Quarterly guidance

Tax rate
25% is a reasonable projected tax run rate for the fourth quarter of 2026.
Share repurchases
Anticipate repurchasing at least $550 million worth of shares in the fourth quarter.

Annual guidance

G&A expense
Continue to expect a mid-single-digit percentage increase in full year G&A.
ACV growth
Remain committed to low to mid-teens ACV growth over the long term.

Outlook

Interest rates
Expect structurally higher interest rates for longer, particularly at the long end of the curve.
Private markets
Expect stronger fundraising in the fourth quarter and a turning point for evergreen funds.
AI infrastructure
The need for compute capacity is a long-term imperative that will require massive financing, creating a major growth opportunity.
Client demand
Seeing sustained demand for high-value categories like active ETFs, private markets, and systematic strategies.
Seasonality
Expect the fourth quarter to be seasonally strong, particularly for iShares flows.
Consolidation
BlackRock continues to consolidate market share in a fragmented industry.