BlackRock, Inc.

BLK 10-Q · Q2 2025

BLK Q2 2025 request

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Income Statement

Income Statement
Metric Q2 2025 Q2 2024 YoY
Derivative Gain Loss On Derivative Net -45 6 -850.0%
Show Derivative Risk breakouts
Foreign Exchange Forward 61 9 +577.8%
Foreign Exchange Future -106 -3 -3433.3%
Show Investment Type breakouts
Deferred cash compensation plans [Member] 19 3 +533.3%
Seed Investment [Member] -125 -6 -1983.3%
Revenue 5,423 4,805 +12.9%
Show Product Lines breakouts
Distribution And Shareholder Service 320 318 +0.6%
Investment Advice 4,454 3,875 +14.9%
Investment Advice · Active Multi-Asset [Member] 312 306 +2.0%
Investment Advice · Alternatives [Member] 656 382 +71.7%
Investment Advice · Cash Management [Member] 304 247 +23.1%
Investment Advice · Digital Assets, Commodities and Multi-asset ETFs [Member] 108 59 +83.1%
Investment Advice · Equity [Member] 1,908 1,789 +6.7%
Investment Advice · Equity Active Product [Member] 507 539 -5.9%
Investment Advice · Equity ETFs [Member] 1,401 1,250 +12.1%
Investment Advice · Fixed Income [Member] 853 807 +5.7%
Investment Advice · Fixed Income Active [Member] 487 481 +1.2%
Investment Advice · Fixed Income ETFs [Member] 366 326 +12.3%
Investment Advice · Investment Advisory and Administration Fees [Member] 4,283 3,721 +15.1%
Investment Advice · Liquid Alternatives [Member] 157 141 +11.3%
Investment Advice · Long-term [Member] 4,150 3,628 +14.4%
Investment Advice · Non-ETF Index [Member] 313 285 +9.8%
Investment Advice · Private Markets [Member] 499 241 +107.1%
Investment Advice · Securities Lending Revenue [Member] 171 154 +11.0%
Investment Performance 94 164 -42.7%
Investment Performance · Alternatives [Member] 74 120 -38.3%
Investment Performance · Equity [Member] 12 28 -57.1%
Investment Performance · Fixed Income [Member] 2 5 -60.0%
Investment Performance · Liquid Alternatives [Member] 35 52 -32.7%
Investment Performance · Multi-asset [Member] 6 11 -45.5%
Investment Performance · Private Markets [Member] 39 68 -42.6%
Revenue by Client Type [Member] 4,454 3,875 +14.9%
Revenue by Client Type [Member] · Cash Management [Member] 304 247 +23.1%
Revenue by Client Type [Member] · Equity ETFs [Member] 1,875 1,635 +14.7%
Revenue by Client Type [Member] · Institutional [Member] 1,222 940 +30.0%
Revenue by Client Type [Member] · Institutional Active [Member] 981 710 +38.2%
Revenue by Client Type [Member] · Institutional Index [Member] 241 230 +4.8%
Revenue by Client Type [Member] · Long-term [Member] 4,150 3,628 +14.4%
Revenue by Client Type [Member] · Retail [Member] 1,053 1,053 0.0%
Revenue by Investment Style [Member] 4,454 3,875 +14.9%
Revenue by Investment Style [Member] · Active [Member] 1,962 1,708 +14.9%
Revenue by Investment Style [Member] · Cash Management [Member] 304 247 +23.1%
Revenue by Investment Style [Member] · Equity ETFs [Member] 1,875 1,635 +14.7%
Revenue by Investment Style [Member] · Equity Non ETFs [Member] 313 285 +9.8%
Revenue by Investment Style [Member] · Long-term [Member] 4,150 3,628 +14.4%
Service Other 56 53 +5.7%
Service Other · Advisory [Member] 13 11 +18.2%
Service Other · Other [Member] 43 42 +2.4%
Technology Services and Subscription Revenue [Member] 499 395 +26.3%
Show Geography breakouts
Americas 3,563 3,215 +10.8%
Asia Pacific 256 226 +13.3%
Europe 1,604 1,364 +17.6%
Labor And Related Expense 1,764 1,503 +17.4%
Sponsor Fees 576 539 +6.9%
Direct Fund Expense 441 358 +23.2%
Sub Advisory And Other 46 32 +43.8%
Total Sales Asset And Account Expense 1,063 929 +14.4%
General & Administrative 689 534 +29.0%
Restructuring Charges 39
Amortization Of Intangible Assets 137 39 +251.3%
Show Business Acquisition breakouts
Preqin Holding Limited [Member] 29
Operating Expenses 3,692 3,005 +22.9%
Operating Income 1,731 1,800 -3.8%
Gain Loss On Investments 550 162 +239.5%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 144 66 +118.2%
Investment Income Interest And Dividend 144 178 -19.1%
Interest Expense -173 -126 -37.3%
Non-Operating Income (Expense) 521 214 +143.5%
Income Before Taxes 2,252 2,014 +11.8%
Income Tax Expense (Benefit) 587 477 +23.1%
Net Income 1,665 1,537 +8.3%
Net Income Loss Attributable To Noncontrolling Interest 72 42 +71.4%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 71 46 +54.3%
Net Income 1,593 1,495 +6.6%
EPS (Basic) 10.29 10.07 +2.2%
EPS (Diluted) 10.19 9.99 +2.0%
Wtd Avg Shares (Basic) 154.9 148.4 +4.4%
Wtd Avg Shares (Diluted) 156.3 149.7 +4.4%
Comprehensive Income 2,029 1,450 +39.9%

