Overview
BlackRock, Inc.
Latest 10-K: FY2025, filed Feb 25, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $24.22B
- 18.7%YoYup from FY2024
- TotalRevenue
- Gross profit
- Not reported
- Operating income
- $7.04B
- 7.0%YoYdown from FY2024
- OperatingIncome
- Net income
- $5.55B
- 12.8%YoYdown from FY2024
- NetIncome
- Diluted EPS
- $35.31
- 15.9%YoYdown from FY2024
- EPSDiluted
- Diluted shares
- 160.9M
- 6.1%YoYup from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- BlackRock, Inc. reported revenue of $24.22B for fiscal 2025, up 18.7% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 3 of the last 5 fiscal years.
Profitability
- Operating margin was 29.1% and net margin was 22.9%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $35.31, down 15.9% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $24.22B18.7%up Benchmark median 6.4% | $20.41B14.3%up Benchmark median 4.5% | $17.86B61.5%up Benchmark median 4.8% | $11.06B7.9%down Benchmark median 10.3% | $12.01B25.9%down Benchmark median 13.8% | 19.2% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | — | — | — | — | — | — Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $7.04B7.0%down Benchmark median 7.3% | $7.57B20.7%up Benchmark median 7.4% | $6.28B1.7%down Benchmark median 4.9% | $6.38B14.3%down Benchmark median 7.5% | $7.45B30.8%up Benchmark median 23.5% | -1.4% Benchmark median 7.2% |
| Net Income | $5.55B12.8%down Benchmark median 4.8% | $6.37B15.8%up Benchmark median 5.7% | $5.50B6.3%up Benchmark median 1.9% | $5.18B12.3%down Benchmark median 1.3% | $5.90B19.6%up Benchmark median 33.9% | -1.5% Benchmark median 4.1% |
| EPS (Diluted) | $35.3115.9%down Benchmark median 6.2% | $42.0115.1%up Benchmark median 7.9% | $36.517.5%up Benchmark median 1.9% | $33.9711.1%down Benchmark median 1.5% | $38.2220.0%up Benchmark median 34.8% | -2.0% Benchmark median 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $170.00B22.6%up Benchmark median 5.6% | $138.62B12.5%up Benchmark median 3.4% | $123.21B4.7%up Benchmark median 4.1% | $117.63B22.9%down Benchmark median 2.2% | $152.65B13.7%down Benchmark median 6.7% | 2.7% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | $108.46B21.5%up Benchmark median 6.4% | $89.26B8.9%up Benchmark median 1.9% | $81.97B4.0%up Benchmark median 2.9% | $78.84B30.7%down Benchmark median 2.0% | $113.75B18.4%down Benchmark median 5.2% | -1.2% Benchmark median 4.4% |
| Stockholders' Equity | $56.12B17.7%up Benchmark median 6.8% | $47.66B20.7%up Benchmark median 5.4% | $39.50B4.3%up Benchmark median 7.3% | $37.88B0.2%up Benchmark median 2.5% | $37.81B7.0%up Benchmark median 9.0% | 10.4% Benchmark median 6.1% |
| Cash & Equivalents | $11.47B10.1%down Benchmark median 5.2% | $12.76B46.1%up Benchmark median 1.9% | $8.74B17.8%up Benchmark median 6.7% | $7.42B20.5%down Benchmark median -8.6% | $9.32B7.6%up Benchmark median -2.9% | 5.3% Benchmark median 2.0% |
| Total Debt | $12.77B†3.7%up Benchmark median 2.1% | $12.31B†55.5%up Benchmark median 0.2% | $7.92B†19.0%up Benchmark median 0.3% | $6.65B†10.6%down Benchmark median 0.1% | $7.45B†2.5%up Benchmark median -0.1% | 14.4% Benchmark median 4.3% |
† Sum of short-term and long-term debt; the company files no total-debt line.
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.93B20.8%down Benchmark median 6.3% | $4.96B19.0%up Benchmark median 4.8% | $4.17B16.0%down Benchmark median 9.9% | $4.96B0.2%up Benchmark median -0.7% | $4.94B32.1%up Benchmark median 10.7% | -5.6% Benchmark median 7.0% |
| Capital Expenditures | $375.00M47.1%up Benchmark median 5.4% | $255.00M25.9%down Benchmark median 2.8% | $344.00M35.5%down Benchmark median 11.3% | $533.00M56.3%up Benchmark median 14.0% | $341.00M75.8%up Benchmark median 8.1% | 2.4% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $3.55B24.4%down Benchmark median 7.3% | $4.70B23.0%up Benchmark median 6.1% | $3.82B13.6%down Benchmark median 8.8% | $4.42B3.9%down Benchmark median -11.3% | $4.60B29.7%up Benchmark median 10.2% | -6.3% Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
3.3%
Wall Street
on net earnings
FY2024 4.1%
2.1%
Value investor
on free cash flow
FY2024 3.0%
Gap −1.2 pts: Value-investor figure 1.2 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 30.3×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
4.7%
Wall Street
on EBITDA
FY2024 5.2%
4.1%
Value investor
on EBIT
FY2024 4.9%
Gap −0.6 pts: Value-investor figure 0.6 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 21.2×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
32.6%
Wall Street
on book equity
FY2024 30.7%
n/m
Value investor
on tangible book
FY2024 0.6%
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 3.1×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
10.7%
Wall Street
ROE: net income ÷ equity
FY2024 14.6%
3.5%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 4.8%
Gap −7.2 pts: Value-investor figure 7.2 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
33.7%
Wall Street
EBITDA margin
FY2024 39.7%
14.7%
Value investor
Free-cash-flow margin
FY2024 23.0%
Gap −19.0 pts: Value-investor figure 19.0 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.64×
Wall Street
EBITDA ÷ total debt
FY2024 0.66×
0.28×
Value investor
FCF ÷ total debt
FY2024 0.38×
Gap −0.36×: Value-investor figure 0.36 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 0.16×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
13.3×
Wall Street
EBITDA ÷ interest
FY2024 15.1×
11.5×
Value investor
EBIT ÷ interest
FY2024 14.1×
Gap −1.8×: Value-investor figure 1.8 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on BLK yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on BLK and publish the result to your public profile.
Cite this page
Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/BLK
Valuein. (2026, October 31). BlackRock, Inc. (BLK) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/BLK
@misc{valuein_blk_2026,
author = {{Valuein}},
title = {BlackRock, Inc. (BLK) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/BLK}},
note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}10-K filed Feb 25, 2026 · accession 0001193125-26-071966
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point-in-time · survivorship-free · every number traceable to its SEC filing
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