NYSE : BLK
BlackRock, Inc. — Financial statements
Financials · Asset Management · United States
Last price 1147.54 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 186.14B
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Financial statements
BlackRock, Inc. (BLK) reported revenue of 28.54B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 27.70B | 23.51B | 19.79B | 17.18B | 17.87B | 19.37B |
| Other Revenue | 845.00M | 705.00M | 615.00M | 675.00M | ||
| Revenue | 28.54B | 24.22B | 20.41B | 17.86B | 17.87B | 19.37B |
| Cost of Revenue | 14.76B | 12.91B | 10.32B | 9.28B | 9.19B | 9.56B |
| Gross Profit | 13.78B | 11.31B | 10.09B | 8.58B | 8.68B | 9.82B |
| Selling, General & Admin | 2.20B | 1.98B | 2.17B | 2.09B | 2.05B | 2.19B |
| Amortization of Goodwill & Intangibles | 1.10B | 775.00M | 241.00M | 151.00M | 151.00M | 147.00M |
| Operating Expenses | 3.30B | 2.75B | 2.41B | 2.24B | 2.21B | 2.33B |
| Operating Income | 10.48B | 8.56B | 7.68B | 6.34B | 6.48B | 7.48B |
| Interest Expense | -676.00M | -614.00M | -538.00M | -292.00M | -212.00M | -205.00M |
| Interest & Investment Income | 554.00M | 554.00M | 767.00M | 473.00M | 152.00M | 87.00M |
| EBT Excluding Unusual Items | 10.36B | 8.50B | 7.91B | 6.52B | 6.42B | 7.37B |
| Merger & Restructuring Charges | -628.00M | -686.00M | -90.00M | -61.00M | -91.00M | |
| Gain (Loss) on Sale of Investments | 670.00M | 634.00M | 492.00M | 699.00M | -35.00M | 841.00M |
| Asset Writedown | -50.00M | |||||
| Other Unusual Items | -590.00M | -829.00M | 36.00M | -3.00M | -3.00M | -34.00M |
| Pretax Income | 9.81B | 7.62B | 8.29B | 7.16B | 6.29B | 8.17B |
| Income Tax Expense | 2.29B | 1.68B | 1.78B | 1.48B | 1.30B | 1.97B |
| Earnings From Continuing Operations | 7.52B | 5.94B | 6.51B | 5.68B | 4.99B | 6.21B |
| Minority Interest in Earnings | -611.00M | -389.00M | -143.00M | -174.00M | 184.00M | -304.00M |
| Net Income | 6.91B | 5.55B | 6.37B | 5.50B | 5.18B | 5.90B |
| Net Income to Common | 6.91B | 5.55B | 6.37B | 5.50B | 5.18B | 5.90B |
| Shares Outstanding (Basic) | 155.13M | 154.98M | 150.04M | 149.33M | 150.92M | 152.24M |
| Shares Outstanding (Diluted) | 164.84M | 160.87M | 151.62M | 150.71M | 152.44M | 154.40M |
| EPS (Basic) | 44.55 | 35.83 | 42.45 | 36.85 | 34.31 | 38.76 |
| EPS (Diluted) | 43.98 | 35.31 | 42.01 | 36.51 | 33.97 | 38.22 |
| Free Cash Flow | 3.55B | 4.70B | 3.82B | 4.42B | 4.60B | |
| Free Cash Flow Per Share | 22.08 | 31.01 | 25.35 | 29.02 | 29.81 | |
| Dividend Per Share | 22.40 | 20.84 | 20.40 | 20.00 | 19.52 | 16.52 |
| Gross Margin | 48.28% | 46.71% | 49.42% | 48.05% | 48.59% | 50.68% |
| Operating Margin | 36.73% | 35.35% | 37.62% | 35.49% | 36.25% | 38.63% |
| Profit Margin | 24.22% | 22.93% | 31.21% | 30.81% | 28.97% | 30.46% |
| Free Cash Flow Margin | 14.67% | 23.04% | 21.39% | 24.75% | 23.76% | |
| EBITDA | 12.01B | 9.69B | 8.21B | 6.77B | 6.90B | 7.90B |
| EBITDA Margin | 42.06% | 40.00% | 40.22% | 37.89% | 38.59% | 40.77% |
| D&A For EBITDA | 1.52B | 1.13B | 529.00M | 427.00M | 418.00M | 415.00M |
| EBIT | 10.48B | 8.56B | 7.68B | 6.34B | 6.48B | 7.48B |
| EBIT Margin | 36.73% | 35.35% | 37.62% | 35.49% | 36.25% | 38.63% |
| Effective Tax Rate | 23.33% | 22.01% | 21.50% | 20.67% | 20.60% | 24.08% |
| Revenue as Reported | 28.54B | 24.22B | 20.41B | 17.86B | 17.87B | 19.37B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 11.47B | 12.76B | 8.74B | 7.42B | 9.32B | |
| Trading Asset Securities | 2.79B | 1.75B | 1.87B | |||
| Cash & Short-Term Investments | 13.84B | 14.26B | 14.51B | 10.61B | 7.42B | 9.32B |
| Accounts Receivable | 5.54B | 4.55B | 4.12B | 3.66B | 3.95B | |
| Other Receivables | 247.00M | 215.00M | 252.00M | 354.00M | 218.00M | |
| Receivables | 5.78B | 4.76B | 4.37B | 4.01B | 4.17B | |
| Restricted Cash | 22.00M | 17.00M | 17.00M | 17.00M | 17.00M | |
| Other Current Assets | 7.93B | 6.07B | 4.58B | 5.77B | 7.12B | |
| Total Current Assets | 27.99B | 25.36B | 19.57B | 17.21B | 20.63B | |
| Property, Plant & Equipment | 3.13B | 2.62B | 2.53B | 2.55B | 2.38B | |
| Long-Term Investments | 13.15B | 9.72B | 9.42B | 8.94B | 8.25B | |
| Goodwill | 35.28B | 25.95B | 15.52B | 15.34B | 15.35B | |
| Other Intangible Assets | 27.97B | 20.74B | 18.26B | 18.30B | 18.45B | |
| Long-Term Deferred Tax Assets | 189.00M | 181.00M | 208.00M | 237.00M | 245.00M | |
| Other Long-Term Assets | 62.29B | 54.04B | 57.70B | 55.04B | 87.33B | |
| Total Assets | 170.00B | 138.62B | 123.21B | 117.63B | 152.65B | |
| Accounts Payable | 1.55B | 1.40B | 1.16B | 1.20B | 1.21B | |
| Accrued Expenses | 3.83B | 2.96B | 2.39B | 2.27B | 2.95B | |
| Current Portion of Long-Term Debt | 14.00M | |||||
| Current Portion of Leases | 237.00M | |||||
| Current Income Taxes Payable | 188.00M | 134.00M | 85.00M | 92.00M | 190.00M | |
| Other Current Liabilities | 7.92B | 6.09B | 4.56B | 5.78B | 7.08B | |
| Total Current Liabilities | 13.73B | 10.59B | 8.20B | 9.35B | 11.44B | |
| Long-Term Debt | 12.77B | 12.31B | 7.92B | 6.65B | 7.45B | |
| Long-Term Leases | 1.99B | 1.91B | 1.78B | 1.83B | 1.87B | |
| Long-Term Unearned Revenue | 3.77B | 1.98B | 1.92B | 1.54B | 1.63B | |
| Long-Term Deferred Tax Liabilities | 4.62B | 3.33B | 3.51B | 3.38B | 2.76B | |
| Other Long-Term Liabilities | 71.57B | 59.13B | 58.65B | 56.08B | 88.61B | |
| Total Liabilities | 108.46B | 89.26B | 81.97B | 78.84B | 113.75B | |
| Common Stock | 2.00M | 2.00M | 2.00M | 2.00M | 2.00M | |
| Additional Paid-In Capital | 19.75B | 13.45B | 19.83B | 19.77B | 19.64B | |
| Retained Earnings | 37.90B | 35.61B | 32.34B | 29.88B | 27.69B | |
| Treasury Stock | -1.22B | -386.00M | -11.99B | -10.80B | -9.09B | |
| Comprehensive Income & Other | -545.00M | -1.18B | -840.00M | -1.10B | -550.00M | |
| Total Common Equity | 57.61B | 55.89B | 47.49B | 39.35B | 37.74B | 37.69B |
| Minority Interest | 5.65B | 1.86B | 1.89B | 1.04B | 1.20B | |
| Shareholders' Equity | 64.54B | 61.54B | 49.35B | 41.24B | 38.78B | 38.89B |
| Total Liabilities & Equity | 170.00B | 138.62B | 123.21B | 117.63B | 152.65B | |
| Total Debt | 14.97B | 15.00B | 14.22B | 9.70B | 8.49B | 9.33B |
| Net Cash (Debt) | -1.12B | -739.00M | 291.00M | 905.00M | -1.07B | -9.00M |
| Net Cash Per Share | -6.82 | -4.59 | 1.92 | 6.01 | -7.04 | -0.06 |
| Filing Date Shares Outstanding | 154.60M | 155.54M | 155.25M | 148.94M | 150.24M | 152.04M |
| Total Common Shares Outstanding | 154.60M | 155.07M | 154.95M | 148.50M | 149.76M | 151.68M |
| Working Capital | 14.26B | 14.77B | 11.38B | 7.86B | 9.19B | |
| Book Value Per Share | 371.70 | 360.41 | 306.52 | 264.96 | 252.04 | 248.50 |
| Tangible Book Value | -5.00B | -7.36B | 803.00M | 5.57B | 4.10B | 3.89B |
| Tangible Book Value Per Share | -32.29 | -47.48 | 5.18 | 37.47 | 27.38 | 25.64 |
| Land | 6.00M | 6.00M | 6.00M | 6.00M | 6.00M | |
| Buildings | 67.00M | 65.00M | 64.00M | 64.00M | 64.00M | |
| Machinery | 1.55B | 1.44B | 1.38B | 1.32B | 1.18B | |
| Construction In Progress | 66.00M | 102.00M | 66.00M | 417.00M | 159.00M | |
| Leasehold Improvements | 1.26B | 1.05B | 1.04B | 613.00M | 614.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 5.55B | 6.37B | 5.50B | 5.18B | 5.90B | |
| Depreciation & Amortization | 1.13B | 529.00M | 427.00M | 418.00M | 415.00M | |
| Loss (Gain) From Sale of Assets | -480.00M | -269.00M | -380.00M | 400.00M | -302.00M | |
| Asset Writedown & Restructuring Costs | 50.00M | |||||
| Loss (Gain) From Sale of Investments | -289.00M | -126.00M | -268.00M | -165.00M | ||
| Loss (Gain) on Equity Investments | 378.00M | 16.00M | -329.00M | 21.00M | -231.00M | |
| Stock-Based Compensation | 1.31B | 753.00M | 630.00M | 708.00M | 734.00M | |
| Other Operating Activities | -3.48B | -2.54B | -1.34B | -604.00M | -2.07B | |
| Change in Accounts Receivable | -619.00M | -443.00M | -586.00M | 416.00M | -322.00M | |
| Change in Accounts Payable | 75.00M | 259.00M | -26.00M | -151.00M | 342.00M | |
| Change in Other Net Operating Assets | 162.00M | 302.00M | 194.00M | -1.36B | 315.00M | |
| Operating Cash Flow | 3.93B | 4.96B | 4.17B | 4.96B | 4.94B | |
| Capital Expenditures | -375.00M | -255.00M | -344.00M | -533.00M | -341.00M | |
| Cash Acquisitions | -3.50B | -2.94B | -189.00M | -1.11B | ||
| Investment in Securities | -547.00M | 187.00M | -426.00M | -597.00M | -490.00M | |
| Investing Cash Flow | -4.42B | -3.00B | -959.00M | -1.13B | -1.94B | |
| Long-Term Debt Issued | 1.08B | 5.47B | 1.24B | 1.02B | ||
| Long-Term Debt Repaid | -908.00M | -1.06B | -59.00M | -776.00M | -750.00M | |
| Net Debt Issued (Repaid) | 172.00M | 4.42B | 1.18B | -776.00M | 273.00M | |
| Issuance of Common Stock | 167.00M | 464.00M | 95.00M | 11.00M | ||
| Repurchase of Common Stock | -1.95B | -1.93B | -1.88B | -2.33B | -1.49B | |
| Common Dividends Paid | -3.35B | -3.10B | -3.04B | -2.99B | -2.55B | |
| Dividends Paid | -3.35B | -3.10B | -3.04B | -2.99B | -2.55B | |
| Other Financing Activities | 3.83B | 2.39B | 1.65B | 645.00M | 1.47B | |
| Financing Cash Flow | -1.13B | 2.24B | -1.99B | -5.44B | -2.29B | |
