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.
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BlackRock (BLK) Free cash flow margin
BlackRock's free cash flow margin over the twelve months to 30 September 2026 was 0.00%, down 14.7 percentage points from fiscal 2025 (14.7%). Over the past ten years it has ranged from 14.7% (fiscal 2025) to 27.9% (fiscal 2017) — the current reading is the lowest in ten years. That is below the Asset Management industry median of 12.4% and below the Financial sector median of 14.7%.
Free cash flow margin, annual
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Annual newest first
| Period | Free cash flow margin | Change (points) |
|---|---|---|
| FY2025 | 14.7% | (8.37) |
| FY2024 | 23.0% | 1.64 |
| FY2023 | 21.4% | (3.35) |
| FY2022 | 24.8% | 0.99 |
| FY2021 | 23.8% | 1.86 |
| FY2020 | 21.9% | 3.81 |
| FY2019 | 18.1% | (2.13) |
| FY2018 | 20.2% | (7.68) |
| FY2017 | 27.9% | 10.33 |
| FY2016 | 17.6% | (6.84) |
Against its own ten years
Free cash flow margin against peers
| Company | Free cash flow margin |
|---|---|
| AMP Ameriprise Financial, Inc. compare | 41.4% |
| BAM Brookfield Asset Management Ltd. compare | 40.8% |
| BX Blackstone Inc. compare | 34.1% |
| APO Apollo Global Management Inc. compare | 26.4% |
| ARES Ares Management Corporation compare | 14.0% |
| KKR KKR & Co. Inc. compare | 11.0% |
| STT State Street Corporation compare | 0.00% |
| BLK BlackRock | 0.00% |
| NTRS Northern Trust Corporation compare | −1.44% |
| Asset Management industry median | 12.4% |
| Financial sector median | 14.7% |
| Market median | 0.00% |
What Free cash flow margin is
Free Cash Flow Margin tells an investor how much of each sale turns into cash the company keeps after paying for investment in its assets.
(Operating Cash Flow + Property, Plant, Equipment Change (Net) + Intangible Assets Change (Net)) ÷ Revenue
More on BLK
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- The full statement