BlackRock Results Presentation Deck
Operating Income
GAAP
Non-GAAP expense adjustments
As Adjusted
Nonoperating Income (Expense)
GAAP
Reconciliation between GAAP and as adjusted
($ in millions)
Non-GAAP adjustments
As Adjusted
Net Income
GAAP
Non-GAAP adjustments
As Adjusted
2021
$ 2,039
$
Q4
$
$ 2,107
68
71
11
82
$1,643
7
Q1
$
58
$ 1,764 $ 1,668 $ 1,526
(138) $
73
Q2
$ (65) $
2022
$ 1,822 $ 1,727 $ 1,585
26
59
(347) $
114
(233) $
$ 1,436 $ 1,077 $
Q3
45
59
45
1,406
Q4
$ 1,427
165 $ 225
210 $
45
150
$ 1,577
(48)
177
$ 1,259
97
$ 1,650 $ 1,462 $ 1,122 $ 1,451 $ 1,356
$ 1,438
$
Q1
$ 1,511
$
$
73
(29)
116 $
$
1,157
$
87 $
43
Q2
2023
1,615 $
60
1,675
251 $
(73)
$
178 $
1,366
33
$
Q3
1,637
54
13
1,691 $ 1,716
Q4
$ 1,585
171 $ 342
1,604
38
131
184 $ 199
$ 1,200 $ 1,399 $ 1,642 $
(143)
$ 1,375
76
1,451
Beginning in the first quarter of 2023, the Company updated its definition of operating income, as adjusted, operating margin, as adjusted, nonoperating income (expense), as adjusted, and net income, as
adjusted, to exclude the compensation expense related to the market valuation changes on certain deferred cash compensation plans, and the related gain (loss) on the economic hedge of these deferred
cash compensation plans. Non-GAAP adjustments include amounts related to (i) net impact of compensation expense and hedge (gain) loss on deferred cash compensation plans, (ii) amortization of
intangible assets, (iii) acquisition-related compensation costs, (iv) acquisition-related transaction costs, (v) contingent consideration fair value adjustments, (vi) Lease costs - New York, (vii) net income
(loss) attributable to noncontrolling interests, (viii) a reduction of indemnification asset, (ix) a restructuring charge and (x) noncash income tax matters, as applicable. For further information and
reconciliation between GAAP and as adjusted, see notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current earnings release, as well as
previously filed Form 10-Ks, 10-Qs and 8-Ks.
BlackRock
13View entire presentation