01—Abstract
Summary
Summary of the 10-K filed February 25, 2026. Cited figures are marked; the original filing is the authoritative source.
BlackRock, Inc. (BLK) reported robust growth in its 2025 fiscal year, with total Assets Under Management (AUM) reaching $14.0 trilliona, a 10% compound annual growth rate over the last five years.
This growth was fueled by a combination of strong net inflows across various asset classes, particularly in ETFs and private markets, and strategic acquisitions, including HPS Investment Partners (HPS) and Preqin. The company demonstrated solid financial performance, with GAAP revenue increasing by 19% year-over-year to $24.2 billionb, driven by higher investment advisory fees and increased technology services and subscription revenue. Operationally, BlackRock's diversification across product types, client segments, and geographies has proven effective.
The company highlights its commitment to technology, with Aladdin remaining a core strength, and its strategic expansion into private markets and digital assets. Despite a challenging regulatory and market environment, BlackRock maintains a strong financial position, supported by consistent organic growth, strategic acquisitions, and disciplined expense management. The company remains focused on delivering long-term value to shareholders and adapting to evolving client needs and market dynamics.
02—Key points
Key Highlights
- Assets Under Management (AUM) grew to $14.0 trillion, reflecting a 10% CAGR over the past five years.
- Total revenue increased 19% year-over-year to $24.2 billion, driven by higher investment advisory fees and technology services revenue.
- Significant net inflows of $698 billion were recorded across the platform, with notable strength in ETFs ($527 billion) and private markets.
- Key acquisitions, including HPS Investment Partners and Preqin, were successfully integrated, bolstering credit and private markets data capabilities.
- Technology services and subscription revenue grew 16% organically, with Annual Contract Value (ACV) increasing significantly.
- BlackRock's diversified business model across active, index, private markets, and cash management strategies continues to perform well.
- The company remains focused on strategic growth areas including ETFs, private markets, sustainable investing, and whole portfolio solutions.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 25, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $24.22B$20.41B | +18.7% |
| Operating Expenses | $17.17B$12.83B | +33.8% |
| Operating Income | $7.04B$7.57B | −7.0% |
| Net Income | $5.55B$6.37B | −12.8% |
| EPS (Basic) | $35.83$42.45 | −15.6% |
| EPS (Diluted) | $35.31$42.01 | −15.9% |
| Shares Outstanding (Basic) | 154.98M150.04M | +3.3% |
| Shares Outstanding (Diluted) | 160.87M151.62M | +6.1% |
05—Questions
Frequently Asked Questions
What was the impact of the HPS Investment Partners acquisition on BlackRock's business?
The acquisition of HPS Investment Partners on July 1, 2025, added $165 billion in client AUM and $118 billion in fee-paying AUM. It significantly strengthened BlackRock's private credit platform and its ability to offer integrated public and private income solutions to clients across their entire portfolios.
How did BlackRock's ETF business perform in 2025?
BlackRock's ETF business saw substantial growth in 2025, with $5.5 trillion in iShares ETF AUM and $527 billion in net inflows. Equity ETFs experienced $289 billion in net inflows, driven by core and active ETFs, while fixed income ETFs attracted $175 billion, led by treasury, core, and corporate credit ETFs. Digital assets ETPs also saw strong inflows of $35 billion.
What are BlackRock's key strategic priorities for the coming year?
BlackRock's strategy is focused on keeping 'alpha at the heart of BlackRock', driving growth in ETFs, private markets, and technology. The company also aims to be a global leader in sustainable investing and to lead as a whole portfolio advisor. This involves continued investment in technology like Aladdin, expanding private markets offerings, and developing integrated client solutions.
How has BlackRock's revenue been impacted by acquisitions and market performance?
Revenue increased by 19% to $24.2 billion in 2025, largely due to organic base fee growth, positive market impacts on AUM, and fees generated from recent acquisitions such as HPS and Preqin. Technology services and subscription revenue also contributed significantly to the growth.
06—Continue