BlackRock : Q2 2021 Earnings Release

INVESTOR RELATIONS:	MEDIA RELATIONS:
Caroline Rodda 212.810.3442	Brian Beades 212.810.5596

BlackRock Reports Second Quarter 2021 Diluted EPS of $8.92, or $10.03 as adjusted

New York, July 14, 2021 - BlackRock, Inc. (NYSE: BLK) today reported financial results for the three and six months ended June 30, 2021.

$81 billion of quarterly total net inflows, driven by continued momentum across the platform, reflect a previously announced $58 billion low-feeinstitutional index outflow related to a single client

$63 billion of active net inflows, once again positive across all product types, including equity, fixed income, multi-assetand alternatives

32% increase in revenue year-over-yearreflects significant market gains as well as strong organic growth, higher performance fees and 14% growth in technology services revenue

37% increase in operating income year-over-year

14% increase in diluted EPS (28% as adjusted) year-over- year also reflects lower nonoperating income and a higher effective tax rate in the current quarter

Consistent capital management with $300 million of quarterly share repurchases

Laurence D. Fink, Chairman and CEO:

"BlackRock's comprehensive investment and technology platform continues to evolve ahead of our clients' needs. Strong annualized organic base fee growth of 10% in the second quarter was driven by our top-performing active platform and industry-leadingiShares ETF franchise. We also delivered 14% year-over-year growth in technology services revenue.

"Our longstanding approach to invest for the future positions our platform to better serve clients and generate more consistent organic growth. In sustainability, we are investing in products, data and analytics and technology to help investors capture the opportunity and manage the risks presented by sustainable factors. This is resonating with our clients and we generated $35 billion of sustainable net inflows in the quarter. Through our wealth and ETF businesses, we are driving the democratization of personalized portfolios at scale. And we are bringing together the breadth of our investment platform, portfolio construction expertise and Aladdin technology to serve clients' whole portfolios in a way that no other asset manager can.

"Our commitment to helping more and more people experience financial well-being guides our long-term strategy and how we use our voice on behalf of our stakeholders. We will continue to invest and evolve so we can deliver value for our clients, employees, shareholders and the communities where we operate."

FINANCIAL RESULTS

NET FLOW HIGHLIGHTS

(in millions, except per share data)		Q2			Q2
	2021			2020
AUM	$	9,495,993		$	7,317,949
% change		30	%
Average AUM	$	9,317,092		$	6,975,779
% change		34	%
Total net flows	$	80,960		$	100,217
GAAP basis:
Revenue	$	4,820		$	3,648
% change		32 %
Operating income	$	1,931		$	1,406
% change		37 %
Operating margin		40.1%		38.5%
Net income(1)	$	1,378		$	1,214
% change		14 %
Diluted EPS	$	8.92		$	7.85
% change		14 %
Weighted-average diluted shares		154.4			154.7

				Q2		YTD
(in billions)		2021			2021
Long-term net flows:	$	60		$	192
By region:
	Americas	$	2		$	74
	EMEA		61			100
	APAC		(3	)		18
By client type:
	Retail:	$
	21		$	58
		US		10			33
		International		11			25
	ETFs:	$
	75		$	144
		Core equity		23			51
		Strategic		39			57
		Precision		13			36

% change		0 %
					Institutional:	$	(37	)		$	(9	)
As Adjusted:
							Active		43				60
Operating income(2)	$	1,931	$	1,406				Index		(80	)			(69	)
% change		37 %				Cash management net flows	$	23			$	63
Operating margin(2)		44.9%		43.7%
Net income(1) (2)	$	1,549	$	1,214		Advisory net flows	$	(2	)		$	(2	)
% change		28 %
Diluted EPS(2)	$	10.03	$	7.85		Total net flows	$	81			$	253
% change		28 %

1. Net income represents net income attributable to BlackRock, Inc.
2. See notes (1) through (3) to the condensed consolidated statements of income and supplemental information on pages 11 and 12 for more information on as adjusted items and the reconciliation to GAAP.

