BlackRock Inc. - FORM 8-K - EX-99.1 - EARNINGS RELEASE DATED JANUARY 14, 2021

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8-K - 8-K - BlackRock Inc.	blk-8k_20210114.htm
EX-99.2 - FOURTH QUARTER 2020 EARNINGS - EARNINGS RELEASE SUPPLEMENT - BlackRock Inc.	blk-ex992_7.htm

Exhibit 99.1

INVESTOR RELATIONS:

Samantha Tortora 212.810.5397

MEDIA RELATIONS:

Brian Beades 212.810.5596

BlackRock Reports Full Year 2020 Diluted EPS of $31.85, or $33.82 as adjusted

Fourth Quarter 2020 Diluted EPS of $10.02, or $10.18 as adjusted

New York, January 14, 2021 – BlackRock, Inc. (NYSE: BLK) today reported financial results for the three months and year ended December 31, 2020.

$391 billion of full year total net inflows, reflects 5% organic asset growth and 7% organic base fee growth, led by record flows in cash, active equity and alternatives and continued momentum in fixed income

$127 billion of quarterly total net inflows, positive across investment style, product type and region, driven by strength in iShares^® and active strategies

11% increase in full year revenue reflects strong organic growth, record performance fees and 17% growth in technology services revenue

Increases in full year GAAP operating income and diluted EPS impacted by previously announced $589 million pre-tax charitable contribution, which has been excluded from as adjusted results

3% growth in full year operating income (13% as adjusted)

12% increase in full year diluted EPS (19% as adjusted) also reflects higher nonoperating income and a lower diluted share count in the current year

$3.8 billion returned to shareholders in 2020, including $1.5 billion of share repurchases

Laurence D. Fink, Chairman and CEO:

“The world faced unprecedented challenges in 2020 - many of which continue today. Through it all, BlackRock remained steadfast in meeting the needs of all our stakeholders. We stayed true to our purpose and used our voice and values to advocate on behalf of the institutions and individuals we help to meet their investment and savings goals, and to be a positive force in the communities where we operate.

“For decades, we’ve built our platform, strategy and culture around staying in front of clients’ needs, and this approach was proven out during 2020. BlackRock generated $391 billion of total net inflows and we ended the year with strong momentum, evidenced by a record 13% annualized organic base fee growth in the fourth quarter. In addition, our ability to deliver global insights, strategic advice and comprehensive solutions to clients, no matter the market environment, drove positive flows across every asset class, investment style and region.

“Our strategic areas of investment flourished in 2020 as we saw record client demand for active equity, sustainable, cash and alternative investment strategies, generated $185 billion of net inflows into iShares ETFs and surpassed $1 billion in technology services revenue. BlackRock’s continued investment in building a multi-faceted investment platform with integrated technology, data and risk management, scale, global reach and interconnectivity enables us to deliver strong and consistent investment performance and more stable outcomes for our clients.

“We begin 2021 well-positioned and intend to keep investing in our business to drive long-term growth and to lead the evolution of the asset management industry. In doing so, we remain committed to help millions of people build savings throughout their lives, make investing easier and more affordable, advance sustainable investing, and contribute to a more resilient economy that benefits more people.”

FINANCIAL RESULTS

(in millions,	Q4			Q4			Full Year
except per share data)	2020			2019			2020			2019
AUM	$	8,676,680		$	7,429,633		$	8,676,680		$	7,429,633
% change		17	%					17	%
Average AUM	$	8,154,225		$	7,191,159		$	7,549,103		$	6,750,119
% change		13	%					12	%
Total net flows	$	126,933		$	128,839		$	390,838		$	428,736

GAAP basis:
Revenue	$	4,478		$	3,977		$	16,205		$	14,539
% change		13	%					11	%
Operating income	$	1,848		$	1,538		$	5,695		$	5,551
% change		20	%					3	%
Operating margin		41.3	%		38.7	%		35.1	%		38.2	%
Net income⁽¹⁾	$	1,548		$	1,301		$	4,932		$	4,476
% change		19	%					10	%
Diluted EPS	$	10.02		$	8.29		$	31.85		$	28.43
% change		21	%					12	%
Weighted-average diluted shares		154.5			156.9			154.8			157.5
% change		(2	)%					(2	)%

As Adjusted:
Operating income⁽²⁾	$	1,848		$	1,538		$	6,284		$	5,551
% change		20	%					13	%
Operating margin⁽²⁾		46.6	%		43.5	%		44.9	%		43.7	%
Net income^{(1) (2)}	$	1,573		$	1,309		$	5,237		$	4,484
% change		20	%					17	%
Diluted EPS⁽²⁾	$	10.18		$	8.34		$	33.82		$	28.48
% change		22	%					19	%

⁽¹⁾	Net income represents net income attributable to BlackRock, Inc.

⁽²⁾	See notes (1) through (4) to the condensed consolidated statements of income and supplemental information on pages 10 and 11 for more information on as adjusted items and the reconciliation to GAAP.

NET FLOW HIGHLIGHTS

			Q4		Full Year
(in billions)			2020		2020
Long-term net flows:			$	116	$	257

By region:

	Americas		$	38	$	95
	EMEA			53		97
	APAC			25		65

By client type:

	Retail:		$	35	$	70
		US		10		25
		International		25		45

	iShares:		$	79	$	185
		Core		23		45
		Non-Core		56		140

	Institutional:		$	2	$	3
		Active		1		32
		Index		1		(29	)

Cash management net flows			$	9	$	113

Advisory net flows			$	2	$	20

Total net flows			$	127	$	391

BUSINESS RESULTS

								December 31, 2020			Q4 2020
	Q4 2020			December 31, 2020		Q4 2020		AUM			Base fees⁽¹⁾
(in millions), (unaudited)	Net flows			AUM		Base fees⁽¹⁾		% of Total			% of Total
RESULTS BY CLIENT TYPE
Retail	$	35,320		$	845,917	$	1,016		10	%		30	%
iShares ETFs		78,753			2,669,007		1,301		31	%		38	%
Institutional:
Active		1,354			1,524,462		628		18	%		19	%
Index		770			2,948,683		251		33	%		7	%
Total institutional		2,124			4,473,145		879		51	%		26	%
Long-term		116,197			7,988,069		3,196		92	%		94	%
Cash management		8,944			666,252		197		8	%		6	%
Advisory⁽²⁾		1,792			22,359		-		-			-
Total	$	126,933		$	8,676,680	$	3,393		100	%		100	%

