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Company file · BLK

BlackRock

BlackRock's revenue grew in 2025 after acquisitions, while net income fell

Revenue rose 18.7% to $24.2B. Net income fell 12.8% to $5.6B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 25, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Aug 6, 2026) · Data pulled Oct 26, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, BlackRock (NYSE: BLK) took in $24.2B of total revenue (up 18.7% on fiscal 2024); net income to BlackRock was $5.6B (down 12.8%). The most recent quarter, ended Jun 30, 2026, brought revenue of $7.1B, up 30.6% year over year, with net income of $1.9B. Americas was the biggest single line by region: 66% of fiscal 2025 total revenue. Sources: 10-K for fiscal 2025 (filed Feb 25, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 6, 2026).

Revenue$24.2BFY2025 · +18.7% vs FY2024
Net income to BlackRock$5.6BFY2025 · −12.8% vs FY2024
Operating cash flow$3.9BFY2025 · −20.8% vs FY2024
Cash & equivalents$10.5Bat Jun 30, 2026 · −8.5% vs FY2025 end
Total debt$12.7Bat Jun 30, 2026 · −0.2% vs FY2025 end
Diluted shares161MFY2025 avg · +6.1% vs FY2024
Total revenue and net income to BlackRock, three fiscal yearsBy fiscal year, $bn
Total revenueNet income to BlackRock
Total revenue and net income to BlackRock by fiscal yearTotal revenue FY2023: $17.9B17.9Net income to BlackRock FY2023: $5.5B5.5FY2023Total revenue FY2024: $20.4B20.4Net income to BlackRock FY2024: $6.4B6.4FY2024Total revenue FY2025: $24.2B24.2Net income to BlackRock FY2025: $5.6B5.6FY2025

Source: 10-K FY2025, filed Feb 25, 2026

Quarterly total revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly total revenue, fiscal 2026 vs 2025FY2025 Q1: $5.3B5.3FY2026 Q1: $6.7B6.7Q1FY2025 Q2: $5.4B5.4FY2026 Q2: $7.1B7.1Q2

Source: 10-Q filed May 6, 2026 · 10-Q filed Aug 6, 2026

How it makes money

FY2025 total by categoryAmericas: $16.0B (66%)Europe: $7.2B (30%)Asia Pacific: $1.1B (5%)$24.2BFY2025 total

By region, FY2025

  • LineAmountSharevs FY2024
  • Americas$16.0B66%+19.0%
  • Europe$7.2B30%+16.8%
  • Asia Pacific$1.1B5%+27.4%

Source: 10-K FY2025, XBRL breakdown

The Americas were 66% of 2025 revenue, Europe 30% and Asia Pacific 5%.

By region: three-year mixShare of the total each fiscal year
AmericasEuropeAsia Pacific

Source: 10-K FY2025

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue
$7.1B Q2 2026
$5.4B Q2 2025
30.6% increase
Net income
$1.9B Q2 2026
$1.6B Q2 2025
20.2% increase

Source: BlackRock 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026

By region

Americas
$4.7B Q2 2026
$3.6B Q2 2025
31.7% increase
Europe
$2.1B Q2 2026
$1.6B Q2 2025
28.1% increase
Asia Pacific
$336M Q2 2026
$256M Q2 2025
31.2% increase

Source: BlackRock 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026

  • Cash & equivalents $10.5B at Jun 30, 2026, vs $11.5B at FY2025 end.
  • Total debt $12.7B at Jun 30, 2026, vs $12.8B at FY2025 end.
  • Operating cash flow, first 6 months of fiscal 2026: $247M vs $236M a year earlier.

The bull case and the bear case

The bull case

The bear case

  • Net income fell 12.8% in 2025 to $5.6B, even as revenue grew. 10-K, FY2025
  • Operating cash flow fell 20.8% in 2025 to $3.9B. 10-K, FY2025
  • The diluted share count rose 6.1% in 2025. 10-K, FY2025
  • The 10-K lists market declines, fee pressure, competition and integrating acquisitions among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

BlackRock is the world's largest asset manager. It runs mutual funds, iShares ETFs and institutional mandates, and sells its Aladdin investment technology.

Most revenue is fees based on the assets it manages for pension funds, insurers, governments, advisers and individual investors, across stocks, bonds, cash, and private markets such as infrastructure and private credit. It also earns performance fees and technology services revenue.

Its fiscal year is the calendar year.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in BlackRock's latest 10-K. Read the original for the full list.

