BlackRock (BLK) FY2020 results: revenue $16.2 billion, up 11.5% on the year
BlackRock, Inc. (BLK) reported revenue of $16.2 billion for fiscal 2020, the year ended 31 December 2020, up 11.5% on the year before. Net income was $4.9 billion, up 10.2%, and diluted earnings per share $31.85. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$16.2 billion
+11.5% on the year
FY2016FY2020
Operating margin
35.1%
38.2% a year earlier
FY2016FY2020
Net income
$4.9 billion
+10.2% on the year
FY2016FY2020
Diluted EPS
$31.85
+12.0% on the year
FY2016FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
16,205
14,539
14,198
+11.5%
Operating income
5,695
5,551
5,457
+2.6%
Operating margin
35.1%
38.2%
38.4%
Interest expense
205
203
184
+1.0%
Pre-tax income
6,524
5,787
5,378
+12.7%
Income tax
1,238
1,261
1,076
-1.8%
Effective tax rate
19.0%
21.8%
20.0%
Net income
4,932
4,476
4,305
+10.2%
Net margin
30.4%
30.8%
30.3%
Diluted EPS
$31.85
$28.43
$26.58
+12.0%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
3,743
2,884
3,075
+29.8%
Capital expenditure
194
254
204
-23.6%
Free cash flow
3,549
2,630
2,871
+34.9%
Free cash flow margin
21.9%
18.1%
20.2%
Cash from investing
-254
-2,014
-808
Cash from financing
244
-2,583
-2,765
Depreciation and amortisation
232
182
154
+27.5%
Share-based compensation
622
567
564
+9.7%
Buybacks
1,809
1,911
2,087
-5.3%
Dividends paid
2,260
2,096
1,968
+7.8%
Dividend per share
n/a
n/a
$12.02
Diluted shares, weighted
155m
157m
162m
-1.7%
Shares outstanding at period end
153m
154m
158m
-1.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
35,283
33,547
32,374
+5.2%
Non-controlling interest
51.0
66.0
59.0
-22.7%
Redeemable equity
2,322
1,316
1,107
+76.4%
Debt
7,264
4,955
4,979
+46.6%
Other liabilities
132,062
128,738
121,054
+2.6%
Total liabilities and equity
176,982
168,622
159,573
+5.0%
Fixed assets
681
715
643
-4.8%
Goodwill
14,551
14,562
13,526
-0.1%
Intangible assets
18,263
18,369
17,839
-0.6%
Securities held for sale or to maturity
310
249
188
+24.5%
Cash and equivalents
8,664
4,829
6,488
+79.4%
Other assets
134,513
129,898
120,889
+3.6%
Total assets
176,982
168,622
159,573
+5.0%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.