BlackRock
BLK · NYSESecurity Brokers, Dealers & Flotation Companies · Fiscal year ends Dec 31
BlackRock reported revenue of $24.2B in the fiscal year ended Dec 2025, up 18.7% from the year before. Operating income was $7B, an operating margin of 29.1%, and net income was $5.6B. Operating cash flow of $3.9B less capital expenditure of $375M left free cash flow of $3.6B. Net debt was $1.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | $17.9B | $17.9B | $20.4B | $24.2B |
| Operating income | $6.4B | $6.3B | $7.6B | $7B |
| Interest expense | $212M | $292M | $538M | $614M |
| Pre-tax 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 |
| Diluted EPS | 33.97 | 36.51 | 42.01 | 35.31 |
| Diluted shares | 152M | 151M | 152M | 161M |
Balance sheet
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | $7.4B | $8.7B | $12.8B | $11.5B |
| Net PP&E | – | $1.1B | $1.1B | $1.3B |
| Goodwill | $15.3B | $15.5B | $25.9B | $35.3B |
| Total assets | – | $123B | $139B | $170B |
| Long-term debt | – | $7.9B | $12.3B | $12.8B |
| Total liabilities | – | $82B | $89.3B | $108B |
| Shareholders' equity | $37.9B | $39.3B | $47.5B | $55.9B |
Cash flow
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | $5B | $4.2B | $5B | $3.9B |
| Capital expenditure | $533M | $344M | $255M | $375M |
| Free cash flow | $4.4B | $3.8B | $4.7B | $3.6B |
| Depreciation & amortisation | $251M | $263M | $270M | $297M |
| Stock-based compensation | $708M | $630M | $753M | $1.3B |
| Acquisitions | $0 | $189M | $2.9B | $3.5B |
| Share buybacks | $2.3B | $1.9B | $1.9B | – |
| Dividends paid | $3B | $3B | $3.1B | – |
| Dividend per share | 19.52 | 20.00 | 20.40 | 20.84 |
Key ratios
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | −0.1% | 14.3% | 18.7% |
| Operating income growth (YoY) | – | −1.7% | 20.7% | −7.0% |
| EPS growth (YoY) | – | 7.5% | 15.1% | −15.9% |
| Operating margin | 35.7% | 35.1% | 37.1% | 29.1% |
| Net margin | 29.0% | 30.8% | 31.2% | 22.9% |
| Return on equityBlank when equity is negative | 13.7% | 14.0% | 13.4% | 9.9% |
| Free cash flow margin | 24.7% | 21.4% | 23.0% | 14.7% |
| Cash conversion (CFO ÷ net income) | 0.96x | 0.76x | 0.78x | 0.71x |
| Interest cover | 30.1x | 21.5x | 14.1x | 11.5x |
| Debt ÷ equity | – | 0.20x | 0.26x | 0.23x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | −$818M | −$448M | $1.3B |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.