BlackRock, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data BlackRock, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2022	FY2024	FY2024	FY2025
Revenue	17,873	17,859	20,407	24,216
General and administrative	2,057	2,092	2,257	2,731
Operating expenses	11,488	11,584	12,833	17,171
Operating income	6,385	6,275	7,574	7,045
Interest expense	212	292	538	614
Interest income	152	473	767	554
Other non-operating income	-95	880	721	574
Pre-tax income	6,290	7,155	8,295	7,619
Income tax	1,296	1,479	1,783	1,677
Net income to minority interests	-184	174	143
Net income	5,178	5,502	6,369	5,553
EBITDA	6,803	6,702	8,103	8,171
EPS, basic	34.31	36.85	42.45	35.83
EPS, diluted	33.97	36.51	42.01	35.31
Shares, basic (weighted)	151	149	150	155
Shares, diluted (weighted)	152	151	152	161
Dividend per share	19.52	20.00	20.40	20.84

Balance sheet

	FY2022	FY2024	FY2024	FY2025
Cash and equivalents	7,433	8,736	12,762	11,468
Property, plant and equipment		1,112	1,103	1,256
Lease right-of-use assets		1,421	1,519	1,874
Goodwill	15,341	15,524	25,949	35,283
Intangible assets		18,258	20,743	27,968
Total assets		123,211	138,615	169,998
Total liabilities		81,971	89,260	108,456
Total debt		7,918	12,314	12,768
Paid-in capital		19,833	13,446	19,748
Treasury stock		-11,991	-386	-1,216
Other comprehensive income		-840	-1,178	-545
Shareholders' equity		39,347	47,495	55,888
Minority interests		153	169	227
Total equity	37,876	39,500	47,664	56,115
Total liabilities and equity		123,211	138,615	169,998
Shares outstanding		149	155	155

Cash flow statement

	FY2022	FY2024	FY2024	FY2025
Net income	4,994	5,676	6,512	5,942
Depreciation and amortization	418	427	529	1,126
Stock-based compensation	708	630	753	1,307
Deferred income tax	602	124	-106	-631
Change in receivables	416	-586	-443	-619
Change in payables	-151	-26	259	75
Cash from operations	4,956	4,165	4,956	3,927
Capital expenditures	-533	-344	-255	-375
Acquisitions	0	-189	-2,936	-3,496
Purchases of investments	-824	-846	-818	-1,384
Sales and maturities of investments	242	400	766	544
Cash from investing	-1,130	-959	-3,004	-4,418
Debt issued	0	1,238	5,474	1,080
Debt repaid	-750	0	-1,000	-796
Stock issued	11	95	464	167
Share buybacks	-2,332	-1,884	-1,930
Dividends paid	-2,990	-3,035	-3,101
Cash from financing	-5,442	-1,992	2,236	-1,127
Exchange rate effect	-291	106	-162	329
Net change in cash	-1,907	1,320	4,026	-1,289
Free cash flow	4,423	3,821	4,701	3,552
Interest paid	177	200	289	482
Income taxes paid	1,067	1,392	1,699	2,298

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1,086.31 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	32.6%	Operating income / revenue.
EBITDA margin	38.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	33.6%	Pre-tax income / revenue.
Net margin	24.1%	Net income / revenue.
FCF margin	12.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.4%	Cash from operations / revenue.
Effective tax rate	22.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.7%	Net income / average total assets.
Return on invested capital (ROIC)	11.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	5.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.5%	Capital expenditures / revenue.
D&A / revenue	5.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	18.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-7.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	3.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	0.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-12.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	2.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-15.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	1.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-20.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-7.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-24.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-7.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	2.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	17.7%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	22.6%	Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y	6.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.22x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	7.2%	Total debt / total assets.
Liabilities / assets	63.3%	Total liabilities / total assets.
Net debt	$2.25B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.22x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	16.4x	Operating income / interest expense.
Goodwill and intangibles / assets	35.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$5.01B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.16x	Revenue / average total assets.
Fixed asset turnover	20.9x	Revenue / average property, plant and equipment.
FCF conversion	53.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	10.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$39.94	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$165.80	Revenue / diluted weighted shares.
FCF per share	$21.35	Free cash flow / diluted weighted shares.
Operating cash flow per share	$23.92	Cash from operations / diluted weighted shares.
Book value per share	$371.70	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$32.29	Tangible book value / shares outstanding.
Cash per share	$67.69	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$168.24B	Share price x shares outstanding.
Enterprise value	$170.49B	Market cap + total debt - cash - short-term investments.
P/E	25.6x	Market cap / net income. Only when net income is positive.
P/S	6.16x	Market cap / revenue.
P/B	2.92x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	47.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	42.7x	Market cap / cash from operations, when positive.
EV/Sales	6.25x	Enterprise value / revenue.
EV/EBIT	19.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	48.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.1%	Free cash flow / market cap.
Earnings yield	3.9%	Net income / market cap (the inverse of P/E).
PEG	19.7x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was BlackRock, Inc.'s revenue in fiscal 2025?

BlackRock, Inc. reported revenue of $24.22B for fiscal 2025, 18.7% higher than the year before.

Was BlackRock, Inc. profitable in fiscal 2025?

Yes. Net income was $5.55B, a net margin of 22.9%.

How much free cash flow did BlackRock, Inc. generate in fiscal 2025?

Cash from operations of $3.93B minus capital expenditures of $375.0M left free cash flow of $3.55B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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