Growth and Transition Strategy Update
BlackRock has delivered differentiated organic base fee growth
across various market environments...
S&P 500 Returns
30%
11%
(1)%
10%
19%
(6)%
29%
16%
27%
(19)%
6%
6%
5%
Organic base
fee growth¹
1%
7%
7%
5%
2%
11%
Avg: 5%
0%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
YoY as adj.
100
150
margin A (bps)2,3
90
90
30
150
(10)
50
80
(400)
Note: 2012-2017 operating margin, as adjusted, do not reflect the updated definition effective beginning in 1Q22. Periods subsequent to 2017 reflect the updated definition of operating margin, as adjusted. For further information and
reconciliation between GAAP and as adjusted operating margin, see the previously filed Form 10-Ks, 8-Ks, earnings releases and the presentation appendix on slides 137. For footnoted information, refer to slide 136.
BlackRock
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