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v3.25.4

Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2025
Components of Stock-Based Compensation Expense | The components of stock-based compensation expense are as follows:
(in millions) | 2025 |  |  | 2024 |  |  | 2023 |
Stock-based compensation: |  |  |  |  |  |  |  |
RSUs(1) | $ | 1,282 |  |  | $ | 718 |  |  | $ | 596 |
Stock options |  | 25 |  |  |  | 35 |  |  |  | 34 |
Total stock-based compensation(2) | $ | 1,307 |  |  | $ | 753 |  |  | $ | 630 |
(1) Amount for 2025 includes incentive retention awards granted in connection with the HPS and GIP Transactions of $394 million and $142 million, respectively. Amount for 2024 includes $71 million of incentive retention awards granted in connection with the GIP Transaction. (2) Amounts for 2025 and 2023 include $12 million and $14 million, respectively, of compensation expense for accelerated vesting of previously granted stock-based compensation awards recognized as part of restructuring charges. See Note 24, Restructuring Charge for more information.
Restricted Stock and RSU Activity | RSU activity for 2025 is summarized below.
Outstanding at | RSUs |  |  | Weighted- Average Grant Date Fair Value |
December 31, 2024 |  | 2,297,665 |  |  | $ | 793.08 |
Granted |  | 1,745,842 |  |  | $ | 991.30 |
Converted |  | (649,378 | ) |  | $ | 796.68 |
Forfeited |  | (156,422 | ) |  | $ | 851.75 |
December 31, 2025 |  | 3,237,707 |  |  | $ | 896.41 |
Summary of RSUs Granted Under the Award Plan in Connection with Annual Incentive Compensation and Incentive Retention Awards in Connection with the GIP Transaction | RSUs granted under the Award Plan in connection with annual incentive compensation and incentive retention awards in connection with the GIP and HPS Transactions primarily related to the following:
| 2025 |  |  | 2024 |  |  | 2023 |
Awards granted that vest ratably over three years from the date of grant |  | 369,169 |  |  |  | 346,831 |  |  |  | 342,706 |
Awards granted that vest with varying vesting periods |  | 173,599 |  |  |  | 204,622 |  |  |  | 169,764 |
Awards granted that vest in increasing yearly increments over five years(1) |  | 680,691 |  |  |  | — |  |  |  | — |
Awards granted that cliff vest 100% on: |  |  |  |  |  |  |  |
December 31, 2025(1) |  | 269,930 |  |  |  | — |  |  |  | — |
January 31, 2026 |  | — |  |  |  | — |  |  |  | 259,465 |
January 31, 2027 |  | — |  |  |  | 343,418 |  |  |  | — |
January 31, 2028 |  | 221,825 |  |  |  | — |  |  |  | — |
October 1, 2029(1) |  | 30,628 |  |  |  | 500,440 |  |  |  | — |
Total awards granted |  | 1,745,842 |  |  |  | 1,395,311 |  |  |  | 771,935 |
(1) Includes incentive retention awards granted in connection with the HPS and GIP Transactions.
Stock Option Activity | Stock option activity and ending balance for year-end December 31, 2025 is summarized below.
| 2017 Performance-based Options |  |  | 2023 Performance-based Options |  |  | 2023 Time-based Options |
| Shares Under Option |  |  | Weighted Average Exercise Price |  |  | Shares Under Option |  |  | Weighted Average Exercise Price |  |  | Shares Under Option |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2024 |  | 625,825 |  |  | $ | 513.50 |  |  |  | 766,970 |  |  | $ | 673.58 |  |  |  | 299,686 |  |  | $ | 673.58 |
Exercised |  | (325,469 | ) |  | $ | 513.50 |  |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | — |
Forfeited |  | — |  |  | $ | — |  |  |  | (88,238 | ) |  | $ | 673.58 |  |  |  | (18,309 | ) |  | $ | 673.58 |
Outstanding at December 31, 2025 |  | 300,356 |  |  | $ | 513.50 |  |  |  | 678,732 |  |  | $ | 673.58 |  |  |  | 281,377 |  |  | $ | 673.58 |
|  | Options Outstanding |  |  | Options Exercisable |
Option Type |  | Exercise Prices |  |  | Options Outstanding |  |  | Weighted Average Remaining Life (years) |  |  | Aggregate Intrinsic Value (in millions) |  |  | Exercise Prices |  |  | Options Exercisable |  |  | Weighted Average Remaining Life (years) |  |  | Aggregate Intrinsic Value (in millions) |
2017 Performance-based |  | $ | 513.50 |  |  |  | 300,356 |  |  |  | 0.9 |  |  | $ | 167 |  |  | $ | 513.50 |  |  |  | 300,356 |  |  |  | 0.9 |  |  | $ | 167 |
2023 Performance-based |  | $ | 673.58 |  |  |  | 678,732 |  |  |  | 6.4 |  |  |  | 269 |  |  | $ | 673.58 |  |  |  | — |  |  |  | — |  |  |  | — |
2023 Time-based |  | $ | 673.58 |  |  |  | 281,377 |  |  |  | 6.4 |  |  |  | 112 |  |  | $ | 673.58 |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  |  |  |  | 1,260,465 |  |  |  | 5.1 |  |  | $ | 548 |  |  |  |  |  |  | 300,356 |  |  |  | 0.9 |  |  | $ | 167 |
Performance-Based RSUs [Member] |
Restricted Stock and RSU Activity | Performance-based RSU activity for 2025 is summarized below.
