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Friday 6 November 2026 Export BLK’s income statement to Excel — free account

BlackRock

BLK Financial Asset Management

BlackRock’s revenue for fiscal 2025 (year ended December 2025) was $24.2 billion, up 18.7% from fiscal 2024.

Revenue
+19.1%
EPS
+25.5%
Free cash flow
−12.3%
Total debt
−0.22%

Quarter to September 2026, against a year earlier

1,183.75 13.08 +1.12%
Market cap
$190.2B
P/E
26.3×
Fwd P/E
14.8×
Dividend yield
1.91%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by regions Fiscal 2025

  • Americas
  • Europe
  • Asia-Pacific

Every year since 2022 →

Insider Decisions last twelve months

Sold, $m 190.85
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 2 4 — 2 — — 2 — — — —
Insider Ownership 7.13%

Capital & Financial Ratios $m

Size
Market Cap 190,210.00
Revenue ttm 28,542.00
Net income ttm 7,130.00
Free cash flow ttm 3,515.00
Net debt Q 8,521.00
Valuation
P/E 26.34
Forward P/E 14.80
Price / sales 6.37
Forward P/S Powerpack
Price / FCF 51.71
Price / book 3.14
Financial health
Current ratio Q 3.59
Debt / equity Q 0.33
Interest coverage Q 18.37
Growth
Revenue growth Q +19.10% (above 0%: growing)
Operating income growth Q +19.08% (above 0%: growing)
EPS, this year +20.09% (at or above 15%: strong)
EPS, next year A +12.72%
Revenue, next year A +4.46%
EPS, past 5 yrs +2.08%
EPS, next 5 yrs A +15.85% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 92.48%
10-year low 10-year high
P/S against its own 10 years 65.68%
10-year low 10-year high
P/B against its own 10 years 81.33%
10-year low 10-year high

Dividends

Yield
1.91%
Annual rate
22.40
Payout ratio
50.9%
Growth, 2018–26
+4.57%/yr
  1. 12.02 ’18
  2. 13.20 ’19 +10
  3. 14.52 ’20 +10
  4. 16.52 ’21 +14
  5. 19.52 ’22 +18
  6. 20.00 ’23 +2
  7. 20.40 ’24 +2
  8. 20.84 ’25 +2
  9. 17.19 ’26 −18
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 8,736 12,762 11,468 10,492
Receivables 3,916 4,304 5,158 5,444
Inventory — — — —
Other — — — —
12,652 17,066 16,626 15,936
2023 2024 2025 Q'26
Payables 1,240 1,536 1,740 2,012
ST’ Debt — — — —
Other — — — —
3,633 4,500 5,570 4,444

Compound Annual Growth %

10y 5y 3y
Sales 7.82% 8.37% 10.65%
Cash Flow 2.72% 0.96% (7.46%)
Earnings 5.20% 2.40% 2.36%
Book Value 6.98% 9.69% 14.00%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 13.97 Actual 15.93

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 12.31 13.16 Beat by 0.85
Q1 FY26 11.46 12.53 Beat by 1.07
Q2 FY26 12.67 13.91 Beat by 1.24
Q3 FY26 13.97 15.93 Beat by 1.96
Q4 FY26 15.53 — Reports 21 January 2027

EPS $

Mar Jun Sep Dec Year
’26 14.06 12.19 10.57 — —
’25 9.64 10.19 8.43 7.16 35.31
’24 10.48 9.99 10.90 10.63 42.01
’23 7.64 9.06 10.66 9.15 36.51
’22 9.35 7.06 9.25 8.29 33.97
’21 7.77 8.92 10.89 10.63 38.22
’20 5.15 7.85 8.87 10.02 31.85
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 6,698 7,084 7,752 — —
’25 5,276 5,423 6,509 7,008 24,216
’24 4,728 4,805 5,197 5,677 20,407
’23 4,243 4,463 4,522 4,631 17,859
’22 4,699 4,526 4,311 4,337 17,873
’21 4,398 4,820 5,050 5,106 19,374
’20 3,710 3,648 4,369 4,478 16,205
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (980) 1,227 — — —
’25 (1,128) 1,364 1,414 2,277 3,927
’24 (408) 1,365 1,381 2,618 4,956
’23 (394) 985 1,576 1,998 4,165
’22 (422) 1,645 1,760 1,973 4,956
’21 (573) 1,826 1,774 1,917 4,944
’20 (938) 1,707 995 1,979 3,743
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (1,086) 1,118 — — —
’25 (1,206) 1,275 1,336 2,147 3,552
’24 (472) 1,358 1,287 2,528 4,701
’23 (475) 924 1,498 1,874 3,821
’22 (569) 1,529 1,624 1,839 4,423
’21 (621) 1,696 1,737 1,791 4,603
’20 (990) 1,659 955 1,925 3,549
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 38.9% a year for ten years. It grew 9.1% a year over the last ten.