RESULTS BY INVESTMENT STYLE
Active	$	31,061		$	2,250,887	$	1,622		26	%		48	%
Index and iShares ETFs		85,136			5,737,182		1,574		66	%		46	%
Long-term		116,197			7,988,069		3,196		92	%		94	%
Cash management		8,944			666,252		197		8	%		6	%
Advisory⁽²⁾		1,792			22,359		-		-			-
Total	$	126,933		$	8,676,680	$	3,393		100	%		100	%

RESULTS BY PRODUCT TYPE
Equity	$	48,077		$	4,419,806	$	1,608		51	%		48	%
Fixed income		62,705			2,674,488		925		30	%		27	%
Multi-asset		(402	)		658,733		311		8	%		9	%
Alternatives		5,817			235,042		352		3	%		10	%
Long-term		116,197			7,988,069		3,196		92	%		94	%
Cash management		8,944			666,252		197		8	%		6	%
Advisory⁽²⁾		1,792			22,359		-		-			-
Total	$	126,933		$	8,676,680	$	3,393		100	%		100	%

⁽¹⁾	Base fees include investment advisory, administration fees and securities lending revenue.

⁽²⁾

Approximately $4.3 billion of iShares ETFs AUM held in advisory accounts associated with the Federal Reserve Bank of New York (“FRBNY”) assignment as of December 31, 2020 (disclosed via FRBNY reporting as of January 11, 2021) are included within iShares ETFs AUM or Fixed Income AUM above. These holdings are excluded from Advisory AUM.

INVESTMENT PERFORMANCE AT December 31, 2020⁽¹⁾

	One-year period	Three-year period	Five-year period
Fixed income:
Actively managed AUM above benchmark or peer median
Taxable	86%	87%	88%
Tax-exempt	36%	56%	78%
Index AUM within or above applicable tolerance	87%	96%	95%
Equity:
Actively managed AUM above benchmark or peer median
Fundamental	78%	85%	85%
Systematic	61%	46%	88%
Index AUM within or above applicable tolerance	92%	98%	99%

⁽¹⁾	Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 12 for performance disclosure detail.

Capital management

Subject to market conditions, we expect to seek Board approval later in January for an increase to our first quarter 2021 dividend.

TELECONFERENCE, WEBCAST AND PRESENTATION INFORMATION

Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Gary S. Shedlin, will host a teleconference call for investors and analysts on Thursday, January 14, 2021 at 8:30 a.m. (Eastern Time). Members of the public who are interested in participating in the teleconference should dial, from the United States, (800) 374-0176, or from outside the United States, (706) 679-8281, shortly before 8:30 a.m. and reference the BlackRock Conference Call (ID Number 8192056). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.

Both the teleconference and webcast will be available for replay by 11:30 a.m. (Eastern Time) on Thursday, January 14, 2021 and ending at midnight on Thursday, January 28, 2021. To access the replay of the teleconference, callers from the United States should dial (855) 859-2056 and callers from outside the United States should dial (404) 537-3406 and enter the Conference ID Number 8192056. To access the webcast, please visit the investor relations section of www.blackrock.com.

ABOUT BLACKROCK

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of December 31, 2020, the firm managed approximately $8.68 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com | Twitter: @blackrock | LinkedIn: www.linkedin.com/company/blackrock.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

(in millions, except shares and per share data), (unaudited)

	Three Months									Three Months
	Ended									Ended
	December 31,									September 30,
	2020			2019			Change			2020			Change
Revenue
Investment advisory, administration fees and securities lending revenue	$	3,393		$	3,089		$	304		$	3,225		$	168
Investment advisory performance fees		419			239			180			532			(113	)
Technology services revenue		305			274			31			282			23
Distribution fees		314			270			44			288			26
Advisory and other revenue		47			105			(58	)		42			5
Total revenue		4,478			3,977			501			4,369			109

Expense
Employee compensation and benefits		1,341			1,212			129			1,411			(70	)
Distribution and servicing costs		505			438			67			456			49
Direct fund expense		283			245			38			257			26
General and administration		474			515			(41	)		461			13
Amortization of intangible assets		27			29			(2	)		27			-
Total expense		2,630			2,439			191			2,612			18

Operating income		1,848			1,538			310			1,757			91

Nonoperating income (expense)
Net gain (loss) on investments		345			118			227			269			76
Interest and dividend income		28			29			(1	)		9			19
Interest expense		(54	)		(51	)		(3	)		(54	)		-
Total nonoperating income (expense)		319			96			223			224			95

Income before income taxes		2,167			1,634			533			1,981			186
Income tax expense		427			300			127			464			(37	)
Net income		1,740			1,334			406			1,517			223
Less:
Net income (loss) attributable to noncontrolling interests		192			33			159			153			39
Net income attributable to BlackRock, Inc.	$	1,548		$	1,301		$	247		$	1,364		$	184

Weighted-average common shares outstanding
Basic		152,515,168			155,195,733			(2,680,565	)		152,488,073			27,095
Diluted		154,512,860			156,894,201			(2,381,341	)		153,742,264			770,596
Earnings per share attributable to BlackRock, Inc. common stockholders (4)
Basic	$	10.15		$	8.38		$	1.77		$	8.94		$	1.21
Diluted	$	10.02		$	8.29		$	1.73		$	8.87		$	1.15
Cash dividends declared and paid per share	$	3.63		$	3.30		$	0.33		$	3.63		$	-

Supplemental information:

