Blackrock Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Blackrock has an operating margin of 37.1%, meaning the company retains $37 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 35.1% the prior year.
Blackrock's revenue grew 14.3% year-over-year to $20.4B, a solid pace of expansion. This earns a growth score of 69/100.
Blackrock carries a low D/E ratio of 0.26, meaning only $0.26 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Blackrock converts 23.0% of revenue into free cash flow ($4.7B). This strong cash generation earns a score of 100/100.
Blackrock's ROE of 13.4% shows moderate profitability relative to equity, earning a score of 54/100. This is down from 14.0% the prior year.
Blackrock passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Blackrock generates $0.78 in operating cash flow ($5.0B OCF vs $6.4B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Blackrock earns $14.1 in operating income for every $1 of interest expense ($7.6B vs $538.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
This page shows Blackrock (BLK) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Blackrock generated $20.4B in revenue in fiscal year 2024. This represents an increase of 14.3% from the prior year.
Blackrock's EBITDA was $7.8B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 20.0% from the prior year.
Blackrock generated $4.7B in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 23.0% from the prior year.
Blackrock reported $6.4B in net income in fiscal year 2024. This represents an increase of 15.8% from the prior year.
Blackrock earned $42.01 per diluted share (EPS) in fiscal year 2024. This represents an increase of 15.1% from the prior year.
Blackrock held $12.8B in cash against $12.3B in long-term debt as of fiscal year 2024.
Blackrock paid $20.40 per share in dividends in fiscal year 2024. This represents an increase of 2.0% from the prior year.
Blackrock had 155M shares outstanding in fiscal year 2024. This represents an increase of 4.5% from the prior year.
Blackrock's operating margin was 37.1% in fiscal year 2024, reflecting core business profitability. This is up 2.0 percentage points from the prior year.
Blackrock's net profit margin was 31.2% in fiscal year 2024, showing the share of revenue converted to profit. This is up 0.4 percentage points from the prior year.
Blackrock's ROE was 13.4% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 0.6 percentage points from the prior year.
Blackrock spent $1.9B on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 2.4% from the prior year.
Blackrock invested $255.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 25.9% from the prior year.
BLK Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.5B+20.0% | $5.4B+2.8% | $5.3B-7.1% | $5.7B+18.1% | $4.8B+1.6% | $4.7B | N/A | $4.5B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $782.0M+13.5% | $689.0M-3.1% | $711.0M+19.3% | $596.0M+11.6% | $534.0M+0.9% | $529.0M | N/A | $518.0M |
| Operating Income | $2.0B+12.9% | $1.7B+1.9% | $1.7B-18.2% | $2.1B+15.3% | $1.8B+6.3% | $1.7B | N/A | $1.6B |
| Interest Expense | $135.0M-22.0% | $173.0M+4.2% | $166.0M0.0% | $166.0M+31.7% | $126.0M+37.0% | $92.0M | N/A | $82.0M |
| Income Tax | $470.0M-19.9% | $587.0M+136.7% | $248.0M-43.9% | $442.0M-7.3% | $477.0M+64.5% | $290.0M | N/A | $213.0M |
| Net Income | $1.3B-16.9% | $1.6B+5.5% | $1.5B-9.6% | $1.7B+11.7% | $1.5B-5.0% | $1.6B | N/A | $1.6B |
| EPS (Diluted) | $8.43-17.3% | $10.19+5.7% | $9.64-9.4% | $10.64+6.5% | $9.99-4.7% | $10.48 | N/A | $10.66 |
