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Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2025
Business Acquisition [Line Items]  
Summary of Finite Lived Intangible Assets Weighted Average Remaining Useful Life of Remaining Amortization Expense

Estimated amortization expense for finite-lived intangible assets for each of the five succeeding years is as follows:

(in millions)

 

 

 

Year

 

Amount

 

2026

 

$

1,104

 

2027

 

 

1,038

 

2028

 

 

927

 

2029

 

 

852

 

2030

 

 

809

 
Global Infrastructure Management, LLC [Member]  
Business Acquisition [Line Items]  
Summary of Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the consideration paid for GIP and the fair values of the assets acquired and liabilities assumed recognized at the acquisition date:

(in millions)

 

Fair Value

 

Finite-lived intangible assets:

 

 

 

Management contracts(1)

 

$

1,840

 

Investor relationships(1)

 

 

820

 

Trade name(2)

 

 

80

 

Goodwill

 

 

10,278

 

Operating lease ROU assets

 

 

75

 

Other assets

 

 

116

 

Accrued compensation and benefits

 

 

(154

)

Operating lease liabilities

 

 

(96

)

Other liabilities assumed

 

 

(10

)

Total consideration, net of cash acquired

 

$

12,949

 

 

 

 

 

Summary of consideration, net of cash acquired:

 

 

 

Cash paid

 

$

2,913

 

Cash acquired

 

 

(68

)

Closing stock consideration at fair value

 

 

5,904

 

Deferred stock consideration at fair value

 

 

4,200

 

Total consideration, net of cash acquired

 

$

12,949

 
(1)
The fair value for management contracts and investor relationships was determined based on a discounted cash flow analysis (Level 3 inputs), have weighted-average estimated useful lives of approximately 8 years and 14 years, respectively, and are amortized based on their expected pattern of economic benefit.
(2)
The fair value was determined based upon a relief from royalty method (Level 3 inputs), has a weighted-average estimated useful life of approximately 10 years and is amortized based on its expected pattern of economic benefit.
Summary of Business Acquisition, Pro Forma Information Combined Results of Operations

The following unaudited pro forma information presents combined results of operations of the Company as if the GIP Transaction and HPS Transaction had occurred on January 1, 2023 and January 1, 2024, respectively. The unaudited pro forma financial information is not indicative of the actual results of operations that would have been achieved nor is it indicative of future results of operations of the combined Company. The pro forma combined provision for income taxes may not represent the amount that would have resulted had BlackRock, GIP and HPS filed consolidated tax returns during the years presented.

(Unaudited) (in millions)

 

2025(1)

 

 

2024

 

Total revenue

 

$

24,984

 

 

$

22,479

 

Net income attributable to BlackRock, Inc.

 

$

5,645

 

 

$

5,469

 
(1)
Subsequent to the closing of the HPS Transaction on July 1, 2025, HPS contributed approximately $900 million of revenue and $230 million of net income.
HPS Investment Partners [Member]  
Business Acquisition [Line Items]  
Summary of Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the consideration paid for HPS and the fair values of the assets acquired and liabilities assumed recognized at the acquisition date:

(in millions)

 

Fair Value Estimate

 

Investments

 

$

1,972

 

Finite-lived intangible assets:

 

 

 

Management contracts(1)

 

 

2,660

 

Investor relationships(1)

 

 

965

 

Indefinite-lived intangible assets - management contracts(2)

 

 

3,000

 

Goodwill

 

 

6,841

 

Operating lease ROU assets

 

 

178

 

Other assets

 

 

644

 

Accrued compensation and benefits

 

 

(262

)

Accounts payable and accrued liabilities

 

 

(162

)

Operating lease liabilities

 

 

(150

)

Deferred income tax liabilities

 

 

(1,585

)

Other liabilities assumed(3)

 

 

(1,880

)

Total consideration, net of cash acquired

 

$

12,221

 

 

 

 

 

Summary of consideration, net of cash acquired:

 

 

 

Closing consideration at fair value - Subco Units(4)

 

$

8,452

 

Cash acquired

 

 

(244

)

Deferred consideration at fair value - Subco Units(4)

 

 

3,400

 

Debt repayment

 

 

613

 

Total consideration, net of cash acquired

 

$

12,221

 
(1)
The fair value for finite-lived management contracts and investor relationships was determined using the excess earnings method (Level 3 inputs), have weighted-average estimated useful lives of approximately 8 years and 12 years, respectively, and are amortized based on the straight-line method.
(2)
The fair value for indefinite-lived management contracts was determined using the excess earnings method (Level 3 inputs).
(3)
Other liabilities assumed primarily included deferred carried interest.
(4)
The fair value for the closing consideration was determined based on approximately 8.5 million of Subco Units, which were delivered to former equityholders of HPS. The fair value of the deferred consideration was determined based on approximately 2.8 million to 4.4 million of Subco Units, and is subject to the achievement of certain post-closing conditions and financial performance milestones.
Summary of Finite Lived Intangible Assets Weighted Average Remaining Useful Life of Remaining Amortization Expense The finite-lived intangible assets had a weighted-average remaining useful life of approximately nine years with remaining amortization expense as follows:

(in millions)

 

 

 

Year

 

Amount

 

2026

 

$

467

 

2027

 

 

467

 

2028

 

 

442

 

2029

 

 

368

 

2030

 

 

318

 

Thereafter

 

 

1,329

 

Total

 

$

3,391

 
Preqin Holding Limited [Member]  
Business Acquisition [Line Items]  
Summary of Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the consideration paid for Preqin and the fair values of the assets acquired and liabilities assumed recognized at the acquisition date:

(in millions)

 

Fair Value Estimate

 

Finite-lived intangible assets:

 

 

 

Customer relationships(1)

 

$

1,050

 

Technology-related(2)

 

 

125

 

Trade name

 

 

7

 

Goodwill

 

 

2,377

 

Other assets

 

 

59

 

Deferred revenue

 

 

(104

)

Deferred income tax liabilities

 

 

(298

)

Other liabilities assumed

 

 

(93

)

Total consideration, net of cash acquired

 

$

3,123

 

 

 

 

 

Summary of consideration, net of cash acquired:

 

 

 

Cash paid

 

$

3,219

 

Cash acquired

 

 

(96

)

Total consideration, net of cash acquired

 

$

3,123

 
(1)
The fair value was determined using an income approach (Level 3 inputs), has a weighted-average estimated useful life of approximately 8 years and is amortized based on its expected pattern of economic benefit.
(2)
The fair value was determined using a replacement cost approach (Level 3 inputs), has a weighted-average estimated useful life of approximately 5 years and is amortized based on the straight-line method.
Summary of Finite Lived Intangible Assets Weighted Average Remaining Useful Life of Remaining Amortization Expense The finite-lived intangible assets had a weighted-average remaining useful life of approximately eight years with remaining amortization expense as follows:

(in millions)

 

 

 

Year

 

Amount

 

2026

 

$

136

 

2027

 

 

143

 

2028

 

 

154

 

2029

 

 

163

 

2030

 

 

146

 

Thereafter

 

 

345

 

Total

 

$

1,087