NYSE: BLK · Asset Management & Custody Banks
BlackRock, Inc.
BlackRock is a global asset manager, with $14.0 trillion of assets under management (AUM) at the end of 2025 and $15.3 trillion by mid-2026. It runs iShares, the world's leading ETF business ($5.5 trillion), plus active, index, cash and private markets funds, and sells the Aladdin investment technology platform. Revenue — mostly fees as a percentage of AUM — rose 19% to $24.2 billion in 2025 on $698 billion of net inflows and acquisitions of Global Infrastructure Partners (October 2024), Preqin and HPS Investment Partners (July 2025). Net income fell to $5.6 billion and the operating margin to 29.1%. (SEC data for the current registrant, a new holding company, starts in 2022.)
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-2510-Q (quarter ended 2026-09-30) · filed 2026-11-04
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 10.7%
- Net marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 22.9%
- Return on equityROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- 10.7%
- Equity ratioEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 32.9%
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 0.71x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 3 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 26.9x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.06
Higher than 64% of 44 financial companies
Average yearly growth over the years shown
Higher than 67% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 31% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 89% of 45 financial companies
Equity ÷ total assets
Higher than 20% of 44 financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$1,197.80close on 2026-11-04
Market cap$185.74B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 26.9x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 3.3x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- —
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.7%
At FY2025 year-end: 30.3x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 3.0x
Book value at FY2025 year-end
At FY2025 year-end: 20.5x
EBITDA for FY2025
At FY2025 year-end: 2.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$6.51B → $7.75B (vs. a year earlier)↑ +19.1%$6.51B → $7.75B (vs. a year earlier)
- Operating margin30.0% → 30.0% (vs. a year earlier)→ −0.0 pts30.0% → 30.0% (vs. a year earlier)
- Net income$1.32B → $1.66B (vs. a year earlier)↑ +25.4%$1.32B → $1.66B (vs. a year earlier)
- Diluted EPS$8.43 → $10.57 (vs. a year earlier)↑ +25.4%$8.43 → $10.57 (vs. a year earlier)
- Cash$10.49B → $12.88B (vs. previous quarter-end)↑ +22.7%$10.49B → $12.88B (vs. previous quarter-end)
- Long-term debt$12.74B → $12.74B (vs. previous quarter-end)→ −0.0%$12.74B → $12.74B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
04
Company profileFrom SEC dataShow
- Legal name
- BlackRock, Inc.
- Headquarters
- NEW YORK, NY
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: BLK
- Industry
- Asset Management & Custody Banks
- CIK
- 2012383
- Website
- https://www.blackrock.com/ ↗
- IR page
- https://ir.blackrock.com/ ↗
Workforce (as of FY2025 year-end)
Employees
24,900
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 15 days after quarter end (Jan 15, 2026). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 14–15 days after quarter end over the last 4 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 14, 2026 (+14 days) | Nov 4, 2026 10-Q (+35 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 15, 2026 (+15 days) | Aug 6, 2026 10-Q (+37 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 14, 2026 (+14 days) | May 6, 2026 10-Q (+36 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 15, 2026 (+15 days) | Feb 25, 2026 10-K (+56 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
ETFs
iShares
Examples: Index and active ETFs
$5.5T of AUM; $527B of ETF net inflows in 2025.
Private markets
GIP and HPS
Examples: Infrastructure, private credit
Alternatives AUM $424B at year-end 2025.
Cash
Cash management
Examples: Money market funds
$1.08T of AUM.
Technology
Aladdin
Examples: Aladdin, Aladdin Wealth, eFront, Preqin
$1.98B of revenue.
From the FY2025 Form 10-K.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
iShares ETFs
ETF and ETP providers worldwide
U.S. share
—
Not disclosedWorldwide share
Largest
Company-disclosedBlackRock is the leading ETF provider and largest ETP provider globally, with $5.5 trillion of iShares ETF AUM at the end of 2025; no share percentage is given.
Sources:
07
Recent strategic focusSite analysis
FY2025 from the 10-K, and 2026 events from the Q2 earnings release and 8-Ks.
Q2 2026 results
AUM $15.3T, net inflows $192B, revenue +31%, diluted EPS $12.19; planned quarterly buybacks raised to $550M.
