BlackRock, Inc(NYSE:BLK) 
BlackRock, Inc. is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, go...
Website: http://www.blackrock.com
Founded: 1988
Full Time Employees: 16,600
Sector: Financial Services
Industry: Asset Management
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At a glance:
- World's Largest Asset Manager: Manages trillions in assets globally, making it the largest asset manager worldwide, serving institutional, intermediary, and individual clients.
- Dominant in ETFs with iShares: A pioneer and market leader in exchange-traded funds (ETFs) through its iShares brand, offering a vast array of low-cost, diversified investment vehicles.
- Powerful Aladdin Technology Platform: Operates Aladdin, a proprietary, industry-leading risk management and portfolio analytics platform that is also licensed to other financial institutions, providing a significant revenue stream.
- Strong Emphasis on Sustainable Investing: A vocal proponent and major player in ESG (Environmental, Social, and Governance) investing, integrating sustainability considerations across its investment strategies and product development.
Bull Thesis:
- Dominant Market Position and AUM Growth: As the world's largest asset manager, BlackRock benefits from global wealth creation and the secular shift towards professional asset management. Its unparalleled scale provides significant competitive advantages, allowing it to capture a large share of market growth and maintain strong pricing power in certain segments.
- iShares ETF Leadership: BlackRock's iShares platform is a global leader in Exchange Traded Funds (ETFs). The ongoing shift from traditional mutual funds to lower-cost, flexible ETFs represents a powerful secular trend that BlackRock is exceptionally well-positioned to capitalize on, driving consistent fee revenue and market share gains.
- Aladdin Platform's Sticky Revenue: The Aladdin risk management and portfolio management platform is a critical, high-margin, recurring revenue stream that diversifies BlackRock's business beyond just AUM fees. Its widespread adoption by institutional clients creates a sticky ecosystem, a significant competitive moat, and provides valuable insights into market trends.
- Leadership in Sustainable Investing (ESG): BlackRock has taken a leading stance in ESG and sustainable investing. As investor demand for ESG-aligned products grows, BlackRock's early and strong positioning, extensive product offerings, and advocacy in this space are likely to attract substantial capital inflows and solidify its reputation as an industry innovator.
Bear Thesis:
- Persistent Fee Compression: The asset management industry, particularly in passive investing, continues to face intense fee compression. This ongoing pressure on management fees could erode BlackRock's profitability and margins, even with growing Assets Under Management (AUM), as investors increasingly seek lower-cost options.
- Sensitivity to Market Downturns: A significant portion of BlackRock's revenue is directly tied to the value of its Assets Under Management (AUM). A prolonged or severe market downturn (e.g., a bear market in equities or bonds) would lead to a substantial decrease in AUM, directly impacting management fees and overall profitability.
- Increasing Regulatory and Political Scrutiny: Due to its immense size and influence, BlackRock faces increasing regulatory and political scrutiny globally. This includes concerns over systemic risk, market concentration, and its stance on ESG, which could lead to operational restrictions, reputational damage, or increased compliance costs.
- Intense Competition Across Segments: BlackRock operates in a highly competitive landscape, facing challenges from other large traditional asset managers (e.g., Vanguard, State Street), new fintech entrants, and specialized alternative asset managers. This competition could limit growth opportunities, exacerbate fee pressure, and make it harder to attract new clients.
Main Competitors:
- Vanguard Group, Inc. (Vanguard ETFs, Mutual Funds), Vanguard is a direct and formidable competitor to BlackRock's iShares in the passive investment space, particularly with its low-cost index funds and exchange-traded funds (ETFs). Vanguard's unique client-owned structure allows it to offer some of the lowest expense ratios in the industry, putting significant pricing pressure on BlackRock's offerings.
- State Street Global Advisors (SSGA) ($STT) (SPDR ETFs, Institutional Asset Management), SSGA is a major competitor in the ETF market, known for its SPDR (Standard & Poor's Depositary Receipts) family of ETFs, including the first U.S. ETF (SPY). Beyond ETFs, SSGA also competes with BlackRock for large institutional mandates in both active and passive investment strategies across various asset classes.
- Fidelity Investments (Fidelity Mutual Funds, ETFs, Wealth Management), Fidelity is a diversified financial services firm that competes with BlackRock across multiple fronts. This includes active and passive mutual funds, a growing suite of ETFs, and comprehensive wealth management services for individual investors and institutional clients. Fidelity leverages its strong brand and broad distribution network.
- The Blackstone Group Inc. ($BX) (Private Equity Funds, Real Estate Funds, Credit Funds), While primarily focused on alternative investments (private equity, real estate, credit, hedge funds), Blackstone competes with BlackRock for large institutional capital allocations. As BlackRock expands its own alternatives platform, it increasingly vies with specialized firms like Blackstone for mandates from pension funds, endowments, and sovereign wealth funds.
Moat:
BlackRock's formidable competitive moat is primarily derived from its unparalleled scale as the world's largest asset manager, which enables significant economies of scale and global distribution. Its dominant iShares ETF franchise benefits from strong brand recognition and liquidity. A key differentiator is its proprietary Aladdin technology platform, a comprehensive risk management and portfolio management system widely adopted across the financial industry, creating a sticky ecosystem and valuable data insights. However, BlackRock faces intense competition across all segments. In passive investing, it battles Vanguard on price. Other large asset managers like Fidelity and State Street compete for institutional and retail mandates. The growing demand for alternative investments also pits BlackRock against specialized firms like Blackstone for institutional capital, driving continuous pressure on fees and the need for product innovation.
