BLACKROCK, INC., 10-K filed on 2/25/2025
Annual Report
v3.25.0.1
Document and Entity Information - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Jan. 31, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2024    
Document Fiscal Year Focus 2024    
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    
Trading Symbol BLK    
Title of 12(b) Security Common Stock, $.01 par value    
Security Exchange Name NYSE    
Entity Common Stock, Shares Outstanding   155,253,443  
Entity Public Float     $ 118
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 2025 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, 2024 and 2023, 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, 2024, 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, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, 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, 2024, 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, 2025, expressed an unqualified opinion on the Company’s internal control over financial reporting.

    
v3.25.0.1
Consolidated Statements of Financial Condition - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Assets    
Cash and cash equivalents [1] $ 12,762 $ 8,736
Accounts receivable 4,304 3,916
Investments [1] 9,769 9,740
Separate account assets 52,811 56,098
Separate account collateral held under securities lending agreements 6,059 4,558
Property and equipment (net of accumulated depreciation and amortization of $1,553 and $1,439 at December 31, 2024 and 2023, respectively) 1,103 1,112
Intangible assets (net of accumulated amortization of $782 and $618 at December 31, 2024 and 2023, respectively) 20,743 18,258
Goodwill 25,949 15,524
Operating lease right-of-use assets 1,519 1,421
Other assets [1] 3,596 3,848
Total assets 138,615 123,211
Liabilities    
Accrued compensation and benefits 2,964 2,393
Accounts payable and accrued liabilities 1,536 1,240
Borrowings 12,314 7,918
Separate account liabilities 52,811 56,098
Separate account collateral liabilities under securities lending agreements 6,059 4,558
Contingent consideration liabilities 4,302 99
Deferred income tax liabilities 3,334 3,506
Operating lease liabilities 1,908 1,784
Other liabilities [1] 4,032 4,375
Total liabilities 89,260 81,971
Commitments and contingencies (Note 16)
Temporary equity    
Redeemable noncontrolling interests 1,691 1,740
Permanent equity    
Common stock, $0.01 par value; Shares authorized: 500,000,000 at December 31, 2024 and 2023; Shares issued: 155,318,170 and 172,075,373 at December 31, 2024 and 2023, respectively; Shares outstanding: 154,947,813 and 148,500,074 at December 31, 2024 and 2023, respectively 2 2
Additional paid-in capital 13,446 19,833
Retained earnings 35,611 32,343
Accumulated other comprehensive loss (1,178) (840)
Treasury stock, common, at cost (370,357 and 23,575,299 shares held at December 31, 2024 and 2023, respectively) (386) (11,991)
Total BlackRock, Inc. stockholders’ equity 47,495 39,347
Nonredeemable noncontrolling interests 169 153
Total permanent equity 47,664 39,500
Total liabilities, temporary equity and permanent equity $ 138,615 $ 123,211
[1] 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 variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million and $2.2 billion, respectively, related to consolidated VIEs.
v3.25.0.1
Consolidated Statements of Financial Condition (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property and equipment, accumulated depreciation $ 1,553 $ 1,439
Intangible assets, accumulated amortization $ 782 $ 618
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 500,000,000 500,000,000
Common stock, shares issued 155,318,170 172,075,373
Common stock, shares outstanding 154,947,813 148,500,074
Treasury stock, common shares 370,357 23,575,299
Cash and cash equivalents [1] $ 12,762 $ 8,736
Investments [1] 9,769 9,740
Other assets [1] 3,596 3,848
Other liabilities [1] 4,032 4,375
Consolidated Variable Interest Entities [Member]    
Cash and cash equivalents 125 234
Investments 5,092 5,020
Other assets 45 83
Other liabilities $ 2,130 $ 2,233
[1] 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 variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million and $2.2 billion, respectively, related to consolidated VIEs.
v3.25.0.1
Consolidated Statements of Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue      
Total revenue $ 20,407 $ 17,859 $ 17,873
Expense      
Employee compensation and benefits 6,546 5,779 5,681
Distribution and servicing costs 2,171 2,051 2,179
Direct fund expense 1,464 1,331 1,226
Sub-advisory and other 140 116 103
Total sales, asset and account expense 3,775 3,498 3,508
General and administration expense 2,221 2,095 2,057
Restructuring Charge 0 61 91
Amortization and impairment of intangible assets 291 151 151
Total expense 12,833 11,584 11,488
Operating income 7,574 6,275 6,385
Nonoperating income (expense)      
Net gain (loss) on investments 492 699 (35)
Interest and dividend income 767 473 152
Interest expense (538) (292) (212)
Total nonoperating income (expense) 721 880 (95)
Income before income taxes 8,295 7,155 6,290
Income tax expense 1,783 1,479 1,296
Net income 6,512 5,676 4,994
Net income (loss) attributable to noncontrolling interests 143 174 (184)
Net income attributable to BlackRock, Inc. $ 6,369 $ 5,502 $ 5,178
Earnings per share attributable to BlackRock, Inc. common stockholders:      
Basic $ 42.45 $ 36.85 $ 34.31
Diluted $ 42.01 $ 36.51 $ 33.97
Weighted-average common shares outstanding:      
Basic 150,042,269 149,327,558 150,921,161
Diluted 151,615,085 150,706,451 152,440,471
Investment Advisory, Administration Fees and Securities Lending Revenue [Member]      
Revenue      
Total revenue [1] $ 16,100 $ 14,399 $ 14,451
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Related Parties [Member]      
Revenue      
Total revenue 12,050 10,757 10,848
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Other Third Parties [Member]      
Revenue      
Total revenue 4,050 3,642 3,603
Investment Advisory Performance Fees [Member]      
Revenue      
Total revenue 1,207 554 514
Technology Services Revenue [Member]      
Revenue      
Total revenue 1,603 1,485 1,364
Distribution Fees [Member]      
Revenue      
Total revenue 1,273 1,262 1,381
Advisory and Other Revenue [Member]      
Revenue      
Total revenue $ 224 $ 159 $ 163
[1] Amounts include $615 million, $675 million and $599 million of securities lending revenue for 2024, 2023 and 2022, respectively.
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 6,512 $ 5,676 $ 4,994
Other comprehensive income (loss):      
Foreign currency translation adjustments [1] (338) 261 (551)
Comprehensive income (loss) 6,174 5,937 4,443
Less: Comprehensive income (loss) attributable to noncontrolling interests 143 174 (184)
Comprehensive income attributable to BlackRock, Inc. $ 6,031 $ 5,763 $ 4,627
[1] 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). Amount for 2022 includes a gain from a net investment hedge of $37 million (net of tax expense of $12 million).
v3.25.0.1
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Gain (loss) from net investment hedging, net of tax $ 37 $ (20) $ 37
Gain (loss) from net investment hedging, tax (expense) benefit $ (12) $ 6 $ (12)
v3.25.0.1
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 [Member]
Balance at Dec. 31, 2021 $ 37,806 $ 19,642 $ 27,688 $ (550) $ (9,087) $ 37,693 $ 113 $ 1,087
Net income 5,184 0 5,178 0 0 5,178 6 (190)
Dividends declared (2,990) 0 (2,990) 0 0 (2,990) 0 0
Stock-based compensation 708 708 0 0 0 708 0 0
Issuance of common shares related to employee stock transactions 38 (576) 0 0 614 38 0 0
Issuance of common shares in connection with the GIP Transaction 0              
Employee tax withholdings related to employee stock transactions (457) 0 0 0 (457) (457) 0 0
Shares repurchased (1,875) 0 0 0 (1,875) (1,875) 0 0
Subscriptions (redemptions/distributions) — noncontrolling interest holders 4 0 0 0 0 0 4 614
Net consolidations (deconsolidations) of sponsored investment funds 9 0 0 0 0 0 9 (602)
Other comprehensive income (loss) (551) 0 0 (551) 0 (551) 0 0
Balance Ending at Dec. 31, 2022 37,876 19,774 29,876 (1,101) (10,805) 37,744 132 909
Net income 5,518 0 5,502 0 0 5,502 16 158
Dividends declared (3,035) 0 (3,035) 0 0 (3,035) 0 0
Stock-based compensation 630 630 0 0 0 630 0 0
Issuance of common shares related to employee stock transactions 129 (569) 0 0 698 129 0 0
Issuance of common shares in connection with the GIP Transaction 0              
Employee tax withholdings related to employee stock transactions (375) 0 0 0 (375) (375) 0 0
Shares repurchased (1,509) 0 0 0 (1,509) (1,509) 0 0
Subscriptions (redemptions/distributions) — noncontrolling interest holders (16) 0 0 0 0 0 (16) 1,643
Net consolidations (deconsolidations) of sponsored investment funds 21 0 0 0 0 0 21 (970)
Other comprehensive income (loss) 261 0 0 261 0 261 0 0
Balance Ending at Dec. 31, 2023 39,500 19,835 32,343 (840) (11,991) 39,347 153 1,740
Net income 6,369 0 6,369 0 0 6,369 0 143
Dividends declared (3,101) 0 (3,101) 0 0 (3,101) 0 0
Stock-based compensation 753 753 0 0 0 753 0 0
Issuance of common shares related to employee stock transactions 491 (215) 0 0 706 491 0 0
Issuance of common shares in connection with the GIP Transaction 5,904 5,904 0 0 0 5,904 0 0
Employee tax withholdings related to employee stock transactions (305) 0 0 0 (305) (305) 0 0
Shares repurchased (1,625) 0 0 0 (1,625) (1,625) 0 0
Cancellation of treasury stock, common in connection with the GIP Transaction 0 (12,829) 0 0 12,829 0 0 0
Subscriptions (redemptions/distributions) — noncontrolling interest holders 16 0 0 0 0 0 16 2,389
Net consolidations (deconsolidations) of sponsored investment funds 0 0 0 0 0 0 0 (2,581)
Other comprehensive income (loss) (338) 0 0 (338) 0 (338) 0 0
Balance Ending at Dec. 31, 2024 $ 47,664 $ 13,448 $ 35,611 $ (1,178) $ (386) $ 47,495 $ 169 $ 1,691
[1] Amounts include $2 million of common stock at December 31, 2024, 2023, 2022 and 2021.
v3.25.0.1
Consolidated Statements of Changes in Equity (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dividends declared, amount per share $ 20.4 $ 20 $ 19.52  
Additional Paid-in Capital, value of stock $ 47,664 $ 39,500 $ 37,876 $ 37,806
Common Stock [Member]        
Additional Paid-in Capital, value of stock $ 2 $ 2 $ 2 $ 2
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income $ 6,512 $ 5,676 $ 4,994
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:      
Depreciation and amortization 529 427 418
Impairment of intangible assets 50 0 0
Noncash lease expense 129 140 165
Stock-based compensation 753 630 708
Deferred income tax expense (benefit) (106) 124 602
Contingent consideration fair value adjustments (36) 3 3
Other investment gains (126) 0 (268)
Net (gains) losses within CIPs (269) (380) 400
Net (purchases) proceeds within CIPs (2,672) (1,780) (1,190)
(Earnings) losses from equity method investees (41) (378) (29)
Distributions of earnings from equity method investees 57 49 50
Changes in operating assets and liabilities:      
Accounts receivable (443) (586) 416
Investments, trading 58 72 196
Other assets 317 (326) (166)
Accrued compensation and benefits 367 145 (711)
Accounts payable and accrued liabilities 259 (26) (151)
Other liabilities (382) 375 (481)
Net cash provided by/(used in) operating activities 4,956 4,165 4,956
Investing activities      
Purchases of investments (818) (846) (824)
Proceeds from sales and maturities of investments 766 400 242
Distributions of capital from equity method investees 366 46 70
Net consolidations (deconsolidations) of sponsored investment funds (127) (26) (85)
Acquisitions, net of cash acquired (2,936) (189) 0
Purchases of property and equipment (255) (344) (533)
Net cash provided by/(used in) investing activities (3,004) (959) (1,130)
Financing activities      
Repayments of long-term borrowings (1,000) 0 (750)
Proceeds from long-term borrowings 5,474 1,238 0
Cash dividends paid (3,101) (3,035) (2,990)
Proceeds from stock options exercised 464 95 11
Repurchases of common stock (1,930) (1,884) (2,332)
Net proceeds from (repayments of) borrowings by CIPs (58) (59) (26)
Net (redemptions/distributions paid)/subscriptions received from noncontrolling interest holders 2,405 1,627 618
Other financing activities (18) 26 27
Net cash provided by/(used in) financing activities 2,236 (1,992) (5,442)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (162) 106 (291)
Net increase/(decrease) in cash, cash equivalents and restricted cash 4,026 1,320 (1,907)
Cash, cash equivalents and restricted cash, beginning of year 8,753 7,433 9,340
Cash, cash equivalents and restricted cash, end of year 12,779 8,753 7,433
Supplemental disclosure of cash flow information:      
Interest 289 200 177
Income taxes (net of refunds) 1,699 1,392 1,067
Supplemental schedule of noncash investing and financing transactions:      
Issuance of common shares related to employee stock transactions 215 569 576
Issuance of common shares in connection with the GIP Transaction 5,904 0 0
Cancellation of treasury stock, common in connection with the GIP Transaction (12,829) 0 0
Increase/(decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds (2,581) (949) (593)
Established contingent consideration liabilities in connection with acquisitions $ 4,246 $ 0 $ 0
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 6,369 $ 5,502 $ 5,178
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
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
v3.25.0.1
Cybersecurity Risk Management, Strategy and Governance
 12 Months Ended
Dec. 31, 2024
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-lines-of-defense model with cybersecurity operational processes executed by global information security and other teams across the firm and dedicated internal audit technology 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 CSF, FFIEC CAT, FedRAMP, SOC 1/2, ISO 27001/2 and others. 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: The Company’s employees and contractors are required to complete annual information security training to equip them with effective tools to address cybersecurity threats, and receive communications on the Company’s evolving information security policies and procedures.

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 in an effort 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, 2024, 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, 2024, the CISO had over 30 years of experience in information technology with a 26-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 CSF, FFIEC CAT, FedRAMP, SOC 1/2, ISO 27001/2 and others. 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, 2024, the CISO had over 30 years of experience in information technology with a 26-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, 2024, the CISO had over 30 years of experience in information technology with a 26-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, 2024, the CISO had over 30 years of experience in information technology with a 26-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
v3.25.0.1
Business Overview
 12 Months Ended
Dec. 31, 2024
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 October 1, 2024, BlackRock completed the acquisition of 100% of the issued and outstanding limited liability company interests of Global Infrastructure Management, LLC ("GIP" or the "GIP Transaction"). See Note 3, Acquisitions, for information on the GIP Transaction. As a result of the closing of the GIP Transaction, (1) BlackRock, Inc. (formerly known as BlackRock Funding, Inc. ("BlackRock Funding")) (“New BlackRock”) became the ultimate parent company of BlackRock Finance, Inc. (formerly known as BlackRock, Inc.) (“Old BlackRock”), GIP and their respective subsidiaries and (2) each share of common stock, $0.01 par value, of Old BlackRock issued and outstanding immediately prior to the closing of the GIP Transaction was converted automatically into one share of common stock, $0.01 par value, of New BlackRock. New BlackRock also changed its name from “BlackRock Funding, Inc.” to “BlackRock, Inc.” and Old BlackRock changed its name from “BlackRock, Inc.” to “BlackRock Finance, Inc.” In addition, New BlackRock became the publicly listed company and retained the ticker symbol “BLK”. References herein to BlackRock or the Company for any period (1) prior to the closing of the GIP Transaction on October 1, 2024 refer to Old BlackRock and (2) thereafter refer to New BlackRock.

BlackRock’s diverse platform of alpha-seeking active, private markets, index and cash management investment strategies across asset classes enables the Company to offer choice and tailor investment and asset allocation solutions for clients. Product offerings include single- and multi-asset portfolios investing in equities, fixed income, private markets, liquid alternatives and money market instruments. Products are offered directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares® exchange-traded funds (“ETFs”), separate accounts, collective trust funds and other pooled investment vehicles. BlackRock also offers technology services, including the investment and risk management technology platform, Aladdin®, Aladdin WealthTM, eFront®, and Cachematrix®, as well as advisory services and solutions to a broad base of institutional and wealth management clients.
v3.25.0.1
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
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. Noncontrolling interests (“NCI”) on the consolidated statements of financial condition represent the portion of consolidated sponsored investment products (“CIPs”) and a consolidated affiliate in which the Company does not have direct equity ownership. Intercompany balances and transactions have been eliminated upon consolidation.

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

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

Accounting Pronouncements Adopted in 2024

Segment Reporting. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires incremental disclosures about reportable segments but does not change the definition of a segment or the guidance for determining reportable segments. The new guidance requires disclosure of significant segment expenses that are (1) regularly provided to (or easily computed from information regularly provided to) the chief operating decision maker ("CODM") and (2) included in the reported measure of segment profit or loss. The new standard also requires companies to disclose the title and position of the individual (or the name of the committee) identified as the CODM, allows companies to disclose multiple measures of segment profit or loss if those measures are used to assess performance and allocate resources, and is applicable to companies with a single reportable segment. The Company adopted disclosure requirements of ASU 2023-07 during the year ended December 31, 2024. See Note 27, Segment Information, for further detail.

Recent Accounting Pronouncements Not Yet Adopted

Income Tax Disclosure Requirements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which enhances interim and 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 additional disclosure requirements under ASU 2023-09 are required to be applied prospectively and are effective for the Company on January 1, 2025. The Company does not expect the additional disclosure requirements under ASU 2023-09 to have a material impact on the consolidated financial statements.

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires entities to disaggregate in a tabular presentation disclosures about specific types of expenses included in the expense captions presented on the face of the income statement, as well as disclosures about selling expenses. Specifically, ASU 2024-03 requires disaggregation of expense captions that include any of the following natural expenses: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, and (5) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities or other types of depletion expenses. The requirements are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 and are required to be applied prospectively with the option for retrospective application. Early adoption is permitted. The Company does not expect the additional disclosure requirements under ASU 2024-03 to have a material impact on the 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 receives collateral by obtaining either (1) legal title or (2) first ranking priority security interest. 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 receives the legal title to collateral under these securities lending arrangements, the Company records an asset on the consolidated statements of financial condition and 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, 2024 and 2023, the fair value of loaned securities held by separate accounts was approximately $9.9 billion and $9.3 billion, respectively, and the fair value of the collateral under these securities lending agreements was approximately $10.6 billion and $10.1 billion, respectively, of which approximately $6.1 billion as of 2024 and $4.6 billion as of 2023 was recognized on the consolidated statements of financial condition. During 2024 and 2023, 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 difference between the carrying value of the asset and its current fair value would be recognized as an expense in the period in which the impairment occurs.

Consolidated Affiliate. The Company owns 50.1% 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.

Noncontrolling Interests. NCI consist of third-party ownership interests in the Company’s CIPs (“NCI – CIPs”) and the WMC. The Company reports NCI in stockholders’ equity, separate from the parent’s equity, on the consolidated statements of financial condition. NCI that are redeemable at the option of the holders are classified as temporary equity at estimated redemption value and nonredeemable NCI are classified as a component of permanent equity in the consolidated statements of financial condition. In addition, the Company reports net income (loss) attributable to redeemable and nonredeemable NCI holders in 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. For 2024, 2023 and 2022, securities lending revenue earned by the Company totaled $615 million, $675 million and $599 million, respectively, and 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.

Money Market Fee Waivers. The Company may voluntarily waive a portion of its management fees on certain money market funds to ensure that they maintain a targeted level of daily net investment income (the “Yield Support Waivers”). There were no Yield Support Waivers during 2024 and 2023. During 2022, these waivers resulted in a reduction of management fees of approximately $72 million, which was partially offset by a reduction of BlackRock’s distribution and servicing costs paid to financial intermediaries. The Company may increase or decrease the level of Yield Support Waivers in future periods.

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 revenue. The Company offers investment management technology systems, risk management services, wealth management and digital distribution tools, 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. The grant-date fair value related to the October 2024 incentive retention RSUs granted in connection with the GIP Transaction, are 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). 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 $37 million, $41 million and $87 million during 2024, 2023 and 2022, 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. Diluted EPS is computed using the treasury stock method.

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. 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.
v3.25.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2024
Business Combinations [Abstract]  
Acquisitions

3. Acquisitions

GIP

As discussed in Note 1, Business Overview, on October 1, 2024, BlackRock completed the acquisition of GIP, a leading independent 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 further information), and 6.9 million of unregistered shares of BlackRock common stock. The shares were valued at $5.9 billion at close, based on the price of BlackRock's common stock on September 30, 2024 of approximately $950, discounted for security-specific registration restrictions for two years after closing, resulting in a value of approximately $855 per share. In addition, as part of the purchase consideration, a contingent consideration payment, all in stock, may be due subject to achieving certain performance targets. The contingent consideration payment, if any, ranges from 4.0 million to 5.2 million shares, and will be valued based on the price of BlackRock's common stock at the time the contingency is resolved. The payment is expected to be payable no later than December 31, 2028 or based on the achievement of the agreed upon performance targets. The fair value of the contingent consideration payment, which was determined by using the income approach with the assistance of a third-party fair value specialist, was $4.2 billion at close, and is 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 is classified as a liability as the monetary value of the consideration to be delivered in shares is predominately based on achieving certain performance targets.

In addition, on October 1, 2024, in connection with the GIP Transaction, the Company granted incentive retention awards of approximately $415 million of cliff-vesting RSUs and approximately $178 million of performance-based RSUs recognized as compensation expense over a period of approximately five years. See Note 18, Stock-Based Compensation, for additional information on the incentive retention awards issued in connection with the GIP Transaction. The Company also granted approximately $100 million of deferred cash awards in connection with the GIP Transaction, which are recognized as compensation expense over a period of approximately 50% over one year and the remaining 50% over five years.

In connection with the GIP Transaction, the Company entered into several stockholder agreements with the former owners of GIP and their respective affiliates. Each agreement, among other things, (1) sets forth various restrictions, limitations and other terms concerning the transfer of equity securities of BlackRock, which includes an initial lock-up period ending on the two-year anniversary of the closing, and (2) contains customary standstill provisions such as limiting the purchase of additional shares.

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

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

(in millions)

 

Fair Value Estimate

 

Finite-lived intangible assets:

 

 

 

Management contracts(1)

 

$

1,840

 

Investor relationships(1)

 

 

820

 

Trade name(2)

 

 

80

 

Goodwill

 

 

10,297

 

Operating lease ROU assets(3)

 

 

75

 

Other assets(3)

 

 

114

 

Accrued compensation and benefits(3)

 

 

(154

)

Operating lease liabilities(3)

 

 

(96

)

Other liabilities assumed(3)

 

 

(10

)

Total consideration, net of cash acquired

 

$

12,966

 

 

 

 

 

Summary of consideration, net of cash acquired:

 

 

 

Cash paid

 

$

2,930

 

Cash acquired

 

 

(68

)

Closing stock consideration at fair value

 

 

5,904

 

Deferred stock consideration at fair value

 

 

4,200

 

Total cash and stock consideration

 

$

12,966

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

Transaction and integration costs incurred in connection with the GIP Transaction were approximately $195 million in 2024. These costs were primarily comprised of $130 million of compensation expense, mostly for nonrecurring retention-related deferred compensation and $65 million of other acquisition-related transaction costs, largely related to advisory fees, legal fees and consulting expenses, recorded in general and administration expense.

Finite-lived intangible assets are amortized over their useful lives, which range from 3 to 14 years. Amortization expense related to the finite-lived intangible assets was $86 million for 2024. The finite-lived intangible assets had a weighted-average remaining useful life of approximately 10 years with remaining amortization expense as follows:

(in millions)

 

 

 

Year

 

Amount

 

2025

 

$

281

 

2026

 

 

323

 

2027

 

 

277

 

2028

 

 

196

 

2029

 

 

228

 

2030

 

 

269

 

Thereafter

 

 

1,079

 

Total

 

$

2,653

 

 

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

(Unaudited) (in millions)

 

2024(1)

 

 

2023

 

Total revenue

 

$

21,087

 

 

$

18,664

 

Net income attributable to BlackRock, Inc.

 

$

6,318

 

 

$

5,025

 
(1)
Subsequent to the closing of the GIP Transaction on October 1, 2024, GIP contributed approximately $240 million of revenue and $56 million of net income.

For purposes of the pro forma financial information above, the following pro forma adjustments and related tax effects were included as if the GIP Transaction had occurred on January 1, 2023 (unaudited):

•
Compensation expense included retention-related deferred compensation awards in connection with the GIP Transaction of $285 million for the year ended December 31, 2023, and $95 million for the nine months ended September 30, 2024 (see Note 18, Stock-Based Compensation, for further information on retention related deferred compensation issued in connection with the GIP Transaction);
•
Acquisition-related transaction costs of $65 million, which were recorded in 2024 were included in 2023 results and removed from 2024 results;
•
Amortization of finite-lived intangible assets of $300 million for the year ended December 31, 2023 and $240 million for the nine months ended September 30, 2024;
•
Interest expense for the $3.0 billion notes, which were issued in March 2024 in connection with the GIP Transaction, of $155 million for the year ended December 31, 2023 and $115 million for the nine months ended September 30, 2024 were included as if the issuance occurred on January 1, 2023; and
•
Adjustments to reflect the tax effects of the GIP Transaction, as if GIP had been included in the Company’s results as of January 1, 2023.

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. Pro forma financial information for SRA has not been presented in the table above, as the effects were not material to the Company's historical consolidated financial statements.

Kreos Capital

In August 2023, BlackRock completed the acquisition of Kreos Capital, a provider of growth and venture debt financing to companies in the technology and healthcare industries (the "Kreos Transaction"). The acquisition adds to BlackRock's position as a leading global credit asset manager and advances its ambitions to provide clients with a diverse range of private market investment products and solutions. Total consideration for the transaction was approximately $250 million, which included contingent consideration. Pro forma financial information for Kreos has not been presented in the table above, as the effects were not material to the Company's historical consolidated financial statements.
v3.25.0.1
Cash, Cash Equivalents and Restricted Cash
 12 Months Ended
Dec. 31, 2024
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Restricted Cash

4. Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents reported within the 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)

 

2024

 

 

2023

 

Cash and cash equivalents

 

$

12,762

 

 

$

8,736

 

Restricted cash included in other assets

 

 

17

 

 

 

17

 

Total cash, cash equivalents and restricted cash

 

$

12,779

 

 

$

8,753

 
v3.25.0.1
Investments
 12 Months Ended
Dec. 31, 2024
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,
 2024

 

 

December 31,
 2023

 

Debt securities:

 

 

 

 

 

 

Trading securities (including $1,743 and $1,829 held by CIPs at December 31, 2024
   and December 31, 2023, respectively)

 

$

1,823

 

 

$

1,871

 

Held-to-maturity investments

 

 

547

 

 

 

617

 

Total debt securities

 

 

2,370

 

 

 

2,488

 

Equity securities at FVTNI (including $1,556 and $1,429 held by CIPs at December 31,
   2024 and December 31, 2023, respectively)(1)

 

 

1,950

 

 

 

1,585

 

Equity method investments:

 

 

 

 

 

 

Equity method investments(2)

 

 

2,610

 

 

 

2,515

 

Investments related to deferred cash compensation plans(1)

 

 

173

 

 

 

241

 

Total equity method investments

 

 

2,783

 

 

 

2,756

 

Loans held by CIPs

 

 

145

 

 

 

205

 

Federal Reserve Bank stock(3)

 

 

93

 

 

 

92

 

Carried interest(4)

 

 

1,983

 

 

 

1,975

 

Other investments(5)

 

 

445

 

 

 

639

 

Total investments

 

$

9,769

 

 

$

9,740

 
(1)
Amounts include investments held to economically hedge the impact of market valuation changes on certain deferred cash compensation plans comprised of equity method investments of $173 million and $241 million at December 31, 2024 and 2023, respectively. In addition, amounts related to deferred cash compensation plans include equity securities held at FVTNI of $12 million and $14 million at December 31, 2024 and 2023, 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 nonmarketable equity securities, which are measured at cost, adjusted for observable price changes, and private equity, real asset, and commodity investments held by CIPs, which are measured at fair value.

Held-to-Maturity Investments

Held-to-maturity investments included certain investments in BlackRock sponsored CLOs. The amortized cost (carrying value) of these investments approximated fair value (primarily a Level 2 input). At December 31, 2024, $9 million of these investments mature in less than one year, $24 million of these investments mature between one and five years, $326 million of these investments mature between five and ten years and $188 million of these investments mature after ten years.

