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BlackRock (BLK) FY2025 results: revenue $24.2 billion, up 18.7% on the year

BlackRock, Inc. (BLK) reported revenue of $24.2 billion for fiscal 2025, the year ended 31 December 2025, up 18.7% on the year before. Net income was $5.6 billion, down 12.8%, and diluted earnings per share $35.31. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue
$24.2 billion
+18.7% on the year
FY2018FY2025
Operating margin
29.1%
37.1% a year earlier
FY2018FY2025
Net income
$5.6 billion
-12.8% on the year
FY2018FY2025
Diluted EPS
$35.31
-15.9% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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.
  • Fourth-quarter EPS as adjusted $13.16: Fourth-quarter diluted EPS was $7.16 on a GAAP basis and $13.16 as adjusted, against $10.63 and $11.93 a year earlier.
  • ETFs drew the largest client inflows: ETF net inflows were $181 billion in the fourth quarter, with ETF AUM of $5.47 trillion at year end.
Read the Q4 FY2025 earnings call summary

From this 10-K

BlackRock is an investment management firm with $14.0 trillion of client assets under management at the end of 2025. It has approximately 24,900 employees in more than 30 countries who serve clients in over 100 countries, and it manages client assets as a fiduciary. The company states that it does not engage in proprietary trading activities that could conflict with the interests of its clients. Alongside managing money it sells investment and risk management technology, data and accounting services on a subscription basis.

BlackRock, Inc., the 10-K for 2025

BlackRock is an investment management firm with $14.0 trillion of client assets under management at the end of 2025. It has approximately 24,900 employees in more than 30 countries who serve clients in over 100 countries, and it manages client assets as a fiduciary. The company states that it does not engage in proprietary trading activities that could conflict with the interests of its clients. Alongside managing money it sells investment and risk management technology, data and accounting services on a subscription basis.

Approximately 60 percent of employees are outside the United States serving clients locally, and approximately 35 percent of the client assets are managed for clients domiciled outside the United States.

What it manages

Client assets are reported by product type across equity, fixed income, multi-asset, alternatives, digital assets, currency and commodities, and cash management. Assets under management here means financial assets managed for clients on a discretionary basis under investment management and trust agreements expected to continue for at least 12 months, and it excludes assets where BlackRock gives risk management or other non-discretionary advice. Investment management fees are typically earned as a percentage of those client assets.

Products are offered directly and through intermediaries in a range of vehicles, including open-end and closed-end mutual funds, iShares exchange-traded funds, separate accounts, collective trust funds and other pooled investment vehicles.

Private markets

The private markets strategies are grouped as infrastructure, private equity, private credit, real estate and multi-alternatives, and the figures here are client assets rather than the firm's own. Infrastructure covers equity, debt and solutions offerings and held $112 billion at the end of 2025. Private credit, which is mainly direct lending, junior and opportunistic capital and venture debt strategies, held $145 billion. Private equity held $31 billion, of which $29 billion sat in private equity solutions. Real estate held $25 billion and multi-alternatives, described as highly customised portfolios of alternative investments, held $9 billion.

Two acquisitions completed during 2025 sit behind the private credit figure. BlackRock completed the acquisition of the business and assets of HPS Investment Partners on 1 July 2025, which added $118 billion, and the ElmTree transaction added $3 billion. Alongside the HPS acquisition, BlackRock Finance, Global Infrastructure Management, HPS and their subsidiaries became wholly owned subsidiaries of BlackRock Saturn Subco, a consolidated subsidiary.

Liquid alternatives held $101 billion across single-strategy and multi-strategy hedge funds and hedge fund solutions, and digital assets held $78 billion.

Who the clients are

Client assets are reported in three groups: retail, exchange-traded funds, and institutional, with the institutional book split between active and index strategies. The clients themselves include tax-exempt institutions such as defined benefit and defined contribution pension plans, charities, foundations and endowments; official institutions such as central banks, sovereign wealth funds, supranationals and other government entities; taxable institutions including insurance companies, financial institutions, corporations and third-party fund sponsors; and retail intermediaries. By geography the book is reported across the Americas, EMEA and Asia-Pacific.

Aladdin and the subscription business

The technology business sells investment management systems, risk analytics, private markets data subscriptions, investment accounting services and wealth management tools for a fee. Aladdin Enterprise is the company's own platform, an end-to-end investment and risk management system used both inside BlackRock and by institutional investors elsewhere, with risk analytics sold as Aladdin Risk. eFront is alternative investment management software that holds public and private asset classes on one platform, sold on its own or as part of what the company calls a Whole Portfolio solution. Aladdin Wealth gives wealth management firms and their financial professionals portfolio construction, modelling and risk analytics. Cachematrix handles the cash management process for banks and their corporate clients.

In March 2025 BlackRock acquired Preqin Holding Limited, a provider of private markets data, for £2.5 billion in cash. Aladdin assignments are typically long-term contracts that provide recurring revenue, and the filing notes that while Aladdin is a multi-asset system, the majority of positions managed on the platform are fixed income. Subscription clients include asset managers, insurance companies, wealth managers, pension funds, official institutions, banks, asset servicers, corporations, law firms and consultants.

From BlackRock's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue24,21620,40717,859+18.7%
Operating income7,0457,5746,275-7.0%
Operating margin29.1%37.1%35.1%
Interest expense614538292+14.1%
Pre-tax income7,6198,2957,155-8.1%
Income tax1,6771,7831,479-5.9%
Effective tax rate22.0%21.5%20.7%
Net income5,5536,3695,502-12.8%
Net margin22.9%31.2%30.8%
Diluted EPS$35.31$42.01$36.51-15.9%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow3,9274,9564,165-20.8%
Capital expenditure375255344+47.1%
Free cash flow3,5524,7013,821-24.4%
Free cash flow margin14.7%23.0%21.4%
Cash from investing-4,418-3,004-959
Cash from financing-1,1272,236-1,992
Depreciation and amortisation297270263+10.0%
Share-based compensation1,307753630+73.6%
Buybacksn/a1,9301,884
Dividends paidn/a3,1013,035
Dividend per share$20.84$20.40$20.00+2.2%
Diluted shares, weighted161m152m151m+6.1%
Shares outstanding at period end155m155m149m+0.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity55,88847,49539,347+17.7%
Non-controlling interest227169153+34.3%
Redeemable equityn/a1,6911,740
Debt12,76812,3147,918+3.7%
Other liabilities101,11576,94674,053+31.4%
Total liabilities and equity169,998138,615123,211+22.6%
Fixed assets1,2561,1031,112+13.9%
Goodwill35,28325,94915,524+36.0%
Intangible assets27,96820,74318,258+34.8%
Securities held for sale or to maturity507547617-7.3%
Cash and equivalents11,46812,7628,736-10.1%
Other assets93,51677,51178,964+20.6%
Total assets169,998138,615123,211+22.6%

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