

—

 

 

$

4,187

 

 

$

—

 

 

$

—

 

 

$

4,431

 

 

$

(35

)
(1)
Issuances and other settlements amounts include contingent consideration liabilities related to the SpiderRock and GIP Transactions 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.
Fair Value of Financial Assets and Financial Liabilities

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

 

 

December 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

 

$

11,468

 

 

$

11,468

 

 

$

12,762

 

 

$

12,762

 

 

Level 1

(2)(3)

Other assets

 

 

103

 

 

 

103

 

 

 

86

 

 

 

86

 

 

Level 1

(2)(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term borrowings

 

$

12,768

 

 

$

12,546

 

 

$

12,314

 

 

$

11,680

 

 

Level 2

(5)

Other liabilities

 

 

302

 

 

 

302

 

 

 

—

 

 

 

—

 

 

Level 2

(6)
(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 December 31, 2025 and 2024, approximately $5.3 billion and $6.2 billion, respectively, of money market funds were recorded within cash and cash equivalents on the 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 December 31, 2025 and 2024, other assets included cash collateral of approximately $81 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 $22 million and $17 million of restricted cash at December 31, 2025 and 2024, respectively.
(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 December 2025 and 2024, respectively. See Note 15, Borrowings, for the fair value of each of the Company’s long-term borrowings.
(6)
Other liabilities include repurchase agreements related to CLO financing arrangements to finance portions of investments in certain CLOs managed by the Company. Repurchase agreements were recorded at amortized cost, which approximates fair value, with maturity dates ranging from 2034 to 2039.
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).

December 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)

 

$

446

 

 

$

150

 

 

Quarterly (12%)
N/R (88%)

 

1 – 90 days

Private equity funds

(b)

 

 

510

 

 

 

225

 

 

N/R

 

N/R

Real assets funds

(c)

 

 

524

 

 

 

1,870

 

 

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

 

60 days

Investments related to deferred cash
   compensation plan

(d)

 

 

300

 

 

 

—

 

 

Monthly

 

1 – 90 days

Other investments:

 

 

 

 

 

 

 

 

 

 

 

Private credit fund

(a)

 

 

140

 

 

 

—

 

 

Quarterly

 

30 days

Consolidated sponsored investment products:

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

(c)

 

 

372

 

 

 

29

 

 

N/R

 

N/R

Private equity funds

(e)

 

 

181

 

 

 

34

 

 

N/R

 

N/R

Hedge funds/other

(a)

 

 

385

 

 

 

48

 

 

Quarterly (89%)
N/R (11%)

 

60 – 90 days

Total

 

 

$

2,858

 

 

$

2,356

 

 

 

 

 

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 December 31, 2025 and 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 December 31, 2025 and 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 December 31, 2025 and 2024. The total remaining unfunded commitments were $1.9 billion and $750 million at December 31, 2025 and 2024, respectively. The Company’s portion of the total remaining unfunded commitments was $1.9 billion and $736 million at December 31, 2025 and 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 had elected the fair value option for the bank loans and borrowings of a previously consolidated CLO, which was recorded within investments and other liabilities, respectively. The following table summarizes the information related to these bank loans and borrowings at December 31, 2025 and 2024:

 

 

December 31,

 

 

December 31,

 

(in millions)

 

2025

 

 

2024

 

CLO loans:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

—

 

 

$

156

 

Fair value

 

 

—

 

 

 

141

 

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

 

$

—

 

 

$

15

 

 

 

 

 

 

 

 

CLO borrowings:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

—

 

 

$

146

 

Fair value

 

 

—

 

 

 

129

 

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

 

$

—

 

 

$

17

 
v3.25.4
Derivative and Hedging (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Fair Values of Derivatives Instruments Recognized in Consolidated Statements of Financial Condition

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

 

Assets

 

 

Liabilities

 

 

Statement of
Financial Condition

 

December 31,

 

 

December 31,

 

 

Statement of
Financial Condition

 

December 31,

 

 

December 31,

 

(in millions)

Classification

 

2025

 

 

2024

 

 

Classification

 

2025

 

 

2024

 

Derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward foreign currency
  exchange contracts

Other assets

 

$

10

 

 

$

7

 

 

Other liabilities

 

$

1

 

 

$

35

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

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

 

 

 

 

Gains (Losses)

 

(in millions)

 

Statement of Income Classification

 

2025

 

 

2024

 

 

2023

 

Derivative instruments

 

 

 

 

 

 

 

 

 

 

 

Exchange traded futures(1)

 

Net gain (loss) on investments

 

$

(199

)

 

$

(30

)

 

$

(88

)

Forward foreign currency exchange contracts

 

General and administration expense

 

 

72

 

 

 

5

 

 

 

98

 

Total gain (loss) from derivative instruments

 

$

(127

)

 

$

(25

)

 

$

10

 
(1)
Amounts for 2025, 2024 and 2023 include $230 million, $48 million and $112 million of losses on futures used as a macro hedging strategy of seed investments, respectively. In addition, amounts for 2025, 2024 and 2023 include $31 million, $18 million and $24 million of gains on futures used to economically hedge certain deferred cash compensation plans, respectively.
v3.25.4
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment

Property and equipment consists of the following:

 

 

Estimated Useful

 

December 31,

 

(in millions)

 

Life-In Years

 

2025

 

 

2024

 

Property and equipment:

 

 

 

 

 

 

 

 

Land

 

N/A

 

$

6

 

 

$

6

 

Building

 

39

 

 

33

 

 

 

33

 

Building improvements

 

15

 

 

34

 

 

 

32

 

Leasehold improvements

 

1-15

 

 

1,256

 

 

 

1,048

 

Equipment and computer software

 

3

 

 

1,213

 

 

 

1,136

 

Other transportation equipment

 

8-10

 

 

199

 

 

 

198

 

Furniture and fixtures

 

7

 

 

141

 

 

 

101

 

Construction in progress

 

N/A

 

 

66

 

 

 

102

 

Total

 

 

 

 

2,948

 

 

 

2,656

 

Less: Accumulated depreciation and amortization

 

 

 

 

1,692

 

 

 

1,553

 

Property and equipment, net

 

 

 

$

1,256

 

 

$

1,103

 

N/A – Not Applicable
v3.25.4
Goodwill (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Activity

Goodwill activity during 2025 and 2024 was as follows:

(in millions)

 

2025

 

 

2024

 

Beginning of year balance

 

$

25,949

 

 

$

15,524

 

Acquisitions(1)

 

 

9,343

 

 

 

10,428

 

Other

 

 

(9

)

 

 

(3

)

End of year balance

 

$

35,283

 

 

$

25,949

 
(1)
2025 amount primarily includes goodwill of $6.8 billion and $2.4 billion and $0.2 billion in connection with the HPS, Preqin and ElmTree Transactions, respectively. 2024 amount represents goodwill of $10.3 billion related to the GIP Transaction and $0.1 billion related to the SpiderRock Transaction. See Note 3, Acquisitions, for further information.
v3.25.4
Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

Intangible assets at December 31, 2025 and 2024 consisted of the following:

(in millions)

 

Remaining
Weighted-Average
Estimated Useful
Life (years)

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

At December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

Indefinite-lived intangible assets(1):

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

N/A

 

$

19,019

 

 

$

—

 

 

$

19,019

 

Trade names/trademarks

 

N/A

 

 

1,403

 

 

 

—

 

 

 

1,403

 

License

 

N/A

 

 

6

 

 

 

—

 

 

 

6

 

Total indefinite-lived intangible assets

 

 

 

 

20,428

 

 

 

—

 

 

 

20,428

 

Finite-lived intangible assets(1):

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

7.1

 

 

4,927

 

 

 

665

 

 

 

4,262

 

Investor/customer relationships

 

10.3

 

 

3,617

 

 

 

592

 

 

 

3,025

 

Technology-related

 

3.4

 

 

382

 

 

 

206

 

 

 

176

 

Trade names/trademarks

 

8.6

 

 

96

 

 

 

19

 

 

 

77

 

Total finite-lived intangible assets

 

8.3

 

 

9,022

 

 

 

1,482

 

 

 

7,540

 

Total intangible assets

 

 

 

$

29,450

 

 

$

1,482

 

 

$

27,968

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

N/A

 

$

16,119

 

 

$

—

 

 

$

16,119

 

Trade names/trademarks

 

N/A

 

 

1,403

 

 

 

—

 

 

 

1,403

 

License

 

N/A

 

 

6

 

 

 

—

 

 

 

6

 

Total indefinite-lived intangible assets

 

 

 

 

17,528

 

 

 

—

 

 

 

17,528

 

Finite-lived intangible assets(2):

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

7.6

 

 

2,028

 

 

 

215

 

 

 

1,813

 

Investor/customer relationships

 

11.2

 

 

1,623

 

 

 

414

 

 

 

1,209

 

Technology-related

 

3.5

 

 

257

 

 

 

144

 

 

 

113

 

Trade names/trademarks

 

9.6

 

 

89

 

 

 

9

 

 

 

80

 

Total finite-lived intangible assets

 

8.9

 

 

3,997

 

 

 

782

 

 

 

3,215

 

Total intangible assets

 

 

 

$

21,525

 

 

$

782

 

 

$

20,743

 

N/A – Not Applicable

(1)
Amount primarily includes approximately $3.0 billion of indefinite-lived management contracts, $2.7 billion of finite-lived management contracts and $1 billion of finite-lived investor relationships acquired in connection with the HPS Transaction and $1.1 billion of finite-lived customer relationships and $125 million of finite-lived technology-related intangible assets acquired in connection with the Preqin Transaction (see Note 3, Acquisitions, for further information). Additionally, in connection with the ElmTree Transaction, the Company acquired approximately $115 million of finite-lived management contracts and investor relationships.
(2)
In connection with the GIP Transaction, the Company acquired approximately $1.8 billion of finite-lived management contracts, $820 million of finite-lived investor relationships and $80 million of a finite-lived trade name (see Note 3, Acquisitions, for further information).
Estimated Amortization Expense for Finite-Lived Intangible Assets

Estimated amortization expense for finite-lived intangible assets for each of the five succeeding years is as follows:

(in millions)

 

 

 

Year

 

Amount

 

2026

 

$

1,104

 

2027

 

 

1,038

 

2028

 

 

927

 

2029

 

 

852

 

2030

 

 

809

 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Components of Lease Cost

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

(in millions)

 

2025

 

 

2024

 

 

2023

 

Lease cost:

 

 

 

 

 

 

 

 

 

Operating lease cost(1)

 

$

233

 

 

$

183

 

 

$

189

 

Variable lease cost(2)

 

 

69

 

 

 

60

 

 

 

49

 

Total lease cost

 

$

302

 

 

$

243

 

 

$

238

 
(1)
Amounts include short-term leases, which are immaterial for 2025, 2024 and 2023.
(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 ROU assets and operating lease liabilities.
Schedule of Supplemental Information Related to Operating Lease

Supplemental information related to operating leases is summarized below:

(in millions)

2025

 

 

2024

 

 

2023

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

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

$

210

 

 

$

183

 

 

$

142

 

 

 

 

 

 

 

 

 

 

Supplemental noncash information:

 

 

 

 

 

 

 

 

ROU assets in exchange for operating lease liabilities(1)

$

489

 

 

$

235

 

 

$

32

 

(1) Amount for 2025 includes $178 million of ROU assets obtained in connection with the HPS Transaction. Amount for 2024 includes $75 million of ROU assets obtained in connection with the GIP Transaction. See Note 3, Acquisitions, for further information.

 

December 31, 2025

December 31, 2024

Lease term and discount rate:

 

 

 

 

 

 

Weighted-average remaining lease term

 

13

 

years

 

14

 

years

Weighted-average discount rate

 

4

 

%

 

3

 

%
Schedule of Maturities of Operating Lease Liabilities

(in millions)

 

 

 

Maturity of operating lease liabilities at December 31, 2025

 

Amount

 

2026

 

$

237

 

2027

 

 

246

 

2028

 

 

239

 

2029

 

 

227

 

2030

 

 

218

 

Thereafter

 

 

1,617

 

Total lease payments

 

 

2,784

 

Less: Imputed interest

 

 

(556

)

Present value of lease liabilities

 

$

2,228

 
v3.25.4
Borrowings (Tables)
 12 Months Ended
Dec. 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 December 31, 2025 included the following:

(in millions)

Maturity Amount

 

 

Unamortized
Discount and Debt Issuance Costs(1)

 

 

Carrying Value

 

 

Fair Value

 

3.20% Notes due 2027(2)

$

700

 

 

$

(1

)

 

$

699

 

 

$

696

 

4.60% Notes due 2027

 

800

 

 

 

(2

)

 

 

798

 

 

 

810

 

4.70% Notes due 2029

 

500

 

 

 

(3

)

 

 

497

 

 

 

511

 

3.25% Notes due 2029(2)

 

1,000

 

 

 

(5

)

 

 

995

 

 

 

978

 

2.40% Notes due 2030(2)

 

1,000

 

 

 

(3

)

 

 

997

 

 

 

935

 

1.90% Notes due 2031(2)

 

1,250

 

 

 

(6

)

 

 

1,244

 

 

 

1,123

 

2.10% Notes due 2032(2)

 

1,000

 

 

 

(9

)

 

 

991

 

 

 

883

 

4.75% Notes due 2033(2)

 

1,250

 

 

 

(15

)

 

 

1,235

 

 

 

1,277

 

5.00% Notes due 2034

 

1,000

 

 

 

(6

)

 

 

994

 

 

 

1,032

 

4.90% Notes due 2035

 

500

 

 

 

(5

)

 

 

495

 

 

 

510

 

3.75% Notes due 2035

 

1,175

 

 

 

(8

)

 

 

1,167

 

 

 

1,187

 

5.25% Notes due 2054

 

1,500

 

 

 

(30

)

 

 

1,470

 

 

 

1,436

 

5.35% Notes due 2055

 

1,200

 

 

 

(14

)

 

 

1,186

 

 

 

1,168

 

Total long-term borrowings

$

12,875

 

 

$

(107

)

 

$

12,768

 

 

$

12,546

 
(1)
The unamortized discount and debt issuance costs are being amortized over the term of the notes.
(2)
Issued by Old BlackRock and guaranteed by BlackRock, Inc.
v3.25.4
Revenue (Tables)
 12 Months Ended
Dec. 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 2025, 2024 and 2023 and includes the product type mix of investment advisory, administration fees and securities lending revenue and performance fees.

(in millions)

2025

 

 

2024

 

 

2023

 

Revenue:

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Active

$

2,167

 

 

$

2,166

 

 

$

2,000

 

ETFs

 

6,043

 

 

 

5,124

 

 

 

4,418

 

Equity subtotal

 

8,210

 

 

 

7,290

 

 

 

6,418

 

Fixed income:

 

 

 

 

 

 

 

 

Active

 

2,018

 

 

 

1,952

 

 

 

1,897

 

ETFs

 

1,532

 

 

 

1,367

 

 

 

1,230

 

Fixed income subtotal

 

3,550

 

 

 

3,319

 

 

 

3,127

 

Active multi-asset

 

1,332

 

 

 

1,248

 

 

 

1,172

 

Alternatives:

 

 

 

 

 

 

 

 

Private markets

 

2,350

 

 

 

1,196

 

 

 

889

 

Liquid alternatives

 

669

 

 

 

568

 

 

 

572

 

Alternatives subtotal

 

3,019

 

 

 

1,764

 

 

 

1,461

 

Non-ETF index

 

1,321

 

 

 

1,183

 

 

 

1,127

 

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

 

502

 

 

 

247

 

 

 

185

 

Long-term

 

17,934

 

 

 

15,051

 

 

 

13,490

 

Cash management

 

1,245

 

 

 

1,049

 

 

 

909

 

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

 

19,179

 

 

 

16,100

 

 

 

14,399

 

Investment advisory performance fees:

 

 

 

 

 

 

 

 

Equity

 

132

 

 

 

161

 

 

 

99

 

Fixed income

 

16

 

 

 

34

 

 

 

4

 

Multi-asset

 

23

 

 

 

24

 

 

 

28

 

Alternatives:

 

 

 

 

 

 

 

 

Private markets

 

695

 

 

 

308

 

 

 

273

 

Liquid alternatives

 

558

 

 

 

680

 

 

 

150

 

Alternatives subtotal

 

1,253

 

 

 

988

 

 

 

423

 

Total investment advisory performance fees

 

1,424

 

 

 

1,207

 

 

 

554

 

Technology services and subscription revenue

 

1,981

 

 

 

1,603

 

 

 

1,485

 

Distribution fees

 

1,355

 

 

 

1,273

 

 

 

1,262

 

Advisory and other revenue:

 

 

 

 

 

 

 

 

Advisory

 

50

 

 

 

49

 

 

 

81

 

Other

 

227

 

 

 

175

 

 

 

78

 

Total advisory and other revenue

 

277

 

 

 

224

 

 

 

159

 

Total revenue

$

24,216

 

 

$

20,407

 

 

$

17,859

 
(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 and 2023 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 and 2023 investment advisory, administration fees and securities lending revenue line items.
(2)
Amounts include commodity ETFs and exchange-traded products ("ETPs").
(3)
Amounts include $705 million, $615 million and $675 million of securities lending revenue for 2025, 2024 and 2023, respectively.

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

(in millions)

2025

 

 

2024

 

 

2023

 

By client type(1):

 

 

 

 

 

 

 

 

Retail

$

4,534

 

 

$

4,284

 

 

$

4,115

 

ETFs

 

8,077

 

 

 

6,738

 

 

 

5,833

 

Institutional:

 

 

 

 

 

 

 

 

Active

 

4,313

 

 

 

3,089

 

 

 

2,624

 

Index

 

1,010

 

 

 

940

 

 

 

918

 

Institutional subtotal

 

5,323

 

 

 

4,029

 

 

 

3,542

 

Long-term

 

17,934

 

 

 

15,051

 

 

 

13,490

 

Cash management

 

1,245

 

 

 

1,049

 

 

 

909

 

Total

$

19,179

 

 

$

16,100

 

 

$

14,399

 

 

 

 

 

 

 

 

 

 

By investment style(1):

 

 

 

 

 

 

 

 

Active

$

8,536

 

 

$

7,130

 

 

$

6,530

 

ETFs

 

8,077

 

 

 

6,738

 

 

 

5,833

 

Non-ETF index

 

1,321

 

 

 

1,183

 

 

 

1,127

 

Long-term

 

17,934

 

 

 

15,051

 

 

 

13,490

 

Cash management

 

1,245

 

 

 

1,049

 

 

 

909

 

Total

$

19,179

 

 

$

16,100

 

 

$

14,399

 
(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 and 2023 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 and 2023 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 December 31, 2025 and 2024:

December 31, 2025

(in millions)

2026

 

 

2027

 

 

2028

 

 

Thereafter

 

 

Total

 

Investment advisory and administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

492

 

 

$

459

 

 

$

226

 

 

$

75

 

 

$

1,252

 

December 31, 2024

(in millions)

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

Investment advisory and administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

427

 

 

$

381

 

 

$

353

 

 

$

142

 

 

$

1,303

 
(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 December 31, 2025 and 2024. Revenue attributed to future periods could be subject to change due to a change in business activities (e.g. post-investment period) 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 consolidated statements of financial condition, for the year ended December 31, 2025 and 2024:

(in millions)

2025

 

 

2024

 

Beginning balance

$

1,860

 

 

$

1,783

 

Acquisition(1)

 

1,441

 

 

 

—

 

Net increase (decrease) in unrealized allocations

 

706

 

 

 

364

 

Performance fee revenue recognized

 

(492

)

 

 

(287

)

Ending balance

$

3,515

 

 

$

1,860

 
(1)
Amount for 2025 includes deferred carried interest acquired in connection with the HPS Transaction. See Note 3, Acquisitions, for information on the HPS Transaction.
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 December 31, 2025 and 2024:

December 31, 2025

(in millions)

2026

 

 

2027

 

 

2028

 

 

Thereafter

 

 

Total

 

Technology services and subscription revenue(1)(2)

$

208

 

 

$

121

 

 

$

73

 

 

$

95

 

 

$

497

 

December 31, 2024

(in millions)

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

Technology services and subscription revenue(1)(2)

$

134

 

 

$

81

 

 

$

50

 

 

$

69

 

 

$

334

 
(1)
Technology services and subscription revenue includes upfront payments from customers, which the Company 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 year ended December 31, 2025 and 2024, which is included in other liabilities on the consolidated statements of financial condition:

(in millions)

2025

 

 

2024

 

Beginning balance

$

124

 

 

$

133

 

Acquisition(1)

 

3

 

 

 

—

 

Additions(2)

 

218

 

 

 

84

 

Revenue recognized that was included in the beginning balance

 

(85

)

 

 

(93

)

Ending balance

$

260

 

 

$

124

 
(1)
Amount for 2025 includes deferred revenue acquired in connection with the Preqin Transaction, net of revenue recognized. See Note 3, Acquisitions, for information on the Preqin Transaction.
(2)
Amounts are net of revenue recognized.
v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Components of Stock-Based Compensation Expense

The components of stock-based compensation expense are as follows:

(in millions)

2025

 

 

2024

 

 

2023

 

Stock-based compensation:

 

 

 

 

 

 

 

 

RSUs(1)

$

1,282

 

 

$

718

 

 

$

596

 

Stock options

 

25

 

 

 

35

 

 

 

34

 

Total stock-based compensation(2)

$

1,307

 

 

$

753

 

 

$

630

 
(1)
Amount for 2025 includes incentive retention awards granted in connection with the HPS and GIP Transactions of $394 million and $142 million, respectively. Amount for 2024 includes $71 million of incentive retention awards granted in connection with the GIP Transaction.
(2)
Amounts for 2025 and 2023 include $12 million and $14 million, respectively, of compensation expense for accelerated vesting of previously granted stock-based compensation awards recognized as part of restructuring charges. See Note 24, Restructuring Charge for more information.
Restricted Stock and RSU Activity

RSU activity for 2025 is summarized below.

