INVESTMENT INSIGHTS
Our thought leadership in investing, risk management, portfolio construction and trading solutions.
BLACKROCK SUSTAINABILITY
Skip to content
Welcome to BlackRock Corporate site
Before we proceed, please take a moment to review and accept the following terms and Conditions:
Please read this page before proceeding as it explains certain restrictions imposed by law on the distribution of this information and the jurisdictions in which our products and services are authorised to be offered or sold.
By entering this site, you are agreeing that you have reviewed and agreed to the terms contained herein, including any legal or regulatory restrictions, and have consented to the collection, use and disclosure of your personal data as set out in the Privacy section referred to below.
By confirming below, you also acknowledge that you:
(i) have read this important information;
(ii) agree your access to this website is subject to the disclaimer, risk warnings and other information set out herein; and
(iii) are the relevant sophistication level and/or type of audience intended for your respective country or jurisdiction identified below.
The information contained on this website (this “Website”) (including without limitation the information, functions and documents posted herein (together, the “Contents”) is made available for informational purposes only.
No Offer
The Contents have been prepared without regard to the investment objectives, financial situation, or means of any person or entity, and the Website is not soliciting any action based upon them.
This material should not be construed as investment advice or a recommendation or an offer or solicitation to buy or sell securities and does not constitute an offer or solicitation in any jurisdiction where or to any persons to whom it would be unauthorized or unlawful to do so.
Access Subject to Local Restrictions
The Website is intended for the following audiences in each respective country or region: In the U.S.: public distribution. In Canada: public distribution. In the UK and outside the EEA: professional clients (as defined by the Financial Conduct Authority or MiFID Rules) and qualified investors only and should not be relied upon by any other persons. In the EEA, professional clients, qualified clients, and qualified investors. For qualified investors in Switzerland, qualified investors as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended. In DIFC: 'Professional Clients’ and no other person should rely upon the information contained within it. In Singapore, public distribution. In Hong Kong, public distribution. In South Korea, Qualified Professional Investors (as defined in the Financial Investment Services and Capital Market Act and its sub-regulations). In Taiwan, Professional Investors. In Japan, Professional Investors only (Professional Investor is defined in Financial Instruments and Exchange Act). In Australia, public distribution. In China, this may not be distributed to individuals resident in the People's Republic of China ("PRC", for such purposes, excluding Hong Kong, Macau and Taiwan) or entities registered in the PRC unless such parties have received all the required PRC government approvals to participate in any investment or receive any investment advisory or investment management services. For Other APAC Countries, Institutional Investors only (or professional/sophisticated /qualified investors, as such term may apply in local jurisdictions). In Latin America, institutional investors and financial intermediaries only (not for public distribution).
This Contents are not intended for, or directed to, persons in any countries or jurisdictions that are not enumerated above, or to an audience other than as specified above.
This Website has not been, and will not be submitted to become, approved/verified by, or registered with, any relevant government authorities under the local laws. This Website is not intended for and should not be accessed by persons located or resident in any jurisdiction where (by reason of that person's nationality, domicile, residence or otherwise) the publication or availability of this Website is prohibited or contrary to local law or regulation or would subject any BlackRock entity to any registration or licensing requirements in such jurisdiction.
It is your responsibility to be aware of, to obtain all relevant regulatory approvals, licenses, verifications and/or registrations under, and to observe all applicable laws and regulations of any relevant jurisdiction in connection with your access. If you are unsure about the meaning of any of the information provided, please consult your financial or other professional adviser.
No Warranty
The Contents are published in good faith but no advice, representation or warranty, express or implied, is made by BlackRock or by any person as to its adequacy, accuracy, completeness, reasonableness or that it is fit for your particular purpose, and it should not be relied on as such. The Contents do not purport to be complete and is subject to change. You acknowledge that certain information contained in this Website supplied by third parties may be incorrect or incomplete, and such information is provided on an "AS IS" basis. We reserve the right to change, modify, add, or delete, any content and the terms of use of this Website without notice. Users are advised to periodically review the contents of this Website to be familiar with any modifications. The Website has not made, and expressly disclaims, any representations with respect to any forward-looking statements. By their nature, forward-looking statements are subject to numerous assumptions, risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.
No information on this Website constitutes business, financial, investment, trading, tax, legal, regulatory, accounting or any other advice. If you are unsure about the meaning of any information provided, please consult your financial or other professional adviser.
No Liability
BlackRock shall have no liability for any loss or damage arising in connection with this Website or out of the use, inability to use or reliance on the Contents by any person, including without limitation, any loss of profit or any other damage, direct or consequential, regardless of whether they arise from contractual or tort (including negligence) or whether BlackRock has foreseen such possibility, except where such exclusion or limitation contravenes the applicable law.
You may leave this Website when you access certain links on this Website. BlackRock has not examined any of these websites and does not assume any responsibility for the contents of such websites nor the services, products or items offered through such websites.
Intellectual Property Rights
Copyright, trademark and other forms of proprietary rights protect the Contents of this Website. All Contents are owned or controlled by BlackRock or the party credited as the provider of the Content. Except as expressly provided herein, nothing in this Website should be considered as granting any licence or right under any copyright, patent or trademark or other intellectual property rights of BlackRock or any third party.
