BlackRock, Inc.

BLK 10-Q · Q3 2025

BLK Q3 2025 request

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Income Statement

Income Statement
Metric Q3 2025 Q3 2024 YoY
Derivative Gain Loss On Derivative Net -102 47 -317.0%
Show Derivative Risk breakouts
Foreign Exchange Forward -34 116 -129.3%
Foreign Exchange Future -68 -69 +1.4%
Show Investment Type breakouts
Deferred cash compensation plans [Member] 13 9 +44.4%
Seed Investment [Member] -81 -78 -3.8%
Revenue 6,509 5,197 +25.2%
Show Product Lines breakouts
Distribution And Shareholder Service 355 323 +9.9%
Investment Advice 5,046 4,030 +25.2%
Investment Advice · Active Multi-Asset [Member] 344 318 +8.2%
Investment Advice · Alternatives [Member] 831 378 +119.8%
Investment Advice · Cash Management [Member] 318 264 +20.5%
Investment Advice · Digital Assets, Commodities and Multi-asset ETFs [Member] 140 63 +122.2%
Investment Advice · Equity [Member] 2,154 1,862 +15.7%
Investment Advice · Equity Active Product [Member] 557 553 +0.7%
Investment Advice · Equity ETFs [Member] 1,597 1,309 +22.0%
Investment Advice · Fixed Income [Member] 906 847 +7.0%
Investment Advice · Fixed Income Active [Member] 513 493 +4.1%
Investment Advice · Fixed Income ETFs [Member] 393 354 +11.0%
Investment Advice · Investment Advisory and Administration Fees [Member] 4,843 3,881 +24.8%
Investment Advice · Liquid Alternatives [Member] 178 143 +24.5%
Investment Advice · Long-term [Member] 4,728 3,766 +25.5%
Investment Advice · Non-ETF Index [Member] 353 298 +18.5%
Investment Advice · Private Markets [Member] 653 235 +177.9%
Investment Advice · Securities Lending Revenue [Member] 203 149 +36.2%
Investment Performance 516 388 +33.0%
Investment Performance · Alternatives [Member] 500 371 +34.8%
Investment Performance · Equity [Member] 14 13 +7.7%
Investment Performance · Liquid Alternatives [Member] 202 364 -44.5%
Investment Performance · Multi-asset [Member] 2 1 +100.0%
Investment Performance · Private Markets [Member] 298 7 +4157.1%
Revenue by Client Type [Member] 5,046 4,030 +25.2%
Revenue by Client Type [Member] · Cash Management [Member] 318 264 +20.5%
Revenue by Client Type [Member] · Equity ETFs [Member] 2,130 1,726 +23.4%
Revenue by Client Type [Member] · Institutional [Member] 1,421 955 +48.8%
Revenue by Client Type [Member] · Institutional Active [Member] 1,149 720 +59.6%
Revenue by Client Type [Member] · Institutional Index [Member] 272 235 +15.7%
Revenue by Client Type [Member] · Long-term [Member] 4,728 3,766 +25.5%
Revenue by Client Type [Member] · Retail [Member] 1,177 1,085 +8.5%
Revenue by Investment Style [Member] 5,046 4,030 +25.2%
Revenue by Investment Style [Member] · Active [Member] 2,245 1,742 +28.9%
Revenue by Investment Style [Member] · Cash Management [Member] 318 264 +20.5%
Revenue by Investment Style [Member] · Equity ETFs [Member] 2,130 1,726 +23.4%
Revenue by Investment Style [Member] · Equity Non ETFs [Member] 353 298 +18.5%
Revenue by Investment Style [Member] · Long-term [Member] 4,728 3,766 +25.5%
Service Other 77 53 +45.3%
Service Other · Advisory [Member] 12 11 +9.1%
Service Other · Other [Member] 65 42 +54.8%
Technology Services and Subscription Revenue [Member] 515 403 +27.8%
Show Geography breakouts
Americas 4,181 3,206 +30.4%
Asia Pacific 263 203 +29.6%
Europe 2,065 1,788 +15.5%
Labor And Related Expense 2,357 1,578 +49.4%
Sponsor Fees 638 549 +16.2%
Direct Fund Expense 464 379 +22.4%
Sub Advisory And Other 60 34 +76.5%
Total Sales Asset And Account Expense 1,162 962 +20.8%
General & Administrative 782 562 +39.1%
Amortization And Impairment Of Intangible Assets 253 89 +184.3%
Operating Expenses 4,554 3,191 +42.7%
Operating Income 1,955 2,006 -2.5%
Gain Loss On Investments 64 177 -63.8%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 202 114 +77.2%