AUM (end of period)	$	8,676,680		$	7,429,633		$	1,247,047		$	7,808,497		$	868,183
Shares outstanding (end of period)		152,532,885			155,198,968			(2,666,083	)		152,496,403			36,482
GAAP:
Operating margin		41.3	%		38.7	%		260	bps		40.2	%		110	bps
Effective tax rate		21.6	%		18.8	%		280	bps		25.4	%		(380	) bps
As adjusted:
Operating income (1)	$	1,848		$	1,538		$	310		$	1,757		$	91
Operating margin (1)		46.6	%		43.5	%		310	bps		47.0	%		(40	) bps
Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests (2)	$	127		$	63		$	64		$	71		$	56
Net income attributable to BlackRock, Inc. (3)	$	1,573		$	1,309		$	264		$	1,418		$	155
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3) (4)	$	10.18		$	8.34		$	1.84		$	9.22		$	0.96
Effective tax rate		20.3	%		18.3	%		200	bps		22.5	%		(220	) bps

See pages 10-11 for the reconciliation to GAAP and notes (1) through (4) for more information on as adjusted items.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

(in millions, except shares and per share data), (unaudited)


	Year Ended
	December 31,
	2020			2019			Change
Revenue
Investment advisory, administration fees and securities lending revenue	$	12,639		$	11,777		$	862
Investment advisory performance fees		1,104			450			654
Technology services revenue		1,139			974			165
Distribution fees		1,131			1,069			62
Advisory and other revenue		192			269			(77	)
Total revenue		16,205			14,539			1,666

Expense
Employee compensation and benefits		5,041			4,470			571
Distribution and servicing costs		1,835			1,685			150
Direct fund expense		1,063			978			85
General and administration		2,465			1,758			707
Amortization of intangible assets		106			97			9
Total expense		10,510			8,988			1,522

Operating income		5,695			5,551			144

Nonoperating income (expense)
Net gain (loss) on investments		972			342			630
Interest and dividend income		62			97			(35	)
Interest expense		(205	)		(203	)		(2	)
Total nonoperating income (expense)		829			236			593

Income before income taxes		6,524			5,787			737
Income tax expense		1,238			1,261			(23	)
Net income		5,286			4,526			760
Less:
Net income (loss) attributable to noncontrolling interests		354			50			304
Net income attributable to BlackRock, Inc.	$	4,932		$	4,476		$	456

Weighted-average common shares outstanding
Basic		153,489,422			156,014,343			(2,524,921	)
Diluted		154,840,582			157,459,546			(2,618,964	)
Earnings per share attributable to BlackRock, Inc. common stockholders (4)
Basic	$	32.13		$	28.69		$	3.44
Diluted	$	31.85		$	28.43		$	3.42
Cash dividends declared and paid per share	$	14.52		$	13.20		$	1.32

Supplemental information:

AUM (end of period)	$	8,676,680		$	7,429,633		$	1,247,047
Shares outstanding (end of period)		152,532,885			155,198,968			(2,666,083	)
GAAP:
Operating margin		35.1	%		38.2	%		(310	) bps
Effective tax rate		20.1	%		22.0	%		(190	) bps
As adjusted:
Operating income (1)	$	6,284		$	5,551		$	733
Operating margin (1)		44.9	%		43.7	%		120	bps
Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests (2)	$	353		$	186		$	167
Net income attributable to BlackRock, Inc. (3)	$	5,237		$	4,484		$	753
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3) (4)	$	33.82		$	28.48		$	5.34
Effective tax rate		21.1	%		21.9	%		(80	) bps

See pages 10-11 for the reconciliation to GAAP and notes (1) through (4) for more information on as adjusted items.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Current Quarter Component Changes by Client Type and Product Type
			Net
	September 30,		inflows			Market					December 31,
	2020		(outflows)			change			FX impact⁽¹⁾		2020		Average AUM ⁽²⁾
Retail:
Equity	$	279,427	$	16,096		$	38,507		$	4,404	$	338,434	$	301,962
Fixed income		316,008		14,221			6,516			3,723		340,468		327,194
Multi-asset		119,708		2,646			9,692			578		132,624		124,807
Alternatives		31,121		2,357			613			300		34,391		32,753
Retail subtotal		746,264		35,320			55,328			9,005		845,917		786,716
iShares ETFs:
Equity		1,586,849		65,257			244,237			8,758		1,905,101		1,711,641
Fixed income		662,999		13,535			8,763			4,736		690,033		675,835
Multi-asset		5,430		416			386			36		6,268		5,781
Alternatives		66,057		(455	)		1,902			101		67,605		65,503
iShares ETFs subtotal		2,321,335		78,753			255,288			13,631		2,669,007		2,458,760
Institutional:
Active:
Equity		149,260		(2,818	)		20,676			2,404		169,522		157,372
Fixed income		693,061		3,516			12,855			6,837		716,269		701,282
Multi-asset		464,242		(2,572	)		40,628			8,944		511,242		481,142
Alternatives		120,559		3,228			1,872			1,770		127,429		122,911
Active subtotal		1,427,122		1,354			76,031			19,955		1,524,462		1,462,707
Index:
Equity		1,768,582		(30,458	)		243,847			24,778		2,006,749		1,858,494
Fixed income		859,397		31,433			8,842			28,046		927,718		887,849
Multi-asset		8,866		(892	)		513			112		8,599		8,466
Alternatives		4,563		687			280			87		5,617		5,117
Index subtotal		2,641,408		770			253,482			53,023		2,948,683		2,759,926
Institutional subtotal		4,068,530		2,124			329,513			72,978		4,473,145		4,222,633
Long-term		7,136,129		116,197			640,129			95,614		7,988,069		7,468,109
Cash management		652,002		8,944			(219	)		5,525		666,252		664,706
Advisory ⁽³⁾		20,366		1,792			178			23		22,359		21,410
Total	$	7,808,497	$	126,933		$	640,088		$	101,162	$	8,676,680	$	8,154,225
Current Quarter Component Changes by Investment Style and Product Type (Long-Term)
			Net
	September 30,		inflows			Market					December 31,
	2020		(outflows)			change			FX impact⁽¹⁾		2020		Average AUM ⁽²⁾
Active:
Equity	$	347,631	$	8,623		$	49,392		$	4,543	$	410,189	$	371,384
Fixed income		989,412		16,784			19,092			9,727		1,035,015		1,007,904
Multi-asset		583,952		69			50,321			9,522		643,864		605,948
Alternatives		151,678		5,585			2,486			2,070		161,819		155,664
Active subtotal		2,072,673		31,061			121,291			25,862		2,250,887		2,140,900
Index and iShares ETFs:
iShares ETFs:
Equity		1,586,849		65,257			244,237			8,758		1,905,101		1,711,641
Fixed income		662,999		13,535			8,763			4,736		690,033		675,835
Multi-asset		5,430		416			386			36		6,268		5,781
Alternatives		66,057		(455	)		1,902			101		67,605		65,503
iShares ETFs subtotal		2,321,335		78,753			255,288			13,631		2,669,007		2,458,760
Non-ETF Index:
Equity		1,849,638		(25,803	)		253,638			27,043		2,104,516		1,946,444
Fixed income		879,054		32,386			9,121			28,879		949,440		908,421
Multi-asset		8,864		(887	)		512			112		8,601		8,467
Alternatives		4,565		687			279			87		5,618		5,117
Non-ETF Index subtotal		2,742,121		6,383			263,550			56,121		3,068,175		2,868,449
Index and iShares ETFs subtotal		5,063,456		85,136			518,838			69,752		5,737,182		5,327,209
Long-Term	$	7,136,129	$	116,197		$	640,129		$	95,614	$	7,988,069	$	7,468,109
Current Quarter Component Changes by Product Type (Long-Term)
			Net
	September 30,		inflows			Market					December 31,
	2020		(outflows)			change			FX impact⁽¹⁾		2020		Average AUM ⁽²⁾
Equity	$	3,784,118	$	48,077		$	547,267		$	40,344	$	4,419,806	$	4,029,469
Fixed income		2,531,465		62,705			36,976			43,342		2,674,488		2,592,160
Multi-asset		598,246		(402	)		51,219			9,670		658,733		620,196
Alternatives:
Illiquid alternatives		79,723		4,529			512			1,006		85,770		82,222
Liquid alternatives		69,255		1,036			1,910			1,017		73,218		70,693
Currency and commodities⁽⁴⁾		73,322		252			2,245			235		76,054		73,369
Alternatives subtotal		222,300		5,817			4,667			2,258		235,042		226,284
Long-Term	$	7,136,129	$	116,197		$	640,129		$	95,614	$	7,988,069	$	7,468,109