Income Statements:
Quarterly
Annual
| Unit: USD | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2021-12-31 | 2021-09-30 | 2020-06-30 | 2018-03-31 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-12-31 | 2015-06-30 | 2015-03-31 | 2014-12-31 | 2014-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | ||||||||||||||||||||||
yoy | ||||||||||||||||||||||
qoq | ||||||||||||||||||||||
investment advisory, administration fees and securities lending revenue: | ||||||||||||||||||||||
related parties | 2,935,000,000 | 2,847,000,000 | 2,692,000,000 | 2,765,000,000 | 2,689,000,000 | 2,611,000,000 | 2,549,000,000 | 2,647,000,000 | 2,769,000,000 | 2,996,000,000 | 2,964,000,000 | 2,052,000,000 | 2,112,000,000 | 1,738,000,000 | 1,768,000,000 | 1,713,000,000 | 1,617,000,000 | 1,766,000,000 | 1,681,000,000 | 1,694,000,000 | 1,744,000,000 | |
other third parties | 940,000,000 | 931,000,000 | 913,000,000 | 916,000,000 | 922,000,000 | 891,000,000 | 850,000,000 | 884,000,000 | 919,000,000 | 972,000,000 | 979,000,000 | 914,000,000 | 835,000,000 | 748,000,000 | 778,000,000 | 776,000,000 | 742,000,000 | 768,000,000 | 709,000,000 | 702,000,000 | 724,000,000 | |
total investment advisory, administration fees and securities lending revenue | 3,875,000,000 | 3,778,000,000 | 3,605,000,000 | 3,681,000,000 | 3,611,000,000 | 3,502,000,000 | 3,399,000,000 | 3,531,000,000 | 3,688,000,000 | 3,968,000,000 | 3,943,000,000 | 2,966,000,000 | 2,947,000,000 | 2,486,000,000 | 2,546,000,000 | 2,489,000,000 | 2,359,000,000 | 2,534,000,000 | 2,390,000,000 | 2,396,000,000 | 2,468,000,000 | |
investment advisory performance fees | 164,000,000 | 204,000,000 | 311,000,000 | 70,000,000 | 118,000,000 | 55,000,000 | 228,000,000 | 82,000,000 | 106,000,000 | 329,000,000 | 345,000,000 | 112,000,000 | 70,000,000 | 129,000,000 | 58,000,000 | 74,000,000 | 34,000,000 | 136,000,000 | 108,000,000 | 144,000,000 | 133,000,000 | |
technology services revenue | 395,000,000 | 377,000,000 | 379,000,000 | 407,000,000 | 359,000,000 | 340,000,000 | 353,000,000 | 338,000,000 | 332,000,000 | 339,000,000 | 320,000,000 | 278,000,000 | ||||||||||
distribution fees | 318,000,000 | 310,000,000 | 303,000,000 | 321,000,000 | 319,000,000 | 319,000,000 | 314,000,000 | 325,000,000 | 361,000,000 | 411,000,000 | 401,000,000 | 253,000,000 | 311,000,000 | 9,000,000 | 10,000,000 | 11,000,000 | 11,000,000 | 13,000,000 | 17,000,000 | 16,000,000 | 17,000,000 | |
advisory and other revenue | 53,000,000 | 59,000,000 | 33,000,000 | 43,000,000 | 56,000,000 | 27,000,000 | 43,000,000 | 35,000,000 | 39,000,000 | 59,000,000 | 41,000,000 | 39,000,000 | 71,000,000 | |||||||||
total revenue | 4,805,000,000 | 4,728,000,000 | 4,631,000,000 | 4,522,000,000 | 4,463,000,000 | 4,243,000,000 | 4,337,000,000 | 4,311,000,000 | 4,526,000,000 | 5,106,000,000 | 5,050,000,000 | 3,648,000,000 | 3,583,000,000 | 2,890,000,000 | 2,837,000,000 | 2,804,000,000 | 2,624,000,000 | 2,905,000,000 | 2,723,000,000 | 2,784,000,000 | 2,849,000,000 | |
expense | ||||||||||||||||||||||
employee compensation and benefits | 1,503,000,000 | 1,580,000,000 | 1,503,000,000 | 1,420,000,000 | 1,429,000,000 | 1,427,000,000 | 1,430,000,000 | 1,339,000,000 | 1,414,000,000 | 1,559,000,000 | 1,527,000,000 | 1,152,000,000 | 1,121,000,000 | 987,000,000 | 969,000,000 | 977,000,000 | 947,000,000 | 1,012,000,000 | 981,000,000 | 926,000,000 | 973,000,000 | |
sales, asset and account expense: | ||||||||||||||||||||||
distribution and servicing costs | 539,000,000 | 518,000,000 | 502,000,000 | 526,000,000 | 518,000,000 | 505,000,000 | 497,000,000 | 536,000,000 | 572,000,000 | 587,000,000 | 585,000,000 | 429,000,000 | 432,000,000 | 109,000,000 | 114,000,000 | 109,000,000 | 97,000,000 | 105,000,000 | 99,000,000 | 96,000,000 | 90,000,000 | |
direct fund expense | 358,000,000 | 338,000,000 | 318,000,000 | 354,000,000 | 344,000,000 | 315,000,000 | 275,000,000 | 318,000,000 | 304,000,000 | 319,000,000 | 354,000,000 | 246,000,000 | 261,000,000 | 183,000,000 | 200,000,000 | 195,000,000 | 188,000,000 | 191,000,000 | 189,000,000 | 141,250,000 | 199,000,000 | |
sub-advisory and other | 32,000,000 | 32,000,000 | ||||||||||||||||||||
total sales, asset and account expense | 929,000,000 | 888,000,000 | ||||||||||||||||||||
general and administration expense | 534,000,000 | 529,000,000 | 624,000,000 | 546,000,000 | 520,000,000 | 521,000,000 | 580,000,000 | 554,000,000 | 530,000,000 | 414,250,000 | 611,000,000 | |||||||||||
amortization of intangible assets | 39,000,000 | 38,000,000 | 38,000,000 | 39,000,000 | 37,000,000 | 37,000,000 | 37,000,000 | 38,000,000 | 38,000,000 | 38,000,000 | 38,000,000 | 27,000,000 | 11,000,000 | 24,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 35,000,000 | 35,000,000 | 35,000,000 | 40,000,000 | |
total expense | 3,005,000,000 | 3,035,000,000 | 3,046,000,000 | 2,885,000,000 | 2,848,000,000 | 2,805,000,000 | 2,910,000,000 | 2,785,000,000 | 2,858,000,000 | 3,067,000,000 | 3,115,000,000 | 2,242,000,000 | 2,208,000,000 | 1,665,000,000 | 1,628,000,000 | 1,631,000,000 | 1,661,000,000 | 1,667,000,000 | 1,656,000,000 | 1,640,000,000 | 1,692,000,000 | |
operating income | 1,800,000,000 | 1,693,000,000 | 1,585,000,000 | 1,637,000,000 | 1,615,000,000 | 1,438,000,000 | 1,427,000,000 | 1,526,000,000 | 1,668,000,000 | 2,039,000,000 | 1,935,000,000 | 1,406,000,000 | 1,375,000,000 | 1,225,000,000 | 1,209,000,000 | 1,173,000,000 | 963,000,000 | 1,238,000,000 | 1,067,000,000 | 1,144,000,000 | 1,157,000,000 | |
yoy | 11.46% | 17.73% | 11.07% | 7.27% | -3.18% | -29.48% | -26.25% | 8.53% | 21.31% | 66.45% | 60.05% | 19.86% | 42.78% | -2.34% | 9.93% | -15.82% | ||||||
qoq | 6.32% | 6.81% | -3.18% | 1.36% | 12.31% | 0.77% | -6.49% | -8.51% | -18.20% | 5.37% | 37.62% | 2.25% | 12.24% | 1.32% | 3.07% | 21.81% | 16.03% | -6.73% | -1.12% | |||
operating margin % | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | NaN% | Infinity% | Infinity% | Infinity% | Infinity% |