Investment Income Interest And Dividend 113 236 -52.1%
Interest Expense -135 -154 +12.3%
Interest Income Expense Nonoperating Net -22 82 -126.8%
Non-Operating Income (Expense) 42 259 -83.8%
Income Before Taxes 1,997 2,265 -11.8%
Income Tax Expense (Benefit) 470 574 -18.1%
Net Income 1,527 1,691 -9.7%
Net Income Loss Attributable To Noncontrolling Interest (Q)
Show Equity Components breakouts
Subco [Member] 70
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 134 60 +123.3%
Variable Interest Entity Primary Beneficiary 126 54 +133.3%
Net Income 1,323 1,631 -18.9%
EPS (Basic) 8.54 11.02 -22.5%
EPS (Diluted) 8.43 10.9 -22.7%
Wtd Avg Shares (Basic) 154.9 148 +4.7%
Wtd Avg Shares (Diluted) 165.2 149.6 +10.4%
Comprehensive Income 1,280 1,977 -35.3%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents 9,979 14,037 -28.9%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Carrying Reported Amount Fair Value Disclosure 9,979 14,037 -28.9%
Fair Value Inputs Level1 · Estimate Of Fair Value Fair Value Disclosure 9,979 14,037 -28.9%
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 205 180 +13.9%
Consolidated Voting Rights Entities [Member] 42 40 +5.0%
Variable Interest Entity Primary Beneficiary 163 140 +16.4%
Show Fair Value By Asset Class breakouts
Money Market Funds 4.2 8.2 -48.8%
Non-Current Assets
Property, Plant & Equipment 1,227 1,080 +13.6%
Goodwill 35,356
Show Business Acquisition breakouts
ElmTree Transaction [Member] 195
HPS Transaction [Member] 6.8
Preqin Holding Limited [Member] 2.4
Operating Lease Right-of-Use Assets 1,909
Total Assets 162,682 132,816 +22.5%
Intangible Assets 7,634
Show Business Acquisition breakouts
Hps Investment Partners [Member] 3,508
Preqin Holding Limited [Member] 1,116
Other Assets
Equity Securities Fv Ni 2,273 2,532 -10.2%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 2,273
Show Financial Instrument breakouts
Equity Securities 2,273 2,532 -10.2%
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 1,804 2,297 -21.5%
Consolidated Voting Rights Entities [Member] 400
Variable Interest Entity Primary Beneficiary 1,404
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 2,273
Other Investments (Q)
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 574 14 +4000.0%
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 1,463 389 +276.1%
Consolidated Voting Rights Entities [Member] 68 36 +88.9%
Variable Interest Entity Primary Beneficiary 1,395 353 +295.2%
Show Fair Value By Measurement Basis breakouts
Estimate Of Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 910 260 +250.0%
Portion At Other Than Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 158 155 +1.9%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 1,642 429 +282.8%
Economic Interests In Consolidated Investment Products (Q)
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 2,675 2,281 +17.3%
Consolidated Voting Rights Entities [Member] 635 674 -5.8%
Variable Interest Entity Primary Beneficiary 2,040 1,607 +26.9%
Accounts Receivable Net 4,796 4,385 +9.4%
Investments 13,669
Show Financial Instrument breakouts
Carried Interest [Member] · Consolidated Entities 3,490
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 9,283
Consolidated Voting Rights Entities [Member] 843
Variable Interest Entity Primary Beneficiary 8.4
Show Balance Sheet Location breakouts
Other Investments 1,642
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] 36
Separate Account Assets 53,572 56,689 -5.5%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 32,980 34,676 -4.9%
Fair Value Inputs Level2 · Fair Value Measurements Recurring 20,252 21,494 -5.8%
Show Fair Value By Measurement Basis breakouts
Portion At Other Than Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 340 519 -34.5%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 53,572 56,689 -5.5%