Implied
38.9%
10 years, reported
9.1%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 12,261 13,600 14,198 14,539 16,205 19,374 17,873 17,859 20,407 24,216 28,542 +7.9% — — — —
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 4,455 5,259 5,378 5,787 6,524 8,173 6,290 7,155 8,295 7,619 9,812 +6.1%
EBT margin, % 36.33 38.67 37.88 39.80 40.26 42.19 35.19 40.06 40.65 31.46 34.38 (4.9) pt
Net income 3,166 4,989 4,302 4,526 5,286 6,205 4,994 5,676 6,512 5,942 7,130 +7.2%
Per share, $
Per share, $ Revenue 74.57 83.87 88.57 93.19 105.57 127.29 118.44 119.62 136.05 156.23 184.38 +8.6%
Earnings 19.29 30.65 26.86 28.69 32.13 38.76 34.31 36.85 42.45 35.83 44.57 +7.1%
Cash flow 13.82 24.36 19.18 18.49 24.38 32.48 32.84 27.90 33.04 25.34 0.00 +7.0%
Capex (0.72) (0.96) (1.27) (1.63) (1.26) (2.24) (3.53) (2.30) (1.70) (2.42) 0.00 +14.4%
Free cash flow 13.10 23.40 17.91 16.86 23.12 30.24 29.31 25.59 31.34 22.92 0.00 +6.4%
Book value 177.28 196.40 202.33 215.45 230.19 248.40 251.00 264.57 317.76 362.03 0.00 +8.3%
Shares, m 164 162 160 156 154 152 151 149 150 155 155 (0.7%)
Valuation, ×
Valuation, × P/E 20.02 16.58 14.63 17.52 22.42 23.62 20.76 21.72 24.15 29.86 26.34 21.1
P/S 5.18 6.07 4.44 5.39 6.83 7.19 6.01 6.69 7.54 6.85 6.37 6.2
P/B 2.18 2.59 1.94 2.33 3.13 3.69 2.84 3.02 3.23 2.96 3.14 2.8
EV/Sales 7.36 7.70 5.78 6.47 7.77 7.46 6.29 6.90 7.81 7.23 — 7.1
EV/FCF 41.92 27.59 28.60 35.75 35.46 31.40 25.42 32.25 33.90 49.30 — 34.2
Cash, $m
Cash, $m Operating cash flow 2,273 3,950 3,075 2,884 3,743 4,944 4,956 4,165 4,956 3,927 3,938 +6.3%
Capex (119) (155) (204) (254) (194) (341) (533) (344) (255) (375) (423) +13.6%
Free cash flow 2,154 3,795 2,871 2,630 3,549 4,603 4,423 3,821 4,701 3,552 3,515 +5.7%
Balance, $m
Balance, $m Working capital 5,530 6,423 5,865 4,784 8,672 8,764 7,114 9,019 12,566 11,056 11,492 +8.0%
Net debt 26,748 22,166 19,146 15,592 15,107 5,204 5,003 3,740 5,611 9,222 8,521 (11.2%)
Shareholders’ equity 29,150 31,848 32,433 33,613 35,334 37,806 37,876 39,500 47,664 56,115 57,840 +7.5%
Returns, %
Returns, % ROA 1.42 2.25 2.27 2.73 2.85 3.58 3.83 4.57 4.87 3.60 0.00 +2.2 pt
ROIC 5.10 6.08 6.61 7.05 7.06 10.83 9.31 9.07 8.89 6.74 0.00 +1.6 pt
ROE 10.98 16.24 13.39 13.55 14.31 16.14 13.68 14.22 14.61 10.70 0.00 (0.3) pt
People
People Employees 13,000 13,900 14,900 16,200 16,500 18,400 19,800 19,800 21,100 24,900 — +7.5%
Revenue/emp, $m 0.94 0.98 0.95 0.90 0.98 1.05 0.90 0.90 0.97 0.97 — +0.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

BlackRock is an investment-management and technology-services company. It manages money that belongs to institutions, financial advisers and retail investors, rather than trading for its own account. At December 31, 2025, it managed $14.0 trillion of client assets.