Trading Debt Securities and Equity Securities at FVTNI

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

 

 

December 31, 2024

 

 

December 31, 2023

 

(in millions)

 

Cost

 

 

Fair
Value

 

 

Cost

 

 

Fair
Value

 

Trading debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

 

$

1,047

 

 

$

1,061

 

 

$

1,225

 

 

$

1,218

 

Government debt

 

 

578

 

 

 

557

 

 

 

501

 

 

 

489

 

Asset/mortgage-backed debt

 

 

222

 

 

 

205

 

 

 

185

 

 

 

164

 

Total trading debt securities

 

$

1,847

 

 

$

1,823

 

 

$

1,911

 

 

$

1,871

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

$

1,843

 

 

$

1,950

 

 

$

1,520

 

 

$

1,585

 
v3.25.0.1
Consolidated Sponsored Investment Products
 12 Months Ended
Dec. 31, 2024
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, 2024

 

 

December 31, 2023

 

(in millions)

 

VIEs

 

 

VREs

 

 

Total

 

 

VIEs

 

 

VREs

 

 

Total

 

Cash and cash equivalents(1)

 

$

125

 

 

$

44

 

 

$

169

 

 

$

234

 

 

$

54

 

 

$

288

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

 

1,497

 

 

 

246

 

 

 

1,743

 

 

 

1,423

 

 

 

406

 

 

 

1,829

 

Equity securities at FVTNI

 

 

1,179

 

 

 

377

 

 

 

1,556

 

 

 

1,059

 

 

 

370

 

 

 

1,429

 

Loans

 

 

141

 

 

 

4

 

 

 

145

 

 

 

195

 

 

 

10

 

 

 

205

 

Other investments

 

 

370

 

 

 

33

 

 

 

403

 

 

 

427

 

 

 

171

 

 

 

598

 

Carried interest

 

 

1,905

 

 

 

—

 

 

 

1,905

 

 

 

1,916

 

 

 

—

 

 

 

1,916

 

Total investments

 

 

5,092

 

 

 

660

 

 

 

5,752

 

 

 

5,020

 

 

 

957

 

 

 

5,977

 

Other assets

 

 

45

 

 

 

31

 

 

 

76

 

 

 

83

 

 

 

39

 

 

 

122

 

Other liabilities(2)

 

 

(2,130

)

 

 

(93

)

 

 

(2,223

)

 

 

(2,233

)

 

 

(108

)

 

 

(2,341

)

Noncontrolling interest - CIPs

 

 

(1,672

)

 

 

(130

)

 

 

(1,802

)

 

 

(1,625

)

 

 

(226

)

 

 

(1,851

)

BlackRock's net interest in CIPs

 

$

1,460

 

 

$

512

 

 

$

1,972

 

 

$

1,479

 

 

$

716

 

 

$

2,195

 
(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, 2024 and 2023, 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)

 

2024

 

 

2023

 

 

2022

 

Nonoperating net gain (loss) on consolidated VIEs

 

$

234

 

 

$

310

 

 

$

(311

)

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to NCI on consolidated VIEs

 

$

132

 

 

$

174

 

 

$

(161

)
v3.25.0.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities

7. Variable Interest Entities

Nonconsolidated VIEs. At December 31, 2024 and 2023, 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 for 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, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Sponsored investment products

 

$

2,330

 

 

$

158

 

 

$

(11

)

 

$

2,505

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Sponsored investment products

 

$

2,377

 

 

$

116

 

 

$

(11

)

 

$

2,510

 
(1)
At both December 31, 2024 and 2023, 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 $46 billion and $39 billion at December 31, 2024 and 2023, respectively.
v3.25.0.1
Fair Value Disclosures
 12 Months Ended
Dec. 31, 2024
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, 2024
(in millions)

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

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Investments
Measured
at NAV(1)

 

 

Other(2)

 

 

December 31,
2024

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

1,744

 

 

$

79

 

 

$

—

 

 

$

—

 

 

$

1,823

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

547

 

 

 

547

 

Total debt securities

 

—

 

 

 

1,744

 

 

 

79

 

 

 

—

 

 

 

547

 

 

 

2,370

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

1,950

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,950

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and multi-asset
   mutual funds

 

347

 

 

 

131

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

478

 

Hedge funds/funds of hedge
   funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

552

 

 

 

—

 

 

 

552

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

1,060

 

 

 

—

 

 

 

1,060

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

520

 

 

 

—

 

 

 

520

 

Investments related to deferred cash
   compensation plans

 

—

 

 

 

—

 

 

 

—

 

 

 

173

 

 

 

—

 

 

 

173

 

Total equity method

 

347

 

 

 

131

 

 

 

—

 

 

 

2,305

 

 

 

—

 

 

 

2,783

 

Loans held by CIPs

 

—

 

 

 

10

 

 

 

135

 

 

 

—

 

 

 

—

 

 

 

145

 

Federal Reserve Bank Stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

93

 

 

 

93

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,983

 

 

 

1,983

 

Other investments

 

18

 

 

 

—

 

 

 

—

 

 

 

274

 

 

 

153

 

 

 

445

 

Total investments

 

2,315

 

 

 

1,885

 

 

 

214

 

 

 

2,579

 

 

 

2,776

 

 

 

9,769

 

Other assets(3)

 

—

 

 

 

7

 

 

 

149

 

 

 

—

 

 

 

—

 

 

 

156

 

Separate account assets

 

32,933

 

 

 

19,346

 

 

 

—

 

 

 

—

 

 

 

532

 

 

 

52,811

 

Separate account collateral held under
securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

2,719

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,719

 

Debt securities

 

—

 

 

 

3,340

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,340

 

Total separate account collateral held under
   securities lending agreements

 

2,719

 

 

 

3,340

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,059

 

Total

$

37,967

 

 

$

24,578

 

 

$

363

 

 

$

2,579

 

 

$

3,308

 

 

$

68,795

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral liabilities
   under securities lending agreements

$

2,719

 

 

$

3,340

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

6,059

 

Contingent consideration liabilities

 

—

 

 

 

—

 

 

 

4,302

 

 

 

—

 

 

 

—

 

 

 

4,302

 

Other liabilities(4)

 

—

 

 

 

46

 

 

 

129

 

 

 

—

 

 

 

—

 

 

 

175

 

Total

$

2,719

 

 

$

3,386

 

 

$

4,431

 

 

$

—

 

 

$

—

 

 

$

10,536

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

 

 

December 31, 2023
(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,
2023

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

1,829

 

 

$

42

 

 

$

—

 

 

$

—

 

 

$

1,871

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

617

 

 

 

617

 

Total debt securities

 

—

 

 

 

1,829

 

 

 

42

 

 

 

—

 

 

 

617

 

 

 

2,488

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

1,585

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,585

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and multi-asset
   mutual funds

 

246

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

246

 

Hedge funds/funds of hedge
   funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

588

 

 

 

—

 

 

 

588

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

1,264

 

 

 

—

 

 

 

1,264

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

417

 

 

 

—

 

 

 

417

 

Investments related to deferred cash
   compensation plans

 

—

 

 

 

—

 

 

 

—

 

 

 

241

 

 

 

—

 

 

 

241

 

Total equity method

 

246

 

 

 

—

 

 

 

—

 

 

 

2,510

 

 

 

—

 

 

 

2,756

 

Loans held by CIPs

 

—

 

 

 

30

 

 

 

175

 

 

 

—

 

 

 

—

 

 

 

205

 

Federal Reserve Bank Stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

92

 

 

 

92

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,975

 

 

 

1,975

 

Other investments

 

15

 

 

 

—

 

 

 

—

 

 

 

467

 

 

 

157

 

 

 

639

 

Total investments

 

1,846

 

 

 

1,859

 

 

 

217

 

 

 

2,977

 

 

 

2,841

 

 

 

9,740

 

Other assets(3)

 

117

 

 

 

19

 

 

 

120

 

 

 

—

 

 

 

—

 

 

 

256

 

Separate account assets

 

34,621

 

 

 

20,810

 

 

 

—

 

 

 

—

 

 

 

667

 

 

 

56,098

 

Separate account collateral held under
securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

1,686

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,686

 

Debt securities

 

—

 

 

 

2,872

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,872

 

Total separate account collateral held under
   securities lending agreements

 

1,686

 

 

 

2,872

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,558

 

Total

$

38,270

 

 

$

25,560

 

 

$

337

 

 

$

2,977

 

 

$

3,508

 

 

$

70,652

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral liabilities
   under securities lending agreements

$

1,686

 

 

$

2,872

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

4,558

 

Other(4)

 

—

 

 

 

17

 

 

 

279

 

 

 

—

 

 

 

—

 

 

 

296

 

Total

$

1,686

 

 

$

2,889

 

 

$

279

 

 

$

—

 

 

$

—

 

 

$

4,854

 
(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 a corporate minority private debt investment 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, and contingent liabilities related to certain acquisitions.

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, 2024 and 2023.

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

Nonrecurring Fair Value Measurements. 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 $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 / operating margin 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 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

 

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.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for 2023

(in millions)

December 31,
2022

 

 

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,
2023

 

 

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

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

$

52

 

 

$

—

 

 

$

8

 

 

$

(18

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

42

 

 

$

—

 

Loans

 

248

 

 

 

13

 

 

 

76

 

 

 

(58

)

 

 

(122

)

 

 

38

 

 

 

(20

)

 

 

175

 

 

 

(1

)

Total investments

 

300

 

 

 

13

 

 

 

84

 

 

 

(76

)

 

 

(122

)

 

 

38

 

 

 

(20

)

 

 

217

 

 

 

(1

)

Other assets

 

—

 

 

 

7

 

 

 

113

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

120

 

 

 

7

 

Total assets

$

300

 

 

$

20

 

 

$

197

 

 

$

(76

)

 

$

(122

)

 

$

38

 

 

$

(20

)

 

$

337

 

 

$

6

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

$

280

 

 

$

1

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

279

 

 

$

1

 
(1)
Issuances and other settlements amounts include a deconsolidation related to a previously consolidated VRE. In addition, issuances and other settlements include a contingent liability in connection with the Kreos Transaction, offset by 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 primarily reported in nonoperating income (expense) on the consolidated statements of income. A portion of net income (loss) related to securities held by CIPs is allocated to NCI to reflect net income (loss) not attributable to the Company.

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

Disclosures of Fair Value for Financial Instruments Not Held at Fair Value. At December 31, 2024 and 2023, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below.

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

 

(in millions)

 

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Fair Value
Hierarchy

 

Financial Assets(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

12,762

 

 

$

12,762

 

 

$

8,736

 

 

$

8,736

 

 

Level 1

(2)(3)

Other assets

 

 

86

 

 

 

86

 

 

 

80

 

 

 

80

 

 

Level 1

(2)(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term borrowings

 

$

12,314

 

 

$

11,680

 

 

$

7,918

 

 

$

7,413

 

 

Level 2

(5)
(1)
See Note 5, Investments, for further information on investments not held at fair value.
(2)
Cash and cash equivalents, other than money market funds, are carried at either cost or amortized cost, which approximates fair value due to their short-term maturities.
(3)
At December 31, 2024 and 2023, approximately $6.2 billion and $3.4 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, 2024 and 2023, other assets included cash collateral of approximately $69 million and $63 million, respectively. See Note 9, Derivatives and Hedging for further information on derivatives held by the Company. In addition, other assets included $17 million of restricted cash at both December 31, 2024 and 2023.
(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 2024 and 2023, respectively. See Note 15, Borrowings, for the fair value of each of the Company’s long-term borrowings.

Investments in Certain Entities that Calculate NAV Per Share

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

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

 

 

 

 

 

December 31, 2023

(in millions)

 

Ref

 

Fair Value

 

 

Total
Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice Period

Equity method(1):

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds/funds of hedge funds/other

 

(a)

 

$

588

 

 

$

134

 

 

Daily/Monthly (4%)
Quarterly (8%)
N/R (88%)

 

1 – 90 days

Private equity funds

 

(b)

 

 

1,264

 

 

 

218

 

 

N/R

 

N/R

Real assets funds

 

(c)

 

 

417

 

 

 

210

 

 

Quarterly (10%)
N/R (90%)

 

60 days

Investments related to deferred cash
   compensation plan

 

(d)

 

 

241

 

 

 

—

 

 

Monthly

 

1 – 90 days

Consolidated sponsored investment products:

 

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

 

(c)

 

 

154

 

 

 

62

 

 

N/R

 

N/R

Private equity funds

 

(e)

 

 

145

 

 

 

37

 

 

N/R

 

N/R

Hedge funds/other

 

(a)

 

 

168

 

 

 

64

 

 

Quarterly (83%)
N/R (17%)

 

90 days

Total

 

 

 

$

2,977

 

 

$

725

 

 

 

 

 

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, 2024 and 2023.
(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, 2024 and 2023.
(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, 2024 and 2023. The total remaining unfunded commitments were $750 million and $272 million at December 31, 2024 and 2023, respectively. The Company’s portion of the total remaining unfunded commitments was $736 million and $248 million at December 31, 2024 and 2023, 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, 2024 and 2023, the Company elected the fair value option for certain investments in CLOs of approximately $72 million and $42 million, respectively, reported within investments.

In addition, the Company elected the fair value option for bank loans and borrowings of a consolidated CLO, recorded within investments and other liabilities, respectively. The following table summarizes the information related to these bank loans and borrowings at December 31, 2024 and 2023:

 

 

December 31,

 

 

December 31,

 

(in millions)

 

2024

 

 

2023

 

CLO loans:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

156

 

 

$

203

 

Fair value

 

 

141

 

 

 

194

 

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

 

$

15

 

 

$

9

 

 

 

 

 

 

 

 

CLO borrowings:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

146

 

 

$

190

 

Fair value

 

 

129

 

 

 

180

 

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

 

$

17

 

 

$

10

 

At December 31, 2024, the principal amounts outstanding of the borrowings issued by the consolidated CLO mature in 2030, and may be repaid prior to maturity at any time.

During the year ended December 31, 2024 and 2023, the net gains (losses) from the change in fair value of the bank loans and borrowings held by the consolidated CLO were not material and were recorded in net gain (loss) on the consolidated statements of income. The change in fair value of the assets and liabilities included interest income and expense, respectively.
v3.25.0.1
Derivatives and Hedging
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging

9. Derivatives and Hedging

The Company maintains a program to enter into exchange traded futures as a macro hedging strategy to hedge market price and interest rate exposures with respect to its total portfolio of seed investments in sponsored investment products. The Company had outstanding exchange traded futures related to this macro hedging strategy with aggregate notional values of approximately $1.8 billion at both December 31, 2024 and 2023, with expiration dates during the first quarter of 2025 and 2024, 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 $197 million and $204 million at December 31, 2024 and 2023, with expiration dates during the first quarter of 2025 and 2024, 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, 2024 and 2023.

The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange movements. At December 31, 2024 and 2023, the Company had outstanding forward foreign currency exchange contracts with aggregate notional values of approximately $3.6 billion, with expiration dates in January 2025, and $3.1 billion, with expiration dates in January 2024, respectively.

At both December 31, 2024 and 2023, 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, 2024:

 

Assets

 

 

Liabilities

 

 

Statement of
Financial Condition

 

December 31,

 

 

December 31,

 

 

Statement of
Financial Condition

 

December 31,

 

 

December 31,

 

(in millions)

Classification

 

2024

 

 

2023

 

 

Classification

 

2024

 

 

2023

 

Derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward foreign currency
  exchange contracts

Other assets

 

$

7

 

 

$

19

 

 

Other liabilities

 

$

35

 

 

$

6

 

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

 

2024

 

 

2023

 

 

2022

 

Derivative Instruments

 

 

 

 

 

 

 

 

 

 

 

Exchange traded futures(1)

 

Net gain (loss) on investments

 

$

(30

)

 

$

(88

)

 

$

36

 

Forward foreign currency exchange contracts

 

General and administration expense

 

 

5

 

 

 

98

 

 

 

(222

)

Total return swaps

 

Net gain (loss) on investments

 

 

—

 

 

 

—

 

 

 

83

 

Total gain (loss) from derivative instruments

 

$

(25

)

 

$

10

 

 

$

(103

)
(1)
Amounts for 2024, 2023 and 2022 include $48 million of losses, $112 million of losses and $36 million of gains on futures used as a macro hedging strategy of seed investments, respectively. In addition, amounts for 2024 and 2023 include $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 2024, 2023 and 2022.

See Note 15, Borrowings, for more information on the Company’s net investment hedge.
v3.25.0.1
Property and Equipment
 12 Months Ended
Dec. 31, 2024
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

 

2024

 

 

2023

 

Property and equipment:

 

 

 

 

 

 

 

 

Land

 

N/A

 

$

6

 

 

$

6

 

Building

 

39

 

 

33

 

 

 

33

 

Building improvements

 

15

 

 

32

 

 

 

31

 

Leasehold improvements

 

1-15

 

 

1,048

 

 

 

1,036

 

Equipment and computer software

 

3

 

 

1,136

 

 

 

1,088

 

Other transportation equipment

 

8-10

 

 

198

 

 

 

192

 

Furniture and fixtures

 

7

 

 

101

 

 

 

99

 

Construction in progress

 

N/A

 

 

102

 

 

 

66

 

Total

 

 

 

 

2,656

 

 

 

2,551

 

Less: Accumulated depreciation and amortization

 

 

 

 

1,553

 

 

 

1,439

 

Property and equipment, net

 

 

 

$

1,103

 

 

$

1,112

 

N/A – Not Applicable

Qualifying software costs of approximately $105 million, $103 million and $91 million have been capitalized within equipment and computer software during 2024, 2023 and 2022, respectively, and are being amortized over an estimated useful life of three years.

Depreciation and amortization expense was $270 million, $263 million and $251 million for 2024, 2023 and 2022, respectively.
v3.25.0.1
Goodwill
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill

11. Goodwill

Goodwill activity during 2024 and 2023 was as follows:

(in millions)

 

2024

 

 

2023

 

Beginning of year balance

 

$

15,524

 

 

$

15,341

 

Acquisitions(1)

 

 

10,428

 

 

 

184

 

Other

 

 

(3

)

 

 

(1

)

End of year balance

 

$

25,949

 

 

$

15,524

 
(1)
2024 amount represents goodwill of $10.3 billion related to the GIP Transaction and $131 million related to the SpiderRock Transaction. 2023 amount represents goodwill in connection with the Kreos Transaction. See Note 3, Acquisitions, for further information.

BlackRock assessed its goodwill for impairment as of July 31, 2024, 2023 and 2022 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, 2024, the Company’s common stock closed at a market price of $1,025, which exceeded its book value of $307 per share.
v3.25.0.1
Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

12. Intangible Assets

Intangible assets at December 31, 2024 and 2023 consisted of the following:

(in millions)

 

Remaining
Weighted-Average
Estimated Useful
Life (years)

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

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(1):

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

N/A

 

$

16,169

 

 

$

—

 

 

$

16,169

 

Trade names/trademarks

 

N/A

 

 

1,403

 

 

 

—

 

 

 

1,403

 

License

 

N/A

 

 

6

 

 

 

—

 

 

 

6

 

Total indefinite-lived intangible assets

 

 

 

 

17,578

 

 

 

—

 

 

 

17,578

 

Finite-lived intangible assets(2):

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

3.7

 

 

244

 

 

 

156

 

 

 

88

 

Investor/customer relationships

 

6.0

 

 

785

 

 

 

338

 

 

 

447

 

Technology-related

 

4.6

 

 

260

 

 

 

118

 

 

 

142

 

Trade names/trademarks

 

1.8

 

 

9

 

 

 

6

 

 

 

3

 

Total finite-lived intangible assets

 

5.4

 

 

1,298

 

 

 

618

 

 

 

680

 

Total intangible assets

 

 

 

$

18,876

 

 

$

618

 

 

$

18,258

 

N/A – Not Applicable

(1)
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). In connection with the SpiderRock Transaction, the Company acquired approximately $29 million of finite-lived customer relationships and $8 million of finite-lived technology-related intangible assets with weighted-average estimated lives of approximately eleven and five years, respectively.
(2)
In connection with the Kreos Transaction, the Company acquired approximately $67 million of finite-lived management contracts and $39 million of finite-lived investor relationships with weighted-average estimated lives of approximately five and ten years, respectively.

The Company assessed its intangible assets for impairment as of July 31, 2024 and concluded 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.

The impairment tests performed for intangible assets as of July 31, 2023 and 2022 indicated no impairment charges were required.

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

(in millions)

 

 

 

Year

 

Amount

 

2025

 

$

429

 

2026

 

 

457

 

2027

 

 

384

 

2028

 

 

283

 

2029

 

 

271

 
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
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)

 

2024

 

 

2023

 

 

2022

 

Lease cost:

 

 

 

 

 

 

 

 

 

Operating lease cost(1)

 

$

183

 

 

$

189

 

 

$

216

 

Variable lease cost(2)

 

 

60

 

 

 

49

 

 

 

39

 

Total lease cost

 

$

243

 

 

$

238

 

 

$

255

 
(1)
Amounts include short-term leases, which are immaterial for 2024, 2023 and 2022.
(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)

2024

 

 

2023

 

 

2022

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

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

$

183

 

 

$

142

 

 

$

162

 

 

 

 

 

 

 

 

 

 

Supplemental noncash information:

 

 

 

 

 

 

 

 

ROU assets in exchange for operating lease liabilities(1)

$

235

 

 

$

32

 

 

$

115

 

(1) 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, 2024

December 31, 2023

Lease term and discount rate:

 

 

 

 

 

 

Weighted-average remaining lease term

 

14

 

years

 

15

 

years

Weighted-average discount rate

 

3

 

%

 

3

 

%

 

(in millions)

 

 

 

Maturity of operating lease liabilities at December 31, 2024

 

Amount

 

2025

 

$

198

 

2026

 

 

185

 

2027

 

 

179

 

2028

 

 

170

 

2029

 

 

156

 

Thereafter

 

 

1,439

 

Total lease payments

 

 

2,327

 

Less: Imputed interest

 

 

(419

)

Present value of lease liabilities

 

$

1,908

 
v3.25.0.1
Other Assets
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023, the Company had $888 million and $773 million, respectively, of corporate equity method investments, recorded within other assets. At December 31, 2024 and 2023, the Company's ownership interest in its minority investment in iCapital Network Inc. ("iCapital") was approximately 24% and 25%, respectively, and the carrying value of the Company's interest was $652 million and $641 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, 2024 and 2023, the Company had $438 million and $484 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.
v3.25.0.1
Borrowings
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Borrowings

15. Borrowings

Short-Term Borrowings

2024 Revolving Credit Facility. The Company maintains an unsecured revolving credit facility, which is available for working capital and general corporate purposes (the “2024 Credit Facility”). In March 2024, the 2024 Credit Facility was amended to, among other things, (1) permit the GIP Transaction and the transactions contemplated in connection with the GIP Transaction, (2) add New BlackRock as a borrower under the existing credit agreement, (3) add New BlackRock as a guarantor of the payment and performance of the obligations, liabilities and indebtedness of Old BlackRock and certain of its other subsidiaries and (4) update the sustainability-linked pricing mechanics to remove existing metrics and allow new metrics, if any, to be set following the consummation of the GIP Transaction. In May 2024, the 2024 Credit Facility was further amended to, among other things, (1) increase the aggregate commitment amount by $400 million to $5.4 billion and (2) extend the maturity date to March 2029 for lenders (other than one non-extending lender) pursuant to the Company’s option to request extensions of the maturity date available under the 2024 Credit Facility (with the commitment of the non-extending lender maturing in March 2028). The 2024 Credit Facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, which could increase the overall size of the 2024 Credit Facility to an aggregate principal amount of up to $6.4 billion. Interest on outstanding borrowings accrues at an applicable benchmark rate for the denominated currency of the loan, plus a spread. The 2024 Credit Facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1, which was satisfied with a ratio of less than 1 to 1 at December 31, 2024. At December 31, 2024, the Company had no amount outstanding under the 2024 Credit Facility.

Commercial Paper Program. On November 7, 2024, BlackRock established a commercial paper program (the "CP Program") under which 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 Old BlackRock (the "CP Notes Guarantee"). In addition, the CP Notes will rank at least equal in right of payment with all of New BlackRock's other unsubordinated indebtedness, and the obligations of Old BlackRock under the guarantee will rank at least 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 CP Program is currently supported by the 2024 Credit Facility. The CP Program replaced the Company's prior $4 billion commercial paper program, which was terminated concurrently with the establishment of this CP Program, and has been put into place in connection with the Company's organizational structure following the closing of the GIP Transaction. At December 31, 2024, BlackRock had no CP Notes outstanding.

Subsidiary Credit Facility. In January 2024, BlackRock Investment Management (UK) Limited ("BIM UK"), a wholly owned subsidiary of the Company, entered into a revolving credit facility (the “Subsidiary Credit Facility”) in the amount of £25 million (or approximately $31 million based on the GBP/USD foreign exchange rate at December 31, 2024) 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, 2024, there was no amount outstanding under the Subsidiary Credit Facility.

Long-Term Borrowings

The carrying value and fair value of long-term borrowings determined using market prices and EUR/USD foreign exchange rate at December 31, 2024 included the following:

(in millions)

Maturity Amount

 

 

Unamortized
Discount and Debt Issuance Costs(1)

 

 

Carrying Value

 

 

Fair Value

 

1.25% Notes due 2025(2)

$

725

 

 

$

—

 

 

$

725

 

 

$

720

 

3.20% Notes due 2027(2)

 

700

 

 

 

(2

)

 

 

698

 

 

 

682

 

4.60% Notes due 2027

 

800

 

 

 

(3

)

 

 

797

 

 

 

801

 

3.25% Notes due 2029(2)

 

1,000

 

 

 

(7

)

 

 

993

 

 

 

944

 

4.70% Notes due 2029

 

500

 

 

 

(3

)

 

 

497

 

 

 

500

 

2.40% Notes due 2030(2)

 

1,000

 

 

 

(3

)

 

 

997

 

 

 

891

 

1.90% Notes due 2031(2)

 

1,250

 

 

 

(7

)

 

 

1,243

 

 

 

1,055

 

2.10% Notes due 2032(2)

 

1,000

 

 

 

(11

)

 

 

989

 

 

 

823

 

4.75% Notes due 2033(2)

 

1,250

 

 

 

(17

)

 

 

1,233

 

 

 

1,224

 

5.00% Notes due 2034

 

1,000

 

 

 

(7

)

 

 

993

 

 

 

986

 

4.90% Notes due 2035

 

500

 

 

 

(5

)

 

 

495

 

 

 

489

 

5.25% Notes due 2054

 

1,500

 

 

 

(32

)

 

 

1,468

 

 

 

1,418

 

5.35% Notes due 2055

 

1,200

 

 

 

(14

)

 

 

1,186

 

 

 

1,147

 

Total long-term borrowings

$

12,425

 

 

$

(111

)

 

$

12,314

 

 

$

11,680

 
(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 New BlackRock.

Long-term borrowings at December 31, 2023 had a carrying value of $7.9 billion and a fair value of $7.4 billion determined using market prices at the end of December 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 are intended to be used to fund a portion of the cash consideration for the acquisition of Preqin Holding Limited ("Preqin" or the "Preqin Transaction"), which is anticipated to close in the first quarter of 2025, subject to customary closing conditions. 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. In addition, if the Preqin Transaction is not consummated, the Company will be required to redeem all outstanding July 2027 Notes (the “Special Mandatory Redemption”) at a Special Mandatory Redemption price equal to 101% of the aggregate principal amount of the applicable series of July 2027 Notes, plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption date.

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 maturing on May 6, 2025 (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 are 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 is payable annually on May 6 of each year. The 2025 Notes may be redeemed in whole or in part prior to maturity at any time at the option of the Company at a “make-whole” redemption price.

Upon conversion to US dollars the Company designated the €700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations. A gain of $37 million (net of tax expense of $12 million), loss of $20 million (net of tax benefit of $6 million), and a gain of $37 million (net of tax expense of $12 million) were recognized in other comprehensive income for 2024, 2023 and 2022, respectively. No hedge ineffectiveness was recognized during 2024, 2023 and 2022.

2024 Notes. In March 2014, the Company issued $1 billion in aggregate principal amount of 3.50% senior unsecured and unsubordinated notes, which were repaid in March 2024 at maturity (the “2024 Notes”). The net proceeds of the 2024 Notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014. Interest was payable semi-annually in arrears on March 18 and September 18 of each year, or approximately $35 million per year.

