BlackRock (BLK) official guidance

We continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2026.

I'd remind you that at our Investor Day in 2025, we talked about how our investment performance, differentiated deal flow, client relationships, would support a target of $400 billion in gross fundraising from 2025 through 2030.

After annualizing for the impact of HPS and Preqin, we continue to expect a mid-single-digit percentage increase in full-year G&A.

As part of our 2030 plan, we're aiming to make this a $500 million revenue business at BlackRock.

Our 2030 goal of reaching over 30% of revenue from private markets and technology that we laid out at Investor Day last year, that goal of 30% of revenue from private markets and technology is aimed to dampen that effect and power more steady double-digit EPS growth and margin expansion.

Through our planned dividend and share repurchases, we expect to return over $5.7 billion to shareholders this year, which is a 16% increase over 2025.

At present, based on our capital spending plans for the year and subject to market and other conditions, we anticipate repurchasing at least $550 million of shares per quarter going forward, higher than our previous guidance communicated in January.

And our conviction in the growth ahead for BlackRock led us to increase our planned level of 2026 share repurchases to $2 billion.

Increasing planned quarterly share repurchases to $550 million

For BlackRock, our 2030 strategy is to drive organic base fee growth at 5%+ through a broad public-private markets platform, and our track record's showing that we can more consistently generate 6%-8%.

We said that we believe that active ETFs can be a $500 million or greater revenue generator by 2030, and we're already more than halfway there.

At present, based on our capital spending plans for the year and subject to market and other conditions, we still anticipate repurchasing at least $450 million of shares per quarter for the balance of the year, consistent with our January guidance.

At our Investor Day, we set out a goal to grow the private markets to wealth series of products to at least $60 billion of AUM by 2030.

We currently estimate that 25% is a reasonable projected tax run rate for 2026.

Additionally, we would expect BlackRock's headcount to be broadly flat in 2026.

And with more growth coming from our pipeline of private markets, systematic strategies, models, SMAs, digital assets, we think we can power organic base fee growth that's more consistently 6-7% or higher.

In line with our guidance in July, we continue to expect a low teens % increase in 2025 core G&A expense this year over year.

We continue to estimate that 25% is a reasonable projected tax run rate for the fourth quarter of 2025.

The performance fees have some seasonality to them. I think we'd expect slightly lower performance fees from HPS in the fourth quarter.

At present, based on our capital spending plans for the year and subject to market and other conditions, we still anticipate repurchasing at least $375 million worth of shares in the fourth quarter.