BlackRock, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
BLK$1,222.15+0.6%Stored close · as of Nov 10, 2026
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Consolidated Statements of Income
| (in millions, except per share data) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Revenue | |||
| Investment advisory, administration fees and securities lending revenue: | |||
| Investment advisory and administration fees | $18,474 | $15,485 | $13,724 |
| Securities lending revenue | 705 | 615 | 675 |
| Total investment advisory, administration fees and securities lending revenue | 19,179 | 16,100 | 14,399 |
| Investment advisory performance fees | 1,424 | 1,207 | 554 |
| Technology services and subscription revenue | 1,981 | 1,603 | 1,485 |
| Distribution fees | 1,355 | 1,273 | 1,262 |
| Advisory and other revenue | 277 | 224 | 159 |
| Total revenue | 24,216 | 20,407 | 17,859 |
| Expense | |||
| Employee compensation and benefits | 8,446 | 6,546 | 5,779 |
| Sales, asset and account expense: | |||
| Distribution and servicing costs | 2,460 | 2,171 | 2,051 |
| Direct fund expense | 1,767 | 1,464 | 1,331 |
| Sub-advisory and other | 233 | 140 | 116 |
| Total sales, asset and account expense | 4,460 | 3,775 | 3,498 |
| General and administration expense | 2,731 | 2,257 | 2,092 |
| Change in fair value of contingent consideration | 720 | (36) | 3 |
| Restructuring charge | 39 | — | 61 |
| Amortization and impairment of intangible assets | 775 | 291 | 151 |
| Total expense | 17,171 | 12,833 | 11,584 |
| Operating income | 7,045 | 7,574 | 6,275 |
| Nonoperating income (expense) | |||
| Net gain (loss) on investments | 634 | 492 | 699 |
| Interest and dividend income | 554 | 767 | 473 |
| Interest expense | (614) | (538) | (292) |
| Total nonoperating income (expense) | 574 | 721 | 880 |
| Income before income taxes | 7,619 | 8,295 | 7,155 |
| Income tax expense | 1,677 | 1,783 | 1,479 |
| Net income | 5,942 | 6,512 | 5,676 |
| Less: | |||
| Net income (loss) attributable to NCI - CIPs | 262 | 143 | 174 |
| Net income (loss) attributable to NCI - Subco | 127 | — | — |
| Net income attributable to BlackRock, Inc. | $5,553 | $6,369 | $5,502 |
| Earnings per share attributable to BlackRock, Inc. common stockholders: | |||
| Basic | $35.83 | $42.45 | $36.85 |
| Diluted | $35.31 | $42.01 | $36.51 |
| Weighted-average common shares outstanding: | |||
| Basic | 155.0 | 150.0 | 149.3 |
| Diluted (including Subco Units) | 160.9 | 151.6 | 150.7 |
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