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BUSINESS RESULTS

										Q2 2021
							Q2 2021			Base fees(1)
							Base fees(1)	June 30, 2021		and securities
		Q2 2021			June 30, 2021		and securities	AUM		lending revenue
(in millions), (unaudited)		Net flows			AUM		lending revenue	% of Total		% of Total
RESULTS BY CLIENT TYPE
Retail	$	21,386		$	995,483	$	1,231	10	%	34	%
ETFs		75,147			3,031,505		1,505	32	%	40	%
Institutional:
Active		43,469			1,624,049		657	17	%	17	%
Index		(80,298	)		3,097,073		273	33	%	7	%
Total institutional		(36,829)		4,721,122		930	50%	24%
Long-term		59,704			8,748,110		3,666	92%	98%
Cash management		23,339			727,603		91	8%	2%
Advisory(2)		(2,083)		20,280		-	-		-
Total	$	80,960		$	9,495,993	$	3,757	100%	100%
RESULTS BY INVESTMENT STYLE
Active	$	62,750		$	2,446,632	$	1,842	26%	49%
Index and ETFs		(3,046)		6,301,478		1,824	66%	49%
Long-term		59,704			8,748,110		3,666	92%	98%
Cash management		23,339			727,603		91	8%	2%
Advisory(2)		(2,083)		20,280		-	-		-
Total	$	80,960		$	9,495,993	$	3,757	100%	100%
RESULTS BY PRODUCT TYPE
Equity	$	(26,453) $	5,034,391	$	1,995	52%	54%
Fixed income		41,290			2,712,165		955	29%	25%
Multi-asset		36,137			748,770		344	8%	9%
Alternatives		8,730			252,784		372	3%	10%
Long-term		59,704			8,748,110		3,666	92%	98%
Cash management		23,339			727,603		91	8%	2%
Advisory(2)		(2,083)		20,280		-	-		-
Total	$	80,960		$	9,495,993	$	3,757	100%	100%

1. Base fees include investment advisory and administration fees.
2. Approximately $2.2 billion of ETFs AUM held in advisory accounts associated with the Federal Reserve Bank of New York ("FRBNY") assignment as of June 30, 2021 (disclosed via FRBNY reporting as of July 13, 2021) are included within ETF AUM or Fixed Income AUM above. These holdings are excluded from Advisory AUM.

INVESTMENT PERFORMANCE AT JUNE 30, 2021(1)

		One-year period		Three-year period		Five-year period
Fixed income:
Actively managed AUM above benchmark or peer median
Taxable	81%		84%	93%
Tax-exempt	77%		65%	79%
Index AUM within or above applicable tolerance	83%		93%	94%
Equity:
Actively managed AUM above benchmark or peer median
Fundamental	50%		84%	87%
Systematic	69%		60%	97%
Index AUM within or above applicable tolerance	94%		97%	98%

1. Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 13 for performance disclosure detail.

TELECONFERENCE, WEBCAST AND PRESENTATION INFORMATION

Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Gary S. Shedlin, will host a teleconference call for investors and analysts on Wednesday, July 14, 2021 at 8:30 a.m. (Eastern Time). Members of the public who are interested in participating in the teleconference should dial, from the United States, [phone], or from outside the United States,

1. 679-8281,shortly before 8:30 a.m. and reference the BlackRock Conference Call (ID Number 6479566). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.

Both the teleconference and webcast will be available for replay by 11:30 a.m. (Eastern Time) on Wednesday, July 14, 2021 and ending at midnight on Wednesday, July 28, 2021. To access the replay of the teleconference, callers from the United States should dial (855) 859- 2056 and callers from outside the United States should dial [phone] and enter the Conference ID Number 6479566. To access the webcast, please visit the investor relations section of www.blackrock.com.

ABOUT BLACKROCK

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

LinkedIn: www.linkedin.com/company/blackrock.

