BlackRock, Inc.

BLK 10-K · FY 2025

BLK FY 2025 request

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Income Statement

Income Statement
Metric FY 2025 FY 2024 YoY
Derivative Gain Loss On Derivative Net -127 -25 -408.0%
Show Derivative Risk breakouts
Foreign Exchange Forward 72 5 +1340.0%
Foreign Exchange Future -199 -30 -563.3%
Show Investment Type breakouts
Deferred Cash Compensation Plans [Member] 31 18 +72.2%
Seed Investment [Member] -230 -48 -379.2%
Revenue 24,216 20,407 +18.7%
Show Product Lines breakouts
Distribution And Shareholder Service 1,355 1,273 +6.4%
Investment Advice 19,179 16,100 +19.1%
Investment Advice · Active Multi-Asset [Member] 1,332 1,248 +6.7%
Investment Advice · Alternatives [Member] 3,019 1,764 +71.1%
Investment Advice · Cash Management [Member] 1,245 1,049 +18.7%
Investment Advice · Digital Assets, Commodities and Multi-asset ETFs [Member] 502 247 +103.2%
Investment Advice · Equity [Member] 8,210 7,290 +12.6%
Investment Advice · Equity Active Product [Member] 2,167 2,166 0.0%
Investment Advice · Equity ETFs [Member] 6,043 5,124 +17.9%
Investment Advice · Fixed Income [Member] 3,550 3,319 +7.0%
Investment Advice · Fixed Income Active [Member] 2,018 1,952 +3.4%
Investment Advice · Fixed Income ETFs [Member] 1,532 1,367 +12.1%
Investment Advice · Investment Advisory and Administration Fees [Member] 18,474 15,485 +19.3%
Investment Advice · Liquid Alternatives [Member] 669 568 +17.8%
Investment Advice · Long-term [Member] 17,934 15,051 +19.2%
Investment Advice · Non-ETF Index [Member] 1,321 1,183 +11.7%
Investment Advice · Private Markets [Member] 2,350 1,196 +96.5%
Investment Advice · Securities Lending Revenue [Member] 705 615 +14.6%
Investment Performance 1,424 1,207 +18.0%
Investment Performance · Alternatives [Member] 1,253 988 +26.8%
Investment Performance · Equity [Member] 132 161 -18.0%
Investment Performance · Fixed Income [Member] 16 34 -52.9%
Investment Performance · Liquid Alternatives [Member] 558 680 -17.9%
Investment Performance · Multi-asset [Member] 23 24 -4.2%
Investment Performance · Private Markets [Member] 695 308 +125.6%
Revenue by Client Type [Member] 19,179 16,100 +19.1%
Revenue by Client Type [Member] · Cash Management [Member] 1,245 1,049 +18.7%
Revenue by Client Type [Member] · Equity ETFs [Member] 8,077 6,738 +19.9%
Revenue by Client Type [Member] · Institutional [Member] 5,323 4,029 +32.1%
Revenue by Client Type [Member] · Institutional Active [Member] 4,313 3,089 +39.6%
Revenue by Client Type [Member] · Institutional Index [Member] 1,010 940 +7.4%
Revenue by Client Type [Member] · Long-term [Member] 17,934 15,051 +19.2%
Revenue by Client Type [Member] · Retail [Member] 4,534 4,284 +5.8%
Revenue by Investment Style [Member] 19,179 16,100 +19.1%
Revenue by Investment Style [Member] · Active [Member] 8,536 7,130 +19.7%
Revenue by Investment Style [Member] · Cash Management [Member] 1,245 1,049 +18.7%
Revenue by Investment Style [Member] · Equity ETFs [Member] 8,077 6,738 +19.9%
Revenue by Investment Style [Member] · Equity Non ETFs [Member] 1,321 1,183 +11.7%
Revenue by Investment Style [Member] · Long-term [Member] 17,934 15,051 +19.2%
Service Other 277 224 +23.7%
Service Other · Advisory [Member] 50 49 +2.0%
Service Other · Other [Member] 227 175 +29.7%
Technology Services and Subscription Revenue [Member] 1,981 1,603 +23.6%
Show Geography breakouts
Americas 15,956 13,411 +19.0%
Asia Pacific 1,094 859 +27.4%
Europe 7,166 6,137 +16.8%
Labor And Related Expense 8,446 6,546 +29.0%
Sponsor Fees 2,460 2,171 +13.3%
Direct Fund Expense 1,767 1,464 +20.7%
Sub Advisory And Other 233 140 +66.4%
Total Sales Asset And Account Expense 4,460 3,775 +18.1%
General & Administrative 2,731 2,257 +21.0%
Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1 720 -36 +2100.0%
Restructuring Charges 39
Amortization And Impairment Of Intangible Assets 775 291 +166.3%
Operating Expenses 17,171 12,833 +33.8%
Operating Income 7,045 7,574 -7.0%
Gain Loss On Investments 634 492 +28.9%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 399 234 +70.5%
