BlackRock said it completed the HPS acquisition on July 1, 2025, with all consideration paid in BlackRock equity. At the time of close, approximately 8.5 million Subco Units were delivered to former equityholders of HPS and valued at $8.5 billion.

10-QQuarterly reportFiled Aug 6, 2025Period of report Jun 30, 2025Summary published (UTC) Oct 10, 2026

Key points

AI summary

BlackRock said it completed the HPS acquisition on July 1, 2025, with all consideration paid in BlackRock equity. At the time of close, approximately 8.5 million Subco Units were delivered to former equityholders of HPS and valued at $8.5 billion.
BlackRock said GAAP operating income for the 3 months ended June 30, 2025 was $1.7 billion, a decrease of $69 million, and operating margin was 31.9%, down 560 basis points. The company cited higher noncash acquisition-related costs and nonrecurring retention-related deferred compensation expense as factors.
BlackRock said as adjusted operating income for Q2 was $2.1 billion, an increase of $218 million, and as adjusted operating margin was 43.3%, down 80 basis points. As adjusted diluted earnings per share increased $1.69, or 16%, with acquisition-related costs and restructuring charges excluded from as adjusted results.
BlackRock said the fair value of remaining contingent consideration at June 30, 2025 totaled $4.5 billion, of which $4.3 billion was related to the GIP Transaction. The GIP-related amount will be settled in stock ranging from 4.0 million to 5.2 million shares, subject to achieving certain performance targets.

Key figures

Quarter ended June 30, 2025

Revenue: $5.4B
Operating income: $1.7B
Net income: $1.6B
EPS: $10.19

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

HPS Acquisition Completed and Consideration Structure

BlackRock said it completed the HPS acquisition on July 1, 2025, with all consideration paid in BlackRock equity. At the time of close, approximately 8.5 million Subco Units were delivered to former equityholders of HPS and valued at $8.5 billion.

Source · Based on the MD&A text of the filing

Q2 GAAP Operating Income $1.7 billion

BlackRock said GAAP operating income for the 3 months ended June 30, 2025 was $1.7 billion, a decrease of $69 million, and operating margin was 31.9%, down 560 basis points. The company cited higher noncash acquisition-related costs and nonrecurring retention-related deferred compensation expense as factors.

Source · Based on the MD&A text of the filing

Q2 As Adjusted Operating Income and Earnings Per Share

BlackRock said as adjusted operating income for Q2 was $2.1 billion, an increase of $218 million, and as adjusted operating margin was 43.3%, down 80 basis points. As adjusted diluted earnings per share increased $1.69, or 16%, with acquisition-related costs and restructuring charges excluded from as adjusted results.

Source · Based on the MD&A text of the filing

Contingent Consideration Liabilities $4.5 billion

BlackRock said the fair value of remaining contingent consideration at June 30, 2025 totaled $4.5 billion, of which $4.3 billion was related to the GIP Transaction. The GIP-related amount will be settled in stock ranging from 4.0 million to 5.2 million shares, subject to achieving certain performance targets.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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