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

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

										Three Months
		Three Months Ended						Ended
		June 30,							March 31,
		2021			2020			Change			2021			Change
Revenue
Investment advisory, administration fees and
securities lending revenue:
Investment advisory and administration fees	$	3,617		$	2,756		$	861		$	3,465		$	152
Securities lending revenue		140			210			(70)			127			13
Total Investment advisory, administration fees and
securities lending revenue		3,757			2,966			791			3,592			165
Investment advisory performance fees		340			112			228			129			211
Technology services revenue		316			278			38			306			10
Distribution fees		369			253			116			340			29
Advisory and other revenue		38			39			(1)			31			7
Total revenue		4,820			3,648			1,172			4,398			422
Expense
Employee compensation and benefits		1,548			1,152			396			1,409			139
Distribution and servicing costs		523			429			94			505			18
Direct fund expense		320			246			74			320			-
General and administration expense		461			388			73			585			(124)
Amortization of intangible assets		37			27			10			34			3
Total expense		2,889			2,242			647			2,853			36
Operating income		1,931			1,406			525			1,545			386
Nonoperating income (expense)
Net gain (loss) on investments		314			398			(84)			82			232
Interest and dividend income		8			10			(2)			19			(11)
Interest expense		(52)			(51)			(1)			(55)			3
Total nonoperating income (expense)		270			357			(87)			46			224
Income before income taxes		2,201			1,763			438			1,591			610
Income tax expense		654			361			293			318			336
Net income		1,547			1,402			145			1,273			274
Less:
Net income (loss) attributable to noncontrolling
interests		169			188			(19)			74			95
Net income attributable to BlackRock, Inc.	$	1,378	$	1,214	$	164	$	1,199	$	179
Weighted-average common shares outstanding
Basic		152,443,039			153,732,878			(1,289,839)			152,567,453			(124,414)
Diluted		154,417,581			154,712,032			(294,451)			154,301,812			115,769
Earnings per share attributable to BlackRock, Inc.
common stockholders
Basic	$	9.04	$	7.90	$	1.14	$	7.86	$	1.18
Diluted	$	8.92	$	7.85	$	1.07	$	7.77	$	1.15
Cash dividends declared and paid per share	$	4.13	$	3.63	$	0.50	$	4.13	$	-
Supplemental information:
AUM (end of period)	$	9,495,993	$	7,317,949	$	2,178,044	$	9,007,411	$	488,582
Shares outstanding (end of period)		152,298,784			152,460,239			(161,455)			152,635,930			(337,146)
GAAP:
Operating margin		40.1%			38.5%			160bps			35.1%			500bps
Effective tax rate		32.2%			22.9%			930bps			20.9%			1,130bps
As adjusted:
Operating income (1)	$	1,931	$	1,406	$	525	$	1,545	$	386
Operating margin (1)		44.9%			43.7%			120bps			44.4%			50bps
Nonoperating income (expense), less net income
(loss) attributable to noncontrolling interests (2)	$	101	$	169	$	(68)	$	(28)	$	129
Net income attributable to BlackRock, Inc. (3)	$	1,549	$	1,214	$	335	$	1,199	$	350
Diluted earnings attributable to BlackRock, Inc.
common stockholders per share (3)	$	10.03	$	7.85	$	2.18	$	7.77	$	2.26
Effective tax rate		23.8%			22.9%			90bps			20.9%			290bps

See pages 11-12 for the reconciliation to GAAP and notes (1) through (3) for more information on as adjusted items.

