BlackRock, Inc.

BLK 10-K · Q4 2025

BLK Q4 2025 request

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Income Statement

Income Statement
Metric Q4 2025 Q4 2024 YoY
Derivative Gain Loss On Derivative Net -31 -41 +24.4%
Show Derivative Risk breakouts
Foreign Exchange Forward -2 -115 +98.3%
Foreign Exchange Future -29 74 -139.2%
Show Investment Type breakouts
Deferred Cash Compensation Plans [Member] 5 -5 +200.0%
Seed Investment [Member] -34 79 -143.0%
Revenue 7,008 5,677 +23.4%
Show Product Lines breakouts
Distribution And Shareholder Service 359 322 +11.5%
Investment Advice 5,278 4,417 +19.5%
Investment Advice · Active Multi-Asset [Member] 363 319 +13.8%
Investment Advice · Alternatives [Member] 847 626 +35.3%
Investment Advice · Cash Management [Member] 330 293 +12.6%
Investment Advice · Digital Assets, Commodities and Multi-asset ETFs [Member] 162 80 +102.5%
Investment Advice · Equity [Member] 2,281 1,933 +18.0%
Investment Advice · Equity Active Product [Member] 585 558 +4.8%
Investment Advice · Equity ETFs [Member] 1,696 1,375 +23.3%
Investment Advice · Fixed Income [Member] 947 854 +10.9%
Investment Advice · Fixed Income Active [Member] 526 494 +6.5%
Investment Advice · Fixed Income ETFs [Member] 421 360 +16.9%
Investment Advice · Investment Advisory and Administration Fees [Member] 5,104 4,256 +19.9%
Investment Advice · Liquid Alternatives [Member] 184 146 +26.0%
Investment Advice · Long-term [Member] 4,948 4,124 +20.0%
Investment Advice · Non-ETF Index [Member] 348 312 +11.5%
Investment Advice · Private Markets [Member] 663 480 +38.1%
Investment Advice · Securities Lending Revenue [Member] 174 161 +8.1%
Investment Performance 754 451 +67.2%
Investment Performance · Alternatives [Member] 645 307 +110.1%
Investment Performance · Equity [Member] 96 112 -14.3%
Investment Performance · Fixed Income [Member] 2 22 -90.9%
Investment Performance · Liquid Alternatives [Member] 311 199 +56.3%
Investment Performance · Multi-asset [Member] 11 10 +10.0%
Investment Performance · Private Markets [Member] 334 108 +209.3%
Revenue by Client Type [Member] 5,278 4,417 +19.5%
Revenue by Client Type [Member] · Cash Management [Member] 330 293 +12.6%
Revenue by Client Type [Member] · Equity ETFs [Member] 2,279 1,815 +25.6%
Revenue by Client Type [Member] · Institutional [Member] 1,426 1,204 +18.4%
Revenue by Client Type [Member] · Institutional Active [Member] 1,167 962 +21.3%
Revenue by Client Type [Member] · Institutional Index [Member] 259 242 +7.0%
Revenue by Client Type [Member] · Long-term [Member] 4,948 4,124 +20.0%
Revenue by Client Type [Member] · Retail [Member] 1,243 1,105 +12.5%
Revenue by Investment Style [Member] 5,278 4,417 +19.5%
Revenue by Investment Style [Member] · Active [Member] 2,321 1,997 +16.2%
Revenue by Investment Style [Member] · Cash Management [Member] 330 293 +12.6%
Revenue by Investment Style [Member] · Equity ETFs [Member] 2,279 1,815 +25.6%
Revenue by Investment Style [Member] · Equity Non ETFs [Member] 348 312 +11.5%
Revenue by Investment Style [Member] · Long-term [Member] 4,948 4,124 +20.0%
Service Other 86 59 +45.8%
Service Other · Advisory [Member] 11 14 -21.4%
Service Other · Other [Member] 75 45 +66.7%
Technology Services and Subscription Revenue [Member] 531 428 +24.1%
Show Geography breakouts
Americas 4,735 3,852 +22.9%
Asia Pacific 333 243 +37.0%
Europe 1,940 1,582 +22.6%
Labor And Related Expense 2,584 1,885 +37.1%
Sponsor Fees 676 565 +19.6%
Direct Fund Expense 470 389 +20.8%
Sub Advisory And Other 80 42 +90.5%