Source: Q2 2026 earnings release (8-K filed 2026-07-15)
Executive Carry Program
Senior executives (not the CEO) can receive a share of carry from flagship private markets funds.
Source: 8-K filed 2026-01-16
Board
Gregg Lemkau, co-CEO of BDT & MSD Partners, joined the board.
Source: 8-K filed 2026-01-27
Share registration for HPS units
Up to 12,035,866 shares registered for issuance on redemption of Subco units.
Source: 8-K filed 2026-06-30
Capex ÷ D&A (FY2025)
0.33x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$375M ÷ $1,126M = 0.33x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (4-year total)
$6.62B
Latest year: $3.5B
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $533M in FY2022 to $375M in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
08
Key figures at a glanceFrom SEC data
FY2022–FY2025, 4 years.
Total revenue (FY2025)
$24.22B
As reported in the 10-K
Revenue CAGR (3 years)
+10.7%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($24,216M ÷ $17,873M) ^ (1÷3) − 1 = 10.7%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
10.7%▲favorable
4-year average: 13.3%
As reported in the 10-K
- ▲
Revenue grew +10.7% a year over 3 years (strong growth)
From $17.87B in FY2022 to $24.22B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Free cash flow was positive in 4 of 4 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 13.3% over 4 years (latest: 10.7%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
Asset management
Index and active portfolio management- Private markets fundraising and investing
Technology services
Subscription-based technology services
06 · what it draws on
Key resources
Asset management
About 24,900 employees in more than 30 countries- Brands: iShares, BlackRock, GIP, HPS
Technology services
Software and data platforms
02 · why customers buy
Value propositions
- Investment products across asset classes (including iShares ETFs) and investment and risk technology (Aladdin).
04 · how it keeps them
Customer relationships
- Ongoing management of client assets; Aladdin assignments are typically long-term contracts that provide recurring revenue.
03 · how it reaches them
Channels
- Directly and through intermediaries, to institutional and retail clients worldwide.
01 · who it serves
Customer segments
Asset management
Pension plans, insurers, central banks and sovereign funds- Retail investors through intermediaries
Technology services
Asset managers, insurers, pension funds, banks and wealth firms
09 · where money goes
Cost structure
FY2025, share of revenue ($24.22B)
- Selling, general & administrative11.3%
- Other operating costs (incl. cost of goods sold)59.6%
Operating profit left: 29.1% of revenue. Depreciation & amortization (inside the costs above): $1.13B. Capital spending: $375M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Asset management
Advisory and administration fees (% of AUM)- Performance fees
Technology services
Technology services and subscription revenue
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Asset management
Equity, fixed income, multi-asset, alternatives, digital assets and cash funds offered through iShares ETFs, mutual funds, separate accounts and private markets vehicles.
01 what it draws on
Inputs & resources
- About 24,900 employees in more than 30 countries
- Brands: iShares, BlackRock, GIP, HPS
02 what it does
Activities
- Index and active portfolio management
- Private markets fundraising and investing
- Securities lending
03 who it serves
Customers
- Pension plans, insurers, central banks and sovereign funds
- Retail investors through intermediaries
04 how money comes in
How it earns
- Advisory and administration fees (% of AUM)
- Performance fees
- Distribution fees
Asset management: how it makes money
- Investment advisory and administration fees $18.5B and performance fees $1.4B in 2025.
- AUM mix: equity $7.8T, fixed income $3.3T, multi-asset $1.2T, alternatives $0.4T, cash $1.1T.
Technology services
Aladdin, Aladdin Wealth, eFront, Preqin and Cachematrix provide investment, risk and data technology to institutions and wealth managers.
01 what it draws on
Inputs & resources
- Software and data platforms
02 what it does
Activities
- Subscription-based technology services
03 who it serves
Customers
- Asset managers, insurers, pension funds, banks and wealth firms
04 how money comes in
How it earns
- Technology services and subscription revenue
Technology services: how it makes money
- $1.98B of technology services and subscription revenue in 2025 (+24%).
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
BlackRock operates under global asset-management regulation.