New BlackRock Guarantee. On October 1, 2024, in connection with the closing of the GIP Transaction, New BlackRock also entered into a guarantee (the “New BlackRock Guarantee”) pursuant to which New BlackRock 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 New BlackRock's other unsubordinated indebtedness. The New BlackRock Guarantee will be automatically and unconditionally released and discharged, and New BlackRock will be released from all obligations under the New BlackRock Guarantee, in certain circumstances as described in the New BlackRock Guarantee.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

16. Commitments and Contingencies

Investment Commitments. At December 31, 2024, the Company had $1.2 billion of various capital commitments to fund sponsored investment products, including CIPs. These products include various private markets 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, 2024 totaled $4.3 billion, including $4.2 billion related to the GIP Transaction, which, if any, will be settled, all in stock, ranging from 4.0 million to 5.2 million shares, subject to achieving certain performance targets. See Note 3, Acquisitions, for more information.

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

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

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

Indemnifications. In the ordinary course of business or in connection with certain acquisition agreements, BlackRock enters into contracts pursuant to which it may agree to indemnify third parties in certain circumstances. The terms of these indemnities vary from contract to contract and the amount of indemnification liability, if any, cannot be determined or the likelihood of any liability is considered remote. Consequently, no liability has been recorded on the 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, 2024 and subject to this type of indemnification was approximately $305 billion. In the Company’s capacity as lending agent, cash and securities totaling approximately $324 billion were held as collateral for indemnified securities on loan at December 31, 2024. The fair value of these indemnifications was not material at December 31, 2024.
v3.25.0.1
Revenue
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue

17. Revenue

The table below presents detail of revenue for 2024, 2023 and 2022 and includes the product mix of investment advisory, administration fees and securities lending revenue and performance fees.

(in millions)

2024

 

 

2023

 

 

2022

 

Revenue:

 

 

 

 

 

 

 

 

Investment advisory, administration fees and securities lending revenue:

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Active

$

2,166

 

 

$

2,000

 

 

$

2,147

 

ETFs

 

5,124

 

 

 

4,418

 

 

 

4,345

 

Non-ETF index

 

784

 

 

 

743

 

 

 

711

 

Equity subtotal

 

8,074

 

 

 

7,161

 

 

 

7,203

 

Fixed income:

 

 

 

 

 

 

 

 

Active

 

1,952

 

 

 

1,897

 

 

 

1,977

 

ETFs

 

1,367

 

 

 

1,230

 

 

 

1,122

 

Non-ETF index

 

369

 

 

 

353

 

 

 

396

 

Fixed income subtotal

 

3,688

 

 

 

3,480

 

 

 

3,495

 

Multi-asset

 

1,278

 

 

 

1,203

 

 

 

1,299

 

Alternatives:

 

 

 

 

 

 

 

 

Private markets

 

1,196

 

 

 

889

 

 

 

741

 

Liquid alternatives

 

568

 

 

 

572

 

 

 

633

 

Currency and commodities(1)

 

247

 

 

 

185

 

 

 

216

 

Alternatives subtotal

 

2,011

 

 

 

1,646

 

 

 

1,590

 

Long-term

 

15,051

 

 

 

13,490

 

 

 

13,587

 

Cash management

 

1,049

 

 

 

909

 

 

 

864

 

Total investment advisory, administration fees and securities lending revenue(2)

 

16,100

 

 

 

14,399

 

 

 

14,451

 

Investment advisory performance fees:

 

 

 

 

 

 

 

 

Equity

 

161

 

 

 

99

 

 

 

49

 

Fixed income

 

34

 

 

 

4

 

 

 

25

 

Multi-asset

 

24

 

 

 

28

 

 

 

25

 

Alternatives:

 

 

 

 

 

 

 

 

Private markets

 

308

 

 

 

273

 

 

 

296

 

Liquid alternatives

 

680

 

 

 

150

 

 

 

119

 

Alternatives subtotal

 

988

 

 

 

423

 

 

 

415

 

Total investment advisory performance fees

 

1,207

 

 

 

554

 

 

 

514

 

Technology services revenue

 

1,603

 

 

 

1,485

 

 

 

1,364

 

Distribution fees

 

1,273

 

 

 

1,262

 

 

 

1,381

 

Advisory and other revenue:

 

 

 

 

 

 

 

 

Advisory

 

49

 

 

 

81

 

 

 

56

 

Other

 

175

 

 

 

78

 

 

 

107

 

Total advisory and other revenue

 

224

 

 

 

159

 

 

 

163

 

Total revenue

$

20,407

 

 

$

17,859

 

 

$

17,873

 
(1)
Amounts include cryptocurrency and commodity ETFs and exchange-traded products.
(2)
Amounts include $615 million, $675 million and $599 million of securities lending revenue for 2024, 2023 and 2022, respectively.

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

(in millions)

2024

 

 

2023

 

 

2022

 

By client type:

 

 

 

 

 

 

 

 

Retail

$

4,284

 

 

$

4,115

 

 

$

4,442

 

ETFs

 

6,743

 

 

 

5,834

 

 

 

5,671

 

Institutional:

 

 

 

 

 

 

 

 

Active

 

3,089

 

 

 

2,623

 

 

 

2,535

 

Index

 

935

 

 

 

918

 

 

 

939

 

Total institutional

 

4,024

 

 

 

3,541

 

 

 

3,474

 

Long-term

 

15,051

 

 

 

13,490

 

 

 

13,587

 

Cash management

 

1,049

 

 

 

909

 

 

 

864

 

Total

$

16,100

 

 

$

14,399

 

 

$

14,451

 

 

 

 

 

 

 

 

 

 

By investment style:

 

 

 

 

 

 

 

 

Active

$

7,117

 

 

$

6,534

 

 

$

6,789

 

Index and ETFs

 

7,934

 

 

 

6,956

 

 

 

6,798

 

Long-term

 

15,051

 

 

 

13,490

 

 

 

13,587

 

Cash management

 

1,049

 

 

 

909

 

 

 

864

 

Total

$

16,100

 

 

$

14,399

 

 

$

14,451

 

 

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, 2024 and 2023:

December 31, 2024

(in millions)

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

Investment advisory and administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

427

 

 

$

381

 

 

$

353

 

 

$

142

 

 

$

1,303

 

December 31, 2023

(in millions)

2024

 

 

2025

 

 

2026

 

 

Thereafter

 

 

Total

 

Investment advisory and administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

204

 

 

$

174

 

 

$

152

 

 

$

164

 

 

$

694

 
(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, 2024 and 2023. Revenue attributed to future periods could be subject to change due to a change in business activities and actual amounts could differ from amounts disclosed in the table above.
(2)
The Company elected practical expedients to exclude amounts related to (a) performance obligations with an original duration of one year or less, and (b) variable consideration related to future service periods.

 

Change in Deferred Carried Interest Liability

The table below presents changes in the deferred carried interest liability, which is included in other liabilities on the consolidated statements of financial condition, for the year ended December 31, 2024 and 2023:

(in millions)

2024

 

 

2023

 

Beginning balance

$

1,783

 

 

$

1,420

 

Net increase (decrease) in unrealized allocations

 

364

 

 

 

577

 

Performance fee revenue recognized

 

(287

)

 

 

(214

)

Ending balance

$

1,860

 

 

$

1,783

 

Technology Services Revenue – Remaining Performance Obligation

The tables below present estimated technology services revenue expected to be recognized in the future related to the unsatisfied portion of the performance obligations at December 31, 2024 and 2023:

December 31, 2024

(in millions)

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

Technology services revenue(1)(2)

$

134

 

 

$

81

 

 

$

50

 

 

$

69

 

 

$

334

 

December 31, 2023

(in millions)

2024

 

 

2025

 

 

2026

 

 

Thereafter

 

 

Total

 

Technology services revenue(1)(2)

$

131

 

 

$

73

 

 

$

56

 

 

$

59

 

 

$

319

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

In addition to amounts disclosed in the tables above, certain technology services 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, 2024, the estimated annual fixed minimum fees for 2025 for outstanding contracts approximated $1.2 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 deferred revenue liability for the year ended December 31, 2024 and 2023, which is included in other liabilities on the consolidated statements of financial condition:

(in millions)

2024

 

 

2023

 

Beginning balance

$

133

 

 

$

125

 

Additions(1)

 

84

 

 

 

92

 

Revenue recognized that was included in the beginning balance

 

(93

)

 

 

(84

)

Ending balance

$

124

 

 

$

133

 
(1)
Amounts are net of revenue recognized.
v3.25.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
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)

2024

 

 

2023

 

 

2022

 

Stock-based compensation:

 

 

 

 

 

 

 

 

RSUs(1)

$

718

 

 

$

596

 

 

$

686

 

Stock options

 

35

 

 

 

34

 

 

 

22

 

Total stock-based compensation(2)

$

753

 

 

$

630

 

 

$

708

 
(1)
Amount for 2024 includes $71 million of incentive retention awards granted in connection with the GIP Transaction.
(2)
Amount for 2023 and 2022 includes $14 million and $33 million of compensation expense for accelerated vesting of previously granted stock-based compensation awards, respectively, recognized as part of the restructuring charge disclosed in Note 24, Restructuring Charge.

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, 7,708,389 shares remain available for future awards at December 31, 2024. 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 2024 is summarized below.

Outstanding at

RSUs

 

 

Weighted-
Average
Grant Date
Fair Value

 

December 31, 2023

 

1,772,639

 

 

$

757.49

 

Granted(1)

 

1,395,311

 

 

$

817.10

 

Converted

 

(779,146

)

 

$

760.38

 

Forfeited

 

(91,139

)

 

$

748.23

 

December 31, 2024

 

2,297,665

 

 

$

793.08

 
(1)
During the first quarter of 2024, in connection with the GIP Transaction, the Company granted incentive retention awards of approximately 106,000 RSUs to certain employees that vest between two to five years from the grant date. Additionally, in October 2024, in connection with the GIP Transaction, the Company granted incentive retention awards of approximately 500,000 RSUs to certain employees that cliff vest 100% on October 1, 2029. The weighted-average grant date fair value of these October 2024 awards was $830.90.

The Company values RSUs at their grant-date fair value as measured by BlackRock's common stock price. The incentive retention RSUs granted in October 2024, in connection with the GIP Transaction, are not entitled to participate in dividends until they vest, hence the grant-date fair value of the awards are reduced by the present value of the dividends expected to be paid on the common shares during the vesting period, discounted at a risk-free interest rate. The total fair market value of RSUs granted to employees during 2024, 2023 and 2022 was $1.1 billion, $565 million and $662 million, respectively. The total grant-date fair market value of RSUs converted to common stock during 2024, 2023 and 2022 was $592 million, $592 million and $461 million, respectively.

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

 

2024

 

 

2023

 

 

2022

 

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

 

346,831

 

 

 

342,706

 

 

 

498,633

 

Awards granted that vest with varying vesting periods

 

204,622

 

 

 

169,764

 

 

 

117,169

 

Awards granted that cliff vest 100% on:

 

 

 

 

 

 

 

 

January 31, 2025

 

—

 

 

 

—

 

 

 

197,817

 

January 31, 2026

 

—

 

 

 

259,465

 

 

 

—

 

January 31, 2027

 

343,418

 

 

 

—

 

 

 

—

 

October 1, 2029(1)

 

500,440

 

 

 

—

 

 

 

—

 

Total awards granted

 

1,395,311

 

 

 

771,935

 

 

 

813,619

 
(1)
Incentive retention awards granted in October 2024, in connection with the GIP Transaction.

At December 31, 2024, the intrinsic value of outstanding RSUs was $2.4 billion, reflecting a closing stock price of $1,025.

At December 31, 2024, total unrecognized stock-based compensation expense related to unvested RSUs was $913 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 2.0 years.

In January 2025, pursuant to the Award Plan, the Company granted approximately:

•
332,000 RSUs to employees as part of annual incentive compensation that vest ratably over three years from the date of grant;
•
216,000 RSUs to employees that cliff vest 100% on January 31, 2028; and
•
27,000 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 2024, 2023 and 2022, the Company granted 165,631, 169,938 and 143,846, respectively, performance-based RSUs to certain employees that cliff vest 100% on January 31, 2027, 2026 and 2025, respectively. These awards are amortized over a service period of three years. In 2024, the Company reduced the number of original shares granted in 2021 by 42,579 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 2024 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, 2023

 

456,384

 

 

$

767.69

 

 

 

—

 

 

$

—

 

 

 

456,384

 

 

$

767.69

 

Granted

 

165,631

 

 

$

798.83

 

 

 

210,505

 

 

$

845.48

 

 

 

376,136

 

 

$

824.94

 

Reduction of shares due to performance measures

 

(42,579

)

 

$

739.64

 

 

 

—

 

 

$

—

 

 

 

(42,579

)

 

$

739.64

 

Converted

 

(116,029

)

 

$

739.32

 

 

 

—

 

 

$

—

 

 

 

(116,029

)

 

$

739.32

 

Forfeited

 

(12,365

)

 

$

784.44

 

 

 

—

 

 

$

—

 

 

 

(12,365

)

 

$

784.44

 

December 31, 2024

 

451,042

 

 

$

788.61

 

 

 

210,505

 

 

$

845.48

 

 

 

661,547

 

 

$

806.71

 

The Company values performance-based RSUs at their grant-date fair value as measured by BlackRock’s common stock price. The incentive retention performance-based RSUs granted in October 2024 in connection with GIP Transaction mentioned above, are not entitled to participate in dividends until they vest, hence the grant-date fair value of the awards are reduced by the present value of the dividends expected to be paid on the common shares during the vesting period, discounted at a risk-free interest rate.

The total grant-date fair market value of performance-based RSUs granted (including impact due to performance measures) to employees during 2024, 2023 and 2022 was $279 million, $142 million and $164 million, respectively. At December 31, 2024, the intrinsic value of outstanding performance-based RSUs was $678 million reflecting a closing stock price of $1,025. At December 31, 2024, total unrecognized stock-based compensation expense related to unvested performance-based awards was $311 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 2.1 years.

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

Stock Options

Stock option activity and ending balance for year-end December 31, 2024 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, 2023

 

1,549,080

 

 

$

513.50

 

 

 

807,695

 

 

$

673.58

 

 

 

326,391

 

 

$

673.58

 

Exercised

 

(905,219

)

 

$

513.50

 

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Forfeited

 

(18,036

)

 

$

513.50

 

 

 

(40,725

)

 

$

673.58

 

 

 

(26,705

)

 

$

673.58

 

Outstanding at December 31, 2024

 

625,825

 

 

$

513.50

 

 

 

766,970

 

 

$

673.58

 

 

 

299,686

 

 

$

673.58

 

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Option Type

 

Exercise Prices

 

 

Options Outstanding

 

 

Weighted Average Remaining Life (years)

 

 

Aggregate
Intrinsic
Value
(in millions)

 

 

Exercise Prices

 

 

Options
Exercisable

 

 

Weighted Average Remaining Life (years)

 

 

Aggregate
Intrinsic
Value
(in millions)

 

2017 Performance-based

 

$

513.50

 

 

 

625,825

 

 

 

1.9

 

 

$

320

 

 

$

513.50

 

 

 

625,825

 

 

 

1.9

 

 

$

320

 

2023 Performance-based

 

$

673.58

 

 

 

766,970

 

 

 

7.4

 

 

 

270

 

 

$

673.58

 

 

 

—

 

 

 

—

 

 

 

—

 

2023 Time-based

 

$

673.58

 

 

 

299,686

 

 

 

7.4

 

 

 

105

 

 

$

673.58

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

 

 

 

1,692,481

 

 

 

5.4

 

 

$

695

 

 

 

 

 

 

625,825

 

 

 

1.9

 

 

$

320

 

At December 31, 2024, total unrecognized stock-based compensation expense related to unvested performance-based and time-based stock options was $113 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 3.7 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 is amortized over the respective requisite service period. The total fair value of 2017 Performance-based Options vested during 2024 was $52 million. The aggregate intrinsic value of 2017 Performance-based Options exercised during 2024 was $373 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, 2024, 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 of 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 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.
v3.25.0.1
Deferred Cash Compensation and Employee Benefit Plans
 12 Months Ended
Dec. 31, 2024
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)

2024

 

 

2023

 

 

2022

 

Deferred cash compensation expense:

 

 

 

 

 

 

 

 

IPDCP

$

155

 

 

$

195

 

 

$

228

 

VDCP

 

26

 

 

 

17

 

 

 

(18

)

Other(1)

 

31

 

 

 

14

 

 

 

14

 

Total deferred cash compensation expense

$

212

 

 

$

226

 

 

$

224

 
(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 2024, 2023 and 2022, the Company granted approximately $114 million, $90 million, and $257 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 $220 million and $313 million at December 31, 2024 and 2023, respectively, and are reflected in the consolidated statements of financial condition as accrued compensation and benefits. In January 2025, the Company granted approximately $264 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 $170 million and $144 million at December 31, 2024 and 2023, 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 $34 million and $82 million at December 31, 2024 and 2023, 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 $149 million in 2024, $86 million in 2023, and $83 million in 2022.

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, 2024. The Company’s contribution expense related to these plans was $66 million in 2024, $64 million in 2023, and $60 million in 2022.

In addition, the contribution expense related to defined contribution plans in other regions was $50 million in 2024, $42 million in 2023 and $41 million in 2022.

Defined Benefit Plans. The Company has several defined benefit pension plans with plan assets of approximately $27 million and $28 million at December 31, 2024 and 2023, respectively. The underfunded obligations at December 31, 2024 and 2023 were not material. Benefit payments for the next five years and in aggregate for the five years thereafter are not expected to be material.
v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions

20. Related Party Transactions

Determination of Related Parties

Registered Investment Companies and Equity Method Investments. The Company considers the registered investment companies that it manages, which include mutual funds and ETFs, to be related parties as a result of the Company’s advisory relationship. In addition, equity method investments are considered related parties, due to the Company’s influence over the financial and operating policies of the investee.

Revenue from Related Parties

Revenue for services provided by the Company to these and other related parties are as follows:

(in millions)

 

2024

 

 

2023

 

 

2022

 

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

 

$

12,050

 

 

$

10,757

 

 

$

10,848

 

Investment advisory performance fees(1)

 

 

728

 

 

 

286

 

 

 

244

 

Other

 

 

16

 

 

 

(31

)

 

 

(31

)

Total revenue from related parties

 

$

12,794

 

 

$

11,012

 

 

$

11,061

 
(1)
Amounts primarily include revenue from registered investment companies and equity method investees.

The Company provides investment advisory and administration services to its open- and closed-end funds and other commingled or pooled funds and separate accounts in which related parties invest.

Receivables and Payables with Related Parties. Due from related parties, which is included within other assets on the consolidated statements of financial condition, was $245 million and $203 million at December 31, 2024 and 2023, respectively, and primarily represented receivables from certain investment products managed by BlackRock. Accounts receivable at December 31, 2024 and 2023 included $1.3 billion and $1.1 billion, respectively, related to receivables from BlackRock mutual funds and ETFs, for investment advisory and administration services.

Due to related parties, which is included within other liabilities on the consolidated statements of financial condition, was $11 million and $21 million at December 31, 2024 and 2023, respectively, and primarily represented payables to certain investment products managed by BlackRock.
v3.25.0.1
Net Capital Requirements
 12 Months Ended
Dec. 31, 2024
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.

Banking Regulatory Requirements. BlackRock Institutional Trust Company, N.A. ("BTC"), a wholly owned subsidiary of the Company, which is chartered as a national bank whose powers are limited to trust and other fiduciary activities and which is subject to regulatory capital requirements administered by the US Office of the Comptroller of the Currency. Federal banking regulators would be required to take certain actions and permitted to take other 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 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, 2024 and 2023, 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, 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

%

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capital (to risk weighted assets)

 

$

775

 

 

 

145.8

%

 

$

43

 

 

 

8.0

%

 

$

53

 

 

 

10.0

%

Common Equity Tier 1 capital (to risk weighted assets)

 

$

771

 

 

 

145.1

%

 

$

24

 

 

 

4.5

%

 

$

35

 

 

 

6.5

%

Tier 1 capital (to risk weighted assets)

 

$

771

 

 

 

145.1

%

 

$

32

 

 

 

6.0

%

 

$

43

 

 

 

8.0

%

Tier 1 capital (to average assets)

 

$

771

 

 

 

65.9

%

 

$

47

 

 

 

4.0

%

 

$

59

 

 

 

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 both December 31, 2024 and 2023, the Company was required to maintain approximately $1.8 billion 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.

v3.25.0.1
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)

22. Accumulated Other Comprehensive Income (Loss)

The following table presents changes in AOCI for 2024, 2023 and 2022:

(in millions)

 

2024

 

 

2023

 

 

2022

 

 Beginning balance

 

$

(840

)

 

$

(1,101

)

 

$

(550

)

Foreign currency translation adjustments(1)

 

 

(338

)

 

 

261

 

 

 

(551

)

 Ending balance

 

$

(1,178

)

 

$

(840

)

 

$

(1,101

)
(1)
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). Amount for 2022 includes a gain from a net investment hedge of $37 million (net of tax expense of $12 million).
v3.25.0.1
Capital Stock
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Capital Stock

23. Capital Stock

Cash Dividends for Common Shares / RSUs. During 2024, 2023 and 2022, the Company paid cash dividends of $20.40 per share (or $3.1 billion), $20.00 per share (or $3.0 billion) and $19.52 per share (or $3.0 billion), respectively.

The GIP Transaction. On October 1, 2024, as part of the closing of the GIP Transaction, (1) BlackRock issued 6,908,416 shares of common stock as part of the total consideration paid, (2) each share of common stock, $0.01 par value, of Old BlackRock issued and outstanding, other than common stock held in treasury, immediately prior to the closing of the GIP Transaction was converted automatically into one share of common stock, $0.01 par value, of New BlackRock and (3) shares of Old BlackRock common stock held in treasury were cancelled. See Note 3, Acquisitions, and Note 1, Business Overview, for additional information.

Share Repurchases. During 2024, the Company repurchased 1.9 million common shares under the Company’s existing share repurchase program for approximately $1.6 billion. At December 31, 2024, there were approximately 3.8 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.

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

 

 

Shares Issued

 

 

Shares Outstanding

 

 

 

Common
Shares

 

 

Treasury
Common
Shares

 

 

Common
Shares

 

December 31, 2021

 

 

172,075,373

 

 

 

(20,390,882

)

 

 

151,684,491

 

Shares repurchased

 

 

—

 

 

 

(2,710,821

)

 

 

(2,710,821

)

Net issuance of common shares related
   to employee stock transactions

 

 

—

 

 

 

782,822

 

 

 

782,822

 

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

 
v3.25.0.1
Restructuring Charge
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Charge

24. Restructuring Charge

In the fourth quarter of 2023, a restructuring charge of $61 million ($46 million after-tax), comprised of $47 million of severance and $14 million of compensation expense for accelerated vesting of previously granted deferred compensation awards, was recorded in connection with initiatives to reorganize specific platforms, primarily Aladdin and private markets.

The table below presents a rollforward of the Company’s restructuring liability for 2024 and 2023, which is included in other liabilities on the consolidated statements of financial condition:

(in millions)

 

 

 

 Liability as of December 31, 2022

 

$

58

 

Cash payments

 

 

(58

)

Additions

 

 

61

 

Accelerated vesting expense of deferred compensation awards

 

 

(14

)

 Liability as of December 31, 2023

 

$

47

 

Cash payments

 

 

(47

)

 Liability as of December 31, 2024

 

$

—

 
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

25. Income Taxes

The components of income tax expense for 2024, 2023 and 2022, are as follows:

(in millions)

 

2024

 

 

2023

 

 

2022

 

Current income tax expense:

 

 

 

 

 

 

 

 

 

Federal

 

$

960

 

 

$

641

 

 

$

255

 

State and local

 

 

142

 

 

 

176

 

 

 

(9

)

Foreign

 

 

787

 

 

 

538

 

 

 

448

 

Total net current income tax expense

 

 

1,889

 

 

 

1,355

 

 

 

694

 

Deferred income tax expense (benefit):

 

 

 

 

 

 

 

 

 

Federal

 

 

(105

)

 

 

101

 

 

 

562

 

State and local

 

 

—

 

 

 

11

 

 

 

64

 

Foreign

 

 

(1

)

 

 

12

 

 

 

(24

)

Total net deferred income tax expense (benefit)

 

 

(106

)

 

 

124

 

 

 

602

 

Total income tax expense

 

$

1,783

 

 

$

1,479

 

 

$

1,296

 

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

(in millions)

 

2024

 

 

2023

 

 

2022

 

Domestic

 

$

5,139

 

 

$

4,565

 

 

$

4,604

 

Foreign

 

 

3,013

 

 

 

2,416

 

 

 

1,870

 

Total

 

$

8,152

 

 

$

6,981

 

 

$

6,474

 

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, Germany, Canada and Ireland.

A reconciliation of income tax expense with expected federal income tax expense computed at the applicable federal income tax rate of 21% for 2024, 2023 and 2022 is as follows:

(in millions)

 

2024

 

 

2023

 

 

2022

 

Statutory income tax expense

 

$

1,712

 

 

 

21

%

 

$

1,466

 

 

 

21

%

 

$

1,360

 

 

 

21

%

Increase (decrease) in income taxes resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State and local taxes (net of federal benefit)

 

 

130

 

 

 

2

 

 

 

110

 

 

 

2

 

 

 

115

 

 

 

2

 

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

 

 

12

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(25

)

 

 

—

 

Stock-based compensation awards

 

 

(37

)

 

 

—

 

 

 

(41

)

 

 

(1

)

 

 

(87

)

 

 

(1

)

Resolution of outstanding tax matters

 

 

—

 

 

 

—

 

 

 

(204

)

 

 

(3

)

 

 

(143

)

 

 

(2

)

Intellectual property reorganization

 

 

(137

)

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Effect of foreign tax rates

 

 

84

 

 

 

1

 

 

 

112

 

 

 

2

 

 

 

23

 

 

 

—

 

Other

 

 

19

 

 

 

—

 

 

 

36

 

 

 

—

 

 

 

53

 

 

 

—

 

Income tax expense

 

$

1,783

 

 

 

22

%

 

$

1,479

 

 

 

21

%

 

$

1,296

 

 

 

20

%

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)

 

2024

 

 

2023

 

Deferred income tax assets:

 

 

 

 

 

 

Compensation and benefits

 

$

354

 

 

$

375

 

Loss carryforwards

 

 

103

 

 

 

95

 

Foreign tax credit carryforward

 

 

39

 

 

 

—

 

Capitalized costs

 

 

276

 

 

 

216

 

Other

 

 

795

 

 

 

825

 

Gross deferred tax assets

 

 

1,567

 

 

 

1,511

 

Less: Deferred tax valuation allowances

 

 

(69

)

 

 

(59

)

Deferred tax assets net of valuation allowances

 

 

1,498

 

 

 

1,452

 

Deferred income tax liabilities:

 

 

 

 

 

 

Goodwill and acquired indefinite-lived intangibles

 

 

4,199

 

 

 

4,299

 

Acquired finite-lived intangibles

 

 

53

 

 

 

86

 

Unrealized investment gains

 

 

58

 

 

 

25

 

Other

 

 

341

 

 

 

340

 

Gross deferred tax liabilities

 

 

4,651

 

 

 

4,750

 

Net deferred tax (liabilities)

 

$

(3,153

)

 

$

(3,298

)

Deferred income tax assets and liabilities are recorded net when related to the same tax jurisdiction. 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. At December 31, 2023, the Company recorded on the consolidated statement of financial condition deferred income tax assets, within other assets, and deferred income tax liabilities of $208 million and $3.5 billion, respectively.

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 tax 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. Income tax expense for 2023 included $242 million of net discrete tax net benefits related to the resolution of certain outstanding tax matters and stock-based compensation awards that vested in 2023.

At December 31, 2024 and 2023, the Company had available state net operating loss carryforwards of $2.9 billion and $2.7 billion, respectively, which will begin to expire in 2032. At December 31, 2024 and 2023, the Company had foreign net operating loss carryforwards of $193 million and $164 million, respectively, of which $10 million will begin to expire in 2025. At December 31, 2024, the Company had foreign tax credit carryforwards for income tax purposes of $39 million which will begin to expire in 2034.