Outstanding at

RSUs

 

 

Weighted-
Average
Grant Date
Fair Value

 

December 31, 2024

 

2,297,665

 

 

$

793.08

 

Granted

 

1,745,842

 

 

$

991.30

 

Converted

 

(649,378

)

 

$

796.68

 

Forfeited

 

(156,422

)

 

$

851.75

 

December 31, 2025

 

3,237,707

 

 

$

896.41

 
Summary of RSUs Granted Under the Award Plan in Connection with Annual Incentive Compensation and Incentive Retention Awards in Connection with the GIP Transaction

RSUs granted under the Award Plan in connection with annual incentive compensation and incentive retention awards in connection with the GIP and HPS Transactions primarily related to the following:

 

2025

 

 

2024

 

 

2023

 

Awards granted that vest ratably over three years from the date of grant

 

369,169

 

 

 

346,831

 

 

 

342,706

 

Awards granted that vest with varying vesting periods

 

173,599

 

 

 

204,622

 

 

 

169,764

 

Awards granted that vest in increasing yearly increments over five years(1)

 

680,691

 

 

 

—

 

 

 

—

 

Awards granted that cliff vest 100% on:

 

 

 

 

 

 

 

 

December 31, 2025(1)

 

269,930

 

 

 

—

 

 

 

—

 

January 31, 2026

 

—

 

 

 

—

 

 

 

259,465

 

January 31, 2027

 

—

 

 

 

343,418

 

 

 

—

 

January 31, 2028

 

221,825

 

 

 

—

 

 

 

—

 

October 1, 2029(1)

 

30,628

 

 

 

500,440

 

 

 

—

 

Total awards granted

 

1,745,842

 

 

 

1,395,311

 

 

 

771,935

 
(1)
Includes incentive retention awards granted in connection with the HPS and GIP Transactions.
Stock Option Activity

Stock option activity and ending balance for year-end December 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

 

(325,469

)

 

$

513.50

 

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Forfeited

 

—

 

 

$

—

 

 

 

(88,238

)

 

$

673.58

 

 

 

(18,309

)

 

$

673.58

 

Outstanding at December 31, 2025

 

300,356

 

 

$

513.50

 

 

 

678,732

 

 

$

673.58

 

 

 

281,377

 

 

$

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

 

 

 

300,356

 

 

 

0.9

 

 

$

167

 

 

$

513.50

 

 

 

300,356

 

 

 

0.9

 

 

$

167

 

2023 Performance-based

 

$

673.58

 

 

 

678,732

 

 

 

6.4

 

 

 

269

 

 

$

673.58

 

 

 

—

 

 

 

—

 

 

 

—

 

2023 Time-based

 

$

673.58

 

 

 

281,377

 

 

 

6.4

 

 

 

112

 

 

$

673.58

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

 

 

 

1,260,465

 

 

 

5.1

 

 

$

548

 

 

 

 

 

 

300,356

 

 

 

0.9

 

 

$

167

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

Performance-based RSU activity for 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

 

167,962

 

 

$

991.38

 

 

 

769

 

 

$

952.02

 

 

 

168,731

 

 

$

991.20

 

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

 

(14,690

)

 

$

798.13

 

 

 

(11,530

)

 

$

845.48

 

 

 

(26,220

)

 

$

818.95

 

December 31, 2025

 

478,236

 

 

$

848.08

 

 

 

199,744

 

 

$

845.89

 

 

 

677,980

 

 

$

847.43

 
2017 Performance-based Options  
Schedule of Fair Value of Market Performance-Based Award at Grant Date The grant-date fair value of the awards issued in 2017 was $208 million and was estimated using a Monte Carlo simulation with an embedded lattice model using the assumptions included in the following table:

Grant Year

Expected Term (Years)(1)

 

 

Expected Stock Volatility(2)

 

 

Expected Dividend Yield(3)

 

 

Risk-Free Interest Rate(4)

 

 

2017

 

6.56

 

 

 

22.23

%

 

 

2.16

%

 

 

2.33

%

 
(1)
The expected term was derived using a Monte Carlo simulation with the embedded lattice model and represents the period of time that options granted are expected to be outstanding.
(2)
The expected stock volatility was based upon an average of historical stock price fluctuations of BlackRock’s common stock and an implied volatility at the grant date.
(3)
The expected dividend yield was calculated as the most recent quarterly dividend divided by the average three-month stock price as of the grant date.
(4)
The risk-free interest rate is based on the US Treasury Constant Maturities yield curve at grant date.
2023 Performance Based Stock Options Member  
Schedule of Fair Value of Market Performance-Based Award at Grant Date The grant-date fair value of the 2023 Performance-based Options was $120 million and was estimated using a Monte Carlo simulation with an embedded lattice model using the assumptions included in the following table:

Grant Year

Expected Term (Years)(1)

 

Expected Stock Volatility(2)

 

 

Expected Dividend Yield(3)

 

 

Risk-Free Interest Rate(4)

 

2023

6.02

 

 

27.73

%

 

 

3.02

%

 

 

3.61

%
(1)
The expected term was derived using a Monte Carlo simulation with the embedded lattice model and represents the period of time that options granted are expected to be outstanding.
(2)
The expected stock volatility was based upon an average of historical stock price fluctuations of BlackRock’s common stock and an implied volatility at the grant date.
(3)
The expected dividend yield was calculated as the most recent quarterly dividend divided by the average three-month stock price as of the grant date.
The risk-free interest rate is based on the US Treasury Constant Maturities yield curve at grant date.
Time Based Stock Options Member  
Schedule of Fair Value of Market Performance-Based Award at Grant Date The grant-date fair value of the 2023 Time-based Options was $55 million and was estimated using a Black-Scholes-Merton model using the assumptions included in the following table:

Grant Year

Expected Term (Years)(1)

 

 

Expected Stock Volatility(2)

 

 

Expected Dividend Yield(3)

 

 

Risk-Free Interest Rate(4)

 

2023

 

7.13

 

 

 

28.29

%

 

 

3.02

%

 

 

3.65

%
(1)
The expected term represents the period of time that options granted are expected to be outstanding, and was calculated as the midpoint between the weighted average time to vest and expiration.
(2)
The expected stock volatility was based upon an average of historical stock price fluctuations of BlackRock’s common stock and an implied volatility at the grant date.
(3)
The expected dividend yield was calculated as the most recent quarterly dividend divided by the average three-month stock price as of the grant date.
(4)
The risk-free interest rate is based on the US Treasury Constant Maturities yield curve at grant date.
v3.25.4
Deferred Cash Compensation and Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Components of Deferred Cash Compensation Expense

The components of deferred cash compensation expense are as follows:

(in millions)

2025

 

 

2024

 

 

2023

 

Deferred cash compensation expense:

 

 

 

 

 

 

 

 

IPDCP

$

225

 

 

$

155

 

 

$

195

 

VDCP

 

26

 

 

 

26

 

 

 

17

 

Other(1)

 

120

 

 

 

31

 

 

 

14

 

Total deferred cash compensation expense

$

371

 

 

$

212

 

 

$

226

 
(1)
Amounts primarily relate to deferred cash compensation in connection with certain acquisitions.
v3.25.4
Net Capital Requirements (Tables)
 12 Months Ended
Dec. 31, 2025
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Summary of Capital Adequacy Requirements

 

 

Actual

 

 

For Capital
Adequacy
Purposes

 

 

To Be Well
Capitalized
Under Prompt
Corrective Action
Provisions

 

(in millions)

 

Amount

 

 

Ratio

 

 

Amount

 

 

Ratio

 

 

Amount

 

 

Ratio

 

December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capital (to risk weighted assets)

 

$

851

 

 

 

114.6

%

 

$

59

 

 

 

8.0

%

 

$

74

 

 

 

10.0

%

Common Equity Tier 1 capital (to risk weighted assets)

 

$

846

 

 

 

114.0

%

 

$

33

 

 

 

4.5

%

 

$

48

 

 

 

6.5

%

Tier 1 capital (to risk weighted assets)

 

$

846

 

 

 

114.0

%

 

$

45

 

 

 

6.0

%

 

$

59

 

 

 

8.0

%

Tier 1 capital (to average assets)

 

$

846

 

 

 

67.6

%

 

$

50

 

 

 

4.0

%

 

$

63

 

 

 

5.0

%

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capital (to risk weighted assets)

 

$

961

 

 

 

153.2

%

 

$

50

 

 

 

8.0

%

 

$

63

 

 

 

10.0

%

Common Equity Tier 1 capital (to risk weighted assets)

 

$

953

 

 

 

151.9

%

 

$

28

 

 

 

4.5

%

 

$

41

 

 

 

6.5

%

Tier 1 capital (to risk weighted assets)

 

$

953

 

 

 

151.9

%

 

$

38

 

 

 

6.0

%

 

$

50

 

 

 

8.0

%

Tier 1 capital (to average assets)

 

$

953

 

 

 

71.3

%

 

$

53

 

 

 

4.0

%

 

$

67

 

 

 

5.0

%
v3.25.4
Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Changes in AOCI

The following table presents changes in AOCI for 2025, 2024 and 2023:

(in millions)

 

2025

 

 

2024

 

 

2023

 

 Beginning balance

 

$

(1,178

)

 

$

(840

)

 

$

(1,101

)

Foreign currency translation adjustments(1)

 

 

606

 

 

 

(338

)

 

 

261

 

Change in BlackRock, Inc.'s ownership interest

 

 

27

 

 

 

—

 

 

 

—

 

 Ending balance

 

$

(545

)

 

$

(1,178

)

 

$

(840

)
(1)
Amount for 2025 includes a loss from a net investment hedge of $96 million (net of tax benefit of $30 million). Amount for 2024 includes a gain from a net investment hedge of $37 million (net of tax expense of $12 million). Amount for 2023 includes a loss from a net investment hedge of $20 million (net of tax benefit of $6 million).
v3.25.4
Capital Stock (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Common Shares Issued and Outstanding and Related Activity

The Company’s common shares issued and outstanding and related activity consist of the following:

 

 

Shares Issued

 

 

Shares Outstanding

 

 

 

Common
Shares

 

 

 

Treasury
Common
Shares

 

 

Subco Units

 

 

Common
Shares

 

 

Subco Units

 

December 31, 2022

 

 

172,075,373

 

 

 

 

(22,318,881

)

 

 

—

 

 

 

149,756,492

 

 

 

—

 

Shares repurchased

 

 

—

 

 

 

 

(2,176,538

)

 

 

—

 

 

 

(2,176,538

)

 

 

—

 

Net issuance of common shares
   related to employee stock
   transactions

 

 

—

 

 

 

 

920,120

 

 

 

—

 

 

 

920,120

 

 

 

—

 

December 31, 2023

 

 

172,075,373

 

 

 

 

(23,575,299

)

 

 

—

 

 

 

148,500,074

 

 

 

—

 

Shares repurchased

 

 

—

 

 

 

 

(1,909,964

)

 

 

—

 

 

 

(1,909,964

)

 

 

—

 

Net issuance of common shares
   related to employee stock
   transactions

 

 

456,182

 

 

 

 

993,105

 

 

 

—

 

 

 

1,449,287

 

 

 

—

 

Issuance of common shares in
   connection with the GIP
   Transaction

 

 

6,908,416

 

 

 

 

—

 

 

 

—

 

 

 

6,908,416

 

 

 

—

 

Cancellation of treasury stock,
   common in connection with
   the GIP Transaction

 

 

(24,121,801

)

 

 

 

24,121,801

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2024

 

 

155,318,170

 

 

 

 

(370,357

)

 

 

—

 

 

 

154,947,813

 

 

 

—

 

Issuance of Subco Units/common
   shares in connection with
   acquisitions

 

 

244,240

 

 

 

 

—

 

 

 

8,448,427

 

 

 

244,240

 

 

 

8,448,427

 

Shares/Subco Units repurchased

 

 

—

 

 

 

 

(872,569

)

 

 

(705,118

)

 

 

(872,569

)

 

 

(705,118

)

Net issuance of common shares
   related to employee stock
   transactions

 

 

713,879

 

 

 

 

35,808

 

 

 

—

 

 

 

749,687

 

 

 

—

 

December 31, 2025

 

 

156,276,289

 

 

 

 

(1,207,118

)

 

 

7,743,309

 

 

 

155,069,171

 

 

 

7,743,309

 
v3.25.4
Restructuring Charge (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Rollforward of Restructuring Liability Included in Other Liabilities

The table below presents a rollforward of the Company’s restructuring liability for 2025 and 2024, which is included in other liabilities on the consolidated statements of financial condition:

(in millions)

 

 

 

 Liability as of December 31, 2023

 

$

47

 

Cash payments

 

 

(47

)

 Liability as of December 31, 2024

 

$

—

 

Additions

 

 

39

 

Accelerated amortization expense of equity-based awards

 

 

(12

)

Cash payments

 

 

(27

)

 Liability as of December 31, 2025

 

$

—

 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Components of Income Tax Expense

The components of income tax expense for 2025, 2024 and 2023, are as follows:

(in millions)

 

2025

 

 

2024

 

 

2023

 

Current income tax expense:

 

 

 

 

 

 

 

 

 

Federal

 

$

1,250

 

 

$

960

 

 

$

641

 

State and local

 

 

214

 

 

 

142

 

 

 

176

 

Foreign

 

 

844

 

 

 

787

 

 

 

538

 

Total net current income tax expense

 

 

2,308

 

 

 

1,889

 

 

 

1,355

 

Deferred income tax expense (benefit):

 

 

 

 

 

 

 

 

 

Federal

 

 

(530

)

 

 

(105

)

 

 

101

 

State and local

 

 

(30

)

 

 

—

 

 

 

11

 

Foreign

 

 

(71

)

 

 

(1

)

 

 

12

 

Total net deferred income tax expense (benefit)

 

 

(631

)

 

 

(106

)

 

 

124

 

Total income tax expense

 

$

1,677

 

 

$

1,783

 

 

$

1,479

 
Components of Income before Taxes, Less Net Income (Loss) Attributable to Noncontrolling Interests

Income tax expense has been based on the following components of income before taxes, less net income (loss) attributable to NCI - CIPs:

(in millions)

 

2025

 

 

2024

 

 

2023

 

Domestic

 

$

3,837

 

 

$

5,139

 

 

$

4,565

 

Foreign

 

 

3,520

 

 

 

3,013

 

 

 

2,416

 

Total

 

$

7,357

 

 

$

8,152

 

 

$

6,981

 
Schedule of Components of Cash Paid for Income Taxes, Net of Refunds

The components of cash paid for income taxes, net of refunds for 2025 are as follows:

(in millions)

 

2025

 

Federal

 

$

1,089

 

State and local

 

 

307

 

Foreign

 

 

902

 

Total

 

$

2,298

 

Income taxes paid, net of refunds exceeded five percent of the total in the following jurisdictions:

(in millions)

 

2025

 

State and local:

 

 

 

New York City

 

$

163

 

Foreign:

 

 

 

United Kingdom

 

$

410

 
Reconciliation of Income Tax Expense with Expected Federal Income Tax Expense

A reconciliation of income tax expense with expected federal income tax expense computed at the applicable federal income tax rate of 21% for 2025 is as follows:

(in millions)

 

2025

 

Statutory income tax expense

 

$

1,545

 

 

 

21

%

State and local income taxes, net of federal income tax effect(1)

 

 

137

 

 

 

2

 

Foreign tax effects

 

 

 

 

 

 

United Kingdom

 

 

 

 

 

 

Statutory tax rate difference between United Kingdom and United States

 

 

79

 

 

 

1

 

Nontaxable income from Partnerships

 

 

(169

)

 

 

(2

)

Other

 

 

21

 

 

 

—

 

Channel Islands

 

 

 

 

 

 

Statutory tax rate difference between Channel Islands and United States

 

 

79

 

 

 

1

 

Other

 

 

1

 

 

 

—

 

Other foreign jurisdictions

 

 

56

 

 

 

1

 

Effect of cross-border tax laws

 

 

 

 

 

 

Subpart F Income (net of FTC)

 

 

112

 

 

 

2

 

Global intangible low-taxed income (net of FTC)

 

 

100

 

 

 

1

 

Base erosion and anti-abuse tax

 

 

106

 

 

 

1

 

Tax benefit from changes in organizational structure

 

 

(366

)

 

 

(5

)

Losses from foreign partnerships

 

 

(107

)

 

 

(1

)

Other

 

 

(60

)

 

 

(1

)

Tax credits

 

 

(10

)

 

 

—

 

Nontaxable & nondeductible items

 

 

 

 

 

 

Nontaxable interest income

 

 

(88

)

 

 

(1

)

Nondeductible fair value adjustment on contingent consideration

 

 

142

 

 

 

2

 

Other

 

 

7

 

 

 

—

 

Changes in unrecognized tax benefits

 

 

(18

)

 

 

—

 

Changes in Valuation Allowances

 

 

 

 

 

 

Valuation allowance from changes in organizational structure

 

 

92

 

 

 

1

 

Other Adjustments

 

 

 

 

 

 

Other

 

 

18

 

 

 

—

 

Income tax expense

 

$

1,677

 

 

 

23

%
(1)
State taxes in New York State, New York City and California make up the majority (greater than 50 percent) of the tax effect in this category.

