BLK · 8-K · 20261014PR420979

Income Tax Rate Changes

BlackRock, Inc. · 2026-10-14 · Importance 62 · Surprise 46

Third-quarter income tax expense increased $254 million year over year to $724 million and increased $47 million sequentially. The GAAP effective tax rate rose to 29.4% from 25.2% in Q3 2025 and from 25.2% in Q2 2026, an increase of 420 basis points in both comparisons. For the nine months ended September 30, 2026, tax expense increased $612 million to $1.917 billion and the GAAP effective tax rate rose 150 basis points to 24.0%. The nine-month as-adjusted effective tax rate increased 220 basis points to 24.2% from 22.0%.

Key facts

• BlackRock, Inc. reported an effective tax rate of 29.4% for Q3 2026, up 420 basis points from 25.2% in Q3 2025. source
• The non-GAAP adjustments in 2025 and 2026 related to the change in fair value of contingent consideration are primarily not deductible for income tax purposes. source
• For each period presented, the non-GAAP adjustments were tax effected at the respective blended rates applicable to the adjustments. source