BlackRock, Inc. Earnings Per Share Disclosure
26. Earnings Per Share
The following table sets forth the computation of basic and diluted EPS for 2025, 2024 and 2023:
(in millions, except shares and per share data) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Basic net income attributable to BlackRock, Inc. |
|
$ |
5,553 |
|
|
$ |
6,369 |
|
|
$ |
5,502 |
|
Add: Incremental net income from dilutive securities - NCI - Subco |
|
|
127 |
|
|
|
— |
|
|
|
— |
|
Diluted net income attributable to BlackRock, Inc. |
|
$ |
5,680 |
|
|
$ |
6,369 |
|
|
$ |
5,502 |
|
Basic weighted-average shares outstanding |
|
|
154,984,319 |
|
|
|
150,042,269 |
|
|
|
149,327,558 |
|
Dilutive effect of: |
|
|
|
|
|
|
|
|
|
|||
Nonparticipating RSUs |
|
|
1,383,325 |
|
|
|
1,034,323 |
|
|
|
969,089 |
|
Stock options |
|
|
460,656 |
|
|
|
538,493 |
|
|
|
409,804 |
|
Subco Units |
|
|
4,038,221 |
|
|
|
— |
|
|
|
— |
|
Total diluted weighted-average shares outstanding |
|
|
160,866,521 |
|
|
|
151,615,085 |
|
|
|
150,706,451 |
|
Basic earnings per share |
|
$ |
35.83 |
|
|
$ |
42.45 |
|
|
$ |
36.85 |
|
Diluted earnings per share |
|
$ |
35.31 |
|
|
$ |
42.01 |
|
|
$ |
36.51 |
|
The Company applies the treasury stock method to determine the dilutive weighted-average common shares outstanding for RSUs and stock options. The Company applies the “if-converted” method to the Subco Units to determine the dilutive impact, if any, of the exchange right included in the Subco Units.
The amount of anti-dilutive RSUs and stock options were for 2025 and 2024. For 2023, 194,240 shares primarily related to stock options were excluded from the calculation of diluted EPS because to include them would have an anti-dilutive effect. Certain performance-based awards were excluded from the diluted EPS calculation because the designated contingencies were not met.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.