BlackRock
BLK NYSE· Asset Management & Custody Banks
Last close · Oct 27, 2026
$1,136.05
KIRA · Stoqly’s AI analyst, in plain words
- BlackRock had $24.2B of revenue in fiscal 2025, up 18.7% on the year before. Over five years, revenue changed +8.4% a year on average.
- Its operating margin was 29.1%, down 8.0 pts: of every 100 in sales, about 29 is left after running the business.
- BlackRock made $5.6B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 7.1% a year.
- Free cash flow was $3.6B in fiscal 2025, 14.7% of revenue.
- BlackRock returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 6.1%.
- BlackRock owes $1.3B more than it holds in cash, about 0.2 years of operating profit.
Market cap
$187.0B
P/E
27.2x
Revenue
$24.2B
Net income
$5.6B
Free cash flow
$3.6B
Operating margin
29.1%
BlackRock in 30 seconds · fiscal 2025
Are sales growing?
+18.7%
Yes. Sales grew 18.7% last year.
Does it make a profit?
22.9%
Yes. It keeps 22.9% of every sale as profit.
Does profit turn into cash?
14.7%
Yes. 14.7% of sales ends up as free cash.
Is debt under control?
0.2x
Yes. It could repay its debt with 0.2 years of operating profit.
How is the share priced?
27.2x
One share costs 27.2 times its yearly profit per share. Typical for its sector: 13.7x.
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.
Biggest risks, in its own words
- Falling markets or shifts in interest and exchange rates could shrink the assets it manages, and with them its fees and earnings.
- Clients and fund boards can end or decline to renew its advisory contracts, and weak investment results could drive clients away.
- Losing ground to rival technology firms could cost Aladdin clients, and outages at the third parties Aladdin relies on could hurt it.
- Its recent acquisitions, including HPS, may not deliver the benefits it expects.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Legal name
- BlackRock, Inc.
- CIK
- 0002012383
BlackRock · BLK
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $19.4B | $17.9B | $17.9B | $20.4B | $24.2B |
| Revenue growth | 19.6% | −7.8% | −0.1% | 14.3% | 18.7% |
| Operating margin | 38.5% | 35.7% | 35.1% | 37.1% | 29.1% |
| Net income | $5.9B | $5.2B | $5.5B | $6.4B | $5.6B |
| Net margin | 30.5% | 29.0% | 30.8% | 31.2% | 22.9% |
| Diluted EPS | $38.22 | $33.97 | $36.51 | $42.01 | $35.31 |
| Cash | |||||
| Cash from operations | $4.9B | $5.0B | $4.2B | $5.0B | $3.9B |
| Capital expenditure | $341M | $533M | $344M | $255M | $375M |
| Free cash flow | $4.6B | $4.4B | $3.8B | $4.7B | $3.6B |
| FCF margin | 23.8% | 24.8% | 21.4% | 23.0% | 14.7% |
| Dividends paid | $2.5B | $3.0B | $3.0B | $3.1B | $0.0M |
| Share buybacks | $1.5B | $2.3B | $1.9B | $1.9B | $0.0M |
| Share count change | −0.3% | −1.3% | −1.1% | 0.6% | 6.1% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $37.7B | $37.7B | $39.3B | $47.5B | $55.9B |
| Net debt / EBITDA | −0.2x | −0.1x | −0.1x | −0.1x | 0.2x |
| Interest coverage | 36.3x | 30.1x | 21.5x | 14.1x | 11.5x |
| Returns and quality | |||||
| Return on capital | 16.2% | 13.9% | 13.1% | 13.8% | 10.5% |
| Return on equity | 16.2% | 13.7% | 14.3% | 14.7% | 10.7% |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$192M
7 insiders
Of sales under plans
0%
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
BlackRock · BLK
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
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 | $187.0B | 18.7% | 29.1% | 14.7% | 10.5% | 27.2x | — |
| KKR KKR | — | −11.0% | — | — | — | — | — |
| Corebridge Financial CRBG | $16.1B | −1.2% | — | — | — | 22.2x | — |
| Apollo Global Management APO | $69.7B | 22.7% | — | — | — | 41.9x | — |
| Blackstone BX | $93.3B | 9.2% | — | 31.5% | 22.1% | 26.1x | — |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $1,136.05 a share, the company is worth $187.0B: 27.2 times its earnings of the last four quarters.
BlackRock grew sales faster than 3 of its 4 similar companies. Its P/E is higher than 2 of 3.
Source: SEC EDGAR XBRL filings (CIK 0002012383). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.