BlackRock (BLK) financial statements
BlackRock reported revenue of $24.2B in fiscal 2025, up 7.9% a year over 9 years.
Net income was $5.6B and the operating margin 29.1%, against 37.2% in 2016.
Free cash flow was $3.6B.
The diluted share count fell 3% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from BlackRock's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.3B | $13.6B | $14.2B | $14.5B | $16.2B | $19.4B | $17.9B | $17.9B | $20.4B | $24.2B |
| Selling, general and admin | $1.3B | $1.4B | $1.6B | $1.8B | $2.5B | $2.2B | $2.1B | $2.1B | $2.3B | $2.7B |
| Operating income | $4.6B | $5.3B | $5.5B | $5.6B | $5.7B | $7.5B | $6.4B | $6.3B | $7.6B | $7.0B |
| Interest expense | $205M | $205M | $184M | $203M | $205M | $205M | $212M | $292M | $538M | $614M |
| Pre-tax income | $4.5B | $5.3B | $5.4B | $5.8B | $6.5B | $8.2B | $6.3B | $7.2B | $8.3B | $7.6B |
| Income tax | $1.3B | $270M | $1.1B | $1.3B | $1.2B | $2.0B | $1.3B | $1.5B | $1.8B | $1.7B |
| Net income | $3.2B | $5.0B | $4.3B | $4.5B | $4.9B | $5.9B | $5.2B | $5.5B | $6.4B | $5.6B |
| EPS (diluted) | $19.02 | $30.12 | $26.58 | $28.43 | $31.85 | $38.22 | $33.97 | $36.51 | $42.01 | $35.31 |
| Diluted shares | 167M | 164M | 162M | 157M | 155M | 154M | 152M | 151M | 152M | 161M |
| Operating margin | 37.2% | 38.6% | 38.4% | 38.2% | 35.1% | 38.5% | 35.7% | 35.1% | 37.1% | 29.1% |
| Net margin | 25.8% | 36.4% | 30.3% | 30.8% | 30.4% | 30.5% | 29.0% | 30.8% | 31.2% | 22.9% |
Balance sheet
Fiscal years, from BlackRock's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $6.1B | $6.9B | $6.5B | $4.8B | $8.7B | $9.3B | $7.4B | $8.7B | $12.8B | $11.5B |
| Property, plant and equipment | $559M | $592M | $643M | $715M | $681M | $762M | $1.0B | $1.1B | $1.1B | $1.3B |
| Goodwill | $13.1B | $13.2B | $13.5B | $14.6B | $14.6B | $15.4B | $15.3B | $15.5B | $25.9B | $35.3B |
| Total assets | $220.2B | $220.2B | $159.6B | $168.6B | $177.0B | $152.6B | $117.6B | $123.2B | $138.6B | $170.0B |
| Total liabilities | $190.8B | $188.0B | $126.0B | $133.7B | $139.3B | $113.8B | $78.8B | $82.0B | $89.3B | $108.5B |
| Shareholders' equity | $29.1B | $31.8B | $32.4B | $33.5B | $35.3B | $37.7B | $37.9B | $39.3B | $47.5B | $55.9B |
| Net debt | -$6.1B | -$6.9B | -$6.5B | -$4.8B | -$8.7B | -$9.3B | -$7.4B | -$8.7B | -$12.8B | -$11.5B |
Cash flow
Fiscal years, from BlackRock's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.3B | $4.0B | $3.1B | $2.9B | $3.7B | $4.9B | $5.0B | $4.2B | $5.0B | $3.9B |
| Capital spending | $119M | $155M | $204M | $254M | $194M | $341M | $533M | $344M | $255M | $375M |
| Free cash flow | $2.2B | $3.8B | $2.9B | $2.6B | $3.5B | $4.6B | $4.4B | $3.8B | $4.7B | $3.6B |
| Stock-based compensation | $521M | $542M | $564M | $567M | $622M | $734M | $708M | $630M | $753M | $1.3B |
| Dividends paid | $1.5B | $1.7B | $2.0B | $2.1B | $2.3B | $2.5B | $3.0B | $3.0B | $3.1B | — |
| Share buybacks (net) | -$1.4B | -$1.4B | -$2.1B | -$1.9B | -$1.8B | -$1.5B | -$2.3B | -$1.9B | -$1.9B | — |
| Net borrowing | $0 | -$3M | — | -$8M | $2.2B | $241M | -$750M | $1.2B | $4.5B | $284M |
| Free cash flow margin | 17.6% | 27.9% | 20.2% | 18.1% | 21.9% | 23.8% | 24.7% | 21.4% | 23.0% | 14.7% |
| Dividends per share | $9.27 | $10.11 | $12.15 | $13.31 | $14.60 | $16.50 | $19.61 | $20.14 | $20.45 | — |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for BLK.
Open BLK in InvestinglyQuestions
What was BlackRock's revenue in 2025?
$24.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does BlackRock generate?
$3.6B in fiscal 2025 (operating cash flow minus capital spending).
From BlackRock's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.