BlackRock (BLK) FY2019 results: revenue $14.5 billion, up 2.4% on the year
BlackRock, Inc. (BLK) reported revenue of $14.5 billion for fiscal 2019, the year ended 31 December 2019, up 2.4% on the year before. Net income was $4.5 billion, up 4.0%, and diluted earnings per share $28.43. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2020.
Revenue
$14.5 billion
+2.4% on the year
FY2016FY2019
Operating margin
38.2%
38.4% a year earlier
FY2016FY2019
Net income
$4.5 billion
+4.0% on the year
FY2016FY2019
Diluted EPS
$28.43
+7.0% on the year
FY2016FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
14,539
14,198
13,600
+2.4%
Operating income
5,551
5,457
5,254
+1.7%
Operating margin
38.2%
38.4%
38.6%
Interest expense
203
184
205
+10.3%
Pre-tax income
5,787
5,378
5,259
+7.6%
Income tax
1,261
1,076
270
+17.2%
Effective tax rate
21.8%
20.0%
5.1%
Net income
4,476
4,305
4,952
+4.0%
Net margin
30.8%
30.3%
36.4%
Diluted EPS
$28.43
$26.58
$30.12
+7.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,884
3,075
3,950
-6.2%
Capital expenditure
254
204
155
+24.5%
Free cash flow
2,630
2,871
3,795
-8.4%
Free cash flow margin
18.1%
20.2%
27.9%
Cash from investing
-2,014
-808
-608
Cash from financing
-2,583
-2,765
-2,630
Depreciation and amortisation
182
154
132
+18.2%
Share-based compensation
567
564
542
+0.5%
Buybacks
1,911
2,087
1,421
-8.4%
Dividends paid
2,096
1,968
1,662
+6.5%
Dividend per share
n/a
$12.02
$10.00
Diluted shares, weighted
157m
162m
164m
-2.8%
Shares outstanding at period end
154m
158m
160m
-2.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
33,547
32,374
31,825
+3.6%
Non-controlling interest
66.0
59.0
50.0
+11.9%
Redeemable equity
1,316
1,107
416
+18.9%
Debt
4,955
4,979
5,014
-0.5%
Other liabilities
128,738
121,054
182,912
+6.3%
Total liabilities and equity
168,622
159,573
220,217
+5.7%
Fixed assets
715
643
592
+11.2%
Goodwill
14,562
13,526
13,220
+7.7%
Intangible assets
18,369
17,839
17,389
+3.0%
Securities held for sale or to maturity
249
188
102
+32.4%
Trading assets
n/a
n/a
835
Cash and equivalents
4,829
6,488
6,894
-25.6%
Other assets
129,898
120,889
181,185
+7.5%
Total assets
168,622
159,573
220,217
+5.7%
10-K for the year ended 31 December 2019, filed 28 February 2020: the filing.