nonoperating income | ||||||||||||||||||||||
net gain on investments | 162,000,000 | 171,000,000 | 265,000,000 | 114,000,000 | 231,000,000 | 89,000,000 | 207,000,000 | 174,000,000 | -314,000,000 | 75,000,000 | 370,000,000 | 398,000,000 | 15,000,000 | 6,000,000 | 31,000,000 | 20,000,000 | -2,000,000 | -6,000,000 | 63,000,000 | -2,000,000 | 46,000,000 | |
interest and dividend income | 178,000,000 | 141,000,000 | 159,000,000 | 139,000,000 | 89,000,000 | 86,000,000 | 72,000,000 | 41,000,000 | 21,000,000 | 46,000,000 | 14,000,000 | 10,000,000 | 15,000,000 | 7,000,000 | 22,000,000 | 6,000,000 | 5,000,000 | 5,000,000 | 4,000,000 | 6,000,000 | 10,000,000 | |
interest expense | -126,000,000 | -92,000,000 | -82,000,000 | -82,000,000 | -69,000,000 | -59,000,000 | -54,000,000 | -50,000,000 | -54,000,000 | -50,000,000 | -48,000,000 | -51,000,000 | -46,000,000 | -51,000,000 | -52,000,000 | -51,000,000 | -51,000,000 | -52,000,000 | -51,000,000 | -58,000,000 | -61,000,000 | |
total nonoperating income | 214,000,000 | 220,000,000 | 342,000,000 | 171,000,000 | 251,000,000 | 116,000,000 | 225,000,000 | 165,000,000 | -347,000,000 | 71,000,000 | 336,000,000 | 357,000,000 | -16,000,000 | -38,000,000 | 1,000,000 | -25,000,000 | -48,000,000 | -41,000,000 | 51,000,000 | -60,000,000 | -52,000,000 | |
income before income taxes | 2,014,000,000 | 1,913,000,000 | 1,927,000,000 | 1,808,000,000 | 1,866,000,000 | 1,554,000,000 | 1,652,000,000 | 1,691,000,000 | 1,321,000,000 | 2,110,000,000 | 2,271,000,000 | 1,763,000,000 | 1,359,000,000 | 1,187,000,000 | 1,210,000,000 | 1,148,000,000 | 915,000,000 | 1,197,000,000 | 1,118,000,000 | 1,084,000,000 | 1,105,000,000 | |
income tax expense | 477,000,000 | 290,000,000 | 438,000,000 | 213,000,000 | 443,000,000 | 385,000,000 | 345,000,000 | 330,000,000 | 358,000,000 | 478,000,000 | 518,000,000 | 361,000,000 | 265,000,000 | 336,000,000 | 333,000,000 | 353,000,000 | 268,000,000 | 371,000,000 | 258,000,000 | 278,000,000 | 232,000,000 | |
net income | 1,537,000,000 | 1,623,000,000 | 1,489,000,000 | 1,595,000,000 | 1,423,000,000 | 1,169,000,000 | 1,307,000,000 | 1,361,000,000 | 963,000,000 | 1,632,000,000 | 1,753,000,000 | 1,402,000,000 | 1,094,000,000 | 851,000,000 | 877,000,000 | 795,000,000 | 647,000,000 | 826,000,000 | 860,000,000 | 806,000,000 | 873,000,000 | |
yoy | 8.01% | 38.84% | 13.93% | 17.19% | 47.77% | -28.37% | -25.44% | -2.92% | -11.97% | 91.77% | 99.89% | 76.35% | 69.09% | 6.17% | -7.56% | -19.73% | ||||||
qoq | -5.30% | 9.00% | -6.65% | 12.09% | 21.73% | -10.56% | -3.97% | 41.33% | -40.99% | -6.90% | 25.04% | 28.15% | 28.55% | -2.96% | 10.31% | 22.87% | -3.95% | 6.70% | -7.67% | |||
net income margin % | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | NaN% | Infinity% | Infinity% | Infinity% | Infinity% |
less: | ||||||||||||||||||||||
net income attributable to noncontrolling interests | 42,000,000 | 50,000,000 | 114,000,000 | -9,000,000 | 57,000,000 | 12,000,000 | 48,000,000 | -45,000,000 | -114,000,000 | -11,000,000 | 72,000,000 | 188,000,000 | 5,000,000 | 2,000,000 | 6,000,000 | -10,000,000 | ||||||
net income attributable to blackrock, inc. | 1,495,000,000 | 1,573,000,000 | 1,375,000,000 | 1,604,000,000 | 1,366,000,000 | 1,157,000,000 | 1,259,000,000 | 1,406,000,000 | 1,077,000,000 | 1,643,000,000 | 1,681,000,000 | 1,214,000,000 | 1,089,000,000 | 851,000,000 | 875,000,000 | 789,000,000 | 657,000,000 | 819,000,000 | 822,000,000 | 813,000,000 | 917,000,000 | |
earnings per share attributable to blackrock, inc. common stockholders: | ||||||||||||||||||||||
basic | 10.07 | 10.58 | 9.25 | 10.75 | 9.13 | 7.72 | 8.39 | 9.33 | 7.12 | 10.82 | 11.05 | 7.9 | 6.75 | 5.2 | 5.33 | 4.79 | 3.97 | 4.92 | 4.92 | 4.86 | 5.46 | |
diluted | 9.99 | 10.48 | 9.15 | 10.66 | 9.06 | 7.64 | 8.3 | 9.25 | 7.06 | 10.63 | 10.89 | 7.85 | 6.68 | 5.12 | 5.26 | 4.73 | 3.92 | 4.84 | 4.84 | 4.77 | 5.37 | |
weighted-average common shares outstanding: | ||||||||||||||||||||||
basic | 148.4 | 148.7 | 149.3 | 149.2 | 149.6 | 149.9 | 150.9 | 150.6 | 151,292,580 | 152,236,047 | 152,120,927 | 153,732,878 | 161,250,018 | 164,425,858 | 164,129,214 | 164,758,612 | 165,388,130 | 166,390,009 | 166,616,558 | 167,089,037 | 168,225,154 | 167,933,040 |
diluted | 149.7 | 150.1 | 150.7 | 150.5 | 150.7 | 151.3 | 152.4 | 152 | 152,452,320 | 154,404,357 | 154,343,277 | 154,712,032 | 162,918,961 | 166,579,752 | 166,256,598 | 166,639,290 | 167,398,938 | 169,038,571 | 169,114,759 | 169,723,167 | 171,112,261 | 170,778,766 |
investment advisory, administration fees and securities lending revenue | ||||||||||||||||||||||
general and administration | 388,000,000 | 383,000,000 | 355,000,000 | 312,000,000 | 316,000,000 | 318,000,000 | 312,000,000 | 339,000,000 | 387,000,000 | 376,000,000 | ||||||||||||
technology and risk management revenue | 184,000,000 | |||||||||||||||||||||
cash dividends declared and paid per share | 2.88 | 2.29 | 2.29 | 2.29 | 2.29 | 2.18 | 2.18 | 1.93 | 1.93 | |||||||||||||
blackrock solutions and advisory | 197,000,000 | 174,000,000 | 172,000,000 | 171,000,000 | 161,000,000 | 147,000,000 | 170,000,000 | 165,000,000 | ||||||||||||||
other revenue | 69,000,000 | 49,000,000 | 58,000,000 | 49,000,000 | 61,000,000 | 61,000,000 | 58,000,000 | 66,000,000 | ||||||||||||||
amortization of deferred sales commissions | 7,000,000 | 8,000,000 | 9,000,000 | 10,000,000 | 12,000,000 | 13,000,000 | 13,000,000 | 14,000,000 | ||||||||||||||
restructuring charge | 76,000,000 | |||||||||||||||||||||
net gain on consolidated variable interest entities | 12,000,000 | 35,000,000 | -6,000,000 | -47,000,000 | ||||||||||||||||||
net income attributable to redeemable noncontrolling interests | 3,000,000 | 4,000,000 | ||||||||||||||||||||
net income attributable to nonredeemable noncontrolling interests | 4,000,000 | 34,000,000 | -7,000,000 | -44,000,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-12-31 | 2015-06-30 | 2015-03-31 | 2014-12-31 | 2014-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||
