Exhibit 99.1


INVESTOR RELATIONS: Caroline Rodda 212.810.3442	MEDIA RELATIONS: Ed Sweeney 646.231.0268

BlackRock Reports Second Quarter 2024 Diluted EPS of $9.99, or $10.36 as adjusted
New York, July 15, 2024 – BlackRock, Inc. (NYSE: BLK) today reported financial results for the three and six months ended June 30, 2024.

     Previously announced agreement to acquire Preqin represents next step in the transformation of BlackRock private markets capabilities by delivering integrated investments, technology, and data for the whole portfolio
$139 billion of first half total net inflows reflect continued strength of broad-based platform, including record start to year for BlackRock ETFs
$82 billion of quarterly total net inflows positive across product types
$10.6 trillion in AUM, up $1.2 trillion year-over-year, driven by consistent organic growth and positive market movements
 
8% increase in revenue year-over-year, primarily driven by the positive impact of markets on average AUM, organic base fee growth, and higher performance fees and technology services revenue 
11% increase in operating income year-over-year (12% as adjusted)
10% increase in diluted EPS year-over-year (12% as adjusted) 
$500 million of share repurchases in the current quarter

      

     Laurence D. Fink, Chairman and CEO:
“BlackRock is executing on the broadest opportunity set we’ve seen in years, including in private markets, Aladdin, and whole portfolio solutions across both ETFs and active. At the same time, we are opening up meaningful new growth markets for our clients and shareholders with our planned acquisitions of Global Infrastructure Partners and Preqin.
“BlackRock generated nearly $140 billion of total net inflows in the first half of 2024, including $82 billion in the second quarter resulting in 3% organic base fee growth. Organic growth was driven by private markets, retail active fixed income, and surging flows into our ETFs, which had their best start to a year on record. We are delivering growth with scale, reflected in a 12% increase to operating income and 160 basis points of margin expansion.
“BlackRock has longstanding relationships with corporates and governments around the world as a long-term investor in public equity and debt. These relationships differentiate BlackRock as a capital partner in private markets, driving unique deal flow for clients. We have strong sourcing capabilities, and we are transforming our private markets platform to bring even more benefits of scale and technology to our clients. We are on pace to close our planned acquisition of Global Infrastructure Partners in the third quarter of 2024, which is expected to double private markets base fees and add approximately $100 billion of infrastructure AUM. And just a few weeks ago, we announced our agreement to acquire Preqin, a leading private markets data provider.
“BlackRock is defining a unique, integrated approach to private markets - spanning investment, technology workflows and data. We believe this will deepen our relationships with clients, and deliver value for our shareholders through premium, diversified organic revenue growth.
“Clients have always been at the center of our strategy. We will continue to innovate and evolve to deliver the outcomes and performance they need. We believe our momentum with clients will only accelerate from here, driving differentiated growth for our shareholders.”

    


FINANCIAL RESULTS							NET FLOW HIGHLIGHTS(1)
	Q2			Q2						Q2			YTD
(in millions, except per share data)	2024			2023			(in billions)			2024			2024
AUM	$	10,645,721		$	9,425,212		Long-term net flows:			$	51		$	128
% change		13	%
Average AUM	$	10,457,851		$	9,187,240		By region:
% change		14	%					Americas		$	31		$	89
Total net flows	$	81,565		$	80,162			EMEA			36			56
								APAC			(16	)		(17	)
GAAP basis:
Revenue	$	4,805		$	4,463		By client type:
% change		8	%
Operating income	$	1,800		$	1,615			Retail:		$	6		$	13
% change		11	%						US		2			9
Operating margin		37.5	%		36.2	%			International		4			4
Net income(1)	$	1,495		$	1,366
% change		9	%					ETFs:		$	83		$	150
Diluted EPS	$	9.99		$	9.06				Core equity		32			69
% change		10	%						Strategic		37			51
Weighted-average diluted shares		149.7			150.7				Precision		14			30
% change		(1	)%
								Institutional:		$	(37	)	$	(35	)
As Adjusted(2):									Active		(2	)		13
Operating income	$	1,881		$	1,675				Index		(35	)		(48	)
% change		12	%
Operating margin		44.1	%		42.5	%
Net income(1)	$	1,550		$	1,399		Cash management net flows			$	30		$	11
% change		11	%
Diluted EPS	$	10.36		$	9.28
% change		12	%				Total net flows			$	82		$	139
_________________________							_________________________
(1) Net income represents net income attributable to BlackRock, Inc. (2) See pages 11 through 13 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items.							(1) Totals may not add due to rounding.

