BLKBlackRock

Financials · Brokers & Investment Banks · NYSE

BlackRock, Inc. (together, with its subsidiaries, unless the context otherwise indicates, “BlackRock” or the “Company”) is a leading publicly traded investment management firm with $14.0 trillion of assets under management (“AUM”) at December 31, 2025. 10-K, Item 1

Headquarters: New York, NY
CEO: Laurence Fink
Next results: around Jan 14, 2027

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RevenueFY2022–25 $24.2B+18.7% FY2024: $20.4B 10-K FY2025 · XBRL Net incomeFY2022–25 $5.6B−12.8% FY2024: $6.4B 10-K FY2025 · XBRL Free cash flowFY2022–25 $3.6B−24.4% FY2024: $4.7B 10-K FY2025 · XBRL Operating marginFY2022–25 29.1%−8.0 pts 35.7% in FY2022 10-K FY2025 · XBRL

What changed

10-K filed Feb 25, 2026 against Feb 25, 2025

Area	What changed	Source
Risk factors	19 new paragraphs, nothing like them in the previous 10-K	10-K Item 1A
Critical audit matters changed	New this year: Testing the source information underlying the determination of the discount rates and the mathematical accuracy of the valuation. o (“For acquired management contracts, evaluating the reasonableness of the methodology used, and developing a range of independent estimates and comparing those to the discount rates and a long-term growth rate selected by management. o”). Same as last year: F-2	10-K · XBRL
Accounting checks	8 other checks clear, 1 worth a look	10-K · XBRL
Insiders	No open-market buys in the last 90 days	Form 4
Filings	2 in the last 30 days	EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

What's new, in their words

10-K filed Feb 25, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-25. Quoted as filed.

In addition, the relative performance of different markets that impact the Company’s AUM and net inflows may lead to an increase in the proportion of AUM weighted towards lower (or higher) relative management fee rates. As a result, the Company’s average effective fee rate may be lower (or higher) from period to period. These potential…
10-K, Item 1A

All 19 new paragraphs →

Accounting checks

latest 10-K

8 of 9 clear 1 worth a look. Checks, not verdicts.

!
Critical audit matters changedNew this year: Testing the source information underlying the determination of the discount rates and the mathematical accuracy of the valuation. o (“For acquired management contracts, evaluating the reasonableness of the methodology used, and developing a range of independent estimates and comparing those to the discount rates and a long-term growth rate selected by management. o”). Same as last year: F-2
✓
Receivables +19.8% vs revenue +18.7% (+1.2 pts)
✓
Same auditor in both 10-Ks: Deloitte & Touche LLP
✓
No statement of substantial doubt about going concern
✓
No 8-K item 4.02 in the last 2 years
✓
No NT 10-K or NT 10-Q in the last 2 years
✓
No sentence in the 10-K concludes that controls were not effective because of a material weakness
✓
No 8-K item 2.06 in the last 2 years
✓
No 8-K item 1.03 in the last 2 years

How each check works, with sources →

In the last 30 days

All filings →

Nov 4, 202610-Q Quarterly report (10-Q) period ended Sep 30, 2026
Oct 14, 20268-K Quarterly results, Regulation FD disclosure 8-K items 2.02, 7.01

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