BlackRock Reports Full Year 2023 Diluted EPS of $36.51, or $37.77 as adjusted Fourth Quarter 2023 Diluted EPS of $9.15, or $9.66 as adjusted

BlackRock Announces Agreement to Acquire Global Infrastructure Partners (“GIP”) – Creating a World Leading Infrastructure Investment Platform

New York, January 12, 2024 – BlackRock, Inc. (NYSE: BLK) today reported financial results for the three months and year ended December 31, 2023.

• BlackRock’s acquisition of GIP will create a combined infrastructure platform of over $150 billion*, well positioned to meet fast-growing investor demand
• $10 trillion in AUM following $289 billion of full year net inflows, including $96 billion in the fourth quarter
• Flat full year revenue primarily driven by the negative impact of markets on average AUM, partially offset by higher technology services revenue
• Restructuring charge of $61 million from initiative to reorganize specific platforms, primarily Aladdin and illiquid alternative investments, to stay ahead of client needs, excluded from as adjusted results
• 2% decrease in full year operating income
• 7% increase in full year diluted EPS also reflects significantly higher nonoperating income, partially offset by a higher effective tax rate in the current year
• $4.5 billion returned to shareholders in 2023, including $1.5 billion of share repurchases
• 2% increase in quarterly cash dividend to $5.10 per share approved by Board of Directors

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