BlackRock : Earnings Document

July 14, 2021

Q2 2021 Earnings

Earnings Release Supplement

A broadly diversified business

across clients, products and geographies

Assets Under Management of $9.5 trillion at June 30, 2021

Q2 2021 Base Fees and Securities Lending Revenue of $3.757 billion

Client Type

Style

Product Type

Region

	Institutional	Active
	26%
	26%	Active	Equity
		Equity
Institutional			49%	52%		Americas	Americas
			54%
57%					66%	63%
	Retail	Index
	34%
	34%
		Index
			9%	Fixed
Retail				Income	Fixed
11%
			29%	Income
				25%
		ETFs
	ETFs	ETFs			EMEA	EMEA
ETFs	32%	40%
40%	Multi-asset	Multi-asset	27%	31%
32%
				8%	9%
				Alternatives 3%	Alternatives10%
		Cash 8%			Asia-Pacific
		Cash 2%	Cash 8%	Cash 2%	Asia-Pacific
				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

Total BlackRock

($ in billions)

Retail Long-term

4%	5%	7%		6%	5%	6%		5%	8%	7%	0%		0%	3%	2%	4%	6%	10%	18%	16%
2%	3%	5%		4%	5%	7%		7%	14%	13%
				Long-term			Cash			Advisory
$151													$172
		$129						$129		$127	$39
$26					$100$3	$2
						$9
		$84	$30			$28		$81
						$14
$125	$32		$1	$35	$24			$116	$133	$23
$99		$98
		$52	$53	$62			$60
						$(19)									$(2)
	Q2	Q3	Q4		Q1		Q2	Q3		Q4	Q1	Q2
2019	2019	2019		2020	2020	2020		2020	2021	2021
							ETFs										Institutional Long-term
10%	10%	11%		9%	9%	9%		8%	13%	12%	2%		3%	4%	2%	0%	0%	0%	2%	1%
				$75								$79	$68	$75	$14		Institutional Active			Institutional Index
																					$7
							$51							$73			$1				$11
		$42				$41										$30		$43
$36															$(2)	$3	$1
													$8	$15	$17
																			$(29)
						$14												$(4)		$(8)			$1		$(80)
																										$(80)
	Q2	Q3	Q4		Q1		Q2	Q3		Q4	Q1	Q2	Q2	Q3	Q4	Q1	Q2		Q3	Q4	Q1	Q2
				2019	2019	2019	2020	2020	2020	2020	2021	2021
2019	2019	2019		2020	2020	2020		2020	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
									47.0%	46.6%			$1,940												$10.18
$2,200	43.1% 46.0% 43.5%		43.7%	44.9%														$10.03
41.7%			44.4%	$1,820
$2,100																						$9.22
													44.2%
$2,000										$1,848		$1,931		$1,700						$8.34						$1,573	$7.77
$1,900									$1,757					$1,580							$7.85					$1,549
$1,800													34.2%				$7.15
																		$6.60
$1,700														$1,460							$1,418
										$1,545			$6.41
			$1,502	$1,538
$1,600											24.2%			$1,309
$1,500							$1,406						$1,340
																			$1,214				$1,199
$1,400	$1,278			$1,273								$1,220
												$1,119
$1,300										14.2%					$1,032
$1,200														$1,100	$1,003
$1,100														$980
$1,000														4.2%
													$860
$900
$800														$740
$700														-5.8%
													$620
$600
$500														-15.8%
			Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	$500
					Q2		Q3	Q4	Q1	Q2		Q3	Q4	Q1	Q2
	2019	2019	2019	2020	2020	2020	2020	2021	2021			2019	2019	2019	2020	2020	2020	2020	2021	2021
			Operating Income, as adjusted		Operating Margin, as adjusted						Net Income, as adjusted			EPS, as adjusted

For further information and reconciliations between GAAP and as adjusted, see page 9 of this earnings release supplement, notes (1) through (3) 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

weighted-average diluted shares

156.4 156.4 156.9 156.4 154.7 153.7 154.5 154.3 154.4

$1,113 (1)

				$400					$300	$300
$0	$100	$0				$0	$0
Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2
2019	2019	2019	2020	2020	2020	2020	2021	2021
		Share repurchases		Weighted-average diluted shares

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