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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | 18. Stock-Based Compensation Prior to May 15, 2024, the Company maintained the BlackRock, Inc. Second Amended and Restated 1999 Stock Award and Incentive Plan. On May 15, 2024, the Company adopted, pursuant to shareholder approval, the BlackRock, Inc. Third Amended and Restated 1999 Stock Award and Incentive Plan (the "Award Plan"). Any awards granted on or after May 15, 2024 are granted pursuant to such plan. 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. Stock Award and Incentive Plan. Pursuant to the Award Plan, options to purchase shares of the Company’s common stock at an exercise price not less than the market value of BlackRock’s common stock on the date of grant in the form of stock options, restricted stock or RSUs may be granted to employees and nonemployee directors. A maximum of 48,500,000 shares of common stock were authorized for issuance under the Award Plan. Of this amount, 6,154,871 shares remain available for future awards at December 31, 2025. Upon exercise of employee stock options, the issuance of restricted stock or the vesting of RSUs, the Company generally issues shares out of treasury to the extent available. RSUs Time-Based RSUs Pursuant to the Award Plan, RSUs may be granted to certain employees. Substantially all RSUs vest over periods ranging from one to five years and are expensed using the straight-line method over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. RSUs are not considered participating securities for purposes of calculating EPS as the dividend equivalents are subject to forfeiture prior to vesting of the award. 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 |
In July 2025, in connection with the HPS Transaction, the Company granted incentive retention awards of approximately 680,000 RSUs that vest in increasing yearly increments over five years from the date of grant and approximately 270,000 RSUs that cliff vested 100% as of December 31, 2025. The weighted-average grant date fair value of these awards were $991.52 and $957.42, respectively. The Company values RSUs at their grant-date fair value as measured by BlackRock’s common stock price. For certain incentive retention RSUs, which were granted in connection with the HPS Transaction in July 2025, and which are subject to a mandatory holding period post vesting, the grant-date fair value was discounted for the lack of marketability related to the holding period. For certain incentive retention RSUs, which were granted in connection with the GIP Transaction in October of 2024, and which are not entitled to participate in dividends until they vest, the grant-date fair value was reduced by the present value of the dividends expected to be paid on the common shares during the vesting period (present value was determined using a risk-free interest rate). The grant-date fair market value of RSUs granted to employees during 2025, 2024 and 2023 was $1.7 billion, $1.1 billion and $565 million, respectively. The total grant-date fair market value of RSUs converted to common stock during 2025, 2024 and 2023 was $517 million, $592 million and $592 million, respectively. 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. At December 31, 2025, the intrinsic value of outstanding RSUs was $3.5 billion, reflecting a closing stock price of $1,070. At December 31, 2025, total unrecognized stock-based compensation expense related to unvested RSUs was $1.4 billion. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 2 years. In January 2026, pursuant to the Award Plan, the Company granted approximately: • 342,000 RSUs to employees as part of annual incentive compensation that vest ratably over three years from the date of grant; • 320,000 RSUs to employees that cliff vest 100% on January 31, 2029; an d • 36,000 RSUs to employees with various vesting schedules. Performance-Based RSUs Pursuant to the Award Plan, performance-based RSUs may be granted to certain employees. Each performance-based award consists of a “base” number of RSUs granted to the employee. The number of shares that an employee ultimately receives at vesting will be equal to the base number of performance-based RSUs granted, multiplied by a predetermined percentage determined in accordance with the level of attainment of Company performance measures during the performance period and could be higher or lower than the original RSU grant. Performance-based RSUs are not considered participating securities as the dividend equivalents are subject to forfeiture prior to vesting of the award. In the first quarter of 2025, 2024 and 2023, the Company granted approximately 136,000, 166,000 and 170,000, respectively, performance-based RSUs to certain employees that cliff vest 100% on January 31, 2028, 2027 and 2026, respectively. These awards are amortized over a service period of three years. In 2025, the Company reduced the number of original shares granted in 2022 by 71,866 RSUs based on the level of attainment of Company performance measures during the performance period. In October 2024, in connection with the GIP Transaction, the Company awarded a target amount of approximately 210,000 incentive retention performance-based RSUs to certain employees subject to achievement of certain performance targets. The number of shares that an employee ultimately receives at vesting could be higher or lower than the original target amount, based on the achievement of certain performance targets. 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 |