A reconciliation of income tax expense with expected federal income tax expense computed at the applicable federal income tax rate of 21% for 2024 and 2023 is as follows:

(in millions)

 

2024

 

 

2023

 

Statutory income tax expense

 

$

1,712

 

 

 

21

%

 

$

1,466

 

 

 

21

%

Increase (decrease) in income taxes resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

State and local taxes (net of federal benefit)

 

 

130

 

 

 

2

 

 

 

110

 

 

 

2

 

Impact of federal, foreign, state, and local tax rate
   changes on deferred taxes

 

 

12

 

 

 

—

 

 

 

—

 

 

 

—

 

Stock-based compensation awards

 

 

(37

)

 

 

—

 

 

 

(41

)

 

 

(1

)

Resolution of outstanding tax matters

 

 

—

 

 

 

—

 

 

 

(204

)

 

 

(3

)

Intellectual property reorganization

 

 

(137

)

 

 

(2

)

 

 

—

 

 

 

—

 

Effect of foreign tax rates

 

 

84

 

 

 

1

 

 

 

112

 

 

 

2

 

Other

 

 

19

 

 

 

—

 

 

 

36

 

 

 

—

 

Income tax expense

 

$

1,783

 

 

 

22

%

 

$

1,479

 

 

 

21

%
Components of Deferred Income Tax Assets and Liabilities

The components of deferred income tax assets and liabilities are shown below:

 

 

December 31,

 

(in millions)

 

2025

 

 

2024

 

Deferred income tax assets:

 

 

 

 

 

 

Compensation and benefits

 

$

534

 

 

$

354

 

Realized investment gains

 

 

24

 

 

 

—

 

Loss carryforwards

 

 

115

 

 

 

103

 

Foreign tax credit carryforward

 

 

105

 

 

 

39

 

Capitalized costs

 

 

313

 

 

 

276

 

Outside basis differences on foreign subsidiaries

 

 

389

 

 

 

—

 

Other

 

 

855

 

 

 

795

 

Gross deferred tax assets

 

 

2,335

 

 

 

1,567

 

Less: Deferred tax valuation allowances

 

 

(181

)

 

 

(69

)

Deferred tax assets net of valuation allowances

 

 

2,154

 

 

 

1,498

 

Deferred income tax liabilities:

 

 

 

 

 

 

Goodwill and acquired indefinite-lived intangibles

 

 

4,943

 

 

 

4,199

 

Acquired finite-lived intangibles

 

 

1,147

 

 

 

53

 

Unrealized investment gains

 

 

—

 

 

 

58

 

Other

 

 

493

 

 

 

341

 

Gross deferred tax liabilities

 

 

6,583

 

 

 

4,651

 

Net deferred tax (liabilities)

 

$

(4,429

)

 

$

(3,153

)
Reconciliation of Gross Unrecognized Tax Benefits

The following tabular reconciliation presents the total amounts of gross unrecognized tax benefits:

(in millions)

 

2025

 

 

2024

 

 

2023

 

Balance at January 1

 

$

517

 

 

$

749

 

 

$

912

 

Additions for tax positions of prior years

 

 

15

 

 

 

30

 

 

 

25

 

Reductions for tax positions of prior years

 

 

(8

)

 

 

(10

)

 

 

(22

)

Additions based on tax positions related to current year

 

 

79

 

 

 

51

 

 

 

49

 

Additions related to business combinations

 

 

—

 

 

 

—

 

 

 

16

 

Lapse of Statute Limitation

 

 

(5

)

 

 

—

 

 

 

—

 

Settlements

 

 

(87

)

 

 

(303

)

 

 

(231

)

Balance at December 31

 

$

511

 

 

$

517

 

 

$

749

 

 
v3.25.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Computation of Basic and Diluted EPS under Treasury Stock Method

The following table sets forth the computation of basic and diluted EPS for 2025, 2024 and 2023:

(in millions, except shares and per share data)

 

2025

 

 

2024

 

 

2023

 

Basic net income attributable to BlackRock, Inc.

 

$

5,553

 

 

$

6,369

 

 

$

5,502

 

Add: Incremental net income from dilutive securities - NCI - Subco

 

 

127

 

 

 

—

 

 

 

—

 

Diluted net income attributable to BlackRock, Inc.

 

$

5,680

 

 

$

6,369

 

 

$

5,502

 

Basic weighted-average shares outstanding

 

 

154,984,319

 

 

 

150,042,269

 

 

 

149,327,558

 

Dilutive effect of:

 

 

 

 

 

 

 

 

 

      Nonparticipating RSUs

 

 

1,383,325

 

 

 

1,034,323

 

 

 

969,089

 

      Stock options

 

 

460,656

 

 

 

538,493

 

 

 

409,804

 

      Subco Units

 

 

4,038,221

 

 

 

—

 

 

 

—

 

Total diluted weighted-average shares outstanding

 

 

160,866,521

 

 

 

151,615,085

 

 

 

150,706,451

 

Basic earnings per share

 

$

35.83

 

 

$

42.45

 

 

$

36.85

 

Diluted earnings per share

 

$

35.31

 

 

$

42.01

 

 

$

36.51

 
v3.25.4
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Total Revenue by Geographic Region

The following table illustrates total revenue for 2025, 2024 and 2023 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.

(in millions)

2025

 

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

 

 

 

Americas

$

15,956

 

 

$

13,411

 

 

$

11,899

 

Europe

 

7,166

 

 

 

6,137

 

 

 

5,209

 

Asia-Pacific

 

1,094

 

 

 

859

 

 

 

751

 

Total revenue

$

24,216

 

 

$

20,407

 

 

$

17,859

 
Schedule of Long-Lived Assets by Geographic Region

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

(in millions)

2025

 

 

2024

 

Long-lived Assets

 

 

 

 

 

Americas

$

32,492

 

 

$

25,515

 

Europe

 

3,921

 

 

 

1,437

 

Asia-Pacific

 

126

 

 

 

100

 

Total long-lived assets

$

36,539

 

 

