BlackRock, Inc. Leases Disclosure
13. Leases
The following table presents components of lease cost included in general and administration expense on the consolidated statements of income:
(in millions) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
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Lease cost: |
|
|
|
|
|
|
|
|
|
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Operating lease cost(1) |
|
$ |
233 |
|
|
$ |
183 |
|
|
$ |
189 |
|
Variable lease cost(2) |
|
|
69 |
|
|
|
60 |
|
|
|
49 |
|
Total lease cost |
|
$ |
302 |
|
|
$ |
243 |
|
|
$ |
238 |
|
Supplemental information related to operating leases is summarized below:
(in millions) |
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Supplemental cash flow information: |
|
|
|
|
|
|
|
|
|||
Operating cash flows from operating leases included in the measurement of operating lease liabilities |
$ |
210 |
|
|
$ |
183 |
|
|
$ |
142 |
|
|
|
|
|
|
|
|
|
|
|||
Supplemental noncash information: |
|
|
|
|
|
|
|
|
|||
ROU assets in exchange for operating lease liabilities(1) |
$ |
489 |
|
|
$ |
235 |
|
|
$ |
32 |
|
(1) Amount for 2025 includes $178 million of ROU assets obtained in connection with the HPS Transaction. Amount for 2024 includes $75 million of ROU assets obtained in connection with the GIP Transaction. See Note 3, Acquisitions, for further information.
|
December 31, 2025 |
December 31, 2024 |
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Lease term and discount rate: |
|
|
|
|
|
|
||
Weighted-average remaining lease term |
|
13 |
|
years |
|
14 |
|
years |
Weighted-average discount rate |
|
4 |
|
% |
|
3 |
|
% |
(in millions) |
|
|
|
|
Maturity of operating lease liabilities at December 31, 2025 |
|
Amount |
|
|
2026 |
|
$ |
237 |
|
2027 |
|
|
246 |
|
2028 |
|
|
239 |
|
2029 |
|
|
227 |
|
2030 |
|
|
218 |
|
Thereafter |
|
|
1,617 |
|
Total lease payments |
|
|
2,784 |
|
Less: Imputed interest |
|
|
(556 |
) |
Present value of lease liabilities |
|
$ |
2,228 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.