⁽¹⁾	Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

⁽²⁾	Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.

⁽³⁾

Advisory AUM represents mandates linked to purchases and disposition of assets and portfolios on behalf of official institutions and long-term portfolio liquidation assignments. Approximately $4.3 billion of iShares ETFs AUM held in advisory accounts associated with the FRBNY assignment as of December 31, 2020 (disclosed via FRBNY reporting as of January 11, 2021) are included within Fixed Income iShares ETFs AUM or Fixed Income AUM above. These holdings are excluded from Advisory AUM in the first table above.

⁽⁴⁾	Amounts include commodity iShares ETFs.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Year-over-Year Component Changes by Client Type and Product Type
			Net
	December 31,		inflows			Market					December 31,
	2019		(outflows)			change			FX impact⁽¹⁾		2020		Average AUM ⁽²⁾
Retail:
Equity	$	252,413	$	39,341		$	42,545		$	4,135	$	338,434	$	265,433
Fixed income		305,265		22,784			9,725			2,694		340,468		309,723
Multi-asset		120,439		(481	)		12,262			404		132,624		117,195
Alternatives		25,180		7,912			929			370		34,391		28,839
Retail subtotal		703,297		69,556			65,461			7,603		845,917		721,190
iShares ETFs:
Equity		1,632,972		76,307			186,918			8,904		1,905,101		1,561,970
Fixed income		565,790		88,894			28,009			7,340		690,033		627,039
Multi-asset		5,210		646			388			24		6,268		5,287
Alternatives		36,093		19,038			12,331			143		67,605		53,845
iShares ETFs subtotal		2,240,065		184,885			227,646			16,411		2,669,007		2,248,141
Institutional:
Active:
Equity		141,118		1,890			24,045			2,469		169,522		141,059
Fixed income		651,368		6,598			49,712			8,591		716,269		673,043
Multi-asset		434,233		13,639			52,365			11,005		511,242		443,913
Alternatives		111,951		9,497			3,861			2,120		127,429		116,557
Active subtotal		1,338,670		31,624			129,983			24,185		1,524,462		1,374,572
Index:
Equity		1,793,826		(68,543	)		254,475			26,991		2,006,749		1,723,674
Fixed income		792,969		39,685			67,623			27,441		927,718		837,469
Multi-asset		8,239		(591	)		749			202		8,599		8,157
Alternatives		4,848		732			(50	)		87		5,617		4,675
Index subtotal		2,599,882		(28,717	)		322,797			54,721		2,948,683		2,573,975
Institutional subtotal		3,938,552		2,907			452,780			78,906		4,473,145		3,948,547
Long-term		6,881,914		257,348			745,887			102,920		7,988,069		6,917,878
Cash management		545,949		113,349			(63	)		7,017		666,252		617,989
Advisory ⁽³⁾		1,770		20,141			445			3		22,359		13,236
Total	$	7,429,633	$	390,838		$	746,269		$	109,940	$	8,676,680	$	7,549,103
Year-over-Year Component Changes by Investment Style and Product Type (Long-Term)
			Net
	December 31,		inflows			Market					December 31,
	2019		(outflows)			change			FX impact⁽¹⁾		2020		Average AUM ⁽²⁾
Active:
Equity	$	316,145	$	30,241		$	58,922		$	4,881	$	410,189	$	327,403
Fixed income		939,275		26,934			58,153			10,653		1,035,015		964,153
Multi-asset		554,672		13,154			64,629			11,409		643,864		561,107
Alternatives		137,130		17,408			4,791			2,490		161,819		145,395
Active subtotal		1,947,222		87,737			186,495			29,433		2,250,887		1,998,058
Index and iShares ETFs:
iShares ETFs:
Equity		1,632,972		76,307			186,918			8,904		1,905,101		1,561,970
Fixed income		565,790		88,894			28,009			7,340		690,033		627,039
Multi-asset		5,210		646			388			24		6,268		5,287
Alternatives		36,093		19,038			12,331			143		67,605		53,845
iShares ETFs subtotal		2,240,065		184,885			227,646			16,411		2,669,007		2,248,141
Non-ETF Index:
Equity		1,871,212		(57,553	)		262,143			28,714		2,104,516		1,802,763
Fixed income		810,327		42,133			68,907			28,073		949,440		856,082
Multi-asset		8,239		(587	)		747			202		8,601		8,158
Alternatives		4,849		733			(51	)		87		5,618		4,676
Non-ETF Index subtotal		2,694,627		(15,274	)		331,746			57,076		3,068,175		2,671,679
Index and iShares ETFs subtotal		4,934,692		169,611			559,392			73,487		5,737,182		4,919,820
Long-Term	$	6,881,914	$	257,348		$	745,887		$	102,920	$	7,988,069	$	6,917,878
Year-over-Year Component Changes by Product Type (Long-Term)
			Net
	December 31,		inflows			Market					December 31,
	2019		(outflows)			change			FX impact⁽¹⁾		2020		Average AUM ⁽²⁾
Equity	$	3,820,329	$	48,995		$	507,983		$	42,499	$	4,419,806	$	3,692,136
Fixed income		2,315,392		157,961			155,069			46,066		2,674,488		2,447,274
Multi-asset		568,121		13,213			65,764			11,635		658,733		574,552
Alternatives:
Illiquid alternatives		75,349		10,883			(1,512	)		1,050		85,770		78,166
Liquid alternatives		59,048		6,545			6,295			1,330		73,218		64,522
Currency and commodities⁽⁴⁾		43,675		19,751			12,288			340		76,054		61,228
Alternatives subtotal		178,072		37,179			17,071			2,720		235,042		203,916
Long-Term	$	6,881,914	$	257,348		$	745,887		$	102,920	$	7,988,069	$	6,917,878

⁽¹⁾	Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

⁽²⁾	Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.

⁽³⁾

⁽⁴⁾	Amounts include commodity iShares ETFs.

SUMMARY OF REVENUE

	Three Months							Three Months					Year
	Ended							Ended					Ended
	December 31,							September 30,					December 31,
(in millions), (unaudited)	2020		2019		Change			2020		Change			2020		2019		Change
Investment advisory, administration fees and securities lending revenue:
Equity:
Active	$	501	$	403	$	98		$	457	$	44		$	1,737	$	1,554	$	183
iShares ETFs		948		906		42			880		68			3,499		3,495		4
Non-ETF Index		159		172		(13	)		164		(5	)		664		667		(3	)
Equity subtotal		1,608		1,481		127			1,501		107			5,900		5,716		184
Fixed income:
Active		514		491		23			498		16			1,957		1,918		39
iShares ETFs		302		258		44			297		5			1,119		963		156
Non-ETF Index		109		112		(3	)		113		(4	)		463		405		58
Fixed income subtotal		925		861		64			908		17			3,539		3,286		253
Multi-asset		311		296		15			289		22			1,163		1,148		15
Alternatives:
Illiquid alternatives		161		138		23			140		21			577		488		89
Liquid alternatives		141		112		29			132		9			502		413		89
Currency and commodities		50		30		20			51		(1	)		168		108		60
Alternatives subtotal		352		280		72			323		29			1,247		1,009		238
Long-term		3,196		2,918		278			3,021		175			11,849		11,159		690
Cash management		197		171		26			204		(7	)		790		618		172
Total investment advisory, administration fees and securities lending revenue		3,393		3,089		304			3,225		168			12,639		11,777		862
Investment advisory performance fees:
Equity		62		31		31			4		58			91		36		55
Fixed income		22		8		14			9		13			35		10		25
Multi-asset		22		12		10			10		12			35		19		16
Alternatives:
Illiquid alternatives		28		96		(68	)		6		22			83		136		(53	)
Liquid alternatives		285		92		193			503		(218	)		860		249		611
Alternatives subtotal		313		188		125			509		(196	)		943		385		558
Total performance fees		419		239		180			532		(113	)		1,104		450		654
Technology services revenue		305		274		31			282		23			1,139		974		165
Distribution fees:
Retrocessions		217		167		50			188		29			736		658		78
12b-1 fees (US mutual fund distribution fees)		83		91		(8	)		85		(2	)		337		358		(21	)
Other		14		12		2			15		(1	)		58		53		5
Total distribution fees		314		270		44			288		26			1,131		1,069		62
Advisory and other revenue:
Advisory		20		37		(17	)		14		6			68		99		(31	)
Other		27		68		(41	)		28		(1	)		124		170		(46	)
Total advisory and other revenue		47		105		(58	)		42		5			192		269		(77	)
Total revenue	$	4,478	$	3,977	$	501		$	4,369	$	109		$	16,205	$	14,539	$	1,666

Highlights

•

Investment advisory, administration fees and securities lending revenue increased $304 million from the fourth quarter of 2019 and $168 million from the third quarter of 2020, primarily driven by organic growth and the positive impact of market beta and foreign exchange movements on average AUM, partially offset by the impact of fee reductions on certain products and lower securities lending revenue. Securities lending revenue of $131 million in the current quarter decreased from $169 million in the fourth quarter of 2019 and from $153 million in the third quarter of 2020, primarily reflecting lower lending spreads, partially offset by higher average balances of securities on loan.

•	Performance fees increased $180 million from the fourth quarter of 2019, primarily reflecting higher revenue from liquid alternative and long-only products.

Performance fees decreased $113 million from the third quarter of 2020, primarily reflecting strong performance from a single hedge fund with an annual performance measurement period that ends in the third quarter.

•	Technology services revenue increased $31 million from the fourth quarter of 2019 and $23 million from the third quarter of 2020, primarily reflecting higher revenue from Aladdin^®.

•

Advisory and other revenue decreased $58 million from the fourth quarter of 2019, primarily reflecting the impact of the previously announced charitable contribution of BlackRock’s remaining 20% stake in PennyMac Financial Services, Inc. (the “Charitable Contribution”) in 2020 and lower advisory and transition management assignments in the current quarter.

SUMMARY OF OPERATING EXPENSE

	Three Months								Three Months					Year
	Ended								Ended					Ended
	December 31,								September 30,					December 31,
(in millions), (unaudited)	2020			2019		Change			2020		Change			2020		2019		Change
Operating expense
Employee compensation and benefits	$	1,341		$	1,212	$	129		$	1,411	$	(70	)	$	5,041	$	4,470	$	571
Distribution and servicing costs:
Retrocessions		217			167		50			188		29			736		658		78
12b-1 costs		81			89		(8	)		83		(2	)		328		354		(26	)
Other		207			182		25			185		22			771		673		98
Total distribution and servicing costs		505			438		67			456		49			1,835		1,685		150
Direct fund expense		283			245		38			257		26			1,063		978		85
General and administration:
Marketing and promotional		73			109		(36	)		48		25			229		350		(121	)
Occupancy and office related		80			83		(3	)		81		(1	)		319		307		12
Portfolio services		80			70		10			73		7			283		261		22
Technology		124			83		41			93		31			397		289		108
Professional services		49			46		3			36		13			170		161		9
Communications		14			10		4			14		-			54		39		15
Foreign exchange remeasurement		(1	)		13		(14	)		1		(2	)		6		31		(25	)
Contingent consideration fair value adjustments		-			35		(35	)		-		-			23		53		(30	)
Product launch costs		2			-		2			80		(78	)		166		59		107
Charitable Contribution		-			-		-			-		-			589		-		589
Other general and administration		53			66		(13	)		35		18			229		208		21
Total general and administration expense		474			515		(41	)		461		13			2,465		1,758		707
Amortization of intangible assets		27			29		(2	)		27		-			106		97		9
Total operating expense	$	2,630		$	2,439	$	191		$	2,612	$	18		$	10,510	$	8,988	$	1,522

Highlights

•	Employee compensation and benefits expense increased $129 million from the fourth quarter of 2019, primarily reflecting higher base and incentive compensation driven by higher performance fees.

Employee compensation and benefits expense decreased $70 million from the third quarter of 2020, driven in part by lower incentive compensation associated with lower performance fees.

•	Direct fund expense increased $38 million from the fourth quarter of 2019 and $26 million from the third quarter of 2020, primarily reflecting higher average AUM.

•

General and administration expense decreased $41 million from the fourth quarter of 2019, primarily due to lower marketing and promotional expense, contingent consideration fair value adjustments and foreign exchange remeasurement, partially offset by higher technology expense, including certain costs related to COVID-19, and portfolio services expense.

General and administration expense increased $13 million from the third quarter of 2020, primarily reflecting higher technology expense, seasonally higher marketing and promotional expense and higher professional services expense, partially offset by $80 million of product launch costs incurred in the third quarter of 2020.

SUMMARY OF NONOPERATING INCOME (expense), less net income (loss) attributable TO noncontrolling interests

	Three Months									Three Months						Year
	Ended									Ended						Ended
	December 31,									September 30,						December 31,
(in millions), (unaudited)	2020			2019			Change			2020			Change			2020			2019			Change
Nonoperating income (expense), GAAP basis	$	319		$	96		$	223		$	224		$	95		$	829		$	236		$	593
Less: Net income (loss) attributable to noncontrolling interests ("NCI")		192			33			159			153			39			354			50			304
Nonoperating income (expense)⁽¹⁾	$	127		$	63		$	64		$	71		$	56		$	475		$	186		$	289

	Three Months									Three Months						Year
	Ended									Ended						Ended
	December 31,									September 30,						December 31,
(in millions), (unaudited)	2020			2019			Change			2020			Change			2020			2019			Change
Net gain (loss) on investments⁽¹⁾
Private equity	$	36		$	9		$	27		$	18		$	18		$	44		$	47		$	(3	)
Real assets		(3	)		(1	)		(2	)		6			(9	)		8			21			(13	)
Other alternatives⁽²⁾		22			1			21			14			8			32			19			13
Other investments⁽³⁾		85			40			45			55			30			120			144			(24	)
Subtotal		140			49			91			93			47			204			231			(27	)
Gain related to the Charitable Contribution		-			-			-			-			-			122			-			122
Other gains (losses)⁽⁴⁾		13			36			(23	)		23			(10	)		292			61			231
Total net gain (loss) on investments⁽¹⁾		153			85			68			116			37			618			292			326
Interest and dividend income		28			29			(1	)		9			19			62			97			(35	)
Interest expense		(54	)		(51	)		(3	)		(54	)		-			(205	)		(203	)		(2	)
Net interest expense		(26	)		(22	)		(4	)		(45	)		19			(143	)		(106	)		(37	)
Nonoperating income (expense)⁽¹⁾	$	127		$	63		$	64		$	71		$	56		$	475		$	186		$	289

⁽¹⁾

Net of net income (loss) attributable to NCI. Management believes nonoperating income (expense), as adjusted, is an effective measure for reviewing BlackRock’s nonoperating results, which ultimately impacts BlackRock’s book value. For more information on as adjusted items and the reconciliation to GAAP see note (2) to the condensed consolidated statements of income and supplemental information on pages 10 and 11.

⁽²⁾	Amounts primarily include net gains (losses) related to direct hedge fund strategies and hedge fund solutions.

⁽³⁾	Amounts primarily include net gains (losses) related to unhedged equity, fixed income and multi-asset investments.

⁽⁴⁾	The amount for the year ended December 31, 2020 includes a nonoperating pre-tax gain of approximately $240 million in connection with a recapitalization of iCapital Network, Inc. Additional amounts include noncash pre-tax gains (losses) related to the revaluation of corporate minority investments.

INCOME TAX EXPENSE

	Three Months									Three Months							Year
	Ended									Ended							Ended
	December 31,									September 30,							December 31,
(in millions), (unaudited)	2020			2019			Change			2020				Change			2020			2019			Change
Income tax expense	$	427		$	300		$	127			$	464		$	(37	)	$	1,238		$	1,261		$	(23	)
Effective tax rate		21.6	%		18.8	%		280	bps			25.4	%		(380	) bps		20.1	%		22.0	%		(190	) bps

Highlights

•	Fourth quarter 2020 income tax expense includes $61 million of net discrete tax benefits, partially offset by a $25 million net noncash tax expense related to the revaluation of certain deferred income tax liabilities.

•	Third quarter 2020 income tax expense included $54 million of noncash net expense related to the revaluation of certain deferred tax assets and liabilities as a result of legislation enacted in the United Kingdom increasing its corporate tax rate.

•	Fourth quarter 2019 income tax expense included $21 million of discrete tax benefits.

RECONCILIATION OF US GAAP OPERATING INCOME AND OPERATING MARGIN TO OPERATING INCOME AND OPERATING MARGIN, AS ADJUSTED
	Three Months Ended									Year Ended
	December 31,						September 30,			December 31,
(in millions), (unaudited)	2020			2019			2020			2020			2019
Operating income, GAAP basis	$	1,848		$	1,538		$	1,757		$	5,695		$	5,551
Non-GAAP expense adjustment:
Charitable Contribution		-			-			-			589			-
Operating income, as adjusted (1)		1,848			1,538			1,757			6,284			5,551
Product launch costs and commissions		2			-			83			172			61
Operating income used for operating margin measurement	$	1,850		$	1,538		$	1,840		$	6,456		$	5,612
Revenue, GAAP basis	$	4,478		$	3,977		$	4,369		$	16,205		$	14,539
Non-GAAP adjustments:
Distribution fees		(314	)		(270	)		(288	)		(1,131	)		(1,069	)
Investment advisory fees		(191	)		(168	)		(168	)		(704	)		(616	)
Revenue used for operating margin measurement	$	3,973		$	3,539		$	3,913		$	14,370		$	12,854
Operating margin, GAAP basis		41.3	%		38.7	%		40.2	%		35.1	%		38.2	%
Operating margin, as adjusted (1)		46.6	%		43.5	%		47.0	%		44.9	%		43.7	%

See note (1) to the condensed consolidated statements of income and supplemental information on page 11 for more information on as adjusted items and the reconciliation to GAAP.

RECONCILIATION OF US GAAP NONOPERATING INCOME (EXPENSE) TO NONOPERATING INCOME (EXPENSE), LESS NET INCOME (LOSS) ATTRIBUTABLE TO NCI, AS ADJUSTED
	Three Months Ended						Year Ended
	December 31,				September 30,		December 31,
(in millions), (unaudited)	2020		2019		2020		2020		2019
Nonoperating income (expense), GAAP basis	$	319	$	96	$	224	$	829	$	236
Less: Net income (loss) attributable to NCI		192		33		153		354		50
Nonoperating income (expense), net of NCI		127		63		71		475		186
Less: Gain related to the Charitable Contribution		-		-		-		122		-
Nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted (2)	$	127	$	63	$	71	$	353	$	186

See note (2) to the condensed consolidated statements of income and supplemental information on page 11 for more information on as adjusted items and the reconciliation to GAAP.

RECONCILIATION OF US GAAP NET INCOME ATTRIBUTABLE TO BLACKROCK TO NET INCOME ATTRIBUTABLE TO BLACKROCK, AS ADJUSTED
	Three Months Ended						Year Ended
	December 31,				September 30,		December 31,
(in millions, except per share data), (unaudited)	2020		2019		2020		2020		2019
Net income attributable to BlackRock, Inc., GAAP basis	$	1,548	$	1,301	$	1,364	$	4,932	$	4,476
Non-GAAP adjustments:
Charitable Contribution, net of tax		-		-		-		226		-
Income tax matters		25		8		54		79		8
Net income attributable to BlackRock, Inc., as adjusted (3)	$	1,573	$	1,309	$	1,418	$	5,237	$	4,484
Diluted weighted-average common shares outstanding (4)		154.5		156.9		153.7		154.8		157.5
Diluted earnings per common share, GAAP basis (4)	$	10.02	$	8.29	$	8.87	$	31.85	$	28.43
Diluted earnings per common share, as adjusted (3) (4)	$	10.18	$	8.34	$	9.22	$	33.82	$	28.48

See notes (3) and (4) to the condensed consolidated statements of income and supplemental information on page 11 for more information on as adjusted items and the reconciliation to GAAP.

NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION (unaudited)

BlackRock reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”); however, management believes evaluating the Company’s ongoing operating results may be enhanced if investors have additional non-GAAP financial measures. Management reviews non-GAAP financial measures to assess ongoing operations and considers them to be helpful, for both management and investors, in evaluating BlackRock’s financial performance over time. Management also uses non-GAAP financial measures as a benchmark to compare its performance with other companies and to enhance the comparability of this information for the reporting periods presented. Non-GAAP measures may pose limitations because they do not include all of BlackRock’s revenue and expense. BlackRock’s management does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Non-GAAP measures may not be comparable to other similarly titled measures of other companies.

Management uses both GAAP and non-GAAP financial measures in evaluating BlackRock’s financial performance. Adjustments to GAAP financial measures (“non-GAAP adjustments”) include certain items management deems nonrecurring or that occur infrequently, transactions that ultimately will not impact BlackRock’s book value or certain tax items that do not impact cash flow.

Computations for all periods are derived from the condensed consolidated statements of income as follows:

(1) Operating income, as adjusted, and operating margin, as adjusted: Management believes operating income, as adjusted, and operating margin, as adjusted, are effective indicators of BlackRock’s financial performance over time, and, therefore, provide useful disclosure to investors. Management believes that operating margin, as adjusted, reflects the Company’s long-term ability to manage ongoing costs in relation to its revenues. The Company uses operating margin, as adjusted, to assess the Company’s financial performance and to determine the long-term and annual compensation of the Company’s senior-level employees. Furthermore, this metric is used to evaluate the Company’s relative performance against industry peers, as it eliminates margin variability arising from the accounting of revenues and expenses related to distributing different product structures in multiple distribution channels utilized by asset managers.

•	Operating income, as adjusted, includes non-GAAP expense adjustments. In 2020, the Charitable Contribution expense of $589 million has been excluded from operating income, as adjusted, due to its nonrecurring nature.

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Operating income used for measuring operating margin, as adjusted, is equal to operating income, as adjusted, excluding the impact of product launch costs (e.g. closed-end fund launch costs) and related commissions. Management believes the exclusion of such costs and related commissions is useful because these costs can fluctuate considerably and revenue associated with the expenditure of these costs will not fully impact BlackRock’s results until future periods.

•

Revenue used for calculating operating margin, as adjusted, is reduced to exclude all of the Company’s distribution fees, which are recorded as a separate line item on the condensed consolidated statements of income, as well as a portion of investment advisory fees received that is used to pay distribution and servicing costs. For certain products, based on distinct arrangements, distribution fees are collected by the Company and then passed-through to third-party client intermediaries. For other products, investment advisory fees are collected by the Company and a portion is passed-through to third-party client intermediaries. However, in both structures, the third-party client intermediary similarly owns the relationship with the retail client and is responsible for distributing the product and servicing the client. The amount of distribution and investment advisory fees fluctuates each period primarily based on a predetermined percentage of the value of AUM during the period. These fees also vary based on the type of investment product sold and the geographic location where it is sold. In addition, the Company may waive fees on certain products that could result in the reduction of payments to the third-party intermediaries.

(2) Nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted: Management believes nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, is an effective measure for reviewing BlackRock’s nonoperating contribution to its results and provides comparability of this information among reporting periods. Management believes nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, provides a useful measure, for both management and investors, of BlackRock’s nonoperating results, which ultimately impact BlackRock’s book value. In 2020, the noncash, nonoperating pre-tax gain of $122 million related to the Charitable Contribution has been excluded from nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, due to its nonrecurring nature.

(3) Net income attributable to BlackRock, Inc., as adjusted: Management believes net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, are useful measures of BlackRock’s profitability and financial performance. Net income attributable to BlackRock, Inc., as adjusted, equals net income attributable to BlackRock, Inc., GAAP basis, adjusted for significant nonrecurring items, charges that ultimately will not impact BlackRock’s book value or certain tax items that do not impact cash flow.

See aforementioned discussion regarding operating income, as adjusted, operating margin, as adjusted, and nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, for information on the Charitable Contribution.

In 2020, a discrete tax benefit of $241 million was recognized in connection with the Charitable Contribution. The discrete tax benefit has been excluded from as adjusted results due to the non-recurring nature of the Charitable Contribution. Amounts for income tax matters represent net noncash (benefits) expense primarily associated with the revaluation of certain deferred tax liabilities related to intangible assets and goodwill as a result of tax rate changes. These amounts have been excluded from the as adjusted results as these items will not have a cash flow impact and to ensure comparability among periods presented.

Per share amounts reflect net income attributable to BlackRock, Inc., as adjusted divided by diluted weighted-average common shares outstanding.

(4) Nonvoting participating preferred stock is considered to be a common stock equivalent for purposes of determining basic and diluted earnings per share calculations. As of December 31, 2020, there were no shares of preferred stock outstanding.

FORWARD-LOOKING STATEMENTS

This earnings release, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” and similar expressions.

BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

BlackRock has previously disclosed risk factors in its Securities and Exchange Commission (“SEC”) reports. These risk factors and those identified elsewhere in this earnings release, among others, could cause actual results to differ materially from forward-looking statements or historical performance and include: (1) a pandemic or health crisis, including the COVID-19 pandemic, and its continued impact on financial institutions, the global economy or capital markets, as well as BlackRock’s products, clients, vendors and employees, and BlackRock’s results of operations, the full extent of which may be unknown; (2) the introduction, withdrawal, success and timing of business initiatives and strategies; (3) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management (“AUM”); (4) the relative and absolute investment performance of BlackRock’s investment products; (5) BlackRock’s ability to develop new products and services that address client preferences; (6) the impact of increased competition; (7) the impact of future acquisitions or divestitures; (8) BlackRock’s ability to integrate acquired businesses successfully; (9) the unfavorable resolution of legal proceedings; (10) the extent and timing of any share repurchases; (11) the impact, extent and timing of technological changes and the adequacy of intellectual property, information and cyber security protection; (12) attempts to circumvent BlackRock’s operational control environment or the potential for human error in connection with BlackRock’s operational systems; (13) the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to BlackRock; (14) changes in law and policy and uncertainty pending any such changes; (15) terrorist activities, civil unrest, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (16) the ability to attract and retain highly talented professionals; (17) fluctuations in the carrying value of BlackRock’s economic investments; (18) the impact of changes to tax legislation, including income, payroll and transaction taxes, and taxation on products or transactions, which could affect the value proposition to clients and, generally, the tax position of the Company; (19) BlackRock’s success in negotiating distribution arrangements and maintaining distribution channels for its products; (20) the failure by a key vendor of BlackRock to fulfill its obligations to the Company; (21) any disruption to the operations of third parties whose functions are integral to BlackRock’s exchange-traded funds (“ETF”) platform; (22) the impact of BlackRock electing to provide support to its products from time to time and any potential liabilities related to securities lending or other indemnification obligations; and (23) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions.

BlackRock’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and BlackRock’s subsequent filings with the SEC, accessible on the SEC’s website at www.sec.gov and on BlackRock’s website at www.blackrock.com, discuss these factors in more detail and identify additional factors that can affect forward-looking statements. The information contained on the Company’s website is not a part of this earnings release.

PERFORMANCE NOTES

Past performance is not indicative of future results. Except as specified, the performance information shown is as of December 31, 2020 and is based on preliminary data available at that time. The performance data shown reflects information for all actively and passively managed equity and fixed income accounts, including US registered investment companies, European-domiciled retail funds and separate accounts for which performance data is available, including performance data for high net worth accounts available as of November 30, 2020. The performance data does not include accounts terminated prior to December 31, 2020 and accounts for which data has not yet been verified. If such accounts had been included, the performance data provided may have substantially differed from that shown.

Performance comparisons shown are gross-of-fees for institutional and high net worth separate accounts, and net-of-fees for retail funds. The performance tracking shown for index accounts is based on gross-of-fees performance and includes all institutional accounts and all iShares funds globally using an index strategy. AUM information is based on AUM available as of December 31, 2020 for each account or fund in the asset class shown without adjustment for overlapping management of the same account or fund. Fund performance reflects the reinvestment of dividends and distributions.

Performance shown is derived from applicable benchmarks or peer median information, as selected by BlackRock, Inc. Peer medians are based in part on data either from Lipper, Inc. or Morningstar, Inc. for each included product.

BlackRock Inc. - FORM 8-K - EX-99.1 - EARNINGS RELEASE DATED JANUARY 14, 2021 - January 14, 2021

Attached files

BlackRock Inc. Reports