Outstanding at | Performance- Based RSUs |  |  | Weighted- Average Grant Date Fair Value |  |  | Performance- Based RSUs in Connection with the GIP Transaction |  |  | Weighted- Average Grant Date Fair Value |  |  | Total Performance- Based RSUs |  |  | Weighted- Average Grant Date Fair Value |
December 31, 2024 |  | 451,042 |  |  | $ | 788.61 |  |  |  | 210,505 |  |  | $ | 845.48 |  |  |  | 661,547 |  |  | $ | 806.71 |
Granted |  | 167,962 |  |  | $ | 991.38 |  |  |  | 769 |  |  | $ | 952.02 |  |  |  | 168,731 |  |  | $ | 991.20 |
Reduction of shares due to performance measures |  | (71,866 | ) |  | $ | 832.07 |  |  |  | — |  |  | $ | — |  |  |  | (71,866 | ) |  | $ | 832.07 |
Converted |  | (54,212 | ) |  | $ | 832.07 |  |  |  | — |  |  | $ | — |  |  |  | (54,212 | ) |  | $ | 832.07 |
Forfeited |  | (14,690 | ) |  | $ | 798.13 |  |  |  | (11,530 | ) |  | $ | 845.48 |  |  |  | (26,220 | ) |  | $ | 818.95 |
December 31, 2025 |  | 478,236 |  |  | $ | 848.08 |  |  |  | 199,744 |  |  | $ | 845.89 |  |  |  | 677,980 |  |  | $ | 847.43 |
2017 Performance-based Options |
Schedule of Fair Value of Market Performance-Based Award at Grant Date | The grant-date fair value of the awards issued in 2017 was $208 million and was estimated using a Monte Carlo simulation with an embedded lattice model using the assumptions included in the following table:
Grant Year | Expected Term (Years)(1) |  |  | Expected Stock Volatility(2) |  |  | Expected Dividend Yield(3) |  |  | Risk-Free Interest Rate(4) |  |
2017 |  | 6.56 |  |  |  | 22.23 | % |  |  | 2.16 | % |  |  | 2.33 | % |
(1) The expected term was derived using a Monte Carlo simulation with the embedded lattice model and represents the period of time that options granted are expected to be outstanding. (2) The expected stock volatility was based upon an average of historical stock price fluctuations of BlackRock’s common stock and an implied volatility at the grant date. (3) The expected dividend yield was calculated as the most recent quarterly dividend divided by the average three-month stock price as of the grant date. (4) The risk-free interest rate is based on the US Treasury Constant Maturities yield curve at grant date.
2023 Performance Based Stock Options Member |
Schedule of Fair Value of Market Performance-Based Award at Grant Date | The grant-date fair value of the 2023 Performance-based Options was $120 million and was estimated using a Monte Carlo simulation with an embedded lattice model using the assumptions included in the following table:
Grant Year | Expected Term (Years)(1) |  | Expected Stock Volatility(2) |  |  | Expected Dividend Yield(3) |  |  | Risk-Free Interest Rate(4) |
2023 | 6.02 |  |  | 27.73 | % |  |  | 3.02 | % |  |  | 3.61 | %
(1) The expected term was derived using a Monte Carlo simulation with the embedded lattice model and represents the period of time that options granted are expected to be outstanding. (2) The expected stock volatility was based upon an average of historical stock price fluctuations of BlackRock’s common stock and an implied volatility at the grant date. (3) The expected dividend yield was calculated as the most recent quarterly dividend divided by the average three-month stock price as of the grant date. The risk-free interest rate is based on the US Treasury Constant Maturities yield curve at grant date.
Time Based Stock Options Member |
Schedule of Fair Value of Market Performance-Based Award at Grant Date | The grant-date fair value of the 2023 Time-based Options was $55 million and was estimated using a Black-Scholes-Merton model using the assumptions included in the following table:
Grant Year | Expected Term (Years)(1) |  |  | Expected Stock Volatility(2) |  |  | Expected Dividend Yield(3) |  |  | Risk-Free Interest Rate(4) |
2023 |  | 7.13 |  |  |  | 28.29 | % |  |  | 3.02 | % |  |  | 3.65 | %
(1) The expected term represents the period of time that options granted are expected to be outstanding, and was calculated as the midpoint between the weighted average time to vest and expiration. (2) The expected stock volatility was based upon an average of historical stock price fluctuations of BlackRock’s common stock and an implied volatility at the grant date. (3) The expected dividend yield was calculated as the most recent quarterly dividend divided by the average three-month stock price as of the grant date. (4) The risk-free interest rate is based on the US Treasury Constant Maturities yield curve at grant date.

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