$

27,052

 
v3.25.4
Business Overview - Additional Information (Detail) - $ / shares
Jul. 01, 2025
Oct. 01, 2024
Dec. 31, 2025
Dec. 31, 2024
Business Combination [Line Items]        
Common stock, par value     $ 0.01 $ 0.01
Global Infrastructure Management, LLC [Member]        
Business Combination [Line Items]        
Description of acquisition   On October 1, 2024, BlackRock completed the acquisition of 100% of the issued and outstanding limited liability company interests of GIP (the "GIP Transaction")    
Business acquisition, percentage of equity interest acquired   100.00%    
HPS Investment Partners [Member]        
Business Combination [Line Items]        
Description of acquisition On July 1, 2025, BlackRock completed the acquisition of 100% of the business and assets of HPS Investment Partners (the "HPS Transaction" or "HPS"), a leading global credit investment manager, with substantially all consideration paid in Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC ("Subco"), a consolidated subsidiary of the Company.      
Business acquisition, percentage of equity interest acquired 100.00%      
v3.25.4
Significant Accounting Policies - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Significant Accounting Policies [Line Items]      
Fair value of loaned securities held $ 13,300 $ 9,900  
Fair value of collateral loan under these securities lending agreements 14,400 10,600  
Separate account collateral held under securities lending agreements 7,922 6,059  
Fair value of securities received as collateral have been resold or repledged $ 0 0  
Number of business segments | Segment 1    
Restricted Stock Units (RSUs) [Member]      
Significant Accounting Policies [Line Items]      
Discrete income tax benefit for vested stock awards $ 67 $ 37 $ 41
Equipment and Computer Software [Member]      
Significant Accounting Policies [Line Items]      
Estimated useful life 3 years    
Minimum [Member]      
Significant Accounting Policies [Line Items]      
VIE, economic interest percentage 10.00%    
Collateral cash and securities received in exchange of value of securities lent in order to reduce counterparty risk 102.00%    
Minimum [Member] | Investee [Member]      
Significant Accounting Policies [Line Items]      
Ownership percentage 20.00%    
Minimum [Member] | WMC [Member]      
Significant Accounting Policies [Line Items]      
Ownership percentage 49.90%    
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%    
Maximum [Member] | Investee [Member]      
Significant Accounting Policies [Line Items]      
Ownership percentage 50.00%    
Maximum [Member] | WMC [Member]      
Significant Accounting Policies [Line Items]      
Ownership percentage 50.10%    
v3.25.4
Acquisitions - Additional Information (Detail)
$ / shares in Units, $ in Millions, £ in Billions
 12 Months Ended
Sep. 02, 2025
Jul. 01, 2025
USD ($)
$ / shares
shares
Mar. 03, 2025
USD ($)
Mar. 03, 2025
GBP (£)
Oct. 01, 2024
USD ($)
shares
Dec. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
Sep. 30, 2024
$ / shares
Mar. 31, 2024
USD ($)
Business Acquisition [Line Items]                    
Issuance of common share in connection with acquisition             $ 5,904      
Contingent consideration liabilities           $ 8,429 $ 4,302      
Common stock, shares issued | shares           156,276,289 155,318,170      
Deferred cash compensation expense           $ 371 $ 212 $ 226    
Debt instrument, aggregate principal amount           $ 12,875        
Cliff vesting RSU [Member]                    
Business Acquisition [Line Items]                    
RSUs to employees that cliff vest, percentage   100.00%                
Performance-Based RSUs [Member]                    
Business Acquisition [Line Items]                    
Stock price | $ / shares           $ 1,070        
Restricted Stock Units (RSUs) [Member]                    
Business Acquisition [Line Items]                    
Stock price | $ / shares           $ 1,070        
Common Stock [Member]                    
Business Acquisition [Line Items]                    
Issuance of common share in connection with acquisition           $ 244,240 6,908,416      
Subco Units [Member]                    
Business Acquisition [Line Items]                    
Issuance of common share in connection with acquisition           8,448,427 0      
Number of shares issued | shares   8,500,000                
Subco Units [Member] | Minimum [Member]                    
Business Acquisition [Line Items]                    
Contingent payments | shares   2,800,000                
Subco Units [Member] | Maximum [Member]                    
Business Acquisition [Line Items]                    
Contingent payments | shares   4,400,000                
March 2024 Notes [Member]                    
Business Acquisition [Line Items]                    
Debt instrument, aggregate principal amount           $ 3,000        
Global Infrastructure Management, LLC [Member]                    
Business Acquisition [Line Items]                    
Cash paid         $ 2,913          
Business acquisition, percentage of equity interest acquired         100.00%          
Contingent consideration liabilities         $ 4,200          
Goodwill, expected tax deductible amount         $ 180          
Description of acquisition         On October 1, 2024, BlackRock completed the acquisition of 100% of the issued and outstanding limited liability company interests of GIP (the "GIP Transaction")          
Debt instrument, aggregate principal amount                   $ 3,000
Global Infrastructure Management, LLC [Member] | Common Stock [Member]                    
Business Acquisition [Line Items]                    
Issuance of common share in connection with acquisition         $ 5,900          
Number of shares issued | shares         6,900,000          
Stock price | $ / shares                 $ 950  
Shares issued, price per share | $ / shares                 $ 855  
Global Infrastructure Management, LLC [Member] | First contingent payment [Member] | Minimum [Member]                    
Business Acquisition [Line Items]                    
Contingent payments | shares         4,000,000 4,000,000        
Global Infrastructure Management, LLC [Member] | First contingent payment [Member] | Maximum [Member]                    
Business Acquisition [Line Items]                    
Contingent payments | shares         5,200,000 5,200,000        
Global Infrastructure Management, LLC [Member] | March 2024 Notes [Member]                    
Business Acquisition [Line Items]                    
Cash paid         $ 3,000          
HPS Investment Partners [Member]                    
Business Acquisition [Line Items]                    
Date of acquisition   Jul. 01, 2025                
Business acquisition, percentage of equity interest acquired   100.00%                
Asset under management   $ 165,000                
Fee-paying AUM   118,000                
Contingent consideration liabilities   $ 3,400                
Restricted Stock Units, Granted | shares   680,000                
Transaction and integration costs           $ 525        
Deferred cash compensation expense           465        
Acquisitions related costs           60        
Amortization of intangible assets           234        
Description of acquisition   On July 1, 2025, BlackRock completed the acquisition of 100% of the business and assets of HPS Investment Partners (the "HPS Transaction" or "HPS"), a leading global credit investment manager, with substantially all consideration paid in Class B-2 common units ("Subco Units") of BlackRock Saturn Subco, LLC ("Subco"), a consolidated subsidiary of the Company.                
HPS Investment Partners [Member] | Acquisition - related costs [Member]                    
Business Acquisition [Line Items]                    
Acquisitions related costs           60        
HPS Investment Partners [Member] | Compensation Related Expense Pro Forma Adujustment Value [Member]                    
Business Acquisition [Line Items]                    
Deferred cash compensation expense           285 575      
HPS Investment Partners [Member] | Amortization Of Finite Lived Intangible Assets Pro Forma Adjustment Value [Member]                    
Business Acquisition [Line Items]                    
Amortization of intangible assets           $ 250 $ 500      
HPS Investment Partners [Member] | Cliff vesting RSU [Member]                    
Business Acquisition [Line Items]                    
Restricted Stock Units, Granted | shares   270,000                
Granted incentive retention awards   $ 260                
HPS Investment Partners [Member] | Restricted Stock Units (RSUs) [Member]                    
Business Acquisition [Line Items]                    
Award vesting period   5 years                
Granted incentive retention awards   $ 675                
HPS Investment Partners [Member] | Minimum [Member]                    
Business Acquisition [Line Items]                    
Finite lived intangible assets estimated useful lives           3 years        
HPS Investment Partners [Member] | Maximum [Member]                    
Business Acquisition [Line Items]                    
Common stock, shares issued | shares   13,800,000                
Finite lived intangible assets estimated useful lives           12 years        
HPS Investment Partners [Member] | Common Stock [Member]                    
Business Acquisition [Line Items]                    
Stock price | $ / shares   $ 1,049                
HPS Investment Partners [Member] | Subco Units [Member]                    
Business Acquisition [Line Items]                    
Issuance of common share in connection with acquisition   $ 8,500                
Number of shares issued | shares   8,500,000                
HPS Investment Partners [Member] | Subco Units [Member] | Minimum [Member]                    
Business Acquisition [Line Items]                    
Contingent payments | shares   2,800,000       2,800,000        
HPS Investment Partners [Member] | Subco Units [Member] | Maximum [Member]                    
Business Acquisition [Line Items]                    
Contingent payments | shares   4,400,000       4,400,000        
Preqin Holding Limited [Member]                    
Business Acquisition [Line Items]                    
Cash paid     $ 3,219 £ 2.5            
Business acquisition, percentage of equity interest acquired     100.00% 100.00%            
Amortization of intangible assets           $ 95        
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.            
Acquired finite-lived intangible assets weighted-average useful life           8 years        
Preqin Holding Limited [Member] | Minimum [Member]                    
Business Acquisition [Line Items]                    
Finite lived intangible assets estimated useful lives           5 years        
Preqin Holding Limited [Member] | Maximum [Member]                    
Business Acquisition [Line Items]                    
Finite lived intangible assets estimated useful lives           10 years        
ElmTree Funds [Member]                    
Business Acquisition [Line Items]                    
Date of acquisition Sep. 02, 2025                  
Business acquisition, percentage of equity interest acquired 100.00%                  
Description of acquisition On September 2, 2025, BlackRock completed the acquisition of 100% of the equity interests in ElmTree Funds (the "ElmTree Transaction" or "ElmTree"), a net-lease real estate investment firm, with consideration paid primarily in BlackRock common stock. The acquisition of ElmTree positions the Company to scale its real estate-related offerings, while expanding into new markets as an owner-operator. See Note 11, Goodwill and Note 12, Intangible Assets for additional information on the goodwill and intangible assets related to ElmTree.                  
v3.25.4
Acquisitions - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Detail)
$ in Millions, £ in Billions
 12 Months Ended
Jul. 01, 2025
USD ($)
Mar. 03, 2025
USD ($)
Mar. 03, 2025
GBP (£)
Oct. 01, 2024
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Business Acquisition [Line Items]              
Investments [1]         $ 13,271 $ 9,769  
Goodwill         35,283 25,949 $ 15,524
Operating lease liabilities         (2,228) (1,908)  
Total consideration, net of cash acquired         3,496 2,936 $ 189
Global Infrastructure Management, LLC [Member]              
Business Acquisition [Line Items]              
Goodwill       $ 10,278   $ 10,300  
Operating lease ROU assets       75      
Other assets       116      
Accrued compensation and benefits       (154)      
Operating lease liabilities       (96)      
Other liabilities assumed       (10)      
Total consideration, net of cash acquired       12,949      
Cash paid       2,913      
Cash acquired       (68)      
Closing stock consideration at fair value       5,904      
Deferred stock consideration at fair value       4,200      
Total consideration, net of cash acquired       12,949      
Global Infrastructure Management, LLC [Member] | Management Contracts [Member]              
Business Acquisition [Line Items]              
Finite-lived intangible assets [2]       1,840      
Global Infrastructure Management, LLC [Member] | Investor Relationship [Member]              
Business Acquisition [Line Items]              
Finite-lived intangible assets [2]       820      
Global Infrastructure Management, LLC [Member] | Trade Name [Member]              
Business Acquisition [Line Items]              
Finite-lived intangible assets [3]       $ 80      
HPS Investment Partners [Member]              
Business Acquisition [Line Items]              
Investments $ 1,972            
Goodwill 6,841            
Operating lease ROU assets 178            
Other assets 644            
Accrued compensation and benefits (262)            
Accounts payable and accrued liabilities (162)            
Operating lease liabilities (150)            
Deferred income tax liabilities (1,585)            
Other liabilities assumed [4] (1,880)            
Total consideration, net of cash acquired 12,221            
Cash acquired (244)            
Debt repayment 613            
Total consideration, net of cash acquired 12,221            
HPS Investment Partners [Member] | Management Contracts [Member]              
Business Acquisition [Line Items]              
Finite-lived intangible assets [5] 2,660            
Indefinite-lived intangible assets [6] 3,000            
HPS Investment Partners [Member] | Investor Relationship [Member]              
Business Acquisition [Line Items]              
Finite-lived intangible assets [5] 965            
HPS Investment Partners [Member] | Subco Units [Member]              
Business Acquisition [Line Items]              
Closing stock consideration at fair value [7] 8,452            
Deferred stock consideration at fair value [7] $ 3,400            
Preqin Holding Limited [Member]              
Business Acquisition [Line Items]              
Goodwill   $ 2,377     $ 2,400    
Other assets   59          
Deferred revenue   (104)          
Deferred income tax liabilities   (298)          
Other liabilities assumed   (93)          
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 Holding Limited [Member] | Customer Relationships [Member]              
Business Acquisition [Line Items]              
Finite-lived intangible assets [8]   1,050          
Preqin Holding Limited [Member] | Technology-Based Intangible Assets [Member]              
Business Acquisition [Line Items]              
Finite-lived intangible assets [9]   125          
Preqin Holding Limited [Member] | Trade Name [Member]              
Business Acquisition [Line Items]              
Finite-lived intangible assets   $ 7          
[1] At December 31, 2025, cash and cash equivalents, investments, other assets and other liabilities include $428 million, $8.5 billion, $76 million and $4.1 billion, respectively, related to consolidated 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.
[2] 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.
[3] 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.
[4] Other liabilities assumed primarily included deferred carried interest.
[5] The fair value for finite-lived management contracts and investor relationships was determined using the excess earnings method (Level 3 inputs), have weighted-average estimated useful lives of approximately 8 years and 12 years, respectively, and are amortized based on the straight-line method.
[6] The fair value for indefinite-lived management contracts was determined using the excess earnings method (Level 3 inputs).
[7] The fair value for the closing consideration was determined based on approximately 8.5 million of Subco Units, which were delivered to former equityholders of HPS. The fair value of the deferred consideration was determined based on approximately 2.8 million to 4.4 million of Subco Units, and is subject to the achievement of certain post-closing conditions and financial performance milestones.
[8] The fair value was determined using an income approach (Level 3 inputs), has a weighted-average estimated useful life of approximately 8 years and is amortized based on its expected pattern of economic benefit.
[9] 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.
v3.25.4
Acquisitions - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) - shares
shares in Millions
 1 Months Ended
Jul. 01, 2025
Mar. 03, 2025
Oct. 01, 2024
Oct. 31, 2024
Subco Units [Member]        
Business Acquisition [Line Items]        
Number of shares issued 8.5      
Minimum [Member] | Subco Units [Member]        
Business Acquisition [Line Items]        
Business combination contigent consideration 2.8      
Maximum [Member] | Subco Units [Member]        
Business Acquisition [Line Items]        
Business combination contigent consideration 4.4      
Management Contracts [Member] | Fair Value, Inputs, Level 3        
Business Acquisition [Line Items]        
Finite-lived intangible assets acquired, useful life 8 years   8 years  
Customer Relationships [Member] | Fair Value, Inputs, Level 3        
Business Acquisition [Line Items]        
Finite-lived intangible assets acquired, useful life   8 years    
Technology-Based Intangible Assets [Member] | Fair Value, Inputs, Level 3        
Business Acquisition [Line Items]        
Finite-lived intangible assets acquired, useful life   5 years    
Investor Relationship [Member] | Fair Value, Inputs, Level 3        
Business Acquisition [Line Items]        
Finite-lived intangible assets acquired, useful life 12 years   14 years  
Trade Names [Member] | Fair Value, Inputs, Level 3        
Business Acquisition [Line Items]        
Finite-lived intangible assets acquired, useful life       10 years
Global Infrastructure Management L L C [Member] | Common Stock [Member]        
Business Acquisition [Line Items]        
Number of shares issued     6.9  
v3.25.4
Acquisition - Summary of Finite Lived Intangible Assets Weighted Average Remaining Useful Life of Remaining Amortization Expense (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
 [2]
Finite-Lived Intangible Assets [Line Items]    
2026 $ 1,104  
2027 1,038  
2028 927  
2029 852  
2030 809  
Total 7,540 [1] $ 3,215
HPS Investment Partners [Member]    
Finite-Lived Intangible Assets [Line Items]    
2026 467  
2027 467  
2028 442  
2029 368  
2030 318  
Thereafter 1,329  
Total 3,391  
Preqin Holding Limited [Member]    
Finite-Lived Intangible Assets [Line Items]    
2026 136  
2027 143  
2028 154  
2029 163  
2030 146  
Thereafter 345  
Total $ 1,087  
[1] Amount primarily includes approximately $3.0 billion of indefinite-lived management contracts, $2.7 billion of finite-lived management contracts and $1 billion of finite-lived investor relationships acquired in connection with the HPS Transaction and $1.1 billion of finite-lived customer relationships and $125 million of finite-lived technology-related intangible assets acquired in connection with the Preqin Transaction (see Note 3, Acquisitions, for further information). Additionally, in connection with the ElmTree Transaction, the Company acquired approximately $115 million of finite-lived management contracts and investor relationships.
[2] In connection with the GIP Transaction, the Company acquired approximately $1.8 billion of finite-lived management contracts, $820 million of finite-lived investor relationships and $80 million of a finite-lived trade name (see Note 3, Acquisitions, for further information).
v3.25.4
Acquisitions - Summary of Business Acquisition, Pro Forma Information Combined Results of Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Acquisition [Line Items]      
Total revenue $ 24,216 $ 20,407 $ 17,859
GIP And HPS [Member]      
Business Acquisition [Line Items]      
Total revenue 24,984 [1] 22,479  
Net income attributable to BlackRock, Inc. $ 5,645 [1] $ 5,469  
[1] Subsequent to the closing of the HPS Transaction on July 1, 2025, HPS contributed approximately $900 million of revenue and $230 million of net income.
v3.25.4
Acquisitions - Summary of Business Acquisition, Pro Forma Information Combined Results of Operations (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Jul. 01, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Acquisition [Line Items]        
Revenue   $ 24,216 $ 20,407 $ 17,859
Net income   $ 5,553 $ 6,369 $ 5,502
HPS Investment Partners [Member]        
Business Acquisition [Line Items]        
Revenue $ 900      
Net income $ 230      
v3.25.4
Cash, Cash Equivalents and Restricted Cash - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]        
Cash and cash equivalents [1] $ 11,468 $ 12,762    
Restricted cash included in other assets $ 22 $ 17    
Restricted Cash, Statement of Financial Position [Extensible Enumeration] Other assets Other assets    
Total cash, cash equivalents and restricted cash $ 11,490 $ 12,779 $ 8,753 $ 7,433
[1] At December 31, 2025, cash and cash equivalents, investments, other assets and other liabilities include $428 million, $8.5 billion, $76 million and $4.1 billion, respectively, related to consolidated 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 $2.1 billion, respectively, related to consolidated VIEs.
v3.25.4
Investments - Summary of Carrying Value of Total Investments (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Schedule of Investments [Line Items]    
Trading securities (including $2,782 and $1,743 held by CIPs at December 31, 2025 and December 31, 2024, respectively) $ 2,789 $ 1,751
Held-to-maturity investments 507 547
Total debt securities 3,296 2,298
Equity securities at FVTNI (including $1,681 and $1,556 held by CIPs at December 31, 2025 and December 31, 2024, respectively) [1] 2,282 1,950
Total equity method investments 2,133 2,783
Loans held By CIPs 0 145
CLOs held at fair value 568 72
Total investments [2] 13,271 9,769
Other Investments [Member]    
Schedule of Investments [Line Items]    
Total investments [3] 1,195 445
Equity Method Investments [Member]    
Schedule of Investments [Line Items]    
Total equity method investments [4] 1,833 2,610
Deferred Cash Compensation Plans [Member]    
Schedule of Investments [Line Items]    
Total equity method investments [1] 300 173
Federal Reserve Bank Stock [Member]    
Schedule of Investments [Line Items]    
Total investments [5] 87 93
Consolidated Entities [Member] | Carried Interest [Member]    
Schedule of Investments [Line Items]    
Total investments [6] $ 3,710 $ 1,983
[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 FVTNI comprised $37 million and $12 million at December 31, 2025 and 2024, respectively.
[2] At December 31, 2025, cash and cash equivalents, investments, other assets and other liabilities include $428 million, $8.5 billion, $76 million and $4.1 billion, respectively, related to consolidated 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 $2.1 billion, respectively, related to consolidated VIEs.
[3] Other investments include BlackRock’s investments in private equity, private credit, real asset, commodity, and digital asset investments held by CIPs, which are measured at fair value.
[4] Equity method investments include BlackRock’s direct investments in certain BlackRock sponsored investment funds.
[5] Federal Reserve Bank stock is held for regulatory purposes and is restricted from sale.
[6] Carried interest represents allocations to BlackRock’s general partner capital accounts from certain sponsored investment funds. These balances are subject to change upon cash distributions, additional allocations or reallocations back to limited partners within the respective funds.
v3.25.4
Investments - Summary of Carrying Value of Total Investments (Detail) (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Schedule of Investments [Line Items]    
Trading securities $ 2,789 $ 1,751
Equity securities at FVTNI [1] 2,282 1,950
Total equity method investments 2,133 2,783
Investments [2] 13,271 9,769
Deferred Cash Compensation Plan Mutual Fund Investments [Member]    
Schedule of Investments [Line Items]    
Investments 37 12
Consolidated Sponsored Investment Products [Member]    
Schedule of Investments [Line Items]    
Trading securities 2,782 1,743
Equity securities at FVTNI 1,681 1,556
Investments $ 9,131 $ 5,752
[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 FVTNI comprised $37 million and $12 million at December 31, 2025 and 2024, respectively.
[2] At December 31, 2025, cash and cash equivalents, investments, other assets and other liabilities include $428 million, $8.5 billion, $76 million and $4.1 billion, respectively, related to consolidated 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.
v3.25.4
Investments - Additional Information (Detail)
$ in Millions
Dec. 31, 2025
USD ($)
Investments, Debt and Equity Securities [Abstract]  
Held-to-maturity investments, after one year through five years $ 13
Foreign government debt, after five years through ten years 316
Held-to-maturity investments, after ten years $ 178
v3.25.4
Investments - Summary of Cost and Carrying Value of Equity and Trading Debt Securities (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Schedule of Investments [Line Items]    
Total trading debt securities, Cost $ 2,768 $ 1,757
Total trading debt, Fair Value 2,789 1,751
Equity securities at FVTNI, Fair Value [1] 2,282 1,950
Corporate Debt [Member]    
Schedule of Investments [Line Items]    
Total trading debt securities, Cost 1,153 957
Total trading debt, Fair Value 1,185 989
Government Debt [Member]    
Schedule of Investments [Line Items]    
Total trading debt securities, Cost 430 578
Total trading debt, Fair Value 430 557
Asset/Mortgage-Backed Debt [Member]    
Schedule of Investments [Line Items]    
Total trading debt securities, Cost 1,185 222
Total trading debt, Fair Value 1,174 205
Equity Securities [Member]    
Schedule of Investments [Line Items]    
Equity securities at FVTNI, Cost 2,049 1,843
Equity securities at FVTNI, Fair Value $ 2,282 $ 1,950
[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 FVTNI comprised $37 million and $12 million at December 31, 2025 and 2024, respectively.
v3.25.4
Consolidated Sponsored Investment Products - Consolidated VIEs And VREs Recorded in Consolidated Statements of Financial Condition (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents [1] $ 11,468 $ 12,762
Investments:    
Trading securities 2,789 1,751
Equity securities at FVTNI [2] 2,282 1,950
Total investments [1] 13,271 9,769
Other assets [1] 5,700 3,596
Other liabilities [1] (6,823) (4,032)
Noncontrolling interest - CIPs (227) (169)
Consolidated Variable Interest Entities [Member]    
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents [3] 428 125
Investments:    
Trading securities 2,350 1,497
Equity securities at FVTNI 1,537 1,179
Loans 0 141
Other investments 946 370
Carried interest 3,654 1,905
Total investments 8,487 5,092
Other assets 76 45
Other liabilities [4] (4,052) (2,130)
Noncontrolling interest - CIPs (2,521) (1,672)
BlackRock's net interest in CIPs 2,418 1,460
Consolidated Voting Rights Entities [Member]    