BUSINESS RESULTS


											Q2 2024
						Q2 2024					Base fees(1)
						Base fees(1)		June 30, 2024			and securities
	Q2 2024			June 30, 2024		and securities		AUM			lending revenue
(in millions), (unaudited)	Net flows			AUM		lending revenue		% of Total			% of Total
RESULTS BY CLIENT TYPE
Retail	$	5,695		$	992,152	$	1,053		9	%		27	%
ETFs		83,141			3,855,774		1,635		37	%		43	%
Institutional:
Active		(2,059	)		1,968,232		710		18	%		18	%
Index		(35,411	)		3,051,521		230		29	%		6	%
Total institutional		(37,470	)		5,019,753		940		47	%		24	%
Long-term		51,366			9,867,679		3,628		93	%		94	%
Cash management		30,199			778,042		247		7	%		6	%
Total	$	81,565		$	10,645,721	$	3,875		100	%		100	%

RESULTS BY INVESTMENT STYLE
Active	$	(3,606	)	$	2,703,506	$	1,706		25	%		44	%
Index and ETFs		54,972			7,164,173		1,922		68	%		50	%
Long-term		51,366			9,867,679		3,628		93	%		94	%
Cash management		30,199			778,042		247		7	%		6	%
Total	$	81,565		$	10,645,721	$	3,875		100	%		100	%

RESULTS BY PRODUCT TYPE
Equity	$	6,438		$	5,827,135	$	1,979		55	%		51	%
Fixed income		35,409			2,815,884		895		26	%		23	%
Multi-asset		4,460			921,412		313		9	%		8	%
Alternatives:
Illiquid alternatives		1,987			137,868		241		1	%		6	%
Liquid alternatives		(1,009	)		75,483		141		1	%		4	%
Currency and commodities		4,081			89,897		59		1	%		2	%
Total alternatives		5,059			303,248		441		3	%		12	%
Long-term		51,366			9,867,679		3,628		93	%		94	%
Cash management		30,199			778,042		247		7	%		6	%
Total	$	81,565		$	10,645,721	$	3,875		100	%		100	%

(1)

Base fees include investment advisory and administration fees.

INVESTMENT PERFORMANCE AT June 30, 2024(1)


	One-year period	Three-year period	Five-year period
Fixed income:
Actively managed AUM above benchmark or peer median
Taxable	76%	79%	85%
Tax-exempt	62%	65%	54%
Index AUM within or above applicable tolerance	95%	100%	99%
Equity:
Actively managed AUM above benchmark or peer median
Fundamental	56%	44%	78%
Systematic	96%	89%	93%
Index AUM within or above applicable tolerance	98%	100%	100%

(1)

Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 15 for performance disclosure detail.

TELECONFERENCE, WEBCAST AND PRESENTATION INFORMATION

Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Martin S. Small, will host a teleconference call for investors and analysts on Monday, July 15, 2024 at 7:30 a.m. (Eastern Time). Members of the public who are interested in participating in the teleconference should dial, from the United States, (313) 209-4906, or from outside the United States, (866) 400-0049, shortly before 7:30 a.m. and reference the BlackRock Conference Call (ID Number 8861191). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.

The webcast will be available for replay by 10:30 a.m. (Eastern Time) on Monday, July 15, 2024. To access the replay of 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, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

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


											Three Months
	Three Months Ended										Ended
	June 30,										March 31,
	2024			2023			Change				2024			Change
Revenue
Investment advisory, administration fees and securities lending revenue:
Investment advisory and administration fees	$	3,721		$	3,427		$	294			$	3,627		$	94
Securities lending revenue		154			184			(30	)			151			3
Total investment advisory, administration fees and securities lending revenue		3,875			3,611			264				3,778			97
Investment advisory performance fees		164			118			46				204			(40	)
Technology services revenue		395			359			36				377			18
Distribution fees		318			319			(1	)			310			8
Advisory and other revenue		53			56			(3	)			59			(6	)
Total revenue		4,805			4,463			342				4,728			77