Separate Account Collateral Held Under Securities Lending Agreements 6,236 6,355 -1.9%
Intangible Assets Net Excluding Goodwill 28,162 18,134 +55.3%
Other Assets 7,776 4,498 +72.9%
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 230 97 +137.1%
Consolidated Voting Rights Entities [Member] 34 15 +126.7%
Variable Interest Entity Primary Beneficiary 196 82 +139.0%
Derivative Instruments In Hedges Assets At Fair Value (Q)
Show Derivative Risk breakouts
Foreign Exchange Forward · Other Assets 2 35 -94.3%
Current Liabilities
Business Combination Contingent Consideration Liability Current 7,978
Non-Current Liabilities
Employee Related Liabilities Current And Noncurrent 2,785 2,074 +34.3%
Accounts Payable And Accrued Liabilities Current And Noncurrent 1,646 1,449 +13.6%
Long-Term Debt 12,766 12,370 +3.2%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Carrying Reported Amount Fair Value Disclosure 12,766 12,370 +3.2%
Fair Value Inputs Level2 · Estimate Of Fair Value Fair Value Disclosure 12,572 12,279 +2.4%
Show Debt Instrument breakouts
1.90% Notes due 2031 [Member] 1,244 1,242 +0.2%
2.10% Notes due 2032 [Member] 990 989 +0.1%
2.40% Notes due 2030 [Member] 997 997 0.0%
3.20% Notes due 2027 [Member] 699 698 +0.1%
3.25% Notes due 2029 [Member] 995 993 +0.2%
3.75% Notes due 2035 [Member] 1,167
4.60% Notes due 2027 [Member] 798 798 0.0%
4.70% Notes due 2029 [Member] 497 497 0.0%
4.75% Notes due 2033 [Member] 1,234 1,232 +0.2%
4.90% Notes due 2035 [Member] 495 495 0.0%
5.00% Notes due 2034 [Member] 994 993 +0.1%
5.25% Notes due 2054 [Member] 1,470 1,468 +0.1%
5.35% Notes due 2055 [Member] 1,186 1,187 -0.1%
Total Liabilities 100,827 89,192 +13.0%
Other Liabilities
Trading Securities Debt 2,619 1,969 +33.0%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Fair Value Measurements Recurring 2,612 1,890 +38.2%
Fair Value Inputs Level3 · Fair Value Measurements Recurring 7 79 -91.1%
Show Financial Instrument breakouts
Asset Backed Securities 885 168 +426.8%
Corporate Debt Securities 1,332 1,120 +18.9%
Government Debt [Member] 402 681 -41.0%
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 2,612 1,889 +38.3%
Consolidated Voting Rights Entities [Member] 375 299 +25.4%
Variable Interest Entity Primary Beneficiary 2,237 1,590 +40.7%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring · Fixed Income Funds 2,619 1,969 +33.0%
Separate Accounts Liability 53,572 56,689 -5.5%
Securities Borrowed Fair Value Of Collateral 6,236 6,355 -1.9%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 2,472 3,790 -34.8%
Fair Value Inputs Level2 · Fair Value Measurements Recurring 3,764 2,565 +46.7%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 6,236 6,355 -1.9%
Deferred Income Tax Liabilities 4,997 3,385 +47.6%
Operating Lease Liability 2,277
Other Liabilities 8,570 5,061 +69.3%
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 3,712 2,255 +64.6%
Consolidated Voting Rights Entities [Member] 73 64 +14.1%
Variable Interest Entity Primary Beneficiary 3.6 2.2 +63.6%
Derivative Instruments In Hedges Liabilities At Fair Value (Q)
Show Derivative Risk breakouts
Foreign Exchange Forward · Other Liabilities 14 2 +600.0%
Stockholders' Equity
Temporary Equity Carrying Amount Including Portion Attributable To Noncontrolling Interests (Q)
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 3,216
Show Statement Class Of Stock breakouts
Subco [Member] 2,904
Common Stock 2 2 0.0%
Additional Paid In Capital Common Stock 19,649 19,905 -1.3%
Retained Earnings Unappropriated 37,581 34,732 +8.2%
Accumulated Other Comprehensive Income -558 -632 +11.7%
Treasury Stock Value -1,155 -12,829 +91.0%
Total Stockholders' Equity 55,519 41,178 +34.8%
Minority Interest 216 172 +25.6%
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 3,331 2,383 +39.8%
