BlackRock completed the HPS acquisition on July 1, 2025, with consideration paid primarily in Subco Units. At close, approximately 8.5 million Subco Units were valued at $8.5 billion, and HPS added $165 billion of client AUM.

10-QQuarterly reportFiled Nov 5, 2025Period of report Sep 30, 2025Summary published (UTC) Oct 10, 2026

Key points

AI summary

BlackRock completed the HPS acquisition on July 1, 2025, with consideration paid primarily in Subco Units. At close, approximately 8.5 million Subco Units were valued at $8.5 billion, and HPS added $165 billion of client AUM.
The company said GAAP operating income for Q3 2025 was $2.0 billion, down $51 million from the prior-year quarter, with operating margin of 30.0%. As adjusted operating income was $2.6 billion, up $493 million, with as adjusted operating margin of 44.6%.
BlackRock said nonoperating income (expense), net of NCI - CIPs, for Q3 decreased $291 million, citing a $115 million noncash mark-to-market loss related to Circle as a primary factor. For the 9 months ended, the company included a $215 million noncash pre-tax gain related to Circle.
The company said the fair value of remaining contingent consideration at September 30, 2025 totaled $8.0 billion, of which $4.4 billion was related to GIP and $3.4 billion to HPS. GIP contingent payments will be settled all in stock for 4.0 million to 5.2 million shares, and HPS contingent payments will be delivered all in Subco Units of approximately 2.8 million to 4.4 million.

Key figures

Quarter ended September 30, 2025

Revenue: $6.5B
Operating income: $2.0B
Net income: $1.3B
EPS: $8.43

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 Structure and Consideration

BlackRock completed the HPS acquisition on July 1, 2025, with consideration paid primarily in Subco Units. At close, approximately 8.5 million Subco Units were valued at $8.5 billion, and HPS added $165 billion of client AUM.

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

Q3 GAAP and As Adjusted Operating Income

The company said GAAP operating income for Q3 2025 was $2.0 billion, down $51 million from the prior-year quarter, with operating margin of 30.0%. As adjusted operating income was $2.6 billion, up $493 million, with as adjusted operating margin of 44.6%.

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

Circle-Related Nonoperating Results

BlackRock said nonoperating income (expense), net of NCI - CIPs, for Q3 decreased $291 million, citing a $115 million noncash mark-to-market loss related to Circle as a primary factor. For the 9 months ended, the company included a $215 million noncash pre-tax gain related to Circle.

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

Contingent Consideration Liabilities

The company said the fair value of remaining contingent consideration at September 30, 2025 totaled $8.0 billion, of which $4.4 billion was related to GIP and $3.4 billion to HPS. GIP contingent payments will be settled all in stock for 4.0 million to 5.2 million shares, and HPS contingent payments will be delivered all in Subco Units of approximately 2.8 million to 4.4 million.

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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