XML 52 R37.htm IDEA: XBRL DOCUMENT
v3.25.4

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | 25. Income Taxes The components of income tax expense for 2025, 2024 and 2023, are as follows:
(in millions) |  | 2025 |  |  | 2024 |  |  | 2023 |
Current income tax expense: |  |  |  |  |  |  |  |  |
Federal |  | $ | 1,250 |  |  | $ | 960 |  |  | $ | 641 |
State and local |  |  | 214 |  |  |  | 142 |  |  |  | 176 |
Foreign |  |  | 844 |  |  |  | 787 |  |  |  | 538 |
Total net current income tax expense |  |  | 2,308 |  |  |  | 1,889 |  |  |  | 1,355 |
Deferred income tax expense (benefit): |  |  |  |  |  |  |  |  |
Federal |  |  | (530 | ) |  |  | (105 | ) |  |  | 101 |
State and local |  |  | (30 | ) |  |  | — |  |  |  | 11 |
Foreign |  |  | (71 | ) |  |  | (1 | ) |  |  | 12 |
Total net deferred income tax expense (benefit) |  |  | (631 | ) |  |  | (106 | ) |  |  | 124 |
Total income tax expense |  | $ | 1,677 |  |  | $ | 1,783 |  |  | $ | 1,479 |
Income tax expense has been based on the following components of income before taxes, less net income (loss) attributable to NCI - CIPs:
(in millions) |  | 2025 |  |  | 2024 |  |  | 2023 |
Domestic |  | $ | 3,837 |  |  | $ | 5,139 |  |  | $ | 4,565 |
Foreign |  |  | 3,520 |  |  |  | 3,013 |  |  |  | 2,416 |
Total |  | $ | 7,357 |  |  | $ | 8,152 |  |  | $ | 6,981 |
The foreign income before taxes includes countries that have statutory tax rates that are different than the US federal statutory tax rate of 21%, such as the UK, Channel Islands, British Virgin Islands and Germany. The components of cash paid for income taxes, net of refunds for 2025 are as follows:
(in millions) |  | 2025 |
Federal |  | $ | 1,089 |
State and local |  |  | 307 |
Foreign |  |  | 902 |
Total |  | $ | 2,298 |
Income taxes paid, net of refunds exceeded five percent of the total in the following jurisdictions:
(in millions) |  | 2025 |
State and local: |  |  |
New York City |  | $ | 163 |
Foreign: |  |  |
United Kingdom |  | $ | 410 |
A reconciliation of income tax expense with expected federal income tax expense computed at the applicable federal income tax rate of 21% for 2025 is as follows:
(in millions) |  | 2025 |
Statutory income tax expense |  | $ | 1,545 |  |  |  | 21 | %
State and local income taxes, net of federal income tax effect(1) |  |  | 137 |  |  |  | 2 |
Foreign tax effects |  |  |  |  |  |
United Kingdom |  |  |  |  |  |
Statutory tax rate difference between United Kingdom and United States |  |  | 79 |  |  |  | 1 |
Nontaxable income from Partnerships |  |  | (169 | ) |  |  | (2 | )
Other |  |  | 21 |  |  |  | — |
Channel Islands |  |  |  |  |  |
Statutory tax rate difference between Channel Islands and United States |  |  | 79 |  |  |  | 1 |
Other |  |  | 1 |  |  |  | — |
Other foreign jurisdictions |  |  | 56 |  |  |  | 1 |
Effect of cross-border tax laws |  |  |  |  |  |
Subpart F Income (net of FTC) |  |  | 112 |  |  |  | 2 |
Global intangible low-taxed income (net of FTC) |  |  | 100 |  |  |  | 1 |
Base erosion and anti-abuse tax |  |  | 106 |  |  |  | 1 |
Tax benefit from changes in organizational structure |  |  | (366 | ) |  |  | (5 | )
Losses from foreign partnerships |  |  | (107 | ) |  |  | (1 | )
Other |  |  | (60 | ) |  |  | (1 | )
Tax credits |  |  | (10 | ) |  |  | — |
Nontaxable & nondeductible items |  |  |  |  |  |
Nontaxable interest income |  |  | (88 | ) |  |  | (1 | )
Nondeductible fair value adjustment on contingent consideration |  |  | 142 |  |  |  | 2 |
Other |  |  | 7 |  |  |  | — |
Changes in unrecognized tax benefits |  |  | (18 | ) |  |  | — |
Changes in Valuation Allowances |  |  |  |  |  |
Valuation allowance from changes in organizational structure |  |  | 92 |  |  |  | 1 |
Other Adjustments |  |  |  |  |  |
Other |  |  | 18 |  |  |  | — |
Income tax expense |  | $ | 1,677 |  |  |  | 23 | %
(1) State taxes in New York State, New York City and California make up the majority (greater than 50 percent) of the tax effect in this category. A reconciliation of income tax expense with expected federal income tax expense computed at the applicable federal income tax rate of 21% for 2024 and 2023 is as follows:
(in millions) |  | 2024 |  |  | 2023 |
