BlackRock Q4 Earnings Call Highlights

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• HLEND received $1.1 billion of gross subscriptions in Q4 2025; redemptions were 4.1%, higher than recent quarters but in line with the broader industry.

  80% confidence

• After annualizing the impact of HPS and Preqin, management expects a mid-single-digit percentage increase in G&A and headcount to be broadly flat in 2026.

  80% confidence

• Excluding performance fees and related compensation, the Q4 2025 adjusted operating margin would have been 45.5% (up 30 bps YoY) and full-year margin 44.9% (up 60 bps vs. 2024).

  80% confidence

• Clients awarded BlackRock nearly $700 billion in net new assets in 2025, alongside 9% organic base fee growth and 16% technology ACV expansion.

  80% confidence

• Private markets to insurance, private markets to wealth, digital assets, and active ETFs can each be $500 million revenue generators in the next five years.

  80% confidence

• BlackRock expects to launch its first LifePath target-date fund with private markets later in 2026; plan sponsors will need standardized benchmarking and performance data which Preqin can support.

  80% confidence

• BlackRock's 2025 results validate the power of its integrated platform and the firm enters 2026 with differentiated momentum.

  80% confidence

• BlackRock continues to target a 45% or greater adjusted operating margin profile, with upward momentum in margins on recurring fee-related earnings.

  80% confidence

• BlackRock manages $700 billion in AUM as the largest general account manager for insurers across more than 450 relationships.

  80% confidence

• Japan is experiencing faster capital markets growth driven by NISA accounts; Jio BlackRock in India is positioned to benefit from early-stage capital markets growth.

  80% confidence

• HPS manages more than $60 billion of credit assets for more than 125 insurance companies.

  80% confidence

• BlackRock expects money market yields to fall and sees opportunities for investors to lock in bond yields in intermediate-term bonds.

  80% confidence

• BlackRock entered 2026 with accelerating momentum, a record quarterly and annual net inflows including $342 billion in Q4 2025, and a broadened pipeline across public and private markets, technology and data, and client channels.

  80% confidence

• BlackRock is engaged in roughly 20 late-stage conversations to help insurers build more diversified portfolios and hopes to see deployments pull through the second half of 2026.

  80% confidence

• BlackRock is working on investable private market indices it hopes to bring to market in the next few years.

  80% confidence

• Default rates in private credit are rising but remain within historical ranges; HPS has focused on lending to larger companies with weighted average EBITDA in the HLEND portfolio of approximately $250 million.

  80% confidence

• iShares set a record with $527 billion in net inflows in 2025, representing 12% organic asset growth and 13% organic base fee growth.

  80% confidence

• Preqin added approximately $65 million of revenue in Q4 2025 and $213 million for the full year; ACV increased 31% year over year including Preqin and 16% organically.

  80% confidence

• Cash levels may remain elevated as global capital markets grow, and tokenization could contribute to continued cash usage including through tokenized money market funds.

  80% confidence

• The as-adjusted tax rate was approximately 20% in Q4 2025 due to discrete items, and 25% is a reasonable projected tax run rate for 2026.

  80% confidence

• 2025 was one of the strongest years in BlackRock's history, with record net inflows, accelerating organic base fee growth, and continued expansion in technology services.

  80% confidence

• BlackRock contributed a portion of its Circle stake to an existing donor-advised fund in mid-December 2025 and still holds roughly 1.1 million shares of Circle common stock.

  80% confidence