Consolidated Voting Rights Entities [Member] 211 168 +25.6%
Variable Interest Entity Primary Beneficiary 3,120 2,215 +40.9%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 55,735 41,350 +34.8%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -558 -632 +11.7%
Common Stock 2 2 0.0%
Common Stock Including Additional Paid In Capital 19,651 19,907 -1.3%
Noncontrolling Interest 216 172 +25.6%
Parent 55,519 41,178 +34.8%
Redeemable Noncontrolling Interests / Temporary Equity - CIPs [Member] 3,216
Redeemable Noncontrolling Interests / Temporary Equity - Subco [Member] 2,904
Retained Earnings Unappropriated 37,581 34,732 +8.2%
Treasury Stock Common -1,155 -12,829 +91.0%
Total Liabilities & Equity 162,682 132,816 +22.5%
Carried Interest Subject To Clawback (Q)
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 3,404 1,910 +78.2%
Variable Interest Entity Primary Beneficiary 3,404 1,910 +78.2%
Show Fair Value By Measurement Basis breakouts
Portion At Other Than Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 3,490 1,991 +75.3%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 3,490 1,991 +75.3%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Depreciation Amortization And Accretion Net 757 329 +130.1%
Operating Lease Right Of Use Asset Amortization Expense 104 96 +8.3%
Stock-Based Compensation 886 511 +73.4%
Deferred Income Taxes -238 -95 -150.5%
Contingent Consideration Fair Value Adjustment 265 -8 +3412.5%
Other Noncash Income -360 -128 -181.2%
Net Gains Losses Realized On Consolidated Sponsored Investment Products -419 -325 -28.9%
Net Purchases Proceeds Within Consolidated Sponsored Investment Products -3,344 -2,276 -46.9%
Income Loss From Equity Method Investments -48 -119 +59.7%
Equity Method Investment Dividends Or Distributions 155 41 +278.0%
Change in Accounts Receivable -265 -410 +35.4%
Increase Decrease In Trading Securities 139 -34 +508.8%
Increase Decrease In Other Operating Assets -2,666 -561 -375.2%
Increase Decrease In Employee Related Liabilities -391 -297 -31.6%
Increase Decrease In Accounts Payable And Accrued Liabilities -21 225 -109.3%
Increase Decrease In Other Operating Liabilities 2,389 488 +389.5%
Net Cash from Operations 1,650 2,338 -29.4%
Investing Activities
Payments To Acquire Investments -1,144 -586 -95.2%
Proceeds From Sale Maturity And Collections Of Investments 467 646 -27.7%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 297 344 -13.7%
Net Consolidations Deconsolidations Of Sponsored Investment Funds -85 -98 +13.3%
Payments To Acquire Businesses Net Of Cash Acquired -3,496 -74 -4624.3%
Capital Expenditures -245 -165 -48.5%
Net Cash from Investing -4,206 67 -6377.6%
Stock Issued1 119 439 -72.9%
Issuance Of Subco Units Common Shares In Connection With Acquisitions 8,715
Increase Decrease In Non Controlling Interests -1,639 -1,590 -3.1%
Asset Acquisition Consideration Transferred Contingent Consideration 3,413
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 -2,497 -2,310 -8.1%
Proceeds From Stock Options Exercised 153 247 -38.1%
Shares Or Subco Unit Repurchased -1,437 -1,544 +6.9%
Proceeds From Repayments Of Borrowings By Consolidated Sponsored Investment Products -44 -25 -76.0%
Proceeds From Payments To Minority Shareholders 3,000 1,991 +50.7%
Proceeds From Payments For Other Financing Activities 2 -19 +110.5%
Net Cash from Financing -539 2,814 -119.2%
Debt Repayments (YTD)
Show Long-Term Debt Type breakouts
Unsecured Debt 2034 Notes [Member] 823
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 317 82 +286.6%
Net Change in Cash -2,778 5,301 -152.4%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 10,001 14,054 -28.8%

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

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