At December 31, 2024 and 2023, the Company had $69 million and $59 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, 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. At December 31, 2023, the Company had current income taxes receivable and payable of $252 million and $85 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)

 

2024

 

 

2023

 

 

2022

 

Balance at January 1

 

$

749

 

 

$

912

 

 

$

1,022

 

Additions for tax positions of prior years

 

 

30

 

 

 

25

 

 

 

13

 

Reductions for tax positions of prior years

 

 

(10

)

 

 

(22

)

 

 

(75

)

Additions based on tax positions related to current year

 

 

51

 

 

 

49

 

 

 

55

 

Additions related to business combinations

 

 

—

 

 

 

16

 

 

 

—

 

Settlements

 

 

(303

)

 

 

(231

)

 

 

(103

)

Balance at December 31

 

$

517

 

 

$

749

 

 

$

912

 

Included in the balance of unrecognized tax benefits at December 31, 2024, 2023 and 2022, respectively, are $431 million, $505 million and $497 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 $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. The Company accrued interest and penalties of $(40) million during 2022 and in total, as of December 31, 2022, had recognized a liability for interest and penalties of $160 million.

BlackRock is subject to US federal income tax, state and local income tax, and foreign income tax in multiple jurisdictions. Tax years after 2015 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.

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 2012 through 2014. No open state and local tax examinations cover years earlier than 2012.

Upon conclusion of its examination, Her Majesty’s Revenue and Customs (“HMRC”) issued a closure notice during 2017 for various UK BlackRock subsidiaries for tax years 2009 and years after. At that time, the Company decided to pursue litigation for the tax matters included on such notice. During 2020, the Company received a favorable decision from the First Tier Tribunal (“FTT”), however, HMRC appealed to the Upper Tribunal (“UT”) and the UT ruled in HMRC’s favor, overturning the FTT’s decision in July 2022. BlackRock appealed the UT’s decision to the UK Court of Appeal, who dismissed the Company's appeal. The Company applied for permission to appeal to the UK Supreme Court, who refused permission to appeal in October 2024. The resolution did not result in a material impact to the consolidated financial statements.

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.

At December 31, 2024, it is reasonably possible the total amounts of unrecognized tax benefits will change within the next twelve months due to completion of tax authorities’ exams or the expiration of statues of limitations. Management estimates that the existing liability for uncertain tax positions could decrease by approximately $160 million to $220 million within the next twelve months.

v3.25.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share

26. Earnings Per Share

The following table sets forth the computation of basic and diluted EPS for 2024, 2023 and 2022 under the treasury stock method:

(in millions, except shares and per share data)

 

2024

 

 

2023

 

 

2022

 

Net income attributable to BlackRock, Inc.

 

$

6,369

 

 

$

5,502

 

 

$

5,178

 

Basic weighted-average shares outstanding

 

 

150,042,269

 

 

 

149,327,558

 

 

 

150,921,161

 

Dilutive effect of:

 

 

 

 

 

 

 

 

 

      Nonparticipating RSUs

 

 

1,034,323

 

 

 

969,089

 

 

 

1,119,829

 

      Stock options

 

 

538,493

 

 

 

409,804

 

 

 

399,481

 

Total diluted weighted-average shares outstanding

 

 

151,615,085

 

 

 

150,706,451

 

 

 

152,440,471

 

Basic earnings per share

 

$

42.45

 

 

$

36.85

 

 

$

34.31

 

Diluted earnings per share

 

$

42.01

 

 

$

36.51

 

 

$

33.97

 

The amount of anti-dilutive RSUs and stock options were immaterial for 2024 and 2022. 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 RSUs for 2024, 2023, and 2022, and certain performance-based stock options for 2023 were excluded from the diluted EPS calculation because the designated contingencies were not met.
v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
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 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 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 2024, 2023 and 2022 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)

2024

 

 

2023

 

 

2022

 

Revenue

 

 

 

 

 

 

 

 

Americas

$

13,411

 

 

$

11,899

 

 

$

11,931

 

Europe

 

6,137

 

 

 

5,209

 

 

 

5,164

 

Asia-Pacific

 

859

 

 

 

751

 

 

 

778

 

Total revenue

$

20,407

 

 

$

17,859

 

 

$

17,873

 

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, 2024 and 2023 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)

2024

 

 

2023

 

Long-lived Assets

 

 

 

 

 

Americas

$

25,515

 

 

$

15,017

 

Europe

 

1,437

 

 

 

1,521

 

Asia-Pacific

 

100

 

 

 

98

 

Total long-lived assets

$

27,052

 

 

$

16,636

 

Americas is primarily comprised of the US, and also includes Latin America and Canada. Europe is primarily comprised of the UK, Luxembourg and the Netherlands, and also includes Switzerland, Ireland and France. Asia-Pacific is primarily comprised of Hong Kong, Japan, Singapore and Australia.
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events

28. Subsequent Events

In June 2024, BlackRock announced that it had entered into a definitive agreement to acquire Preqin, a leading independent provider of private markets data, for £2.55 billion (or approximately $3.2 billion based on the GBP/USD foreign exchange rate at December 31, 2024) in cash. The Company believes bringing together Preqin's data and research tools with the complementary workflows of Aladdin and eFront in a unified platform will create a preeminent private markets technology and data provider. The Preqin Transaction is anticipated to close in the first quarter of 2025, subject to customary closing conditions.

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

On January 29, 2025, the Company announced that the Board of Directors approved BlackRock’s quarterly dividend of $5.21 per share to be paid on March 24, 2025 to stockholders of record at the close of business on March 7, 2025.

The Company conducted a review for additional subsequent events and determined that no subsequent events had occurred that would require accrual or additional disclosures.
v3.25.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
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. Noncontrolling interests (“NCI”) on the consolidated statements of financial condition represent the portion of consolidated sponsored investment products (“CIPs”) and a consolidated affiliate in which the Company does not have direct equity ownership. Intercompany balances and transactions have been eliminated upon consolidation.

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

Certain 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 2024

Segment Reporting. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires incremental disclosures about reportable segments but does not change the definition of a segment or the guidance for determining reportable segments. The new guidance requires disclosure of significant segment expenses that are (1) regularly provided to (or easily computed from information regularly provided to) the chief operating decision maker ("CODM") and (2) included in the reported measure of segment profit or loss. The new standard also requires companies to disclose the title and position of the individual (or the name of the committee) identified as the CODM, allows companies to disclose multiple measures of segment profit or loss if those measures are used to assess performance and allocate resources, and is applicable to companies with a single reportable segment. The Company adopted disclosure requirements of ASU 2023-07 during the year ended December 31, 2024. See Note 27, Segment Information, for further detail.

Recent Accounting Pronouncements Not Yet Adopted

Income Tax Disclosure Requirements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which enhances interim and 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 additional disclosure requirements under ASU 2023-09 are required to be applied prospectively and are effective for the Company on January 1, 2025. The Company does not expect the additional disclosure requirements under ASU 2023-09 to have a material impact on the consolidated financial statements.

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

Consolidated Affiliate. The Company owns 50.1% 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.
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 receives collateral by obtaining either (1) legal title or (2) first ranking priority security interest. 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 receives the legal title to collateral under these securities lending arrangements, the Company records an asset on the consolidated statements of financial condition and 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, 2024 and 2023, the fair value of loaned securities held by separate accounts was approximately $9.9 billion and $9.3 billion, respectively, and the fair value of the collateral under these securities lending agreements was approximately $10.6 billion and $10.1 billion, respectively, of which approximately $6.1 billion as of 2024 and $4.6 billion as of 2023 was recognized on the consolidated statements of financial condition. During 2024 and 2023, 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 difference between the carrying value of the asset and its current fair value would be recognized as an expense in the period in which the impairment occurs.

Noncontrolling Interests

Noncontrolling Interests. NCI consist of third-party ownership interests in the Company’s CIPs (“NCI – CIPs”) and the WMC. The Company reports NCI in stockholders’ equity, separate from the parent’s equity, on the consolidated statements of financial condition. NCI that are redeemable at the option of the holders are classified as temporary equity at estimated redemption value and nonredeemable NCI are classified as a component of permanent equity in the consolidated statements of financial condition. In addition, the Company reports net income (loss) attributable to redeemable and nonredeemable NCI holders in 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. For 2024, 2023 and 2022, securities lending revenue earned by the Company totaled $615 million, $675 million and $599 million, respectively, and 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.

Money Market Fee Waivers. The Company may voluntarily waive a portion of its management fees on certain money market funds to ensure that they maintain a targeted level of daily net investment income (the “Yield Support Waivers”). There were no Yield Support Waivers during 2024 and 2023. During 2022, these waivers resulted in a reduction of management fees of approximately $72 million, which was partially offset by a reduction of BlackRock’s distribution and servicing costs paid to financial intermediaries. The Company may increase or decrease the level of Yield Support Waivers in future periods.

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 revenue. The Company offers investment management technology systems, risk management services, wealth management and digital distribution tools, 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. The grant-date fair value related to the October 2024 incentive retention RSUs granted in connection with the GIP Transaction, are 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). 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 $37 million, $41 million and $87 million during 2024, 2023 and 2022, 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. Diluted EPS is computed using the treasury stock method.
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.

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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.

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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.

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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.
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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. 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.
v3.25.0.1
Acquisition (Tables)
 12 Months Ended
Dec. 31, 2024
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

 

2025

 

$

429

 

2026

 

 

457

 

2027

 

 

384

 

2028

 

 

283

 

2029

 

 

271

 
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 this acquisition:

(in millions)

 

Fair Value Estimate

 

Finite-lived intangible assets:

 

 

 

Management contracts(1)

 

$

1,840

 

Investor relationships(1)

 

 

820

 

Trade name(2)

 

 

80

 

Goodwill

 

 

10,297

 

Operating lease ROU assets(3)

 

 

75

 

Other assets(3)

 

 

114

 

Accrued compensation and benefits(3)

 

 

(154

)

Operating lease liabilities(3)

 

 

(96

)

Other liabilities assumed(3)

 

 

(10

)

Total consideration, net of cash acquired

 

$

12,966

 

 

 

 

 

Summary of consideration, net of cash acquired:

 

 

 

Cash paid

 

$

2,930

 

Cash acquired

 

 

(68

)

Closing stock consideration at fair value

 

 

5,904

 

Deferred stock consideration at fair value

 

 

4,200

 

Total cash and stock consideration

 

$

12,966

 
(1)
The fair value for management contracts and investor relationships was determined based on a discounted cash flow analysis (Level 3 inputs), have weighted-average estimated useful lives of approximately 8 years and 14 years, respectively, and are amortized based on their 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 pattern of economic benefit.
(3)
Acquired operating lease ROU assets and operating lease liabilities were determined based on current lease guidance. The acquired book values of the remaining assets and liabilities approximated their fair values.
Summary of 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 10 years with remaining amortization expense as follows:

(in millions)

 

 

 

Year

 

Amount

 

2025

 

$

281

 

2026

 

 

323

 

2027

 

 

277

 

2028

 

 

196

 

2029

 

 

228

 

2030

 

 

269

 

Thereafter

 

 

1,079

 

Total

 

$

2,653

 
Summary of Business Acquisition, Pro Forma Information Combined Results of Operations

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

(Unaudited) (in millions)

 

2024(1)

 

 

2023

 

Total revenue

 

$

21,087

 

 

$

18,664

 

Net income attributable to BlackRock, Inc.

 

$

6,318

 

 

$

5,025

 
(1)
Subsequent to the closing of the GIP Transaction on October 1, 2024, GIP contributed approximately $240 million of revenue and $56 million of net income.
v3.25.0.1
Cash, Cash Equivalents and Restricted Cash (Tables)
 12 Months Ended
Dec. 31, 2024
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]  
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents reported within the 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)

 

2024

 

 

2023

 

Cash and cash equivalents

 

$

12,762

 

 

$

8,736

 

Restricted cash included in other assets

 

 

17

 

 

 

17

 

Total cash, cash equivalents and restricted cash

 

$

12,779

 

 

$

8,753

 
v3.25.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2024
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,
 2024

 

 

December 31,
 2023

 

Debt securities:

 

 

 

 

 

 

Trading securities (including $1,743 and $1,829 held by CIPs at December 31, 2024
   and December 31, 2023, respectively)

 

$

1,823

 

 

$

1,871

 

Held-to-maturity investments

 

 

547

 

 

 

617

 

Total debt securities

 

 

2,370

 

 

 

2,488

 

Equity securities at FVTNI (including $1,556 and $1,429 held by CIPs at December 31,
   2024 and December 31, 2023, respectively)(1)

 

 

1,950

 

 

 

1,585

 

Equity method investments:

 

 

 

 

 

 

Equity method investments(2)

 

 

2,610

 

 

 

2,515

 

Investments related to deferred cash compensation plans(1)

 

 

173

 

 

 

241

 

Total equity method investments

 

 

2,783

 

 

 

2,756

 

Loans held by CIPs

 

 

145

 

 

 

205

 

Federal Reserve Bank stock(3)

 

 

93

 

 

 

92

 

Carried interest(4)

 

 

1,983

 

 

 

1,975

 

Other investments(5)

 

 

445

 

 

 

639

 

Total investments

 

$

9,769

 

 

$

9,740

 
(1)
Amounts include investments held to economically hedge the impact of market valuation changes on certain deferred cash compensation plans comprised of equity method investments of $173 million and $241 million at December 31, 2024 and 2023, respectively. In addition, amounts related to deferred cash compensation plans include equity securities held at FVTNI of $12 million and $14 million at December 31, 2024 and 2023, 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 nonmarketable equity securities, which are measured at cost, adjusted for observable price changes, and private equity, real asset, and commodity investments held by CIPs, which are measured at fair value.
Summary of Cost and Carrying Value of Equity and Trading Debt Securities

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

 

 

December 31, 2024

 

 

December 31, 2023

 

(in millions)

 

Cost

 

 

Fair
Value

 

 

Cost

 

 

Fair
Value

 

Trading debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt

 

$

1,047

 

 

$

1,061

 

 

$

1,225

 

 

$

1,218

 

Government debt

 

 

578

 

 

 

557

 

 

 

501

 

 

 

489

 

Asset/mortgage-backed debt

 

 

222

 

 

 

205

 

 

 

185

 

 

 

164

 

Total trading debt securities

 

$

1,847

 

 

$

1,823

 

 

$

1,911

 

 

$

1,871

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

$

1,843

 

 

$

1,950

 

 

$

1,520

 

 

$

1,585

 
v3.25.0.1
Consolidated Sponsored Investment Products (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024

 

 

December 31, 2023

 

(in millions)

 

VIEs

 

 

VREs

 

 

Total

 

 

VIEs

 

 

VREs

 

 

Total

 

Cash and cash equivalents(1)

 

$

125

 

 

$

44

 

 

$

169

 

 

$

234

 

 

$

54

 

 

$

288

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

 

 

1,497

 

 

 

246

 

 

 

1,743

 

 

 

1,423

 

 

 

406

 

 

 

1,829

 

Equity securities at FVTNI

 

 

1,179

 

 

 

377

 

 

 

1,556

 

 

 

1,059

 

 

 

370

 

 

 

1,429

 

Loans

 

 

141

 

 

 

4

 

 

 

145

 

 

 

195

 

 

 

10

 

 

 

205

 

Other investments

 

 

370

 

 

 

33

 

 

 

403

 

 

 

427

 

 

 

171

 

 

 

598

 

Carried interest

 

 

1,905

 

 

 

—

 

 

 

1,905

 

 

 

1,916

 

 

 

—

 

 

 

1,916

 

Total investments

 

 

5,092

 

 

 

660

 

 

 

5,752

 

 

 

5,020

 

 

 

957

 

 

 

5,977

 

Other assets

 

 

45

 

 

 

31

 

 

 

76

 

 

 

83

 

 

 

39

 

 

 

122

 

Other liabilities(2)

 

 

(2,130

)

 

 

(93

)

 

 

(2,223

)

 

 

(2,233

)

 

 

(108

)

 

 

(2,341

)

Noncontrolling interest - CIPs

 

 

(1,672

)

 

 

(130

)

 

 

(1,802

)

 

 

(1,625

)

 

 

(226

)

 

 

(1,851

)

BlackRock's net interest in CIPs

 

$

1,460

 

 

$

512

 

 

$

1,972

 

 

$

1,479

 

 

$

716

 

 

$

2,195

 
(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, 2024 and 2023, 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)

 

2024

 

 

2023

 

 

2022

 

Nonoperating net gain (loss) on consolidated VIEs

 

$

234

 

 

$

310

 

 

$

(311

)

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to NCI on consolidated VIEs

 

$

132

 

 

$

174

 

 

$

(161

)
v3.25.0.1
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2024
Variable Interest Entity, Not Primary Beneficiary [Member]  
Variable Interest Entity [Line Items]  
Schedule of VIE Assets and Liabilities At December 31, 2024 and 2023, 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 for 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, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Sponsored investment products

 

$

2,330

 

 

$

158

 

 

$

(11

)

 

$

2,505

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Sponsored investment products

 

$

2,377

 

 

$

116

 

 

$

(11

)

 

$

2,510

 
(1)
At both December 31, 2024 and 2023, BlackRock’s maximum risk of loss associated with these VIEs primarily related to BlackRock’s investments and the collection of receivables.
v3.25.0.1
Fair Value Disclosures (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024
(in millions)

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

 

 

Significant Other
Observable Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Investments
Measured
at NAV(1)

 

 

Other(2)

 

 

December 31,
2024

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

1,744

 

 

$

79

 

 

$

—

 

 

$

—

 

 

$

1,823

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

547

 

 

 

547

 

Total debt securities

 

—

 

 

 

1,744

 

 

 

79

 

 

 

—

 

 

 

547

 

 

 

2,370

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

1,950

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,950

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and multi-asset
   mutual funds

 

347

 

 

 

131

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

478

 

Hedge funds/funds of hedge
   funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

552

 

 

 

—

 

 

 

552

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

1,060

 

 

 

—

 

 

 

1,060

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

520

 

 

 

—

 

 

 

520

 

Investments related to deferred cash
   compensation plans

 

—

 

 

 

—

 

 

 

—

 

 

 

173

 

 

 

—

 

 

 

173

 

Total equity method

 

347

 

 

 

131

 

 

 

—

 

 

 

2,305

 

 

 

—

 

 

 

2,783

 

Loans held by CIPs

 

—

 

 

 

10

 

 

 

135

 

 

 

—

 

 

 

—

 

 

 

145

 

Federal Reserve Bank Stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

93

 

 

 

93

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,983

 

 

 

1,983

 

Other investments

 

18

 

 

 

—

 

 

 

—

 

 

 

274

 

 

 

153

 

 

 

445

 

Total investments

 

2,315

 

 

 

1,885

 

 

 

214

 

 

 

2,579

 

 

 

2,776

 

 

 

9,769

 

Other assets(3)

 

—

 

 

 

7

 

 

 

149

 

 

 

—

 

 

 

—

 

 

 

156

 

Separate account assets

 

32,933

 

 

 

19,346

 

 

 

—

 

 

 

—

 

 

 

532

 

 

 

52,811

 

Separate account collateral held under
securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

2,719

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,719

 

Debt securities

 

—

 

 

 

3,340

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,340

 

Total separate account collateral held under
   securities lending agreements

 

2,719

 

 

 

3,340

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,059

 

Total

$

37,967

 

 

$

24,578

 

 

$

363

 

 

$

2,579

 

 

$

3,308

 

 

$

68,795

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral liabilities
   under securities lending agreements

$

2,719

 

 

$

3,340

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

6,059

 

Contingent consideration liabilities

 

—

 

 

 

—

 

 

 

4,302

 

 

 

—

 

 

 

—

 

 

 

4,302

 

Other liabilities(4)

 

—

 

 

 

46

 

 

 

129

 

 

 

—

 

 

 

—

 

 

 

175

 

Total

$

2,719

 

 

$

3,386

 

 

$

4,431

 

 

$

—

 

 

$

—

 

 

$

10,536

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

 

 

December 31, 2023
(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,
2023

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading securities

$

—

 

 

$

1,829

 

 

$

42

 

 

$

—

 

 

$

—

 

 

$

1,871

 

Held-to-maturity investments

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

617

 

 

 

617

 

Total debt securities

 

—

 

 

 

1,829

 

 

 

42

 

 

 

—

 

 

 

617

 

 

 

2,488

 

Equity securities at FVTNI:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities/mutual funds

 

1,585

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,585

 

Equity method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity, fixed income, and multi-asset
   mutual funds

 

246

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

246

 

Hedge funds/funds of hedge
   funds/other

 

—

 

 

 

—

 

 

 

—

 

 

 

588

 

 

 

—

 

 

 

588

 

Private equity funds

 

—

 

 

 

—

 

 

 

—

 

 

 

1,264

 

 

 

—

 

 

 

1,264

 

Real assets funds

 

—

 

 

 

—

 

 

 

—

 

 

 

417

 

 

 

—

 

 

 

417

 

Investments related to deferred cash
   compensation plans

 

—

 

 

 

—

 

 

 

—

 

 

 

241

 

 

 

—

 

 

 

241

 

Total equity method

 

246

 

 

 

—

 

 

 

—

 

 

 

2,510

 

 

 

—

 

 

 

2,756

 

Loans held by CIPs

 

—

 

 

 

30

 

 

 

175

 

 

 

—

 

 

 

—

 

 

 

205

 

Federal Reserve Bank Stock

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

92

 

 

 

92

 

Carried interest

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,975

 

 

 

1,975

 

Other investments

 

15

 

 

 

—

 

 

 

—

 

 

 

467

 

 

 

157

 

 

 

639

 

Total investments

 

1,846

 

 

 

1,859

 

 

 

217

 

 

 

2,977

 

 

 

2,841

 

 

 

9,740

 

Other assets(3)

 

117

 

 

 

19

 

 

 

120

 

 

 

—

 

 

 

—

 

 

 

256

 

Separate account assets

 

34,621

 

 

 

20,810

 

 

 

—

 

 

 

—

 

 

 

667

 

 

 

56,098

 

Separate account collateral held under
securities lending agreements:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

1,686

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,686

 

Debt securities

 

—

 

 

 

2,872

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,872

 

Total separate account collateral held under
   securities lending agreements

 

1,686

 

 

 

2,872

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,558

 

Total

$

38,270

 

 

$

25,560

 

 

$

337

 

 

$

2,977

 

 

$

3,508

 

 

$

70,652

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Separate account collateral liabilities
   under securities lending agreements

$

1,686

 

 

$

2,872

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

4,558

 

Other(4)

 

—

 

 

 

17

 

 

 

279

 

 

 

—

 

 

 

—

 

 

 

296

 

Total

$

1,686

 

 

$

2,889

 

 

$

279

 

 

$

—

 

 

$

—

 

 

$

4,854

 
(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 a corporate minority private debt investment 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, and contingent liabilities related to certain acquisitions.
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 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

 

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.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for 2023

(in millions)

December 31,
2022

 

 

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,
2023

 

 

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

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading debt securities

$

52

 

 

$

—

 

 

$

8

 

 

$

(18

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

42

 

 

$

—

 

Loans

 

248

 

 

 

13

 

 

 

76

 

 

 

(58

)

 

 

(122

)

 

 

38

 

 

 

(20

)

 

 

175

 

 

 

(1

)

Total investments

 

300

 

 

 

13

 

 

 

84

 

 

 

(76

)

 

 

(122

)

 

 

38

 

 

 

(20

)

 

 

217

 

 

 

(1

)

Other assets

 

—

 

 

 

7

 

 

 

113

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

120

 

 

 

7

 

Total assets

$

300

 

 

$

20

 

 

$

197

 

 

$

(76

)

 

$

(122

)

 

$

38

 

 

$

(20

)

 

$

337

 

 

$

6

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

$

280

 

 

$

1

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

279

 

 

$

1

 
(1)
Issuances and other settlements amounts include a deconsolidation related to a previously consolidated VRE. In addition, issuances and other settlements include a contingent liability in connection with the Kreos Transaction, offset by 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, 2024 and 2023, the fair value of the Company’s financial instruments not held at fair value are categorized in the table below.

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

 

(in millions)

 

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Carrying
Amount

 

 

Estimated
Fair Value

 

 

Fair Value
Hierarchy

 

Financial Assets(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

12,762

 

 

$

12,762

 

 

$

8,736

 

 

$

8,736

 

 

Level 1

(2)(3)

Other assets

 

 

86

 

 

 

86

 

 

 

80

 

 

 

80

 

 

Level 1

(2)(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term borrowings

 

$

12,314

 

 

$

11,680

 

 

$

7,918

 

 

$

7,413

 

 

Level 2

(5)
(1)
See Note 5, Investments, for further information on investments not held at fair value.
(2)
Cash and cash equivalents, other than money market funds, are carried at either cost or amortized cost, which approximates fair value due to their short-term maturities.
(3)
At December 31, 2024 and 2023, approximately $6.2 billion and $3.4 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, 2024 and 2023, other assets included cash collateral of approximately $69 million and $63 million, respectively. See Note 9, Derivatives and Hedging for further information on derivatives held by the Company. In addition, other assets included $17 million of restricted cash at both December 31, 2024 and 2023.
(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 2024 and 2023, respectively. See Note 15, Borrowings, for the fair value of each of the Company’s long-term borrowings.
Investments in Certain Entities that Calculate Net Asset Value per Share The following tables list information regarding all investments that use a fair value measurement to account for both their financial assets and financial liabilities in their calculation of a NAV per share (or equivalent).

