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BlackRock Inc.

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BlackRock Inc.

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BlackRock Inc.

CIK:0001364742|SEC Filings

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue
Total revenue	$ 4,805	$ 4,463	$ 9,533	$ 8,706
Expense
Employee compensation and benefits	1,503	1,429	3,083	2,856
Distribution and servicing costs	539	518	1,057	1,023
Direct fund expense	358	344	696	659
Sub-advisory and other	32	27	64	53
Total Sales, Asset and Account Expense, Total	929	889	1,817	1,735
General and administration expense	534	493	1,063	988
Amortization of intangible assets	39	37	77	74
Total expense	3,005	2,848	6,040	5,653
Operating income	1,800	1,615	3,493	3,053
Nonoperating income (expense)
Net gain (loss) on investments	162	231	333	320
Interest and dividend income	178	89	319	175
Interest expense	(126)	(69)	(218)	(128)
Total nonoperating income (expense)	214	251	434	367
Income before income taxes	2,014	1,866	3,927	3,420
Income tax expense	477	443	767	828
Net income	1,537	1,423	3,160	2,592
Net income (loss) attributable to noncontrolling interests	42	57	92	69
Net income attributable to BlackRock, Inc.	$ 1,495	$ 1,366	$ 3,068	$ 2,523
Earnings per share attributable to BlackRock, Inc. common stockholders:
Basic	$ 10.07	$ 9.13	$ 20.65	$ 16.85
Diluted	$ 9.99	$ 9.06	$ 20.47	$ 16.7
Weighted-average common shares outstanding:
Basic	148,442,950	149,604,642	148,566,061	149,756,151
Diluted	149,657,889	150,739,213	149,891,535	151,043,763
Investment Advisory, Administration Fees and Securities Lending Revenue [Member]
Revenue
Total revenue	$ 3,875	$ 3,611	$ 7,653	$ 7,113
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] \| Related Parties [Member]
Revenue
Total revenue	2,935	2,689	5,782	5,300
Investment Advisory, Administration Fees and Securities Lending Revenue [Member] \| Other Third Parties [Member]
Revenue
Total revenue	940	922	1,871	1,813
Investment Advisory Performance Fees [Member]
Revenue
Total revenue	164	118	368	173
Technology Services Revenue [Member]
Revenue
Total revenue	395	359	772	699
Distribution Fees [Member]
Revenue
Total revenue	318	319	628	638
Advisory and Other Revenue [Member]
Revenue
Total revenue	$ 53	$ 56	$ 112	$ 83

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income	$ 3,160	$ 2,592
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization	219	208
Noncash lease expense	64	77
Stock-based compensation	355	323
Deferred income tax expense (benefit)	(80)	58
Other investment (gains)	(59)	0
Net (gains) losses within CIPs	(170)	(167)
Net (purchases) proceeds within CIPs	(1,452)	(947)
(Earnings) losses from equity method investees	(92)	(191)
Distributions of earnings from equity method investees	26	18
Changes in operating assets and liabilities:
Accounts receivable	(100)	(472)
Investments, trading	(40)	12
Other assets	(1,064)	(2,337)
Accrued compensation and benefits	(948)	(875)
Accounts payable and accrued liabilities	96	(110)
Other liabilities	1,042	2,402
Net cash provided by/(used in) operating activities	957	591
Investing activities
Purchases of investments	(517)	(584)
Proceeds from sales and maturities of investments	520	179
Distributions of capital from equity method investees	317	17
Net consolidations (deconsolidations) of sponsored investment funds	(34)	27
Acquisition, net of cash acquired	(74)	0
Purchases of property and equipment	(71)	(142)
Net cash provided by/(used in) investing activities	141	(503)
Financing activities
Repayments of long-term borrowings	(1,000)	0
Proceeds from long-term borrowings	2,979	1,238
Cash dividends paid	(1,553)	(1,544)
Proceeds from stock options exercised	163	27
Repurchases of common stock	(1,153)	(1,104)
Net proceeds from (repayments of) borrowings by CIPs	72	(23)
Net subscriptions received/(redemptions/distributions paid) from noncontrolling interest holders	955	640
Other financing activities	(9)	12
Net cash provided by/(used in) financing activities	454	(754)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(60)	84
Net increase/(decrease) in cash, cash equivalents and restricted cash	1,492	(582)
Cash, cash equivalents and restricted cash, beginning of period	8,753	7,433
Cash, cash equivalents and restricted cash, end of period	10,245	6,851
Supplemental schedule of noncash investing and financing transactions:
Issuance of common stock	417	524
Increase (decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds	$ (803)	$ (62)

Condensed Consolidated Statements of Financial Condition - USD ($)
$ in Millions

Jun. 30, 2024

Dec. 31, 2023

Assets

Cash and cash equivalents

^[1]

$ 10,228

$ 8,736

Accounts receivable

3,987

3,916

Investments

^[1]

10,216

9,740

Separate account assets

54,423

56,098

Separate account collateral held under securities lending agreements

5,030

4,558

Property and equipment (net of accumulated depreciation and amortization of $1,550 and $1,439 at June 30, 2024 and December 31, 2023 respectively)

1,052

1,112

Intangible assets (net of accumulated amortization of $629 and $618 at June 30, 2024 and December 31, 2023, respectively)

18,217

18,258

Goodwill

15,653

15,524

Operating lease right-of-use assets

1,459

1,421

Other assets

^[1]

5,006

3,848

Total assets

125,271

123,211

Liabilities

Accrued compensation and benefits

1,456

2,393

Accounts payable and accrued liabilities

1,351

1,240

Borrowings

9,857

7,918

Separate account liabilities

54,423

56,098

Separate account collateral liabilities under securities lending agreements

5,030

4,558

Deferred income tax liabilities

3,405

3,506

Operating lease liabilities

1,821

1,784

Other liabilities

^[1]

5,689

4,474

Total liabilities

83,032

81,971

Commitments and contingencies (Note 14)

Temporary equity

Redeemable noncontrolling interests

1,968

1,740

Permanent equity

Common stock, $0.01 par value; Shares authorized: 500,000,000 at June 30, 2024 and December 31, 2022; Shares issued: 172,075,373 at June 30, 2024 and December 31, 2023; Shares outstanding: 148,190,459 and 148,500,074 June 30, 2024 and December 31, 2023, respectively

Additional paid-in capital

19,771

19,833

Retained earnings

33,858

32,343

Accumulated other comprehensive loss

(978)

(840)

Treasury stock, common, at cost (23,884,914 and 23,575,299 shares held at June 30, 2024 and December 31, 2023, respectively)

(12,551)

(11,991)

Total BlackRock, Inc. stockholders’ equity

40,102

39,347

Nonredeemable noncontrolling interests

169

153

Total permanent equity

40,271

39,500

Total liabilities, temporary equity and permanent equity

$ 125,271

$ 123,211

[1]

At June 30, 2024, cash and cash equivalents, investments, other assets and other liabilities include $185 million, $5.5 billion, $117 million, and $2.3 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2023, cash and cash equivalents, investments, other assets and other liabilities include $234 million, $5.0 billion, $83 million, and $2.2 billion, respectively, related to consolidated VIEs.