(in millions, except shares and per share data)

2015

1^st Quarter⁽¹⁾

2^nd Quarter⁽³⁾

3^rd Quarter⁽⁴⁾

4^th Quarter^{(2) (5)}

Revenue

$

2,723

$

2,905

$

2,910

$

2,863

Operating income

$

1,067

$

1,238

$

1,222

$

1,137

Net income⁽⁶⁾

$

825

$

826

$

832

$

869

Net income attributable to BlackRock

$

822

$

819

$

843

$

861

Earnings per share attributable to BlackRock, Inc. common stockholders:

Basic

$

4.92

$

4.92

$

5.08

$

5.19

Diluted

$

4.84

$

4.84

$

5.00

$

5.11

Weighted-average common shares outstanding:

Basic

167,089,037

166,616,558

166,045,291

165,826,808

Diluted

169,723,167

169,114,759

168,665,303

168,632,558

Dividend declared per share

$

2.18

$

2.18

$

2.18

$

2.18

Common stock price per share:

High

$

380.33

$

377.85

$

354.54

$

363.72

Low

$

340.51

$

344.54

$

293.52

$

295.92

Close

$

365.84

$

345.98

$

297.47

$

340.52

2014

Revenue

$

2,670

$

2,778

$

2,849

$

2,784

Operating income

$

1,051

$

1,122

$

1,157

$

1,144

Net income

$

744

$

841

$

873

$

806

Net income attributable to BlackRock

$

756

$

808

$

917

$

813

Earnings per share attributable to BlackRock, Inc. common stockholders:

Basic

$

4.47

$

4.79

$

5.46

$

4.86

Diluted

$

4.40

$

4.72

$

5.37

$

4.77

Weighted-average common shares outstanding:

Basic

169,081,421

168,712,221

167,933,040

167,197,844

Diluted

171,933,803

171,150,153

170,778,766

170,367,445

Dividend declared per share

$

1.93

$

1.93

$

1.93

$

1.93

Common stock price per share:

High

$

323.89

$

319.85

$

336.47

$

364.40

Low

$

286.39

$

293.71

$

301.10

$

303.91

Close

$

314.48

$

319.60

$

328.32

$

357.56

(1)

The first quarter of 2015 included nonrecurring tax benefits of $69 million, primarily due to the realization of losses from changes in the Company’s organizational tax structure and the resolution of certain outstanding tax matters.

(2)

The fourth quarter of 2015 included a $64 million noncash tax benefit, primarily related to the revaluation of certain deferred income tax liabilities, including the effect of tax legislation enacted in the United Kingdom.  

(3)

The second quarter of 2014 included a $23 million net noncash tax expense, primarily associated with the revaluation of certain deferred income tax liabilities arising from the state and local tax effect of changes in the Company’s organizational structure. In addition, the second quarter of 2014 benefited from an improvement in the geographic mix of earnings and included a $34 million net tax benefit related to several favorable nonrecurring items.

(4)

The third quarter of 2014 included a $32 million noncash tax benefit, primarily associated with the revaluation of certain deferred income tax liabilities related to intangible assets and goodwill as a result of domestic state and local tax changes.

In addition, the third quarter of 2014 included a $94 million tax benefit, primarily due to the resolution of certain outstanding tax matters related to the acquisition of BGI. In connection with the acquisition, BlackRock recorded a $50 million indemnification asset for unrecognized tax benefits. Due to the resolution of such tax matters, BlackRock recorded $50 million of general and administration expense to reflect the reduction of the indemnification asset and an offsetting $50 million tax benefit.

(5)

The fourth quarter of 2014 benefited from $39 million of nonrecurring tax items.

(6)

During the second quarter of 2015, the Company adopted new accounting guidance on consolidations effective January 1, 2015 using the modified retrospective method.   Upon adoption, the Company recorded a change to total nonoperating income (expense) with an equal and offsetting change to noncontrolling interests for the three months ended March 31, 2015.  There was no impact to net income attributable to BlackRock, Inc. or to BlackRock’s earnings per share.