BlackRock
BLK NYSE Asset Management & Custody Banks Financials FY2016–FY2025
BlackRock's revenue rose 18.7% to $24.2 billion in fiscal 2025. Its operating margin was 29.1%, down from 37.1% a year earlier. Free cash flow was $3.6 billion, down 24.4%. The diluted share count rose 6.1%.
About these figures. BlackRock moved under a new holding company in October 2024; earlier figures come from the former BlackRock, Inc.'s filings. BlackRock's 'revenues' tag covers only part of its revenue in some filings, so revenue comes from its total revenue from contracts with customers. In fiscal 2025 the SEC's structured data shows assets that differ from liabilities plus equity by more than 3%, so total liabilities may be incomplete.
What BlackRock does
BlackRock manages money for other people. Its clients range from pension plans, charities, central banks and insurers to individual savers, who mostly reach it through brokers, banks and financial advisers. It invests their money in stocks, bonds, cash, private assets such as infrastructure and private loans, and commodities, through mutual funds, its iShares exchange-traded funds (funds that trade on a stock exchange) and accounts run for single clients. At the end of 2025 it managed $14.0 trillion of client assets.
Most of its revenue comes from fees charged as a share of the assets it manages, plus fees for beating agreed benchmarks on some funds and income from lending out securities. Exchange-traded funds made up 42% of its long-term assets. It also sells software and data, chiefly Aladdin, a system that investment firms use to manage portfolios and risk; this brought in $2.0 billion in 2025. BlackRock says it competes with other fund managers, insurers, banks, brokers and financial technology firms.
BlackRock has about 24,900 employees in more than 30 countries, and says about 60% of them work outside the United States. In July 2025 it bought HPS Investment Partners, a private credit manager, adding to its earlier purchases of the infrastructure investor GIP and the data provider Preqin.
- Legal name
- BlackRock, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001193125-26-071966
0002012383
Revenue and margins
BlackRock had $24.2B of revenue in fiscal 2025, up 18.7% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 7.1% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $3.6B in fiscal 2025, 14.7% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
BlackRock returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 6.1%.
Value BlackRock yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$1.3B and divides by 160.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 26.8x · peers 26.4x · sector 13.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably BlackRock can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $9.3B | $7.4B | $8.7B | $12.8B | $11.5B |
| Debt incl. finance leases | $7.4B | $6.7B | $7.9B | $12.3B | $12.8B |
| Net debt / EBITDA | −0.2x | −0.1x | −0.1x | −0.1x | 0.2x |
| Debt / equity | 0.2x | 0.2x | 0.2x | 0.3x | 0.2x |
| Interest coverage | 36.3x | 30.1x | 21.5x | 14.1x | 11.5x |
| Total assets | $152.6B | $117.6B | $123.2B | $138.6B | $170.0B |
| Total liabilities | $113.8B | $78.8B | $82.0B | $89.3B | $108.5B |
| Shareholders' equity | $37.7B | $37.7B | $39.3B | $47.5B | $55.9B |