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents [3] 33 44
Investments:    
Trading securities 432 246
Equity securities at FVTNI 144 377
Loans 0 4
Other investments 68 33
Carried interest 0 0
Total investments 644 660
Other assets 111 31
Other liabilities [4] (60) (93)
Noncontrolling interest - CIPs (236) (130)
BlackRock's net interest in CIPs 492 512
Consolidated Sponsored Investment Products [Member]    
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents [3] 461 169
Investments:    
Trading securities 2,782 1,743
Equity securities at FVTNI 1,681 1,556
Loans 0 145
Other investments 1,014 403
Carried interest 3,654 1,905
Total investments 9,131 5,752
Other assets 187 76
Other liabilities [4] (4,112) (2,223)
Noncontrolling interest - CIPs (2,757) (1,802)
BlackRock's net interest in CIPs 2,910 1,972
Equity Securities [Member]    
Investments:    
Equity securities at FVTNI $ 2,282 $ 1,950
[1] At December 31, 2025, cash and cash equivalents, investments, other assets and other liabilities include $428 million, $8.5 billion, $76 million and $4.1 billion, respectively, related to consolidated 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.
[2] 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 FVTNI comprised $37 million and $12 million at December 31, 2025 and 2024, respectively.
[3] The Company generally cannot readily access cash and cash equivalents held by CIPs to use in its operating activities.
[4] At both December 31, 2025 and 2024, other liabilities of VIEs primarily include deferred carried interest liabilities and borrowings of a consolidated CLO.
v3.25.4
Consolidated Sponsored Investment Products - Schedule of Net Gain (Loss) Related to Consolidated VIEs (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]      
Nonoperating net gain (loss) on consolidated VIEs $ 634 $ 492 $ 699
Consolidated Variable Interest Entities [Member]      
Variable Interest Entity [Line Items]      
Nonoperating net gain (loss) on consolidated VIEs 399 234 310
Net income (loss) attributable to NCI on consolidated VIEs $ 248 $ 132 $ 174
v3.25.4
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
Dec. 31, 2025
Dec. 31, 2024
Investments [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products $ 2,325 $ 2,330
Advisory Fee Receivables [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products 101 158
Other Net Assets (Liabilities) [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products (12) (11)
Maximum Risk of Loss [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products $ 2,443 $ 2,505
v3.25.4
Variable Interest Entities Reflects adoption of ASU 2015-12 - Additional Information (Detail) - USD ($)
$ in Billions
Dec. 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 $ 53 $ 46
v3.25.4
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities $ 2,789 $ 1,751
Equity securities at FVTNI [1] 2,282 1,950
Loans held by CIPs 0 145
CLOs held at fair value 568 72
Separate account assets 60,098 52,811
Separate account collateral liabilities under securities lending agreements 7,922 6,059
Equity Securities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Equity securities at FVTNI 2,282 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 103 86
Investments Measured at NAV [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Other liabilities 302 0
Fair Value, Measurements, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total debt securities 3,296 2,298
Equity securities at FVTNI 2,282 1,950
Total equity method 2,133 2,783
Loans held by CIPs 0 145
CLOs held at fair value 568 72
Federal Reserve Bank stock 87 93
Carried interest 3,710 1,983
Other investments 1,195 445
Total investments 13,271 9,769
Other assets 274 156
Separate account assets 60,098 52,811
Total separate account collateral held under securities lending agreements 7,922 6,059
Total 81,565 68,795
Separate account collateral liabilities under securities lending agreements 7,922 6,059
Contingent consideration liabilities 8,429 4,302
Other liabilities 13 175
Total liabilities measured at fair value 16,364 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 at FVTNI 2,146 1,950
Total equity method 205 347
Loans held by CIPs 0 0
CLOs held at fair value 0 0
Federal Reserve Bank stock 0 0
Carried interest 0 0
Other investments 0 18
Total investments 2,351 2,315
Other assets 113 0
Separate account assets 38,688 32,933
Total separate account collateral held under securities lending agreements 4,194 2,719
Total 45,346 37,967
Separate account collateral liabilities under securities lending agreements 4,194 2,719
Contingent consideration liabilities 0 0
Other liabilities 0 0
Total liabilities measured at fair value 4,194 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 2,782 1,744
Equity securities at FVTNI 0 0
Total equity method 148 131
Loans held by CIPs 0 10
CLOs held at fair value 495 0
Federal Reserve Bank stock 0 0
Carried interest 0 0
Other investments 0 0
Total investments 3,425 1,885
Other assets 10 7
Separate account assets 20,895 19,346
Total separate account collateral held under securities lending agreements 3,728 3,340
Total 28,058 24,578
Separate account collateral liabilities under securities lending agreements 3,728 3,340
Contingent consideration liabilities 0 0
Other liabilities 13 46
Total liabilities measured at fair value 3,741 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 7 7
Equity securities at FVTNI 136 0
Total equity method 0 0
Loans held by CIPs 0 135
CLOs held at fair value 73 72
Federal Reserve Bank stock 0 0
Carried interest 0 0
Other investments 0 0
Total investments 216 214
Other assets 151 149
Separate account assets 0 0
Total separate account collateral held under securities lending agreements 0 0
Total 367 363
Separate account collateral liabilities under securities lending agreements 0 0
Contingent consideration liabilities 8,429 4,302
Other liabilities 0 129
Total liabilities measured at fair value 8,429 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 2,789 1,751
Held-to-maturity investments 507 547
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 2,782 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 7 7
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 446 552
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 353 478
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 205 347
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 148 131
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 510 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 524 520
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 300 173
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 4,194 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 4,194 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 3,728 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 3,728 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 at FVTNI 0 0
Total equity method 1,780 2,305
Loans held by CIPs 0 0
CLOs held at fair value 0 0
Federal Reserve Bank stock 0 0
Carried interest 0 0
Other investments 1,078 274
Total investments 2,858 2,579
Other assets 0 0
Separate account assets 0 0
Total separate account collateral held under securities lending agreements 0 0
Total 2,858 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 446 552
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 510 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 524 520
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 300 173
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 507 547
Total debt securities 507 547
Equity securities at FVTNI 0 0
Total equity method 0 0
Loans held by CIPs 0 0
CLOs held at fair value 0 0
Federal Reserve Bank stock 87 93
Carried interest 3,710 1,983
Other investments 117 153
Total investments 4,421 2,776
Other assets 0 0
Separate account assets 515 532
Total separate account collateral held under securities lending agreements 0 0
Total 4,936 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
[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 FVTNI comprised $37 million and $12 million at December 31, 2025 and 2024, respectively.
v3.25.4
Fair Value Disclosures - Additional Information (Detail)
$ in Millions
Jul. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Reduction in the fair value of management contracts $ 87    
GIP Transaction [Member] | 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   0.035 0.043
HPS Transaction [Member] | 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   0.037  
Fair Value Option [Member]      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total investments   $ 568 $ 72
v3.25.4
Fair Value Disclosures - Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 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 (1) 2
Purchases, Assets 161 474
Sales and Maturities, Assets (145) (456)
Issuances and other Settlements, Assets 21 0
Transfers into Level 3, Assets 0 12
Transfers out of Level 3, Assets (32) (6)
Assets measured at fair value, ending balance 367 363
Total Net Unrealized Gains (Losses) Included in Earnings 8 2
Liabilities measured at fair value, beginning balance 4,431 279
Realized and Unrealized Gains (Losses), Liabilities 712 (35)
Purchases, Liabilities 0 0
Sales and Maturities, Liabilities 0 0
Issuances and other Settlements, Liabilities 3,286 4,187
Transfers into Level 3, Liabilities 0 0
Transfers out of Level 3, Liabilities 0 0
Liabilities measured at fair value, ending balance 8,429 4,431
Total Net Unrealized Gains (Losses) Included in Earnings 729 (35)
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 151 149
Other Liabilities [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities measured at fair value, beginning balance 129 180
Liabilities measured at fair value, ending balance 0 129
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 99
Realized and Unrealized Gains (Losses), Liabilities $ 729 $ (42)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Business Combination, Contingent Consideration, Liability, Current Business Combination, Contingent Consideration, Liability, Current
Purchases, Liabilities $ 0 $ 0
Sales and Maturities, Liabilities 0 0
Issuances and other Settlements, Liabilities 3,398 4,245
Transfers into Level 3, Liabilities 0 0
Transfers out of Level 3, Liabilities 0 0
Liabilities measured at fair value, ending balance 8,429 4,302
Total Net Unrealized Gains (Losses) Included in Earnings 729 (42)
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 (19) 10
Purchases, Assets 161 437
Sales and Maturities, Assets (145) (456)
Issuances and other Settlements, Assets 21 0
Transfers into Level 3, Assets 0 12
Transfers out of Level 3, Assets (16) (6)
Assets measured at fair value, ending balance 216 214
Total Net Unrealized Gains (Losses) Included in Earnings (10) 10
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 7 42
Realized and Unrealized Gains (Losses),Assets 0 3
Purchases, Assets 0 35
Sales and Maturities, Assets 0 (1)
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 7 7
Total Net Unrealized Gains (Losses) Included in Earnings $ 0 $ 3
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income (Expense) Nonoperating Income (Expense)
Debt securities [Member] | Trading [Member] | Previously Reported [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value, beginning balance $ 79  
Assets measured at fair value, ending balance   $ 79
Mutual Funds [Member] | Equity Securities Mutual Funds [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value, beginning balance 0  
Realized and Unrealized Gains (Losses),Assets 0  
Purchases, Assets 136  
Sales and Maturities, Assets 0  
Issuances and other Settlements, Assets 0  
Transfers into Level 3, Assets 0  
Transfers out of Level 3, Assets 0  
Assets measured at fair value, ending balance 136 0
Total Net Unrealized Gains (Losses) Included in Earnings 0  
Loans [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value, beginning balance 72  
Realized and Unrealized Gains (Losses),Assets (11)  
Purchases, Assets 10  
Sales and Maturities, Assets (3)  
Issuances and other Settlements, Assets 21  
Transfers into Level 3, Assets 0  
Transfers out of Level 3, Assets (16)  
Assets measured at fair value, ending balance 73 72
Total Net Unrealized Gains (Losses) Included in Earnings (10)  
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 (8) 7
Purchases, Assets 15 402
Sales and Maturities, Assets (142) (455)
Issuances and other Settlements, Assets 0 0
Transfers into Level 3, Assets 0 12
Transfers out of Level 3, Assets 0 (6)
Assets measured at fair value, ending balance 0 135
Total Net Unrealized Gains (Losses) Included in Earnings 0 7
Other Assets One [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Realized and Unrealized Gains (Losses),Assets 18 (8)
Purchases, Assets 0 37
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 (16) 0
Total Net Unrealized Gains (Losses) Included in Earnings 18 (8)
Other Liabilities One [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Realized and Unrealized Gains (Losses), Liabilities (17) 7
Purchases, Liabilities 0 0
Sales and Maturities, Liabilities 0 0
Issuances and other Settlements, Liabilities (112) (58)
Transfers into Level 3, Liabilities 0 0
Transfers out of Level 3, Liabilities 0 0
Total Net Unrealized Gains (Losses) Included in Earnings $ 0 $ 7
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income (Expense) Nonoperating Income (Expense)
v3.25.4
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents [1] $ 11,468 $ 12,762
Long-term borrowings 12,768 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 11,468 12,762
Other assets 103 86
Carrying Amount Member | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term borrowings 12,768 12,314
Other liabilities 302 0
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 11,468 12,762
Other assets 103 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 12,546 11,680
Other liabilities $ 302 $ 0
[1] At December 31, 2025, cash and cash equivalents, investments, other assets and other liabilities include $428 million, $8.5 billion, $76 million and $4.1 billion, respectively, related to consolidated 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 $2.1 billion, respectively, related to consolidated VIEs.
v3.25.4
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Parenthetical) (Detail) - USD ($)
$ / shares in Units, $ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents [1] $ 11,468 $ 12,762
Money market valuation per share floor $ 1  
Derivative cash collateral $ 81 69
Restricted cash included in other assets 22 17
Money Market Funds [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents $ 5,300 $ 6,200
[1] At December 31, 2025, cash and cash equivalents, investments, other assets and other liabilities include $428 million, $8.5 billion, $76 million and $4.1 billion, respectively, related to consolidated 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 $2.1 billion, respectively, related to consolidated VIEs.
v3.25.4
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 2,356 $ 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 2,858 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 $ 48 $ 58
Redemption Frequency (Quarterly) 89.00% 64.00%
Redemption Frequency (Not Redeemable) 11.00% 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 $ 385 $ 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 34 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 181 7
Real Assets Funds Member    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments 1,900 750
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 29 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 $ 372 $ 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
Other Funds [Member] | Minimum [Member] | Consolidated Variable Interest Entities [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Redemption Notice Period, days 60 days  
Other Funds [Member] | Maximum [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  
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 $ 150 $ 138
Redemption Frequency (Daily)   2.00%
Redemption Frequency (Monthly)   2.00%
Redemption Frequency (Quarterly) 12.00% 10.00%
Redemption Frequency (Not Redeemable) 88.00% 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 $ 446 $ 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 $ 225 $ 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 510 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 $ 1,870 $ 710
Redemption Frequency (Quarterly) 7.00% 7.00%
Redemption Frequency (Not Redeemable) 93.00% 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 $ 524 $ 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 $ 300 $ 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 $ 140  
v3.25.4
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share Line Items    
Total Unfunded Commitments $ 2,356 $ 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 $ 1,900 $ 750
Total remaining Unfunded Commitments $ 1,900 $ 736
v3.25.4
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
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Option, Quantitative Disclosures [Line Items]    
Aggregate principal amounts outstanding $ 12,875  
CLO Loans [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Aggregate principal amounts outstanding 0 $ 156
Fair value 0 141
Aggregate unpaid principal balance in excess of (less than) fair value 0 15
CLO Borrowings [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Aggregate principal amounts outstanding 0 146
Fair value 0 129
Aggregate unpaid principal balance in excess of (less than) fair value $ 0 $ 17
v3.25.4
Derivatives and Hedging - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Notional value $ 231 $ 197
Derivative expiration dates 2026-03 2025-03
Derivative maximum risk of loss $ 17 $ 17
Foreign Exchange Future [Member]    
Derivative [Line Items]    
Notional value $ 1,700 $ 1,800
Derivative expiration dates 2026-03 2025-03
Forward Foreign Currency Exchange Contracts [Member]    
Derivative [Line Items]    
Notional value $ 3,000 $ 3,600
Derivative expiration dates 2026-03 2025-03
Forward Foreign Currency Exchange Contracts [Member] | Other Liabilities [Member]    
Derivative [Line Items]    
Other liabilities, fair value $ 1 $ 35
v3.25.4
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
Dec. 31, 2025
Dec. 31, 2024
Other Assets [Member]    
Derivatives Fair Value [Line Items]    
Other assets, fair value $ 10 $ 7
Other Liabilities [Member]    
Derivatives Fair Value [Line Items]    
Other liabilities, fair value $ 1 $ 35
v3.25.4
Derivatives and Hedging - Summary of Realized and Unrealized Gains (Losses) Recognized in Consolidated Statements of Income on Derivative Instruments (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments Gain Loss [Line Items]      
Total gain (loss) from derivative instruments $ (127) $ (25) $ 10
Foreign Exchange Future [Member]      
Derivative Instruments Gain Loss [Line Items]      
Total gain (loss) from derivative instruments $ (199) $ (30) $ (88)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income (Expense) Nonoperating Income (Expense) Nonoperating Income (Expense)
Forward Foreign Currency Exchange Contracts [Member]      
Derivative Instruments Gain Loss [Line Items]      
Total gain (loss) from derivative instruments $ 72 $ 5 $ 98
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] General and Administrative Expense General and Administrative Expense General and Administrative Expense
v3.25.4
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
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on derivatives $ (127) $ (25) $ 10
Seed Investment [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on derivatives (230) (48) (112)
Deferred Cash Compensation Plans [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on derivatives $ 31 $ 18 $ 24
v3.25.4
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 2,948 $ 2,656
Less: Accumulated depreciation and amortization 1,692 1,553
Property and equipment, net 1,256 1,103
Land [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 6 6
Building [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 33 33
Estimated useful life-in years 39 years  
Building Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 34 32
Estimated useful life-in years 15 years  
Leasehold Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 1,256 1,048
Leasehold Improvements [Member] | Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Estimated useful life-in years 1 year  
Leasehold Improvements [Member] | Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Estimated useful life-in years 15 years  
Equipment and Computer Software [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 1,213 1,136
Estimated useful life-in years 3 years  
Other Transportation Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 199 198
Other Transportation Equipment [Member] | Minimum [Member]    
Property, Plant and Equipment [Line Items]    
Estimated useful life-in years 8 years  
Other Transportation Equipment [Member] | Maximum [Member]    
Property, Plant and Equipment [Line Items]    
Estimated useful life-in years 10 years  
Furniture and Fixtures [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 141 101
Estimated useful life-in years 7 years  
Construction in progress [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 66 $ 102
v3.25.4
Property and Equipment - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Depreciation and amortization expense $ 297 $ 270 $ 263
Equipment and Computer Software [Member]      
Property, Plant and Equipment [Line Items]      
Qualifying software costs $ 121 $ 105 $ 103
Estimated useful life 3 years    
v3.25.4
Goodwill - Goodwill Activity (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Beginning of year balance $ 25,949 $ 15,524
Acquisitions 9,343 10,428
Other (9) (3)
End of year balance $ 35,283 $ 25,949
v3.25.4
Goodwill - Goodwill Activity (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Mar. 03, 2025
Dec. 31, 2024
Oct. 01, 2024
Dec. 31, 2023
Goodwill [Line Items]          
Goodwill $ 35,283   $ 25,949   $ 15,524
HPS Transaction [Member]          
Goodwill [Line Items]          
Goodwill 6,800        
Preqin Holding Limited [Member]          
Goodwill [Line Items]          
Goodwill 2,400 $ 2,377      
ElmTree Transaction [Member]          
Goodwill [Line Items]          
Goodwill $ 200        
Global Infrastructure Management, LLC [Member]          
Goodwill [Line Items]          
Goodwill     10,300 $ 10,278  
Spider Rock [Member]          
Goodwill [Line Items]          
Goodwill     $ 100    
v3.25.4
Goodwill - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
Jul. 31, 2025
Jul. 31, 2024
Jul. 31, 2023
Dec. 31, 2025
Goodwill [Roll Forward]        
Impairment of goodwill $ 0 $ 0 $ 0  
Closing market price of common stock       $ 1,070
Book value per share       $ 360
v3.25.4
Intangible Assets - Intangible Assets (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
 [1]
Dec. 31, 2024
 [2]
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Total intangible assets - Gross Carrying Amount $ 29,450 $ 21,525
Total intangible assets - Net Carrying Amount $ 27,968 $ 20,743
[1] Amount primarily includes approximately $3.0 billion of indefinite-lived management contracts, $2.7 billion of finite-lived management contracts and $1 billion of finite-lived investor relationships acquired in connection with the HPS Transaction and $1.1 billion of finite-lived customer relationships and $125 million of finite-lived technology-related intangible assets acquired in connection with the Preqin Transaction (see Note 3, Acquisitions, for further information). Additionally, in connection with the ElmTree Transaction, the Company acquired approximately $115 million of finite-lived management contracts and investor relationships.
[2] In connection with the GIP Transaction, the Company acquired approximately $1.8 billion of finite-lived management contracts, $820 million of finite-lived investor relationships and $80 million of a finite-lived trade name (see Note 3, Acquisitions, for further information).
v3.25.4
Intangible Assets - Finite-lived Intangible Assets (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
 [1]
Dec. 31, 2024
 [2]
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets - Remaining Weighted-Average Estimated Useful Life (years) 8 years 3 months 18 days 8 years 10 months 24 days
Finite-lived intangible assets - Gross Carrying Amount $ 9,022 $ 3,997
Finite-lived intangible assets - Accumulated Amortization 1,482 782
Total $ 7,540 $ 3,215
Management Contracts [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets - Remaining Weighted-Average Estimated Useful Life (years) 7 years 1 month 6 days 7 years 7 months 6 days
Finite-lived intangible assets - Gross Carrying Amount $ 4,927 $ 2,028
Finite-lived intangible assets - Accumulated Amortization 665 215
Total $ 4,262 $ 1,813
Investor/Customer Relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets - Remaining Weighted-Average Estimated Useful Life (years) 10 years 3 months 18 days 11 years 2 months 12 days
Finite-lived intangible assets - Gross Carrying Amount $ 3,617 $ 1,623
Finite-lived intangible assets - Accumulated Amortization 592 414
Total $ 3,025 $ 1,209
Technology-Related [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets - Remaining Weighted-Average Estimated Useful Life (years) 3 years 4 months 24 days 3 years 6 months
Finite-lived intangible assets - Gross Carrying Amount $ 382 $ 257
Finite-lived intangible assets - Accumulated Amortization 206 144
Total $ 176 $ 113
Trade Names / Trademarks [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets - Remaining Weighted-Average Estimated Useful Life (years) 8 years 7 months 6 days 9 years 7 months 6 days
Finite-lived intangible assets - Gross Carrying Amount $ 96 $ 89
Finite-lived intangible assets - Accumulated Amortization 19 9
Total $ 77 $ 80
[1] Amount primarily includes approximately $3.0 billion of indefinite-lived management contracts, $2.7 billion of finite-lived management contracts and $1 billion of finite-lived investor relationships acquired in connection with the HPS Transaction and $1.1 billion of finite-lived customer relationships and $125 million of finite-lived technology-related intangible assets acquired in connection with the Preqin Transaction (see Note 3, Acquisitions, for further information). Additionally, in connection with the ElmTree Transaction, the Company acquired approximately $115 million of finite-lived management contracts and investor relationships.
[2] In connection with the GIP Transaction, the Company acquired approximately $1.8 billion of finite-lived management contracts, $820 million of finite-lived investor relationships and $80 million of a finite-lived trade name (see Note 3, Acquisitions, for further information).
v3.25.4
Intangible Assets - Finite-lived Intangible Assets (Parenthetical) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
GIP Transaction [Member] | Management Contracts [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-lived intangible assets, acquired $ 1,800
GIP Transaction [Member] | Investor Relationships [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-lived intangible assets, acquired 820
GIP Transaction [Member] | Trade Names [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-lived intangible assets, acquired 80
HPS Transaction [Member] | Management Contracts [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-lived intangible assets, acquired 2,700
Indefinite-lived intangible assets, acquisitions 3,000
HPS Transaction [Member] | Investor Relationships [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-lived intangible assets, acquired 1,000
Preqin [Member] | Customer Relationships [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-lived intangible assets, acquired 1,100
Preqin [Member] | Technology-Based Intangible Assets [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-lived intangible assets, acquired 125
ElmTree Transaction [Member] | Management Contracts [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-lived intangible assets, acquired $ 115
v3.25.4
Intangible Assets - Indefinite-lived Intangible Assets (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