cash and cash equivalents | 10,228,000,000 | 9,374,000,000 | 8,736,000,000 | 7,316,000,000 | 6,834,000,000 | 5,644,000,000 | 7,416,000,000 | 6,797,000,000 | 6,481,000,000 | 6,091,000,000 | 5,454,000,000 | 5,065,000,000 | 4,981,000,000 | 6,083,000,000 | 4,907,000,000 | 4,293,000,000 | 5,723,000,000 | 6,149,000,000 |
accounts receivable | 3,987,000,000 | 3,961,000,000 | 3,916,000,000 | 3,886,000,000 | 3,806,000,000 | 3,580,000,000 | 3,264,000,000 | 3,361,000,000 | 3,471,000,000 | 2,350,000,000 | 2,601,000,000 | 2,885,000,000 | 2,526,000,000 | 2,237,000,000 | 2,347,000,000 | 2,836,000,000 | 2,120,000,000 | 2,631,000,000 |
investments | 10,216,000,000 | 10,337,000,000 | 9,740,000,000 | 9,835,000,000 | 9,124,000,000 | 8,172,000,000 | 7,466,000,000 | 6,907,000,000 | 7,302,000,000 | 1,595,000,000 | 1,731,000,000 | 1,476,000,000 | 1,504,000,000 | 1,578,000,000 | 1,436,000,000 | 2,204,000,000 | 1,921,000,000 | 1,951,000,000 |
separate account assets | 54,423,000,000 | 55,376,000,000 | 56,098,000,000 | 51,606,000,000 | 55,119,000,000 | 57,251,000,000 | 54,066,000,000 | 51,072,000,000 | 61,269,000,000 | 149,089,000,000 | 153,330,000,000 | 148,339,000,000 | 150,165,000,000 | 150,851,000,000 | 162,911,000,000 | 162,046,000,000 | 161,287,000,000 | 156,479,000,000 |
separate account collateral held under securities lending agreements | 5,030,000,000 | 3,998,000,000 | 4,558,000,000 | 4,740,000,000 | 5,811,000,000 | 6,465,000,000 | 5,765,000,000 | 5,867,000,000 | 7,279,000,000 | 27,792,000,000 | 29,839,000,000 | 30,723,000,000 | 30,389,000,000 | 31,336,000,000 | 32,437,000,000 | 35,367,000,000 | 33,654,000,000 | 20,966,000,000 |
property and equipment | 1,052,000,000 | 1,106,000,000 | 1,112,000,000 | 1,058,000,000 | 1,045,000,000 | 1,046,000,000 | 1,031,000,000 | 965,000,000 | 900,000,000 | 559,000,000 | 564,000,000 | 576,000,000 | 581,000,000 | 581,000,000 | 545,000,000 | 537,000,000 | 467,000,000 | 468,000,000 |
intangible assets | 18,217,000,000 | 18,219,000,000 | 18,258,000,000 | 18,291,000,000 | 18,228,000,000 | 18,265,000,000 | 18,302,000,000 | 18,339,000,000 | 18,377,000,000 | 17,363,000,000 | 17,387,000,000 | 17,412,000,000 | 17,347,000,000 | 17,372,000,000 | 17,394,000,000 | 17,429,000,000 | 17,344,000,000 | 17,378,000,000 |
goodwill | 15,653,000,000 | 15,522,000,000 | 15,524,000,000 | 15,516,000,000 | 15,338,000,000 | 15,339,000,000 | 15,341,000,000 | 15,344,000,000 | 15,346,000,000 | 13,118,000,000 | 13,124,000,000 | 13,128,000,000 | 13,119,000,000 | 13,123,000,000 | 12,970,000,000 | 12,975,000,000 | 12,961,000,000 | 12,966,000,000 |
operating lease right-of-use assets | 1,459,000,000 | 1,410,000,000 | 1,421,000,000 | 1,429,000,000 | 1,464,000,000 | 1,494,000,000 | 1,516,000,000 | 1,491,000,000 | 1,543,000,000 | |||||||||
other assets | 5,006,000,000 | 4,685,000,000 | 3,848,000,000 | 4,908,000,000 | 5,875,000,000 | 4,142,000,000 | 3,461,000,000 | 5,287,000,000 | 3,998,000,000 | 63,000,000 | 183,000,000 | 60,000,000 | 85,000,000 | 67,000,000 | 40,000,000 | 853,000,000 | 701,000,000 | 766,000,000 |
total assets | 125,271,000,000 | 123,988,000,000 | 123,211,000,000 | 118,585,000,000 | 122,644,000,000 | 121,398,000,000 | 117,628,000,000 | 115,430,000,000 | 125,966,000,000 | 220,177,000,000 | 226,739,000,000 | 222,055,000,000 | 222,958,000,000 | 225,261,000,000 | 237,008,000,000 | 242,714,000,000 | 239,808,000,000 | 222,812,000,000 |
liabilities | ||||||||||||||||||
accrued compensation and benefits | 1,456,000,000 | 1,061,000,000 | 2,393,000,000 | 1,796,000,000 | 1,374,000,000 | 1,014,000,000 | 2,272,000,000 | 1,747,000,000 | 1,408,000,000 | 1,880,000,000 | 1,481,000,000 | 1,064,000,000 | 672,000,000 | 1,971,000,000 | 1,137,000,000 | 684,000,000 | 1,865,000,000 | 1,487,000,000 |
accounts payable and accrued liabilities | 1,351,000,000 | 1,445,000,000 | 1,240,000,000 | 1,217,000,000 | 1,156,000,000 | 1,183,000,000 | 1,294,000,000 | 1,601,000,000 | 1,324,000,000 | 1,094,000,000 | 1,354,000,000 | 1,615,000,000 | 1,385,000,000 | 1,068,000,000 | 1,284,000,000 | 1,714,000,000 | 1,035,000,000 | 1,576,000,000 |
borrowings | 9,857,000,000 | 9,860,000,000 | 7,918,000,000 | 7,884,000,000 | 7,904,000,000 | 6,669,000,000 | 6,654,000,000 | 6,591,000,000 | 6,635,000,000 | 4,915,000,000 | 4,961,000,000 | 4,950,000,000 | 4,968,000,000 | 4,947,000,000 | 3,964,000,000 | 3,389,000,000 | 2,889,000,000 | |
separate account liabilities | 54,423,000,000 | 55,376,000,000 | 56,098,000,000 | 51,606,000,000 | 55,119,000,000 | 57,251,000,000 | 54,066,000,000 | 51,072,000,000 | 61,269,000,000 | 149,089,000,000 | 153,330,000,000 | 148,339,000,000 | 150,165,000,000 | 150,851,000,000 | 162,911,000,000 | 162,046,000,000 | 161,287,000,000 | 156,479,000,000 |
separate account collateral liabilities under securities lending agreements | 5,030,000,000 | 3,998,000,000 | 4,558,000,000 | 4,740,000,000 | 5,811,000,000 | 6,465,000,000 | 5,765,000,000 | 5,867,000,000 | 7,279,000,000 | 27,792,000,000 | 29,839,000,000 | 30,723,000,000 | 30,389,000,000 | 31,336,000,000 | 32,437,000,000 | 35,367,000,000 | 33,654,000,000 | 20,966,000,000 |
deferred income tax liabilities | 3,405,000,000 | 3,456,000,000 | 3,506,000,000 | 3,448,000,000 | 3,439,000,000 | 3,443,000,000 | 3,381,000,000 | 2,695,000,000 | 2,801,000,000 | 4,840,000,000 | 4,832,000,000 | 4,899,000,000 | 4,937,000,000 | 4,851,000,000 | 4,999,000,000 | 5,077,000,000 | 4,989,000,000 | 5,056,000,000 |
operating lease liabilities | 1,821,000,000 | 1,772,000,000 | 1,784,000,000 | 1,780,000,000 | 1,814,000,000 | 1,823,000,000 | 1,835,000,000 | 1,773,000,000 | 1,815,000,000 | |||||||||
other liabilities | 5,689,000,000 | 5,275,000,000 | 4,474,000,000 | 5,483,000,000 | 6,131,000,000 | 4,485,000,000 | 3,576,000,000 | 5,967,000,000 | 5,130,000,000 | 1,007,000,000 | 1,109,000,000 | 1,125,000,000 | 1,269,000,000 | 177,000,000 | 192,000,000 | 182,000,000 | 245,000,000 | 167,000,000 |