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

 

 

 

 

 

December 31, 2023

(in millions)

 

Ref

 

Fair Value

 

 

Total
Unfunded
Commitments

 

 

Redemption
Frequency

 

Redemption
Notice Period

Equity method(1):

 

 

 

 

 

 

 

 

 

 

 

 

Hedge funds/funds of hedge funds/other

 

(a)

 

$

588

 

 

$

134

 

 

Daily/Monthly (4%)
Quarterly (8%)
N/R (88%)

 

1 – 90 days

Private equity funds

 

(b)

 

 

1,264

 

 

 

218

 

 

N/R

 

N/R

Real assets funds

 

(c)

 

 

417

 

 

 

210

 

 

Quarterly (10%)
N/R (90%)

 

60 days

Investments related to deferred cash
   compensation plan

 

(d)

 

 

241

 

 

 

—

 

 

Monthly

 

1 – 90 days

Consolidated sponsored investment products:

 

 

 

 

 

 

 

 

 

 

 

 

Real assets funds

 

(c)

 

 

154

 

 

 

62

 

 

N/R

 

N/R

Private equity funds

 

(e)

 

 

145

 

 

 

37

 

 

N/R

 

N/R

Hedge funds/other

 

(a)

 

 

168

 

 

 

64

 

 

Quarterly (83%)
N/R (17%)

 

90 days

Total

 

 

 

$

2,977

 

 

$

725

 

 

 

 

 

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, 2024 and 2023.
(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, 2024 and 2023.
(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, 2024 and 2023. The total remaining unfunded commitments were $750 million and $272 million at December 31, 2024 and 2023, respectively. The Company’s portion of the total remaining unfunded commitments was $736 million and $248 million at December 31, 2024 and 2023, 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 The following table summarizes the information related to these bank loans and borrowings at December 31, 2024 and 2023:

 

 

December 31,

 

 

December 31,

 

(in millions)

 

2024

 

 

2023

 

CLO loans:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

156

 

 

$

203

 

Fair value

 

 

141

 

 

 

194

 

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

 

$

15

 

 

$

9

 

 

 

 

 

 

 

 

CLO borrowings:

 

 

 

 

 

 

Aggregate principal amounts outstanding

 

$

146

 

 

$

190

 

Fair value

 

 

129

 

 

 

180

 

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

 

$

17

 

 

$

10

 
v3.25.0.1
Derivative and Hedging (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024:

 

Assets

 

 

Liabilities

 

 

Statement of
Financial Condition

 

December 31,

 

 

December 31,

 

 

Statement of
Financial Condition

 

December 31,

 

 

December 31,

 

(in millions)

Classification

 

2024

 

 

2023

 

 

Classification

 

2024

 

 

2023

 

Derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward foreign currency
  exchange contracts

Other assets

 

$

7

 

 

$

19

 

 

Other liabilities

 

$

35

 

 

$

6

 
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

 

2024

 

 

2023

 

 

2022

 

Derivative Instruments

 

 

 

 

 

 

 

 

 

 

 

Exchange traded futures(1)

 

Net gain (loss) on investments

 

$

(30

)

 

$

(88

)

 

$

36

 

Forward foreign currency exchange contracts

 

General and administration expense

 

 

5

 

 

 

98

 

 

 

(222

)

Total return swaps

 

Net gain (loss) on investments

 

 

—

 

 

 

—

 

 

 

83

 

Total gain (loss) from derivative instruments

 

$

(25

)

 

$

10

 

 

$

(103

)
(1)
Amounts for 2024, 2023 and 2022 include $48 million of losses, $112 million of losses and $36 million of gains on futures used as a macro hedging strategy of seed investments, respectively. In addition, amounts for 2024 and 2023 include $18 million and $24 million of gains on futures used to economically hedge certain deferred cash compensation plans, respectively.
v3.25.0.1
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2024
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

 

2024

 

 

2023

 

Property and equipment:

 

 

 

 

 

 

 

 

Land

 

N/A

 

$

6

 

 

$

6

 

Building

 

39

 

 

33

 

 

 

33

 

Building improvements

 

15

 

 

32

 

 

 

31

 

Leasehold improvements

 

1-15

 

 

1,048

 

 

 

1,036

 

Equipment and computer software

 

3

 

 

1,136

 

 

 

1,088

 

Other transportation equipment

 

8-10

 

 

198

 

 

 

192

 

Furniture and fixtures

 

7

 

 

101

 

 

 

99

 

Construction in progress

 

N/A

 

 

102

 

 

 

66

 

Total

 

 

 

 

2,656

 

 

 

2,551

 

Less: Accumulated depreciation and amortization

 

 

 

 

1,553

 

 

 

1,439

 

Property and equipment, net

 

 

 

$

1,103

 

 

$

1,112

 

N/A – Not Applicable
v3.25.0.1
Goodwill (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Activity

Goodwill activity during 2024 and 2023 was as follows:

(in millions)

 

2024

 

 

2023

 

Beginning of year balance

 

$

15,524

 

 

$

15,341

 

Acquisitions(1)

 

 

10,428

 

 

 

184

 

Other

 

 

(3

)

 

 

(1

)

End of year balance

 

$

25,949

 

 

$

15,524

 
(1)
2024 amount represents goodwill of $10.3 billion related to the GIP Transaction and $131 million related to the SpiderRock Transaction. 2023 amount represents goodwill in connection with the Kreos Transaction. See Note 3, Acquisitions, for further information.
v3.25.0.1
Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

Intangible assets at December 31, 2024 and 2023 consisted of the following:

(in millions)

 

Remaining
Weighted-Average
Estimated Useful
Life (years)

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

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(1):

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

N/A

 

$

16,169

 

 

$

—

 

 

$

16,169

 

Trade names/trademarks

 

N/A

 

 

1,403

 

 

 

—

 

 

 

1,403

 

License

 

N/A

 

 

6

 

 

 

—

 

 

 

6

 

Total indefinite-lived intangible assets

 

 

 

 

17,578

 

 

 

—

 

 

 

17,578

 

Finite-lived intangible assets(2):

 

 

 

 

 

 

 

 

 

 

 

Management contracts

 

3.7

 

 

244

 

 

 

156

 

 

 

88

 

Investor/customer relationships

 

6.0

 

 

785

 

 

 

338

 

 

 

447

 

Technology-related

 

4.6

 

 

260

 

 

 

118

 

 

 

142

 

Trade names/trademarks

 

1.8

 

 

9

 

 

 

6

 

 

 

3

 

Total finite-lived intangible assets

 

5.4

 

 

1,298

 

 

 

618

 

 

 

680

 

Total intangible assets

 

 

 

$

18,876

 

 

$

618

 

 

$

18,258

 

N/A – Not Applicable

(1)
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). In connection with the SpiderRock Transaction, the Company acquired approximately $29 million of finite-lived customer relationships and $8 million of finite-lived technology-related intangible assets with weighted-average estimated lives of approximately eleven and five years, respectively.
(2)
In connection with the Kreos Transaction, the Company acquired approximately $67 million of finite-lived management contracts and $39 million of finite-lived investor relationships with weighted-average estimated lives of approximately five and ten years, respectively.
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

 

2025

 

$

429

 

2026

 

 

457

 

2027

 

 

384

 

2028

 

 

283

 

2029

 

 

271

 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
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)

 

2024

 

 

2023

 

 

2022

 

Lease cost:

 

 

 

 

 

 

 

 

 

Operating lease cost(1)

 

$

183

 

 

$

189

 

 

$

216

 

Variable lease cost(2)

 

 

60

 

 

 

49

 

 

 

39

 

Total lease cost

 

$

243

 

 

$

238

 

 

$

255

 
(1)
Amounts include short-term leases, which are immaterial for 2024, 2023 and 2022.
(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)

2024

 

 

2023

 

 

2022

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

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

$

183

 

 

$

142

 

 

$

162

 

 

 

 

 

 

 

 

 

 

Supplemental noncash information:

 

 

 

 

 

 

 

 

ROU assets in exchange for operating lease liabilities(1)

$

235

 

 

$

32

 

 

$

115

 

(1) 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, 2024

December 31, 2023

Lease term and discount rate:

 

 

 

 

 

 

Weighted-average remaining lease term

 

14

 

years

 

15

 

years

Weighted-average discount rate

 

3

 

%

 

3

 

%
Schedule of Maturities of Operating Lease Liabilities

(in millions)

 

 

 

Maturity of operating lease liabilities at December 31, 2024

 

Amount

 

2025

 

$

198

 

2026

 

 

185

 

2027

 

 

179

 

2028

 

 

170

 

2029

 

 

156

 

Thereafter

 

 

1,439

 

Total lease payments

 

 

2,327

 

Less: Imputed interest

 

 

(419

)

Present value of lease liabilities

 

$

1,908

 
v3.25.0.1
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024 included the following:

(in millions)

Maturity Amount

 

 

Unamortized
Discount and Debt Issuance Costs(1)

 

 

Carrying Value

 

 

Fair Value

 

1.25% Notes due 2025(2)

$

725

 

 

$

—

 

 

$

725

 

 

$

720

 

3.20% Notes due 2027(2)

 

700

 

 

 

(2

)

 

 

698

 

 

 

682

 

4.60% Notes due 2027

 

800

 

 

 

(3

)

 

 

797

 

 

 

801

 

3.25% Notes due 2029(2)

 

1,000

 

 

 

(7

)

 

 

993

 

 

 

944

 

4.70% Notes due 2029

 

500

 

 

 

(3

)

 

 

497

 

 

 

500

 

2.40% Notes due 2030(2)

 

1,000

 

 

 

(3

)

 

 

997

 

 

 

891

 

1.90% Notes due 2031(2)

 

1,250

 

 

 

(7

)

 

 

1,243

 

 

 

1,055

 

2.10% Notes due 2032(2)

 

1,000

 

 

 

(11

)

 

 

989

 

 

 

823

 

4.75% Notes due 2033(2)

 

1,250

 

 

 

(17

)

 

 

1,233

 

 

 

1,224

 

5.00% Notes due 2034

 

1,000

 

 

 

(7

)

 

 

993

 

 

 

986

 

4.90% Notes due 2035

 

500

 

 

 

(5

)

 

 

495

 

 

 

489

 

5.25% Notes due 2054

 

1,500

 

 

 

(32

)

 

 

1,468

 

 

 

1,418

 

5.35% Notes due 2055

 

1,200

 

 

 

(14

)

 

 

1,186

 

 

 

1,147

 

Total long-term borrowings

$

12,425

 

 

$

(111

)

 

$

12,314

 

 

$

11,680

 
(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 New BlackRock.
v3.25.0.1
Revenue (Tables)
 12 Months Ended
Dec. 31, 2024
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 2024, 2023 and 2022 and includes the product mix of investment advisory, administration fees and securities lending revenue and performance fees.

(in millions)

2024

 

 

2023

 

 

2022

 

Revenue:

 

 

 

 

 

 

 

 

Investment advisory, administration fees and securities lending revenue:

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Active

$

2,166

 

 

$

2,000

 

 

$

2,147

 

ETFs

 

5,124

 

 

 

4,418

 

 

 

4,345

 

Non-ETF index

 

784

 

 

 

743

 

 

 

711

 

Equity subtotal

 

8,074

 

 

 

7,161

 

 

 

7,203

 

Fixed income:

 

 

 

 

 

 

 

 

Active

 

1,952

 

 

 

1,897

 

 

 

1,977

 

ETFs

 

1,367

 

 

 

1,230

 

 

 

1,122

 

Non-ETF index

 

369

 

 

 

353

 

 

 

396

 

Fixed income subtotal

 

3,688

 

 

 

3,480

 

 

 

3,495

 

Multi-asset

 

1,278

 

 

 

1,203

 

 

 

1,299

 

Alternatives:

 

 

 

 

 

 

 

 

Private markets

 

1,196

 

 

 

889

 

 

 

741

 

Liquid alternatives

 

568

 

 

 

572

 

 

 

633

 

Currency and commodities(1)

 

247

 

 

 

185

 

 

 

216

 

Alternatives subtotal

 

2,011

 

 

 

1,646

 

 

 

1,590

 

Long-term

 

15,051

 

 

 

13,490

 

 

 

13,587

 

Cash management

 

1,049

 

 

 

909

 

 

 

864

 

Total investment advisory, administration fees and securities lending revenue(2)

 

16,100

 

 

 

14,399

 

 

 

14,451

 

Investment advisory performance fees:

 

 

 

 

 

 

 

 

Equity

 

161

 

 

 

99

 

 

 

49

 

Fixed income

 

34

 

 

 

4

 

 

 

25

 

Multi-asset

 

24

 

 

 

28

 

 

 

25

 

Alternatives:

 

 

 

 

 

 

 

 

Private markets

 

308

 

 

 

273

 

 

 

296

 

Liquid alternatives

 

680

 

 

 

150

 

 

 

119

 

Alternatives subtotal

 

988

 

 

 

423

 

 

 

415

 

Total investment advisory performance fees

 

1,207

 

 

 

554

 

 

 

514

 

Technology services revenue

 

1,603

 

 

 

1,485

 

 

 

1,364

 

Distribution fees

 

1,273

 

 

 

1,262

 

 

 

1,381

 

Advisory and other revenue:

 

 

 

 

 

 

 

 

Advisory

 

49

 

 

 

81

 

 

 

56

 

Other

 

175

 

 

 

78

 

 

 

107

 

Total advisory and other revenue

 

224

 

 

 

159

 

 

 

163

 

Total revenue

$

20,407

 

 

$

17,859

 

 

$

17,873

 
(1)
Amounts include cryptocurrency and commodity ETFs and exchange-traded products.
(2)
Amounts include $615 million, $675 million and $599 million of securities lending revenue for 2024, 2023 and 2022, respectively.

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

(in millions)

2024

 

 

2023

 

 

2022

 

By client type:

 

 

 

 

 

 

 

 

Retail

$

4,284

 

 

$

4,115

 

 

$

4,442

 

ETFs

 

6,743

 

 

 

5,834

 

 

 

5,671

 

Institutional:

 

 

 

 

 

 

 

 

Active

 

3,089

 

 

 

2,623

 

 

 

2,535

 

Index

 

935

 

 

 

918

 

 

 

939

 

Total institutional

 

4,024

 

 

 

3,541

 

 

 

3,474

 

Long-term

 

15,051

 

 

 

13,490

 

 

 

13,587

 

Cash management

 

1,049

 

 

 

909

 

 

 

864

 

Total

$

16,100

 

 

$

14,399

 

 

$

14,451

 

 

 

 

 

 

 

 

 

 

By investment style:

 

 

 

 

 

 

 

 

Active

$

7,117

 

 

$

6,534

 

 

$

6,789

 

Index and ETFs

 

7,934

 

 

 

6,956

 

 

 

6,798

 

Long-term

 

15,051

 

 

 

13,490

 

 

 

13,587

 

Cash management

 

1,049

 

 

 

909

 

 

 

864

 

Total

$

16,100

 

 

$

14,399

 

 

$

14,451

 

 
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, 2024 and 2023:

December 31, 2024

(in millions)

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

Investment advisory and administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

427

 

 

$

381

 

 

$

353

 

 

$

142

 

 

$

1,303

 

December 31, 2023

(in millions)

2024

 

 

2025

 

 

2026

 

 

Thereafter

 

 

Total

 

Investment advisory and administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

204

 

 

$

174

 

 

$

152

 

 

$

164

 

 

$

694

 
(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, 2024 and 2023. Revenue attributed to future periods could be subject to change due to a change in business activities and actual amounts could differ from amounts disclosed in the table above.
(2)
The Company elected practical expedients to exclude amounts related to (a) performance obligations with an original duration of one year or less, and (b) variable consideration related to future service periods.
Schedule of Changes in Deferred Carried Interest Liability

The table below presents changes in the deferred carried interest liability, which is included in other liabilities on the consolidated statements of financial condition, for the year ended December 31, 2024 and 2023:

(in millions)

2024

 

 

2023

 

Beginning balance

$

1,783

 

 

$

1,420

 

Net increase (decrease) in unrealized allocations

 

364

 

 

 

577

 

Performance fee revenue recognized

 

(287

)

 

 

(214

)

Ending balance

$

1,860

 

 

$

1,783

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

The tables below present estimated technology services revenue expected to be recognized in the future related to the unsatisfied portion of the performance obligations at December 31, 2024 and 2023:

December 31, 2024

(in millions)

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

Technology services revenue(1)(2)

$

134

 

 

$

81

 

 

$

50

 

 

$

69

 

 

$

334

 

December 31, 2023

(in millions)

2024

 

 

2025

 

 

2026

 

 

Thereafter

 

 

Total

 

Technology services revenue(1)(2)

$

131

 

 

$

73

 

 

$

56

 

 

$

59

 

 

$

319

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

The table below presents changes in the technology services deferred revenue liability for the year ended December 31, 2024 and 2023, which is included in other liabilities on the consolidated statements of financial condition:

(in millions)

2024

 

 

2023

 

Beginning balance

$

133

 

 

$

125

 

Additions(1)

 

84

 

 

 

92

 

Revenue recognized that was included in the beginning balance

 

(93

)

 

 

(84

)

Ending balance

$

124

 

 

$

133

 
(1)
Amounts are net of revenue recognized.
v3.25.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Components of Stock-Based Compensation Expense

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

(in millions)

2024

 

 

2023

 

 

2022

 

Stock-based compensation:

 

 

 

 

 

 

 

 

RSUs(1)

$

718

 

 

$

596

 

 

$

686

 

Stock options

 

35

 

 

 

34

 

 

 

22

 

Total stock-based compensation(2)

$

753

 

 

$

630

 

 

$

708

 
(1)
Amount for 2024 includes $71 million of incentive retention awards granted in connection with the GIP Transaction.
(2)
Amount for 2023 and 2022 includes $14 million and $33 million of compensation expense for accelerated vesting of previously granted stock-based compensation awards, respectively, recognized as part of the restructuring charge disclosed in Note 24, Restructuring Charge.
Restricted Stock and RSU Activity

RSU activity for 2024 is summarized below.

Outstanding at

RSUs

 

 

Weighted-
Average
Grant Date
Fair Value

 

December 31, 2023

 

1,772,639

 

 

$

757.49

 

Granted(1)

 

1,395,311

 

 

$

817.10

 

Converted

 

(779,146

)

 

$

760.38

 

Forfeited

 

(91,139

)

 

$

748.23

 

December 31, 2024

 

2,297,665

 

 

$

793.08

 
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 Transaction primarily related to the following:

 

2024

 

 

2023

 

 

2022

 

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

 

346,831

 

 

 

342,706

 

 

 

498,633

 

Awards granted that vest with varying vesting periods

 

204,622

 

 

 

169,764

 

 

 

117,169

 

Awards granted that cliff vest 100% on:

 

 

 

 

 

 

 

 

January 31, 2025

 

—

 

 

 

—

 

 

 

197,817

 

January 31, 2026

 

—

 

 

 

259,465

 

 

 

—

 

January 31, 2027

 

343,418

 

 

 

—

 

 

 

—

 

October 1, 2029(1)

 

500,440

 

 

 

—

 

 

 

—

 

Total awards granted

 

1,395,311

 

 

 

771,935

 

 

 

813,619

 
(1)
Incentive retention awards granted in October 2024, in connection with the GIP Transaction.
Stock Option Activity

Stock option activity and ending balance for year-end December 31, 2024 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, 2023

 

1,549,080

 

 

$

513.50

 

 

 

807,695

 

 

$

673.58

 

 

 

326,391

 

 

$

673.58

 

Exercised

 

(905,219

)

 

$

513.50

 

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Forfeited

 

(18,036

)

 

$

513.50

 

 

 

(40,725

)

 

$

673.58

 

 

 

(26,705

)

 

$

673.58

 

Outstanding at December 31, 2024

 

625,825

 

 

$

513.50

 

 

 

766,970

 

 

$

673.58

 

 

 

299,686

 

 

$

673.58

 

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Option Type

 

Exercise Prices

 

 

Options Outstanding

 

 

Weighted Average Remaining Life (years)

 

 

Aggregate
Intrinsic
Value
(in millions)

 

 

Exercise Prices

 

 

Options
Exercisable

 

 

Weighted Average Remaining Life (years)

 

 

Aggregate
Intrinsic
Value
(in millions)

 

2017 Performance-based

 

$

513.50

 

 

 

625,825

 

 

 

1.9

 

 

$

320

 

 

$

513.50

 

 

 

625,825

 

 

 

1.9

 

 

$

320

 

2023 Performance-based

 

$

673.58

 

 

 

766,970

 

 

 

7.4

 

 

 

270

 

 

$

673.58

 

 

 

—

 

 

 

—

 

 

 

—

 

2023 Time-based

 

$

673.58

 

 

 

299,686

 

 

 

7.4

 

 

 

105

 

 

$

673.58

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

 

 

 

1,692,481

 

 

 

5.4

 

 

$

695

 

 

 

 

 

 

625,825

 

 

 

1.9

 

 

$

320

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

Performance-based RSU activity for 2024 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, 2023

 

456,384

 

 

$

767.69

 

 

 

—

 

 

$

—

 

 

 

456,384

 

 

$

767.69

 

Granted

 

165,631

 

 

$

798.83

 

 

 

210,505

 

 

$

845.48

 

 

 

376,136

 

 

$

824.94

 

Reduction of shares due to performance measures

 

(42,579

)

 

$

739.64

 

 

 

—

 

 

$

—

 

 

 

(42,579

)

 

$

739.64

 

Converted

 

(116,029

)

 

$

739.32

 

 

 

—

 

 

$

—

 

 

 

(116,029

)

 

$

739.32

 

Forfeited

 

(12,365

)

 

$

784.44

 

 

 

—

 

 

$

—

 

 

 

(12,365

)

 

$

784.44

 

December 31, 2024

 

451,042

 

 

$

788.61

 

 

 

210,505

 

 

$

845.48

 

 

 

661,547

 

 

$

806.71

 
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.
v3.25.0.1
Deferred Cash Compensation and Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Components of Deferred Cash Compensation Expense

The components of deferred cash compensation expense are as follows:

(in millions)

2024

 

 

2023

 

 

2022

 

Deferred cash compensation expense:

 

 

 

 

 

 

 

 

IPDCP

$

155

 

 

$

195

 

 

$

228

 

VDCP

 

26

 

 

 

17

 

 

 

(18

)

Other(1)

 

31

 

 

 

14

 

 

 

14

 

Total deferred cash compensation expense

$

212

 

 

$

226

 

 

$

224

 
(1)
Amounts primarily relate to deferred cash compensation in connection with certain acquisitions.
v3.25.0.1
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Revenue for Services Provided to Related Parties

Revenue from Related Parties

Revenue for services provided by the Company to these and other related parties are as follows:

(in millions)

 

2024

 

 

2023

 

 

2022

 

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

 

$

12,050

 

 

$

10,757

 

 

$

10,848

 

Investment advisory performance fees(1)

 

 

728

 

 

 

286

 

 

 

244

 

Other

 

 

16

 

 

 

(31

)

 

 

(31

)

Total revenue from related parties

 

$

12,794

 

 

$

11,012

 

 

$

11,061

 
(1)
Amounts primarily include revenue from registered investment companies and equity method investees.
v3.25.0.1
Net Capital Requirements (Tables)
 12 Months Ended
Dec. 31, 2024
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, 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

%

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capital (to risk weighted assets)

 

$

775

 

 

 

145.8

%

 

$

43

 

 

 

8.0

%

 

$

53

 

 

 

10.0

%

Common Equity Tier 1 capital (to risk weighted assets)

 

$

771

 

 

 

145.1

%

 

$

24

 

 

 

4.5

%

 

$

35

 

 

 

6.5

%

Tier 1 capital (to risk weighted assets)

 

$

771

 

 

 

145.1

%

 

$

32

 

 

 

6.0

%

 

$

43

 

 

 

8.0

%

Tier 1 capital (to average assets)

 

$

771

 

 

 

65.9

%

 

$

47

 

 

 

4.0

%

 

$

59

 

 

 

5.0

%
v3.25.0.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Changes in AOCI

The following table presents changes in AOCI for 2024, 2023 and 2022:

(in millions)

 

2024

 

 

2023

 

 

2022

 

 Beginning balance

 

$

(840

)

 

$

(1,101

)

 

$

(550

)

Foreign currency translation adjustments(1)

 

 

(338

)

 

 

261

 

 

 

(551

)

 Ending balance

 

$

(1,178

)

 

$

(840

)

 

$

(1,101

)
(1)
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). Amount for 2022 includes a gain from a net investment hedge of $37 million (net of tax expense of $12 million).
v3.25.0.1
Capital Stock (Tables)
 12 Months Ended
Dec. 31, 2024
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

 

 

Common
Shares

 

December 31, 2021

 

 

172,075,373

 

 

 

(20,390,882

)

 

 

151,684,491

 

Shares repurchased

 

 

—

 

 

 

(2,710,821

)

 

 

(2,710,821

)

Net issuance of common shares related
   to employee stock transactions

 

 

—

 

 

 

782,822

 

 

 

782,822

 

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

 
v3.25.0.1
Restructuring Charge (Tables)
 12 Months Ended
Dec. 31, 2024
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 2024 and 2023, which is included in other liabilities on the consolidated statements of financial condition:

(in millions)

 

 

 

 Liability as of December 31, 2022

 

$

58

 

Cash payments

 

 

(58

)

Additions

 

 

61

 

Accelerated vesting expense of deferred compensation awards

 

 

(14

)

 Liability as of December 31, 2023

 

$

47

 

Cash payments

 

 

(47

)

 Liability as of December 31, 2024

 

$

—

 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Components of Income Tax Expense

The components of income tax expense for 2024, 2023 and 2022, are as follows:

(in millions)

 

2024

 

 

2023

 

 

2022

 

Current income tax expense:

 

 

 

 

 

 

 

 

 

Federal

 

$

960

 

 

$

641

 

 

$

255

 

State and local

 

 

142

 

 

 

176

 

 

 

(9

)

Foreign

 

 

787

 

 

 

538

 

 

 

448

 

Total net current income tax expense

 

 

1,889

 

 

 

1,355

 

 

 

694

 

Deferred income tax expense (benefit):

 

 

 

 

 

 

 

 

 

Federal

 

 

(105

)

 

 

101

 

 

 

562

 

State and local

 

 

—

 

 

 

11

 

 

 

64

 

Foreign

 

 

(1

)

 

 

12

 

 

 

(24

)

Total net deferred income tax expense (benefit)

 

 

(106

)

 

 

124

 

 

 

602

 

Total income tax expense

 

$

1,783

 

 

$

1,479

 

 

$

1,296

 
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:

(in millions)

 

2024

 

 

2023

 

 

2022

 

Domestic

 

$

5,139

 

 

$

4,565

 

 

$

4,604

 

Foreign

 

 

3,013

 

 

 

2,416

 

 

 

1,870

 

Total

 

$

8,152

 

 

$

6,981

 

 

$

6,474

 
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 2024, 2023 and 2022 is as follows:

(in millions)

 

2024

 

 

2023

 

 

2022

 

Statutory income tax expense

 

$

1,712

 

 

 

21

%

 

$

1,466

 

 

 

21

%

 

$

1,360

 

 

 

21

%

Increase (decrease) in income taxes resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State and local taxes (net of federal benefit)

 

 

130

 

 

 

2

 

 

 

110

 

 

 

2

 

 

 

115

 

 

 

2

 

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

 

 

12

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(25

)

 

 

—

 

Stock-based compensation awards

 

 

(37

)

 

 

—

 

 

 

(41

)

 

 

(1

)

 

 

(87

)

 

 

(1

)

Resolution of outstanding tax matters

 

 

—

 

 

 

—

 

 

 

(204

)

 

 

(3

)

 

 

(143

)

 

 

(2

)

Intellectual property reorganization

 

 

(137

)

 

 

(2

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Effect of foreign tax rates

 

 

84

 

 

 

1

 

 

 

112

 

 

 

2

 

 

 

23

 

 

 

—

 

Other

 

 

19

 

 

 

—

 

 

 

36

 

 

 

—

 

 

 

53

 

 

 

—

 

Income tax expense

 

$

1,783

 

 

 

22

%

 

$

1,479

 

 

 

21

%

 

$

1,296

 

 

 

20

%
Components of Deferred Income Tax Assets and Liabilities

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

 

 

December 31,

 

(in millions)

 

2024

 

 

2023

 

Deferred income tax assets:

 

 

 

 

 

 

Compensation and benefits

 

$

354

 

 

$

375

 

Loss carryforwards

 

 

103

 

 

 

95

 

Foreign tax credit carryforward

 

 

39

 

 

 

—

 

Capitalized costs

 

 

276

 

 

 

216

 

Other

 

 

795

 

 

 

825

 

Gross deferred tax assets

 

 

1,567

 

 

 

1,511

 

Less: Deferred tax valuation allowances

 

 

(69

)

 

 

(59

)

Deferred tax assets net of valuation allowances

 

 

1,498

 

 

 

1,452

 

Deferred income tax liabilities:

 

 

 

 

 

 

Goodwill and acquired indefinite-lived intangibles

 

 

4,199

 

 

 

4,299

 

Acquired finite-lived intangibles

 

 

53

 

 

 

86

 

Unrealized investment gains

 

 

58

 

 

 

25

 

Other

 

 

341

 

 

 

340

 

Gross deferred tax liabilities

 

 

4,651

 

 

 

4,750

 

Net deferred tax (liabilities)

 

$

(3,153

)

 

$

(3,298

)
Reconciliation of Gross Unrecognized Tax Benefits

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

(in millions)

 

2024

 

 

2023

 

 

2022

 

Balance at January 1

 

$

749

 

 

$

912

 

 

$

1,022

 

Additions for tax positions of prior years

 

 

30

 

 

 

25

 

 

 

13

 

Reductions for tax positions of prior years

 

 

(10

)

 

 

(22

)

 

 

(75

)

Additions based on tax positions related to current year

 

 

51

 

 

 

49

 

 

 

55

 

Additions related to business combinations

 

 

—

 

 

 

16

 

 

 

—

 

Settlements

 

 

(303

)

 

 

(231

)

 

 

(103

)

Balance at December 31

 

$

517

 

 

$

749

 

 

$

912

 
v3.25.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
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 2024, 2023 and 2022 under the treasury stock method:

(in millions, except shares and per share data)

 

2024

 

 

2023

 

 

2022

 

Net income attributable to BlackRock, Inc.