Approvals & licenses
Global regulation
Internal controls must mitigate regulatory and operational risks across global activities.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Investment advisory and administration fees
18,474 (76%)Technology services and subscription
1,981 (8%)Investment advisory performance fees
1,424 (6%)Distribution fees
1,355 (6%)Securities lending
705 (3%)Advisory and other
277 (1%)
Source: Form 10-K (FY2025) — Consolidated Statements of Income BlackRock reports one segment; these are its revenue lines.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Most revenue is fees calculated as a percentage of AUM, so it rises and falls with markets and client flows. Performance fees depend on investment returns, and technology services are subscription-based.
Base fees
$19.2B incl. securities lending (79% of 2025 revenue)
Typical term: Percentage of AUM
Net inflows of $698B in 2025.
Performance fees
$1.4B (6%)
Typical term: Share of returns above benchmarks
Technology subscriptions
$2.0B (8%)
Typical term: Recurring subscription contracts
Source: Form 10-K (FY2025)
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Pension plans, charities, foundations, endowments, central banks, sovereign wealth funds, insurers, financial institutions and retail investors in over 100 countries.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- 68% of AUM came from clients in the Americas at year-end 2025. (Form 10-K (FY2025), MD&A)
- AUM by client region at year-end 2025: Americas $9.5T, EMEA $3.6T, Asia-Pacific $0.9T. (Form 10-K (FY2025), MD&A)
Suppliers
Distribution partners and intermediaries for retail products.
Named by the company
None named in the 10-K or the company’s press releases.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
BlackRock's 10-K says it competes with investment management firms, mutual fund complexes, insurers, banks, brokers, financial technology providers and other institutions, on performance, beta delivery, price, service and brand. It names no companies.
Competitors named in the 10-K
BlackRock's 10-K describes competitors by type but doesn't name them.
Peer group the company chose
2025 peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Independent and captive asset managers, alternative asset managers and technology-oriented financial services firms of similar scale and global reach.
- Ameriprise Financialsite ↗
- BNY (Bank of New York Mellon)site ↗
- Charles Schwabsite ↗
- Franklin Templeton (formerly Franklin Resources)site ↗
- Goldman Sachssite ↗
- Morgan Stanleysite ↗
- Northern Trustsite ↗
- State Streetsite ↗
- T. Rowe Pricesite ↗
- Apollo Global Managementsite ↗
- Blackstonesite ↗
- KKRsite ↗
- American Expresssite ↗
- Fiservsite ↗
- Mastercardsite ↗
- PayPalsite ↗
- Raymond James Financialsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
BlackRock has made large acquisitions in private markets and data since 2024.
Cash spent on acquisitions, FY2022–FY2025: $6.62B
Oct 2024
Global Infrastructure Partners (GIP)
Not shown here
A leading infrastructure fund manager.
- Stated purpose (company)
- To create a broad global infrastructure franchise with differentiated origination and asset management capabilities.
Source: Form 10-K (FY2025)
By end-2025
Preqin
£2.5B (about $3.2B) in cash
Private markets data provider.
- Stated purpose (company)
- BlackRock expected the deal to expand and enhance its private markets investment and data capabilities.
Source: Form 10-K (FY2025)
Jul 2025
HPS Investment Partners
Substantially all paid in Subco units
A leading global credit investment manager.
- Stated purpose (company)
- BlackRock cites one integrated private financing solutions platform, combining the two firms' capabilities.
