10-KPeriod: FY2025

BlackRock, Inc. Annual Report, Year Ended Dec 31, 2025

Filed February 25, 2026For Securities:BLK

Summary

BlackRock, Inc. (BLK) reported robust growth in its 2025 fiscal year, with total Assets Under Management (AUM) reaching $14.0 trillion, 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 billion, 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.

Financial Highlights

43 data points
Beta

Revenue

$24.22B

Net Income

$5.55B

22.9% Net Margin

EPS (Diluted)

$35.31

Total Assets

$170.00B

Cash & Equivalents

$11.49B

Free Cash Flow

$3.55B

Financial Statements
Beta
Revenue$24.22B
Operating Expenses$17.17B
Operating Income$7.04B
Net Income$5.55B
EPS (Basic)$35.83
EPS (Diluted)$35.31
Shares Outstanding (Basic)154.98M
Shares Outstanding (Diluted)160.87M

Key Highlights

  • 1Assets Under Management (AUM) grew to $14.0 trillion, reflecting a 10% CAGR over the past five years.
  • 2Total revenue increased 19% year-over-year to $24.2 billion, driven by higher investment advisory fees and technology services revenue.
  • 3Significant net inflows of $698 billion were recorded across the platform, with notable strength in ETFs ($527 billion) and private markets.
  • 4Key acquisitions, including HPS Investment Partners and Preqin, were successfully integrated, bolstering credit and private markets data capabilities.
  • 5Technology services and subscription revenue grew 16% organically, with Annual Contract Value (ACV) increasing significantly.
  • 6BlackRock's diversified business model across active, index, private markets, and cash management strategies continues to perform well.
  • 7The company remains focused on strategic growth areas including ETFs, private markets, sustainable investing, and whole portfolio solutions.

Frequently Asked Questions

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.

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.

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.

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.