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

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

Six Months Ended

June 30,

		2021			2020				Change
Revenue
Investment advisory, administration fees and
securities lending revenue:
Investment advisory and administration fees	$	7,082		$	5,653		$		1,429
Securities lending revenue		267			368				(101	)
Total Investment advisory, administration fees and
securities lending revenue		7,349			6,021			1,328
Investment advisory performance fees		469			153			316
Technology services revenue		622			552			70
Distribution fees		709			529			180
Advisory and other revenue		69			103			(34)
Total revenue		9,218			7,358			1,860
Expense
Employee compensation and benefits		2,957			2,289			668
Distribution and servicing costs		1,028			874			154
Direct fund expense		640			523			117
General and administration expense		1,046			1,530			(484)
Amortization of intangible assets		71			52			19
Total expense		5,742			5,268			474
Operating income		3,476			2,090			1,386
Nonoperating income (expense)
Net gain (loss) on investments		396			358			38
Interest and dividend income		27			25			2
Interest expense		(107)			(97)			(10)
Total nonoperating income (expense)		316			286			30
Income before income taxes		3,792			2,376			1,416
Income tax expense		972			347			625
Net income		2,820			2,029			791
Less:
Net income (loss) attributable to noncontrolling
interests		243			9			234
Net income attributable to BlackRock, Inc.	$	2,577	$	2,020	$	557
Weighted-average common shares outstanding
Basic		152,504,902			154,488,079			(1,983,177)
Diluted		154,359,353			155,556,187			(1,196,834)
Earnings per share attributable to BlackRock, Inc.
common stockholders
Basic	$	16.90	$	13.08	$	3.82
Diluted	$	16.69	$	12.99	$	3.70
Cash dividends declared and paid per share	$	8.26	$	7.26	$	1.00
Supplemental information:
AUM (end of period)	$	9,495,993	$	7,317,949	$	2,178,044
Shares outstanding (end of period)		152,298,784			152,460,239			(161,455)
GAAP:
Operating margin		37.7%			28.4%				930bps
Effective tax rate		27.4%			14.7%				1,270bps
As adjusted:
Operating income (1)	$	3,476	$	2,679	$	797
Operating margin (1)		44.7%			42.7%				200bps
Nonoperating income (expense), less net income
(loss) attributable to noncontrolling interests (2)	$	73	$	155	$	(82)
Net income attributable to BlackRock, Inc. (3)	$	2,748	$	2,246	$	502
Diluted earnings attributable to BlackRock, Inc.
common stockholders per share (3)	$	17.80	$	14.44	$	3.36
Effective tax rate		22.6%			20.7%				190bps

See pages 11-12 for the reconciliation to GAAP and notes (1) through (3) for more information on as adjusted items.

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ASSETS UNDER MANAGEMENT (in millions), (unaudited)

Current Quarter Component Changes by Client Type and Product Type

Net

		March 31,				inflows				Market								June 30,
		2021				(outflows)				change				FX impact (1)				2021				Average AUM(2)
Retail:
Equity	$	407,715		$	9,866		$	28,643		$	103		$	446,327			$	431,075
Fixed income		349,640				6,689				2,480				671				359,480				355,500
Multi-asset		139,115				879				7,161				73				147,228				144,138
Alternatives		37,707				3,952				748				41				42,448				40,310
Retail subtotal		934,177				21,386				39,032				888				995,483				971,023
ETFs:
Equity		2,077,818				51,376				126,762				1,872				2,257,828				2,186,497
Fixed income		667,829				21,710				9,639				831				700,009				686,205
Multi-asset		6,958				379				310				16				7,663				7,359
Alternatives		60,919				1,682				3,380				24				66,005				65,379
ETFs subtotal		2,813,524				75,147				140,091				2,743				3,031,505				2,945,440
Institutional:
Active:
Equity		176,081				(3,958 )			11,876				175				184,174				181,046
Fixed income		692,474				9,058				14,558				581				716,671				706,642
Multi-asset		522,220				35,148				26,086				1,128				584,582				549,152
Alternatives		133,655				3,221				1,708				38				138,622				136,351
Active subtotal		1,524,430				43,469				54,228				1,922				1,624,049				1,573,191
Index:
Equity		2,084,167				(83,737 )			143,764				1,868				2,146,062				2,127,456
Fixed income		910,517				3,833				21,230				425				936,005				931,252
Multi-asset		9,079				(269 )			500				(13 )			9,297				9,193
Alternatives		5,387				(125 )			451				(4 )			5,709				5,671
Index subtotal		3,009,150				(80,298 )			165,945				2,276				3,097,073				3,073,572
Institutional subtotal		4,533,580				(36,829 )			220,173				4,198				4,721,122				4,646,763
Long-term		8,281,281				59,704				399,296				7,829				8,748,110				8,563,226
Cash management		703,916				23,339				(84 )			432				727,603				732,270
Advisory(3)		22,214				(2,083 )			141				8				20,280				21,596
Total	$	9,007,411			$	80,960			$	399,353			$	8,269			$	9,495,993			$	9,317,092