Expense
Employee compensation and benefits		1,503			1,429			74				1,580			(77	)
Sales, asset and account expense:
Distribution and servicing costs		539			518			21				518			21
Direct fund expense		358			344			14				338			20
Sub-advisory and other		32			27			5				32			-
Total sales, asset and account expense		929			889			40				888			41
General and administration expense		534			493			41				529			5
Amortization of intangible assets		39			37			2				38			1
Total expense		3,005			2,848			157				3,035			(30	)

Operating income		1,800			1,615			185				1,693			107

Nonoperating income (expense)
Net gain (loss) on investments		162			231			(69	)			171			(9	)
Interest and dividend income		178			89			89				141			37
Interest expense		(126	)		(69	)		(57	)			(92	)		(34	)
Total nonoperating income (expense)		214			251			(37	)			220			(6	)

Income before income taxes		2,014			1,866			148				1,913			101
Income tax expense		477			443			34				290			187
Net income		1,537			1,423			114				1,623			(86	)
Less:
Net income (loss) attributable to noncontrolling interests		42			57			(15	)			50			(8	)
Net income attributable to BlackRock, Inc.	$	1,495		$	1,366		$	129			$	1,573		$	(78	)

Weighted-average common shares outstanding
Basic		148.4			149.6			(1.2	)			148.7			(0.2	)
Diluted		149.7			150.7			(1.1	)			150.1			(0.5	)
Earnings per share attributable to BlackRock, Inc. common stockholders
Basic	$	10.07		$	9.13		$	0.94			$	10.58		$	(0.51	)
Diluted	$	9.99		$	9.06		$	0.93			$	10.48		$	(0.49	)
Cash dividends declared and paid per share	$	5.10		$	5.00		$	0.10			$	5.10		$	-

Supplemental information:

AUM (end of period)	$	10,645,721		$	9,425,212		$	1,220,509			$	10,472,500		$	173,221
Shares outstanding (end of period)		148.2			149.4			(1.2	)			148.8			(0.6	)
GAAP:
Operating margin		37.5	%		36.2	%		130		bps		35.8	%		170		bps
Effective tax rate		24.2	%		24.5	%		(30	)	bps		15.6	%		860		bps
As adjusted:
Operating income (1)	$	1,881		$	1,675		$	206			$	1,775		$	106
Operating margin (1)		44.1	%		42.5	%		160		bps		42.2	%		190		bps
Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests (2)	$	165		$	178		$	(13	)		$	139		$	26
Net income attributable to BlackRock, Inc. (3)	$	1,550		$	1,399		$	151			$	1,473		$	77
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3)	$	10.36		$	9.28		$	1.08			$	9.81		$	0.55
Effective tax rate		24.2	%		24.5	%		(30	)	bps		23.0	%		120		bps

See pages 11 through 13 for the reconciliation to accounting principles generally accepted in the United States ("GAAP") and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items. Beginning in the first quarter of 2024, BlackRock, Inc. updated the presentation of the Company’s expense line items within the condensed consolidated statements of income by including a new “sales, asset, and account expense” income statement caption. Such expense line items have been recast for 2023 to conform to this new presentation. For a recast of 2023 expense line items, see page 12 of Exhibit 99.1 to the Current Report on Form 8-K furnished on April 12, 2024.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

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



	Six Months Ended
	June 30,
	2024			2023			Change
Revenue
Investment advisory, administration fees and securities lending revenue:
Investment advisory and administration fees	$	7,348		$	6,762		$	586
Securities lending revenue		305			351			(46	)
Total investment advisory, administration fees and securities lending revenue		7,653			7,113			540
Investment advisory performance fees		368			173			195
Technology services revenue		772			699			73
Distribution fees		628			638			(10	)
Advisory and other revenue		112			83			29
Total revenue		9,533			8,706			827

Expense
Employee compensation and benefits		3,083			2,856			227
Sales, asset and account expense:
Distribution and servicing costs		1,057			1,023			34
Direct fund expense		696			659			37
Sub-advisory and other		64			53			11
Total sales, asset and account expense		1,817			1,735			82
General and administration expense		1,063			988			75
Amortization of intangible assets		77			74			3
Total expense		6,040			5,653			387

Operating income		3,493			3,053			440

Nonoperating income (expense)
Net gain (loss) on investments		333			320			13
Interest and dividend income		319			175			144
Interest expense		(218	)		(128	)		(90	)
Total nonoperating income (expense)		434			367			67