 

$

6,369

 

 

$

5,502

 

 

$

5,178

 

Basic weighted-average shares outstanding

 

 

150,042,269

 

 

 

149,327,558

 

 

 

150,921,161

 

Dilutive effect of:

 

 

 

 

 

 

 

 

 

      Nonparticipating RSUs

 

 

1,034,323

 

 

 

969,089

 

 

 

1,119,829

 

      Stock options

 

 

538,493

 

 

 

409,804

 

 

 

399,481

 

Total diluted weighted-average shares outstanding

 

 

151,615,085

 

 

 

150,706,451

 

 

 

152,440,471

 

Basic earnings per share

 

$

42.45

 

 

$

36.85

 

 

$

34.31

 

Diluted earnings per share

 

$

42.01

 

 

$

36.51

 

 

$

33.97

 
v3.25.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Total Revenue by Geographic Region

The following table illustrates total revenue for 2024, 2023 and 2022 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)

2024

 

 

2023

 

 

2022

 

Revenue

 

 

 

 

 

 

 

 

Americas

$

13,411

 

 

$

11,899

 

 

$

11,931

 

Europe

 

6,137

 

 

 

5,209

 

 

 

5,164

 

Asia-Pacific

 

859

 

 

 

751

 

 

 

778

 

Total revenue

$

20,407

 

 

$

17,859

 

 

$

17,873

 
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, 2024 and 2023 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)

2024

 

 

2023

 

Long-lived Assets

 

 

 

 

 

Americas

$

25,515

 

 

$

15,017

 

Europe

 

1,437

 

 

 

1,521

 

Asia-Pacific

 

100

 

 

 

98

 

Total long-lived assets

$

27,052

 

 