| Net debt (− = net cash) | −$1.9B | −$762M | −$818M | −$448M | $1.3B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$192M
7 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jul 16, 2026 | Christopher J. MeadeGeneral Counsel and CLO | Sold | 18,095 | $1,102.09 | $19.9M | Form 4 |
| Jul 16, 2026 | Laurence FinkChairman and CEO, Director | Sold | 1,905 | $1,080.57 | $2.1M | Form 4 |
| Apr 28, 2026 | Laurence FinkChairman and CEO, Director | Sold | 33,900 | $1,050.55 | $35.6M | Form 4 |
| Apr 27, 2026 | Robert KapitoPresident, Director | Sold | 8,739 | $1,056.60 | $9.2M | Form 4 |
| Feb 24, 2026 | Kushel J. RichardSenior Managing Director | Sold | 2,385 | $1,083.35 | $2.6M | Form 4 |
| Feb 23, 2026 | Stephen CohenSenior Managing Director | Sold | 225 | $1,069.56 | $0.2M | Form 4 |
| Feb 11, 2026 | Robert L. GoldsteinChief Operating Officer | Sold | 5,293 | $1,084.22 | $5.7M | Form 4 |
| Feb 11, 2026 | Stephen CohenSenior Managing Director | Sold | 2,179 | $1,073.87 | $2.3M | Form 4 |
| Feb 10, 2026 | Robert L. GoldsteinChief Operating Officer | Sold | 54,190 | $1,087.29 | $58.9M | Form 4 |
| Jan 21, 2026 | Kushel J. RichardSenior Managing Director | Sold | 20,000 | $1,125.00 | $22.5M | Form 4 |
| Jan 16, 2026 | Martin SmallCFO & Senior Managing Director | Sold | 27,047 | $1,171.14 | $31.7M | Form 4 |
| Dec 1, 2025 | Martin SmallCFO & Senior Managing Director | Sold | 1,258 | $1,043.38 | $1.3M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✕ | ✕ | ✕ |
| Debt fell relative to assets | ✕ | ✕ | ✓ |
| Current ratio rose | — | — | — |
| Share count didn't rise | ✓ | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | 1.1% | 1.1% | 1.1% |
| Altman Z'' | — | — | — |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| BlackRock BLK | $184.1B | 18.7% | 29.1% | 14.7% | 10.5% | 26.8x | — | |
| KKR KKR | — | −11.0% | — | — | — | — | — | Compare → |
| Corebridge Financial CRBG | $15.5B | −1.2% | — | — | — | 21.5x | — | Compare → |
| Apollo Global Management APO | $68.8B | 22.7% | — | — | — | 41.3x | — | Compare → |
| Blackstone BX | $94.4B | 9.2% | — | 31.5% | 22.1% | 26.4x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $12.3B | $13.6B | $14.2B | $14.5B | $16.2B | $19.4B | $17.9B | $17.9B | $20.4B | $24.2B |
| Operating income | $4.6B | $5.3B | $5.5B | $5.6B | $5.7B | $7.5B | $6.4B | $6.3B | $7.6B | $7.0B |
| Interest expense | $205M | $205M | $184M | $203M | $205M | $205M | $212M | $292M | $538M | $614M |
| Pretax income | $4.5B | $5.3B | $5.4B | $5.8B | $6.5B | $8.2B | $6.3B | $7.2B | $8.3B | $7.6B |
| Income tax | $1.3B | $270M | $1.1B | $1.3B | $1.2B | $2.0B | $1.3B | $1.5B | $1.8B | $1.7B |
| Net income | $3.2B | $5.0B | $4.3B | $4.5B | $4.9B | $5.9B | $5.2B | $5.5B | $6.4B | $5.6B |
| Diluted EPS | $19.02 | $30.12 | $26.58 | $28.43 | $31.85 | $38.22 | $33.97 | $36.51 | $42.01 | $35.31 |
| Diluted shares | 0.17B | 0.16B | 0.16B | 0.16B | 0.15B | 0.15B | 0.15B | 0.15B | 0.15B | 0.16B |
| Cash flow | ||||||||||
| Cash from operations | $2.3B | $4.0B | $3.1B | $2.9B | $3.7B | $4.9B | $5.0B | $4.2B | $5.0B | $3.9B |
| Capital expenditure | $119M | $155M | $204M | $254M | $194M | $341M | $533M | $344M | $255M | $375M |
| Free cash flow | $2.2B | $3.8B | $2.9B | $2.6B | $3.5B | $4.6B | $4.4B | $3.8B | $4.7B | $3.6B |
| Depreciation and amortization | $124M | $132M | $154M | $182M | $232M | $249M | $251M | $263M | $270M | $297M |
