BlackRock, Inc.

Listed Company

BLKCIK 0002012383NYSELarge AcceleratedSecurity Brokers, Dealers & Flotation CompaniesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$24.22B

Net Income

$5.55B

Total Assets

$170.00B

Equity

$55.89B

Shares Out

155.07M

Op. Cash Flow

$3.93B

+ 13F Filer

Business

BlackRock, Inc. is a global investment management firm that provides investment management and technology services to institutional and retail clients worldwide. It offers a broad range of products including active and index strategies, mutual funds, iShares ETFs, cash management products, private markets and alternatives, as well as technology platforms such as Aladdin, Aladdin Wealth, eFront and Cachematrix and advisory and securities lending services. The company operates across business segments focused on long-term active and index strategies, ETFs, alternatives, cash management and technology services. It serves clients through direct relationships and third‑party distribution across the Americas, EMEA and Asia‑Pacific.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Total revenue	24,216	20,407	17,859	17,873
Employee compensation and benefits	8,446	6,546	5,779	5,681
Distribution and servicing costs	2,460	2,171	2,051	2,179
Direct fund expense	1,767	1,464	1,331	1,226
Sub-advisory and other	233	140	116	103
Total sales, asset and account expense	4,460	3,775	3,498	3,508
General and administration expense	2,731	2,257	2,092	2,057
Change in fair value of contingent consideration	720	−36	3	—
Restructuring Charge	39	0	61	91
Amortization and impairment of intangible assets	775	291	151	151
Total expense	17,171	12,833	11,584	11,488
Operating income	7,045	7,574	6,275	6,385
Net gain (loss) on investments	634	492	699	−35
Interest and dividend income	554	767	473	152
Interest expense	−614	−538	−292	−212
Total nonoperating income (expense)	574	721	880	−95
Income before income taxes	7,619	8,295	7,155	6,290
Income tax expense	1,677	1,783	1,479	1,296
Net income	5,942	6,512	5,676	4,994
Net income attributable to BlackRock, Inc.	5,553	6,369	5,502	5,178
Basic (per share)	35.83	42.4	36.85	34.31
Diluted	35.31	42.01	36.51	33.97
Basic (shares)	155	150	149	151
Diluted (including Subco Units)	161	152	151	152