This Website is for your personal use. As a user, you must not sell, copy, publish, distribute, transfer, modify, display, reproduce, and/or create any derivative works from the information or software on this Website. You must not redeliver any of the pages, text, images, or content of this Website using "framing" or similar technology. Systematic retrieval of content from this Website to create or compile, directly or indirectly, a collection, compilation, database or directory (whether through robots, spiders, automatic devices or manual processes) or creating links to this Website is strictly prohibited. You acknowledge that you have no right to use the content of this Website in any other manner.
Additional Information
Investment involves risks. Past performance is not a guide to future performance. The value of investments and the income from them can fall as well as rise and is not guaranteed. You may not get back the amount originally invested. Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase.
Privacy
Your name, email address and other personal details will be processed in accordance with BlackRock’s Privacy Policy for your specific country which you may read by accessing our website at https://www.blackrock.com.
Please note that you are required to read and accept the terms of our Privacy Policy before you are able to access our websites.
Once you have confirmed that you agree to the legal information herein, and the Privacy Policy – by indicating your consent – we will place a cookie on your computer to recognise you and prevent this page from reappearing should you access this site, or other BlackRock sites, on future occasions. The cookie will expire after six months, or sooner should there be a material change to this important information.
Please review the Important Notes for information on certain non-GAAP figures shown below and throughout the Annual Report, as well as for source information on other data points.
| 2020 | 2019 | 2018 | ||||
|---|---|---|---|---|---|---|
| (in millions) | ||||||
| Total AUM (end of period) | $ 8,676,680 | $ 7,429,633 | $ 5,975,818 | |||
| Revenue | 16,205 | 14,539 | 14,198 | |||
| Operating income, as adjusted | 6,284 | 5,551 | 5,531 | |||
| Operating margin, as adjusted | 44.9% | 43.7% | 44.3% | |||
| Net income attributable to BLK, GAAP | 4,932 | 4,476 | 4,305 | |||
| Net income attributable to BLK, as adjusted | 5,237 | 4,484 | 4,361 | |||
| Diluted weighted-average common shares | 154.8 | 157.5 | 161.9 | |||
| Per share | ||||||
| Diluted earnings, GAAP | $ 31.85 | $ 28.43 | $ 26.58 | |||
| Diluted earnings, as adjusted | 33.82 | 28.48 | 26.93 | |||
| Dividends declared | 14.52 | 13.20 | 12.02 | |||
Important notes
Opinions
Opinions expressed within the BlackRock 2020 Annual Report are those of BlackRock, Inc. as of March 2021 and are subject to change. Investment involves risk including the loss of principal. The companies mentioned in this document are not meant to be a recommendation to buy or sell any security.
BlackRock data points
All data within the BlackRock 2020 Annual Report reflects as-adjusted full-year 2020 results or is as of December 31, 2020, unless otherwise noted. 2020 organic growth is defined as full-year 2020 net flows divided by assets under management (AUM) for the entire firm, a particular segment or particular product as of December 31, 2019. Long-term product offerings include active and passive strategies across equity, fixed income, multi-asset and alternatives, and exclude AUM and flows from the cash management and advisory businesses.
Industry data points
All data is as of December 31, 2020 unless otherwise noted.
As of December 31, 2020, the SNL U.S. Asset Manager Index included: Affiliated Managers Group Inc.; AllianceBernstein Holding L.P.; Ameriprise Financial Inc.; Apollo Global Management Inc.; Ares Management Corporation; Artisan Partners Asset Management Inc.; Ashford Inc.; Associated Capital Group Inc.; BlackRock, Inc.; Blackstone Group Inc.; BrightSphere Investment Group Inc.; Carlyle Group Inc.; Cohen & Steers Inc.; Diamond Hill Investment Group; Federated Hermes Inc.; Fifth Street Asset Management Inc.; Franklin Resources Inc.; GAMCO Investors Inc.; Great Elm Group; Hamilton Lane Inc.; Hennessy Advisors Inc.; Invesco Ltd.; Janus Henderson Group Plc.; KKR & Co; Manning & Napier Inc.; Medley Management Inc.; Pzena Investment Management Inc.; Safeguard Scientifics Inc.; Sculptor Capital Management Inc.; SEI Investments Co.; Silvercrest Asset Management Group; T. Rowe Price Group Inc.; The Gabelli Equity Trust; U.S. Global Investors Inc.; Victory Capital Holdings Inc.; Virtus Investment Partners Inc.; Waddell & Reed Financial Inc.; Westwood Holdings Group Inc.; WisdomTree Investments Inc.
GAAP and as-adjusted results
See pages 40–41 of our 2020 10-K for an explanation of the use of non-GAAP financial measures and a reconciliation to GAAP.
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 U.S. 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.
Explore more
About Us
Newsroom
Insights
Investor Relations
Corporate sustainability
-
BLACKROCK SUSTAINABILITY
© 2023 BlackRock, Inc. All rights reserved.