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

Net

		March 31,				inflows				Market								June 30,
		2021				(outflows)				change				FX impact (1)				2021				Average AUM(2)
Active:
Equity	$	443,780			$	4,182			$	31,012			$	266			$	479,240			$	465,115
Fixed income		1,021,168				15,370				16,743				1,236				1,054,517				1,040,682
Multi-asset		661,333				36,026				33,246				1,201				731,806				693,285
Alternatives		171,361				7,172				2,457				79				181,069				176,660
Active subtotal		2,297,642				62,750				83,458				2,782				2,446,632				2,375,742
Index and ETFs:
ETFs:
Equity		2,077,818				51,376				126,762				1,872				2,257,828				2,186,497
Fixed income		667,829				21,710				9,639				831				700,009				686,205
Multi-asset		6,958				379				310				16				7,663				7,359
Alternatives		60,919				1,682				3,380				24				66,005				65,379
ETFs subtotal		2,813,524				75,147				140,091				2,743				3,031,505				2,945,440
Non-ETF Index:
Equity		2,224,183				(82,011 )			153,271				1,880				2,297,323				2,274,462
Fixed income		931,463				4,210				21,525				441				957,639				952,712
Multi-asset		9,081				(268 )			501				(13 )			9,301				9,198
Alternatives		5,388				(124 )			450				(4 )			5,710				5,672
Non-ETF Index subtotal		3,170,115				(78,193 )			175,747				2,304				3,269,973				3,242,044
Index and ETFs subtotal		5,983,639				(3,046 )			315,838				5,047				6,301,478				6,187,484
Long-term	$	8,281,281			$	59,704			$	399,296			$	7,829			$	8,748,110			$	8,563,226

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

Net

		March 31,				inflows				Market								June 30,
		2021				(outflows)				change				FX impact (1)				2021				Average AUM(2)
Equity	$	4,745,781			$	(26,453	)		$	311,045			$	4,018			$	5,034,391			$	4,926,074
Fixed income		2,620,460				41,290				47,907				2,508				2,712,165				2,679,599
Multi-asset		677,372				36,137				34,057				1,204				748,770				709,842
Alternatives:
Illiquid alternatives		92,207				3,347				352				55				95,961				94,238
Liquid alternatives		76,266				3,319				1,945				30				81,560				79,138
Currency and commodities(4)		69,195				2,064				3,990				14				75,263				74,335
Alternatives subtotal		237,668				8,730				6,287				99				252,784				247,711
Long-term	$	8,281,281	$	59,704		$	399,296	$	7,829	$	8,748,110			$	8,563,226

1. Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.
2. Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.
3. Advisory AUM represents mandates linked to purchases and disposition of assets and portfolios on behalf of official institutions and long-term portfolio liquidation assignments. Approximately $2.2 billion of ETFs AUM held in advisory accounts associated with the FRBNY assignment as of June 30, 2021 (disclosed via FRBNY reporting as of July 13, 2021) are included within Fixed Income ETFs AUM or Fixed Income AUM above. These holdings are excluded from Advisory AUM in the first table above.
4. Amounts include commodity ETFs.

5