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Stock-Based Compensation (Tables)

12 Months Ended

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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