 [1]
Dec. 31, 2024
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets $ 20,428 $ 17,528
Accumulated Amortization 0 0
Management Contracts [Member]    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 19,019 16,119
Accumulated Amortization 0 0
Trade Names / Trademarks [Member]    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 1,403 1,403
Accumulated Amortization 0 0
License [Member]    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 6 6
Accumulated Amortization $ 0 $ 0
[1] Amount primarily includes approximately $3.0 billion of indefinite-lived management contracts, $2.7 billion of finite-lived management contracts and $1 billion of finite-lived investor relationships acquired in connection with the HPS Transaction and $1.1 billion of finite-lived customer relationships and $125 million of finite-lived technology-related intangible assets acquired in connection with the Preqin Transaction (see Note 3, Acquisitions, for further information). Additionally, in connection with the ElmTree Transaction, the Company acquired approximately $115 million of finite-lived management contracts and investor relationships.
v3.25.4
Intangible Assets - Additional Information (Detail) - USD ($)
 12 Months Ended
Jul. 31, 2025
Jul. 31, 2024
Jul. 31, 2023
Dec. 31, 2025
Schedule Of Intangible Assets [Line Items]        
Impairment of intangible assets $ 0 $ 50,000,000 $ 0  
Impairment charges       $ 0
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]   Amortization And Impairment Of Intangible Assets    
v3.25.4
Intangible Assets - Estimated Amortization Expense for Finite-Lived Intangible Assets (Detail)
$ in Millions
Dec. 31, 2025
USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]  
2026 $ 1,104
2027 1,038
2028 927
2029 852
2030 $ 809
v3.25.4
Leases - Components of Lease Cost (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lease cost:      
Operating lease cost [1] $ 233 $ 183 $ 189
Variable lease cost [2] 69 60 49
Total lease cost $ 302 $ 243 $ 238
[1] Amounts include short-term leases, which are immaterial for 2025, 2024 and 2023.
[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 ROU assets and operating lease liabilities.
v3.25.4
Leases - Schedule of Supplemental Information Related to Operating Leases (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Supplemental cash flow information:      
Operating cash flows from operating leases included in the measurement of operating lease liabilities $ 210 $ 183 $ 142
Supplemental noncash information:      
ROU assets in exchange for operating lease liabilities [1] $ 489 $ 235 $ 32
Weighted-average remaining lease term 13 years 14 years  
Weighted-average discount rate 4.00% 3.00%  
[1] Amount for 2025 includes $178 million of ROU assets obtained in connection with the HPS Transaction. Amount for 2024 includes $75 million of ROU assets obtained in connection with the GIP Transaction. See Note 3, Acquisitions, for further information.
v3.25.4
Leases - Schedule of Supplemental Information Related to Operating Leases (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Operating Leased Assets [Line Items]    
Operating lease ROU assets $ 1,874 $ 1,519
Global Infrastructure Management, LLC [Member]    
Operating Leased Assets [Line Items]    
Operating lease ROU assets $ 178 $ 75
v3.25.4
Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 237  
2027 246  
2028 239  
2029 227  
2030 218  
Thereafter 1,617  
Total lease payments 2,784  
Less: imputed interest (556)  
Present value of lease liabilities $ 2,228 $ 1,908
v3.25.4
Other Assets - Additional Information (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
iCapital [Member]    
Other Assets [Line Items]    
Carrying value - equity method investment $ 711.0 $ 652.0
Percentage of strategic minority investment 22.00% 24.00%
Other Assets [Member]    
Other Assets [Line Items]    
Carrying value - equity method investment $ 1.6 $ 888.0
Other non equity method corporate minority investments $ 780.0 $ 438.0
v3.25.4
Borrowings - Additional Information (Detail)
€ in Millions, £ in Millions
 1 Months Ended 12 Months Ended
May 06, 2015
EUR (€)
Apr. 30, 2025
EUR (€)
Apr. 30, 2020
USD ($)
Jan. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Apr. 30, 2019
USD ($)
Apr. 30, 2017
USD ($)
Mar. 31, 2017
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2025
GBP (£)
Apr. 30, 2025
USD ($)
Apr. 30, 2025
EUR (€)
May 30, 2023
USD ($)
Dec. 31, 2021
USD ($)
Debt Instrument [Line Items]                                
Line of credit facility, covenant terms                 The 2025 Credit Facility requires the Company not to exceed a maximum consolidated leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3.5 to 1,              
Aggregate principal amounts outstanding                 $ 12,875,000,000              
Borrowings                 12,768,000,000 $ 12,314,000,000            
Fair Value                 12,546,000,000 11,700,000,000            
Aggregate principal amount                 12,875,000,000              
Repayments of long-term borrowings                 796,000,000 1,000,000,000 $ 0          
Gain (loss) from net investment hedging, net of tax                 (96,000,000) 37,000,000 (20,000,000)          
3.75% Senior Unsecured and Unsubordinated Notes due 2035 [Member]                                
Debt Instrument [Line Items]                                
Aggregate principal amounts outstanding                 1,200,000,000         € 1,000    
Aggregate principal amount                 $ 1,200,000,000         € 1,000    
Debt instrument, interest rate                         3.75% 3.75%    
Debt instrument, maturity date   Jul. 18, 2035                            
Debt instrument, redemption period, end date   Apr. 18, 2035                            
Debt Instrument, redemption price, percentage of principal amount redeemed   100.00%                            
Unsecured Debt 2027 Notes [Member]                                
Debt Instrument [Line Items]                                
Aggregate principal amounts outstanding               $ 700,000,000                
Aggregate principal amount               $ 700,000,000                
Debt instrument, interest rate               3.20%                
Debt instrument, maturity date                 Mar. 15, 2027              
Debt instrument, Approximate annual interest expense               $ 22,000,000                
Debt instrument, payment terms                 Interest is payable semi-annually on March 15 and September 15 of each year              
Unsecured Debt 2024 Notes [Member]                                
Debt Instrument [Line Items]                                
Debt instrument, payment terms                 New BlackRock Guarantee. On October 1, 2024, in connection with the closing of the GIP Transaction, BlackRock, Inc. also entered into a guarantee (the “New BlackRock Guarantee”) pursuant to which BlackRock, Inc. fully and unconditionally guaranteed, on a senior unsecured basis, the obligations of Old BlackRock with respect to the Old BlackRock Notes. The New BlackRock Guarantee ranks equally in right of payment with all of BlackRock, Inc.'s other unsubordinated indebtedness. The New BlackRock Guarantee will be automatically and unconditionally released and discharged, and BlackRock, Inc. will be released from all obligations under the New BlackRock Guarantee, in certain circumstances as described in the New BlackRock Guarantee.              
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                 $ 5,900,000,000       $ 500,000,000      
Maximum leverage ratio required by credit facility                 3.5 to 1              
Additional amount available, subject to lender credit approval                 $ 1,400,000,000              
Maximum amount available under facility                 7,300,000,000              
Amount outstanding under credit facility                 $ 0              
Line of credit facility, covenant compliance                 less than 1 to 1              
2025 Subsidiary Credit Facility [Member] | Subsidiaries [Member]                                
Debt Instrument [Line Items]                                
Maximum amount available under facility                 $ 34,000,000     £ 25        
Aggregate principal amounts outstanding                 0              
Aggregate principal amount                 0              
Notes due 2025 [Member]                                
Debt Instrument [Line Items]                                
Debt instrument, Approximate annual interest expense   € 38             44,000,000              
Debt instrument, payment terms   annually on July 18 of each year                            
Gain (loss) from net investment hedging, net of tax                 (96,000,000) 37,000,000 (20,000,000)          
Gain (loss) from net investment hedging, tax expense (benefit)                 (30,000,000) $ 12,000,000 $ (6,000,000)          
March 2024 Notes [Member]                                
Debt Instrument [Line Items]                                
Aggregate principal amounts outstanding                 3,000,000,000              
Aggregate principal amount                 3,000,000,000              
Debt instrument, Approximate annual interest expense                 $ 152,000,000              
Debt instrument, payment terms                 Interest on the March 2024 Notes of approximately $152 million per year is payable semi-annually on March 14 and September 14 of each year, which commenced on September 14, 2024.              
July 2024 Notes [Member]                                
Debt Instrument [Line Items]                                
Aggregate principal amounts outstanding                 $ 2,500,000,000              
Aggregate principal amount                 2,500,000,000              
July 2027 Notes [Member]                                
Debt Instrument [Line Items]                                
Debt instrument, Approximate annual interest expense                 $ 37,000,000              
Debt instrument, payment terms                 Interest on the July 2027 Notes of approximately $37 million per year is payable semi-annually on January 26 and July 26 of each year, beginning January 26, 2025.              
July 2035 Notes [Member]                                
Debt Instrument [Line Items]                                
Debt instrument, Approximate annual interest expense                 $ 25,000,000              
Debt instrument, payment terms                 Interest on the 2035 Notes and 2055 Notes of approximately $25 million and $64 million per year, respectively, is payable semi-annually on January 8 and July 8 of each year, beginning January 8, 2025.              
July 2055 Notes [Member]                                
Debt Instrument [Line Items]                                
Debt instrument, Approximate annual interest expense                 $ 64,000,000              
Debt instrument, payment terms                 Interest on the 2035 Notes and 2055 Notes of approximately $25 million and $64 million per year, respectively, is payable semi-annually on January 8 and July 8 of each year, beginning January 8, 2025.              
4.70% Notes due March 2029 [Member]                                
Debt Instrument [Line Items]                                
Aggregate principal amounts outstanding                 $ 500,000,000              
Aggregate principal amount                 $ 500,000,000              
Debt instrument, interest rate                 4.70%     4.70%        
Debt instrument, maturity date                 Mar. 14, 2029              
5.00% Notes due 2034 [Member]                                
Debt Instrument [Line Items]                                
Aggregate principal amounts outstanding                 $ 1,000,000,000              
Borrowings                 994,000,000              
Fair Value                 1,032,000,000              
Aggregate principal amount                 $ 1,000,000,000              
Debt instrument, interest rate                 5.00%     5.00%        
Debt instrument, maturity date                 Mar. 14, 2034              
5.25% Notes due 2054 [Member]                                
Debt Instrument [Line Items]                                
Aggregate principal amounts outstanding                 $ 1,500,000,000              
Borrowings                 1,470,000,000              
Fair Value                 1,436,000,000              
Aggregate principal amount                 $ 1,500,000,000              
Debt instrument, interest rate                 5.25%     5.25%        
Debt instrument, maturity date                 Mar. 14, 2054              
4.60% Notes due July 2027 [Member]                                
Debt Instrument [Line Items]                                
Aggregate principal amounts outstanding                 $ 800,000,000              
Aggregate principal amount                 $ 800,000,000              
Debt instrument, interest rate                 4.60%     4.60%        
Debt instrument, maturity date                 Jul. 26, 2027              
4.90% Notes due 2035 [Member]                                
Debt Instrument [Line Items]                                
Aggregate principal amounts outstanding                 $ 500,000,000              
Borrowings                 495,000,000              
Fair Value                 510,000,000              
Aggregate principal amount                 $ 500,000,000              
Debt instrument, interest rate                 4.90%     4.90%        
Debt instrument, maturity date                 Jan. 08, 2035              
5.35% Notes due 2055 [Member]                                
Debt Instrument [Line Items]                                
Aggregate principal amounts outstanding                 $ 1,200,000,000              
Borrowings                 1,186,000,000              
Fair Value                 1,168,000,000              
Aggregate principal amount                 $ 1,200,000,000              
Debt instrument, interest rate                 5.35%     5.35%        
Debt instrument, maturity date                 Jan. 08, 2055              
4.75% Notes due 2033 [Member]                                
Debt Instrument [Line Items]                                
Aggregate principal amounts outstanding                 $ 1,250,000,000 [1]           $ 1,250,000,000  
Borrowings [1]                 1,235,000,000              
Fair Value [1]                 1,277,000,000              
Aggregate principal amount                 $ 1,250,000,000 [1]           $ 1,250,000,000  
Debt instrument, interest rate                             4.75%  
Debt instrument, maturity date                 May 25, 2033              
Debt instrument, Approximate annual interest expense                 $ 59,000,000              
Debt instrument, payment terms                 Interest of approximately $59 million per year is payable semi-annually on May 25 and November 25 of each year, commencing on November 25, 2023              
Debt instrument, redemption period, end date                 Feb. 25, 2033              
Debt Instrument, redemption price, percentage of principal amount redeemed                 100.00%              
1.90% Notes due 2031 [Member]                                
Debt Instrument [Line Items]                                
Aggregate principal amounts outstanding     $ 1,250,000,000           $ 1,250,000,000 [1]              
Borrowings [1]                 1,244,000,000              
Fair Value [1]                 1,123,000,000              
Aggregate principal amount     $ 1,250,000,000           $ 1,250,000,000 [1]              
Debt instrument, interest rate     1.90%                          
Debt instrument, maturity date                 Jan. 28, 2031              
Debt instrument, Approximate annual interest expense     $ 24,000,000                          
Debt instrument, payment terms                 Interest of approximately $24 million per year is payable semi-annually on January 28 and July 28 of each year, which commenced on July 28, 2020.              
Debt instrument, redemption period, end date                 Oct. 28, 2030              
Debt Instrument, redemption price, percentage of principal amount redeemed                 100.00%              
2.10% Notes due 2032 [Member]                                
Debt Instrument [Line Items]                                
Aggregate principal amounts outstanding                 $ 1,000,000,000 [1]             $ 1,000,000,000
Borrowings [1]                 991,000,000              
Fair Value [1]                 883,000,000              
Aggregate principal amount                 $ 1,000,000,000 [1]             $ 1,000,000,000
Debt instrument, interest rate                               2.10%
Debt instrument, maturity date                 Feb. 25, 2032              
Debt instrument, Approximate annual interest expense                 $ 21,000,000              
Debt instrument, payment terms                 Interest of approximately $21 million per year is payable semi-annually on February 25 and August 25 of each year, which commenced on February 25, 2022.              
Debt instrument, redemption period, end date                 Nov. 25, 2031              
Debt Instrument, redemption price, percentage of principal amount redeemed                 100.00%              
3.375% Notes due June 2022 [Member]                                
Debt Instrument [Line Items]                                
Aggregate principal amounts outstanding                               $ 750,000,000
Aggregate principal amount                               $ 750,000,000
Debt instrument, interest rate                               3.375%
2.40% Notes due 2030 [Member]                                
Debt Instrument [Line Items]                                
Aggregate principal amounts outstanding       $ 1,000,000,000         $ 1,000,000,000 [1]              
Borrowings [1]                 997,000,000              
Fair Value [1]                 935,000,000              
Aggregate principal amount       $ 1,000,000,000         $ 1,000,000,000 [1]              
Debt instrument, interest rate       2.40%                        
Debt instrument, maturity date                 Apr. 30, 2030              
Debt instrument, Approximate annual interest expense       $ 24,000,000                        
Debt instrument, payment terms                 Interest of approximately $24 million per year is payable semi-annually on April 30 and October 30 of each year, which commenced on April 30, 2020.              
Debt instrument, redemption period, end date                 Jan. 30, 2030              
Debt Instrument, redemption price, percentage of principal amount redeemed                 100.00%              
3.25% Notes due 2029 [Member]                                
Debt Instrument [Line Items]                                
Aggregate principal amounts outstanding           $ 1,000,000,000     $ 1,000,000,000 [1]              
Borrowings [1]                 995,000,000              
Fair Value [1]                 978,000,000              
Aggregate principal amount           $ 1,000,000,000     $ 1,000,000,000 [1]              
Debt instrument, interest rate           3.25%                    
Debt instrument, maturity date                 Apr. 30, 2029              
Debt instrument, Approximate annual interest expense           $ 33,000,000                    
Debt instrument, payment terms                 Interest is payable semi-annually on April 30 and October 30 of each year, which commenced on October 30, 2019              
Debt instrument, redemption period, end date                 Jan. 30, 2029              
5.00% Notes due 2019 [Member]                                
Debt Instrument [Line Items]                                
Debt instrument, interest rate         5.00%                      
Repayments of long-term borrowings         $ 1,000,000,000                      
6.25% Notes due 2017 [Member]                                
Debt Instrument [Line Items]                                
Debt instrument, interest rate             6.25%                  
Repayments of long-term borrowings             $ 700,000,000                  
Long-term debt, maturity date             2017-09                  
1.25% Notes due 2025 [Member]                                
Debt Instrument [Line Items]                                
Aggregate principal amounts outstanding | € € 700                              
Aggregate principal amount | € € 700                              
Debt instrument, interest rate 1.25%                              
Debt instrument, maturity date May 30, 2025                              
Debt instrument, Approximate annual interest expense                 $ 11,000,000              
Debt instrument, payment terms                 annually on May 6 of each year              
[1] Issued by Old BlackRock and guaranteed by BlackRock, Inc.
v3.25.4
Borrowings - Carrying Value and Fair Value of Long-Term Borrowings Determined Market Prices EUR/USD Foreign Exchange Rate (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
May 30, 2023
Dec. 31, 2021
Apr. 30, 2020
Jan. 31, 2020
Apr. 30, 2019
Debt Instrument [Line Items]              
Maturity Amount $ 12,875            
Unamortized Discount and Debt Issuance Costs [1] (107)            
Carrying Value 12,768 $ 12,314          
Fair Value 12,546 $ 11,700          
3.20% Notes due 2027 [Member]              
Debt Instrument [Line Items]              
Maturity Amount [2] 700            
Unamortized Discount and Debt Issuance Costs [2] (1)            
Carrying Value [2] 699            
Fair Value [2] 696            
4.60% Notes due 2027 [Member]              
Debt Instrument [Line Items]              
Maturity Amount 800            
Unamortized Discount and Debt Issuance Costs [1] (2)            
Carrying Value 798            
Fair Value 810            
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 511            
3.25% Notes due 2029 [Member]              
Debt Instrument [Line Items]              
Maturity Amount 1,000 [2]           $ 1,000
Unamortized Discount and Debt Issuance Costs [1],[2] (5)            
Carrying Value [2] 995            
Fair Value [2] 978            
2.40% Notes due 2030 [Member]              
Debt Instrument [Line Items]              
Maturity Amount 1,000 [2]         $ 1,000  
Unamortized Discount and Debt Issuance Costs [1],[2] (3)            
Carrying Value [2] 997            
Fair Value [2] 935            
1.90% Notes due 2031 [Member]              
Debt Instrument [Line Items]              
Maturity Amount 1,250 [2]       $ 1,250    
Unamortized Discount and Debt Issuance Costs [1],[2] (6)            
Carrying Value [2] 1,244            
Fair Value [2] 1,123            
2.10% Notes due 2032 [Member]              
Debt Instrument [Line Items]              
Maturity Amount 1,000 [2]     $ 1,000      
Unamortized Discount and Debt Issuance Costs [1],[2] (9)            
Carrying Value [2] 991            
Fair Value [2] 883            
4.75% Notes due 2033 [Member]              
Debt Instrument [Line Items]              
Maturity Amount 1,250 [2]   $ 1,250        
Unamortized Discount and Debt Issuance Costs [1],[2] (15)            
Carrying Value [2] 1,235            
Fair Value [2] 1,277            
5.00% Notes due 2034 [Member]              
Debt Instrument [Line Items]              
Maturity Amount 1,000            
Unamortized Discount and Debt Issuance Costs [1] (6)            
Carrying Value 994            
Fair Value 1,032            
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 510            
3.75% Notes due 2035 [Member]              
Debt Instrument [Line Items]              
Maturity Amount 1,175            
Unamortized Discount and Debt Issuance Costs [1] (8)            
Carrying Value 1,167            
Fair Value 1,187            
5.25% Notes due 2054 [Member]              
Debt Instrument [Line Items]              
Maturity Amount 1,500            
Unamortized Discount and Debt Issuance Costs [1] (30)            
Carrying Value 1,470            
Fair Value 1,436            
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 $ 1,168            
[1] The unamortized discount and debt issuance costs are being amortized over the term of the notes.
[2] Issued by Old BlackRock and guaranteed by BlackRock, Inc.
v3.25.4
Commitments and Contingencies - Additional Information (Detail) - USD ($)
shares in Millions
 12 Months Ended
Jul. 01, 2025
Oct. 01, 2024
Dec. 31, 2025
Loss Contingencies [Line Items]      
Investment commitments     $ 2,400,000,000
Contingent consideration at fair value     8,400,000,000
Amount of securities on loan subject to indemnification     353,000,000,000
Collateral for indemnified securities     375,000,000,000
Fair value of indemnified securities     0
Minimum [Member] | Subco Units [Member]      
Loss Contingencies [Line Items]      
Contingent payments 2.8    
Maximum [Member] | Subco Units [Member]      
Loss Contingencies [Line Items]      
Contingent payments 4.4    
Global Infrastructure Management      
Loss Contingencies [Line Items]      
Fair value of deferred stock     $ 4,800,000,000
Global Infrastructure Management | First Contingent Payment [Member] | Minimum [Member]      
Loss Contingencies [Line Items]      
Contingent payments   4.0 4.0
Global Infrastructure Management | First Contingent Payment [Member] | Maximum [Member]      
Loss Contingencies [Line Items]      
Contingent payments   5.2 5.2
HPS Investment Partners      
Loss Contingencies [Line Items]      
Fair value of deferred stock     $ 3,500,000,000
HPS Investment Partners | Minimum [Member] | Subco Units [Member]      
Loss Contingencies [Line Items]      
Contingent payments 2.8   2.8
HPS Investment Partners | Maximum [Member] | Subco Units [Member]      
Loss Contingencies [Line Items]      
Contingent payments 4.4   4.4
v3.25.4
Revenue - Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Type (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation Of Revenue [Line Items]      
Total revenue $ 24,216 $ 20,407 $ 17,859
Investment Advisory, Administration Fees and Securities Lending Revenue [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [1],[2] 19,179 16,100 14,399
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity Active Product [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [2] 2,167 2,166 2,000
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity ETFs [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [2] 6,043 5,124 4,418
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [2] 8,210 7,290 6,418
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income Active [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [2] 2,018 1,952 1,897
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income ETFs [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [2] 1,532 1,367 1,230
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [2] 3,550 3,319 3,127
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Active Multi-Asset [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [2] 1,332 1,248 1,172
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [2] 3,019 1,764 1,461
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Private Markets [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [2] 2,350 1,196 889
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Liquid Alternatives [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [2] 669 568 572
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Non-ETF Index [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [2] 1,321 1,183 1,127
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] 502 247 185
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Cash Management [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [2] 1,245 1,049 909
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Long-term [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [2] 17,934 15,051 13,490
Investment Advisory Performance Fees [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,424 1,207 554