total liabilities | 83,032,000,000 | 82,243,000,000 | 81,971,000,000 | 77,954,000,000 | 82,748,000,000 | 82,333,000,000 | 78,843,000,000 | 77,313,000,000 | 87,661,000,000 | 190,833,000,000 | 197,178,000,000 | 192,900,000,000 | 193,972,000,000 | 196,217,000,000 | 208,878,000,000 | 215,058,000,000 | 212,288,000,000 | 195,528,000,000 |
commitments and contingencies | ||||||||||||||||||
temporary equity | ||||||||||||||||||
redeemable noncontrolling interests | 1,968,000,000 | 1,850,000,000 | 1,740,000,000 | 1,851,000,000 | 1,546,000,000 | 1,235,000,000 | 909,000,000 | 828,000,000 | 1,103,000,000 | 194,000,000 | 600,000,000 | 520,000,000 | 517,000,000 | 464,000,000 | 258,000,000 | 180,000,000 | 35,000,000 | 49,000,000 |
permanent equity | ||||||||||||||||||
blackrock, inc. stockholders’ equity | ||||||||||||||||||
common stock, 0.01 par value... | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 |
shares authorized: 500,000,000 at june 30, 2024 and december 31, 2023; shares issued: 172,075,373 at june 30, 2024 and december 31, 2023; shares outstanding: 148,190,459 and 148,500,074 at june 30, 2024 and december 31, 2023, respectively | ||||||||||||||||||
additional paid-in capital | 19,771,000,000 | 19,617,000,000 | 19,833,000,000 | 19,687,000,000 | 19,571,000,000 | 19,427,000,000 | 19,772,000,000 | 19,609,000,000 | 19,469,000,000 | 19,337,000,000 | 19,236,000,000 | 19,132,000,000 | 19,027,000,000 | 19,405,000,000 | 19,252,000,000 | 19,126,000,000 | 19,386,000,000 | 19,270,000,000 |
retained earnings | 33,858,000,000 | 33,121,000,000 | 32,343,000,000 | 31,711,000,000 | 30,855,000,000 | 30,237,000,000 | 29,876,000,000 | 29,348,000,000 | 28,678,000,000 | 13,660,000,000 | 13,183,000,000 | 12,684,000,000 | 12,271,000,000 | 12,033,000,000 | 11,052,000,000 | 10,597,000,000 | 10,164,000,000 | 9,673,000,000 |
accumulated other comprehensive loss | -978,000,000 | -933,000,000 | -840,000,000 | -1,101,000,000 | -880,000,000 | -975,000,000 | -1,101,000,000 | -1,472,000,000 | -1,091,000,000 | -716,000,000 | -598,000,000 | -560,000,000 | -474,000,000 | -448,000,000 | -339,000,000 | -439,000,000 | -273,000,000 | -169,000,000 |
treasury stock | -12,551,000,000 | -12,082,000,000 | -11,991,000,000 | -11,672,000,000 | -11,340,000,000 | -10,979,000,000 | -10,805,000,000 | -10,325,000,000 | -9,969,000,000 | -3,185,000,000 | -2,919,000,000 | -2,690,000,000 | -2,432,000,000 | -2,489,000,000 | -2,191,000,000 | -1,927,000,000 | -1,894,000,000 | -1,657,000,000 |
total blackrock, inc. stockholders’ equity | 40,102,000,000 | 39,725,000,000 | 39,347,000,000 | 38,627,000,000 | 38,208,000,000 | 37,712,000,000 | 37,744,000,000 | 37,162,000,000 | 37,089,000,000 | 29,098,000,000 | 28,904,000,000 | 28,568,000,000 | 28,394,000,000 | 28,503,000,000 | 27,776,000,000 | 27,375,000,000 | 27,366,000,000 | 27,106,000,000 |
nonredeemable noncontrolling interests | 169,000,000 | 170,000,000 | 153,000,000 | 153,000,000 | 142,000,000 | 118,000,000 | 132,000,000 | 127,000,000 | 113,000,000 | 52,000,000 | 57,000,000 | 67,000,000 | 75,000,000 | 77,000,000 | 96,000,000 | 89,000,000 | 104,000,000 | 114,000,000 |
total permanent equity | 40,271,000,000 | 39,895,000,000 | 39,500,000,000 | 38,780,000,000 | 38,350,000,000 | 37,830,000,000 | 37,876,000,000 | 37,289,000,000 | 37,202,000,000 | 29,150,000,000 | 28,961,000,000 | 28,635,000,000 | 28,469,000,000 | 28,580,000,000 | 27,872,000,000 | 27,476,000,000 | 27,485,000,000 | 27,235,000,000 |
total liabilities, temporary equity and permanent equity | 125,271,000,000 | 123,988,000,000 | 123,211,000,000 | 118,585,000,000 | 122,644,000,000 | 121,398,000,000 | 117,628,000,000 | 115,430,000,000 | 125,966,000,000 | 220,177,000,000 | 226,739,000,000 | 222,055,000,000 | 222,958,000,000 | 225,261,000,000 | 237,008,000,000 | 242,714,000,000 | 239,808,000,000 | 222,812,000,000 |
shares authorized: 500,000,000 at march 31, 2024 and december 31, 2023; shares issued: 172,075,373 at march 31, 2024 and december 31, 2023; shares outstanding: 148,759,510 and 148,500,074 at march 31, 2024 and december 31, 2023, respectively | ||||||||||||||||||
shares authorized: 500,000,000 at december 31, 2023 and 2022; shares issued: 172,075,373 at december 31, 2023 and 2022; shares outstanding: 148,500,074 and 149,756,492 at december 31, 2023 and 2022, respectively | ||||||||||||||||||
shares authorized: 500,000,000 at september 30, 2023 and december 31, 2022; shares issued: 172,075,373 at september 30, 2023 and december 31, 2022; shares outstanding: 148,942,746 and 149,756,492 at september 30, 2023 and december 31, 2022, respectively | ||||||||||||||||||
shares authorized: 500,000,000 at june 30, 2023 and december 31, 2022; shares issued: 172,075,373 at june 30, 2023 and december 31, 2022; shares outstanding: 149,373,266 and 149,756,492 at june 30, 2023 and december 31, 2022, respectively | ||||||||||||||||||
shares authorized: 500,000,000 at march 31, 2023 and december 31, 2022; shares issued: 172,075,373 at march 31, 2023 and december 31, 2022; shares outstanding: 149,904,546 and 149,756,492 at march 31, 2023 and december 31, 2022, respectively | ||||||||||||||||||
shares authorized: 500,000,000 at december 31, 2022 and 2021; shares issued: 172,075,373 at december 31, 2022 and 2021; shares outstanding: 149,756,492 and 151,684,491 at december 31, 2022 and 2021, respectively | ||||||||||||||||||
shares authorized: 500,000,000 at september 30, 2022 and december 31, 2021; shares issued: 172,075,373 at september 30, 2022 and december 31, 2021; shares outstanding: 150,461,863 and 151,684,491 at september 30, 2022 and december 31, 2021, respectively | ||||||||||||||||||
shares authorized: 500,000,000 at june 30, 2022 and december 31, 2021; shares issued: 172,075,373 at june 30, 2022 and december 31, 2021; shares outstanding: 150,966,457 and 151,684,491 at june 30, 2022 and december 31, 2021, respectively | ||||||||||||||||||
