FirmAtlas
Company handbook · BLK · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
BLK · CIK 2012383 · LATEST FILING: 10-Q JUN '26 · FILED AUG 6, 2026
BlackRock, Inc.
$1,134.38
+13.60 (+1.21%)
Close, Oct 16, 2026 · 52-week $917–1,187
Last fiscal year
BlackRock, Inc. reported revenue of $24.2B for the year ended Dec 31, 2025 (FY25), up 18.7% from FY24. Net income was $5.6B, operating cash flow $3.9B and free cash flow $3.6B. Source: 10-K filed Feb 25, 2026.
Market cap
$175.9B
P/E
26.8
EV/EBITDA
24.1x
P/B
3.0
Div yield
1.97%
ROIC
10.5%
Revenue 1Y
18.7%/yr
EPS 1Y
−15.9%/yr
Shares 1Y
+0.1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOLaurence D. Fink
HQNew York, NY
AuditorDeloitte & Touche LLP
Employees24,900
Year endsDecember
Revenue by segment · FY25
Investment Advice79%
Technology Service8%
Investment Performance6%
Distribution And Shareholder Service6%
Service Other1%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
12.3%
4.6%
21.3%
−3.2%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$12.1B deployed
Capex
$630M
5.2%
Acquisitions
$6.4B
53.2%
Dividends
$3.1B
25.6%
Buybacks
$1.9B
16.0%
Operating cash flow over the period: $8.9B. Total debt changed by +$454M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
20,407
24,216+18.7%
27,299
YoY
+18.7%
Operating income
7,574
7,045−7.0%
8,891
Operating margin
37.1%
29.1%−8.0 pp
—
EBITDA
7,844
7,342−6.4%
—
EBITDA margin
38.4%
30.3%−8.1 pp
—
Interest expense
538
614+14.1%
—
Interest coverage
14.58x
11.96x−2.62x
—
Net income
6,369
5,553−12.8%
6,576
YoY
−12.8%
Net margin
31.2%
22.9%−8.3 pp
—
EPS (diluted, $)
42.01
35.31−15.9%
41.95
YoY
−15.9%
Balance sheet
Total assets
138,615
169,998+22.6%
175,875
Cash & short-term investments
12,779
11,490−10.1%
—
Net PP&E
1,103
1,256+13.9%
—
Other assets
124,733
157,252+26.1%
—
Total liabilities
91,120
114,110+25.2%
118,262
Total debt
12,314
12,768+3.7%
12,744
Other liabilities
78,806
101,342+28.6%
—
Shareholders’ equity
47,495
55,888+17.7%
57,613
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
4,956
3,927−20.8%
3,938
Net income
6,512
5,942−8.8%
—
Depreciation & amortization
270
297+10.0%
—
Stock-based compensation
753
1,307+73.6%
—
Working capital & other
(2,579)
(3,619)n/m
—
Cash from investing
(3,004)
(4,418)n/m
—
Capex
(255)
(375)n/m
—
Acquisitions
(2,936)
(3,496)n/m
—
Investments bought
(818)
(1,384)n/m
—
Investments sold / matured
766
544−29.0%
—
Other investing
239
293+22.6%
—
Cash from financing
2,236
(1,127)−150.4%
—
Debt raised
5,474
1,080−80.3%
—
Debt repaid
(1,000)
(796)n/m
—
Dividends
(3,101)
—
—
Buybacks
(1,930)
—
—
Shares issued
464
167−64.0%
—
Other financing
2,329
(1,578)−167.8%
—
Net change in cash
4,026
(1,289)−132.0%
—
Free cash flow (OCF − capex)
4,701
3,552−24.4%
3,515
Where the cash went
Operating cash flow
4,956
3,927−20.8%
3,938
Reinvested in the business
3,191
3,871+21.3%
—
% of operating cash flow
64.4%
98.6%
Capex
255
375+47.1%
423
Acquisitions
2,936
3,496+19.1%
—
Free cash flow
4,701
3,552−24.4%
3,515
YoY
−24.4%
Returned to shareholders
5,031
—
—
% of free cash flow
107.0%
—
Dividends
3,101
—
—
Buybacks
1,930
—
—
Change in total debt
—
454
—
Cash left over
—
510
—
FCF conversion (FCF ÷ net income)
73.8%
64.0%−9.8 pp
—
Buyback yield
1.2%
—
—
Returns & ratios
ROIC (all capital)
12.6%
10.5%−2.1 pp
—
ROIC (operating)
539.1%
465.8%−73.3 pp
—
Net debt / EBITDA
−0.06x
0.17x+0.23x
—
Debt / equity
0.26x
0.23x−0.03x
—
ROE
13.4%
9.9%−3.5 pp
—
ROA
4.6%
3.3%−1.3 pp
—
NOPAT
5,946
5,494−7.6%
—
Invested capital (operating)
1,103
1,256+13.9%
—
Invested capital (all)
47,030
57,166+21.6%
—
Reinvestment rate
—
2.8%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
6,509
7,008
6,698
7,084
vs year-ago quarter
Operating income
1,955
1,661
2,814
2,461
Net income
1,323
1,127
2,212
1,914
vs year-ago quarter
Net margin
20.3%
16.1%
33.0%
27.0%
EPS (diluted, $)
8.43
7.27
14.06
12.19
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
162,682
169,998
170,237
175,875
Cash & equivalents
10,001
11,490
9,863
10,514
Total debt
12,766
12,768
12,749
12,744
Shareholders’ equity
55,519
55,888
56,688
57,613
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,414
2,277
(980)
1,227
Capex
78
130
106
109
Free cash flow
1,336
2,147
(1,086)
1,118
vs year-ago quarter