$

16,636

 
v3.25.0.1
Business Overview - Additional Information (Detail) - $ / shares
Oct. 01, 2024
Dec. 31, 2024
Dec. 31, 2023
Business Acquisition [Line Items]      
Common stock, par value   $ 0.01 $ 0.01
Global Infrastructure Management, LLC [Member]      
Business Acquisition [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 Global Infrastructure Management, LLC ("GIP" or the "GIP Transaction").    
Business acquisition, percentage of equity interest acquired 100.00%    
Common stock, par value $ 0.01    
v3.25.0.1
Significant Accounting Policies - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Significant Accounting Policies [Line Items]      
Fair value of loaned securities held $ 9,900 $ 9,300  
Fair value of collateral loan under these securities lending agreements 10,600 10,100  
Separate account collateral held under securities lending agreements 6,059 4,558  
Fair value of securities received as collateral have been resold or repledged 0 0  
Securities lending revenue earned 615 675 $ 599
Reduction of management fees $ 0 0 72
Number of business segments | Segment 1    
Restricted Stock Units (RSUs) [Member]      
Significant Accounting Policies [Line Items]      
Discrete income tax benefit for vested stock awards $ 37 $ 41 $ 87
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] | Leasehold Improvements [Member]      
Significant Accounting Policies [Line Items]      
Estimated useful life 1 year    
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%    
Maximum [Member] | Leasehold Improvements [Member]      
Significant Accounting Policies [Line Items]      
Estimated useful life 15 years    
v3.25.0.1
Acquisitions - Additional Information (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 9 Months Ended 12 Months Ended
Oct. 01, 2024
Dec. 31, 2024
Aug. 31, 2023
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Mar. 31, 2024
Jan. 01, 2024
Business Acquisition [Line Items]                  
Cash paid   $ 9.2              
Stock issued during period, value         $ 5,904.0 $ 0.0 $ 0.0    
Contingent consideration liabilities   4,302.0     4,302.0 99.0      
Deferred cash compensation expense         212.0 226.0 224.0    
Debt instrument, aggregate principal amount   12,425.0     12,425.0        
Finite-lived intangible assets - Accumulated Amortization   782.0     782.0 618.0      
Payments to acquire business         2,936.0 189.0 0.0    
Deferred Compensation Plans [Member]                  
Business Acquisition [Line Items]                  
Deferred compensation granted   $ 114.0     $ 114.0 90.0 $ 257.0    
Performance-Based RSUs [Member]                  
Business Acquisition [Line Items]                  
Stock price   $ 1,025     $ 1,025        
Common Stock [Member]                  
Business Acquisition [Line Items]                  
Stock issued during period, value         $ 6,908,416.0        
March 2024 Notes [Member]                  
Business Acquisition [Line Items]                  
Debt instrument, aggregate principal amount   $ 3,000.0     3,000.0        
Global Infrastructure Management, LLC [Member]                  
Business Acquisition [Line Items]                  
Cash paid         2,930.0        
Fair value of deferred stock   4,200.0     4,200.0        
Contingent consideration liabilities $ 4,200.0                
Compensation expense recognition period 50% over one year and the remaining 50% over five years                
Goodwill, expected tax deductible amount $ 200.0                
Transaction and integration costs   $ 195.0     195.0        
Deferred cash compensation expense       $ 95.0 130.0 285.0      
Acquisitions related costs         65.0        
Amortization of intangible assets         $ 86.0        
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life         10 years        
Debt instrument, aggregate principal amount               $ 3,000.0 $ 3,000.0
Finite-lived intangible assets - Accumulated Amortization       240.0   300.0      
Interest expense       $ 115.0   $ 155.0      
Global Infrastructure Management, LLC [Member] | Deferred Compensation Plans [Member]                  
Business Acquisition [Line Items]                  
Deferred compensation granted 100.0                
Global Infrastructure Management, LLC [Member] | Acquisition - related costs [Member]                  
Business Acquisition [Line Items]                  
Acquisitions related costs         $ 65.0        
Global Infrastructure Management, LLC [Member] | Cliff vesting RSU [Member]                  
Business Acquisition [Line Items]                  
Granted incentive retention awards 415.0                
Global Infrastructure Management, LLC [Member] | Performance-Based RSUs [Member]                  
Business Acquisition [Line Items]                  
Granted incentive retention awards $ 178.0                
Global Infrastructure Management, LLC [Member] | Minimum [Member]                  
Business Acquisition [Line Items]                  
Finite lived intangible assets estimated useful lives   3 years     3 years        
Global Infrastructure Management, LLC [Member] | Maximum [Member]                  
Business Acquisition [Line Items]                  
Finite lived intangible assets estimated useful lives   14 years     14 years        
Global Infrastructure Management, LLC [Member] | Common Stock [Member]                  
Business Acquisition [Line Items]                  
Number of shares issued 6.9                
Stock issued during period, value $ 5,900.0                
Stock price       $ 950          
Shares issued, price per share       $ 855          
Global Infrastructure Management, LLC [Member] | First contingent payment [Member] | Minimum [Member]                  
Business Acquisition [Line Items]                  
Contingent payments 4.0       4.0        
Global Infrastructure Management, LLC [Member] | First contingent payment [Member] | Maximum [Member]                  
Business Acquisition [Line Items]                  
Contingent payments 5.2       5.2        
Global Infrastructure Management, LLC [Member] | March 2024 Notes [Member]                  
Business Acquisition [Line Items]                  
Cash paid $ 3,000.0                
Kreos Capital [Member]                  
Business Acquisition [Line Items]                  
Payments to acquire business     $ 250.0            
v3.25.0.1
Acquisitions - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2024
Oct. 01, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]          
Goodwill $ 25,949.0 $ 25,949.0   $ 15,524.0 $ 15,341.0
Accrued compensation and benefits (2,964.0) (2,964.0)   (2,393.0)  
Operating lease liabilities (1,908.0) (1,908.0)   (1,784.0)  
Cash paid 9.2        
Deferred stock consideration at fair value 4,302.0 4,302.0   $ 99.0  
Global Infrastructure Management, LLC [Member]          
Business Acquisition [Line Items]          
Goodwill 10,297.0 10,297.0      
Operating lease ROU assets [1] 75.0 75.0      
Other assets [1] 114.0 114.0      
Accrued compensation and benefits [1] (154.0) (154.0)      
Operating lease liabilities [1] (96.0) (96.0)      
Other liabilities assumed [1] (10.0) (10.0)      
Total consideration, net of cash acquired 12,966.0 12,966.0      
Cash paid   2,930.0      
Cash acquired   (68.0)      
Closing stock consideration at fair value   5,904.0      
Deferred stock consideration at fair value   4,200.0      
Deferred stock consideration at fair value     $ 4,200.0    
Total cash and stock consideration   12,966.0      
Global Infrastructure Management, LLC [Member] | Management Contracts [Member]          
Business Acquisition [Line Items]          
Finite-lived intangible assets [2] 1,840.0 1,840.0      
Global Infrastructure Management, LLC [Member] | Investor Relationship [Member]          
Business Acquisition [Line Items]          
Finite-lived intangible assets [2] 820.0 820.0      
Global Infrastructure Management, LLC [Member] | Trade Name [Member]          
Business Acquisition [Line Items]          
Finite-lived intangible assets [3] $ 80.0 $ 80.0      
[1] Acquired operating lease ROU assets and operating lease liabilities were determined based on current lease guidance. The acquired book values of the remaining assets and liabilities approximated their fair values.
[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 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 pattern of economic benefit.
v3.25.0.1
Acquisitions - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail)
 12 Months Ended
Dec. 31, 2024
Management Contracts [Member] | Fair Value, Inputs, Level 3  
Business Acquisition [Line Items]  
Finite-lived intangible assets acquired, useful life 8 years
Investor Relationship [Member] | Fair Value, Inputs, Level 3  
Business Acquisition [Line Items]  
Finite-lived intangible assets acquired, useful life 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]  
Business Acquisition [Line Items]  
Finite-lived intangible assets acquired, useful life 10 years
v3.25.0.1
Acquisition - Summary of Finite Lived Intangible Assets Weighted Average Remaining Useful Life of Remaining amortization Expense (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
2025 $ 429  
2026 457  
2027 384  
2028 283  
2029 271  
Total 3,215 $ 680
Global Infrastructure Management, LLC [Member]    
Finite-Lived Intangible Assets [Line Items]    
2025 281  
2026 323  
2027 277  
2028 196  
2029 228  
2030 269  
Thereafter 1,079  
Total $ 2,653  
v3.25.0.1
Acquisitions - Summary of Business Acquisition, Pro Forma Information Combined Results of Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Oct. 01, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]        
Total revenue   $ 20,407 $ 17,859 $ 17,873
Global Infrastructure Management, LLC [Member]        
Business Acquisition [Line Items]        
Total revenue $ 240 21,087 18,664  
Net income attributable to BlackRock, Inc.   $ 6,318 $ 5,025  
v3.25.0.1
Acquisitions - Summary of Business Acquisition, Pro Forma Information Combined Results of Operations (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Oct. 01, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]        
Revenue   $ 20,407 $ 17,859 $ 17,873
Net income   6,369 5,502 $ 5,178
Global Infrastructure Management, LLC [Member]        
Business Acquisition [Line Items]        
Revenue $ 240 $ 21,087 $ 18,664  
Net income $ 56      
v3.25.0.1
Cash, Cash Equivalents and Restricted Cash - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]        
Cash and cash equivalents [1] $ 12,762 $ 8,736    
Restricted cash included in other assets $ 17 $ 17    
Restricted Cash, Statement of Financial Position [Extensible Enumeration] Other assets Other assets    
Total cash, cash equivalents and restricted cash $ 12,779 $ 8,753 $ 7,433 $ 9,340
[1] 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 variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million and $2.2 billion, respectively, related to consolidated VIEs.
v3.25.0.1
Investments - Summary of Carrying Value of Total Investments (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]    
Trading securities (including $1,743 and $1,829 held by CIPs at December 31, 2024 and December 31, 2023, respectively) $ 1,823 $ 1,871
Held-to-maturity investments 547 617
Total debt securities 2,370 2,488
Equity securities at FVTNI (including $1,556 and $1,429 held by CIPs at December 31, 2024 and December 31, 2023, respectively) 1,950 1,585
Total equity method investments 2,783 2,756
Loans held By CIPs 145 205
Total investments [1] 9,769 9,740
Other Investments [Member]    
Schedule of Investments [Line Items]    
Total investments 445 639
Equity Method Investments [Member]    
Schedule of Investments [Line Items]    
Total equity method investments 2,610 2,515
Deferred Cash Compensation Plans [Member]    
Schedule of Investments [Line Items]    
Total equity method investments 173 241
Federal Reserve Bank Stock [Member]    
Schedule of Investments [Line Items]    
Total investments 93 92
Consolidated Entities [Member] | Carried Interest [Member]    
Schedule of Investments [Line Items]    
Total investments $ 1,983 $ 1,975
[1] 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 variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million and $2.2 billion, respectively, related to consolidated VIEs.
v3.25.0.1
Investments - Summary of Carrying Value of Total Investments (Detail) (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]    
Trading securities $ 1,823 $ 1,871
Equity securities at FVTNI 1,950 1,585
Total equity method investments 2,783 2,756
Investments [1] 9,769 9,740
Deferred Cash Compensation Plan Equity Method Investments [Member]    
Schedule of Investments [Line Items]    
Total equity method investments 173 241
Deferred Cash Compensation Plan Mutual Fund Investments [Member]    
Schedule of Investments [Line Items]    
Investments 12 14
Consolidated Sponsored Investment Products [Member]    
Schedule of Investments [Line Items]    
Trading securities 1,743 1,829
Equity securities at FVTNI 1,556 1,429
Investments $ 5,752 $ 5,977
[1] 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 variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million and $2.2 billion, respectively, related to consolidated VIEs.
v3.25.0.1
Investments - Additional Information (Detail)
$ in Millions
Dec. 31, 2024
USD ($)
Investments, Debt and Equity Securities [Abstract]  
Held-to-maturity investments, less than one year $ 9
Held-to-maturity investments, after one year through five years 24
Foreign government debt, after five years through ten years 326
Held-to-maturity investments, after ten years $ 188
v3.25.0.1
Investments - Summary of Cost and Carrying Value of Equity and Trading Debt Securities (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]    
Total trading debt securities, Cost $ 1,847 $ 1,911
Total trading debt, Fair Value 1,823 1,871
Equity securities at FVTNI, Fair Value 1,950 1,585
Corporate Debt [Member]    
Schedule of Investments [Line Items]    
Total trading debt securities, Cost 1,047 1,225
Total trading debt, Fair Value 1,061 1,218
Government Debt [Member]    
Schedule of Investments [Line Items]    
Total trading debt securities, Cost 578 501
Total trading debt, Fair Value 557 489
Asset/Mortgage-Backed Debt [Member]    
Schedule of Investments [Line Items]    
Total trading debt securities, Cost 222 185
Total trading debt, Fair Value 205 164
Equity Securities [Member]    
Schedule of Investments [Line Items]    
Equity securities at FVTNI, Cost 1,843 1,520
Equity securities at FVTNI, Fair Value $ 1,950 $ 1,585
v3.25.0.1
Consolidated Sponsored Investment Products - Consolidated VIEs And VREs Recorded in Consolidated Statements of Financial Condition (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents [1] $ 12,762 $ 8,736
Investments:    
Trading securities 1,823 1,871
Equity securities at FVTNI 1,950 1,585
Total investments [1] 9,769 9,740
Other assets [1] 3,596 3,848
Other liabilities [1] (4,032) (4,375)
Noncontrolling interest - CIPs (169) (153)
Consolidated Variable Interest Entities [Member]    
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents 125 234
Investments:    
Trading securities 1,497 1,423
Loans 141 195
Other investments 370 427
Carried interest 1,905 1,916
Total investments 5,092 5,020
Other assets 45 83
Other liabilities (2,130) (2,233)
Noncontrolling interest - CIPs (1,672) (1,625)
BlackRock's net interest in CIPs 1,460 1,479
Consolidated Voting Rights Entities [Member]    
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents 44 54
Investments:    
Trading securities 246 406
Loans 4 10
Other investments 33 171
Carried interest 0 0
Total investments 660 957
Other assets 31 39
Other liabilities (93) (108)
Noncontrolling interest - CIPs (130) (226)
BlackRock's net interest in CIPs 512 716
Consolidated Sponsored Investment Products [Member]    
Consolidated Sponsored Investment Funds [Line Items]    
Cash and cash equivalents 169 288
Investments:    
Trading securities 1,743 1,829
Equity securities at FVTNI 1,556 1,429
Loans 145 205
Other investments 403 598
Carried interest 1,905 1,916
Total investments 5,752 5,977
Other assets 76 122
Other liabilities (2,223) (2,341)
Noncontrolling interest - CIPs (1,802) (1,851)
BlackRock's net interest in CIPs 1,972 2,195
Equity Securities [Member]    
Investments:    
Equity securities at FVTNI 1,950 1,585
Equity Securities [Member] | Consolidated Variable Interest Entities [Member]    
Investments:    
Equity securities at FVTNI 1,179 1,059
Equity Securities [Member] | Consolidated Voting Rights Entities [Member]    
Investments:    
Equity securities at FVTNI 377 370
Equity Securities [Member] | Consolidated Sponsored Investment Products [Member]    
Investments:    
Equity securities at FVTNI $ 1,556 $ 1,429
[1] 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 variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million and $2.2 billion, respectively, related to consolidated VIEs.
v3.25.0.1
Consolidated Sponsored Investment Products - Schedule of Net Gain (Loss) Related to Consolidated VIEs (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]      
Nonoperating net gain (loss) on consolidated VIEs $ 492 $ 699 $ (35)
Net income (loss) attributable to NCI on consolidated VIEs 143 174 (184)
Consolidated Variable Interest Entities [Member]      
Variable Interest Entity [Line Items]      
Nonoperating net gain (loss) on consolidated VIEs 234 310 (311)
Net income (loss) attributable to NCI on consolidated VIEs $ 132 $ 174 $ (161)
v3.25.0.1
Variable Interest Entities Reflects adoption of ASU 2015-12 - Balances Relating to Variable Interest Entities in which BlackRock is Not Primary Beneficiary (Detail) - Variable Interest Entity, Not Primary Beneficiary [Member] - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Investments [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products $ 2,330 $ 2,377
Advisory Fee Receivables [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products 158 116
Other Net Assets (Liabilities) [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products (11) (11)
Maximum Risk of Loss [Member]    
Variable Interest Entity [Line Items]    
Sponsored investment products $ 2,505 $ 2,510
v3.25.0.1
Variable Interest Entities Reflects adoption of ASU 2015-12 - Additional Information (Detail) - USD ($)
$ in Billions
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity, Not Primary Beneficiary [Member] | Sponsored Investment Products [Member]    
Variable Interest Entity [Line Items]    
Net assets of investments funds $ 46 $ 39
v3.25.0.1
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities $ 1,823 $ 1,871
Equity securities at FVTNI 1,950 1,585
Loans held by CIPs 145 205
Separate account assets 52,811 56,098
Separate account collateral liabilities under securities lending agreements 6,059 4,558
Equity Securities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Equity securities at FVTNI 1,950 1,585
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 86 80
Fair Value, Measurements, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total debt securities 2,370 2,488
Total equity method 2,783 2,756
Loans held by CIPs 145 205
Federal Reserve Bank Stock 93 92
Carried interest 1,983 1,975
Other investments 445 639
Total investments 9,769 9,740
Other assets 156 256
Separate account assets 52,811 56,098
Total separate account collateral held under securities lending agreements 6,059 4,558
Total 68,795 70,652
Separate account collateral liabilities under securities lending agreements 6,059 4,558
Contingent consideration liabilities 4,302  
Other 175 296
Total liabilities measured at fair value 10,536 4,854
Fair Value, Measurements, Recurring [Member] | Investment in NAV [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities   0
Held-to-maturity investments   0
Total debt securities   0
Loans held by CIPs   0
Federal Reserve Bank Stock   0
Carried interest   0
Other assets   0
Separate account assets   0
Total separate account collateral held under securities lending agreements   0
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
Total equity method 347 246
Loans held by CIPs 0 0
Federal Reserve Bank Stock 0 0
Carried interest 0 0
Other investments 18 15
Total investments 2,315 1,846
Other assets 0 117
Separate account assets 32,933 34,621
Total separate account collateral held under securities lending agreements 2,719  
Total 37,967 38,270
Separate account collateral liabilities under securities lending agreements 2,719 1,686
Contingent consideration liabilities 0  
Other 0 0
Total liabilities measured at fair value 2,719 1,686
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total debt securities 1,744 1,829
Total equity method 131 0
Loans held by CIPs 10 30
Federal Reserve Bank Stock 0 0
Carried interest 0 0
Other investments 0 0
Total investments 1,885 1,859
Other assets 7 19
Separate account assets 19,346 20,810
Total separate account collateral held under securities lending agreements 3,340 2,872
Total 24,578 25,560
Separate account collateral liabilities under securities lending agreements 3,340 2,872
Contingent consideration liabilities 0  
Other 46 17
Total liabilities measured at fair value 3,386 2,889
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total debt securities 79 42
Total equity method 0 0
Loans held by CIPs 135 175
Federal Reserve Bank Stock 0 0
Carried interest 0 0
Other investments 0 0
Total investments 214 217
Other assets 149 120
Separate account assets 0 0
Total separate account collateral held under securities lending agreements 0 0
Total 363 337
Separate account collateral liabilities under securities lending agreements 0 0
Contingent consideration liabilities 4,302  
Other 129 279
Total liabilities measured at fair value 4,431 279
Fair Value, Measurements, Recurring [Member] | Equity Securities/Mutual Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Equity securities at FVTNI 1,950 1,585
Fair Value, Measurements, Recurring [Member] | Equity Securities/Mutual Funds [Member] | Investment in NAV [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Equity securities at FVTNI   0
Fair Value, Measurements, Recurring [Member] | Equity Securities/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]    
Equity securities at FVTNI 1,950 1,585
Fair Value, Measurements, Recurring [Member] | Equity Securities/Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Equity securities at FVTNI 0 0
Fair Value, Measurements, Recurring [Member] | Equity Securities/Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Equity securities at FVTNI 0 0
Fair Value, Measurements, Recurring [Member] | Debt Securities/ Fixed Income Mutual Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities 1,823 1,871
Held-to-maturity investments 547 617
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
Total separate account collateral held under securities lending agreements   1,686
Fair Value, Measurements, Recurring [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities 1,744 1,829
Held-to-maturity investments 0 0
Fair Value, Measurements, Recurring [Member] | Debt Securities/ Fixed Income Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Trading securities 79 42
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 552 588
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 478 246
Fair Value, Measurements, Recurring [Member] | Equity Fixed Income And Multi Asset Mutual Funds [Member] | Investment in NAV [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method   0
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 347 246
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 131 0
Fair Value, Measurements, Recurring [Member] | Equity Fixed Income And Multi Asset Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Private/ Public Equity [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 1,060 1,264
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 520 417
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 173 241
Fair Value, Measurements, Recurring [Member] | Investments Related To Deferred Cash Compensation Plans [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Investments Related To Deferred Cash Compensation Plans [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Investments Related To Deferred Cash Compensation Plans [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 2,719 1,686
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Investment in NAV [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements   0
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 2,719 1,686
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 3,340 2,872
Fair Value, Measurements, Recurring [Member] | Debt securities [Member] | Investment in NAV [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements   0
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 3,340 2,872
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  
Total equity method 2,305  
Loans held by CIPs 0  
Federal Reserve Bank Stock 0  
Carried interest 0  
Other investments 274  
Total investments 2,579  
Other assets 0  
Separate account assets 0  
Total separate account collateral held under securities lending agreements 0  
Total 2,579  
Separate account collateral liabilities under securities lending agreements 0  
Contingent consideration liabilities 0  
Other 0  
Total liabilities measured at fair value 0  
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Investment in NAV [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method   2,510
Other investments   467
Total investments   2,977
Total   2,977
Separate account collateral liabilities under securities lending agreements   0
Other   0
Total liabilities measured at fair value   0
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Equity Securities/Mutual Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Equity securities at FVTNI 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  
Held-to-maturity investments 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 552  
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member] | Investment in NAV [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method   588
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  
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Private/ Public Equity [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 1,060  
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Private/ Public Equity [Member] | Investment in NAV [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method   1,264
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 520  
Fair Value, Measurements, Recurring [Member] | Investments Measured at NAV [Member] | Real Assets Funds [Member] | Investment in NAV [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method   417
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 173 241
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  
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  
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 547 617
Total debt securities 547 617
Total equity method 0 0
Loans held by CIPs 0 0
Federal Reserve Bank Stock 93 92
Carried interest 1,983 1,975
Other investments 153 157
Total investments 2,776 2,841
Other assets 0 0
Separate account assets 532 667
Total separate account collateral held under securities lending agreements 0 0
Total 3,308 3,508
Separate account collateral liabilities under securities lending agreements 0 0
Contingent consideration liabilities 0  
Other 0 0
Total liabilities measured at fair value 0 0
Fair Value, Measurements, Recurring [Member] | Other [Member] | Equity Securities/Mutual Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Equity securities at FVTNI 0 0
Fair Value, Measurements, Recurring [Member] | Other [Member] | Hedge Funds/Funds of Hedge Funds/Other [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Other [Member] | Equity Fixed Income And Multi Asset Mutual Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Other [Member] | Private/ Public Equity [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Other [Member] | Real Assets Funds [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Other [Member] | Investments Related To Deferred Cash Compensation Plans [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total equity method 0 0
Fair Value, Measurements, Recurring [Member] | Other [Member] | Equity Securities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements 0 0
Fair Value, Measurements, Recurring [Member] | Other [Member] | Debt securities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total separate account collateral held under securities lending agreements $ 0 $ 0
v3.25.0.1
Fair Value Disclosures - Additional Information (Detail)
$ in Millions
 12 Months Ended
Jul. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Reduction in the fair value of management contracts $ 87    
Collateralized loan obligations outstanding borrowings maturity year   2030  
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   0.043  
Fair Value Option [Member]      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Total investments   $ 72 $ 42
v3.25.0.1
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, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value, beginning balance $ 337 $ 300
Realized and Unrealized Gains (Losses),Assets 2 20
Purchases, Assets 474 197
Sales and Maturities, Assets (456) (76)
Issuances and Other Settlements, Assets 0 (122)
Transfers into Level 3, Assets 12 38
Transfers out of Level 3, Assets (6) (20)
Assets measured at fair value, ending balance 363 337
Total Net Unrealized Gains (Losses) Included in Earnings 2 6
Liabilities measured at fair value, beginning balance 279  
Realized and Unrealized Gains (Losses), Liabilities 35  
Purchases, Liabilities 0  
Sales and Maturities, Liabilities 0  
Issuances and Other Settlements, Liabilities 4,187  
Transfers into Level 3, Liabilities 0  
Transfers out of Level 3, Liabilities 0  
Liabilities measured at fair value, ending balance 4,431 279
Total Net Unrealized Gains (Losses) Included in Earnings 35  
Other Assets [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value, beginning balance 120 0
Assets measured at fair value, ending balance 149 120
Other Liabilities [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities measured at fair value, beginning balance 180  
Liabilities measured at fair value, ending balance 129 180
Other [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities measured at fair value, beginning balance 279 280
Liabilities measured at fair value, ending balance   279
Contingent consideration liabilities [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Liabilities measured at fair value, beginning balance 99  
Realized and Unrealized Gains (Losses), Liabilities $ 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  
Purchases, Liabilities $ 0  
Sales and Maturities, Liabilities 0  
Issuances and Other Settlements, Liabilities 4,245  
Transfers into Level 3, Liabilities 0  
Transfers out of Level 3, Liabilities 0  
Liabilities measured at fair value, ending balance 4,302 99
Total Net Unrealized Gains (Losses) Included in Earnings 42  
Investments [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value, beginning balance 217 300
Realized and Unrealized Gains (Losses),Assets 10 13
Purchases, Assets 437 84
Sales and Maturities, Assets (456) (76)
Issuances and Other Settlements, Assets 0 (122)
Transfers into Level 3, Assets 12 38
Transfers out of Level 3, Assets (6) (20)
Assets measured at fair value, ending balance 214 217
Total Net Unrealized Gains (Losses) Included in Earnings 10 (1)
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 42 52
Realized and Unrealized Gains (Losses),Assets 3 0
Purchases, Assets 35 8
Sales and Maturities, Assets (1) (18)
Issuances and Other Settlements, Assets 0 0
Transfers into Level 3, Assets 0 0
Transfers out of Level 3, Assets 0 0
Assets measured at fair value, ending balance 79 42
Total Net Unrealized Gains (Losses) Included in Earnings $ 3 $ 0
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income (Expense) Nonoperating Income (Expense)
Consolidated Variable Interest Entities [Member] | Loans [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value, beginning balance $ 175 $ 248
Realized and Unrealized Gains (Losses),Assets 7 13
Purchases, Assets 402 76
Sales and Maturities, Assets (455) (58)
Issuances and Other Settlements, Assets 0 (122)
Transfers into Level 3, Assets 12 38
Transfers out of Level 3, Assets (6) (20)
Assets measured at fair value, ending balance 135 175
Total Net Unrealized Gains (Losses) Included in Earnings 7 (1)
Other Assets One [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Realized and Unrealized Gains (Losses),Assets (8) 7
Purchases, Assets 37 113
Sales and Maturities, Assets 0 0
Issuances and Other Settlements, Assets 0 0
Transfers into Level 3, Assets 0 0
Transfers out of Level 3, Assets 0 0
Total Net Unrealized Gains (Losses) Included in Earnings (8) 7
Other Liabilities One [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Realized and Unrealized Gains (Losses), Liabilities (7)  
Purchases, Liabilities 0  
Sales and Maturities, Liabilities 0  
Issuances and Other Settlements, Liabilities (58)  
Transfers into Level 3, Liabilities 0  
Transfers out of Level 3, Liabilities 0  
Total Net Unrealized Gains (Losses) Included in Earnings $ (7)  
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income (Expense)  
Other [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Realized and Unrealized Gains (Losses), Liabilities   1
Purchases, Liabilities   0
Sales and Maturities, Liabilities   0
Issuances and Other Settlements, Liabilities   0
Transfers into Level 3, Liabilities   0
Transfers out of Level 3, Liabilities   0
Total Net Unrealized Gains (Losses) Included in Earnings   $ 1
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]   Nonoperating Income (Expense)
v3.25.0.1
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents [1] $ 12,762 $ 8,736
Long-term borrowings 12,314 7,918
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 12,762 8,736
Other assets 86 80
Carrying Amount Member | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term borrowings 12,314 7,918
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 12,762 8,736
Other assets 86 80
Estimated Fair Value Member | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term borrowings $ 11,680 $ 7,413
[1] 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 variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million and $2.2 billion, respectively, related to consolidated VIEs.
v3.25.0.1
Fair Value Disclosures - Fair Value of Financial Assets and Financial Liabilities (Parenthetical) (Detail) - USD ($)
$ / shares in Units, $ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents [1] $ 12,762 $ 8,736
Money market valuation per share floor $ 1  
Derivative cash collateral $ 69 63
Restricted cash included in other assets 17 17
Money Market Funds [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents $ 6,200 $ 3,400
[1] 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 variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million and $2.2 billion, respectively, related to consolidated VIEs.
v3.25.0.1
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 1,215 $ 725
Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value 2,579 2,977
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 $ 58 $ 64
Redemption Frequency (Quarterly) 64.00% 83.00%
Redemption Frequency (Not Redeemable) 36.00% 17.00%
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 $ 92 $ 168
Private Equity Funds [Member] | Consolidated Variable Interest Entities [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments 42 37
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 7 145
Real Assets Funds Member    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments 750 272
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 40 62
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 $ 175 $ 154
Other Funds [Member] | Consolidated Variable Interest Entities [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Redemption Notice Period, days 90 days 90 days
Equity Method Investments [Member] | Hedge Funds/Funds of Hedge Funds/Other Member    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 138 $ 134
Redemption Frequency (Daily) 2.00% 4.00%
Redemption Frequency (Monthly) 2.00% 4.00%
Redemption Frequency (Quarterly) 10.00% 8.00%
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 $ 552 $ 588
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 $ 227 $ 218
Equity Method Investments [Member] | Private Equity Funds [Member] | Fair Value Measured at NAV per share [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Fair Value 1,060 1,264
Equity Method Investments [Member] | Real Assets Funds Member    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Total Unfunded Commitments $ 710 $ 210
Redemption Frequency (Quarterly) 7.00% 10.00%
Redemption Frequency (Not Redeemable) 93.00% 90.00%
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 $ 520 $ 417
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 $ 173 $ 241
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
v3.25.0.1
Fair Value Disclosures - Investments in Certain Entities Calculate Net Asset Value per Share (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share Line Items    
Total Unfunded Commitments $ 1,215 $ 725
Total remaining Unfunded Commitments $ 736 $ 248
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 $ 750 $ 272
v3.25.0.1
Fair Value Disclosures - Summary of Information Related to Bank Loans and Borrowings of Consolidated CLO Recorded within Investments and Borrowings of Consolidated VIEs Respectively for which Fair Value Option was Elected (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]    
Aggregate principal amounts outstanding $ 12,425  
CLO Loans [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Aggregate principal amounts outstanding 156 $ 203
Fair value 141 194
Aggregate principal balance in excess of (less than) fair value 15 9
CLO Borrowings [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Aggregate principal amounts outstanding 146 190
Fair value 129 180
Aggregate principal balance in excess of (less than) fair value $ 17 $ 10
v3.25.0.1
Derivatives and Hedging - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Notional value $ 197 $ 204
Derivative expiration dates 2025-03 2024-03
Derivative maximum risk of loss $ 17 $ 17
Foreign Exchange Future [Member]    
Derivative [Line Items]    
Notional value $ 1,800 $ 1,800
Derivative expiration dates 2025-03 2024-03
Forward Foreign Currency Exchange Contracts [Member]    
Derivative [Line Items]    
Notional value $ 3,600 $ 3,100
Derivative expiration dates 2025-01 2024-01
Forward Foreign Currency Exchange Contracts [Member] | Other Liabilities [Member]    
Derivative [Line Items]    
Other liabilities, fair value $ 35 $ 6
v3.25.0.1
Derivatives and Hedging - Summary of Fair Values of Derivatives Instruments Recognized in Consolidated Statements of Financial Condition (Detail) - Forward Foreign Currency Exchange Contracts [Member] - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Other Assets [Member]    
Derivatives Fair Value [Line Items]    
Other assets, fair value $ 7 $ 19
Other Liabilities [Member]    
Derivatives Fair Value [Line Items]    
Other liabilities, fair value $ 35 $ 6
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments Gain Loss [Line Items]      
Total gain (loss) from derivative instruments $ (25) $ 10 $ (103)
Foreign Exchange Future [Member]      
Derivative Instruments Gain Loss [Line Items]      
Total gain (loss) from derivative instruments $ (30) $ (88) $ 36
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 $ 5 $ 98 $ (222)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] General and Administrative Expense General and Administrative Expense General and Administrative Expense
Total Return Swaps [Member]      
Derivative Instruments Gain Loss [Line Items]      
Total gain (loss) from derivative instruments $ 0 $ 0 $ 83
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Nonoperating Income (Expense) Nonoperating Income (Expense) Nonoperating Income (Expense)
v3.25.0.1
Derivatives and Hedging - Summary of Realized and Unrealized Gains (Losses) Recognized in Condensed Consolidated Statements of Income on Derivative Instruments (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on derivatives $ (25) $ 10 $ (103)
Seed Investment [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on derivatives 48 112 $ 36
Deferred Cash Compensation Plans [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on derivatives $ 18 $ 24  
v3.25.0.1
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 2,656 $ 2,551
Less: Accumulated depreciation and amortization 1,553 1,439
Property and equipment, net 1,103 1,112
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 $ 32 31
Estimated useful life-in years 15 years  
Leasehold Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 1,048 1,036
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 $ 1,136 1,088
Estimated useful life-in years 3 years  
Other Transportation Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 198 192
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 $ 101 99
Estimated useful life-in years 7 years  
Construction in progress [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 102 $ 66
v3.25.0.1
Property and Equipment - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Depreciation and amortization expense $ 270 $ 263 $ 251
Equipment and Computer Software [Member]      
Property, Plant and Equipment [Line Items]      
Qualifying software costs $ 105 $ 103 $ 91
Estimated useful life 3 years    
v3.25.0.1
Goodwill - Goodwill Activity (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]    
Beginning of year balance $ 15,524 $ 15,341
Acquisitions 10,428 184
Other (3) (1)
End of year balance $ 25,949 $ 15,524
v3.25.0.1
Goodwill - Goodwill Activity (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Line Items]      
Goodwill $ 25,949 $ 15,524 $ 15,341
Global Infrastructure Management, LLC [Member]      
Goodwill [Line Items]      
Goodwill 10,297    
Spider Rock [Member]      
Goodwill [Line Items]      
Goodwill $ 131    
v3.25.0.1
Goodwill - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]      
Impairment of goodwill $ 0 $ 0 $ 0
Closing market price of common stock $ 1,025    
Book value per share $ 307    
v3.25.0.1
Intangible Assets - Intangible Assets (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Total intangible assets - Gross Carrying Amount $ 21,525 $ 18,876
Total intangible assets - Net Carrying Amount $ 20,743 $ 18,258
v3.25.0.1
Intangible Assets - Finite-lived Intangible Assets (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets - Remaining Weighted-Average Estimated Useful Life (years) 8 years 10 months 24 days 5 years 4 months 24 days
Finite-lived intangible assets - Gross Carrying Amount $ 3,997 $ 1,298
Finite-lived intangible assets - Accumulated Amortization 782 618
Total $ 3,215 $ 680
Management Contracts [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets - Remaining Weighted-Average Estimated Useful Life (years) 7 years 7 months 6 days 3 years 8 months 12 days
Finite-lived intangible assets - Gross Carrying Amount $ 2,028 $ 244
Finite-lived intangible assets - Accumulated Amortization 215 156
Total $ 1,813 $ 88
Investor/Customer Relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets - Remaining Weighted-Average Estimated Useful Life (years) 11 years 2 months 12 days 6 years
Finite-lived intangible assets - Gross Carrying Amount $ 1,623 $ 785
Finite-lived intangible assets - Accumulated Amortization 414 338
Total $ 1,209 $ 447
Technology-Related [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets - Remaining Weighted-Average Estimated Useful Life (years) 3 years 6 months 4 years 7 months 6 days
Finite-lived intangible assets - Gross Carrying Amount $ 257 $ 260
Finite-lived intangible assets - Accumulated Amortization 144 118
Total $ 113 $ 142
Trade Names / Trademarks [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets - Remaining Weighted-Average Estimated Useful Life (years) 9 years 7 months 6 days 1 year 9 months 18 days
Finite-lived intangible assets - Gross Carrying Amount $ 89 $ 9
Finite-lived intangible assets - Accumulated Amortization 9 6
Total $ 80 $ 3
v3.25.0.1
Intangible Assets - Finite-lived Intangible Assets (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
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  
Kreos Capital [Member] | Management Contracts [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, acquired   $ 67
Acquired finite-lived intangible assets weighted-average useful life   5 years
Kreos Capital [Member] | Investor Relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, acquired   $ 39
Acquired finite-lived intangible assets weighted-average useful life   10 years
Spider Rock [Member] | Customer Relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, acquired $ 29  
Acquired finite-lived intangible assets weighted-average useful life 11 years  
Spider Rock [Member] | Technology-Based Intangible Assets [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived intangible assets, acquired $ 8  
Acquired finite-lived intangible assets weighted-average useful life 5 years  
v3.25.0.1
Intangible Assets - Indefinite-lived Intangible Assets (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets $ 17,528 $ 17,578
Accumulated Amortization 0 0
Management Contracts [Member]    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 16,119 16,169
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
v3.25.0.1
Intangible Assets - Additional Information (Detail) - USD ($)
 12 Months Ended
Jul. 31, 2024
Jul. 31, 2023
Jul. 31, 2022
Dec. 31, 2024
Schedule Of Intangible Assets [Line Items]        
Impairment of intangible assets $ 50,000,000 $ 0 $ 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      
v3.25.0.1
Intangible Assets - Estimated Amortization Expense for Finite-Lived Intangible Assets (Detail)
$ in Millions
Dec. 31, 2024
USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]  
2025 $ 429
2026 457
2027 384
2028 283
2029 $ 271
v3.25.0.1
Leases - Components of Lease Cost (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lease cost:      
Operating lease cost [1] $ 183 $ 189 $ 216
Variable lease cost [2] 60 49 39
Total lease cost $ 243 $ 238 $ 255
[1] Amounts include short-term leases, which are immaterial for 2024, 2023 and 2022.
[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.
v3.25.0.1
Leases - Schedule of Supplemental Information Related to Operating Leases (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Supplemental cash flow information:      
Operating cash flows from operating leases included in the measurement of operating lease liabilities $ 183 $ 142 $ 162
Supplemental noncash information:      
ROU assets in exchange for operating lease liabilities [1] $ 235 $ 32 $ 115
Weighted-average remaining lease term 14 years 15 years  
Weighted-average discount rate 3.00% 3.00%  
[1] Amount for 2024 includes $75 million of ROU assets obtained in connection with the GIP Transaction. See Note 3, Acquisitions, for further information.
v3.25.0.1
Leases - Schedule of Supplemental Information Related to Operating Leases (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Operating Leased Assets [Line Items]    
Operating lease ROU assets $ 1,519 $ 1,421
Global Infrastructure Management, LLC [Member]    
Operating Leased Assets [Line Items]    
Operating lease ROU assets $ 75  
v3.25.0.1
Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
2025 $ 198  
2026 185  
2027 179  
2028 170  
2029 156  
Thereafter 1,439  
Total lease payments 2,327  
Less: imputed interest (419)  
Present value of lease liabilities $ 1,908 $ 1,784
v3.25.0.1
Other Assets - Additional Information (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
iCapital [Member]    
Other Assets [Line Items]    
Carrying value - equity method investment $ 652 $ 641
Percentage of strategic minority investment 24.00% 25.00%
Other Assets [Member]    
Other Assets [Line Items]    
Carrying value - equity method investment $ 888 $ 773
Other non equity method corporate minority investments $ 438 $ 484
v3.25.0.1
Borrowings - Additional Information (Detail)
€ in Millions, £ in Millions
 1 Months Ended 12 Months Ended
May 06, 2015
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, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2024
GBP (£)
Dec. 31, 2024
EUR (€)
Nov. 07, 2024
USD ($)
May 31, 2024
USD ($)
May 30, 2023
USD ($)
Dec. 31, 2021
USD ($)
Mar. 31, 2014
USD ($)
Debt Instrument [Line Items]                                  
Line of credit facility, covenant terms               The 2024 Credit Facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, which could increase the overall size of the 2024 Credit Facility to an aggregate principal amount of up to $6.4 billion. Interest on outstanding borrowings accrues at an applicable benchmark rate for the denominated currency of the loan, plus a spread. The 2024 Credit Facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1                  
Borrowings               $ 12,314,000,000 $ 7,918,000,000                
Fair Value               11,680,000,000 7,400,000,000                
Debt instrument, aggregate principal amount               12,425,000,000                  
Repayments of long-term borrowings               1,000,000,000 0 $ 750,000,000              
Gain (loss) from net investment hedging, net of tax               37,000,000 (20,000,000) 37,000,000              
Gain (loss) from net investment hedging, tax expense (benefit)               12,000,000 (6,000,000) 12,000,000              
Other Comprehensive Income [Member]                                  
Debt Instrument [Line Items]                                  
Amount of ineffectiveness on net investment hedges               $ 0 $ 0 $ 0              
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member]                                  
Debt Instrument [Line Items]                                  
Debt offering designated as net investment hedge to offset its currency exposure | €                       € 700          
Unsecured Debt 2027 Notes [Member]                                  
Debt Instrument [Line Items]                                  
Debt instrument, 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, aggregate principal amount                                 $ 1,000,000,000
Debt instrument, interest rate                                 3.50%
Debt instrument, Approximate annual interest expense               $ 35,000,000                  
Debt instrument, payment terms               Interest was payable semi-annually in arrears on March 18 and September 18 of each year, or approximately $35 million per year.New BlackRock Guarantee. On October 1, 2024, in connection with the closing of the GIP Transaction, New BlackRock also entered into a guarantee (the “New BlackRock Guarantee”) pursuant to which New BlackRock 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 New BlackRock's other unsubordinated indebtedness. The New BlackRock Guarantee will be automatically and unconditionally released and discharged, and New BlackRock 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         $ 4,000,000,000        
2024 Revolving Credit Facility [Member]                                  
Debt Instrument [Line Items]                                  
Unsecured revolving credit facility               5,400,000,000           $ 400,000,000      
Additional amount available, subject to lender credit approval               1,000,000,000                  
Maximum amount available under facility               $ 6,400,000,000                  
Line of credit facility, interest rate description               Interest on outstanding borrowings accrues at an applicable benchmark rate for the denominated currency of the loan, plus a spread.                  
Amount outstanding under credit facility               $ 0                  
Line of credit facility, covenant compliance               less than 1 to 1                  