Investment Advisory Performance Fees [Member] | Equity [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 132 161 99
Investment Advisory Performance Fees [Member] | Fixed Income [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 16 34 4
Investment Advisory Performance Fees [Member] | Multi-asset [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 23 24 28
Investment Advisory Performance Fees [Member] | Alternatives [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,253 988 423
Investment Advisory Performance Fees [Member] | Alternatives [Member] | Private Markets [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 695 308 273
Investment Advisory Performance Fees [Member] | Alternatives [Member] | Liquid Alternatives [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 558 680 150
Technology Services and Subscription Revenue [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,981 1,603 1,485
Distribution Fees [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,355 1,273 1,262
Advisory and Other Revenue [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 277 224 159
Advisory and Other Revenue [Member] | Advisory [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 50 49 81
Advisory and Other Revenue [Member] | Other [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue $ 227 $ 175 $ 78
[1] Amounts include $705 million, $615 million and $675 million of securities lending revenue for 2025, 2024 and 2023, respectively.
[2] Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 and 2023 to conform to this new presentation. See page 11 of Exhibit 99.2 to the Current Report on Form 8-K furnished on April 11, 2025 for the reclassified presentation of the 2024 and 2023 investment advisory, administration fees and securities lending revenue line items.
[3] Amounts include commodity ETFs and exchange-traded products ("ETPs")
v3.25.4
Revenue - Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Type (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Securities lending revenue earned $ 24,216 $ 20,407 $ 17,859
Investment Advisory, Administration Fees and Securities Lending Revenue [Member]      
Disaggregation of Revenue [Line Items]      
Securities lending revenue earned [1],[2] 19,179 16,100 14,399
Securities Lending Revenue [Member] | Investment Advisory, Administration Fees and Securities Lending Revenue [Member]      
Disaggregation of Revenue [Line Items]      
Securities lending revenue earned $ 705 $ 615 $ 675
[1] Amounts include $705 million, $615 million and $675 million of securities lending revenue for 2025, 2024 and 2023, respectively.
[2] Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 and 2023 to conform to this new presentation. See page 11 of Exhibit 99.2 to the Current Report on Form 8-K furnished on April 11, 2025 for the reclassified presentation of the 2024 and 2023 investment advisory, administration fees and securities lending revenue line items.
v3.25.4
Revenue - Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Client Type and Investment Style (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation Of Revenue [Line Items]      
Total revenue $ 24,216 $ 20,407 $ 17,859
Revenue by Client Type [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [1] 19,179 16,100 14,399
Revenue by Client Type [Member] | Retail [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [1] 4,534 4,284 4,115
Revenue by Client Type [Member] | Equity ETFs [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [1] 8,077 6,738 5,833
Revenue by Client Type [Member] | Institutional Active [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [1] 4,313 3,089 2,624
Revenue by Client Type [Member] | Institutional Index [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [1] 1,010 940 918
Revenue by Client Type [Member] | Institutional [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [1] 5,323 4,029 3,542
Revenue by Client Type [Member] | Cash Management [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [1] 1,245 1,049 909
Revenue by Client Type [Member] | Long-term [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [1] 17,934 15,051 13,490
Revenue by Investment Style [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [1] 19,179 16,100 14,399
Revenue by Investment Style [Member] | Equity ETFs [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [1] 8,077 6,738 5,833
Revenue by Investment Style [Member] | Equity Non ETFs [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [1] 1,321 1,183 1,127
Revenue by Investment Style [Member] | Active [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [1] 8,536 7,130 6,530
Revenue by Investment Style [Member] | Cash Management [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [1] 1,245 1,049 909
Revenue by Investment Style [Member] | Long-term [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [1] $ 17,934 $ 15,051 $ 13,490
[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 and 2023 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 and 2023 investment advisory, administration fees and securities lending revenue line items.
v3.25.4
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
Dec. 31, 2025
Dec. 31, 2024
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation [1],[2] $ 1,252 $ 1,303
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 [1],[2]   $ 427
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 [1],[2] $ 492 $ 381
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 [1],[2] $ 459 $ 353
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 [1],[2] $ 226 $ 142
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 [1],[2] $ 75  
[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 December 31, 2025 and 2024. Revenue attributed to future periods could be subject to change due to a change in business activities (e.g. post-investment period) 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.
v3.25.4
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
Dec. 31, 2025
Dec. 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],[2] $ 1,252 $ 1,303
[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 December 31, 2025 and 2024. Revenue attributed to future periods could be subject to change due to a change in business activities (e.g. post-investment period) 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.
v3.25.4
Revenue - Schedule of Changes in Deferred Carried Interest Liability (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Beginning balance $ 1,860 $ 1,783
Acquisition [1] 1,441 0
Net increase (decrease) in unrealized allocations 706 364
Performance fee revenue recognized (492) (287)
Ending balance $ 3,515 $ 1,860
[1] Amount for 2025 includes deferred carried interest acquired in connection with the HPS Transaction. See Note 3, Acquisitions, for information on the HPS Transaction.
v3.25.4
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
Dec. 31, 2025
Dec. 31, 2024
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation [1],[2] $ 497 $ 334
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 [1],[2]   $ 134
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 [1],[2] $ 208 $ 81
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 [1],[2] $ 121 $ 50
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 [1],[2] $ 73 $ 69
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 [1],[2] $ 95  
[1] Technology services and subscription revenue includes upfront payments from customers, which the Company 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.
v3.25.4
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
Dec. 31, 2025
Dec. 31, 2024
Technology Services and Subscription Revenue [Member]    
Schedule of Technology Services Revenue [line Items]    
Revenue, Remaining Performance Obligation [1],[2] $ 497 $ 334
[1] Technology services and subscription revenue includes upfront payments from customers, which the Company 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.
v3.25.4
Revenue - Additional Information (Detail)
$ in Billions
 12 Months Ended
Dec. 31, 2025
USD ($)
Schedule of Technology Services Revenue [line Items]  
Estimated annual fixed minimum fees for currently outstanding contracts $ 1.3
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
v3.25.4
Revenue - Schedule of Changes in Technology Services and Subscription Deferred Revenue Liability (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Beginning balance $ 124 $ 133
Acquisition [1] 3 0
Additions [2] 218 84
Revenue recognized that was included in the beginning balance (85) (93)
Ending balance $ 260 $ 124
[1] Amount for 2025 includes deferred revenue acquired in connection with the Preqin Transaction, net of revenue recognized. See Note 3, Acquisitions, for information on the Preqin Transaction.
[2] Amounts are net of revenue recognized.
v3.25.4
Stock-Based Compensation - Components of Stock-Based Compensation Expense (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
RSUs [1] $ 1,282 $ 718 $ 596
Stock options 25 35 34
Total stock-based compensation [2] $ 1,307 $ 753 $ 630
[1] Amount for 2025 includes incentive retention awards granted in connection with the HPS and GIP Transactions of $394 million and $142 million, respectively. Amount for 2024 includes $71 million of incentive retention awards granted in connection with the GIP Transaction.
[2] Amounts for 2025 and 2023 include $12 million and $14 million, respectively, of compensation expense for accelerated vesting of previously granted stock-based compensation awards recognized as part of restructuring charges. See Note 24, Restructuring Charge for more information.
v3.25.4
Stock-Based Compensation - Components of Stock-Based Compensation Expense (Parenthetical) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Restricted Stock Units, Granted 168,731    
Compensation expense for accelerated vesting of previously granted stock-based compensation awards $ 12   $ 14
Restricted Stock Units (RSUs) [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Restricted Stock Units, Granted 369,169 346,831 342,706
Restricted Stock Units (RSUs) [Member] | HPS Transaction [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Restricted Stock Units, Granted 394,000,000    
Restricted Stock Units (RSUs) [Member] | GIP Transaction [Member]      
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Restricted Stock Units, Granted 142,000,000 71,000,000  
v3.25.4
Stock-Based Compensation - Summary of RSUs Granted Under the Award Plan in Connection with Annual Incentive Compensation and Incentive Retention Awards in Connection with the GIP Transaction (Detail) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total awards granted 168,731    
Restricted Stock Units (RSUs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total awards granted 369,169 346,831 342,706
RSUs, Granted with various vesting schedules 173,599 204,622 169,764
Awards granted that vest in increasing yearly increments over five years [1] 680,691 0 0
Restricted Stock Units (RSUs) [Member] | December 31, 2025 [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Awards to employees cliff vesting [1] 269,930 0 0
Restricted Stock Units (RSUs) [Member] | January 31, 2026 [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Awards to employees cliff vesting 0 0 259,465
Restricted Stock Units (RSUs) [Member] | January 31, 2027 [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Awards to employees cliff vesting 0 343,418 0
Restricted Stock Units (RSUs) [Member] | January 31, 2028 [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Awards to employees cliff vesting 221,825 0 0
Restricted Stock Units (RSUs) [Member] | October 1, 2029 [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Awards to employees cliff vesting [1] 30,628 500,440 0
Annual RSUs Granted [Member] | Restricted Stock Units (RSUs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total awards granted 1,745,842 1,395,311 771,935
[1] Includes incentive retention awards granted in connection with the HPS and GIP Transactions.
v3.25.4
Stock-Based Compensation - Summary of RSUs Granted in Connection with Annual Incentive Compensation under Award Plan (Parenthetical) (Detail) - Restricted Stock Units (RSUs) [Member]
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Restricted stock units vesting period, years 3 years 3 years 3 years  
RSUs to employees that cliff vest, percentage 100.00% 100.00% 100.00%  
December 31, 2025 [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
RSUs to employees that cliff vest, date       Dec. 31, 2025
January 31, 2026 [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
RSUs to employees that cliff vest, date     Jan. 31, 2026  
January 31, 2027 [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
RSUs to employees that cliff vest, date   Jan. 31, 2027    
January 31, 2028 [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
RSUs to employees that cliff vest, date Jan. 31, 2028      
October 1, 2029 [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
RSUs to employees that cliff vest, date Oct. 01, 2029      
GIP And HPS [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Restricted stock units vesting period, years 5 years 5 years 5 years  
v3.25.4
Stock-Based Compensation - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Jul. 01, 2025
May 30, 2023
Jan. 31, 2026
Jul. 31, 2025
Oct. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Common stock shares authorized for issuance under Award Plan                 48,500,000        
Number of shares remaining for future awards                 6,154,871        
Weighted-Average Grant Date Fair Value, Granted                 $ 991.2        
Fair value of RSUs granted to employees                 $ 1,700.0 $ 1,100.0 $ 565.0    
Fair market value of RSUs converted to common stock                 $ 517.0 $ 592.0 $ 592.0    
Restricted Stock Units, Granted                 168,731        
Awards vesting                 54,212        
Reduction of shares due to performance measures                 (71,866)        
Employee stock purchase plan, purchase price percentage                 95.00%        
HPS Transaction [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Restricted Stock Units, Granted       680,000                  
Minimum [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Award vesting period, years                 1 year        
Maximum [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Award vesting period, years                 5 years        
Restricted Stock Units (RSUs) [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Award vesting period, years                 3 years 3 years 3 years    
Restricted Stock Units, Granted                 369,169 346,831 342,706    
Intrinsic value of outstanding RSUs                 $ 3,500.0        
Stock price                 $ 1,070        
Unrecognized stock-based compensation expense                 $ 1.4        
Remaining weighted-average period                 2 years        
RSUs to employees that cliff vest, percentage                 100.00% 100.00% 100.00%    
RSUs, Granted with various vesting schedules                 173,599 204,622 169,764    
Restricted Stock Units (RSUs) [Member] | HPS Transaction [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Weighted-Average Grant Date Fair Value, Granted       $ 991.52                  
Award vesting period       5 years                  
Restricted Stock Units, Granted                 394,000,000        
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche One [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Awards to employees cliff vesting [1]                 269,930 0 0    
RSUs to employees that cliff vest, date                       Dec. 31, 2025  
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Two [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Awards to employees cliff vesting                 0 0 259,465    
RSUs to employees that cliff vest, date                     Jan. 31, 2026    
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Three [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Awards to employees cliff vesting                 0 343,418 0    
RSUs to employees that cliff vest, date                   Jan. 31, 2027      
Restricted Stock Units (RSUs) [Member] | GIP Transaction [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Restricted Stock Units, Granted                 142,000,000 71,000,000      
RSUs/Restricted Stock [Member] | Subsequent Event [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Award vesting period, years     3 years                    
Restricted Stock Units, Granted     342,000                    
Awards to employees cliff vesting     320,000                    
RSUs to employees that cliff vest, percentage     100.00%                    
RSUs to employees that cliff vest, date     Jan. 31, 2029                    
RSUs, Granted with various vesting schedules     36,000                    
Performance-Based RSUs [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Award vesting period, years           3 years 3 years 3 years          
Weighted-Average Grant Date Fair Value, Granted                 $ 991.38        
Restricted Stock Units, Granted                 167,962        
Intrinsic value of outstanding RSUs                 $ 726.0        
Awards vesting                 54,212        
Stock price                 $ 1,070        
Unrecognized stock-based compensation expense                 $ 290.0        
Remaining weighted-average period                 1 year 10 months 24 days        
Awards to employees cliff vesting           136,000 166,000 170,000          
RSUs to employees that cliff vest, percentage           100.00% 100.00% 100.00%          
Share based compensation vesting option exercised period                 up to nine years        
RSUs to employees that cliff vest, date           Jan. 31, 2028 Jan. 31, 2027 Jan. 31, 2026          
Reduction of shares due to performance measures                 (71,866)        
Fair value of RSUs/restricted stock granted to employees                 $ 107.0 $ 279.0 $ 142.0    
Performance-Based RSUs [Member] | Subsequent Event [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Award vesting period, years     3 years                    
Awards to employees cliff vesting     137,000                    
RSUs to employees that cliff vest, percentage     100.00%                    
RSUs to employees that cliff vest, date     Jan. 31, 2029                    
Performance-Based RSUs [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 RSUs [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 RSUs [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 RSUs [Member] | GIP Transaction [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Weighted-Average Grant Date Fair Value, Granted                 $ 952.02        
Restricted Stock Units, Granted                 769        
Awards vesting         210,000       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]                          
Remaining weighted-average period                 2 years 8 months 12 days        
Award vesting percentage of BlackRock's grant-date stock price   130.00%             125.00%        
Award vesting period of BlackRock's performance period   3 years                      
Award vesting period of BlackRock's grant-date stock price   4 years             5 years        
Award performance measurement period                 4 years        
Strike price                 $ 513.5        
Grant-date fair value of awards issued                     $ 120.0   $ 208.0
Number of shares awarded to purchase   814,482                      
Unrecognized stock-based compensation expense                 $ 72.0        
Aggregate intrinsic value of options exercised                 $ 171.0        
Performance-Based Stock Options [Member] | Share-based Payment Arrangement, Tranche One [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Service period 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 period 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 period of awards                 2024        
2023 Performance-based Options                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Strike price                 $ 673.58 $ 673.58      
Time Based Stock Options Member                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Remaining weighted-average period                 2 years 8 months 12 days        
Share based compensation vesting option exercised period   up to nine years                      
Strike price                 $ 673.58        
Grant-date fair value of awards issued                 $ 55.0        
Number of shares awarded to purchase   326,391                      
Unrecognized stock-based compensation expense                 $ 72.0        
Time Based Stock Options 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                      
Time Based Stock Options 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                      
Time Based Stock Options 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                      
Cliff vesting RSU [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
RSUs to employees that cliff vest, percentage 100.00%                        
Cliff vesting RSU [Member] | HPS Transaction [Member]                          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                          
Restricted Stock Units, Granted       270,000                  
RSUs to employees that cliff vest, percentage                 100.00%        
Weighted-Average Grant Date Fair Value, Granted       $ 957.42                  
[1] Includes incentive retention awards granted in connection with the HPS and GIP Transactions.
v3.25.4
Stock-Based Compensation - Restricted Stock and RSU Activity (Detail) - $ / shares
 1 Months Ended 12 Months Ended
Oct. 31, 2024
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted Stock Units, beginning of period   661,547
Restricted Stock Units, Granted   168,731
Reduction of shares due to performance measures   (71,866)
Restricted Stock Units, Converted   (54,212)
Restricted Stock Units, Forfeited   (26,220)
Restricted Stock Units, end of period   677,980
Weighted-Average Grant Date Fair Value, beginning of period   $ 806.71
Weighted-Average Grant Date Fair Value, Granted   991.2
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   818.95
Weighted-Average Grant Date Fair Value, end of period   $ 847.43
Performance-Based RSUs [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted Stock Units, beginning of period   451,042
Restricted Stock Units, Granted   167,962
Reduction of shares due to performance measures   (71,866)
Restricted Stock Units, Converted   (54,212)
Restricted Stock Units, Forfeited   (14,690)
Restricted Stock Units, end of period   478,236
Weighted-Average Grant Date Fair Value, beginning of period   $ 788.61
Weighted-Average Grant Date Fair Value, Granted   991.38
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   798.13
Weighted-Average Grant Date Fair Value, end of period   $ 848.08
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
Restricted Stock Units, Granted   769
Reduction of shares due to performance measures   0
Restricted Stock Units, Converted (210,000) 0
Restricted Stock Units, Forfeited   (11,530)
Restricted Stock Units, end of period   199,744
Weighted-Average Grant Date Fair Value, beginning of period   $ 845.48
Weighted-Average Grant Date Fair Value, Granted   952.02
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   $ 845.89
Time-based RSUs [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted Stock Units, beginning of period   2,297,665
Restricted Stock Units, Granted   1,745,842
Restricted Stock Units, Converted   (649,378)
Restricted Stock Units, Forfeited   (156,422)
Restricted Stock Units, end of period   3,237,707
Weighted-Average Grant Date Fair Value, beginning of period   $ 793.08
Weighted-Average Grant Date Fair Value, Granted   991.3
Weighted-Average Grant Date Fair Value, Converted   796.68
Weighted-Average Grant Date Fair Value, Forfeited   851.75
Weighted-Average Grant Date Fair Value, end of period   $ 896.41
v3.25.4
Stock-Based Compensation - Stock Option Activity (Detail)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Shares Under Option, End of Period | shares 1,260,465
Outstanding, Shares Under Option, Weighted Average Remaining Contractual Life 5 years 1 month 6 days
Exercisable at December 31, 2022, Weighted Average Remaining Contractual Life 10 months 24 days
Performance-Based Stock Options [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Weighted Average Exercise Price, End of Period $ 513.5
2017 Performance-based Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Shares Under Option, Beginning of Period | shares 625,825
Outstanding, Shares Under Option, Exercised | shares (325,469)
Outstanding, Shares Under Option, Forfeited | shares 0
Outstanding, Shares Under Option, End of Period | shares 300,356
Weighted Average Exercise Price, Beginning of Period $ 513.5
Weighted Average Exercise Price, Exercised 513.5
Weighted Average Exercise Price, Forfeited 0
Weighted Average Exercise Price, End of Period 513.5
Exercisable at December 31, 2022, Weighted Average Exercise Price $ 513.5
Outstanding, Shares Under Option, Weighted Average Remaining Contractual Life 10 months 24 days
Exercisable at December 31, 2022, Weighted Average Remaining Contractual Life 10 months 24 days
2023 Performance-based Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Shares Under Option, Beginning of Period | shares 766,970
Outstanding, Shares Under Option, Exercised | shares 0
Outstanding, Shares Under Option, Forfeited | shares (88,238)
Outstanding, Shares Under Option, End of Period | shares 678,732
Weighted Average Exercise Price, Beginning of Period $ 673.58
Weighted Average Exercise Price, Exercised 0
Weighted Average Exercise Price, Forfeited 673.58
Weighted Average Exercise Price, End of Period $ 673.58
2023 Time-based Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Shares Under Option, Beginning of Period | shares 299,686
Outstanding, Shares Under Option, Exercised | shares 0
Outstanding, Shares Under Option, Forfeited | shares (18,309)
Outstanding, Shares Under Option, End of Period | shares 281,377
Weighted Average Exercise Price, Beginning of Period $ 673.58
Weighted Average Exercise Price, Exercised 0
Weighted Average Exercise Price, Forfeited 673.58
Weighted Average Exercise Price, End of Period $ 673.58
v3.25.4
Stock-Based Compensation - Stock Option Activity 1 (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Options Outstanding 1,260,465  
Options Outstanding, Weighted Average Remaining Life (years) 5 years 1 month 6 days  
Options Outstanding, Aggregate Intrinsic Value $ 548  
Options Exercisable 300,356  
Options Exercisable, Weighted Average Remaining Life (years) 10 months 24 days  
Options Exercisable, Aggregate Intrinsic Value $ 167  
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 300,356 625,825
Options Outstanding, Weighted Average Remaining Life (years) 10 months 24 days  
Options Outstanding, Aggregate Intrinsic Value $ 167  
Options Exercisable, Exercise Prices $ 513.5  
Options Exercisable 300,356  
Options Exercisable, Weighted Average Remaining Life (years) 10 months 24 days  
Options Exercisable, Aggregate Intrinsic Value $ 167  
2023 Performance-based Options    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Options Outstanding, Exercise Prices $ 673.58  
Options Outstanding 678,732  
Options Outstanding, Weighted Average Remaining Life (years) 6 years 4 months 24 days  
Options Outstanding, Aggregate Intrinsic Value $ 269  
Options Exercisable, Exercise Prices $ 673.58  
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 281,377  
Options Outstanding, Weighted Average Remaining Life (years) 6 years 4 months 24 days  
Options Outstanding, Aggregate Intrinsic Value $ 112  
Options Exercisable, Exercise Prices $ 673.58  
Options Exercisable 0  
Options Exercisable, Weighted Average Remaining Life (years) 0 years  
Options Exercisable, Aggregate Intrinsic Value $ 0  
v3.25.4
Stock-Based Compensation - Schedule of Fair Value of Market Performance-Based Award at Grant Date (Detail)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2017