Source: Form 10-K (FY2025)
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Total revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
| Line item | FY2022In next year’s 10-K | FY2023In next year’s 10-K | FY2024In next year’s 10-K | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|
| Income statement ($M) | ||||
| Revenue | 17,873 | 17,859 | 20,407 | 24,216 |
| Operating income | 6,385 | 6,275 | 7,574 | 7,045 |
| Pretax income | 6,290 | 7,155 | 8,295 | 7,619 |
| Net income (attributable) | 5,178 | 5,502 | 6,369 | 5,553 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | -0.1% | 14.3% | 18.7% |
| Operating margincalcoperating income ÷ revenue × 100 | 35.7% | 35.1% | 37.1% | 29.1% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 29.0% | 30.8% | 31.2% | 22.9% |
| Balance sheet ($M) | ||||
| Total assets | — | 123,211 | 138,615 | 169,998 |
| Total equity | 37,876 | 39,500 | 47,664 | 56,115 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | — | 7,918 | 12,314 | 12,768 |
| Equity ratio | — | 31.9% | 34.3% | 32.9% |
| ROE | 13.7% | 14.2% | 14.7% | 10.7% |
| Cash flow ($M) | ||||
| Operating CF | 4,956 | 4,165 | 4,956 | 3,927 |
| Investing CF | -1,130 | -959 | -3,004 | -4,418 |
| Financing CF | -5,442 | -1,992 | 2,236 | -1,127 |
| Free cash flowcalccash flow from operations − capital expenditures | 4,423 | 3,821 | 4,701 | 3,552 |
| Cash and equivalents | 7,433 | 8,736 | 12,762 | 11,468 |
| Per share & other | ||||
| EPS ($) | 33.97 | 36.51 | 42.01 | 35.31 |
| BVPS ($) | — | 264.96 | 306.52 | 360.41 |
| Dividend per share ($) | 19.52 | 20.00 | 20.40 | 20.84 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 57.5% | 54.8% | 48.6% | 59.0% |
| P/E (x) | 20.9 | 22.2 | 24.4 | 30.3 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 14.8 | 17.9 | 19.5 | 20.5 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | — | 3.06 | 3.34 | 2.97 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $7.75B+19.1% | $2.33B+19.1% | $1.66B+25.4% | $10.57 |
| 2026-06-30 | $7.08B+30.6% | $2.46B+42.2% | $1.91B+20.2% | $12.19 |
| 2026-03-31 | $6.7B+27.0% | $2.81B+65.7% | $2.21B+46.5% | $14.06 |
| 2025-12-31 † | $7.01B+23.4% | $1.66B-20.0% | $1.13B-32.5% | — |
| 2025-09-30 | $6.51B | $1.96B | $1.32B | $8.43 |
| 2025-06-30 | $5.42B | $1.73B | $1.59B | $10.19 |
| 2025-03-31 | $5.28B | $1.7B | $1.51B | $9.64 |
| 2024-12-31 † | $5.68B | $2.08B | $1.67B | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Measures that fit this businessFrom SEC data
ROIC and free cash flow don’t suit an asset manager, so these are the usual yardsticks instead.
- Assets under management
- $14.0 trillion
- ETF net inflows
- $527 billion
December 31, 2025
2025
As stated by the company: Form 10-K (FY2025)
| Measure | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Return on equityNet income ÷ stockholders’ equity. | 13.7% | 14.2% | 14.7% | 10.7% |
| Net marginNet income ÷ revenue. | 29.0% | 30.8% | 31.2% | 22.9% |
| Equity ÷ total assetsThe accounting cushion. Regulatory capital ratios are listed separately above when the filing states them. | — | 31.9% | 34.3% | 32.9% |
Computed from SEC XBRL figures. A dash means the company doesn’t tag that figure or the result fell outside a plausible range. Tagging differs between filers, so check the filing before comparing two companies closely.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 77.6%
- Directors & officers (shares)
- 1.9%
- Everyone else (est.)
- 20.5%
- Directors & officers (voting power)
- 1.9%
- Institutional-ownership rank
- 329 of 416
- Beta (adjusted)
- 1.06
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 79% of covered companies have more
above 1 = swings more than the market
- 120.2M shares reported by 2,296 13F filers ÷ 154.9M shares outstanding on 2026-07-31. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-10 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-31)
20
Strengths & weaknessesSite analysis
Strengths
1. Unmatched scale
$14.0T of AUM at year-end 2025 and $15.3T by mid-2026, with 10% organic base fee growth over the last twelve months.
Evidence: Form 10-K (FY2025); Q2 2026 earnings release
2. ETF leadership
The leading ETF provider in the world, with $5.5T of iShares AUM.
Evidence: Form 10-K (FY2025), MD&A
3. Diversifying into private markets and technology
GIP, HPS and Preqin added infrastructure, private credit and data; technology revenue grew 24% in 2025.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Lower margin after acquisitions
Operating margin fell from 37.1% (2024) to 29.1% (2025), and net income fell 13%.
Evidence: Form 10-K (FY2025), MD&A
2. Share issuance to sellers
HPS was paid mostly in Subco units, and up to 12.0 million BlackRock shares may be issued as those units are redeemed.
Evidence: 8-K filed 2026-06-30
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
30.3x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.95%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
59%
Dividends per share ÷ diluted EPS
1. Growth from flows and markets
AUM grew at a 10% annual rate over five years to $14.0T, and revenue rose 19% in 2025.