2024 Subsidiary Credit Facility [Member] | Subsidiaries [Member]                                  
Debt Instrument [Line Items]                                  
Maximum amount available under facility               $ 31,000,000     £ 25            
Amount outstanding under credit facility               0                  
March 2024 Notes [Member]                                  
Debt Instrument [Line Items]                                  
Debt instrument, 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]                                  
Debt instrument, 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.                  
Unsecured Debt 2027 Notes [Member]                                  
Debt Instrument [Line Items]                                  
Debt Instrument, redemption price, percentage of principal amount redeemed               101.00%                  
4.70% Notes due March 2029 [Member]                                  
Debt Instrument [Line Items]                                  
Debt instrument, aggregate principal amount               $ 500,000,000                  
Debt instrument, interest rate               4.70%     4.70% 4.70%          
Debt instrument, maturity date               Mar. 14, 2029                  
5.00% Notes due 2034 [Member]                                  
Debt Instrument [Line Items]                                  
Borrowings               $ 993,000,000                  
Fair Value               986,000,000                  
Debt instrument, aggregate principal amount               $ 1,000,000,000                  
Debt instrument, interest rate               5.00%     5.00% 5.00%          
Debt instrument, maturity date               Mar. 14, 2034                  
5.25% Notes due 2054 [Member]                                  
Debt Instrument [Line Items]                                  
Borrowings               $ 1,468,000,000                  
Fair Value               1,418,000,000                  
Debt instrument, aggregate principal amount               $ 1,500,000,000                  
Debt instrument, interest rate               5.25%     5.25% 5.25%          
Debt instrument, maturity date               Mar. 14, 2054                  
4.60% Notes due July 2027 [Member]                                  
Debt Instrument [Line Items]                                  
Debt instrument, aggregate principal amount               $ 800,000,000                  
Debt instrument, interest rate               4.60%     4.60% 4.60%          
Debt instrument, maturity date               Jul. 26, 2027                  
4.90% Notes due 2035 [Member]                                  
Debt Instrument [Line Items]                                  
Borrowings               $ 495,000,000                  
Fair Value               489,000,000                  
Debt instrument, aggregate principal amount               $ 500,000,000                  
Debt instrument, interest rate               4.90%     4.90% 4.90%          
Debt instrument, maturity date               Jan. 08, 2035                  
5.35% Notes due 2055 [Member]                                  
Debt Instrument [Line Items]                                  
Borrowings               $ 1,186,000,000                  
Fair Value               1,147,000,000                  
Debt instrument, aggregate principal amount               $ 1,200,000,000                  
Debt instrument, interest rate               5.35%     5.35% 5.35%          
Debt instrument, maturity date               Jan. 08, 2055                  
4.75% Notes due 2033 [Member]                                  
Debt Instrument [Line Items]                                  
Borrowings [1]               $ 1,233,000,000                  
Fair Value [1]               1,224,000,000                  
Debt instrument, 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]                                  
Borrowings [1]               $ 1,243,000,000                  
Fair Value [1]               1,055,000,000                  
Debt instrument, 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]                                  
Borrowings [1]               $ 989,000,000                  
Fair Value [1]               823,000,000                  
Debt instrument, 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]                                  
Debt instrument, aggregate principal amount                               $ 750,000,000  
Debt instrument, interest rate                               3.375%  
2.40% Notes due 2030 [Member]                                  
Debt Instrument [Line Items]                                  
Borrowings [1]               $ 997,000,000                  
Fair Value [1]               891,000,000                  
Debt instrument, 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]                                  
Borrowings [1]               $ 993,000,000                  
Fair Value [1]               944,000,000                  
Debt instrument, 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                      
2025 Notes [Member]                                  
Debt Instrument [Line Items]                                  
Borrowings [1]               $ 725,000,000                  
Fair Value [1]               720,000,000                  
Debt instrument, aggregate principal amount € 700             725,000,000 [1]                  
Debt instrument, interest rate 1.25%                                
Debt instrument, maturity date May 06, 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 New BlackRock.
v3.25.0.1
Borrowings - Carrying Value and Fair Value of Long-Term Borrowings Determined Market Prices EUR/USD Foreign Exchange Rate (Detail)
€ in Millions, $ in Millions
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
May 30, 2023
USD ($)
Dec. 31, 2021
USD ($)
Apr. 30, 2020
USD ($)
Jan. 31, 2020
USD ($)
Apr. 30, 2019
USD ($)
May 06, 2015
EUR (€)
Debt Instrument [Line Items]                
Maturity Amount $ 12,425              
Unamortized Discount and Debt Issuance Costs [1] (111)              
Carrying Value 12,314 $ 7,918            
Fair Value 11,680 $ 7,400            
1.25% Notes due 2025 [Member]                
Debt Instrument [Line Items]                
Maturity Amount 725 [2]             € 700
Unamortized Discount and Debt Issuance Costs [1],[2] 0              
Carrying Value [2] 725              
Fair Value [2] 720              
3.20% Notes due 2027 [Member]                
Debt Instrument [Line Items]                
Maturity Amount [2] 700              
Unamortized Discount and Debt Issuance Costs [1],[2] (2)              
Carrying Value [2] 698              
Fair Value [2] 682              
4.60% Notes due 2027 [Member]                
Debt Instrument [Line Items]                
Maturity Amount 800              
Unamortized Discount and Debt Issuance Costs [1] (3)              
Carrying Value 797              
Fair Value 801              
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] (7)              
Carrying Value [2] 993              
Fair Value [2] 944              
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 500              
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] 891              
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] (7)              
Carrying Value [2] 1,243              
Fair Value [2] 1,055              
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] (11)              
Carrying Value [2] 989              
Fair Value [2] 823              
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] (17)              
Carrying Value [2] 1,233              
Fair Value [2] 1,224              
5.00% Notes due 2034 [Member]                
Debt Instrument [Line Items]                
Maturity Amount 1,000              
Unamortized Discount and Debt Issuance Costs [1] (7)              
Carrying Value 993              
Fair Value 986              
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 489              
5.25% Notes due 2054 [Member]                
Debt Instrument [Line Items]                
Maturity Amount 1,500              
Unamortized Discount and Debt Issuance Costs [1] (32)              
Carrying Value 1,468              
Fair Value 1,418              
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 $ 1,147              
[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 New BlackRock.
v3.25.0.1
Commitments and Contingencies - Additional Information (Detail) - USD ($)
shares in Millions
 12 Months Ended
Oct. 01, 2024
Dec. 31, 2024
Loss Contingencies [Line Items]    
Investment commitments   $ 1,200,000,000
Amount of securities on loan subject to indemnification   305,000,000,000
Collateral for indemnified securities   324,000,000,000
Fair value of indemnified securities   0
Global Infrastructure Management, LLC [Member]    
Loss Contingencies [Line Items]    
Contingent consideration at fair value   4,300,000,000
Fair value of deferred stock   $ 4,200,000,000
Global Infrastructure Management, LLC [Member] | First Contingent Payment [Member] | Minimum [Member]    
Loss Contingencies [Line Items]    
Contingent payments 4.0 4.0
Global Infrastructure Management, LLC [Member] | First Contingent Payment [Member] | Maximum [Member]    
Loss Contingencies [Line Items]    
Contingent payments 5.2 5.2
v3.25.0.1
Revenue - Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Type (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation Of Revenue [Line Items]      
Total revenue $ 20,407 $ 17,859 $ 17,873
Investment Advisory, Administration Fees and Securities Lending Revenue [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue [1] 16,100 14,399 14,451
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity Active Product [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 2,166 2,000 2,147
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity ETFs [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 5,124 4,418 4,345
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity Non-ETF Index [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 784 743 711
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Equity [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 8,074 7,161 7,203
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income Active [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,952 1,897 1,977
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income ETFs [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,367 1,230 1,122
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income Non-ETF Index [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 369 353 396
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Fixed Income [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 3,688 3,480 3,495
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Multi-asset [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,278 1,203 1,299
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 2,011 1,646 1,590
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Private Markets [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,196 889 741
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Liquid Alternatives [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 568 572 633
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Alternatives [Member] | Currency and Commodities [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 247 185 216
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Cash Management [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,049 909 864
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] | Long-term [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 15,051 13,490 13,587
Investment Advisory Performance Fees [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,207 554 514
Investment Advisory Performance Fees [Member] | Equity [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 161 99 49
Investment Advisory Performance Fees [Member] | Fixed Income [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 34 4 25
Investment Advisory Performance Fees [Member] | Multi-asset [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 24 28 25
Investment Advisory Performance Fees [Member] | Alternatives [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 988 423 415
Investment Advisory Performance Fees [Member] | Alternatives [Member] | Private Markets [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 308 273 296
Investment Advisory Performance Fees [Member] | Alternatives [Member] | Liquid Alternatives [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 680 150 119
Technology Services Revenue [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,603 1,485 1,364
Distribution Fees [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,273 1,262 1,381
Advisory and Other Revenue [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 224 159 163
Advisory and Other Revenue [Member] | Advisory [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 49 81 56
Advisory and Other Revenue [Member] | Other [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue $ 175 $ 78 $ 107
[1] Amounts include $615 million, $675 million and $599 million of securities lending revenue for 2024, 2023 and 2022, respectively.
v3.25.0.1
Revenue - Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Type (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]      
Securities lending revenue earned $ 615 $ 675 $ 599
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation Of Revenue [Line Items]      
Total revenue $ 20,407 $ 17,859 $ 17,873
Revenue by Client Type [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 16,100 14,399 14,451
Revenue by Client Type [Member] | Retail [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 4,284 4,115 4,442
Revenue by Client Type [Member] | Equity ETFs [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 6,743 5,834 5,671
Revenue by Client Type [Member] | Institutional Active [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 3,089 2,623 2,535
Revenue by Client Type [Member] | Institutional Index [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 935 918 939
Revenue by Client Type [Member] | Institutional [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 4,024 3,541 3,474
Revenue by Client Type [Member] | Cash Management [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,049 909 864
Revenue by Client Type [Member] | Long-term [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 15,051 13,490 13,587
Revenue by Investment Style [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 16,100 14,399 14,451
Revenue by Investment Style [Member] | Active [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 7,117 6,534 6,789
Revenue by Investment Style [Member] | Cash Management [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 1,049 909 864
Revenue by Investment Style [Member] | Equity Index and ETFs [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue 7,934 6,956 6,798
Revenue by Investment Style [Member] | Long-term [Member]      
Disaggregation Of Revenue [Line Items]      
Total revenue $ 15,051 $ 13,490 $ 13,587
v3.25.0.1
Revenue - Schedule of Estimated Investment Advisory, Administration Fees Expected to be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations (Detail) - Investment Advisory, Administration Fees and Securities Lending Revenue [Member] - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investment Advisory Administration Fees and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation $ 1,303 $ 694
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01    
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   $ 204
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 1 year
Revenue, Remaining Performance Obligation $ 427 $ 174
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 $ 381 $ 152
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 $ 353 $ 164
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  
Revenue, Remaining Performance Obligation $ 142  
v3.25.0.1
Revenue - Schedule of Estimated Investment Advisory, Administration Fees Expected to be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations (Detail 1) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
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 $ 1,303 $ 694
v3.25.0.1
Revenue - Schedule of Changes in Deferred Carried Interest Liability (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Beginning balance $ 1,783 $ 1,420
Net increase (decrease) in unrealized allocations 364 577
Performance fee revenue recognized (287) (214)
Ending balance $ 1,860 $ 1,783
v3.25.0.1
Revenue - Schedule of Estimated Technology Services Revenue Expected to Be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations (Detail) - Technology Services Revenue [Member] - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investment Advisory Administration Fees and Securities Lending Revenue and Performance Fees by Type [line Items]    
Revenue, Remaining Performance Obligation $ 334 $ 319
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01    
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   $ 131
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 1 year
Revenue, Remaining Performance Obligation $ 134 $ 73
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 $ 81 $ 56
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
Revenue, Remaining Performance Obligation $ 50 $ 59
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  
Revenue, Remaining Performance Obligation $ 69  
v3.25.0.1
Revenue - Schedule of Estimated Technology Services Revenue Expected to Be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations (Detail 1) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Technology Services Revenue [Member]    
Schedule of Technology Services Revenue [line Items]    
Revenue, Remaining Performance Obligation $ 334 $ 319
v3.25.0.1
Revenue - Additional Information (Detail)
$ in Billions
 12 Months Ended
Dec. 31, 2024
USD ($)
Schedule of Technology Services Revenue [line Items]  
Estimated annual fixed minimum fees for currently outstanding contracts $ 1.2
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
v3.25.0.1
Revenue - Schedule of Changes in Technology Services Deferred Revenue Liability (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Beginning balance $ 133 $ 125
Additions 84 92
Revenue recognized that was included in the beginning balance (93) (84)
Ending balance $ 124 $ 133
v3.25.0.1
Stock-Based Compensation - Components of Stock-Based Compensation Expense (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]      
RSUs $ 718 $ 596 $ 686
Stock options 35 34 22
Total stock-based compensation $ 753 $ 630 $ 708
v3.25.0.1
Stock-Based Compensation - Components of Stock-Based Compensation Expense (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Restricted Stock Units, Granted   376,136    
Compensation expense for accelerated vesting of previously granted stock-based compensation awards     $ 14 $ 33
Restricted Stock Units (RSUs) [Member]        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Restricted Stock Units, Granted   346,831 342,706 498,633
Restricted Stock Units (RSUs) [Member] | GIP Transaction [Member]        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Restricted Stock Units, Granted 106,000 71,000,000    
v3.25.0.1
Stock-Based Compensation - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
May 30, 2023
Jan. 31, 2025
Oct. 31, 2024
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
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             7,708,389      
Fair value of RSUs granted to employees             $ 1,100 $ 565 $ 662  
Fair market value of RSUs converted to common stock             $ 592 $ 592 $ 461  
Restricted Stock Units, Granted             376,136      
Awards vesting             116,029      
Reduction of shares due to performance measures             (42,579)      
Employee stock purchase plan, purchase price percentage             95.00%      
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      
GIP Transaction [Member] | Minimum [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Award vesting period, years       2 years            
GIP Transaction [Member] | 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             346,831 342,706 498,633  
Intrinsic value of outstanding RSUs             $ 2,400      
Stock price             $ 1,025      
Unrecognized stock-based compensation expense             $ 913      
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             204,622 169,764 117,169  
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             0 0 197,817  
RSUs to employees that cliff vest, date                 Jan. 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             0 259,465 0  
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             343,418 0 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       106,000     71,000,000      
Awards to employees cliff vesting     500,000              
RSUs to employees that cliff vest, percentage     100.00%              
RSUs to employees that cliff vest, date     Oct. 01, 2029              
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   332,000                
Awards to employees cliff vesting   216,000                
RSUs to employees that cliff vest, percentage   100.00%                
RSUs to employees that cliff vest, date   Jan. 31, 2028                
RSUs, Granted with various vesting schedules   27,000                
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        
Restricted Stock Units, Granted             165,631      
Intrinsic value of outstanding RSUs             $ 678      
Awards vesting             116,029      
Stock price             $ 1,025      
Unrecognized stock-based compensation expense             $ 311      
Remaining weighted-average period             2 years 1 month 6 days      
Awards to employees cliff vesting       165,631 169,938 143,846        
RSUs to employees that cliff vest, percentage       100.00% 100.00% 100.00%        
Share based compensation vesting option exercised period up to nine years           up to nine years      
RSUs to employees that cliff vest, date       Jan. 31, 2027 Jan. 31, 2026 Jan. 31, 2025        
Reduction of shares due to performance measures             (42,579)      
Fair value of RSUs/restricted stock granted to employees             $ 279 $ 142 $ 164  
Unrecognized stock-based compensation expense             $ 113      
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   136,000                
RSUs to employees that cliff vest, percentage   100.00%                
RSUs to employees that cliff vest, date   Jan. 31, 2028                
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]                    
Restricted Stock Units, Granted             210,505      
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]                    
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   $ 208
Number of shares awarded to purchase 814,482                  
Fair value of options vested             $ 52      
Aggregate intrinsic value of options exercised             $ 373      
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             3 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      
Number of shares awarded to purchase 326,391                  
Unrecognized stock-based compensation expense             $ 113      
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                  
v3.25.0.1
Stock-Based Compensation - Restricted Stock and RSU Activity (Detail) - $ / shares
 1 Months Ended 12 Months Ended
Oct. 31, 2024
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted Stock Units, beginning of period   456,384
Restricted Stock Units, Granted   376,136
Reduction of shares due to performance measures   (42,579)
Restricted Stock Units, Converted   (116,029)
Restricted Stock Units, Forfeited   (12,365)
Restricted Stock Units, end of period   661,547
Weighted-Average Grant Date Fair Value, beginning of period   $ 767.69
Weighted-Average Grant Date Fair Value, Granted   824.94
Weighted-Average Grant Date Fair Value, Reduction of shares due to performance measures   739.64
Weighted-Average Grant Date Fair Value, Converted   739.32
Weighted-Average Grant Date Fair Value, Forfeited   784.44
Weighted-Average Grant Date Fair Value, end of period   $ 806.71
Performance-Based RSUs [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted Stock Units, beginning of period   456,384
Restricted Stock Units, Granted   165,631
Reduction of shares due to performance measures   (42,579)
Restricted Stock Units, Converted   (116,029)
Restricted Stock Units, Forfeited   (12,365)
Restricted Stock Units, end of period   451,042
Weighted-Average Grant Date Fair Value, beginning of period   $ 767.69
Weighted-Average Grant Date Fair Value, Granted   798.83
Weighted-Average Grant Date Fair Value, Reduction of shares due to performance measures   739.64
Weighted-Average Grant Date Fair Value, Converted   739.32
Weighted-Average Grant Date Fair Value, Forfeited   784.44
Weighted-Average Grant Date Fair Value, end of period   $ 788.61
Performance-Based RSUs [Member] | GIP Transaction [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted Stock Units, beginning of period   0
Restricted Stock Units, Granted   210,505
Reduction of shares due to performance measures   0
Restricted Stock Units, Converted (210,000) 0
Restricted Stock Units, Forfeited   0
Restricted Stock Units, end of period   210,505
Weighted-Average Grant Date Fair Value, beginning of period   $ 0
Weighted-Average Grant Date Fair Value, Granted   845.48
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   0
Weighted-Average Grant Date Fair Value, end of period   $ 845.48
Time-based RSUs [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Restricted Stock Units, beginning of period   1,772,639
Restricted Stock Units, Granted [1]   1,395,311
Restricted Stock Units, Converted   (779,146)
Restricted Stock Units, Forfeited   (91,139)
Restricted Stock Units, end of period   2,297,665
Weighted-Average Grant Date Fair Value, beginning of period   $ 757.49
Weighted-Average Grant Date Fair Value, Granted [1]   817.1
Weighted-Average Grant Date Fair Value, Converted   760.38
Weighted-Average Grant Date Fair Value, Forfeited   748.23
Weighted-Average Grant Date Fair Value, end of period   $ 793.08
[1] During the first quarter of 2024, in connection with the GIP Transaction, the Company granted incentive retention awards of approximately 106,000 RSUs to certain employees that vest between two to five years from the grant date. Additionally, in October 2024, in connection with the GIP Transaction, the Company granted incentive retention awards of approximately 500,000 RSUs to certain employees that cliff vest 100% on October 1, 2029. The weighted-average grant date fair value of these October 2024 awards was $830.90.
v3.25.0.1
Stock-Based Compensation - Restricted Stock and RSU Activity (Parenthetical) (Detail) - $ / shares
 1 Months Ended 3 Months Ended 12 Months Ended
Oct. 31, 2024
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Restricted Stock Units, Granted     376,136    
Weighted-Average Grant Date Fair Value, Granted     $ 824.94    
Maximum [Member]          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Award vesting period, years     5 years    
Minimum [Member]          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Award vesting period, years     1 year    
GIP Transaction [Member] | Maximum [Member]          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Award vesting period, years   5 years      
GIP Transaction [Member] | Minimum [Member]          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Award vesting period, years   2 years      
Restricted Stock Units (RSUs) [Member]          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Restricted Stock Units, Granted     346,831 342,706 498,633
Award vesting period, years     3 years 3 years 3 years
RSUs to employees that cliff vest, percentage     100.00% 100.00% 100.00%
Restricted Stock Units (RSUs) [Member] | GIP Transaction [Member]          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Restricted Stock Units, Granted   106,000 71,000,000    
Awards to employees cliff vesting 500,000        
RSUs to employees that cliff vest, percentage 100.00%        
RSUs to employees that cliff vest, date Oct. 01, 2029        
Weighted-Average Grant Date Fair Value, Granted $ 830.9        
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total awards granted 376,136    
Restricted Stock Units (RSUs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total awards granted 346,831 342,706 498,633
RSUs, Granted with various vesting schedules 204,622 169,764 117,169
Restricted Stock Units (RSUs) [Member] | January 31, 2025 [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Awards to employees cliff vesting 0 0 197,817
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 0 259,465 0
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 343,418 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] 500,440 0 0
Annual RSUs Granted [Member] | Restricted Stock Units (RSUs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total awards granted 1,395,311 771,935 813,619
[1] Incentive retention awards granted in October 2024, in connection with the GIP Transaction.
v3.25.0.1
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, 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%
January 31, 2025 [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
RSUs to employees that cliff vest, date     Jan. 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    
October 1, 2029 [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
RSUs to employees that cliff vest, date [1] Oct. 01, 2029    
[1] Incentive retention awards granted in October 2024, in connection with the GIP Transaction.
v3.25.0.1
Stock-Based Compensation - Stock Option Activity (Detail)
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding, Shares Under Option, End of Period | shares 1,692,481
Outstanding, Shares Under Option, Weighted Average Remaining Contractual Life 5 years 4 months 24 days
Exercisable at December 31, 2022, Weighted Average Remaining Contractual Life 1 year 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 1,549,080
Outstanding, Shares Under Option, Exercised | shares (905,219)
Outstanding, Shares Under Option, Forfeited | shares (18,036)
Outstanding, Shares Under Option, End of Period | shares 625,825
Weighted Average Exercise Price, Beginning of Period $ 513.5
Weighted Average Exercise Price, Exercised 513.5
Weighted Average Exercise Price, Forfeited 513.5
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 1 year 10 months 24 days
Exercisable at December 31, 2022, Weighted Average Remaining Contractual Life 1 year 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 807,695
Outstanding, Shares Under Option, Exercised | shares 0
Outstanding, Shares Under Option, Forfeited | shares (40,725)
Outstanding, Shares Under Option, End of Period | shares 766,970
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 326,391
Outstanding, Shares Under Option, Exercised | shares 0
Outstanding, Shares Under Option, Forfeited | shares (26,705)
Outstanding, Shares Under Option, End of Period | shares 299,686
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
v3.25.0.1
Stock-Based Compensation - Stock Option Activity 1 (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Options Outstanding 1,692,481  
Options Outstanding, Weighted Average Remaining Life (years) 5 years 4 months 24 days  
Options Outstanding, Aggregate Intrinsic Value $ 695  
Options Exercisable 625,825  
Options Exercisable, Weighted Average Remaining Life (years) 1 year 10 months 24 days  
Options Exercisable, Aggregate Intrinsic Value $ 320  
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 625,825 1,549,080
Options Outstanding, Weighted Average Remaining Life (years) 1 year 10 months 24 days  
Options Outstanding, Aggregate Intrinsic Value $ 320  
Options Exercisable, Exercise Prices $ 513.5  
Options Exercisable 625,825  
Options Exercisable, Weighted Average Remaining Life (years) 1 year 10 months 24 days  
Options Exercisable, Aggregate Intrinsic Value $ 320  
2023 Performance-based Options    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Options Outstanding, Exercise Prices $ 673.58  
Options Outstanding 766,970  
Options Outstanding, Weighted Average Remaining Life (years) 7 years 4 months 24 days  
Options Outstanding, Aggregate Intrinsic Value $ 270  
Options Exercisable, Exercise Prices $ 673.58  
Options Exercisable  
Options Exercisable, Weighted Average Remaining Life (years) 0 years  
Options Exercisable, Aggregate Intrinsic Value  
2023 Time-based Options    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Options Outstanding, Exercise Prices $ 673.58  
Options Outstanding 299,686  
Options Outstanding, Weighted Average Remaining Life (years) 7 years 4 months 24 days  
Options Outstanding, Aggregate Intrinsic Value $ 105  
Options Exercisable, Exercise Prices $ 673.58  
Options Exercisable  
Options Exercisable, Weighted Average Remaining Life (years) 0 years  
Options Exercisable, Aggregate Intrinsic Value  
v3.25.0.1
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 [3] 28.29%  
Expected Dividend Yield [5] 3.02%  
Risk-Free Interest Rate [7] 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.
v3.25.0.1
Deferred Cash Compensation Plans and Employee Benefit Plans - Components of Deferred Cash Compensation Expense (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Deferred Compensation [Line Items]      
Deferred cash compensation expense $ 212 $ 226 $ 224
Investment Professional Deferred Compensation Program [Member]      
Deferred Compensation [Line Items]      
Deferred cash compensation expense 155 195 228
Voluntary Deferred Compensation Plan [Member]      
Deferred Compensation [Line Items]      
Deferred cash compensation expense 26 17 (18)
Deferred Compensation Plan Other [Member]      
Deferred Compensation [Line Items]      
Deferred cash compensation expense $ 31 $ 14 $ 14
v3.25.0.1
Deferred Cash Compensation and Employee Benefit Plans - Additional Information (Detail)
 1 Months Ended 12 Months Ended
Jan. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Installment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Deferred Compensation Plans [Member]        
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items]        
Other deferred compensation plan liability   $ 220,000,000 $ 313,000,000  
Additional deferred compensation granted $ 264,000,000      
Deferred compensation, vesting period   3 years    
Deferred compensation granted   $ 114,000,000 90,000,000 $ 257,000,000
Liabilities related to other deferred cash plans   $ 34,000,000 82,000,000  
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   $ 170,000,000 144,000,000  
Deferred Compensation Plans [Member] | Subsequent Event [Member]        
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items]        
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   $ 149,000,000 86,000,000 83,000,000
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   $ 66,000,000 64,000,000 60,000,000
Defined Contribution Plans [Member] | Other Regions [Member]        
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items]        
Defined contribution plan expense   50,000,000 42,000,000 $ 41,000,000
Defined Benefit Plans [Member]        
Deferred Compensation Plans, Defined Contribution Plans and Defined Benefit Plans [Line Items]        
Deferred compensation plan assets   $ 27,000,000 $ 28,000,000  
v3.25.0.1
Related Party Transactions - Revenue for Services Provided to Related Parties (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]      
Revenue From Related Parties $ 12,794 $ 11,012 $ 11,061
Investment Advisory, Administration Fees and Securities Lending Revenue [Member]      
Related Party Transaction [Line Items]      
Revenue From Related Parties 12,050 10,757 10,848
Investment Advisory Performance Fees [Member]      
Related Party Transaction [Line Items]      
Revenue From Related Parties 728 286 244
Other [Member]      
Related Party Transaction [Line Items]      
Revenue From Related Parties $ 16 $ (31) $ (31)
v3.25.0.1
Related Party Transactions - Additional Information (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]    
Accounts Receivable, Related Parties $ 4,304 $ 3,916
Due to Related Parties [1] 4,032 4,375
BlackRock Mutual Funds and iShares ETFs [Member]    
Related Party Transaction [Line Items]    
Accounts Receivable, Related Parties 1,300 1,100
Related Party [Member]    
Related Party Transaction [Line Items]    
Due from Related Parties 245 203
Due to Related Parties $ 11 $ 21
[1] 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 variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million and $2.2 billion, respectively, related to consolidated VIEs.
v3.25.0.1
Net Capital Requirements - Summary of Capital Adequacy Requirements (Detail)
$ in Millions
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]    
Total capital (to risk weighted assets), Actual, Amount $ 961 $ 775
Total capital (to risk weighted assets), Actual, Ratio 1.532 1.458
Total capital (to risk weighted assets), For Capital Adequacy Purposes, Amount $ 50 $ 43
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 $ 63 $ 53
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 $ 953 $ 771
Common Equity Tier 1 capital (to risk weighted assets), Actual, Ratio 151.90% 145.10%
Common Equity Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes, Amount $ 28 $ 24
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 $ 41 $ 35
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 $ 953 $ 771
Tier 1 capital (to risk weighted assets), Actual, Ratio 1.519 1.451
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes, Amount $ 38 $ 32
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 $ 50 $ 43
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 $ 953 $ 771
Tier 1 capital (to average assets), Actual, Ratio 0.713 0.659
Tier 1 capital (to average assets), For Capital Adequacy Purposes, Amount $ 53 $ 47
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 $ 67 $ 59
Tier 1 capital (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio 0.05 0.05
v3.25.0.1
Net Capital Requirements - Additional Information (Detail) - USD ($)
$ in Billions
Dec. 31, 2024
Dec. 31, 2023
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]    
Net capital requirement in certain regulated subsidiaries $ 1.8 $ 1.8
v3.25.0.1
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance $ 39,500 $ 37,876 $ 37,806
Foreign currency translation adjustments [1] (338) 261 (551)
Balance Ending 47,664 39,500 37,876
Accumulated Other Comprehensive Income (Loss) [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Balance (840) (1,101) (550)
Foreign currency translation adjustments [2] (338) 261 (551)
Balance Ending $ (1,178) $ (840) $ (1,101)
[1] 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). Amount for 2022 includes a gain from a net investment hedge of $37 million (net of tax expense of $12 million).
[2] 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). Amount for 2022 includes a gain from a net investment hedge of $37 million (net of tax expense of $12 million).
v3.25.0.1
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract]      
Gain (loss) from net investment hedging, net of tax $ 37 $ (20) $ 37
Gain (loss) from net investment hedging, tax (expense) benefit $ (12) $ 6 $ (12)
v3.25.0.1
Capital Stock - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Oct. 01, 2024
Dec. 31, 2021
Schedule of Capitalization, Equity [Line Items]          
Dividends cash per common share $ 20.4 $ 20 $ 19.52    
Aggregate dividends $ 3,101 $ 3,035 $ 2,990    
Common shares repurchased, value $ 1,625 $ 1,509 $ 1,875    
Share Repurchase Program [Member]          
Schedule of Capitalization, Equity [Line Items]          
Common shares repurchased 1,900,000        
Common shares repurchased, value $ 1,600        
Shares authorized to be repurchased 3,800,000        
BlackRock Finance, Inc [Member]          
Schedule of Capitalization, Equity [Line Items]          
Shares issued, price per share       $ 0.01  
BlackRock Funding, Inc [Member]          
Schedule of Capitalization, Equity [Line Items]          
Shares issued, price per share       $ 0.01  
Common Stock [Member]          
Schedule of Capitalization, Equity [Line Items]          
Common stock shares issued 155,318,170 172,075,373 172,075,373 6,908,416 172,075,373
v3.25.0.1
Capital Stock -Common Shares Issued and Outstanding and Related Activity (Detail) - USD ($)
$ in Millions
 12 Months Ended
Oct. 01, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Capitalization, Equity [Line Items]        
Issuance of common shares in connection with the GIP Transaction   $ 5,904 $ 0 $ 0
Cancellation of treasury stock, common in connection with the GIP Transaction   $ 12,829 $ 0 $ 0
Common Stock [Member]        
Schedule of Capitalization, Equity [Line Items]        
Shares, beginning balance   172,075,373 172,075,373 172,075,373
Shares repurchased   0 0 0
Net issuance of common shares related to employee stock transactions   456,182 0 0
Issuance of common shares in connection with the GIP Transaction   $ 6,908,416    
Cancellation of treasury stock, common in connection with the GIP Transaction   $ (24,121,801)    
Shares, ending balance 6,908,416 155,318,170 172,075,373 172,075,373
Common Stock [Member] | Shares Outstanding [Member]        
Schedule of Capitalization, Equity [Line Items]        
Shares, beginning balance   148,500,074 149,756,492 151,684,491
Shares repurchased   (1,909,964) (2,176,538) (2,710,821)
Net issuance of common shares related to employee stock transactions   1,449,287 920,120 782,822
Issuance of 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   154,947,813 148,500,074 149,756,492
Treasury Stock, Common [Member]        
Schedule of Capitalization, Equity [Line Items]        
Shares, beginning balance   (23,575,299) (22,318,881) (20,390,882)
Shares repurchased   (1,909,964) (2,176,538) (2,710,821)
Net issuance of common shares related to employee stock transactions   993,105 920,120 782,822
Issuance of common shares in connection with the GIP Transaction   $ 0    
Cancellation of treasury stock, common in connection with the GIP Transaction   $ 24,121,801    
Shares, ending balance   (370,357) (23,575,299) (22,318,881)
v3.25.0.1
Restructuring Charge - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring and Related Activities [Abstract]        
Restructuring Charge $ 61 $ 0 $ 61 $ 91
Restructuring charge after-tax 46      
Severance 47      
Accelerated vesting expense of deferred compensation awards $ 14   $ (14)  
v3.25.0.1
Restructuring Charge - Rollforward of Restructuring Liability Included in Other Liabilities (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring and Related Activities [Abstract]        
Beginning liability   $ 47 $ 58  
Cash payments   (47) (58)  
Additions $ 61 0 61 $ 91
Accelerated vesting expense of deferred compensation awards 14   (14)  
Ending liability $ 47 $ 0 $ 47 $ 58
v3.25.0.1
Income Taxes - Components of Income Tax Expense (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Current income tax expense: Federal $ 960 $ 641 $ 255
Current income tax expense: State and local 142 176 (9)
Current income tax expense: Foreign 787 538 448
Total net current income tax expense 1,889 1,355 694
Deferred income tax expense (benefit): Federal (105) 101 562
Deferred income tax expense (benefit): State and local 0 11 64
Deferred income tax expense (benefit): Foreign (1) 12 (24)
Total net deferred income tax expense (benefit) (106) 124 602
Total income tax expense $ 1,783 $ 1,479 $ 1,296
v3.25.0.1
Income Taxes - Components of Income before Taxes, Less Net Income (Loss) Attributable to Noncontrolling Interests (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
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 $ 8,152 $ 6,981 $ 6,474
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 5,139 4,565 4,604
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 $ 3,013 $ 2,416 $ 1,870
v3.25.0.1
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Taxes Disclosure [Line Items]      
Federal statutory tax rate 21.00% 21.00% 21.00%
Deferred tax asset $ 1,498 $ 1,452  
Deferred income tax liabilities 3,334 3,506  
Discrete tax benefits 137    
Realization of capital losses from changes in organizational tax structure 63    
Discrete tax benefits related to vested stock based compensation awards 37    
Discrete expense of net noncash related to revaluation of deferred tax liabilities 14    
Net discrete tax net benefits related to resolution of outstanding tax matters and stock based compensation awards vested   242  
Deferred tax assets, valuation allowance 69 59  
Income taxes receivable 215 252  
Income taxes payable 134 85  
Unrecognized tax benefits that would affect effective tax rate if recognized 431 505 $ 497
Interest and penalties accrued during period 63 (20) (40)
Liability for interest and penalties 203 140 $ 160
Settlement with Taxing Authority [Member]      
Income Taxes Disclosure [Line Items]      
Decrease in uncertain tax positions reasonably possible 160    
Change in uncertain tax position reasonably possible amount 220    
Related to the Same Tax Jurisdiction [Member]      
Income Taxes Disclosure [Line Items]      
Deferred tax asset 181 208  
Deferred income tax liabilities 3,300 3,500  
State and Local Jurisdiction [Member]      
Income Taxes Disclosure [Line Items]      
Net operating loss carryforwards $ 2,900 2,700  
Net operating loss carryforwards, maturity year 2032    
Foreign [Member]      
Income Taxes Disclosure [Line Items]      
Net operating loss carryforwards $ 193 $ 164  
Net operating loss carryforwards, maturity year 2025    
Foreign net loss carry forwards, subject to expiration $ 10    
Foreign tax credit carryforwards $ 39    
Foreign tax credit carryforwards, expiration date 2034    
v3.25.0.1
Income Taxes - Reconciliation of Income Tax Expense with Expected Federal Income Tax Expense (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Statutory income tax expense, amount $ 1,712 $ 1,466 $ 1,360
State and local taxes (net of federal benefit), amount 130 110 115
Impact of federal, foreign, state, and local tax rate changes on deferred taxes, amount 12 0 (25)
Stock-based compensation awards, amount (37) (41) (87)
Resolution of outstanding tax matters 0 (204) (143)
Intellectual property reorganization, amount (137) 0 0
Effect of foreign tax rates, amount 84 112 23
Other, amount 19 36 53
Total income tax expense $ 1,783 $ 1,479 $ 1,296
Statutory income tax expense, rate 21.00% 21.00% 21.00%
State and local taxes (net of federal benefit), rate 2.00% 2.00% 2.00%
Impact of federal, foreign, state, and local tax rate changes on deferred taxes, rate 0.00% 0.00% 0.00%
Stock-based compensation awards, rate 0.00% (1.00%) (1.00%)
Resolution of outstanding tax matters, rate 0.00% (3.00%) (2.00%)
Intellectual property reorganization, rate (2.00%) 0.00% 0.00%
Effect of foreign tax rates, rate 1.00% 2.00% 0.00%
Other, rate 0.00% 0.00% 0.00%
Effective income tax rate 22.00% 21.00% 20.00%
v3.25.0.1
Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Components of Deferred Tax Assets and Liabilities [Abstract]    
Deferred tax assets: Compensation and benefits $ 354 $ 375
Deferred tax assets: Loss carryforwards 103 95
Deferred tax assets: Foreign tax credit carryforward 39 0
Deferred tax assets: Capitalized costs 276 216
Deferred tax assets: Other 795 825
Gross deferred tax assets 1,567 1,511
Less: Deferred tax valuation allowances (69) (59)
Deferred tax assets net of valuation allowances 1,498 1,452
Deferred tax liabilities: Goodwill and acquired indefinite-lived intangibles 4,199 4,299
Deferred tax liabilities: Acquired finite-lived intangibles 53 86
Unrealized investment gains 58 25
Deferred tax liabilities: Other 341 340
Gross deferred tax liabilities 4,651 4,750
Net deferred tax (liabilities) $ (3,153) $ (3,298)
v3.25.0.1
Income Taxes - Reconciliation of Gross Unrecognized Tax Benefits (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Unrecognized tax benefits, beginning balance $ 749 $ 912 $ 1,022
Additions for tax positions of prior years 30 25 13
Reductions for tax positions of prior years (10) (22) (75)
Additions based on tax positions related to current year 51 49 55
Additions related to business combinations 0 16 0
Settlements (303) (231) (103)
Unrecognized tax benefits, ending balance $ 517 $ 749 $ 912
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share Basic And Diluted [Line Items]      
Net Income (Loss) $ 6,369 $ 5,502 $ 5,178
Basic weighted-average shares outstanding 150,042,269 149,327,558 150,921,161
Total diluted weighted-average shares outstanding 151,615,085 150,706,451 152,440,471
Basic earnings per share $ 42.45 $ 36.85 $ 34.31
Diluted earnings per share $ 42.01 $ 36.51 $ 33.97
Restricted Stock Units (RSUs) [Member]      
Earnings Per Share Basic And Diluted [Line Items]      
Dilutive effect of 1,034,323 969,089 1,119,829
Employee Stock Option      
Earnings Per Share Basic And Diluted [Line Items]      
Dilutive effect of 538,493 409,804 399,481
v3.25.0.1
Earnings Per Share - Additional Information (Detail) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share Basic And Diluted [Line Items]      
Antidilutive securities excluded from computation of earnings per share 0 194,240 0
v3.25.0.1
Segment Information - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2024
Segment
Segment Reporting [Abstract]  
Number of business segments 1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description The Company's 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 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.
v3.25.0.1
Segment Information - Total Revenue by Geographic Region (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Revenue $ 20,407 $ 17,859 $ 17,873
Americas [Member]      
Segment Reporting Information [Line Items]      
Revenue 13,411 11,899 11,931
Europe [Member]      
Segment Reporting Information [Line Items]      
Revenue 6,137 5,209 5,164
Asia-Pacific [Member]      
Segment Reporting Information [Line Items]      
Revenue $ 859 $ 751 $ 778
v3.25.0.1
Segment Information - Schedule of Long-Lived Assets by Geographic Region (Detail) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]    
Long-lived assets $ 27,052 $ 16,636
Americas [Member]    
Segment Reporting Information [Line Items]    
Long-lived assets 25,515 15,017
Europe [Member]    
Segment Reporting Information [Line Items]    
Long-lived assets 1,437 1,521
Asia-Pacific [Member]    
Segment Reporting Information [Line Items]    
Long-lived assets $ 100 $ 98
v3.25.0.1
Subsequent Events - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2024
Mar. 24, 2025
Oct. 01, 2024
Dec. 31, 2023
Subsequent Event [Line Items]            
Payment of acquisition $ 9.2          
Consideration to be paid $ 2.9          
Common stock, shares issued 155,318,170   155,318,170     172,075,373
Forecast [Member]            
Subsequent Event [Line Items]            
Quarterly dividend payable, per share       $ 5.21    
Global Infrastructure Management, LLC [Member]            
Subsequent Event [Line Items]            
Business acquisition, percentage of equity interest acquired         100.00%  
Payment of acquisition     $ 2,930.0      
Total deal consideration     $ 12,966.0      
HPS Investment Partners [Member]            
Subsequent Event [Line Items]            
Business acquisition, percentage of equity interest acquired 100.00%   100.00%      
Percentage of total consideration paid 100.00%          
Total deal consideration $ 0.7          
Preqin [Member]            
Subsequent Event [Line Items]            
Payment of acquisition   $ 2,550.0 $ 3,200.0      
Sub Co [Member]            
Subsequent Event [Line Items]            
Additional consideration $ 1.6   $ 1.6      
Common stock, shares issued 13,700,000   13,700,000