Performance-Based Stock Options [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected Term (Years) 6 years 7 days [1] 6 years 6 months 21 days [2]
Expected Stock Volatility 27.73% [3] 22.23% [4]
Expected Dividend Yield 3.02% [5] 2.16% [6]
Risk-Free Interest Rate 3.61% [7] 2.33% [8]
Time Based Stock Options Member    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected Term (Years) [9] 7 years 1 month 17 days  
Expected Stock Volatility [10] 28.29%  
Expected Dividend Yield [11] 3.02%  
Risk-Free Interest Rate [12] 3.65%  
[1] The expected term was derived using a Monte Carlo simulation with the embedded lattice model and represents the period of time that options granted are expected to be outstanding.
[2] The expected term was derived using a Monte Carlo simulation with the embedded lattice model and represents the period of time that options granted are expected to be outstanding.
[3] The expected stock volatility was based upon an average of historical stock price fluctuations of BlackRock’s common stock and an implied volatility at the grant date.
[4] The expected stock volatility was based upon an average of historical stock price fluctuations of BlackRock’s common stock and an implied volatility at the grant date.
[5] The expected dividend yield was calculated as the most recent quarterly dividend divided by the average three-month stock price as of the grant date.
[6] The expected dividend yield was calculated as the most recent quarterly dividend divided by the average three-month stock price as of the grant date.
[7] The risk-free interest rate is based on the US Treasury Constant Maturities yield curve at grant date.
[8] The risk-free interest rate is based on the US Treasury Constant Maturities yield curve at grant date.
[9] The expected term represents the period of time that options granted are expected to be outstanding, and was calculated as the midpoint between the weighted average time to vest and expiration.
[10] The expected stock volatility was based upon an average of historical stock price fluctuations of BlackRock’s common stock and an implied volatility at the grant date.
[11] The expected dividend yield was calculated as the most recent quarterly dividend divided by the average three-month stock price as of the grant date.
[12] The risk-free interest rate is based on the US Treasury Constant Maturities yield curve at grant date.
v3.25.4
Deferred Cash Compensation Plans and Employee Benefit Plans - Components of Deferred Cash Compensation Expense (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred Compensation [Line Items]      
Deferred cash compensation expense $ 371 $ 212 $ 226
Investment Professional Deferred Compensation Program [Member]      
Deferred Compensation [Line Items]      
Deferred cash compensation expense 225 155 195
Voluntary Deferred Compensation Plan [Member]      
Deferred Compensation [Line Items]      
Deferred cash compensation expense 26 26 17
Deferred Compensation Plan Other [Member]      
Deferred Compensation [Line Items]      
Deferred cash compensation expense $ 120 $ 31 $ 14
v3.25.4
Deferred Cash Compensation and Employee Benefit Plans - Additional Information (Detail)
 1 Months Ended 12 Months Ended
Jan. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Installment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Deferred Compensation Plans [Member]        
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items]        
Other deferred compensation plan liability   $ 272,000,000 $ 220,000,000  
Deferred compensation, vesting period   3 years    
Deferred compensation granted   $ 264,000,000 114,000,000 $ 90,000,000
Liabilities related to other deferred cash plans   $ 62,000,000 34,000,000  
Deferred Compensation Plans [Member] | Voluntary Deferred Compensation Plan [Member]        
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items]        
Deferred compensation plan, annual percentage of incentive compensation deferred, minimum   1.00%    
Deferred compensation plan, annual percentage of incentive compensation deferred, maximum   100.00%    
Deferred compensation plan, deferral period, years   up to 10 years    
Deferred compensation plan, number of annual installments | Installment   10    
Deferred compensation plan liability   $ 208,000,000 170,000,000  
Deferred Compensation Plans [Member] | Subsequent Event [Member]        
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items]        
Additional deferred compensation granted $ 251,000,000      
Deferred compensation, vesting period 3 years      
Defined Contribution Plans [Member] | U.S. Plan [Member]        
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items]        
Defined contribution plan, employee contribution, percentage of employee compensation, maximum   8.00%    
Defined Contribution plan, employer matching contribution percentage of employee contribution   50.00%    
Defined contribution plan, employer matching annual contribution, percentage of eligible compensation, minimum   3.00%    
Defined contribution plan, employer matching annual contribution, percentage of eligible compensation, maximum   5.00%    
Defined contribution plan, employer matching contribution, maximum amount   $ 5,000    
Defined contribution plan expense   $ 118,000,000 149,000,000 86,000,000
Defined Contribution Plans [Member] | U.K. Plan [Member]        
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items]        
Defined contribution plan, employee contribution, percentage of employee compensation, maximum   15.00%    
Defined contribution plan, employer matching annual contribution, percentage of eligible compensation, minimum   9.00%    
Defined contribution plan expense   $ 77,000,000 66,000,000 64,000,000
Defined Contribution Plans [Member] | Other Regions [Member]        
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items]        
Defined contribution plan expense   70,000,000 50,000,000 $ 42,000,000
Defined Benefit Plans [Member]        
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items]        
Deferred compensation plan assets   $ 28,000,000 $ 27,000,000  
v3.25.4
Related Party Transactions - Additional Information (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Accounts Receivable, Related Parties $ 5,158 $ 4,304
Due to Related Parties [1] 6,823 4,032
Related Party [Member]    
Related Party Transaction [Line Items]    
Due from Related Parties 377 245
Due to Related Parties $ 9 $ 11
[1] At December 31, 2025, cash and cash equivalents, investments, other assets and other liabilities include $428 million, $8.5 billion, $76 million and $4.1 billion, respectively, related to consolidated 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.
v3.25.4
Net Capital Requirements - Summary of Capital Adequacy Requirements (Detail)
$ in Millions
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]    
Total capital (to risk weighted assets), Actual, Amount $ 851 $ 961
Total capital (to risk weighted assets), Actual, Ratio 0.1146 0.1532
Total capital (to risk weighted assets), For Capital Adequacy Purposes, Amount $ 59 $ 50
Total capital (to risk weighted assets), For Capital Adequacy Purposes, Ratio 0.08 0.08
Total capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount $ 74 $ 63
Total capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 0.10 0.10
Common Equity Tier 1 capital (to risk weighted assets), Actual, Amount $ 846 $ 953
Common Equity Tier 1 capital (to risk weighted assets), Actual, Ratio 114.00% 151.90%
Common Equity Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes, Amount $ 33 $ 28
Common Equity Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes, Ratio 4.50% 4.50%
Common Equity Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount $ 48 $ 41
Common Equity Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 6.50% 6.50%
Tier 1 capital (to risk weighted assets), Actual, Amount $ 846 $ 953
Tier 1 capital (to risk weighted assets), Actual, Ratio 0.114 0.1519
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes, Amount $ 45 $ 38
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes, Ratio 0.06 0.06
Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount $ 59 $ 50
Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 0.08 0.08
Tier 1 capital (to average assets), Actual, Amount $ 846 $ 953
Tier 1 capital (to average assets), Actual, Ratio 0.676 0.713
Tier 1 capital (to average assets), For Capital Adequacy Purposes, Amount $ 50 $ 53
Tier 1 capital (to average assets), For Capital Adequacy Purposes, Ratio 0.04 0.04
Tier 1 capital (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount $ 63 $ 67
Tier 1 capital (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 0.05 0.05
v3.25.4
Net Capital Requirements - Additional Information (Detail) - USD ($)
$ in Billions
Dec. 31, 2025
Dec. 31, 2024
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]    
Net capital requirement in certain regulated subsidiaries $ 2.2 $ 1.8
v3.25.4
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance $ 47,664 $ 39,500 $ 37,876
Foreign currency translation adjustments [1] 606 (338) 261
Balance Ending 56,115 47,664 39,500
Accumulated Other Comprehensive Income (Loss) [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance (1,178) (840) (1,101)
Foreign currency translation adjustments [2] 606 (338) 261
Change in BlackRock, Inc.'s ownership interest 27 0 0
Balance Ending $ (545) $ (1,178) $ (840)
[1] Amount for 2025 includes a loss from a net investment hedge of $96 million (net of tax benefit of $30 million). Amount for 2024 includes a gain from a net investment hedge of $37 million (net of tax expense of $12 million). Amount for 2023 includes a loss from a net investment hedge of $20 million (net of tax benefit of $6 million).
[2] Amount for 2025 includes a loss from a net investment hedge of $96 million (net of tax benefit of $30 million). Amount for 2024 includes a gain from a net investment hedge of $37 million (net of tax expense of $12 million). Amount for 2023 includes a loss from a net investment hedge of $20 million (net of tax benefit of $6 million).
v3.25.4
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract]      
Gain (loss) from net investment hedging, net of tax $ (96) $ 37 $ (20)
Gain (loss) from net investment hedging, tax (expense) benefit $ 30 $ (12) $ 6
v3.25.4
Capital Stock - Additional Information (Detail)
$ / shares in Units, SubcoUnit in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Jul. 01, 2025
shares
Jan. 31, 2026
shares
Dec. 31, 2025
USD ($)
SubcoUnit
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
shares
Schedule of Capitalization, Equity [Line Items]            
Dividends cash per common share | $ / shares     $ 20.84 $ 20.4 $ 20  
Aggregate dividends | $     $ 3,265 $ 3,101 $ 3,035  
Common shares repurchased, value | $       $ 1,625 $ 1,509  
Share Repurchase Program [Member]            
Schedule of Capitalization, Equity [Line Items]            
Shares authorized to be repurchased     2,200,000      
HPS Investment Partners [Member]            
Schedule of Capitalization, Equity [Line Items]            
Subco units outstanding | SubcoUnit     7.7      
Common Stock [Member]            
Schedule of Capitalization, Equity [Line Items]            
Common stock shares issued     156,276,289 155,318,170 172,075,373 172,075,373
Common shares repurchased     0 0 0  
Common Stock [Member] | Share Repurchase Program [Member]            
Schedule of Capitalization, Equity [Line Items]            
Increased amount of shares to be purchased   9,200,000        
Subco Units [Member]            
Schedule of Capitalization, Equity [Line Items]            
Common stock shares issued     7,743,309 0 0 0
Number of shares issued 8,500,000          
Common shares repurchased     705,118 0 0  
Subco Units [Member] | Share Repurchase Program [Member]            
Schedule of Capitalization, Equity [Line Items]            
Common shares repurchased, value | $     $ 1,600      
Common shares repurchased     1,600,000      
Subco Units [Member] | HPS Investment Partners [Member]            
Schedule of Capitalization, Equity [Line Items]            
Number of shares issued 8,500,000          
v3.25.4
Capital Stock -Common Shares Issued and Outstanding and Related Activity (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Capitalization, Equity [Line Items]      
Issuance of Subco/ common shares in connection with the GIP Transaction   $ 5,904  
Cancellation of treasury stock, common in connection with the GIP Transaction $ 0 $ (12,829) $ 0
Common Stock [Member]      
Schedule of Capitalization, Equity [Line Items]      
Shares, beginning balance 155,318,170 172,075,373 172,075,373
Shares/ Subco units repurchased 0 0 0
Net issuance of common shares related to employee stock transactions 713,879 456,182 0
Issuance of Subco/ common shares in connection with the GIP Transaction $ 244,240 $ 6,908,416  
Cancellation of treasury stock, common in connection with the GIP Transaction   $ (24,121,801)  
Shares, ending balance 156,276,289 155,318,170 172,075,373
Common Stock [Member] | Shares Outstanding [Member]      
Schedule of Capitalization, Equity [Line Items]      
Shares, beginning balance 154,947,813 148,500,074 149,756,492
Shares/ Subco units repurchased (872,569) (1,909,964) (2,176,538)
Net issuance of common shares related to employee stock transactions 749,687 1,449,287 920,120
Issuance of Subco/ common shares in connection with the GIP Transaction   $ 6,908,416  
Cancellation of treasury stock, common in connection with the GIP Transaction   $ 0  
Shares, ending balance 155,069,171 154,947,813 148,500,074
Treasury Stock, Common [Member]      
Schedule of Capitalization, Equity [Line Items]      
Shares, beginning balance (370,357) (23,575,299) (22,318,881)
Shares/ Subco units repurchased (872,569) (1,909,964) (2,176,538)
Net issuance of common shares related to employee stock transactions 35,808 993,105 920,120
Issuance of Subco/ common shares in connection with the GIP Transaction $ 0 $ 0  
Cancellation of treasury stock, common in connection with the GIP Transaction   $ 24,121,801  
Shares, ending balance (1,207,118) (370,357) (23,575,299)
Subco Units [Member]      
Schedule of Capitalization, Equity [Line Items]      
Shares, beginning balance 0 0 0
Shares/ Subco units repurchased (705,118) 0 0
Net issuance of common shares related to employee stock transactions 0 0 0
Issuance of Subco/ common shares in connection with the GIP Transaction $ 8,448,427 $ 0  
Cancellation of treasury stock, common in connection with the GIP Transaction   $ 0  
Shares, ending balance 7,743,309 0 0
Subco Units [Member] | Shares Outstanding [Member]      
Schedule of Capitalization, Equity [Line Items]      
Shares, beginning balance 0 0 0
Shares/ Subco units repurchased (705,118) 0 0
Net issuance of common shares related to employee stock transactions   0 0
Issuance of Subco/ common shares in connection with the GIP Transaction $ 8,448,427 $ 0  
Cancellation of treasury stock, common in connection with the GIP Transaction   $ 0  
Shares, ending balance 7,743,309 0 0
v3.25.4
Restructuring Charge - Additional Information (Detail) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring and Related Activities [Abstract]        
Restructuring Charge $ 39 $ 39 $ 0 $ 61
Restructuring charge after-tax 29      
Severance 27      
Accelerated vesting expense of deferred compensation awards $ 12      
v3.25.4
Restructuring Charge - Rollforward of Restructuring Liability Included in Other Liabilities (Detail) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring and Related Activities [Abstract]        
Beginning liability $ 0 $ 0 $ 47  
Cash payments   (27) (47)  
Additions $ 39 39 0 $ 61
Accelerated amortization expense of equity-based awards   (12)    
Ending liability   $ 0 $ 0 $ 47
v3.25.4
Income Taxes - Components of Income Tax Expense (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Current income tax expense: Federal $ 1,250 $ 960 $ 641
Current income tax expense: State and local 214 142 176
Current income tax expense: Foreign 844 787 538
Total net current income tax expense 2,308 1,889 1,355
Deferred income tax expense (benefit): Federal (530) (105) 101
Deferred income tax expense (benefit): State and local (30) 0 11
Deferred income tax expense (benefit): Foreign (71) (1) 12
Total net deferred income tax expense (benefit) (631) (106) 124
Total income tax expense $ 1,677 $ 1,783 $ 1,479
v3.25.4
Income Taxes - Components of Income before Taxes, Less Net Income (Loss) Attributable to Noncontrolling Interests (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Components Of Income Before Tax Less Noncontrolling Interest [Line Items]      
Income tax expense based on components of income before taxes, net income (loss) attributable to non-controlling interests $ 7,357 $ 8,152 $ 6,981
Domestic [Member]      
Components Of Income Before Tax Less Noncontrolling Interest [Line Items]      
Income tax expense based on components of income before taxes, net income (loss) attributable to non-controlling interests 3,837 5,139 4,565
Foreign [Member]      
Components Of Income Before Tax Less Noncontrolling Interest [Line Items]      
Income tax expense based on components of income before taxes, net income (loss) attributable to non-controlling interests $ 3,520 $ 3,013 $ 2,416
v3.25.4
Income Taxes - Schedule of Components of Cash Paid for Income Taxes, Net of Refunds (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Federal $ 1,089    
State and local 307    
Foreign 902    
Total $ 2,298 $ 1,699 $ 1,392
v3.25.4
Income Taxes - Schedule of Components of Income Taxes Paid, Net of Refunds Exceeding Five Percent by Jurisdiction (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Tax Credit Carryforward [Line Items]  
State and local $ 307
Foreign 902
New York [Member]  
Tax Credit Carryforward [Line Items]  
State and local 163
UK [Member]  
Tax Credit Carryforward [Line Items]  
Foreign $ 410
v3.25.4
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Taxes Disclosure [Line Items]      
Federal statutory tax rate 21.00% 21.00% 21.00%
Deferred tax asset $ 2,154 $ 1,498  
Deferred income tax liabilities 4,618 3,334  
Discrete tax benefits   137  
Realization of capital losses from changes in organizational structure   63  
Discrete tax benefits related to vested stock based compensation awards 67 37  
Net discrete tax benefit realized from changes in organizational tax structure 251    
Discrete expense of net noncash related to revaluation of deferred tax liabilities 29 14  
Deferred tax assets, valuation allowance 181 69  
Income taxes receivable 247 215  
Income taxes payable 188 134  
Unrecognized tax benefits that would affect effective tax rate if recognized 435 431 $ 505
Interest and penalties accrued during period (30) 63 (20)
Liability for interest and penalties 173 203 $ 140
Related to the Same Tax Jurisdiction [Member]      
Income Taxes Disclosure [Line Items]      
Deferred tax asset 189 181  
Deferred income tax liabilities 4,600 3,300  
State and Local Jurisdiction [Member]      
Income Taxes Disclosure [Line Items]      
Net operating loss carryforwards $ 2,800 2,900  
Net operating loss carryforwards, maturity year 2027    
Foreign [Member]      
Income Taxes Disclosure [Line Items]      
Net operating loss carryforwards $ 266 $ 193  
Net operating loss carryforwards, maturity year 2026    
Foreign net loss carry forwards, subject to expiration $ 21    
Foreign tax credit carryforwards $ 105    
Foreign tax credit carryforwards, expiration date 2034    
v3.25.4
Income Taxes - Reconciliation of Income Tax Expense with Expected Federal Income Tax Expense (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
Statutory income tax expense, amount $ 1,545 $ 1,712 $ 1,466
State and local income taxes, net of federal income tax effect, amount 137 [1] 130 110
Impact of federal, foreign, state, and local tax rate changes on deferred taxes, amount   12 0
Stock-based compensation awards, amount   (37) (41)
Resolution of outstanding tax matters   0 (204)
Intellectual property reorganization, amount   (137) 0
Foreign tax effects , amount   84 112
Subpart F Income (net of FTC) , amount 112    
Global intangible low-taxed income (net of FTC), amount 100    
Base erosion and anti-abuse tax , amount 106    
Tax benefit from changes in organizational structure, amount (366)    
Losses from foreign partnerships (107)    
Other, Effect of cross-border tax laws, amount (60)    
Tax credits, amount (10)    
Nontaxable interest income, amount (88)    
Nondeductible fair value adjustment on contingent consideration 142    
Nontaxable & nondeductible items , Other amount 7    
Changes in unrecognized tax benefits (18)    
Valuation allowance from changes in organizational structure 92    
Other, amount   19 36
Total income tax expense $ 1,677 $ 1,783 $ 1,479
Statutory income tax expense, rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal income tax effect, rate 2.00% [1] 2.00% 2.00%
Impact of federal, foreign, state, and local tax rate changes on deferred taxes, rate   0.00% 0.00%
Stock-based compensation awards, rate   0.00% (1.00%)
Resolution of outstanding tax matters, rate   0.00% (3.00%)
Intellectual property reorganization, rate   (2.00%) 0.00%
Foreign tax effects, rate   1.00% 2.00%
Other, rate   0.00% 0.00%
Subpart F Income (net of FTC), rate 2.00%    
Global intangible low-taxed income (net of FTC), rate 1.00%    
Base erosion and anti-abuse tax, rate 1.00%    
Tax benefit from changes in organizational structure, rate (5.00%)    
Losses from foreign partnerships, rate (1.00%)    
Other, rate (1.00%)    
Tax credits, rate 0.00%    
Nontaxable interest income, rate (1.00%)    
Nondeductible fair value adjustment on contingent consideration, rate 2.00%    
Nontaxable & nondeductible items , Other rate 0.00%    
Changes in unrecognized tax benefits, rate 0.00%    
Valuation allowance from changes in organizational structure, rate 1.00%    
Effective income tax rate 23.00% 22.00% 21.00%
UNITED KINGDOM      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign tax effects , amount $ 79    
Nontaxable income from Partnerships , amount (169)    
Other, amount $ 21    
Foreign tax effects, rate 1.00%    
Nontaxable income from partnership, rate (2.00%)    
Other, rate 0.00%    
Channel Islands      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign tax effects , amount $ 79    
Other, amount $ 1    
Foreign tax effects, rate 1.00%    
Other, rate 0.00%    
Other foreign jurisdictions      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign tax effects , amount $ 56    
Foreign tax effects, rate 1.00%    
UNITED STATES      
Effective Income Tax Rate Reconciliation [Line Items]      
Other, amount $ 18    
Other, rate 0.00%    
[1] State taxes in New York State, New York City and California make up the majority (greater than 50 percent) of the tax effect in this category.
v3.25.4
Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Components of Deferred Tax Assets and Liabilities [Abstract]    
Deferred tax assets: Compensation and benefits $ 534 $ 354
Deferred tax assets: Realized investment gains 24 0
Deferred tax assets: Loss carryforwards 115 103
Deferred tax assets: Foreign tax credit carryforward 105 39
Deferred tax assets: Capitalized costs 313 276
Deferred tax assets: Outside basis differences on foreign subsidiaries 389 0
Deferred tax assets: Other 855 795
Gross deferred tax assets 2,335 1,567
Less: Deferred tax valuation allowances (181) (69)
Deferred tax assets net of valuation allowances 2,154 1,498
Deferred tax liabilities: Goodwill and acquired indefinite-lived intangibles 4,943 4,199
Deferred tax liabilities: Acquired finite-lived intangibles 1,147 53
Unrealized investment gains 0 58
Deferred tax liabilities: Other 493 341
Gross deferred tax liabilities 6,583 4,651
Net deferred tax (liabilities) $ (4,429) $ (3,153)
v3.25.4
Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Unrecognized tax benefits, beginning balance $ 517 $ 749 $ 912
Additions for tax positions of prior years 15 30 25
Reductions for tax positions of prior years (8) (10) (22)
Additions based on tax positions related to current year 79 51 49
Additions related to business combinations 0 0 16
Lapse of Statute Limitation (5) 0 0
Settlements (87) (303) (231)
Unrecognized tax benefits, ending balance $ 511 $ 517 $ 749
v3.25.4
Earnings Per Share - Computation of Basic and Diluted EPS under Treasury Stock Method (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share Basic And Diluted [Line Items]      
Net Income (Loss) $ 5,553 $ 6,369 $ 5,502
Diluted net income attributable to BlackRock, Inc. $ 5,680 $ 6,369 $ 5,502
Basic weighted-average shares outstanding 154,984,319 150,042,269 149,327,558
Total diluted weighted-average shares outstanding 160,866,521 151,615,085 150,706,451
Basic earnings per share $ 35.83 $ 42.45 $ 36.85
Diluted earnings per share $ 35.31 $ 42.01 $ 36.51
Restricted Stock Units (RSUs) [Member]      
Earnings Per Share Basic And Diluted [Line Items]      
Dilutive effect of 1,383,325 1,034,323 969,089
Employee Stock Option      
Earnings Per Share Basic And Diluted [Line Items]      
Dilutive effect of 460,656 538,493 409,804
Subco [Member]      
Earnings Per Share Basic And Diluted [Line Items]      
Add: Incremental net income from dilutive securities - NCI - Subco $ 127 $ 0 $ 0
Dilutive effect of 4,038,221 0 0
v3.25.4
Earnings Per Share - Additional Information (Detail) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share Basic And Diluted [Line Items]      
Antidilutive securities excluded from computation of earnings per share 0 0 194,240
v3.25.4
Segment Information - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2025
Segment
Segment Reporting [Abstract]  
Number of business segments 1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] Chairman and Chief Executive Officer [Member]
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description The Company's chief operating decision maker ("CODM") is its Chairman and Chief Executive Officer, who reviews financial information presented, including significant expenses on a consolidated basis, as presented in the consolidated statements of income. The CODM utilizes a consolidated approach to assess performance and allocates resources using key financial metrics including total revenue, operating income and net income attributable to BlackRock, Inc. These financial metrics are used by the CODM to make key operating decisions, including capital allocation, determining annual and long-term compensation and managing costs in relation to revenue. Furthermore, these financial metrics are used to evaluate financial performance based on consolidated specific business objectives, contributions to the total firm operating margin and to evaluate the Company's relative performance against industry peers. See the consolidated financial statements for key financial metrics used by the CODM and for more financial information regarding the Company’s operating segment. The measure of segment assets is reported on the balance sheet as total consolidated assets.
v3.25.4
Segment Information - Total Revenue by Geographic Region (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenue $ 24,216 $ 20,407 $ 17,859
Americas [Member]      
Segment Reporting Information [Line Items]      
Revenue 15,956 13,411 11,899
Europe [Member]      
Segment Reporting Information [Line Items]      
Revenue 7,166 6,137 5,209
Asia-Pacific [Member]      
Segment Reporting Information [Line Items]      
Revenue $ 1,094 $ 859 $ 751
v3.25.4
Segment Information - Schedule of Long-Lived Assets by Geographic Region (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Long-lived assets $ 36,539 $ 27,052
Americas [Member]    
Segment Reporting Information [Line Items]    
Long-lived assets 32,492 25,515
Europe [Member]    
Segment Reporting Information [Line Items]    
Long-lived assets 3,921 1,437
Asia-Pacific [Member]    
Segment Reporting Information [Line Items]    
Long-lived assets $ 126 $ 100
v3.25.4
Subsequent Events - Additional Information (Detail)
Mar. 24, 2026
$ / shares
Forecast [Member]  
Subsequent Event [Line Items]  
Quarterly dividend payable, per share $ 5.73