- What has to hold
- Inflows continue and markets hold up.
- The other side
- Fee pressure and acquisition costs weigh on margins.
Evidence: Form 10-K (FY2025)
These summarize facts in BlackRock's filings, not a recommendation.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -0.1% in FY2023 ($17.87B → $17.86B) | Yes, by FY2024 |
| Net income | -12.8% in FY2025 ($6.37B → $5.55B) | Not yet, as of FY2025 |
Covers only the 4 fiscal years on record (FY2022–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Cash
$11.5B of cash at year-end 2025.
Source: SEC EDGAR XBRL
Fee base
Base fees are tied to $14T+ of diversified AUM across asset classes and regions.
Source: Form 10-K (FY2025)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
BlackRock's main disclosed case is an antitrust suit by thirteen state attorneys general alleging that BlackRock, State Street and Vanguard conspired to suppress coal supply.
1 open matter
State AG coal antitrust suit
PendingAntitrustThirteen state Attorneys General v. BlackRock, State Street and Vanguard (E.D. Tex.)
Alleges the three asset managers conspired to artificially suppress coal supply. Four states also bring state consumer-protection claims over statements on BlackRock fund websites. The court largely denied the motion to dismiss in 2025.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Company statement: Management does not expect aggregate liability from regulatory matters or lawsuits to have a material effect, but cannot estimate a possible loss.
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Market levels drive AUM
- Company disclosure (summarized from the 10-K)
- Declines in equity, debt, real asset, commodity, currency or digital asset prices, including from trade policies and tariffs, can reduce AUM, revenue and earnings.
- Company’s stated mitigation
- Diversified products and growing technology revenue.
- This site’s assessment
- Impact High / Likelihood Med
- 2Competition & technology shift
Fee competition
- Company disclosure (summarized from the 10-K)
- Competes with asset managers, fund complexes, insurers, banks, brokers and fintech firms on performance, price, service and brand.
- Company’s stated mitigation
- Scale and the efficient delivery of index products.
- This site’s assessment
- Impact Med / Likelihood High
- 3Law & regulation
Regulatory and common-ownership scrutiny
- Company disclosure (summarized from the 10-K)
- The 10-K notes debate over the common ownership theory and proposals to limit ownership stakes, plus tax and regulatory changes.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4M&A & integration
Integrating large acquisitions
- Company disclosure (summarized from the 10-K)
- GIP, Preqin and HPS must be integrated; the 10-K lists integration as a key risk.
- Company’s stated mitigation
- Executive Carry Program aligning executives with private markets results.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
In addition, the relative performance of different markets that impact the Company’s AUM and net inflows may lead to an increase in the proportion of AUM weighted towards lower (or higher) relative management fee rates. Read more
As a result, the Company’s average effective fee rate may be lower (or higher) from period to period. These potential changes to the Company’s average effective fee rate may also cause average growth rates of AUM and base fees to differ, which impact the Company’s revenue and earnings.
• risks related to investments in securities or companies that are or become “stressed” and “distressed”, including abrupt and erratic market movements, above-average price volatility, litigation, government investigations, and bankruptcy;
• risks related to investments in critical infrastructure sectors, such as transportation systems, utilities, energy and digital infrastructure, which are generally subject to heightened regulatory scrutiny at the time of investment and ongoing compliance requirements;
The EU has enacted numerous sustainability regulations which continue to evolve. Read more
In December 2025, the European Parliament and Council approved proposals to simplify and reduce the scope of the Corporate Sustainability Due Diligence Directive ("CSDDD") and the Corporate Sustainability Reporting Directive ("CSRD”). Furthermore, in November 2025, the European Commission (“EC”) published its proposal (“SFDR 2.0”) to revise the Sustainable Finance Disclosure Regulation, which requires sustainability-related disclosures by financial market participants. SFDR 2.0 proposes significant changes, including reducing sustainability disclosures by EU firms and simplifying product-level disclosures as well as introducing three new categories of sustainable and transition products.
The EU and the UK are developing rules for ESG ratings providers to improve quality, transparency, consistency and independence of ESG ratings in the market. Read more
Japan, Singapore and India have published codes of conduct or regulatory frameworks for ESG data and rating providers, while Hong Kong is considering a similar approach.