assets of consolidated variable interest entities: | ||||||||||||||||||
liabilities of consolidated variable interest entities | 216,000,000 | 272,000,000 | 185,000,000 | 187,000,000 | ||||||||||||||
shares authorized: 500,000,000 at december 31, 2016 and 2015; shares issued: 171,252,185 at december 31, 2016 and 2015; shares outstanding: 161,534,443 and 163,461,064 at december 31, 2016 and 2015, respectively; | ||||||||||||||||||
series b nonvoting participating preferred stock, 0.01 par value... | ||||||||||||||||||
shares authorized: 150,000,000 at december 31, 2016 and 2015; shares issued and outstanding: 823,188 at december 31, 2016 and 2015; | ||||||||||||||||||
series c nonvoting participating preferred stock, 0.01 par value... | ||||||||||||||||||
shares authorized: 6,000,000 at december 31, 2016 and 2015; shares issued and outstanding: 763,660 at december 31, 2016 and 1,311,887 at december 31, 2015 | ||||||||||||||||||
shares authorized: 500,000,000 at september 30, 2016 and december 31, 2015; | ||||||||||||||||||
shares issued: 171,252,185 at september 30, 2016 and december 31, 2015; | ||||||||||||||||||
shares outstanding: 162,271,222 and 163,461,064 at september 30, 2016 and december 31, 2015, respectively | ||||||||||||||||||
preferred stock | ||||||||||||||||||
shares authorized: 500,000,000 at june 30, 2016 and december 31, 2015; | ||||||||||||||||||
shares issued: 171,252,185 at june 30, 2016 and december 31, 2015; | ||||||||||||||||||
shares outstanding: 162,876,449 and 163,461,064 at june 30, 2016 and december 31, 2015, respectively | ||||||||||||||||||
shares authorized: 500,000,000 at march 31, 2016 and december 31, 2015; | ||||||||||||||||||
shares issued: 171,252,185 at march 31, 2016 and december 31, 2015; | ||||||||||||||||||
shares outstanding: 163,587,221 and 163,461,064 at march 31, 2016 and december 31, 2015, respectively | ||||||||||||||||||
liabilities of consolidated variable interest entities: | ||||||||||||||||||
shares authorized: 500,000,000 at december 31, 2015 and 2014; shares issued: 171,252,185 at december 31, 2015 and 2014; shares outstanding: 163,461,064 and 164,786,788 at december 31, 2015 and 2014, respectively; | ||||||||||||||||||
shares authorized: 150,000,000 at december 31, 2015 and 2014; shares issued and outstanding: 823,188 at december 31, 2015 and 2014; | ||||||||||||||||||
shares authorized: 6,000,000 at december 31, 2015 and 2014; shares issued and outstanding: 1,311,887 at december 31, 2015 and 2014 | ||||||||||||||||||
appropriated retained earnings | 16,000,000 | -19,000,000 | -13,000,000 | |||||||||||||||
shares authorized: 500,000,000 at june 30, 2015 and december 31, 2014; | ||||||||||||||||||
shares issued: 171,252,185 at june 30, 2015 and december 31, 2014; | ||||||||||||||||||
shares outstanding: 164,244,192 and 164,786,788 at june 30, 2015 and december 31, 2014, respectively | ||||||||||||||||||
bank loans, other investments and other assets | 3,895,000,000 | 3,352,000,000 | 2,883,000,000 | |||||||||||||||
shares authorized: 500,000,000 at march 31, 2015 and december 31, 2014; | ||||||||||||||||||
shares issued: 171,252,185 at march 31, 2015 and december 31, 2014; | ||||||||||||||||||
shares outstanding: 164,949,507 and 164,786,788 at march 31, 2015 and december 31, 2014, respectively | ||||||||||||||||||
nonredeemable noncontrolling interests of consolidated variable interest entities | 12,000,000 | 15,000,000 | 15,000,000 | |||||||||||||||
shares authorized: 500,000,000 at december 31, 2014 and 2013; shares issued: 171,252,185 at december 31, 2014 and 2013; shares outstanding: 164,786,788 and 166,589,688 at december 31, 2014 and 2013, respectively; | ||||||||||||||||||
shares authorized: 150,000,000 at december 31, 2014 and 2013; shares issued and outstanding: 823,188 at december 31, 2014 and 2013; | ||||||||||||||||||
shares authorized: 6,000,000 at december 31, 2014 and 2013; shares issued and outstanding: 1,311,887 at december 31, 2014 and 2013 | ||||||||||||||||||
shares authorized: 500,000,000 at september 30, 2014 and december 31, 2013; | ||||||||||||||||||
shares issued: 171,252,185 at september, 30, 2014 and december 31, 2013; | ||||||||||||||||||
shares outstanding: 165,475,182 and 166,589,688 at september 30, 2014 and december 31, 2013, respectively |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2016-12-31 | 2016-09-30 | 2016-06-30 | 2016-03-31 | 2015-06-30 | 2015-03-31 | 2014-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | |||||||||||||||
net income | 1,537,000,000 | 1,623,000,000 | 1,489,000,000 | 1,595,000,000 | 1,423,000,000 | 1,169,000,000 | 1,307,000,000 | 1,361,000,000 | 851,000,000 | 877,000,000 | 795,000,000 | 647,000,000 | 791,000,000 | 860,000,000 | 806,000,000 |
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||
depreciation and amortization | 108,000,000 | 111,000,000 | 111,000,000 | 108,000,000 | 102,000,000 | 106,000,000 | 110,000,000 | 109,000,000 | 58,000,000 | 57,000,000 | 58,000,000 | 56,000,000 | 65,000,000 | 63,000,000 | 63,000,000 |
noncash lease expense | 32,000,000 | 32,000,000 | 32,000,000 | 31,000,000 | 34,000,000 | 43,000,000 | 42,000,000 | 41,000,000 | |||||||
stock-based compensation | 179,000,000 | 176,000,000 | 161,000,000 | 146,000,000 | 158,000,000 | 165,000,000 | 172,000,000 | 160,000,000 | 113,000,000 | 119,000,000 | 117,000,000 | 172,000,000 | 126,000,000 | 143,000,000 | 117,000,000 |
deferred income tax expense | -39,000,000 | -41,000,000 | 83,000,000 | -17,000,000 | 5,000,000 | 53,000,000 | 706,000,000 | -116,000,000 | -8,000,000 | -61,000,000 | -43,000,000 | 98,000,000 | 87,000,000 | -73,000,000 | |
other investment | |||||||||||||||
net losses within cips | -66,000,000 | -104,000,000 | -264,000,000 | 51,000,000 | |||||||||||
net (purchases) proceeds within cips | -463,000,000 | -989,000,000 | -393,000,000 | -440,000,000 | -470,000,000 | -477,000,000 | -386,000,000 | -214,000,000 | |||||||
