| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q3'26 | October 14, 2026 | 9/12 | 2 medium, 1 low flags | 2 | 0 | Call sheet → |
| Q2'26 | July 15, 2026 | 5/12 | 2 high, 3 medium, 3 low flags | 3 | 1 | Call sheet → |
| Q1'26 | April 14, 2026 | 9/12 | 2 medium, 4 low flags | 2 | 1 | Call sheet → |
| Q4'25 | January 15, 2026 | 10/12 | 2 medium, 4 low flags | 6 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q3'26 | Pending | We continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2026. Q3 adjusted tax rate was approximately 24%, versus the roughly 25% planning estimate. The remainder-of-year period is not complete; Q4 guidance remains approximately 25%. A lower tax rate is not automatically an exceeded operating promise. |
| Q3'26 | Delivered | We anticipate repurchasing at least $550 million of shares per quarter going forward. BlackRock repurchased exactly $550 million in Q3, meeting but not exceeding the floor guide. |
| Q3'26 | Delivered | The expected close of Aligned Data Centers in the coming weeks is proof point. Transaction closed this quarter as the AI infrastructure partnership's first deployment, cited at approximately $40 billion enterprise value. |
| Q2'26 | Pending | Double or triple long-short direct indexing near term No update provided despite Q1 emphasis on this goal |
| Q2'26 | Pending | GIP core infrastructure fund for Europe Q1 said 'bringing to market', Q2 silent on this |
| Q2'26 | Missed | HLEND E launch in Europe Q1 said 'launched', Q2 says 'we launched' but no flows or AUM disclosed, suggesting weak uptake |
| Q2'26 | Pending | LifePath with privates launch in 2026 Not mentioned at all this quarter despite being highlighted in Q1 |
| Q2'26 | Exceeded | 45% or greater adjusted operating margin target Hit 45.9% in Q2, highest in nearly 5 years |
| Q2'26 | Delivered | Low to mid-teens ACV growth commitment 15% ACV growth in Q2, up from 14% in Q1 |
| Q2'26 | Delivered | Repurchasing at least $450M of shares per quarter Actually exceeded with $450M in Q2 and raised guidance to $550M/quarter going forward |
| Q1'26 | Delivered | Mid-single digit G&A growth after HPS/Preqin integration Confirmed mid-single digit expectation, expense discipline maintained |
| Q1'26 | Delivered | Targeting at least $450M share repurchases per quarter Executed exactly $450M in Q1, maintained full-year $1.8B guidance |
| Q1'26 | Pending | Active ETFs can be $500M revenue generator by 2030 Reiterated target, currently 'more than halfway there' suggesting ~$250M+ current run rate |
| Q1'26 | Pending | $400B gross private markets fundraising through 2030 On track with $40B in 2025 but needs acceleration to $67B annual pace |
| Q1'26 | Missed | 16% technology ACV growth Q1 growth rate was inaudible but guided to 'low- to mid-teens' suggesting deceleration |
| Q1'26 | Pending | We expect to launch our first LifePath Target Date fund with private markets later this year Timeline now pushed to 'back half of year' with real deployment in 2027 - delayed |
| Q4'25 | Exceeded | 5-plus percent organic base fee growth target Delivered 9% full year, 12% Q4 vs 5%+ baseline target |
| Q4'25 | Delivered | Continued margin expansion on recurring fee-related earnings 45.5% FRE margin excluding perf fees, up 30bps YoY |
| Q4'25 | Delivered | HPS and Preqin integration progress Both fully integrated with revenue contribution ahead of expectations |
| Q4'25 | Delivered | 25% reasonable projected tax run rate for 2025 Maintained 25% guidance throughout year despite Q4 benefit |
| Q4'25 | Exceeded | At least $375M share repurchases in Q4 Delivered $500M in Q4, +33% above minimum commitment |
| Q4'25 | Delivered | Low teens percentage increase in 2025 core G&A expense G&A increased 15% for the year, within guided range |
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