• Public Company Disclosure Requirements: The SEC has announced that it is considering recommending rule amendments to revise US public companies’ reporting requirements. Read more
Potential amendments include giving companies the option to change their quarterly financial reports to a semi-annual reporting schedule and changes in executive compensation disclosure requirements, Rule 14a-8 on shareholder proposals and the shelf registration process. The SEC has also requested public comment on Regulation S-K in general. Depending on the form of any such final rules, they could impact BlackRock’s reporting and compliance obligations.
• US Outbound Investment Regime: Beginning in January 2025, the US government has implemented an outbound investment screening program restricting certain investments in designated “countries of concern.” The program: Read more
(1) prohibits US persons from engaging in specified transactions; and (2) requires notification to regulators of other transactions involving companies in those jurisdictions operating in sensitive technology sectors such as advanced semiconductors, AI and quantum computing. The Fiscal 2026 National Defense Authorization Act further authorizes the US Treasury to expand the scope of this regime, potentially adding more countries, technologies, or transaction types to the restrictions. These rules, especially if broadened, could limit BlackRock’s ability to invest in certain companies or markets on behalf of clients and may increase the firm’s compliance costs.
• Beneficial Ownership Reporting: In 2025, the SEC clarified its guidance on when a 5% shareholder’s engagement with an issuer could lead to the shareholder being considered to hold shares with the “purpose or effect of changing or influencing control of the issuer,” and therefore cause the shareholder to lose eligibility to report its beneficial ownership on short-form Schedule 13G. The guidance explains that shareholder engagement that “exerts pressure on management to implement specific measures or changes to a policy” may be considered “influencing” control of the issuer.
No longer in the text (4)
In addition, beta divergence between equity markets, where certain markets perform differently than others, may lead to an increase in the proportion of BlackRock AUM weighted toward lower fee equity products, resulting in a decline in BlackRock’s effective fee rate. Divergent market factors may also erode the correlation between the growth rates of AUM and base fees.
• Sustainability: Sustainability has been the subject of regulatory focus across jurisdictions. Read more
Disclosure standards aligned with the International Sustainability Standards Board's (“ISSB”) inaugural disclosure standards have been adopted by several national regulators, including in Hong Kong, Singapore and Australia, while others are expected to propose ISSB-aligned standards, such as the UK, Canada and Japan. However in the US, final rules issued by the SEC requiring corporate issuers to make climate-related disclosures in their periodic reports are pending litigation, and as of February 2025, the SEC was revisiting its litigation position. The SEC has previously proposed rules requiring enhanced ESG disclosures by investment companies and investment advisers in fund and adviser filings, including disclosures on ESG strategies and how ESG factors are considered and GHG emissions…
The EU has enacted numerous sustainability regulations, including (1) the Sustainable Finance Disclosure Regulation, requiring sustainability-related disclosures by financial market participants; Read more
(2) the EU Taxonomy Regulation, requiring asset managers to report against an EU-wide taxonomy of environmentally sustainable activities and make detailed disclosures relating to ESG characteristics of funds and portfolios; (3) the Corporate Sustainability Reporting Directive ("CSRD"), requiring enhanced sustainability reporting for EU-based and EU-listed companies, and from 2028, for a wider group of global companies; and (4) the Corporate Sustainability Due Diligence Directive ("CSDDD"), requiring in-scope EU companies and certain non-EU companies to manage actual or potential adverse impacts of their activities and their supply chains on human rights and environmental matters. The European…
The EU and the UK Financial Conduct Authority (“FCA”) have issued rules and guidelines on the use of ESG or sustainability related terms in fund names. Read more
In addition, the EU adopted regulations on ESG rating providers applicable in mid-2026 while the UK is expected to propose new legislation on ESG rating providers. Japan and Singapore have published codes of conduct for ESG data and rating providers, with Hong Kong considering a similar approach, while India introduced a regulatory framework for ESG rating providers in July 2023.
14 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 25, 2026 ↗ with the 10-K filed Feb 25, 2025 ↗.
26
What to watch going forwardSite analysis
- Net inflows and organic base fee growth.
- Private markets fundraising after HPS and GIP.
- Aladdin and technology revenue growth.
- Share repurchases (raised to $550M per quarter) versus Subco unit dilution.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-25
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent BlackRock, Inc.’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.