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	11,468	12,762	8,736	—	—
Accounts receivable	5,158	4,304	3,916	—	—
Investments	13,271	9,769	9,740	—	—
Separate account assets	60,098	52,811	56,098	—	—
Separate account collateral held under securities lending agreements	7,900	6,100	4,600	—	—
Property and equipment (net of accumulated depreciation and amortization of $1,692 and $1,553 at December 31, 2025 and 2024, respectively)	1,256	1,103	1,112	—	—
Intangible assets (net of accumulated amortization of $1,482 and $782 at December 31, 2025 and 2024, respectively)	27,968	20,743	18,258	—	—
Goodwill	35,283	25,949	15,524	15,341	—
Operating lease right-of-use assets	1,874	1,519	1,421	—	—
Other assets	5,700	3,596	3,848	—	—
Total assets	169,998	138,615	123,211	—	—
Accrued compensation and benefits	3,830	2,964	2,393	—	—
Accounts payable and accrued liabilities	1,740	1,536	1,240	—	—
Borrowings	12,768	12,300	7,900	—	—
Separate account liabilities	60,098	52,811	56,098	—	—
Separate account collateral liabilities under securities lending agreements	7,922	6,059	4,558	—	—
Contingent consideration liabilities	8,429	4,302	99	—	—
Deferred income tax liabilities	4,618	3,334	3,506	—	—
Operating lease liabilities	2,228	1,908	1,784	—	—
Other liabilities	6,823	4,032	4,375	—	—
Total liabilities	108,456	89,260	81,971	—	—
Commitments and contingencies (Note 16)	—	—	—	—	—
Common stock, $0.01 par value; Shares authorized: 500,000,000 at December 31, 2025 and 2024; Shares issued: 156,276,289 and 155,318,170 at December 31, 2025 and 2024, respectively; Shares outstanding: 155,069,171 and 154,947,813 at December 31, 2025 and 2024, respectively	2	2	2	—	—
Additional paid-in capital	19,748	13,446	19,833	—	—
Retained earnings	37,899	35,611	32,343	—	—
Accumulated other comprehensive loss	−545	−1,178	−840	—	—
Treasury stock, common, at cost (1,207,118 and 370,357 shares held at December 31, 2025 and 2024, respectively)	−1,216	−386	−11,991	—	—
Total BlackRock, Inc. stockholders equity	55,888	47,495	39,347	—	—
Nonredeemable NCI - CIPs	227	169	153	—	—
Total permanent equity	56,115	47,664	39,500	37,876	37,806
Total liabilities, temporary equity and permanent equity	169,998	138,615	123,211	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Depreciation and amortization	1,126	529	427	418
Impairment of intangible assets	0	50	0	0
Noncash lease expense	148	129	140	165
Stock-based compensation	1,307	753	630	708
Deferred income tax expense (benefit)	−631	−106	124	602
Charitable Contribution	109	0	0	—
Change in fair value of contingent consideration	720	−36	3	3
Other investment gains	−289	−126	0	−268
Net (gains) losses within CIPs	−480	−269	−380	400
Net (purchases) proceeds within CIPs	−4,214	−2,672	−1,780	−1,190
(Earnings) losses from equity method investees	−51	−41	−378	−29
Distributions of earnings from equity method investees	429	57	49	50
Accounts receivable	−619	−443	−586	416
Investments, trading	193	58	72	196
Other assets	−722	317	−326	−166
Accrued compensation and benefits	659	367	145	−711
Accounts payable and accrued liabilities	75	259	−26	−151
Other liabilities	225	−382	375	−481
Net cash provided by/(used in) operating activities	3,927	4,956	4,165	4,956
Purchases of investments	−1,384	−818	−846	−824
Proceeds from sales and maturities of investments	544	766	400	242
Distributions of capital from equity method investees	390	366	46	70
Net consolidations (deconsolidations) of sponsored investment funds	−97	−127	−26	−85
Acquisitions, net of cash acquired	−3,496	−2,936	−189	0
Purchases of property and equipment	−375	−255	−344	−533
Net cash provided by/(used in) investing activities	−4,418	−3,004	−959	−1,130
Repayments of long-term borrowings	−796	−1,000	0	−750
Proceeds from long-term borrowings	1,080	5,474	1,238	0
Dividends/Subco distributions paid	−3,347	−3,101	−3,035	—
Proceeds from stock options exercised	167	464	95	11
Shares/Subco Units repurchased	−1,951	−1,930	−1,884	—
Net proceeds from (repayments of) borrowings by CIPs	−112	−58	−59	−26
Net subscriptions received/(redemptions/distributions paid) from noncontrolling interest holders	3,827	2,405	1,627	618
Other financing activities	5	−18	26	27
Net cash provided by/(used in) financing activities	−1,127	2,236	−1,992	−5,442
Effect of exchange rate changes on cash, cash equivalents and restricted cash	329	−162	106	−291
Net increase/(decrease) in cash, cash equivalents and restricted cash	−1,289	4,026	1,320	−1,907
Interest	482	289	200	177
Income taxes (net of refunds)	2,298	1,699	1,392	1,067
Issuance of common shares related to employee stock transactions	151	215	569	—
Issuance of Subco Units/common shares in connection with acquisitions	8,694	5,904	0	—
Cancellation of treasury stock, common in connection with the GIP Transaction	0	−12,829	0	0
Increase/(decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds	−3,086	−2,581	−949	−593
Established contingent consideration liabilities in connection with acquisitions	3,413	4,246	0	—

Filings

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Holdings (13F)

Portfolio as of 2025-12-31 · 50,216 positions

Reported AUM

$9.98T

Holdings

50.2K

Top sector

$9.98T

Top sectors

Sector	Value	% of portfolio
Uncategorized	$9.98T	100.0%

Top holdings

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NVIDIA CORPORATION	—	726.19M	$135.44B	1.4%
CHIPOTLE MEXICAN GRILL INC	—	3.48M	$128.69B	1.3%
CHIPOTLE MEXICAN GRILL INC	—	3.25M	$120.32B	1.2%
APPLE INC	—	431.53M	$117.32B	1.2%
MICROSOFT CORP	—	225.09M	$108.86B	1.1%
NVIDIA CORPORATION	—	497.67M	$92.81B	0.9%
APPLE INC	—	303.83M	$82.60B	0.8%