BlackRock
39 named things its latest annual report says its results depend on, each in the company's own words. 21 of them are also named by other companies we've read.
Customers
Insurance companies
earns from · $720 billion, or 12%, of long-term institutional AUMBlackRock is a top independent manager of assets for insurance companies, which accounted for $720 billion, or 12%, of long-term institutional AUM at year-end 2025.Business (Item 1)
Pension plans
earns from · $3.9 trillion, or 62%, of long-term institutional AUMBlackRock is among the world’s largest managers of pension plan assets with $3.9 trillion, or 62%, of long-term institutional AUM managed for defined benefit, defined contribution and other pension plans for corporations, governments and unions at December 31, 2025.Business (Item 1)
Suppliers
Third-party index providers
depends onnamed as a riskFurther, BlackRock relies upon a relatively concentrated group of third-party index providers to deliver services that are integral to its clients’ investment decisions.Risk factors (Item 1A)
Partners and platforms
Amazon Web Services
depends onnamed as a riskFor instance, the Aladdin infrastructure and environment for BlackRock and its external Aladdin clients are hosted on Microsoft Azure and Amazon Web Services.Risk factors (Item 1A)
Also named by AAON, ABNB, ADSK, AIOT, CARR, CG, COF, COMP and 56 more
Microsoft Azure
depends onnamed as a riskFor instance, the Aladdin infrastructure and environment for BlackRock and its external Aladdin clients are hosted on Microsoft Azure and Amazon Web Services.Risk factors (Item 1A)
Also named by AIOT, AKAM, DDOG, DOCN, DOCU, EXTR, FFIV, FTNT and 14 more
Microsoft
depends onnamed as a riskBlackRock has a number of key strategic partnerships, including with Microsoft.Risk factors (Item 1A)
Also named by AAOI, AAON, AES, AJG, AMD, CDW, CEG, CG and 13 more
Jio BlackRock joint venture (India)
operates innamed as a riskIn addition, in the case of minority investments and joint ventures, including BlackRock’s joint venture to provide investment solutions in India, BlackRock may be subject to risks due to reputational harm, liability or loss resulting from, or relating to operating systems, compliance processes, risk management controls, and employees that are outside of BlackRock’s control, risks related to the jurisdictions or markets in which such investees or joint ventures operate and risks related to its joint venture partners and investees.Risk factors (Item 1A)
Other companies
Global Infrastructure Partners (GIP)
$70 billion of AUMnamed as a riskBlackRock is subject to risks associated with its recent acquisitions, including the GIP and HPS Acquisitions.Risk factors (Item 1A)
Also named by ES
HPS Investment Partners
$118 billion of AUMnamed as a riskBlackRock is subject to risks associated with its recent acquisitions, including the GIP and HPS Acquisitions.Risk factors (Item 1A)
Securities lending borrower default indemnification
insures or lends to · approximately $353 billionnamed as a riskThe amount of securities on loan as of December 31, 2025 and subject to this type of indemnification was approximately $353 billion.Risk factors (Item 1A)
Performance fees
earns from · $1.4 billion, or 6%, of total revenuenamed as a riskPerformance fees represented $1.4 billion, or 6%, of total revenue for the year ended December 31, 2025.Risk factors (Item 1A)
iShares ETFs
earns from · 42% of long-term AUM at December 31, 2025 and 45% of long-term base fees and securities lending revenueETFs represented 42% of long-term AUM at December 31, 2025 and 45% of long-term base fees and securities lending revenue for 2025.Business (Item 1)
Preqin
£2.5 billion (or approximately $3.2 billion)In March 2025, BlackRock completed the acquisition of 100% of the shares of Preqin Holding Limited ("Preqin"), a leading provider of private markets data, for £2.5 billion (or approximately $3.2 billion) in cash (the "Preqin Transaction").Business (Item 1)
Places
International equity markets
exposed to its price · Approximately half of BlackRock’s equity AUMnamed as a riskApproximately half of BlackRock’s equity AUM is tied to international market strategies, including emerging markets, which tend to have higher fee rates than US equity strategies.Business (Item 1)
Asia-Pacific
earns from · 7% of total AUM and 5% of total base fees and securities lending revenueAsia-Pacific represented 7% of total AUM and 5% of total base fees and securities lending revenue for 2025.Business (Item 1)
Also named by AIG, AVY, BNY, CCK, CL, COHR, DCI, EEFT and 17 more
Americas
concentrated in · 68% of total AUM and 67% of total base fees and securities lending revenueThe Americas represented 68% of total AUM and 67% of total base fees and securities lending revenue for 2025.Business (Item 1)
Also named by CYRX, DELL, EMR, FDS, FICO, GGG, GS, HLIO and 6 more
Europe, the Middle East and Africa (EMEA)
earns from · 25% of total AUM and 28% of total base fees and securities lending revenueEMEA represented 25% of total AUM and 28% of total base fees and securities lending revenue for 2025.Business (Item 1)
China
operates innamed as a riskThe Company’s operations in China are subject to a number of regulatory risks, including an evolving regulatory environment, frequent policy changes and complex data security and data transfer regulations.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Atlanta, Belgrade, Budapest, Edinburgh, Gurgaon, London, Mumbai, New York and San Francisco
concentrated innamed as a riskMoreover, a significant portion of BlackRock’s critical business operations is concentrated in a limited number of geographic areas, including Atlanta, Belgrade, Budapest, Edinburgh, Gurgaon, London, Mumbai, New York and San Francisco.Risk factors (Item 1A)
Hazards
Earthquake