Income before income taxes		3,927			3,420			507
Income tax expense		767			828			(61	)
Net income		3,160			2,592			568
Less:
Net income (loss) attributable to noncontrolling interests		92			69			23
Net income attributable to BlackRock, Inc.	$	3,068		$	2,523		$	545

Weighted-average common shares outstanding
Basic		148.6			149.8			(1.2	)
Diluted		149.9			151.0			(1.2	)
Earnings per share attributable to BlackRock, Inc. common stockholders
Basic	$	20.65		$	16.85		$	3.80
Diluted	$	20.47		$	16.70		$	3.77
Cash dividends declared and paid per share	$	10.20		$	10.00		$	0.20

Supplemental information:

AUM (end of period)	$	10,645,721		$	9,425,212		$	1,220,509
Shares outstanding (end of period)		148.2			149.4			(1.2	)
GAAP:
Operating margin		36.6	%		35.1	%		150		bps
Effective tax rate		20.0	%		24.7	%		(470	)	bps
As adjusted:
Operating income (1)	$	3,656		$	3,186		$	470
Operating margin (1)		43.1	%		41.5	%		160		bps
Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests (2)	$	304		$	265		$	39
Net income attributable to BlackRock, Inc. (3)	$	3,023		$	2,599		$	424
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3)	$	20.17		$	17.21		$	2.96
Effective tax rate		23.7	%		24.7	%		(100	)	bps

See pages 11 through 13 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items. Beginning in the first quarter of 2024, BlackRock, Inc. updated the presentation of the Company’s expense line items within the condensed consolidated statements of income by including a new “sales, asset, and account expense” income statement caption. Such expense line items have been recast for 2023 to conform to this new presentation. For a recast of 2023 expense line items, see page 12 of Exhibit 99.1 to the Current Report on Form 8-K furnished on April 12, 2024.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Current Quarter Component Changes by Client Type and Product Type
			Net
	March 31,		inflows					Market						June 30,
	2024		(outflows)			Acquisition(1)		change			FX impact(2)			2024		Average AUM(3)
Retail:
Equity	$	471,438	$	6,089		$	4,074	$	9,206		$	(380	)	$	490,427	$	475,607
Fixed income		315,004		1,932			-		(669	)		(2,635	)		313,632		313,550
Multi-asset		146,182		(1,443	)		-		3,123			(143	)		147,719		145,525
Alternatives		41,361		(883	)		-		(68	)		(36	)		40,374		40,847
Retail subtotal		973,985		5,695			4,074		11,592			(3,194	)		992,152		975,529
ETFs:
Equity		2,752,776		44,453			-		37,009			(3,970	)		2,830,268		2,749,800
Fixed income		904,755		34,488			-		(7,060	)		(966	)		931,217		910,137
Multi-asset		9,043		86			-		107			(32	)		9,204		9,006
Alternatives		79,068		4,114			-		1,913			(10	)		85,085		82,768
ETFs subtotal		3,745,642		83,141			-		31,969			(4,978	)		3,855,774		3,751,711
Institutional:
Active:
Equity		203,042		382			-		5,349			(596	)		208,177		203,525
Fixed income		836,798		(10,133	)		-		(437	)		(2,512	)		823,716		831,926
Multi-asset		748,017		5,889			-		8,389			(1,101	)		761,194		746,394
Alternatives		173,519		1,803			-		(13	)		(164	)		175,145		173,709
Active subtotal		1,961,376		(2,059	)		-		13,288			(4,373	)		1,968,232		1,955,554
Index:
Equity		2,290,596		(44,486	)		-		63,173			(11,020	)		2,298,263		2,265,395
Fixed income		749,188		9,122			-		395			(11,386	)		747,319		740,968
Multi-asset		3,355		(72	)		-		32			(20	)		3,295		3,647
Alternatives		2,576		25			-		65			(22	)		2,644		2,677
Index subtotal		3,045,715		(35,411	)		-		63,665			(22,448	)		3,051,521		3,012,687
Institutional subtotal		5,007,091		(37,470	)		-		76,953			(26,821	)		5,019,753		4,968,241
Long-term		9,726,718		51,366			4,074		120,514			(34,993	)		9,867,679		9,695,481
Cash management		745,782		30,199			-		2,513			(452	)		778,042		762,370
Total	$	10,472,500	$	81,565		$	4,074	$	123,027		$	(35,445	)	$	10,645,721	$	10,457,851
Current Quarter Component Changes by Investment Style and Product Type (Long-Term)
			Net
	March 31,		inflows					Market						June 30,
	2024		(outflows)			Acquisition(1)		change			FX impact(2)			2024		Average AUM(3)
Active:
Equity	$	455,665	$	(421	)	$	4,074	$	8,160		$	(960	)	$	466,518	$	456,842
Fixed income		1,127,206		(8,543	)		-		(948	)		(5,137	)		1,112,578		1,120,880
Multi-asset		894,186		4,440			-		11,515			(1,244	)		908,897		891,905
Alternatives		214,876		918			-		(81	)		(200	)		215,513		214,554
Active subtotal		2,691,933		(3,606	)		4,074		18,646			(7,541	)		2,703,506		2,684,181
Index and ETFs:
ETFs:
Equity		2,752,776		44,453			-		37,009			(3,970	)		2,830,268		2,749,800
Fixed income		904,755		34,488			-		(7,060	)		(966	)		931,217		910,137
Multi-asset		9,043		86			-		107			(32	)		9,204		9,006
Alternatives		79,068		4,114			-		1,913			(10	)		85,085		82,768
ETFs subtotal		3,745,642		83,141			-		31,969			(4,978	)		3,855,774		3,751,711
Non-ETF index:
Equity		2,509,411		(37,594	)		-		69,568			(11,036	)		2,530,349		2,487,685
Fixed income		773,784		9,464			-		237			(11,396	)		772,089		765,564
Multi-asset		3,368		(66	)		-		29			(20	)		3,311		3,661
Alternatives		2,580		27			-		65			(22	)		2,650		2,679
Non-ETF index subtotal		3,289,143		(28,169	)		-		69,899			(22,474	)		3,308,399		3,259,589
Index and ETFs subtotal		7,034,785		54,972			-		101,868			(27,452	)		7,164,173		7,011,300
Long-term	$	9,726,718	$	51,366		$	4,074	$	120,514		$	(34,993	)	$	9,867,679	$	9,695,481
Current Quarter Component Changes by Product Type (Long-Term)
			Net
	March 31,		inflows					Market						June 30,
	2024		(outflows)			Acquisition(1)		change			FX impact(2)			2024		Average AUM(3)
Equity	$	5,717,852	$	6,438		$	4,074	$	114,737		$	(15,966	)	$	5,827,135	$	5,694,327
Fixed income		2,805,745		35,409			-		(7,771	)		(17,499	)		2,815,884		2,796,581
Multi-asset		906,597		4,460			-		11,651			(1,296	)		921,412		904,572
Alternatives:
Illiquid alternatives		137,254		1,987			-		(1,151	)		(222	)		137,868		137,285
Liquid alternatives		75,365		(1,009	)		-		1,046			81			75,483		75,105
Currency and commodities(4)		83,905		4,081			-		2,002			(91	)		89,897		87,611
Alternatives subtotal		296,524		5,059			-		1,897			(232	)		303,248		300,001
Long-term	$	9,726,718	$	51,366		$	4,074	$	120,514		$	(34,993	)	$	9,867,679	$	9,695,481

(1)

Amounts include AUM attributable to the acquisition of SpiderRock Advisors, LLC in May 2024 (the "SpiderRock Transaction").

(2)

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

(3)

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

(4)

Amounts include commodity ETFs.

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)


Year-to-Date Component Changes by Client Type and Product Type
			Net
	December 31,		inflows					Market						June 30,
	2023		(outflows)			Acquisition(1)		change			FX impact(2)			2024		Average AUM(3)
Retail:
Equity	$	435,734	$	10,177		$	4,074	$	42,461		$	(2,019	)	$	490,427	$	461,772
Fixed income		312,799		4,799			-		(821	)		(3,145	)		313,632		313,187
Multi-asset		139,537		(599	)		-		9,119			(338	)		147,719		143,318
Alternatives		41,627		(1,522	)		-		440			(171	)		40,374		41,070
Retail subtotal		929,697		12,855			4,074		51,199			(5,673	)		992,152		959,347
ETFs:

BlackRock Inc. 8-K