Statutory income tax expense |  | $ | 1,712 |  |  |  | 21 | % |  | $ | 1,466 |  |  |  | 21 | %
Increase (decrease) in income taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State and local taxes (net of federal benefit) |  |  | 130 |  |  |  | 2 |  |  |  | 110 |  |  |  | 2 |
Impact of federal, foreign, state, and local tax rate changes on deferred taxes |  |  | 12 |  |  |  | — |  |  |  | — |  |  |  | — |
Stock-based compensation awards |  |  | (37 | ) |  |  | — |  |  |  | (41 | ) |  |  | (1 | )
Resolution of outstanding tax matters |  |  | — |  |  |  | — |  |  |  | (204 | ) |  |  | (3 | )
Intellectual property reorganization |  |  | (137 | ) |  |  | (2 | ) |  |  | — |  |  |  | — |
Effect of foreign tax rates |  |  | 84 |  |  |  | 1 |  |  |  | 112 |  |  |  | 2 |
Other |  |  | 19 |  |  |  | — |  |  |  | 36 |  |  |  | — |
Income tax expense |  | $ | 1,783 |  |  |  | 22 | % |  | $ | 1,479 |  |  |  | 21 | %
Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated financial statements. These temporary differences result in taxable or deductible amounts in future years. The components of deferred income tax assets and liabilities are shown below:
|  | December 31, |
(in millions) |  | 2025 |  |  | 2024 |
Deferred income tax assets: |  |  |  |  |  |
Compensation and benefits |  | $ | 534 |  |  | $ | 354 |
Realized investment gains |  |  | 24 |  |  |  | — |
Loss carryforwards |  |  | 115 |  |  |  | 103 |
Foreign tax credit carryforward |  |  | 105 |  |  |  | 39 |
Capitalized costs |  |  | 313 |  |  |  | 276 |
Outside basis differences on foreign subsidiaries |  |  | 389 |  |  |  | — |
Other |  |  | 855 |  |  |  | 795 |
Gross deferred tax assets |  |  | 2,335 |  |  |  | 1,567 |
Less: Deferred tax valuation allowances |  |  | (181 | ) |  |  | (69 | )
Deferred tax assets net of valuation allowances |  |  | 2,154 |  |  |  | 1,498 |
Deferred income tax liabilities: |  |  |  |  |  |
Goodwill and acquired indefinite-lived intangibles |  |  | 4,943 |  |  |  | 4,199 |
Acquired finite-lived intangibles |  |  | 1,147 |  |  |  | 53 |
Unrealized investment gains |  |  | — |  |  |  | 58 |
Other |  |  | 493 |  |  |  | 341 |
Gross deferred tax liabilities |  |  | 6,583 |  |  |  | 4,651 |
Net deferred tax (liabilities) |  | $ | (4,429 | ) |  | $ | (3,153 | )
Deferred income tax assets and liabilities are recorded net when related to the same tax jurisdiction. At December 31, 2025, the Company recorded on the consolidated statement of financial condition deferred income tax assets, within other assets, and deferred income tax liabilities of $189 million and $4.6 billion, respectively. At December 31, 2024, the Company recorded on the consolidated statement of financial condition deferred income tax assets, within other assets, and deferred income tax liabilities of $181 million and $3.3 billion, respectively. Income tax expense for 2025 included a net discrete tax benefit of $251 million realized from changes in the Company's organizational entity structure, $67 million related to vested stock-based compensation awards, and $29 million recognized in connection with the Charitable Contribution. Income tax expense for 2024 included discrete tax benefits of $137 million, recognized in connection with the reorganization and establishment of a more efficient global intellectual property and technology platform and corporate structure, $63 million related to the realization of capital losses from changes in the Company's organizational entity structure, $37 million related to vested stock-based compensation awards, and a net noncash discrete tax expense of $14 million related to the revaluation of deferred income tax liabilities At December 31, 2025 and 2024, the Company had available state net operating loss carryforwards of $2.8 billion and $2.9 billion, respectively, which will begin to expire in 2027. At December 31, 2025 and 2024, the Company had foreign net operating loss carryforwards of $266 million and $193 million, respectively, of which $21 million will begin to expire in 2026. At December 31, 2025, the Company had foreign tax credit carryforwards for income tax purposes of $105 million which will begin to expire in 2034. At December 31, 2025 