A：BlackRock's financial highlights include nearly 700 billion in net new assets, 9% organic base fee growth, and 16% technology ACV expansion. They had $150 billion in product flows across ETF and mutual fund ranges, with $24 billion in revenue, $10 billion in operating income, and earnings per share as a new record. The company experienced platform resilience and growth during market turmoil and demonstrated a 10% increase in 2026 dividends per share and planned share repurchases to $1.8 billion.

A：BlackRock's 2025 dividend increase of 10% to its 2026 dividend per share and the planned share repurchases of $1.8 billion signify growth. This is considered the highest dividend increase since 2021, with a record $5 billion payout to shareholders in 2025, supported by 9% organic base fee growth and favorable markets. The company entered 2026 with a base fees run rate approximately 35% higher than 2024, enhancing the ability to deliver future earnings and return capital to shareholders.

A：BlackRock's strategy for growth in 2026 includes building leading franchises in high growth markets across the industry, such as private markets, wealth, digital assets, and active ETFs. They anticipate these areas to be $500 million revenue generators in the next five years and see potential for margin expansion through the growth trajectory of private markets and highly scaled foundational businesses.

A：The impact of BlackRock's acquisitions, specifically HPS and Prequels, along with base fee growth and positive market movements on average AUM, contributed to the company's financial results. Fourth quarter revenue of $7 billion was 23% higher year over year, with quarterly operating income of $2.8 billion up 22%, and earnings per share of $13.16 increased 10%.

A：BlackRock's as adjusted tax rate for the fourth quarter was approximately 20%, benefiting from discrete items. The company currently estimates a 25% tax run rate for 2026. Base fees and securities lending revenue of $5.3 billion was up 19% year over year, and performance fees of $754 million increased, reflecting higher revenue from alternatives and including $158 million from HPS. The year over year increase in total expenses was driven by higher compensation, sales asset, and account expenses, with full year employee compensation and benefit expense up 20%.

A：For 2026, BlackRock projects mid single-digit percentage growth in GAAP, with a plan to maintain flat headcount. The company will continue to deliver margin expansion on recurring fee-related earnings, excluding the impact of performance fees and related compensation. BlackRock expects to invest in growth while being disciplined in hiring and investments.

A：BlackRock returned a record $5 billion to shareholders through dividends and share repurchases in 2025. The board approved a 10% increase to the first quarter 2026 dividend per share and authorized the repurchase of an additional 1 million shares, aiming for the purchase of up to $1.5 billion worth of shares during the year.

A：The main drivers of BlackRock's net inflows were positive flows and organic base fee growth across all asset classes, with active iShares leading the industry. Institutional and retail net inflows were substantial, with BlackRock's institutional active franchise generating net inflows of $54 billion in 2025. They plan to continue their growth trajectory by targeting $400 billion in gross private markets fundraising through 2030, powered by origination, strong investment performance, and client relationships.

A：BlackRock's platform is anchored by growth engines tied to the long-term expansion of global capital markets and fast-growing client and product channels.

A：BlackRock has an ambitious quest fundraising plan diversified across infrastructure, equity, and debt, private financing solutions, and multi-alternatives. They are focused on raising $400 billion in private markets by 2030 and are building off accelerating growth with a belief in future growth, increasing profitability, and durable cash flow. They are leveraging foundational businesses like iShares to enter new markets like active ETFs and digital assets. BlackRock is also a leader in emerging trends such as private markets and wealth, with investments in infrastructure, private credit, and wealth, aiming to expand access to private markets and bring together strong performance with global distribution.

A：BlackRock delivered 6% or higher organic base fee growth each quarter in 2025, ending with 12% organic base fee growth and 16% technology ACV growth in the fourth quarter. They entered 2026 with base fees 1.5 billion higher, which is 13% more than in 2025. The company maintained a premium operating margin of 45%, helped by scale and Aladdin technology, which fuels growth and reduces marginal costs.

A：BlackRock is contributing to retirement solutions by innovating products such as Lifepath Paycheck, the fastest-growing lifetime income target date strategy in the defined contribution market, with the potential to become the default retirement investment strategy. They aim to combine public markets, private markets, and guaranteed income in an optimal target solution. BlackRock is also working with plan sponsors and policymakers to offer standardized benchmarking and performance data for plan choices, and it serves as a leading platform for defined contribution plans.

A：BlackRock has made excellent progress across a range of infrastructure strategies, including mid-cap and emerging markets for equity and investment grade, high-yield, and credit-sensitive income debt. They plan to mobilize and deploy $30 billion of equity capital with the potential to reach $100 billion, including debt. Income-oriented strategies are a critical component of clients' portfolios, with BlackRock managing over $1 trillion in assets across public fixed income, cash, and private credit.

A：iShares serves as an innovation engine for BlackRock, leading in organic asset and base fee growth, country served, and product lineup. In 2025, iShares had 527 billion of net inflows and remains the market leader in ETFs. The acquisition of iShares in 2009 has significantly contributed to BlackRock's growth, with iShares' AUM increasing from $300 billion to $5.5 trillion and revenues quadrupling to over $8 billion. iShares is delivering growth through core channels and premium initiatives in new areas such as active ETFs, digital assets, and international markets.

A：The Aladdin technology is designed to unify and power all of BlackRock's platform and work, staying attuned to market changes, and allowing adaptation for clients. The scale of BlackRock as the largest user of Aladdin enables the company to enhance the technology based on market feedback and client needs, contributing to features that facilitate the management of exposures across public and private markets.

A：BlackRock's platform is comprehensive, global, and a leader in both public and private markets, as well as in technology and data. The company is a foundational provider in traditional and evolving decentralized financial ecosystems. The strategic focus includes expanding access to private market data, enhancing its technology-based integrations, and concentrating on margins and profitable growth to translate into shareholder value through earnings and multiple expansion.

A：BlackRock ended the year with 12% organic base growth and record flows at a new AUM high of $14 trillion. This resulted in a lift of the base fee growth rate by 13%. Future strategies include aiming to raise a cumulative $10 billion in private markets by 2030 and focusing on maintaining profitable growth and margins.

A：The netflow pipeline indicates a diversified fundraising plan across various asset classes, with a projection that the money market business will be affected by the shift towards a steeper yield curve. Despite higher rates contributing to performance in recent years, with the Fed cutting rates, there is a possibility of flows reversing in the money market business. If this happens, the liquidity might go towards other investment opportunities, potentially causing a shift in investment dynamics.

A：Current trends in fixed income investing suggest that bond returns are increasingly driven by income rather than rate moves or spread compression. With expected rate cuts leading to falling money market yields, there is an opportunity to lock in high-quality income in the front-middle of the yield curve. BlackRock is positioned to capitalize on these trends by managing over $3 trillion in fixed income, providing offerings across sectors and durations, and leveraging a diverse range of investment vehicles including ETFs, separate accounts, mutual funds, and yield-oriented exposures.

A：The growth of global capital markets implies that the base holdings of cash will be elevated, as cash grows alongside capital market growth. Additionally, the potential for tokenization to create a tokenized money market fund and other assets could lead to above-trend holdings in cash. This growth and potential tokenization create opportunities for BlackRock to expand its money market holdings, as the role of money market funds grows with the expansion of capital markets and the increasing number of participants investing within them.

A：BlackRock's priorities in Asia include the fast-paced growth of capital markets, particularly more IPOs in Hong Kong and changes in Japan's retirement accounts leading to more wealth entering the capital markets. Growth opportunities include the expansion of wealth management in Hong Kong and Southeast Asia, and participation in the development of retirement systems in countries like Saudi Arabia. These growth opportunities are significant not just for managing assets but also for direct investment in emerging markets. The firm is leveraging local partnerships and platforms in countries like India to capture these opportunities. As many markets transition from being importers to exporters of capital, developing their own capital markets, BlackRock sees these trends as beneficial for its business and is actively involved in conversations and platform building in each country.

A：Approximately 5% of BlackRock's AUM is currently invested in the insurance channel. The firm plans to differentiate its offering by leveraging its position as the largest insurance company general account manager with $700 billion in assets and over 450 insurance relationships, managing additional credit assets for insurance companies, and by being a high-grade solutions provider with services such as access to the Aladdin platform, middle office services, and accounting services.

A：BlackRock sees significant opportunity for growth in the private credit market with insurance companies, which currently has a smaller penetration compared to the corporate credit market. They are in discussions with leading insurers to build private high-grade portfolios and expect deployments to start materializing in the second half of 2026. The firm aims to migrate about 10% of existing public fixed income assets into private high-grade, expand high-grade mandates, and pursue strategic partnerships and minority investments to increase the pool of insurance assets managed. They target delivering better outcomes for insurance clients, expanding high-grade mandates, and pursuing strategic partnerships.

A：BlackRock's competitive advantage in insurance company asset management lies in its highly customized approach and integration of services. The firm acts as an insourced partner to insurance companies, managing cash flows, credit risk, and the intersection of accounting and capital. This involves a highly interactive and day-to-day involvement, which is not a one-size-fits-all approach but a tailored service. By offering turnkey, full-service capabilities for insurance companies, integrating public fixed income, private credit, Aladdin accounting, and middle office services, BlackRock positions itself as a performance enhancer and scale enabler for its clients.

A：BlackRock continues to deliver industry-leading margins, with a forecasted adjusted operating margin greater than 45% for the year, with a specific focus on recurring fee-related earnings. They expect the margin on fee-related earnings to grow and approach the trajectories of the best-in-class private market names, which are north of 50%. This growth is fueled by strong fee growth in their private markets franchises, high-value, higher fee rate, and scaled strategies, among others. They also plan to maintain or improve their margins by driving operating leverage and growth through technology and automation, strategically footprinting their business, and leveraging the benefits of size and scale. As a result, they expect steady operating margin expansion and aim to achieve a 45% or higher adjusted operating margin. Future years are expected to show mid single-digit percentage growth in GA.

A：BlackRock's plans for the evolution of its private market data include expanding the distribution of world-class frequent data, building out data and models for private markets, creating an ecosystem to power investment in private markets, and leveraging Aladdin and iShares to build the infrastructure for indexing private markets. They aim to create investable private market indices and standardize index rules, pricing frameworks, and publication to foster markets and transparency, potentially leading to futures contracts and iShares. The need for comprehensive risk management platforms is increasingly imperative, especially with more entities deploying private market strategies, making BlackRock well positioned for growth in this area.

A：The expectation is for a period of expected catch-up as direct lending defaults rise from historically low levels but remain within historical ranges.

A：Credit quality metrics such as PI as a percentage of total interest income and recovery rates are in line with historical norms across the portfolios being managed.

A：Smaller borrowers, particularly those financed at very high valuations and with capital structures not contemplating a negative interest rate scenario, are expected to face more challenges.

A：BDC flows show positive trends with strong gross subscriptions and most BDCs posting positive flows. There are strong structural pipeline for fundraising and deployment, and investors plan to maintain or increase their allocations to private credit.

A：New product offerings will include a real assets strategy in the US and European direct lending for European private wealth clients, as well as strategies such as triple net lease later in the year. The goal is to grow the private market wealth series of products to at least 60 billion in AUM by 2030.