operates innamed as a riskThe failure to maintain an infrastructure commensurate with the size and scope of BlackRock’s business, or the occurrence of a business outage or event outside BlackRock’s control, including a major earthquake, hurricane, fire, terrorist act, pandemic, health crisis or other catastrophic event, or the actions of individuals or groups seeking to disrupt BlackRock’s operations in any location at which BlackRock maintains a major presence, could materially impact operations, result in business disruption or impede the Company's growth.Risk factors (Item 1A)
Also named by A, ADBE, AEE, ARE, ARES, CDNA, CRC, DOCU and 11 more
Commodities and inputs
Bitcoin
exposed to its price · $78 billionnamed as a riskThe Company's digital assets products consist of Bitcoin ETPs listed in the US, Canada, Europe, the United Kingdom ("UK"), and Australia, and an Ethereum ETP listed in the US.Business (Item 1)
British pound and euro
exposed to its price · $1,577 millionnamed as a riskThe carrying value of the total economic investment exposure denominated in foreign currencies is primarily based in the British pound and euro.Market risk (Item 7A)
Also named by AGX
Regulators
Office of the Comptroller of the Currency (OCC)
subject tonamed as a riskBlackRock’s trust bank subsidiary, which is a national banking association chartered by the OCC, is subject to OCC regulation, including requirements regarding capital and liquidity, that may limit its business activities.Risk factors (Item 1A)
Also named by ADP, AMP, AXP, BAC, C, CASH, CFG, COF and 22 more
Financial Conduct Authority (FCA) Consumer Duty
subject tonamed as a riskAny failure to meet the FCA’s regulatory expectations could expose BlackRock to regulatory sanctions and increased reputational risk.Risk factors (Item 1A)
Also named by AXP
Financial Stability Oversight Council (FSOC) SIFI designation
subject tonamed as a riskIf BlackRock is designated as a SIFI, it could become subject to enhanced regulatory and capital requirements and direct supervision by the Federal Reserve.Risk factors (Item 1A)
Federal Trade Commission (FTC) common ownership scrutiny
subject tonamed as a riskIn 2021, the FTC identified common ownership as a key enforcement area and passed a resolution empowering individual commissioners to investigate shareholder conduct in connection with common ownership.Risk factors (Item 1A)
Laws and programs
OECD Pillar Two global minimum tax
subject to · 15%named as a riskAny such changes could increase the Company's tax liabilities, although the adoption of the Side by Side System is generally expected to mitigate some of the potential adverse impacts of Pillar Two.Risk factors (Item 1A)
Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more
EU Digital Operational Resilience Act (DORA)
subject tonamed as a riskDORA, among other things: (1) introduced additional governance, risk management, incident reporting, resilience testing and information sharing requirements to several of BlackRock’s European entities and certain Aladdin clients; and (2) may potentially subject Aladdin to additional oversight.Risk factors (Item 1A)
Also named by BKNG, CRM, CRWD, DDOG, EQIX, FDS, MCO, MDB and 3 more
Hart-Scott-Rodino Antitrust Improvements Act
subject tonamed as a riskIn December 2023, the FTC and DOJ also jointly issued updated merger guidelines which could impact (1) the ability of the Company to expand its services through strategic investments or acquisitions and (2) funds that engage in transactions affecting US commerce.Risk factors (Item 1A)
Also named by AWK, BEN, CPRT, CTAS, FSK, KVUE, NXST, SWKS and 2 more
US state anti-ESG legislation
subject tonamed as a riskSome US states and state officials have adopted or proposed legislation or otherwise raised concerns about BlackRock’s business practices.Risk factors (Item 1A)
Financial transaction tax (FTT)
subject tonamed as a riskIf enacted as proposed, FTTs could have an adverse effect on BlackRock’s financial results and clients’ performance results.Risk factors (Item 1A)
Also named by CME
SEC Rule 2a-7 money market fund reforms
subject tonamed as a riskNew regulations or changes to existing regulations in the UK and EU may adversely impact BlackRock’s MMFs.Risk factors (Item 1A)
SEC US Treasury Clearing Mandate
subject tonamed as a riskThe rules require many market participants, including a large number of BlackRock funds and accounts, to clear Treasury repurchase transactions and potentially certain cash Treasury securities transactions through a clearing agency registered with the SEC, which could increase transaction costs for BlackRock’s clients.Risk factors (Item 1A)
SEC Form PF rules
subject tonamed as a riskImplementing these rules and amendments may significantly increase BlackRock’s reporting, disclosure and compliance obligations and create operational complexity for BlackRock’s alternatives products.Risk factors (Item 1A)
EMIR 3.0
subject tonamed as a riskEMIR 3.0 is expected to impact EU counterparties as well as UK and non-EU entities trading with EU firms, and the collective impact of the package may increase operational complexity, necessitate a reassessment of clearing and trading strategies, and lead to higher transaction costs for BlackRock and its clients.Risk factors (Item 1A)
US Outbound Investment Regime
subject tonamed as a riskThese rules, especially if broadened, could limit BlackRock’s ability to invest in certain companies or markets on behalf of clients and may increase the firm’s compliance costs.Risk factors (Item 1A)
Technology
Aladdin
earns from · majority of technology services and subscription revenuenamed as a riskAladdin, which represented the majority of technology services and subscription revenue for the year, continues to benefit from trends favoring global platform and multi-asset risk solutions across public and private markets.Business (Item 1)