BlackRock : Q4 2021 Earnings Supplement

January 14, 2022

Q4 2021 Earnings

Earnings Release Supplement

A broadly diversified business

across clients, products and geographies

Assets Under Management of $10 trillion at December 31, 2021

Q4 2021 Base Fees and Securities Lending Revenue of $3.968 billion

Client Type

Style

Product Type

Region

	Institutional	Active
	27%	26%
		Active
			Equity
Institutional				Equity
		49%	53%
57%				53%	Americas	Americas
						67%	63%
	Retail	Index
	33%
	33%
			Index
			8%
Retail				Fixed	Fixed
10%				Income
			Income
				28%
				25%
ETFs	ETFs	ETFs	ETFs			EMEA	EMEA
	33%	40%		Multi-asset
	40%			31%
33%			Multi-asset		26%
			9%
				8%
				Alternatives 3%	Alternatives10%
		Cash 8%		Cash 8%		Asia-Pacific	Asia-Pacific
		Cash 3%	Cash 3%	7%
				6%
AUM	Base Fees	AUM	Base Fees	AUM	Base Fees	AUM	Base Fees
	and		and		and		and
	Sec. Lending		Sec. Lending		Sec. Lending		Sec. Lending

Note: Base fees include investment advisory and administration fees. Base fees and securities lending revenue and AUM by region data are based on client domicile.

1

Net flows

($ in billions)

						Total BlackRock										Retail Long-term
7%		6%	5%		6%		5%	8%	7%	6%	6%	3%		2%	4%	6%	10%		18%	16%	16%	12%
5%		4%	5%		7%		7%	14%	13%	13%	11%
					Long-term				Cash		Advisory	$212
												$172										$35		$37
															$44
$129						$129		$127	$39																$23	$22
			$100	$3	$2			$75							$20					$21
$30				$9
	$14		$28			$81							$16
								$169
			$35	$24
						$116	$133	$23		$8
$99					$98		$98
$1		$62				$60
			$53
			($19)									$(2)	($12)	$(1)				$(2)
											$(10)
	Q4		Q1	Q2		Q3			Q4	Q1	Q2	Q3	Q4		Q4	Q1	Q2	Q3	Q4		Q1	Q2	Q3	Q4
2019		2020	2020		2020		2020	2021	2021	2021	2021	2019	2020	2020	2020	2020	2021	2021	2021	2021
								ETFs										Institutional Long-term
11%		9%	9%		9%		8%	13%	12%	12%	11%	4%		2%	0%	0%	0%		2%	1%	0%	1%
									$79					$104				Institutional Active				Institutional Index
$75								$68	$75
					$51										$58							$7							$84
																							$11
						$41										$1
																		$3	$30	$1				$43	$26
																	$15		$(2)		$17
			$14																$(29)	$(8)		$1				$(80)	$(8)
																													$(40)
	Q4		Q1	Q2		Q3			Q4	Q1	Q2	Q3	Q4		Q4	Q1	Q2	Q3	Q4		Q1	Q2	Q3	Q4
2019	2020	2020	2020		2020	2021	2021	2021	2021	2019	2020	2020	2020	2020		2021	2021	2021	2021
			LTM organic asset growth rate (%)			LTM organic base fee growth rate (%)

Note: LTM organic asset growth rate measures rolling last twelve months net flows over beginning of period assets. LTM organic base fee growth rate is calculated by dividing net new base fees earned on net asset inflows for the LTM period by the base fee run-rate at the beginning of the period.

2

Profitability

($ in millions, except per share data)

Operating Income and Margin, as adjusted

Net Income and EPS, as adjusted

$2,300 $2,200 $2,100 $2,000 $1,900 $1,800 $1,700 $1,600 $1,500 $1,400 $1,300 $1,200 $1,100 $1,000

$900 $800 $700 $600

								$2,040
			47.0%	46.6%				$1,920
		43.7%			44.4%	44.9% 45.8% 45.5%
43.5%								45.0%
41.7%							$1,800
							$2,056
					$1,931	$1,946	$1,680
				$1,848				40.0%
			$1,757					$1,560
								$1,440
$1,538				$1,545			35.0%
	$1,406						$1,320
	$1,273							$30.0%1,200
								$1,080
								25.0%
								$960
								$840
								20.0%
								$720
									15$.0%600
Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
2019	2020	2020	2020	2020	2021	2021	2021	2021

				$10.95
	$10.18		$10.03	$10.42
	$9.22
$8.34	$7.85	$7.77		$1,690

	$1,573	$1,611
$6.60	$1,549
	$1,418

$1,309

$1,214$1,199

$1,032

Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
2019	2020	2020	2020	2020	2021	2021	2021	2021

	Operating Income, as adjusted		Operating Margin, as adjusted		Net Income, as adjusted		EPS, as adjusted

For further information and reconciliations to GAAP, see page 12 of this earnings release supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current earnings release as well as previously filed Form 10-Ks,10-Qs and 8-Ks.

3

Capital management

(amounts in millions, except per share data)

Share repurchases and

Dividends per share

weighted-average diluted shares

156.9 156.4					$4.13	$4.13	$4.13	$4.13
154.7	154.5 154.3 154.4 154.3	154.6
153.7		$3.63	$3.63	$3.63	$3.63
		$3.30
$1,113(1)

		$400
							$300	$300	$300	$300
$0			$0	$0
Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4		Q4	Q1	Q2		Q3	Q4	Q1	Q2	Q3	Q4
2019	2020	2020	2020	2020	2021	2021	2021	2021	2019	2020	2020	2020	2020	2021	2021	2021	2021
		Share repurchases		Weighted-average diluted shares							Dividends

1. Amount includes a $1.1 billion repurchase from PNC that closed on May 15, 2020.

Amounts above exclude repurchases of employee tax withholdings related to employee stock transactions.

4