01—Abstract
Summary
Summary of the 10-K filed February 25, 2025. Cited figures are marked; the original filing is the authoritative source.
BlackRock, Inc. concluded the fiscal year 2024 with robust growth, reporting total revenue of $20.4 billiona, a 14% increase year-over-year, and diluted earnings per share of $42.01.
Assets under management (AUM) reached a record $11.6 trillionb, 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.
02—Key points
Key Highlights
- Assets 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.
- Total revenue increased by 14% to $20.4 billion, reflecting strong performance across advisory, administration, securities lending, performance fees, and technology services.
- GAAP Operating income increased by 21% to $7.6 billion, with the operating margin improving to 37.1%, indicating enhanced operational efficiency.
- Net inflows reached $641 billion, demonstrating strong client demand across various product types, including ETFs, fixed income, and equity strategies.
- The acquisition of Global Infrastructure Management, LLC (GIP) was completed, significantly expanding BlackRock's private markets capabilities and contributing to AUM growth.
- Technology 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.
- Diluted earnings per share increased by 15% to $42.01, reflecting the company's strong financial performance and operational leverage.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2024filed February 25, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $20.41B$17.86B | +14.3% |
| Operating Expenses | $12.83B$11.58B | +10.8% |
| Operating Income | $7.57B$6.28B | +20.7% |
| Net Income | $6.37B$5.50B | +15.8% |
| EPS (Basic) | $42.45$36.85 | +15.2% |
| EPS (Diluted) | $42.01$36.51 | +15.1% |
| Shares Outstanding (Basic) | 150.04M149.33M | +0.5% |
| Shares Outstanding (Diluted) | 151.62M150.71M | +0.6% |
05—Questions
Frequently Asked Questions
What was BlackRock's total Assets Under Management (AUM) and how did it change?
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.
How did BlackRock's revenue and profitability perform in 2024?
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.
What were the key strategic initiatives and acquisitions undertaken by BlackRock in 2024?
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.
06—Continue