BlackRock

BLK · NYSE · Financials · Financials, fiscal 2016 to 2025

BLK · Last close · October 26, 2026

$1,127.66

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%.

BlackRock, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001193125-26-071966 Updated October 9, 2026

Revenue

$24.2B

18.7%

Operating margin

29.1%

8.0 pts

Net income

$5.6B

12.8%

Free cash flow

$3.6B

24.4%

Return on capital

10.5%

3.3 pts

Market cap

$185.6B

Oct 26 close

P/E

27.0x

On $41.78 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

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.
Problems at the third parties its exchange-traded funds depend on could disturb the prices at which those funds trade.

From BlackRock's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 7.1% a year and net income 6.4% a year, as buybacks cut the share count by 3%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value BlackRock yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from BlackRock's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from BlackRock's fiscal 2025 free cash flow of $3.6B, net cash of −$1.3B at December 31, 2025 and 161 million diluted shares, from its filings. The scenarios are fitted to BlackRock: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 10.7% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Asset Management & Custody Banks), plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to BlackRock's own revenue growth, as above. Cautious: growth of 5.5% then 4% a year, 2% after year 10, a 11% discount rate. Base: growth of 10.5% then 6.5% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 16% then 9.5% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $1,127.66
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from BlackRock's earnings per share of $41.78 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 26.6×, the middle of BlackRock's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Corebridge Financial, Apollo Global Management, Blackstone.

Earnings growth in the years ahead (% a year) Starts at BlackRock's revenue growth over the last 3 years, 10.7% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $1,127.66
Value at this multiple, against the last close: —
BlackRock's P/E at the last close: 27.0×

Company	Last close	Earnings per share	P/E today
Apollo Global ManagementAPO	$114.37	$2.73	41.9×
BlackRockBLK	$1,127.66	$41.78	27.0×
BlackstoneBX	$119.06	$4.47	26.6×
Corebridge FinancialCRBG	$34.66	$1.59	21.8×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	9.3	7.4	8.7	12.8	11.5
Debt incl. finance leases	7.4	6.7	7.9	12.3	12.8
Net debt (negative means net cash)	−1.9	−0.8	−0.8	−0.4	1.3
Net debt to EBITDA	−0.2x	−0.1x	−0.1x	−0.1x	0.2x
Debt to equity	0.2x	0.2x	0.2x	0.3x	0.2x
Interest coverage	36.3x	30.1x	21.5x	14.1x	11.5x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought BlackRock shares on the open market, and 7 insiders sold $192.2 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Jul 16, 2026	Christopher J. MeadeGeneral Counsel and CLO	Sold	18,095	$1,102.09	$19.9 million	Form 4
Jul 16, 2026	Laurence FinkChairman and CEO, Director	Sold	1,905	$1,080.57	$2.1 million	Form 4
Apr 28, 2026	Laurence FinkChairman and CEO, Director	Sold	33,900	$1,050.55	$35.6 million	Form 4
Apr 27, 2026	Robert KapitoPresident, Director	Sold	8,739	$1,056.60	$9.2 million	Form 4
Feb 24, 2026	Kushel J. RichardSenior Managing Director	Sold	2,385	$1,083.35	$2.6 million	Form 4
Feb 23, 2026	Stephen CohenSenior Managing Director	Sold	225	$1,069.56	$240,651	Form 4
Feb 11, 2026	Robert L. GoldsteinChief Operating Officer	Sold	5,293	$1,084.22	$5.7 million	Form 4
Feb 11, 2026	Stephen CohenSenior Managing Director	Sold	2,179	$1,073.87	$2.3 million	Form 4
Feb 10, 2026	Robert L. GoldsteinChief Operating Officer	Sold	54,190	$1,087.29	$58.9 million	Form 4
Jan 21, 2026	Kushel J. RichardSenior Managing Director	Sold	20,000	$1,125.00	$22.5 million	Form 4
Jan 16, 2026	Martin SmallCFO & Senior Managing Director	Sold	27,047	$1,171.14	$31.7 million	Form 4
Dec 1, 2025	Martin SmallCFO & Senior Managing Director	Sold	1,258	$1,043.38	$1.3 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Fail	Fail	Fail
Debt fell relative to assets	Fail	Fail	Pass
Current ratio rose	—	—	—
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	—	—	—
Accruals ratio	1.1%	1.1%	1.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put BlackRock side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
BlackRock	FY25	18.7%	29.1%	14.7%	10.5%	0.2x	—
KKR	FY25	−11.0%	—	—	—	—	—	Compare
Corebridge Financial	FY25	−1.2%	—	—	—	—	—	Compare
Apollo Global Management	FY25	22.7%	—	—	—	−0.8x	—	Compare
Blackstone	FY25	9.2%	—	31.5%	22.1%	1.3x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	12.3	13.6	14.2	14.5	16.2	19.4	17.9	17.9	20.4	24.2
Revenue growth	—	10.9%	4.4%	2.4%	11.5%	19.6%	−7.8%	−0.1%	14.3%	18.7%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	4.6	5.3	5.5	5.6	5.7	7.5	6.4	6.3	7.6	7.0
Net income	3.2	5.0	4.3	4.5	4.9	5.9	5.2	5.5	6.4	5.6
Diluted EPS (US$)	19.02	30.12	26.58	28.43	31.85	38.22	33.97	36.51	42.01	35.31
Diluted shares (millions)	167	164	162	158	155	154	152	151	152	161
Cash flow
Cash from operations	2.3	4.0	3.1	2.9	3.7	4.9	5.0	4.2	5.0	3.9
Capital expenditure	0.1	0.2	0.2	0.3	0.2	0.3	0.5	0.3	0.3	0.4
Free cash flow	2.2	3.8	2.9	2.6	3.5	4.6	4.4	3.8	4.7	3.6
Dividends paid	1.5	1.7	2.0	2.1	2.3	2.5	3.0	3.0	3.1	0.0
Share buybacks	1.4	1.4	2.1	1.9	1.8	1.5	2.3	1.9	1.9	0.0
Acquisitions	0.0	0.1	0.7	1.5	0.0	1.1	0.0	0.2	2.9	3.5
Stock-based compensation	0.5	0.5	0.6	0.6	0.6	0.7	0.7	0.6	0.8	1.3
Balance sheet at fiscal year end
Cash and short-term investments	6.1	6.9	6.5	4.8	8.7	9.3	7.4	8.7	12.8	11.5
Debt incl. finance leases	4.9	5.0	5.0	5.0	7.3	7.4	6.7	7.9	12.3	12.8
Total assets	220.2	220.2	159.6	168.6	177.0	152.6	117.6	123.2	138.6	170.0
Total liabilities	190.8	188.0	126.0	133.7	139.3	113.8	78.8	82.0	89.3	108.5
Shareholders' equity	29.1	31.8	32.4	33.5	35.3	37.7	37.7	39.3	47.5	55.9
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	37.2%	38.6%	38.4%	38.2%	35.1%	38.5%	35.7%	35.1%	37.1%	29.1%
Net margin	25.8%	36.4%	30.3%	30.8%	30.4%	30.5%	29.0%	30.8%	31.2%	22.9%
Free cash flow margin	17.6%	27.9%	20.2%	18.1%	21.9%	23.8%	24.8%	21.4%	23.0%	14.7%
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%	2.2%	2.3%	2.7%	2.9%	3.6%	3.8%	4.6%	4.9%	3.6%
Net debt to EBITDA	−0.2x	−0.3x	−0.3x	0.0x	−0.2x	−0.2x	−0.1x	−0.1x	−0.1x	0.2x

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: BlackRock's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with BlackRock.