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) Operating margin
BlackRock's operating margin over the twelve months to 30 September 2026 was 32.5%, up 3.4 percentage points from fiscal 2025 (29.1%). Over the past ten years it has ranged from 29.1% (fiscal 2025) to 40.9% (fiscal 2015) — the current reading is the lowest in ten years. That is in line with the Asset Management industry median of 33.4% and above the Financial sector median of 0.00%.
Operating margin, annual
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Annual newest first
| Period | Operating margin | Change (points) |
|---|---|---|
| FY2025 | 29.1% | (8.02) |
| FY2024 | 37.1% | 1.97 |
| FY2023 | 35.1% | (0.58) |
| FY2022 | 35.7% | (2.73) |
| FY2021 | 38.5% | 3.31 |
| FY2020 | 35.1% | (3.04) |
| FY2019 | 38.2% | (0.25) |
| FY2018 | 38.4% | (0.20) |
| FY2017 | 38.6% | 1.40 |
| FY2016 | 37.2% | (3.68) |
Quarterly newest first
| Period | Operating margin | Change (points) |
|---|---|---|
| Sep 2026 | 30.0% | (4.71) |
| Jun 2026 | 34.7% | (7.27) |
| Mar 2026 | 42.0% | 18.31 |
| Dec 2025 | 23.7% | (6.34) |
| 43 more quarters | Free account |
Against its own ten years
Operating margin against peers
| Company | Operating margin |
|---|---|
| BAM Brookfield Asset Management Ltd. compare | 61.6% |
| BX Blackstone Inc. compare | 50.5% |
| AMP Ameriprise Financial, Inc. compare | 34.0% |
| BLK BlackRock | 32.5% |
| APO Apollo Global Management Inc. compare | 21.0% |
| ARES Ares Management Corporation compare | 18.1% |
| KKR KKR & Co. Inc. compare | 8.92% |
| NTRS Northern Trust Corporation compare | 0.00% |
| STT State Street Corporation compare | 0.00% |
| Asset Management industry median | 33.4% |
| Financial sector median | 0.00% |
| Market median | 0.00% |
What Operating margin is
EBIT Margin tells an investor how much operating profit, before interest and taxes, a company keeps from each unit of revenue.
EBIT ÷ Revenue
More on BLK
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Net margin
- Free cash flow 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