BlackRock (BLK) Q4 FY2025 earnings: revenue $7.0 billion, up 23.4% on the year

BlackRock, Inc. (BLK) reported revenue of $7.0 billion for Q4 FY2025, the quarter ended 31 December 2025, up 23.4% on the same quarter a year earlier. Net income was $1.1 billion, down 32.5% on the year, and diluted earnings per share $7.16. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue

$7.0 billion

+23.4% on the year · +7.7% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

23.7%

36.6% a year earlier

Q1 FY2024Q4 FY2025

Net income

$1.1 billion

-32.5% on the year · -14.8% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$7.16

-32.7% on the year · -15.1% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 1 new.

AUM and net inflows reached records: Year-end AUM reached $14.04 trillion, with fourth-quarter long-term net inflows of $268 billion.
Full-year revenue rose 19%: Full-year revenue was $24.2 billion, against $20.4 billion a year earlier, with market levels cited as a driver.
GAAP operating income declined for year: Full-year GAAP operating income was $7,045 million, against $7,574 million, while as adjusted operating income was $9,600 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	7,008	6,509	5,677	+7.7%	+23.4%
Operating income	1,661	1,955	2,075	-15.0%	-20.0%
Operating margin	23.7%	30.0%	36.6%
Interest expense	140	135	166	+3.7%	-15.7%
Pre-tax income	1,607	1,997	2,103	-19.5%	-23.6%
Income tax	372	470	442	-20.9%	-15.8%
Effective tax rate	23.1%	23.5%	21.0%
Net income	1,127	1,323	1,670	-14.8%	-32.5%
Net margin	16.1%	20.3%	29.4%
Diluted EPS	$7.16	$8.43	$10.64	-15.1%	-32.7%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	2,277	1,414	2,618	+61.0%	-13.0%
Capital expenditure	130	78.0	90.0	+66.7%	+44.4%
Free cash flow	2,147	1,336	2,528	+60.7%	-15.1%
Free cash flow margin	30.6%	20.5%	44.5%
Cash from investing	-212	-923	-3,071
Cash from financing	-588	96.0	-578
Depreciation and amortisation	369	346	200	+6.6%	+84.5%
Share-based compensation	421	419	242	+0.5%	+74.0%
Buybacks	n/a	n/a	386
Dividends paid	n/a	n/a	791
Dividend per share	n/a	$5.21	n/a
Diluted shares, weighted	161m	165m	152m	-2.6%	+6.1%
Shares outstanding at period end	155m	155m	155m	-0.0%	+0.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	55,888	55,519	47,495	+0.7%	+17.7%
Non-controlling interest	227	216	169	+5.1%	+34.3%
Redeemable equity	n/a	n/a	1,691
Debt	12,768	12,766	12,314	+0.0%	+3.7%
Other liabilities	101,115	94,181	76,946	+7.4%	+31.4%
Total liabilities and equity	169,998	162,682	138,615	+4.5%	+22.6%
Fixed assets	1,256	1,227	1,103	+2.4%	+13.9%
Goodwill	35,283	35,356	25,949	-0.2%	+36.0%
Intangible assets	27,968	28,162	20,743	-0.7%	+34.8%
Securities held for sale or to maturity	507	532	547	-4.7%	-7.3%
Cash and equivalents	11,468	9,979	12,762	+14.9%	-10.1%
Other assets	93,516	87,426	77,511	+7.0%	+20.6%
Total assets	169,998	162,682	138,615	+4.5%	+22.6%

Questions

What was BlackRock's revenue in Q4 FY2025?

BlackRock (BLK) reported revenue of $7.0 billion for Q4 FY2025, the quarter ended 31 December 2025, up 23.4% on the same quarter a year earlier.

How much did BlackRock earn in Q4 FY2025?

Net income for Q4 FY2025 was $1.1 billion, down 32.5% on the year, and diluted earnings per share $7.16.

When did BlackRock report Q4 FY2025 results?

BlackRock filed its 10-K for the year that ended with the quarter on 25 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	5,106	4,699	4,526	4,311	4,337	4,243	4,463	4,522	4,631	4,728	4,805	5,197	5,677	5,276	5,423	6,509	7,008	6,698	7,084	7,752
Operating income	2,039	1,764	1,668	1,526	1,427	1,438	1,615	1,637	1,585	1,693	1,800	2,006	2,075	1,698	1,731	1,955	1,661	2,814	2,461	2,328
Operating margin	40%	38%	37%	35%	33%	34%	36%	36%	34%	36%	37%	39%	37%	32%	32%	30%	24%	42%	35%	30%
Interest expense	50.0	54.0	54.0	50.0	54.0	59.0	69.0	82.0	82.0	92.0	126	154	166	166	173	135	140	134	134	134
Pre-tax income	2,110	1,626	1,321	1,691	1,652	1,554	1,866	1,808	1,927	1,913	2,014	2,265	2,103	1,763	2,252	1,997	1,607	2,842	2,719	2,644
Tax rate	23%	16%	27%	20%	21%	25%	24%	12%	23%	15%	24%	25%	21%	14%	26%	24%	23%	18%	25%	27%
Net income	1,643	1,436	1,077	1,406	1,259	1,157	1,366	1,604	1,375	1,573	1,495	1,631	1,670	1,510	1,593	1,323	1,127	2,212	1,914	1,659
Net margin	32%	31%	24%	33%	29%	27%	31%	35%	30%	33%	31%	31%	29%	29%	29%	20%	16%	33%	27%	21%
Diluted EPS	$10.64	$9.35	$7.06	$9.25	$8.31	$7.64	$9.06	$10.66	$9.15	$10.48	$9.99	$10.90	$10.64	$9.64	$10.19	$8.43	$7.16	$14.06	$12.19	$10.57
Operating cash flow	1,917	-422	1,645	1,760	1,973	-394	985	1,576	1,998	-408	1,365	1,381	2,618	-1,128	1,364	1,414	2,277	-980	1,227	2,706
Capital expenditure	126	147	116	136	134	81.0	61.0	78.0	124	64.0	7.0	94.0	90.0	78.0	89.0	78.0	130	106	109	101
Free cash flow	1,791	-569	1,529	1,624	1,839	-475	924	1,498	1,874	-472	1,358	1,287	2,528	-1,206	1,275	1,336	2,147	-1,086	1,118	2,605
Buybacks	303	936	507	384	505	721	383	396	384	634	519	391	386	657	396	n/a	n/a	n/a	n/a	n/a
Dividends paid	627	786	737	736	731	796	748	748	743	795	758	757	791	838	808	n/a	n/a	n/a	n/a	n/a
Shares outstanding	152m	152m	151m	150m	150m	150m	149m	149m	149m	149m	148m	148m	155m	155m	155m	155m	155m	155m	155m	155m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 25 February 2026: the filing.