The Company values performance-based RSUs at their grant-date fair value as measured by BlackRock’s common stock price. The total grant-date fair market value of performance-based RSUs granted (including impact due to performance measures) to employees during 2025, 2024 and 2023 was $107 million, $279 million and $142 million, respectively. At December 31, 2025, the intrinsic value of outstanding performance-based RSUs was $726 million reflecting a closing stock price of $1,070. At December 31, 2025, total unrecognized stock-based compensation expense related to unvested performance-based awards was $290 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 1.9 years. In January 2026, the Company granted approximately 137,000 performance-based RSUs to certain employees that cliff vest 100% on January 31, 2029. These awards are amortized over a service period of three years. The number of shares distributed at vesting could be higher or lower than the original grant based on the level of attainment of predetermined Company performance measures. Stock Options 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 |
At December 31, 2025, total unrecognized stock-based compensation expense related to unvested performance-based and time-based stock options was $72 million. The unrecognized compensation cost is expected to be recognized over the remaining weighted-average period of 2.7 years. Performance-Based Stock Options In 2017, pursuant to the Award Plan, the Company awarded performance-based stock option grants to certain employees ("2017 Performance-based Options"). Vesting of 2017 Performance-based Options was contingent upon the achievement of obtaining 125% of BlackRock's grant-date stock price within five years from the grant date and the attainment of Company performance measures during the four-year performance period. Both hurdles have been achieved, and each of the three tranches of the awards vested in equal installments at the end of 2022, 2023 and 2024, respectively. Vested 2017 Performance-based Options are exercisable for up to nine years following the grant date. The expense for each tranche has been amortized over the respective requisite service period. The aggregate intrinsic value of 2017 Performance-based Options exercised during 2025 was $171 million. The options have a strike price of $513.50, which was the closing price of the shares on the 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. On May 30, 2023, pursuant to the Award Plan, the Company awarded performance-based options to purchase 814,482 shares of BlackRock common stock to certain employees as long-term incentive compensation ("2023 Performance-based Options"). Vesting of 2023 Performance-based Options is contingent upon the achievement of obtaining 130% of grant-date stock price over 60 calendar days within four years from the grant date and attainment of a predetermined Company performance measure during the three-year performance period. As of December 31, 2025, the price hurdle was achieved and the Company assumes that the performance measure will be achieved. Accordingly, the awards are expected to vest in three tranches of 25%, 25% and 50% in May 2027, 2028 and 2029, respectively. Vested 2023 Performance-based Options are exercisable for up to nine years following the grant date, and the awards are forfeited if the employee resigns before the respective vesting date. The expense for each tranche is amortized over the respective requisite service period. The 2023 Performance-based Options have a strike price of $673.58 which was the closing price of the shares on the 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. (4) The risk-free interest rate is based on the US Treasury Constant Maturities yield curve at grant date. Time-Based Stock Options On May 30, 2023, pursuant to the Award Plan, the Company awarded time-based stock options to purchase 326,391 shares of BlackRock common stock to certain employees as long-term incentive compensation ("2023 Time-based Options"). These awards will vest in three tranches of 25%, 25% and 50% in May 2027, 2028 and 2029, respectively. Vested 2023 Time-based Options can be exercised up to nine years following the grant date, and the awards are forfeited if the employee resigns before the respective vesting date. The expense is amortized over the respective requisite service period. The 2023 Time-based Options have a strike price of $673.58 which was the closing price of the shares on the 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. Employee Stock Purchase Plan (“ESPP”). The ESPP allows eligible employees to purchase the Company’s common stock at 95% of the fair market value on the last day of each three-month offering period; therefore, the Company does not record compensation expense related to employees purchasing shares under the ESPP.

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