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

Insider Decisions trades per month

Total sells 192.16
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — 1 2 4 — 2 — — 2 — — —
Insider Ownership 7.13%

Capital & Financial Ratios $m

Market Cap 182,100.00
Revenue 28,542.00
Net Income 7,130.00
Free Cash Flow 3,515.00
Net Debt 8,521.00
Current Ratio 3.59
Debt/Equity 0.33
P/E ratio 24.53
Fwd P/E 14.80
P/S ratio 6.15
P/B ratio 3.04
Past 5Y EPS Growth 2.08%
This Y EPS Growth 19.23% (at or above 15%: strong)
Next Y EPS Growth 13.06%
Next Y revenue growth 4.46%
Next 5Y EPS Growth 15.64% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 84.45%
10-year low 10-year high
P/S against its own 10 years 59.82%
10-year low 10-year high
P/B against its own 10 years 75.16%
10-year low 10-year high

Dividends

Payout Ratio 0.50
Annual Dividend Rate 22.40
Annual Dividend Yield 1.97%
total individual payouts
2026 17.19
5.73
5.73
5.73
2025 20.84
5.21
5.21
5.21
5.21
2024 20.40
5.10
5.10
5.10
5.10
2023 20.00
5.00
5.00
5.00
5.00
2022 19.52
4.88
4.88
4.88
4.88
2021 16.52
4.13
4.13
4.13
4.13
2020 14.52
3.63
3.63
3.63
3.63
2019 13.20
3.30
3.30
3.30
3.30
2018 12.02
2.88
2.88
3.13
3.13
2017 10.00
2.50
2.50
2.50
2.50
2016 9.16
2.29
2.29
2.29
2.29
special payouts not included in total or ratios

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%

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.

EPS $

Mar Jun Sep Dec Year
’26 14.06 12.19 11.67 — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 280.55 365.83 360.79 377.28 323.98 670.28 503.12 596.18 745.55 773.74

Analyst estimates 2026–2028

Powerpack
High 399.46 520.74 594.52 506.81 722.42 973.16 927.48 819.00 1,082.45 1,219.94
People
People Employees 13,000 13,900 14,900 16,200 16,500 18,400 19,800 19,800 21,100 24,900
Revenue/emp, $m 0.94 0.98 0.95 0.90 0.98 1.05 0.90 0.90 0.97 0.97
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
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
EBT 4,455 5,259 5,378 5,787 6,524 8,173 6,290 7,155 8,295 7,619
EBT margin, % 36.33 38.67 37.88 39.80 40.26 42.19 35.19 40.06 40.65 31.46
Net income 3,166 4,989 4,302 4,526 5,286 6,205 4,994 5,676 6,512 5,942
Depreciation 263 240 220 296 358 415 418 427 529 1,126
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
Earnings 19.29 30.65 26.86 28.69 32.13 38.76 34.31 36.85 42.45 35.83
Cash flow 13.82 24.36 19.18 18.49 24.38 32.48 32.84 27.90 33.04 25.34
Capex (0.72) (0.96) (1.27) (1.63) (1.26) (2.24) (3.53) (2.30) (1.70) (2.42)
Free cash flow 13.10 23.40 17.91 16.86 23.12 30.24 29.31 25.59 31.34 22.92
Book value 177.28 196.40 202.33 215.45 230.19 248.40 251.00 264.57 317.76 362.03
Shares, m 164 162 160 156 154 152 151 149 150 155
Valuation, ×
Valuation, × P/E 20.02 16.58 14.63 17.52 22.42 23.62 20.76 21.72 24.15 29.86
P/S 5.18 6.07 4.44 5.39 6.83 7.19 6.01 6.69 7.54 6.85
P/B 2.18 2.59 1.94 2.33 3.13 3.69 2.84 3.02 3.23 2.96
EV/Sales 7.36 7.70 5.78 6.47 7.77 7.46 6.29 6.90 7.81 7.23
EV/FCF 41.92 27.59 28.60 35.75 35.46 31.40 25.42 32.25 33.90 49.30
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
Capex (119) (155) (204) (254) (194) (341) (533) (344) (255) (375)
Free cash flow 2,154 3,795 2,871 2,630 3,549 4,603 4,423 3,821 4,701 3,552
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
Total debt 32,923 29,204 25,634 20,421 23,771 14,527 12,419 12,476 18,373 20,690
Net debt 26,748 22,166 19,146 15,592 15,107 5,204 5,003 3,740 5,611 9,222
Shareholders’ equity 29,150 31,848 32,433 33,613 35,334 37,806 37,876 39,500 47,664 56,115
Returns, %
Returns, % ROA 1.42 2.25 2.27 2.73 2.85 3.58 3.83 4.57 4.87 3.60
ROIC 5.10 6.08 6.61 7.05 7.06 10.83 9.31 9.07 8.89 6.74
ROE 10.98 16.24 13.39 13.55 14.31 16.14 13.68 14.22 14.61 10.70
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 15 Oct 2026