| Foreign Exchange Rate Adjustments | 329.00M | -162.00M | 106.00M | -291.00M | -61.00M | |
| Net Cash Flow | -1.29B | 4.03B | 1.32B | -1.91B | 659.00M | |
| Free Cash Flow | 3.55B | 4.70B | 3.82B | 4.42B | 4.60B | |
| Free Cash Flow Margin | 14.67% | 23.04% | 21.39% | 24.75% | 23.76% | |
| Free Cash Flow Per Share | 22.08 | 31.01 | 25.35 | 29.02 | 29.81 | |
| Levered Free Cash Flow | 7.03B | 6.00B | 4.17B | 3.94B | 5.95B | |
| Unlevered Free Cash Flow | 7.42B | 6.34B | 4.35B | 4.07B | 6.08B | |
| Cash Interest Paid | 482.00M | 289.00M | 200.00M | 177.00M | 189.00M | |
| Cash Income Tax Paid | 2.30B | 1.70B | 1.39B | 1.07B | 2.72B | |
| Change in Working Capital | -189.00M | 176.00M | -346.00M | -897.00M | 658.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 190.54B | 166.06B | 158.77B | 120.77B | 106.43B | 139.09B |
| Enterprise Value | 191.67B | 174.85B | 159.38B | 125.36B | 109.23B | 141.90B |
| Last Close Price | 1,147.54 | 1,053.05 | 988.29 | 764.39 | 648.54 | 814.72 |
| PE Ratio | 26.71 | 29.91 | 24.93 | 21.95 | 20.55 | 23.57 |
| Forward PE | 18.71 | 20.67 | 22.20 | 22.53 | 21.81 | 22.62 |
| PS Ratio | 6.52 | 6.86 | 7.78 | 6.76 | 5.96 | 7.18 |
| PB Ratio | 3.09 | 2.70 | 3.22 | 2.93 | 2.74 | 3.58 |
| P/TBV Ratio | 197.72 | 21.70 | 25.95 | 35.77 | ||
| P/FCF Ratio | 52.96 | 46.75 | 33.77 | 31.61 | 24.06 | 30.22 |
| P/OCF Ratio | 47.27 | 42.29 | 32.04 | 29.00 | 21.48 | 28.13 |
| PEG Ratio | 1.16 | 1.55 | 1.60 | 2.67 | 213.81 | 1.58 |
| EV/Sales Ratio | 6.56 | 7.22 | 7.81 | 7.02 | 6.11 | 7.32 |
| EV/EBITDA Ratio | 15.60 | 18.05 | 19.42 | 18.53 | 15.84 | 17.96 |
| EV/EBIT Ratio | 17.87 | 20.43 | 20.76 | 19.78 | 16.86 | 18.96 |
| EV/FCF Ratio | 53.28 | 49.22 | 33.90 | 32.81 | 24.70 | 30.83 |
| Debt / Equity Ratio | 0.23 | 0.24 | 0.29 | 0.23 | 0.22 | 0.24 |
| Debt / EBITDA Ratio | 1.25 | 1.50 | 1.68 | 1.39 | 1.19 | 1.15 |
| Debt / FCF Ratio | 4.22 | 3.02 | 2.54 | 1.92 | 2.03 | |
| Net Debt / Equity Ratio | 0.02 | 0.01 | -0.01 | -0.02 | 0.03 | 0.00 |
| Net Debt / EBITDA Ratio | 0.09 | 0.08 | -0.04 | -0.13 | 0.16 | 0.00 |
| Net Debt / FCF Ratio | 0.21 | -0.06 | -0.24 | 0.24 | 0.00 | |
| Asset Turnover | 0.16 | 0.16 | 0.15 | 0.13 | 0.12 | |
| Quick Ratio | 1.46 | 1.82 | 1.83 | 1.22 | 1.18 | |
| Current Ratio | 2.04 | 2.39 | 2.39 | 1.84 | 1.80 | |
| Return on Equity (ROE) | 10.72% | 14.38% | 14.19% | 12.86% | 16.21% | |
| Return on Assets (ROA) | 3.47% | 3.67% | 3.29% | 3.00% | 2.84% | |
| Return on Invested Capital (ROIC) | 12.24% | 11.99% | 13.48% | 12.54% | 13.06% | 14.93% |
| Return on Capital Employed (ROCE) | 5.50% | 6.00% | 5.50% | 6.00% | 5.30% | |
| Earnings Yield | 3.74% | 3.34% | 4.01% | 4.56% | 4.87% | 4.24% |
| FCF Yield | 1.89% | 2.14% | 2.96% | 3.16% | 4.16% | 3.31% |
| Dividend Yield | 1.95% | 1.95% | 1.99% | 2.46% | 2.75% | 1.80% |
| Payout Ratio | 52.11% | 60.27% | 48.69% | 55.16% | 57.74% | 43.16% |
| Buyback Yield / Dilution | -3.82% | -6.10% | -0.60% | 1.14% | 1.27% | 0.28% |
| Total Shareholder Return | -1.82% | -4.16% | 1.39% | 3.60% | 4.02% | 2.08% |