Investment Income Interest And Dividend 554 767 -27.8%
Interest Expense -614 -538 -14.1%
Non-Operating Income (Expense) 574 721 -20.4%
Income Before Taxes 7,619 8,295 -8.1%
Income Tax Expense (Benefit) 1,677 1,783 -5.9%
Net Income 5,942 6,512 -8.8%
Net Income Loss Attributable To Noncontrolling Interest (FY)
Show Equity Components breakouts
Sub Co [Member] 127
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 262 143 +83.2%
Variable Interest Entity Primary Beneficiary 248 132 +87.9%
Net Income 5,553 6,369 -12.8%
EPS (Basic) 35.83 42.4 -15.5%
EPS (Diluted) 35.31 42.01 -15.9%
Wtd Avg Shares (Basic) 155 150 +3.3%
Wtd Avg Shares (Diluted) 160.9 151.6 +6.1%
Comprehensive Income 6,159 6,031 +2.1%
Depreciation And Amortization 297 270 +10.0%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 11,468 12,762 -10.1%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Carrying Reported Amount Fair Value Disclosure 11,468 12,762 -10.1%
Fair Value Inputs Level1 · Estimate Of Fair Value Fair Value Disclosure 11,468 12,762 -10.1%
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 461 169 +172.8%
Consolidated Voting Rights Entities [Member] 33 44 -25.0%
Variable Interest Entity Primary Beneficiary 428 125 +242.4%
Show Fair Value By Asset Class breakouts
Money Market Funds 5.3 6.2 -14.5%
Non-Current Assets
Property, Plant & Equipment 1,256 1,103 +13.9%
Goodwill 35,283 25,949 +36.0%
Show Business Acquisition breakouts
ElmTree Transaction [Member] 0.2
HPS Transaction [Member] 6.8
Preqin Holding Limited [Member] 2.4
Operating Lease Right-of-Use Assets 1,874 1,519 +23.4%
Show Business Acquisition breakouts
Global Infrastructure Management, LLC [Member] 178 75 +137.3%
Total Assets 169,998 138,615 +22.6%
Intangible Assets 7,540 3,215 +134.5%
Show Business Acquisition breakouts
HPS Investment Partners [Member] 3,391
Preqin Holding Limited [Member] 1,087
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 3,025 1,209 +150.2%
Management Contracts [Member] 4,262 1,813 +135.1%
Technology Based Intangible Assets 176 113 +55.8%
Trademarks And Trade Names 77 80 -3.8%
Other Assets
Accounts Receivable Net 5,158 4,304 +19.8%
Investments 13,271 9,769 +35.8%
Show Financial Instrument breakouts
Carried Interest [Member] · Consolidated Entities 3,710 1,983 +87.1%
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 9,131 5,752 +58.7%
Consolidated Voting Rights Entities [Member] 644 660 -2.4%
Variable Interest Entity Primary Beneficiary 8.5 5.1 +66.7%
Show Balance Sheet Location breakouts
Other Investments 1,195 445 +168.5%
Show Information By Category Of Debt Security breakouts
Federal Reserve Bank Stock [Member] 87 93 -6.5%
Show Investment Type breakouts
Deferred Cash Compensation Plan Mutual Fund Investments [Member] 37 12 +208.3%
Separate Account Assets 60,098 52,811 +13.8%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 38,688 32,933 +17.5%
Fair Value Inputs Level2 · Fair Value Measurements Recurring 20,895 19,346 +8.0%
Show Fair Value By Measurement Basis breakouts
Portion At Other Than Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 515 532 -3.2%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 60,098 52,811 +13.8%
Separate Account Collateral Held Under Securities Lending Agreements 7,922 6,059 +30.7%
Intangible Assets Net Excluding Goodwill 27,968 20,743 +34.8%
Other Assets 5,700 3,596 +58.5%
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 187 76 +146.1%
Consolidated Voting Rights Entities [Member] 111 31 +258.1%
Variable Interest Entity Primary Beneficiary 76 45 +68.9%
Equity Securities Fv Ni 2,282 1,950 +17.0%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 2,146 1,950 +10.1%
Fair Value Inputs Level3 · Fair Value Measurements Recurring 136
Show Financial Instrument breakouts
Equity Securities 2,282 1,950 +17.0%
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 1,681 1,556 +8.0%
Consolidated Voting Rights Entities [Member] 144 377 -61.8%
Variable Interest Entity Primary Beneficiary 1,537 1,179 +30.4%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 2,282 1,950 +17.0%
Other Investments (Q)