Total Sales Asset And Account Expense 1,226 996 +23.1%
General & Administrative 549 632 -13.1%
Amortization And Impairment Of Intangible Assets 268 125 +114.4%
Operating Expenses 5,347 3,602 +48.4%
Operating Income 1,661 2,075 -20.0%
Gain Loss On Investments -38 -18 -111.1%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 41 -17 +341.2%
Investment Income Interest And Dividend 124 212 -41.5%
Interest Expense -140 -166 +15.7%
Non-Operating Income (Expense) -54 28 -292.9%
Income Before Taxes 1,607 2,103 -23.6%
Income Tax Expense (Benefit) 372 442 -15.8%
Net Income 1,235 1,661 -25.6%
Net Income Loss Attributable To Noncontrolling Interest (Q)
Show Consolidated Entities breakouts
Consolidated Sponsored Investment Products [Member] 51 -9 +666.7%
Variable Interest Entity Primary Beneficiary 43 -7 +714.3%
Net Income 1,127 1,670 -32.5%
EPS (Basic) 7.26 10.73 -32.3%
EPS (Diluted) 7.1 10.64 -33.3%
Wtd Avg Shares (Basic) 0.1 1.6 -93.8%
Wtd Avg Shares (Diluted) 1.5 1.8 -16.7%
Comprehensive Income 1,113 1,124 -1.0%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 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 YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Depreciation Amortization And Accretion Net 369 200 +84.5%
Operating Lease Right Of Use Asset Amortization Expense 44 33 +33.3%
Stock-Based Compensation 421 242 +74.0%
Deferred Income Taxes -393 -11 -3472.7%
Contingent Consideration Fair Value Adjustment 455 -28 +1725.0%
Other Noncash Income 71 2 +3450.0%
Net Gains Losses Realized On Consolidated Sponsored Investment Products -61 56 -208.9%
Net Purchases Proceeds Within Consolidated Sponsored Investment Products -870 -396 -119.7%
Income Loss From Equity Method Investments -3 78 -103.8%
Equity Method Investment Dividends Or Distributions 274 16 +1612.5%
Change in Accounts Receivable -354 -33 -972.7%
Increase Decrease In Trading Securities 54 92 -41.3%
Increase Decrease In Other Operating Assets 1,944 878 +121.4%
Increase Decrease In Employee Related Liabilities 1,050 664 +58.1%
Increase Decrease In Accounts Payable And Accrued Liabilities 96 34 +182.4%
Increase Decrease In Other Operating Liabilities -2,164 -870 -148.7%
Net Cash from Operations 2,277 2,618 -13.0%
Investing Activities
Payments To Acquire Investments -240 -232 -3.4%
Proceeds From Sale Maturity And Collections Of Investments 77 120 -35.8%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 93 22 +322.7%
Net Consolidations Deconsolidations Of Sponsored Investment Funds -12 -29 +58.6%
Payments To Acquire Businesses Net Of Cash Acquired 0 -2,862 +100.0%
Capital Expenditures -130 -90 -44.4%
Net Cash from Investing -212 -3,071 +93.1%
Stock Issued1 32 -224 +114.3%
Increase Decrease In Non Controlling Interests -1,447 -991 -46.0%
Financing Activities
Repayments Of Long Term Debt 0 0
Proceeds From Issuance Of Long Term Debt 0 0
Dividends Or Subco Distributions Paid -850 -791 -7.5%
Proceeds From Stock Options Exercised 14 217 -93.5%
Shares Or Subco Unit Repurchased -514 -386 -33.2%
Proceeds From Repayments Of Borrowings By Consolidated Sponsored Investment Products -68 -33 -106.1%
Proceeds From Payments To Minority Shareholders 827 414 +99.8%
Proceeds From Payments For Other Financing Activities 3 1 +200.0%
Net Cash from Financing -588 -578 -1.7%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 12 -244 +104.9%
Net Change in Cash 1,489 -1,275 +216.8%
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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