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

Compare with peers → Embed

All key numbers (35, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	43.92	Sales (ttm)	28.5B	Net income (ttm)	6.9B	Sales growth	+18.7%	EPS growth	-15.9%	Sales Q/Q	+19.1%
Free cash flow	4.8B	Gross margin	-	Oper. margin	32.5%	Net margin	24.2%	FCF margin	16.8%	ROE	11.9%
ROA	3.9%	R&D / sales	-	Dividend	20.84	Debt/Eq	0.22	Curr. ratio	-	Cash	12.9B
Op. cash flow (ttm)	5.2B	EBITDA	7.3B	EBITDA margin	30.3%	Net debt	-137.0M	Interest cover	11.47	ROIC	7.8%
Payout ratio	59.0%	Tax rate	22.0%	Stock pay / sales	5.4%	Shares out.	164.5M	Shares Y/Y	+6.1%	Book / share	353.38
Cash / share	78.28	Sales / share	173.51	Asset turnover	0.16	Sales 3Y CAGR	+10.7%	EPS 3Y CAGR	+1.3%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Operating margin narrowed to 29.1%37.1% → 29.1% · Operating income / revenue · 10-K ↗

What management wrote about it → · Every company →

BLK against Financials peers

Ten years, side by side → · All 76 →

BLKPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 76 companies, the better end on the right. Hover a dot for the company.

Sales growth

+18.7%11th of 76 · median +7.2%

Net margin

24.2%27th of 76 · median 20.4%

Return on equity

11.9%52nd of 74 · median 16.7%

Free cash flow margin

16.8%35th of 49 · median 21.5%

Debt / equity (less is better)

0.226th of 62 · median 0.70

BLK and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
BLK BlackRock	$28.5B	+18.7%	-	24.2%	11.9%	16.8%	0.22
USB U.S. Bancorp	$30.3B	+4.4%	-	27.6%	12.6%	-	1.10
HIG The Hartford	$29.6B	+6.9%	-	15.6%	24.4%	23.1%	0.23
MRSH Marsh McLennan	$28.5B	+10.3%	-	14.2%	27.1%	14.6%	1.38
AIG American International Group	$27.7B	-1.7%	-	11.9%	8.5%	-	0.24
SCHW Charles Schwab Corporation	$27.1B	+22.0%	-	39.3%	20.7%	43.2%	0.46

Profitability

2 of 3

✓
Net margin above the peer median24.2% vs 20.4%
!
Return on equity below 15%11.9%
✓
A profit in every one of 4 years

Net margin, FY2022 to FY2025: 29.0% → 22.9%

Cash and shareholders

1 of 2

!
Share count up over 3 years+5.5%
✓
Dividend per share up over 3 years$19.52 → $20.84

Free cash flow, FY2022 to FY2025: 4.4B → 3.6B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2022 to FY2025

Revenue 24.2B Net income 5.6B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $24.2B of revenue came from

by region, year to Dec 31, 2025

Americas $16.0B · 66%
Europe $7.2B · 30%
Asia-Pacific $1.1B · 5%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

BLK's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue24.2B

Net income5.6B

Free cash flow3.6B

EPS (diluted)35.31

Dividend per share20.84

Diluted shares160.9M

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Revenue by Client Type	19.2B	79.2%	+19.1%
Revenue by Investment Style	19.2B	79.2%	+19.1%
Investment Advisory, Administration Fees and Securities Lending Revenue	19.2B	79.2%	+19.1%
Technology Services and Subscription Revenue	2.0B	8.2%	+23.6%
Investment Advisory Performance Fees	1.4B	5.9%	+18.0%
Distribution Fees	1.4B	5.6%	+6.4%

10-K 0001193125-26-071966, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
Americas	16.0B	65.9%	+19.0%
Europe	7.2B	29.6%	+16.8%
Asia-Pacific	1.1B	4.5%	+27.4%

10-K 0001193125-26-071966, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2022	FY2023	FY2024	FY2025
Revenue	17.9B	17.9B	20.4B	24.2B
SG&A	2.1B	2.1B	2.3B	2.7B
Operating income	6.4B	6.3B	7.6B	7.0B
Interest expense	212.0M	292.0M	538.0M	614.0M
Pretax income	6.3B	7.2B	8.3B	7.6B
Income tax	1.3B	1.5B	1.8B	1.7B
Net income	5.2B	5.5B	6.4B	5.6B
EPS (diluted)	33.97	36.51	42.01	35.31
Diluted shares	152.4M	150.7M	151.6M	160.9M
Depreciation & amortization	251.0M	263.0M	270.0M	297.0M
EBITDA	6.6B	6.5B	7.8B	7.3B
Operating margin	35.7%	35.1%	37.1%	29.1%
Net margin	29.0%	30.8%	31.2%	22.9%
Revenue growth	-	-0.1%	+14.3%	+18.7%
EPS growth	-	+7.5%	+15.1%	-15.9%

Balance sheet

From EDGAR

	FY2022	FY2023	FY2024	FY2025
Cash	7.4B	8.7B	12.8B	11.5B
Property & equipment	-	1.1B	1.1B	1.3B
Goodwill	15.3B	15.5B	25.9B	35.3B
Total assets	-	123.2B	138.6B	170.0B
Total debt	-	7.9B	12.3B	12.8B
Total liabilities	-	82.0B	89.3B	108.5B
Shareholders' equity	37.9B	39.3B	47.5B	55.9B

Cash flow

From EDGAR

	FY2022	FY2023	FY2024	FY2025
Operating cash flow	5.0B	4.2B	5.0B	3.9B
Capital spending	533.0M	344.0M	255.0M	375.0M
Free cash flow	4.4B	3.8B	4.7B	3.6B
Stock-based pay (added back)	708.0M	630.0M	753.0M	1.3B
Dividends paid	3.0B	3.0B	3.1B	-
Buybacks	2.3B	1.9B	1.9B	-
Acquisitions	0	189.0M	2.9B	3.5B
Debt raised	0	1.2B	5.5B	1.1B
Debt repaid	750.0M	0	1.0B	796.0M
Investing cash flow	-1.1B	-959.0M	-3.0B	-4.4B
Financing cash flow	-5.4B	-2.0B	2.2B	-1.1B
Dividend per share	19.52	20.00	20.40	20.84

Stock-based pay and leases

From EDGAR

	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	708.0M	630.0M	753.0M	1.3B
Stock-based pay / revenue	4.0%	3.5%	3.7%	5.4%
Operating lease cost	216.0M	189.0M	183.0M	233.0M
Operating lease cash paid	162.0M	142.0M	183.0M	210.0M
Right-of-use assets	-	1.4B	1.5B	1.9B
Operating lease liabilities	-	1.8B	1.9B	2.2B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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