  1. MarketsFees depend on asset values, so falling markets cut revenue.
  2. Fee pressureCompetition and the shift to low-cost index funds push fees down.
  3. AcquisitionsIt has bought large private-markets businesses, which must be integrated.
  4. RegulationAsset managers face rules in many countries, and its size draws scrutiny.
  5. Technology and cyberAladdin and its operations depend on reliable, secure systems.
  6. ReputationClient trust and its stance on public issues can affect flows.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Total revenue$17.9B$20.4B$24.2B
Net income to BlackRock$5.5B$6.4B$5.6B
Operating cash flow$4.2B$5.0B$3.9B
Cash & equivalents (year end)$8.7B$12.8B$11.5B
Total debt (year end)$7.9B$12.3B$12.8B
Diluted shares151M152M161M
  • Total revenue: Fees for managing investments (including iShares ETFs), performance fees, technology services such as Aladdin, and other revenue.
  • Net income to BlackRock: Net income attributable to BlackRock, after the share belonging to minority owners.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Long-term borrowings, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

  • BlackRock moved to a new parent holding company in 2024, which files under a new SEC registrant number. Figures for all years come from that company's filings.
  • Regional figures are revenue by region as reported, which add up to total revenue.

Recent filings

FormFiledPeriod
10-QAug 6, 2026Jun 30, 2026
10-QMay 6, 2026Mar 31, 2026
DEF 14AApr 10, 2026May 20, 2026
10-KFeb 25, 2026Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Latest filings

Earnings recap: BlackRock Q3 2026 results →

  1. Oct 196:24 PM ET

    Form 4

    BlackRock Principal Accounting Officer Marc D. Comerchero reports a other acquisition or disposition of 1,192 shares

    The filing reports 1,192 shares in an other acquisition or disposition (code J).

  2. Oct 146:39 AM ET

    8-K

    BlackRock files an 8-K on quarterly results and investor materials (Reg FD)

    BlackRock filed a Form 8-K on Oct 14, 2026 at 6:39 AM ET under Item 2.02 (Results of Operations and Financial Condition), Item 7.01 (Regulation FD Disclosure).

  3. Oct 26:34 PM ET

    Form 4

    BlackRock director Fabrizio Freda reports an award of 18 shares

    The filing reports 18 shares in a grant or award (code A).

  4. Oct 26:28 PM ET

    Form 4

    BlackRock director Hans Erik Vestberg reports an award of 33 shares

    The filing reports 33 shares in a grant or award (code A).

  5. Oct 26:20 PM ET

    Form 4

    BlackRock director Charles Robbins reports an award of 27 shares

    The filing reports 27 shares in a grant or award (code A).

All BlackRock filings notes →

Common questions about BlackRock

How does BlackRock make money?

In fiscal 2025, total revenue totaled $24.2B. The Americas were 66% of 2025 revenue, Europe 30% and Asia Pacific 5%. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

What was BlackRock's revenue in fiscal 2025?

Total revenue came to $24.2B in the year ended Dec 31, 2025. Going back two years, it was $17.9B in fiscal 2023 and $20.4B in fiscal 2024, so the latest year was up 18.7%. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

Is BlackRock profitable?

Yes, by US accounting rules (GAAP): net income to BlackRock was $5.6B in fiscal 2025, down 12.8% from $6.4B a year earlier. For the quarter ended Jun 30, 2026, net income was $1.9B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

What did BlackRock report in its latest quarterly filing?

The 10-Q for the quarter ended Jun 30, 2026 shows revenue of $7.1B, against $5.4B in the same quarter a year before (up 30.6%), and net income of $1.9B, against $1.6B (up 20.2%). Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026.

How much cash and debt does BlackRock have?

On Jun 30, 2026, cash and cash equivalents stood at $10.5B and total debt at $12.7B. Total debt here is long-term borrowings, at carrying value. Source: 10-Q filed Aug 6, 2026.

What are the main risks BlackRock lists?

Item 1A of the fiscal 2025 10-K (filed Feb 25, 2026) sets out the risks. Grouped, they fall into 6 areas: Markets; fee pressure; acquisitions; regulation; technology and cyber; reputation. To start with the first: Fees depend on asset values, so falling markets cut revenue. Source: 10-K, Item 1A Risk Factors.

Where do these BlackRock numbers come from?

Two filings BlackRock made with the SEC: its fiscal 2025 10-K, filed Feb 25, 2026, and its 10-Q for the quarter ended Jun 30, 2026, filed Aug 6, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in BLK
The editor holds no position in BlackRock (BLK). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell BLK from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold BLK, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
BlackRockBLKFY2025$24.2B+18.7%$5.6B
Morgan StanleyMSFY2025$70.6B+14.4%$16.9B
Goldman SachsGSFY2025$58.3B+8.9%$17.2B
Charles SchwabSCHWFY2025$23.9B+22.0%$8.9B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.