losses from equity method investees | -44,000,000 | -48,000,000 | -74,000,000 | -113,000,000 | |||||||||||
distributions of earnings from equity method investees | 18,000,000 | 8,000,000 | 17,000,000 | 14,000,000 | 10,000,000 | 8,000,000 | 23,000,000 | -5,000,000 | 15,000,000 | 4,000,000 | 2,000,000 | 10,000,000 | 16,000,000 | 9,000,000 | 13,000,000 |
changes in operating assets and liabilities: | |||||||||||||||
accounts receivable | -27,000,000 | -73,000,000 | 21,000,000 | -135,000,000 | -202,000,000 | -270,000,000 | 162,000,000 | 38,000,000 | 250,000,000 | 288,000,000 | -354,000,000 | -270,000,000 | 497,000,000 | -750,000,000 | 504,000,000 |
investments, trading | -31,000,000 | -9,000,000 | 20,000,000 | 40,000,000 | 10,000,000 | 2,000,000 | -21,000,000 | 102,000,000 | -171,000,000 | -56,000,000 | -137,000,000 | -85,000,000 | -89,000,000 | -336,000,000 | -227,000,000 |
other assets | -268,000,000 | -796,000,000 | 1,084,000,000 | 927,000,000 | -1,641,000,000 | -696,000,000 | 2,107,000,000 | -1,049,000,000 | -16,000,000 | 43,000,000 | -99,000,000 | -58,000,000 | -200,000,000 | -91,000,000 | 138,000,000 |
accrued compensation and benefits | 391,000,000 | -1,339,000,000 | 624,000,000 | 396,000,000 | 368,000,000 | -1,243,000,000 | 571,000,000 | 300,000,000 | 398,000,000 | 419,000,000 | 393,000,000 | -1,296,000,000 | 456,000,000 | -1,188,000,000 | 373,000,000 |
accounts payable and accrued liabilities | -100,000,000 | 196,000,000 | 41,000,000 | 43,000,000 | -19,000,000 | -91,000,000 | -274,000,000 | 241,000,000 | -258,000,000 | -256,000,000 | 239,000,000 | 326,000,000 | -421,000,000 | 654,000,000 | -542,000,000 |
other liabilities | 173,000,000 | 869,000,000 | -957,000,000 | -1,070,000,000 | 1,437,000,000 | 965,000,000 | -2,364,000,000 | 949,000,000 | -70,000,000 | -4,000,000 | -225,000,000 | 246,000,000 | 13,000,000 | 90,000,000 | -23,000,000 |
net cash from operating activities | 1,365,000,000 | -408,000,000 | 1,998,000,000 | 1,576,000,000 | |||||||||||
capital expenditures | -7,000,000 | -64,000,000 | -124,000,000 | -78,000,000 | |||||||||||
free cash flows | 1,358,000,000 | -472,000,000 | 1,874,000,000 | 1,498,000,000 | |||||||||||
investing activities | |||||||||||||||
purchases of investments | -193,000,000 | -324,000,000 | -165,000,000 | -97,000,000 | -266,000,000 | -318,000,000 | -308,000,000 | -133,000,000 | -85,000,000 | -223,000,000 | -14,000,000 | -55,000,000 | -61,000,000 | -101,000,000 | -65,000,000 |
proceeds from sales and maturities of investments | 310,000,000 | 210,000,000 | 130,000,000 | 91,000,000 | 37,000,000 | 142,000,000 | 52,000,000 | 73,000,000 | 163,000,000 | 18,000,000 | 64,000,000 | 133,000,000 | 162,000,000 | 152,000,000 | 150,000,000 |
distributions of capital from equity method investees | 155,000,000 | 162,000,000 | 20,000,000 | 9,000,000 | 9,000,000 | 8,000,000 | 11,000,000 | 25,000,000 | 8,000,000 | 11,000,000 | 9,000,000 | 6,000,000 | 37,000,000 | 9,000,000 | 13,000,000 |
net consolidations (deconsolidations) of sponsored investment funds | -28,000,000 | -6,000,000 | -47,000,000 | -6,000,000 | 0 | 27,000,000 | -37,000,000 | -43,000,000 | 0 | -54,000,000 | -12,000,000 | -8,000,000 | -108,000,000 | 27,000,000 | -90,000,000 |
acquisition, net of cash acquired | |||||||||||||||
purchases of property and equipment | -7,000,000 | -64,000,000 | -124,000,000 | -78,000,000 | -61,000,000 | -81,000,000 | -134,000,000 | -136,000,000 | -31,000,000 | -21,000,000 | -37,000,000 | -30,000,000 | -36,000,000 | -98,000,000 | -26,000,000 |
net cash from investing activities | 163,000,000 | -22,000,000 | -186,000,000 | -270,000,000 | |||||||||||
financing activities | |||||||||||||||
repayments of long-term borrowings | 0 | -1,000,000,000 | 0 | 0 | |||||||||||
proceeds from long-term borrowings | 0 | 2,979,000,000 | 0 | 0 | 0 | ||||||||||
cash dividends paid | -758,000,000 | -795,000,000 | -743,000,000 | -748,000,000 | -748,000,000 | -796,000,000 | -731,000,000 | -736,000,000 | -374,000,000 | -376,000,000 | -376,000,000 | -419,000,000 | -364,000,000 | -389,000,000 | -322,000,000 |
proceeds from stock options exercised | 19,000,000 | 144,000,000 | 44,000,000 | 24,000,000 | 0 | 27,000,000 | 0 | ||||||||
repurchases of common stock | -519,000,000 | -634,000,000 | -384,000,000 | -396,000,000 | -383,000,000 | -721,000,000 | -505,000,000 | -384,000,000 | -281,000,000 | -277,000,000 | -279,000,000 | -562,000,000 | -279,000,000 | -498,000,000 | -256,000,000 |
net proceeds from (repayments of) borrowings by cips | 86,000,000 | -14,000,000 | -21,000,000 | -15,000,000 | -4,000,000 | -19,000,000 | |||||||||
net subscriptions received/(redemptions/distributions paid) from noncontrolling interest holders | 525,000,000 | 430,000,000 | 392,000,000 | 335,000,000 | 305,000,000 | ||||||||||
other financing activities | 6,000,000 | -15,000,000 | 6,000,000 | 8,000,000 | 2,000,000 | 10,000,000 | 8,000,000 | 2,000,000 | 2,000,000 | -7,000,000 | 7,000,000 | 3,000,000 | -1,000,000 | 7,000,000 | 1,000,000 |
net cash from financing activities | -641,000,000 | 1,095,000,000 | -503,000,000 | -735,000,000 | |||||||||||
effect of exchange rate changes on cash, cash equivalents and restricted cash | -33,000,000 | -27,000,000 | 111,000,000 | -89,000,000 | 46,000,000 | 38,000,000 | 188,000,000 | -186,000,000 | |||||||
net increase in cash, cash equivalents and restricted cash | 854,000,000 | 638,000,000 | 1,420,000,000 | 482,000,000 | |||||||||||
cash, cash equivalents and restricted cash, beginning of period | 0 | 8,753,000,000 | 0 | 0 | 7,433,000,000 | 0 | |||||||||
cash, cash equivalents and restricted cash, end of period | 854,000,000 | 9,391,000,000 | 482,000,000 | 1,190,000,000 | 5,661,000,000 | 316,000,000 | |||||||||
supplemental schedule of noncash investing and financing transactions: | |||||||||||||||
