贝莱德 2025年季度报告

BlackRock, Inc.(Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file suchreports), and (2) has been subject to such filing requirements for the past 90 days. YesX Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period thatthe registrant was required to submit such files). X Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Item 1.Financial Statements (unaudited) Condensed Consolidated Statements of Financial Condition Condensed Consolidated Statements of Income Condensed Consolidated Statements of Comprehensive Income Condensed Consolidated Statements of Changes in Equity Condensed Consolidated Statements of Cash Flows Notes to Condensed Consolidated Financial StatementsItem 2.Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 3.Quantitative and Qualitative Disclosures About Market RiskItem 4.Controls and Procedures PART II OTHER INFORMATION Item 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 6.ExhibitsSignatures BlackRock, Inc.Condensed Consolidated Statements of Financial Condition(unaudited) BlackRock, Inc.Condensed Consolidated Statements of Income(unaudited) (in millions, except per share data) RevenueInvestment advisory, administration feesand securities lending revenue:Related parties Other third parties Total investment advisory, administration feesand securities lending revenue Investment advisory performance fees Technology services and subscription revenueDistribution feesAdvisory and other revenueTotal revenue ExpenseEmployee compensation and benefitsSales, asset and account expense: See accompanying notes to condensed consolidated financial statements. BlackRock, Inc.Condensed Consolidated Statements of Comprehensive Income(unaudited) (in millions)Net incomeOther comprehensive income (loss):Foreign currency translation adjustmentsComprehensive income (loss)Less: Comprehensive income (loss) attributable tononcontrolling interestsComprehensive income attributable toBlackRock, Inc. BlackRock, Inc.Condensed Consolidated Statements of Changes in Equity(unaudited) BlackRock, Inc.Condensed Consolidated Statements of Cash Flows(unaudited) (in millions) Operating activities Net incomeAdjustments to reconcile net income to net cash provided by/(used in) operating activities:Depreciation and amortizationNoncash lease expenseStock-based compensation Deferred income tax expense (benefit)Contingent consideration fair value adjustments Other investment (gains) Net (gains) losses within CIPsNet (purchases) proceeds within CIPs(Earnings) losses from equity method investees Distributions of earnings from equity method investees Changes in operating assets and liabilities: Accounts receivable BlackRock, Inc.Notes to the Condensed Consolidated Financial Statements(unaudited) 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 BlackRock’s diverse platform of alpha-seeking active, private markets, index and cash management investmentstrategies across asset classes enables the Company to offer choice and tailor investment and asset allocationsolutions for clients. Product offerings include single- and multi-asset portfolios investing in equities, fixed income, intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares®exchange-tradedfunds (“ETFs”), separate accounts, collective trust funds and other pooled investment vehicles. BlackRock also offerstechnology 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 wealthmanagement clients. 2. Significant Accounting Policies Basis of Presentation These condense