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 1,014 403 +151.6%
Consolidated Voting Rights Entities [Member] 68 33 +106.1%
Variable Interest Entity Primary Beneficiary 946 370 +155.7%
Show Fair Value By Measurement Basis breakouts
Estimate Of Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 1,078 274 +293.4%
Portion At Other Than Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 117 153 -23.5%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 1,195 445 +168.5%
Economic Interests In Consolidated Investment Products (Q)
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 2,910 1,972 +47.6%
Consolidated Voting Rights Entities [Member] 492 512 -3.9%
Variable Interest Entity Primary Beneficiary 2,418 1,460 +65.6%
Derivative Instruments In Hedges Assets At Fair Value (Q)
Show Derivative Risk breakouts
Foreign Exchange Forward · Other Assets 10 7 +42.9%
Current Liabilities
Business Combination Contingent Consideration Liability Current 8,429 4,302 +95.9%
Non-Current Liabilities
Employee Related Liabilities Current And Noncurrent 3,830 2,964 +29.2%
Accounts Payable And Accrued Liabilities Current And Noncurrent 1,740 1,536 +13.3%
Long-Term Debt 12,768 12,314 +3.7%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Carrying Reported Amount Fair Value Disclosure 12,768 12,314 +3.7%
Fair Value Inputs Level2 · Estimate Of Fair Value Fair Value Disclosure 12,546 11,680 +7.4%
Show Debt Instrument breakouts
1.90% Notes due 2031 [Member] 1,244
2.10% Notes due 2032 [Member] 991
2.40% Notes due 2030 [Member] 997
3.20% Notes due 2027 [Member] 699
3.25% Notes due 2029 [Member] 995
3.75% Notes due 2035 [Member] 1,167
4.60% Notes due 2027 [Member] 798
4.70% Notes due 2029 [Member] 497
4.75% Notes due 2033 [Member] 1,235
4.90% Notes due 2035 [Member] 495
5.00% Notes due 2034 [Member] 994
5.25% Notes due 2054 [Member] 1,470
5.35% Notes due 2055 [Member] 1,186
Total Liabilities 108,456 89,260 +21.5%
Other Liabilities
Trading Securities Debt 2,789 1,751 +59.3%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Fair Value Measurements Recurring 2,782 1,744 +59.5%
Fair Value Inputs Level3 · Fair Value Measurements Recurring 7 7 0.0%
Show Financial Instrument breakouts
Asset Backed Securities 1,174 205 +472.7%
Corporate Debt Securities 1,185 989 +19.8%
Government Debt [Member] 430 557 -22.8%
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 2,782 1,743 +59.6%
Consolidated Voting Rights Entities [Member] 432 246 +75.6%
Variable Interest Entity Primary Beneficiary 2,350 1,497 +57.0%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring · Fixed Income Funds 2,789 1,751 +59.3%
Separate Accounts Liability 60,098 52,811 +13.8%
Securities Borrowed Fair Value Of Collateral 7,922 6,059 +30.7%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 4,194 2,719 +54.2%
Fair Value Inputs Level2 · Fair Value Measurements Recurring 3,728 3,340 +11.6%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 7,922 6,059 +30.7%
Deferred Income Tax Liabilities 4,618 3,334 +38.5%
Show Income Tax Authority breakouts
Related to the Same Tax Jurisdiction [Member] 4.6 3.3 +39.4%
Operating Lease Liability 2,228 1,908 +16.8%
Other Liabilities 6,823 4,032 +69.2%
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 4,112 2,223 +85.0%
Consolidated Voting Rights Entities [Member] 60 93 -35.5%
Variable Interest Entity Primary Beneficiary 4.1 2.1 +95.2%
Show Related Party Transactions By Related Party breakouts
Related Party 9 11 -18.2%
Derivative Instruments In Hedges Liabilities At Fair Value (Q)
Show Derivative Risk breakouts
Foreign Exchange Forward · Other Liabilities 1 35 -97.1%
Stockholders' Equity
Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests (Q)
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 2,636 1,691 +55.9%
Show Statement Class Of Stock breakouts
Sub Co [Member] 2,791
Common Stock 2 2 0.0%
Additional Paid In Capital Common Stock 19,748 13,446 +46.9%
Retained Earnings Unappropriated 37,899 35,611 +6.4%
Accumulated Other Comprehensive Income -545 -1,178 +53.7%
Treasury Stock Value -1,216 -386 -215.0%