Balance Sheet

Balance Sheet
Metric Q2 2025 Q2 2024 YoY
Current Assets
Cash & Cash Equivalents 9,478
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Carrying Reported Amount Fair Value Disclosure 9,478
Fair Value Inputs Level1 · Estimate Of Fair Value Fair Value Disclosure 9,478
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 235
Consolidated Voting Rights Entities [Member] 39
Variable Interest Entity Primary Beneficiary 196
Show Fair Value By Asset Class breakouts
Money Market Funds 4.2
Non-Current Assets
Property, Plant & Equipment 1,159
Goodwill 28,328
Operating Lease Right-of-Use Assets 1,553
Total Assets 146,470
Intangible Assets 4,149
Show Business Acquisition breakouts
Preqin Holding Limited [Member] 1,144
Other Assets
Accounts Receivable Net 4,351
Equity Securities Fv Ni 2,278
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Fair Value Inputs Level1 · Fair Value Measurements Recurring 2,278
Show Financial Instrument breakouts
Equity Securities 2,278
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 1,757
Consolidated Voting Rights Entities [Member] 391
Variable Interest Entity Primary Beneficiary 1,366
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 2,278
Investments In Bank Loans (Q)
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 107
Consolidated Voting Rights Entities [Member] 3
Variable Interest Entity Primary Beneficiary 104
Other Investments (Q)
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 354
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 882
Consolidated Voting Rights Entities [Member] 39
Variable Interest Entity Primary Beneficiary 843
Show Fair Value By Measurement Basis breakouts
Estimate Of Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 546
Portion At Other Than Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 158
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 1,058
Economic Interests In Consolidated Investment Products (Q)
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 2,503
Consolidated Voting Rights Entities [Member] 687
Variable Interest Entity Primary Beneficiary 1,816
Investments 10,874
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Carried Interest [Member] · Consolidated Entities 2,143
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 6,886
Consolidated Voting Rights Entities [Member] 841
Variable Interest Entity Primary Beneficiary 6
Show Balance Sheet Location breakouts
Other Investments 1,058
Show Information By Category Of Debt Security breakouts
Federal Reserve Bank Stock [Member] 94
Show Investment Type breakouts
Deferred Cash Compensation Plan Mutual Fund Investments [Member] 13
Separate Account Assets 56,109
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 33,881
Fair Value Inputs Level2 · Fair Value Measurements Recurring 21,735
Show Fair Value By Measurement Basis breakouts
Portion At Other Than Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 493
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 56,109
Derivative Instruments In Hedges Assets At Fair Value (Q)
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Foreign Exchange Forward · Other Assets 35
Separate Account Collateral Held Under Securities Lending Agreements 6,293
Intangible Assets Net Excluding Goodwill 21,677
Other Assets 6,648
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 246
Consolidated Voting Rights Entities [Member] 118
Variable Interest Entity Primary Beneficiary 128
Current Liabilities
Business Combination Contingent Consideration Liability Current 4,472
Non-Current Liabilities
Employee Related Liabilities Current And Noncurrent 1,737
Accounts Payable And Accrued Liabilities Current And Noncurrent 1,686
Long-Term Debt 12,762
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Carrying Reported Amount Fair Value Disclosure 12,762
Fair Value Inputs Level2 · Estimate Of Fair Value Fair Value Disclosure 12,449
Show Debt Instrument breakouts
1.90% Notes due 2031 [Member] 1,244
2.10% Notes due 2032 [Member] 990
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] 1,166
4.60% Notes due 2027 [Member] 798
4.70% Notes due 2029 [Member] 497
4.75% Notes due 2033 [Member] 1,234
4.90% Notes due 2035 [Member] 495
5.00% Notes due 2034 [Member] 993
5.25% Notes due 2054 [Member] 1,468
5.35% Notes due 2055 [Member] 1,186
Total Liabilities 94,868
Other Liabilities
Trading Securities Debt 2,172
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Fair Value Measurements Recurring 2,097
Fair Value Inputs Level3 · Fair Value Measurements Recurring 75
Show Financial Instrument breakouts
Asset Backed Securities 278
Corporate Debt Securities 1,450
Government Debt [Member] 444
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 2,095
Consolidated Voting Rights Entities [Member] 408
Variable Interest Entity Primary Beneficiary 1,687
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring · Fixed Income Funds 2,172
Derivative Instruments In Hedges Liabilities At Fair Value (Q)
Show Derivative Risk breakouts
Foreign Exchange Forward · Other Liabilities 7
Separate Accounts Liability 56,109
Securities Borrowed Fair Value Of Collateral 6,293
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 3,011
Fair Value Inputs Level2 · Fair Value Measurements Recurring 3,282
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 6,293
Deferred Income Tax Liabilities 3,578
Operating Lease Liability 1,948
Other Liabilities 6,283
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 2,458
Consolidated Voting Rights Entities [Member] 118
Variable Interest Entity Primary Beneficiary 2.3
Stockholders' Equity
Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests 2,296
Common Stock 2
Additional Paid In Capital Common Stock 13,871
Retained Earnings Unappropriated 37,068
Accumulated Other Comprehensive Income -515
Treasury Stock Value -1,285
Total Stockholders' Equity 49,141
Minority Interest 165
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 2,406
Consolidated Voting Rights Entities [Member] 193
Variable Interest Entity Primary Beneficiary 2,213
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 49,306 40,271 +22.4%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -515 -978 +47.3%
Common Stock 2 2 0.0%
Common Stock Including Additional Paid In Capital 13,873 19,773 -29.8%
Noncontrolling Interest 165 169 -2.4%
Parent 49,141 40,102 +22.5%
Redeemable Noncontrolling Interests / Temporary Equity [Member] 2,296 1,968 +16.7%
Retained Earnings Unappropriated 37,068 33,858 +9.5%
Treasury Stock Common -1,285 -12,551 +89.8%
Total Liabilities & Equity 146,470
Carried Interest Subject To Clawback (Q)
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 2,045
Variable Interest Entity Primary Beneficiary 2,045
Show Fair Value By Measurement Basis breakouts
Portion At Other Than Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 2,143
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 2,143