Charts ten years each

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 $182.1B 24.5× 14.8× +19.10% (above 0%: growing) +45.24% (above 0%: growing) −12.31% (below 0%: shrinking) 100.00% 30.03%
BX Blackstone Inc. $135.6B 23.8× 19.3× +35.89% (above 0%: growing) +57.14% (above 0%: growing) +125.08% (above 0%: growing) 100.00% 55.78% Compare
KKR KKR & Co. Inc. $78.7B 25.7× 25.9× +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. $75.3B 26.0× 24.1× +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. $66.1B 39.6× 15.6× +63.68% (above 0%: growing) +118.00% (above 0%: growing) +128.29% (above 0%: growing) 100.00% 22.42% Compare
STT State Street Corporation $46.0B 13.1× 13.4× +5.36% (above 0%: growing) +40.48% (above 0%: growing) +65.74% (above 0%: growing) 66.12% 0.00% Compare
AMP Ameriprise Financial, Inc. $44.4B 11.9× 10.7× +12.91% (above 0%: growing) +11.40% (above 0%: growing) +65.06% (above 0%: growing) 100.00% 29.70% Compare
ARES Ares Management Corporation $37.7B 51.5× 21.0× +5.81% (above 0%: growing) +6.52% (above 0%: growing) −197.89% (below 0%: shrinking) 100.00% 17.40% Compare
NTRS Northern Trust Corporation $30.3B 14.1× 15.2× +16.99% (above 0%: growing) +98.60% (above 0%: growing) −113.28% (below 0%: shrinking) 64.06% 0.00% Compare
Median of peers $56.1B 24.7× 17.5× +14.95% +43.93% +65.40% 100.00% 19.91%

All 120 Asset Management stocks →

BLK metrics, ten years each

BlackRock (BLK) key facts

  • Strength: BlackRock’s revenue for fiscal 2025 (year ended December 2025) was $24.2 billion, up 18.7% from fiscal 2024.
  • BlackRock (BLK) is an Asset Management company in the Financial sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, BLK traded at $1,134.38, a market capitalization of $182.1 billion.
  • BlackRock pays an annual dividend of $22.40 per share, a yield of 1.97%, with a payout ratio of 49.7%.
  • Return on equity was 10.7% and debt-to-equity 0.33.
  • Its Piotroski F-score is 4 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations · fundamentals updated Oct 15, 2026.

Financial Analysis (summary)

Updated

BlackRock reported revenue of $24.2 billion in FY2025, while net income was $5.9 billion in FY2025 and diluted EPS was $35.31 in FY2025. Operating income was $7.0 billion in FY2025, and free cash flow was $3.6 billion in FY2025.

In Q3 FY2026, revenue reached $7.8 billion and operating income was $2.3 billion. Diluted EPS was $11.67 in Q3 FY2026, while revenue growth was 19.1% in Q3 FY2026 against Q3 FY2025. Market capitalisation was $165.3 billion as of September 29, 2026.

BlackRock (BLK) Latest News

stockrow.com/BLK · Data as of Oct 15, 2026 · For information only; not investment advice. · © 2026 stockrow.com