Total Stockholders' Equity 55,888 47,495 +17.7%
Minority Interest 227 169 +34.3%
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 2,757 1,802 +53.0%
Consolidated Voting Rights Entities [Member] 236 130 +81.5%
Variable Interest Entity Primary Beneficiary 2,521 1,672 +50.8%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 56,115 47,664 +17.7%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -545 -1,178 +53.7%
Common Stock 2 2 0.0%
Common Stock Including Additional Paid In Capital 19,750 13,448 +46.9%
Noncontrolling Interest 227 169 +34.3%
Parent 55,888 47,495 +17.7%
Redeemable Noncontrolling Interests / Temporary Equity - CIPs [Member] 2,636 1,691 +55.9%
Redeemable Noncontrolling Interests / Temporary Equity - Subco [Member] 2,791
Retained Earnings Unappropriated 37,899 35,611 +6.4%
Treasury Stock Common -1,216 -386 -215.0%
Total Liabilities & Equity 169,998 138,615 +22.6%
Carried Interest Subject To Clawback (Q)
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 3,654 1,905 +91.8%
Variable Interest Entity Primary Beneficiary 3,654 1,905 +91.8%
Show Fair Value By Measurement Basis breakouts
Portion At Other Than Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 3,710 1,983 +87.1%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 3,710 1,983 +87.1%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation Amortization And Accretion Net 1,126 529 +112.9%
Operating Lease Right Of Use Asset Amortization Expense 148 129 +14.7%
Stock-Based Compensation 1,307 753 +73.6%
Deferred Income Taxes -631 -106 -495.3%
Noncash Contribution Expense 109
Contingent Consideration Fair Value Adjustment 720 -36 +2100.0%
Other Noncash Income -289 -126 -129.4%
Net Gains Losses Realized On Consolidated Sponsored Investment Products -480 -269 -78.4%
Net Purchases Proceeds Within Consolidated Sponsored Investment Products -4,214 -2,672 -57.7%
Income Loss From Equity Method Investments -51 -41 -24.4%
Equity Method Investment Dividends Or Distributions 429 57 +652.6%
Change in Accounts Receivable -619 -443 -39.7%
Increase Decrease In Trading Securities 193 58 +232.8%
Increase Decrease In Other Operating Assets -722 317 -327.8%
Increase Decrease In Employee Related Liabilities 659 367 +79.6%
Increase Decrease In Accounts Payable And Accrued Liabilities 75 259 -71.0%
Increase Decrease In Other Operating Liabilities 225 -382 +158.9%
Net Cash from Operations 3,927 4,956 -20.8%
Investing Activities
Payments To Acquire Investments -1,384 -818 -69.2%
Proceeds From Sale Maturity And Collections Of Investments 544 766 -29.0%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 390 366 +6.6%
Net Consolidations Deconsolidations Of Sponsored Investment Funds -97 -127 +23.6%
Payments To Acquire Businesses Net Of Cash Acquired -3,496 -2,936 -19.1%
Capital Expenditures -375 -255 -47.1%
Net Cash from Investing -4,418 -3,004 -47.1%
Stock Issued1 151 215 -29.8%
Issuance Of Subco Units Common Shares In Connection With Acquisitions 8,694 5,904 +47.3%
Increase Decrease In Non Controlling Interests -3,086 -2,581 -19.6%
Asset Acquisition Consideration Transferred Contingent Consideration 3,413 4,246 -19.6%
Financing Activities
Repayments Of Long Term Debt -796 -1,000 +20.4%
Proceeds From Issuance Of Long Term Debt 1,080 5,474 -80.3%
Dividends Or Subco Distributions Paid -3,347 -3,101 -7.9%
Proceeds From Stock Options Exercised 167 464 -64.0%
Shares Or Subco Unit Repurchased -1,951 -1,930 -1.1%
Proceeds From Repayments Of Borrowings By Consolidated Sponsored Investment Products -112 -58 -93.1%
Proceeds From Payments To Minority Shareholders 3,827 2,405 +59.1%
Proceeds From Payments For Other Financing Activities 5 -18 +127.8%
Net Cash from Financing -1,127 2,236 -150.4%
Supplemental
Interest Paid 482 289 +66.8%
Income Taxes Paid 2,298 1,699 +35.3%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 329 -162 +303.1%
Net Change in Cash -1,289 4,026 -132.0%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 11,490 12,779 -10.1%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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