10-KPeriod: FY2024

BlackRock, Inc. Annual Report, Year Ended Dec 31, 2024

Filed February 25, 2025For Securities:BLK

Summary

BlackRock, Inc. concluded the fiscal year 2024 with robust growth, reporting total revenue of $20.4 billion, a 14% increase year-over-year, and diluted earnings per share of $42.01. Assets under management (AUM) reached a record $11.6 trillion, driven by strong net inflows of $641 billion and strategic acquisitions, most notably the Global Infrastructure Partners (GIP) transaction. The company demonstrated significant operational improvement, with operating income rising by 21% to $7.6 billion and operating margin expanding by 200 basis points to 37.1% on a GAAP basis. These results were bolstered by strong performance across all business segments, including investment advisory, technology services (particularly Aladdin), and performance fees, which saw a substantial increase. BlackRock continues to prioritize long-term growth through strategic investments in private markets and technology, evidenced by the planned acquisitions of Preqin and HPS Investment Partners, which are expected to further enhance its alternative asset capabilities and data offerings. The company also saw substantial inflows into its iShares ETFs, including notable traction in cryptocurrency ETPs, and a strong showing in multi-asset and fixed-income strategies, indicating broad client demand across its diversified product suite.

Financial Highlights

45 data points
Beta

Revenue

$20.41B

Net Income

$6.37B

31.2% Net Margin

EPS (Diluted)

$42.01

Total Assets

$138.62B

Cash & Equivalents

$12.78B

Free Cash Flow

$4.70B

Financial Statements
Beta
Revenue$20.41B
Operating Expenses$12.83B
Operating Income$7.57B
Net Income$6.37B
EPS (Basic)$42.45
EPS (Diluted)$42.01
Shares Outstanding (Basic)150.04M
Shares Outstanding (Diluted)151.62M

Key Highlights

  • 1Assets Under Management (AUM) grew to a record $11.6 trillion, up from $10.0 trillion in the prior year, driven by net inflows and strategic acquisitions.
  • 2Total revenue increased by 14% to $20.4 billion, reflecting strong performance across advisory, administration, securities lending, performance fees, and technology services.
  • 3GAAP Operating income increased by 21% to $7.6 billion, with the operating margin improving to 37.1%, indicating enhanced operational efficiency.
  • 4Net inflows reached $641 billion, demonstrating strong client demand across various product types, including ETFs, fixed income, and equity strategies.
  • 5The acquisition of Global Infrastructure Management, LLC (GIP) was completed, significantly expanding BlackRock's private markets capabilities and contributing to AUM growth.
  • 6Technology services revenue, primarily from the Aladdin platform, grew 8% year-over-year, with Annual Contract Value (ACV) increasing by 12%, highlighting the continued demand for BlackRock's technology solutions.
  • 7Diluted earnings per share increased by 15% to $42.01, reflecting the company's strong financial performance and operational leverage.

Frequently Asked Questions

BlackRock's Assets Under Management (AUM) reached a record $11.6 trillion as of December 31, 2024, an increase from $10.0 trillion at the end of 2023. This growth was driven by a combination of net inflows totaling $641 billion, strategic acquisitions (including the significant GIP transaction), and positive market appreciation across its investment portfolios. The company experienced strong inflows across its ETF offerings, fixed income, and equity products, as well as continued growth in cash management solutions.

BlackRock demonstrated strong financial performance in 2024. Total revenue increased by 14% to $20.4 billion, up from $17.9 billion in 2023. This growth was primarily attributed to higher investment advisory, administration fees, and securities lending revenue, boosted by market beta on average AUM and organic growth. Additionally, performance fees saw a significant increase, more than doubling from the previous year, and technology services revenue also grew. On a GAAP basis, operating income rose 21% to $7.6 billion, with an operating margin of 37.1%, up 200 basis points. Diluted earnings per share increased by 15% to $42.01.

A major strategic move for BlackRock in 2024 was the completion of the acquisition of Global Infrastructure Management, LLC (GIP) in October, significantly expanding its private markets and infrastructure investment capabilities. The company also announced definitive agreements to acquire Preqin, a leading private markets data provider, expected to close in early 2025, and HPS Investment Partners, a credit investment manager, expected to close mid-2025. These acquisitions underscore BlackRock's commitment to strengthening its alternatives platform and data analytics, aligning with evolving client demand for integrated public and private market solutions.