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Consolidated Statements of Financial Condition - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents [1] $ 11,468 $ 12,762
Accounts receivable 5,158 4,304
Investments [1] 13,271 9,769
Separate account assets 60,098 52,811
Separate account collateral held under securities lending agreements 7,922 6,059
Property and equipment (net of accumulated depreciation and amortization of $1,692 and $1,553 at December 31, 2025 and 2024, respectively) 1,256 1,103
Intangible assets (net of accumulated amortization of $1,482 and $782 at December 31, 2025 and 2024, respectively) 27,968 [2] 20,743 [3]
Goodwill 35,283 25,949
Operating lease right-of-use assets 1,874 1,519
Other assets [1] 5,700 3,596
Total assets 169,998 138,615
Liabilities    
Accrued compensation and benefits 3,830 2,964
Accounts payable and accrued liabilities 1,740 1,536
Borrowings 12,768 12,314
Separate account liabilities 60,098 52,811
Separate account collateral liabilities under securities lending agreements 7,922 6,059
Contingent consideration liabilities 8,429 4,302
Deferred income tax liabilities 4,618 3,334
Operating lease liabilities 2,228 1,908
Other liabilities [1] 6,823 4,032
Total liabilities 108,456 89,260
Commitments and contingencies (Note 16)
Permanent equity    
Common stock, $0.01 par value; Shares authorized: 500,000,000 at December 31, 2025 and 2024; Shares issued: 156,276,289 and 155,318,170 at December 31, 2025 and 2024, respectively; Shares outstanding: 155,069,171 and 154,947,813 at December 31, 2025 and 2024, respectively 2 2
Additional paid-in capital 19,748 13,446
Retained earnings 37,899 35,611
Accumulated other comprehensive loss (545) (1,178)
Treasury stock, common, at cost (1,207,118 and 370,357 shares held at December 31, 2025 and 2024, respectively) (1,216) (386)
Total BlackRock, Inc. stockholders’ equity 55,888 47,495
Nonredeemable NCI - CIPs 227 169
Total permanent equity 56,115 47,664
Total liabilities, temporary equity and permanent equity 169,998 138,615
Subco [Member]    
Temporary equity    
Redeemable noncontrolling interests 2,791 0
Consolidated Sponsored Investment Products [Member]    
Assets    
Cash and cash equivalents [4] 461 169
Investments 9,131 5,752
Other assets 187 76
Liabilities    
Other liabilities [5] 4,112 2,223
Temporary equity    
Redeemable noncontrolling interests 2,636 1,691
Permanent equity    
Nonredeemable NCI - CIPs $ 2,757 $ 1,802
[1] At December 31, 2025, cash and cash equivalents, investments, other assets and other liabilities include $428 million, $8.5 billion, $76 million and $4.1 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include $125 million, $5.1 billion, $45 million and $2.1 billion, respectively, related to consolidated VIEs.
[2] Amount primarily includes approximately $3.0 billion of indefinite-lived management contracts, $2.7 billion of finite-lived management contracts and $1 billion of finite-lived investor relationships acquired in connection with the HPS Transaction and $1.1 billion of finite-lived customer relationships and $125 million of finite-lived technology-related intangible assets acquired in connection with the Preqin Transaction (see Note 3, Acquisitions, for further information). Additionally, in connection with the ElmTree Transaction, the Company acquired approximately $115 million of finite-lived management contracts and investor relationships.
[3] In connection with the GIP Transaction, the Company acquired approximately $1.8 billion of finite-lived management contracts, $820 million of finite-lived investor relationships and $80 million of a finite-lived trade name (see Note 3, Acquisitions, for further information).
[4] The Company generally cannot readily access cash and cash equivalents held by CIPs to use in its operating activities.
[5] At both December 31, 2025 and 2024, other liabilities of VIEs primarily include deferred carried interest liabilities and borrowings of a consolidated CLO.