issuance of common stock | 25,000,000 | 392,000,000 | 15,000,000 | 30,000,000 | 14,000,000 | 510,000,000 | 9,000,000 | 20,000,000 | 13,000,000 | 24,000,000 | 14,000,000 | 616,000,000 | 12,000,000 | 458,000,000 | 14,000,000 |
increase in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds | -450,000,000 | -353,000,000 | -820,000,000 | -67,000,000 | -57,000,000 | -5,000,000 | -290,000,000 | -558,000,000 | -187,000,000 | -394,000,000 | -300,000,000 | -57,000,000 | 18,000,000 | -15,000,000 | |
other investment gains | -24,000,000 | 8,000,000 | |||||||||||||
contingent consideration fair value adjustments | |||||||||||||||
acquisitions, net of cash acquired | |||||||||||||||
net (redemptions/distributions paid)/subscriptions received from noncontrolling interest holders | 147,000,000 | 255,000,000 | 383,000,000 | 361,000,000 | |||||||||||
cash, cash equivalents and restricted cash, beginning of year | |||||||||||||||
cash, cash equivalents and restricted cash, end of year | |||||||||||||||
supplemental disclosure of cash flow information: | |||||||||||||||
cash paid for: | |||||||||||||||
interest | 54,000,000 | 40,000,000 | 64,000,000 | 40,000,000 | 59,000,000 | 40,000,000 | 76,000,000 | ||||||||
income taxes | 455,000,000 | 271,000,000 | 532,000,000 | 107,000,000 | 575,000,000 | 133,000,000 | 235,000,000 | ||||||||
adjustments to reconcile net income to net cash provided by/(used in) operating activities: | |||||||||||||||
net (gains) losses within cips | -88,000,000 | -110,000,000 | 122,000,000 | ||||||||||||
(earnings) losses from equity method investees | -40,000,000 | -83,000,000 | -3,000,000 | -42,000,000 | -35,000,000 | -33,000,000 | -3,000,000 | -18,000,000 | -33,000,000 | -25,000,000 | |||||
net cash provided by/(used in) operating activities | -394,000,000 | 1,973,000,000 | 1,760,000,000 | ||||||||||||
net cash provided by/(used in) investing activities | -222,000,000 | -416,000,000 | -214,000,000 | ||||||||||||
net cash provided by/(used in) financing activities | -1,194,000,000 | -1,126,000,000 | -1,044,000,000 | ||||||||||||
net increase/(decrease) in cash, cash equivalents and restricted cash | -1,772,000,000 | 619,000,000 | 316,000,000 | ||||||||||||
charitable contribution | |||||||||||||||
gain related to the charitable contribution | |||||||||||||||
charitable contribution of an investment | |||||||||||||||
increase/(decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds | |||||||||||||||
net contributions (redemptions/distributions) - noncontrolling interest holders | 74,000,000 | ||||||||||||||
cash flows from operating activities | 1,192,000,000 | 1,060,000,000 | 467,000,000 | -565,000,000 | 986,000,000 | -490,000,000 | 1,271,000,000 | ||||||||
adjustments to reconcile net income to cash flows from operating activities: | |||||||||||||||
amortization of deferred sales commissions | 7,000,000 | 8,000,000 | 9,000,000 | 10,000,000 | 12,000,000 | 13,000,000 | 13,000,000 | ||||||||
other gains | 0 | -40,000,000 | |||||||||||||
net (gains) losses on nontrading investments | -2,000,000 | 3,000,000 | -13,000,000 | 19,000,000 | 16,000,000 | ||||||||||
purchases of investments within consolidated sponsored investment funds | 4,000,000 | -5,000,000 | -9,000,000 | ||||||||||||
proceeds from sales and maturities of investments within consolidated sponsored investment funds | -17,000,000 | 18,000,000 | 24,000,000 | ||||||||||||
assets and liabilities of consolidated vies: | |||||||||||||||
change in cash and cash equivalents | 8,000,000 | -2,000,000 | -79,000,000 | -46,000,000 | -223,000,000 | 209,000,000 | 158,000,000 | ||||||||
net (gains) losses within consolidated vies | 18,000,000 | -19,000,000 | -13,000,000 | -2,000,000 | 19,000,000 | -35,000,000 | 6,000,000 | ||||||||
net (purchases) proceeds within consolidated vies | 39,000,000 | -321,000,000 | -161,000,000 | -373,000,000 | 55,000,000 | -177,000,000 | |||||||||
other adjustments | -2,000,000 | ||||||||||||||
cash flows from investing activities | 55,000,000 | -269,000,000 | -20,000,000 | 46,000,000 | -6,000,000 | -99,000,000 | -18,000,000 | ||||||||
cash flows from financing activities | -505,000,000 | -370,000,000 | -263,000,000 | -547,000,000 | -443,000,000 | -748,000,000 | -1,592,000,000 | ||||||||
net proceeds from (repayments of) borrowings by consolidated vies | -29,000,000 | -24,000,000 | |||||||||||||
excess tax benefit from stock-based compensation | 1,000,000 | 9,000,000 | 2,000,000 | 70,000,000 | 12,000,000 | 55,000,000 | 13,000,000 | ||||||||
effect of exchange rate changes on cash and cash equivalents | -105,000,000 | -32,000,000 | -100,000,000 | -36,000,000 | 77,000,000 | -93,000,000 | -87,000,000 | ||||||||
net increase in cash and cash equivalents | 637,000,000 | 389,000,000 | 84,000,000 | -1,102,000,000 | 614,000,000 | -1,430,000,000 | -426,000,000 | ||||||||
cash and cash equivalents, beginning of year | |||||||||||||||
cash and cash equivalents, end of year | |||||||||||||||
interest on borrowings of consolidated vies | 30,000,000 | 30,000,000 | |||||||||||||
pnc preferred stock capital contribution | 0 | 0 | 0 | 172,000,000 | |||||||||||
increase in borrowings due to consolidation/deconsolidation of vies | |||||||||||||||
acquisitions | 0 | ||||||||||||||
cash and cash equivalents, beginning of period | 0 | 0 | 6,083,000,000 | 0 | 5,723,000,000 | ||||||||||
cash and cash equivalents, end of period | 389,000,000 | 84,000,000 | 4,981,000,000 | 614,000,000 | 4,293,000,000 | ||||||||||
gain related to pennymac initial public offering | |||||||||||||||
repayments of short-term borrowings | |||||||||||||||
acquisition | 0 | -88,000,000 | |||||||||||||
net (redemptions/distributions paid) / subscriptions received from noncontrolling interests holders | 123,000,000 | 106,000,000 | |||||||||||||
increase in borrowings due to deconsolidation of vies | |||||||||||||||
increase in borrowings due to consolidation of vies | 603,000,000 | ||||||||||||||
net (purchases) proceeds and distributions within consolidated vies |