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BLK

BlackRock, Inc.

BLK

BlackRock, Inc. • NYSE
$1047.30 ▲ 0.70% (+7.24)
Market Cap $162.28 B
52w High $1219.94
52w Low $773.74
Dividend Yield 20.73%
P/E 26.96
Volume 297.36K
Outstanding Shares 154.96M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $6.509B ▲ $1.944B ▲ $1.323B ▼ 20.326% ▼ $8.54 ▼ $2.144B ▼
Q2-2025 $5.423B ▲ $865M ▲ $1.593B ▲ 29.375% ▲ $10.29 ▲ $2.642B ▲
Q1-2025 $5.276B ▼ $828M ▲ $1.51B ▼ 28.62% ▼ $9.74 ▼ $2.027B ▼
Q4-2024 $5.677B ▲ $721M ▲ $1.67B ▲ 29.417% ▼ $10.78 ▼ $2.285B ▲
Q3-2024 $5.197B $651M $1.631B 31.383% $11.02 $2.181B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $12.598B ▲ $162.682B ▲ $100.827B ▲ $55.519B ▲
Q2-2025 $11.65B ▲ $146.47B ▲ $94.868B ▲ $49.141B ▲
Q1-2025 $9.711B ▼ $141.942B ▲ $91.752B ▲ $48.036B ▲
Q4-2024 $14.585B ▼ $138.615B ▲ $89.26B ▲ $47.495B ▲
Q3-2024 $16.006B $132.816B $89.192B $41.178B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.527B ▼ $1.414B ▲ $-923M ▼ $96M ▲ $506M ▼ $1.336B ▲
Q2-2025 $1.665B ▲ $1.364B ▲ $53M ▲ $26M ▲ $1.731B ▲ $1.275B ▲
Q1-2025 $1.515B ▼ $-1.128B ▼ $-3.336B ▼ $-661M ▼ $-5.015B ▼ $-1.206B ▼
Q4-2024 $1.67B ▲ $2.618B ▲ $-3.071B ▼ $-578M ▼ $-1.275B ▼ $2.528B ▲
Q3-2024 $1.631B $1.381B $-74M $2.36B $3.809B $1.287B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Distribution and Shareholder Service
Distribution and Shareholder Service
 $0 ▲$320.00M ▲$320.00M ▲$350.00M ▲
Investment Advice
Investment Advice
 $12.32Bn ▲$4.40Bn ▼$4.45Bn ▲$5.05Bn ▲
Investment Performance
Investment Performance
 $1.00Bn ▲$60.00M ▼$90.00M ▲$520.00M ▲
Service Other
Service Other
 $0 ▲$0 ▲$60.00M ▲$80.00M ▲
Technology Service
Technology Service
 $1.23Bn ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement BlackRock’s income statement shows a very healthy, mostly upward trend in both revenue and profits over the past several years, with only a brief pause during market turbulence. Revenue dipped slightly in the early 2020s as markets became more volatile, then pushed to new highs more recently. Profitability remained strong throughout, with operating and net income generally rising faster than costs, which suggests good cost control and strong pricing power in its core products. Earnings per share have climbed steadily, helped by both higher profits and disciplined capital management. Overall, the business looks resilient, with earnings tied to market cycles but bouncing back quickly after downturns.

Balance Sheet

Balance Sheet The balance sheet looks solid and conservative for a financial firm. Total assets have come down from earlier peaks but have started to grow again, suggesting a more focused, leaner balance sheet rather than signs of stress. Cash levels are healthy and have improved recently, giving the company flexibility for investments, acquisitions, or shareholder returns. Debt has crept up over time, but equity has also grown steadily, so leverage still appears quite manageable. In plain terms, BlackRock seems to be funding growth in a balanced way, without overstretching its finances.

Cash Flow

Cash Flow Cash generation is a major strength. Operating cash flow has been consistently strong year after year, showing that reported profits are backed by real cash, not accounting noise. Free cash flow stays close to operating cash flow because capital spending needs are modest, which is typical for an asset manager that relies more on people and technology than heavy physical assets. This reliable cash engine gives BlackRock room to invest in new technology, expand its product set, make acquisitions, and still return money to shareholders when it chooses. There are no obvious red flags in the cash flow trends.

Competitive Edge

Competitive Edge BlackRock’s competitive position is exceptionally strong. It is the world’s largest asset manager, which gives it enormous scale advantages: it can run funds at very low cost, offer a wide product lineup, and still earn attractive margins. The iShares exchange-traded fund franchise is deeply entrenched in global markets, making it a default choice for many institutions and advisors. The Aladdin technology platform creates an additional moat: it is embedded in many clients’ investment processes, which raises switching costs and deepens relationships. Brand, trust, and regulatory expertise built over decades further raise barriers to entry. The main ongoing pressures are industry-wide fee compression, regulatory and political scrutiny (especially on ESG and systemic influence), and the fact that business volumes are sensitive to global market performance.

Innovation and R&D

Innovation and R&D Innovation is a core part of BlackRock’s strategy, even if it does not label it as traditional “R&D.” The Aladdin platform is the centerpiece: it combines portfolio management, risk analytics, trading, and operations into one system, and is increasingly infused with artificial intelligence and large language models. Tools like Aladdin Copilot and systematic equity strategies use big data and machine learning to enhance research and portfolio construction. Beyond technology, BlackRock is pushing innovation in sustainable investing, climate analytics, and private markets, including unified accounts that blend public and private assets. The firm is also exploring areas like tokenization and digital assets. Overall, it behaves more like a financial-technology hybrid than a conventional asset manager, which could help sustain its edge if execution remains strong.

Summary

BlackRock looks like a financially robust, cash-generative asset manager with a very strong competitive moat built on scale, technology, and brand. Its income statement shows durable, growing profitability with only short-lived setbacks during market stress. The balance sheet is healthy, with rising equity, manageable debt, and ample cash. Cash flows are steady and strong, giving it significant strategic flexibility. Its leadership in ETFs, institutional asset management, and the Aladdin platform positions it at the center of global capital markets, while its deep push into AI, sustainable investing, and private markets aims to keep it ahead of industry shifts. Key risks are tied to market dependence, ongoing fee pressure, political and regulatory scrutiny, and the need to continuously invest in technology to maintain its edge. Overall, the company appears to be a scaled, innovative, and resilient franchise in a competitive but structurally growing industry.

NEWS

November 28, 2025 · 1:30 PM UTC

Certain BlackRock Closed-End Funds Announce Estimated Sources of Distributions

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November 27, 2025 · 6:00 AM UTC

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November 25, 2025 · 11:00 AM UTC

BlackRock's Martin S. Small to Present at the 2025 Goldman Sachs US Financial Services Conference on December 9th

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November 24, 2025 · 9:00 AM UTC

BlackRock and AccessFintech Announce Strategic Partnership to Enhance Post-Trade Connectivity and Workflows

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November 21, 2025 · 3:00 AM UTC

HelloTrade, Founded by Former BlackRock Crypto Leaders, Announces Fundraise to Unlock Global, Frictionless Access to Global Equities

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