| Stock-based compensation | $521M | $542M | $564M | $567M | $622M | $734M | $708M | $630M | $753M | $1.3B |
| Acquisitions | $30.0M | $102M | $699M | $1.5B | $0.0M | $1.1B | $0.0M | $189M | $2.9B | $3.5B |
| Share buybacks | $1.4B | $1.4B | $2.1B | $1.9B | $1.8B | $1.5B | $2.3B | $1.9B | $1.9B | $0.0M |
| Dividends paid | $1.5B | $1.7B | $2.0B | $2.1B | $2.3B | $2.5B | $3.0B | $3.0B | $3.1B | $0.0M |
| Dividends and buybacks | $2.9B | $3.1B | $4.1B | $4.0B | $4.1B | $4.0B | $5.3B | $4.9B | $5.0B | $0.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $6.1B | $6.9B | $6.5B | $4.8B | $8.7B | $9.3B | $7.4B | $8.7B | $12.8B | $11.5B |
| Total debt | $4.9B | $5.0B | $5.0B | $5.0B | $7.3B | $7.4B | $6.7B | $7.9B | $12.3B | $12.8B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $559M | $592M | $643M | $715M | $681M | $762M | $1.0B | $1.1B | $1.1B | $1.3B |
| Total assets | $220.2B | $220.2B | $159.6B | $168.6B | $177.0B | $152.6B | $117.6B | $123.2B | $138.6B | $170.0B |
| Total liabilities | $190.8B | $188.0B | $126.0B | $133.7B | $139.3B | $113.8B | $78.8B | $82.0B | $89.3B | $108.5B |
| Shareholders' equity | $29.1B | $31.8B | $32.4B | $33.5B | $35.3B | $37.7B | $37.7B | $39.3B | $47.5B | $55.9B |
| Margins | ||||||||||
| Operating margin | 37.2% | 38.6% | 38.4% | 38.2% | 35.1% | 38.5% | 35.7% | 35.1% | 37.1% | 29.1% |
| EBITDA margin | 38.2% | 39.6% | 39.5% | 39.4% | 36.6% | 39.7% | 37.1% | 36.6% | 38.4% | 30.3% |
| Net margin | 25.8% | 36.4% | 30.3% | 30.8% | 30.4% | 30.5% | 29.0% | 30.8% | 31.2% | 22.9% |
| FCF margin | 17.6% | 27.9% | 20.2% | 18.1% | 21.9% | 23.8% | 24.8% | 21.4% | 23.0% | 14.7% |
| Returns | ||||||||||
| Return on capital | 11.7% | 17.2% | 14.3% | 13.4% | 13.6% | 16.2% | 13.9% | 13.1% | 13.8% | 10.5% |
| Return on equity | 11.0% | 16.3% | 13.4% | 13.6% | 14.3% | 16.2% | 13.7% | 14.3% | 14.7% | 10.7% |
| Return on assets | 1.4% | 2.3% | 2.3% | 2.7% | 2.9% | 3.6% | 3.8% | 4.6% | 4.9% | 3.6% |
| Growth | ||||||||||
| Revenue growth | — | 10.9% | 4.4% | 2.4% | 11.5% | 19.6% | −7.8% | −0.1% | 14.3% | 18.7% |
| Net income growth | −5.3% | 56.3% | −13.1% | 4.0% | 10.2% | 19.7% | −12.3% | 6.3% | 15.8% | −12.8% |
| EPS growth | −3.9% | 58.4% | −11.8% | 7.0% | 12.0% | 20.0% | −11.1% | 7.5% | 15.1% | −16.0% |
| FCF growth | −22.6% | 76.2% | −24.4% | −8.4% | 34.9% | 29.7% | −3.9% | −13.6% | 23.0% | −24.4% |
| Share count change | −1.5% | −1.3% | −1.5% | −2.8% | −1.7% | −0.3% | −1.3% | −1.1% | 0.6% | 6.1% |
| Financial health | ||||||||||
| Net debt / EBITDA | −0.3x | −0.4x | −0.3x | 0.0x | −0.2x | −0.2x | −0.1x | −0.1x | −0.1x | 0.2x |
| Debt / equity | 0.2x | 0.2x | 0.2x | 0.2x | 0.2x | 0.2x | 0.2x | 0.2x | 0.3x | 0.2x |
| Interest coverage | 22.3x | 25.6x | 29.7x | 27.3x | 27.8x | 36.3x | 30.1x | 21.5x | 14.1x | 11.5x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.0% | 1.1% | 1.4% | 1.8% | 1.2% | 1.8% | 3.0% | 1.9% | 1.3% | 1.6% |
| Stock comp / revenue | 4.3% | 4.0% | 4.0% | 3.9% | 3.8% | 3.8% | 4.0% | 3.5% | 3.7% | 5.4% |
| Payouts / FCF | 136.7% | 81.2% | 141.2% | 152.4% | 114.7% | 87.6% | 120.3% | 128.7% | 107.0% | 0.0% |
| Quality scores | ||||||||||
| Accruals ratio | 0.4% | 0.5% | 0.7% | 1.0% | 0.7% | 0.6% | 0.2% | 1.1% | 1.1% | 1.1% |
Source: SEC EDGAR XBRL filings (CIK 0002012383). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.