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2025 YTD Q2 2024 YoY
Operating Activities
Depreciation Amortization And Accretion Net 411 219 +87.7%
Operating Lease Right Of Use Asset Amortization Expense 69 64 +7.8%
Stock-Based Compensation 467 355 +31.5%
Deferred Income Taxes -78 -80 +2.5%
Contingent Consideration Fair Value Adjustment 172 -6 +2966.7%
Other Noncash Income -433 -59 -633.9%
Net Gains Losses Realized On Consolidated Sponsored Investment Products -183 -170 -7.6%
Net Purchases Proceeds Within Consolidated Sponsored Investment Products -1,984 -1,452 -36.6%
Income Loss From Equity Method Investments -93 -92 -1.1%
Equity Method Investment Dividends Or Distributions 147 26 +465.4%
Change in Accounts Receivable 114 -100 +214.0%
Increase Decrease In Trading Securities 78 -40 +295.0%
Increase Decrease In Other Operating Assets -2,480 -1,064 -133.1%
Increase Decrease In Employee Related Liabilities -1,186 -948 -25.1%
Increase Decrease In Accounts Payable And Accrued Liabilities 182 96 +89.6%
Increase Decrease In Other Operating Liabilities 1,853 1,048 +76.8%
Net Cash from Operations 236 957 -75.3%
Investing Activities
Payments To Acquire Investments -434 -517 +16.1%
Proceeds From Sale Maturity And Collections Of Investments 230 520 -55.8%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 262 317 -17.4%
Net Consolidations Deconsolidations Of Sponsored Investment Funds -68 -34 -100.0%
Payments To Acquire Businesses Net Of Cash Acquired -3,106 -74 -4097.3%
Capital Expenditures -167 -71 -135.2%
Net Cash from Investing -3,283 141 -2428.4%
Stock Issued1 42 417 -89.9%
Increase Decrease In Non Controlling Interests -1,192 -803 -48.4%
Financing Activities
Repayments Of Long Term Debt -796 -1,000 +20.4%
Proceeds From Issuance Of Long Term Debt 1,080 2,979 -63.7%
Payments Of Dividends -1,646 -1,553 -6.0%
Proceeds From Stock Options Exercised 98 163 -39.9%
Share Repurchases -1,053 -1,153 +8.7%
Proceeds From Repayments Of Borrowings By Consolidated Sponsored Investment Products -29 72 -140.3%
Proceeds From Payments To Minority Shareholders 1,716 955 +79.7%
Proceeds From Payments For Other Financing Activities -5 -9 +44.4%
Net Cash from Financing -635 454 -239.9%
Debt Repayments (YTD)
Show Long-Term Debt Type breakouts
Unsecured Debt 2034 Notes [Member] 822
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 398 -60 +763.3%
Net Change in Cash -3,284 1,492 -320.1%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 9,495 10,245 -7.3%

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

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