Clients can hire BlackRock to run a single portfolio, use one of its pooled funds, or use a broader portfolio solution that combines public and private investments. Its investment choices span shares, bonds, multi-asset portfolios, private markets, liquid alternatives, digital assets, currencies, commodities and cash-management instruments. These are offered through mutual funds, iShares exchange-traded funds (ETFs), separate accounts, collective trusts and other pooled vehicles.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by regions, and margins
Americas 15,956 65.89%
Europe 7,166 29.59%
Asia-Pacific 1,094 4.52%
Gross margin 100.00%
Operating margin 29.09%
Pre-tax margin 31.46%

Revenue by segment since 2022

BlackRock vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BLK BlackRock $190.2B 26.3× 14.8× +19.10% (above 0%: growing) +25.53% (above 0%: growing) −12.31% (below 0%: shrinking) 100.00% 30.03%
BX Blackstone Inc. $149.0B 26.8× 19.9× −0.83% (below 0%: shrinking) +3.75% (above 0%: growing) +125.08% (above 0%: growing) 100.00% 51.28% Compare
KKR KKR & Co. Inc. $88.2B 29.3× 13.9× +12.52% (above 0%: growing) +39.62% (above 0%: growing) +762.68% (above 0%: growing) 37.79% 6.89% Compare
BAM Brookfield Asset Management Ltd. $85.9B 30.3× 22.8× +60.83% (above 0%: growing) +47.37% (above 0%: growing) +3.02% (above 0%: growing) 100.00% 65.83% Compare
APO Apollo Global Management Inc. $69.3B — (loss-making) 14.4× −51.76% (below 0%: shrinking) n/m +128.29% (above 0%: growing) 100.00% (29.25%) Compare
STT State Street Corporation $45.0B 13.3× 12.6× +5.36% (above 0%: growing) +32.86% (above 0%: growing) −75.12% (below 0%: shrinking) 66.12% 0.00% Compare
AMP Ameriprise Financial, Inc. $44.2B 11.3× 10.8× +6.80% (above 0%: growing) +31.68% (above 0%: growing) −33.84% (below 0%: shrinking) 100.00% 35.49% Compare
ARES Ares Management Corporation $44.2B 69.2× 22.4× −13.53% (below 0%: shrinking) −21.50% (below 0%: shrinking) −197.89% (below 0%: shrinking) 100.00% 19.87% Compare
NTRS Northern Trust Corporation $31.0B 13.4× 12.6× +3.27% (above 0%: growing) +48.70% (above 0%: growing) +366.41% (above 0%: growing) 62.08% 0.00% Compare
Median of peers $57.1B 26.8× 14.2× +4.32% +32.86% +64.05% 100.00% 13.38%

All 121 Asset Management stocks →

From the latest earnings call

Updated

  • On the Q1 2026 call, CFO Martin Small said clients were seeking advice and access across public and private markets as they adjusted portfolios.
  • CEO Laurence Fink said private credit had expanded faster than its risk-management infrastructure, creating an opportunity for BlackRock’s technology and data services.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 77.36%
Held by the ten largest 39.81%
Holder Shares Stake Change
Vanguard 14.45m 9.32% +178.27k
BlackRock 10.14m 6.54% +4.77k
Capital Group 6.82m 4.40% −100.44k
State Street 6.41m 4.14% +136.02k
Temasek Holdings (Private) Ltd 5.20m 3.35% −135.33k
Bank of America 4.59m 2.96% −647.62k
Wellington Management 4.50m 2.90% +850.41k
Morgan Stanley 3.49m 2.25% +49.86k
Geode Capital Management 3.28m 2.12% +30.89k
Norges Bank 2.83m 1.83% +2.83m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 10 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 37.75m 55.82m —
2024 30.77m 56.48m 167.24
2023 26.94m 26.86m 156.96
2022 32.73m (5.79m) 121.40
2021 32.59m 65.32m 103.00

Ownership

Directors and executive officers, together 1.92%
BlackRock, Inc. 6.17%
Kuwait Investment Authority, acting for and on behalf of the Government of the State of Kuwait 5.14%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

BlackRock (BLK) Latest News

29 Oct

Impact 4 · · Zacks earnings
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28 Oct

Impact 4 · · 24/7 Wall St.
Impact 4 · · unchainedcrypto.com
Impact 4 · · Business Wire
Impact 3 · · GlobeNewswire
Impact 3 · · decrypt.co
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Impact 3 · · Stocktwits
Impact 3 · · Stocktwits

27 Oct

Impact 4 ·
Impact 4 · · Simply Wall St.
Impact 4 · · ccn.com
Impact 4 · · PR Newswire
Impact 4 · · coingape.com
Impact 3 · · Business Wire
Impact 3 · · Business Wire
Impact 3 · · verdict.co.uk
Impact 3 · · The Motley Fool
Impact 3 · · Zacks
Impact 3 · · 99bitcoins.com

26 Oct

Impact 4 · · pitchbook.com
Impact 3 · · Bloomberg
Impact 3 · · 24/7 Wall St.
Impact 3 · · GlobeNewswire
Impact 3 · · GlobeNewswire
Impact 3 · · GlobeNewswire

BLK metrics, ten years each

stockrow.com/BLK · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com