and 2024, the Company had $181 million and $69 million of valuation allowances for deferred income tax assets, respectively, recorded on the consolidated statements of financial condition. Current income taxes are recorded net on the consolidated statements of financial condition when related to the same tax jurisdiction. At December 31, 2025, the Company had current income taxes receivable and payable of $247 million and $188 million, respectively, recorded in other assets and accounts payable and accrued liabilities, respectively. At December 31, 2024, the Company had current income taxes receivable and payable of $215 million and $134 million, respectively, recorded in other assets and accounts payable and accrued liabilities, respectively. The following tabular reconciliation presents the total amounts of gross unrecognized tax benefits:
(in millions) |  | 2025 |  |  | 2024 |  |  | 2023 |
Balance at January 1 |  | $ | 517 |  |  | $ | 749 |  |  | $ | 912 |
Additions for tax positions of prior years |  |  | 15 |  |  |  | 30 |  |  |  | 25 |
Reductions for tax positions of prior years |  |  | (8 | ) |  |  | (10 | ) |  |  | (22 | )
Additions based on tax positions related to current year |  |  | 79 |  |  |  | 51 |  |  |  | 49 |
Additions related to business combinations |  |  | — |  |  |  | — |  |  |  | 16 |
Lapse of Statute Limitation |  |  | (5 | ) |  |  | — |  |  |  | — |
Settlements |  |  | (87 | ) |  |  | (303 | ) |  |  | (231 | )
Balance at December 31 |  | $ | 511 |  |  | $ | 517 |  |  | $ | 749 |
Included in the balance of unrecognized tax benefits at December 31, 2025, 2024 and 2023, respectively, are $435 million, $431 million and $505 million of tax benefits that, if recognized, would affect the effective tax rate. The Company recognizes interest and penalties related to income tax matters as a component of income tax expense. Related to the unrecognized tax benefits noted above, the Company accrued interest and penalties of $(30) million during 2025 and in total, as of December 31, 2025, had recognized a liability for interest and penalties of $173 million. The Company accrued interest and penalties of $63 million during 2024 and in total, as of December 31, 2024, had recognized a liability for interest and penalties of $203 million. The Company accrued interest and penalties of $(20) million during 2023 and in total, as of December 31, 2023, had recognized a liability for interest and penalties of $140 million. BlackRock is subject to US federal income tax, state and local income tax, and foreign income tax in multiple jurisdictions. Tax years after 2016 remain open to US federal income tax examination. During 2020 and 2021, the Internal Revenue Service commenced its examination of BlackRock’s 2017 through 2018 tax years and 2019 tax year, respectively. During 2023, the Internal Revenue Service commenced its examination of BlackRock's 2016 tax year, for which the examination was concluded in 2025. The Company is currently under audit in several state and local jurisdictions. The significant state and local income tax examinations are in New York State for tax years 2015 through 2020, and New York City for tax years 2015 through 2017. New York City tax examination for 2012 through 2014 was concluded during 2025. No open state and local tax examinations cover years earlier than 2015. From time to time, BlackRock may receive or be subject to tax authorities’ assessments and challenges related to income taxes. BlackRock does not currently expect the ultimate resolution of any other existing matters to be material to the consolidated financial statements.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income tax. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477617/942-740-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478822/944-740-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477891/740-270-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/740/tableOfContent Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-14 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-21 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-17 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration