8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 17, 2024

BLACKROCK, INC.

(Exact name of registrant as specified in its charter)

DELAWARE

001-33099

32-0174431

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)


50 Hudson Yards, New York, New York		10001
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 810-5800

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of exchange on which registered
Common Stock, $.01 par value	BLK	New York Stock Exchange
1.250% Notes due 2025	BLK25	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

Second Quarter 2024 Results

On July 15, 2024, BlackRock, Inc. (“BlackRock”) reported results of operations for the three and six months ended June 30, 2024.

FINANCIAL RESULTS


(in millions, except per share data)	Q2 2024			Q2 2023
AUM	$	10,645,721		$	9,425,212
% change		13	%
Average AUM	$	10,457,851		$	9,187,240
% change		14	%
Total net flows	$	81,565		$	80,162
GAAP basis:
Revenue	$	4,805		$	4,463
% change		8	%
Operating income	$	1,800		$	1,615
% change		11	%
Operating margin		37.5	%		36.2	%
Net income⁽¹⁾	$	1,495		$	1,366
% change		9	%
Diluted EPS	$	9.99		$	9.06
% change		10	%
Weighted average diluted shares		149.7			150.7
% change		(1	)%
As Adjusted:
Operating income⁽²⁾	$	1,881		$	1,675
% change		12	%
Operating margin⁽²⁾		44.1	%		42.5	%
Net income^{(1) (2)}	$	1,550		$	1,399
% change		11	%
Diluted EPS⁽²⁾	$	10.36		$	9.28
% change		12	%

(1)	Net income represents net income attributable to BlackRock, Inc.

(2)	See pages 14-17 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items.

NET FLOW HIGHLIGHTS⁽¹⁾


(in billions)	Q2 2024			YTD 2024
Long-term net flows:	$	51		$	128
By region:
Americas	$	31		$	89
EMEA		36			56
APAC		(16	)		(17	)
By client type:
Retail:	$	6		$	13
US		2			9
International		4			4
ETFs:	$	83		$	150
Core equity		32			69
Strategic		37			51
Precision		14			30
Institutional:	$	(37	)	$	(35	)
Active		(2	)		13
Index		(35	)		(48	)
Cash management net flows	$	30		$	11
Total net flows	$	82		$	139

(1)	Totals may not add due to rounding.

BUSINESS RESULTS


(in millions), (unaudited)	Q2 2024 Net flows			June 30, 2024 AUM		Q2 2024 Base fees⁽¹⁾ and securities lending revenue		June 30, 2024 AUM % of Total			Q2 2024 Base fees⁽¹⁾ and securities lending revenue % of Total
RESULTS BY CLIENT TYPE
Retail	$	5,695		$	992,152	$	1,053		9	%		27	%
ETFs		83,141			3,855,774		1,635		37	%		43	%
Institutional:
Active		(2,059	)		1,968,232		710		18	%		18	%
Index		(35,411	)		3,051,521		230		29	%		6	%

Total institutional		(37,470	)		5,019,753		940		47	%		24	%

Long-term		51,366			9,867,679		3,628		93	%		94	%
Cash management		30,199			778,042		247		7	%		6	%

Total	$	81,565		$	10,645,721	$	3,875		100	%		100	%

RESULTS BY INVESTMENT STYLE
Active	$	(3,606	)	$	2,703,506	$	1,706		25	%		44	%
Index and ETFs		54,972			7,164,173		1,922		68	%		50	%

Long-term		51,366			9,867,679		3,628		93	%		94	%
Cash management		30,199			778,042		247		7	%		6	%

Total	$	81,565		$	10,645,721	$	3,875		100	%		100	%

RESULTS BY PRODUCT TYPE
Equity	$	6,438		$	5,827,135	$	1,979		55	%		51	%
Fixed income		35,409			2,815,884		895		26	%		23	%
Multi-asset		4,460			921,412		313		9	%		8	%
Alternatives:
Illiquid alternatives		1,987			137,868		241		1	%		6	%
Liquid alternatives		(1,009	)		75,483		141		1	%		4	%
Currency and commodities		4,081			89,897		59		1	%		2	%

Total alternatives		5,059			303,248		441		3	%		12	%

Long-term		51,366			9,867,679		3,628		93	%		94	%
Cash management		30,199			778,042		247		7	%		6	%

Total	$	81,565		$	10,645,721	$	3,875		100	%		100	%

(1)	Base fees include investment advisory and administration fees.

INVESTMENT PERFORMANCE AT JUNE 30, 2024⁽¹⁾


	One-year period			Three-year period			Five-year period
Fixed income:
Actively managed AUM above benchmark or peer median
Taxable		76	%		79	%		85	%
Tax-exempt		62	%		65	%		54	%
Index AUM within or above applicable tolerance		95	%		100	%		99	%
Equity:
Actively managed AUM above benchmark or peer median
Fundamental		56	%		44	%		78	%
Systematic		96	%		89	%		93	%
Index AUM within or above applicable tolerance		98	%		100	%		100	%

(1)	Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 18 for performance disclosure detail.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

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


	Three Months Ended June 30,							Three Months Ended March 31, 2024
	2024		2023		Change			Three Months Ended March 31, 2024		Change
Revenue
Investment advisory, administration fees and securities lending revenue:
Investment advisory and administration fees	$	3,721	$	3,427	$	294		$	3,627	$	94
Securities lending revenue		154		184		(30	)		151		3

Total investment advisory, administration fees and securities lending revenue		3,875		3,611		264			3,778		97
Investment advisory performance fees		164		118		46			204		(40	)
Technology services revenue		395		359		36			377		18
Distribution fees		318		319		(1	)		310		8
Advisory and other revenue		53		56		(3	)		59		(6	)

Total revenue		4,805		4,463		342			4,728		77

Expense
Employee compensation and benefits		1,503		1,429		74			1,580		(77	)
Sales, asset and account expense:
Distribution and servicing costs		539		518		21			518		21
Direct fund expense		358		344		14			338		20
Sub-advisory and other		32		27		5			32		—

Total sales, asset and account expense		929		889		40			888		41
General and administration expense		534		493		41			529		5
Amortization of intangible assets		39		37		2			38		1

Total expense		3,005		2,848		157			3,035		(30	)

Operating income		1,800		1,615		185			1,693		107

Nonoperating income (expense)