Pricing Log in Create free account
Saturday 17 October 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. In the quarter to September 2026, revenue grew 19.1%, EPS grew 45.2%, free cash flow fell 12.3% and total debt was flat, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years.

1,134.38 13.60 +1.21%
Market cap
$182.1B
P/E
24.5×
Fwd P/E
14.8×
Dividend yield
1.97%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

BlackRock (BLK) Financial Analysis

Updated · Covers results through Q3 FY2026 · How this is made

Snapshot

BlackRock generated revenue of $24.2 billion in FY2025, up 18.7% in FY2025 against FY2024. Net income was $5.9 billion in FY2025, with diluted EPS of $35.31 in FY2025. Operating income was $7.0 billion in FY2025, and operating cash flow was $3.9 billion in FY2025.

Revenue was $7.8 billion in Q3 FY2026, compared with $7.1 billion in Q2 FY2026. Operating income reached $2.3 billion in Q3 FY2026, while diluted EPS was $11.67 in Q3 FY2026. Market capitalisation was $165.3 billion as of September 29, 2026. Revenue over the TTM to Q3 FY2026 was $28.5 billion, and diluted EPS over the TTM to Q3 FY2026 was $45.08.

Growth

Revenue increased at a compound annual rate of 10.7% in FY2022–FY2025 and 8.37% in FY2020–FY2025. Revenue was $24.2 billion in FY2025, compared with $20.4 billion in FY2024. Diluted EPS declined 15.9% in FY2025 against FY2024, while its compound annual growth was 1.30% in FY2022–FY2025 and 2.08% in FY2020–FY2025.

Free cash flow was $3.6 billion in FY2025 and declined 24.4% in FY2025 against FY2024. Free cash flow compound annual growth was −7.05% in FY2022–FY2025 and 0.02% in FY2020–FY2025. Revenue increased 9.43% in Q3 FY2026 against Q2 FY2026 and 19.1% in Q3 FY2026 against Q3 FY2025. Diluted EPS declined 4.25% in Q3 FY2026 against Q2 FY2026 but increased 38.5% in Q3 FY2026 against Q3 FY2025. Free cash flow for Q3 FY2026 is not reported.

Profitability

Gross margin was 100.0% in FY2025 and was unchanged by 0.0 percentage points in FY2020–FY2025. Operating margin was 29.1% in FY2025, after declining by −6.1 percentage points in FY2020–FY2025 and by −8.0 percentage points in FY2024–FY2025. Pre-tax margin was 31.5% in FY2025, with a change of −8.8 percentage points in FY2020–FY2025. Net margin was 24.5% in FY2025, with a change of −8.1 percentage points in FY2020–FY2025.

Return on equity was 10.7% in FY2025, compared with 16.1% in FY2021. Return on assets was 3.60% in FY2025, compared with 3.58% in FY2021. Return on invested capital was 6.74% in FY2025, compared with 10.8% in FY2021. Operating margin was 30.0% in Q3 FY2026, unchanged by 0.0 percentage points in Q3 FY2026 against Q3 FY2025.

Balance sheet

Total debt was $20.7 billion in FY2025, up from $18.4 billion in FY2024. Net debt was $9.2 billion in FY2025, compared with $5.6 billion in FY2024. Cash and short-term investments were $11.5 billion in FY2025, compared with $12.8 billion in FY2024.

Shareholders’ equity was $56.1 billion in FY2025, up from $47.7 billion in FY2024. Working capital was $11.1 billion in FY2025, compared with $12.6 billion in FY2024. Book value per share was $362.03 in FY2025, compared with $317.76 in FY2024. The current ratio was 3.6× in Q2 FY2026, and debt to equity was 0.3× in Q2 FY2026. Net debt was $8.5 billion in Q2 FY2026, a change of −$957.0 million in Q2 FY2026 against Q1 FY2026.

Cash flow & capital return

Operating cash flow was $3.9 billion in FY2025, down 20.8% in FY2025 against FY2024. Capital expenditure was $375.0 million in FY2025, compared with $255.0 million in FY2024. Free cash flow was $3.6 billion in FY2025, representing 59.8% of net income in FY2025.

Dividends paid were $3.3 billion in FY2025, and net share repurchases were $1.8 billion in FY2025. Capital returned to shareholders was $5.1 billion in FY2025 and $23.9 billion in FY2021–FY2025. Weighted average shares were 155.0 million shares in FY2025, and the share count changed by 0.98% in FY2020–FY2025. Free cash flow was $1.1 billion in Q2 FY2026; its change from Q1 FY2026 was not meaningful because the earlier value was zero or negative.

Valuation

The P/E was 25.2× as of September 29, 2026, higher than the five-year median of 23.6× as of September 29, 2026, over the five fiscal years to FY2025, and the ten-year median of 21.2× as of September 29, 2026, over the ten fiscal years to FY2025. The P/E was also higher than the industry median of 14.0× as of September 29, 2026.

The P/S was 6.1× as of September 29, 2026, lower than the five-year median of 6.9× as of September 29, 2026, over the five fiscal years to FY2025, and the ten-year median of 6.4× as of September 29, 2026, over the ten fiscal years to FY2025. The P/S was higher than the industry median of 2.8× as of September 29, 2026. The P/B was 2.9× as of September 29, 2026, lower than the five-year median of 3.0× as of September 29, 2026, over the five fiscal years to FY2025, equal to the ten-year median of 2.9× as of September 29, 2026, over the ten fiscal years to FY2025, and higher than the industry median of 0.9× as of September 29, 2026.

What changed since last quarter

Revenue rose 9.43% in Q3 FY2026 against Q2 FY2026 and 19.1% in Q3 FY2026 against Q3 FY2025. Revenue was $7.8 billion in Q3 FY2026, compared with $7.1 billion in Q2 FY2026 and $6.5 billion in Q3 FY2025. Diluted EPS declined 4.25% in Q3 FY2026 against Q2 FY2026 but increased 38.5% in Q3 FY2026 against Q3 FY2025.

Operating margin was 30.0% in Q3 FY2026, down −4.7 percentage points in Q3 FY2026 against Q2 FY2026 and unchanged by 0.0 percentage points in Q3 FY2026 against Q3 FY2025. Gross margin was 100.0% in Q3 FY2026 and unchanged by 0.0 percentage points in Q3 FY2026 against both Q2 FY2026 and Q3 FY2025. Weighted average shares changed by −0.26% in Q3 FY2026 against Q2 FY2026 and by −0.06% in Q3 FY2026 against Q3 FY2025.

Open questions

  • What factors contributed to the decline in annual operating, pre-tax and net margins?
  • What explains the differing directions of trailing revenue and trailing cash flow growth?
  • What accounts for the change in debt and net debt since the prior fiscal year?
  • What drove the quarterly movement in diluted EPS while quarterly revenue increased?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.