BLK Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $162.7B+11.1% | $146.5B+3.2% | $141.9B+2.4% | $138.6B | N/A | N/A | $123.2B | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $10.0B+5.3% | $9.5B+22.3% | $7.7B-39.3% | $12.8B+24.6% | $10.2B+9.1% | $9.4B+7.5% | $8.7B+19.1% | $7.3B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $4.8B+10.2% | $4.4B+1.6% | $4.3B-0.5% | $4.3B | N/A | N/A | $3.9B | N/A |
| Goodwill | $35.4B+24.8% | $28.3B+0.1% | $28.3B+9.1% | $25.9B | N/A | N/A | $15.5B | N/A |
| Total Liabilities | $100.8B+6.3% | $94.9B+3.4% | $91.8B+2.8% | $89.3B | N/A | N/A | $82.0B | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $12.8B0.0% | $12.8B+3.3% | $12.3B+0.3% | $12.3B | N/A | N/A | $7.9B | N/A |
| Total Equity | $55.5B+13.0% | $49.1B+2.3% | $48.0B+1.1% | $47.5B+17.9% | $40.3B+0.9% | $39.9B+1.4% | $39.3B+1.5% | $38.8B |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BLK Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.4B+3.7% | $1.4B+220.9% | -$1.1B-143.1% | $2.6B+91.8% | $1.4B+434.6% | -$408.0M-120.4% | $2.0B | N/A |
| Capital Expenditures | $78.0M-12.4% | $89.0M+14.1% | $78.0M-13.3% | $90.0M+1185.7% | $7.0M-89.1% | $64.0M-48.4% | $124.0M | N/A |
| Free Cash Flow | $1.3B+4.8% | $1.3B+205.7% | -$1.2B-147.7% | $2.5B+86.2% | $1.4B+387.7% | -$472.0M-125.2% | $1.9B | N/A |
| Investing Cash Flow | -$923.0M-1841.5% | $53.0M+101.6% | -$3.3B-8.6% | -$3.1B-1984.0% | $163.0M+840.9% | -$22.0M+88.2% | -$186.0M | N/A |
| Financing Cash Flow | $96.0M+269.2% | $26.0M+103.9% | -$661.0M-14.4% | -$578.0M+9.8% | -$641.0M-158.5% | $1.1B+317.7% | -$503.0M | N/A |
| Dividends Paid | N/A | $808.0M-3.6% | $838.0M+5.9% | $791.0M+4.4% | $758.0M-4.7% | $795.0M+7.0% | $743.0M | N/A |
| Share Buybacks | N/A | $396.0M-39.7% | $657.0M+70.2% | $386.0M-25.6% | $519.0M-18.1% | $634.0M+65.1% | $384.0M | N/A |
BLK Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 30.0%-1.9pp | 31.9%-0.3pp | 32.2%-4.4pp | 36.5%-0.9pp | 37.5%+1.7pp | 35.8% | N/A | 36.2% |
| Net Margin | 20.3%-9.0pp | 29.4%+0.8pp | 28.6%-0.8pp | 29.4%-1.7pp | 31.1%-2.2pp | 33.3% | N/A | 35.5% |
| Return on Equity | 2.4%-0.9pp | 3.2%+0.1pp | 3.1%-0.4pp | 3.5%-0.2pp | 3.7%-0.2pp | 3.9% | N/A | 4.1% |
| Return on Assets | 0.8%-0.3pp | 1.1%+0.0pp | 1.1%-0.1pp | 1.2% | N/A | N/A | N/A | N/A |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.23-0.0 | 0.260.0 | 0.260.0 | 0.26 | N/A | N/A | 0.20 | N/A |
| FCF Margin | 20.5%-3.0pp | 23.5%+46.4pp | -22.9%-67.4pp | 44.5%+16.3pp | 28.3%+38.2pp | -10.0% | N/A | N/A |
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Frequently Asked Questions
What is Blackrock's annual revenue?
Blackrock (BLK) reported $20.4B in total revenue for fiscal year 2024. This represents a 14.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Blackrock's revenue growing?
Blackrock (BLK) revenue grew by 14.3% year-over-year, from $17.9B to $20.4B in fiscal year 2024.
Is Blackrock profitable?
Yes, Blackrock (BLK) reported a net income of $6.4B in fiscal year 2024, with a net profit margin of 31.2%.
What is Blackrock's earnings per share (EPS)?
Blackrock (BLK) reported diluted earnings per share of $42.01 for fiscal year 2024. This represents a 15.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Blackrock's EBITDA?
Blackrock (BLK) had EBITDA of $7.8B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Blackrock have?
As of fiscal year 2024, Blackrock (BLK) had $12.8B in cash and equivalents against $12.3B in long-term debt.
What is Blackrock's operating margin?
Blackrock (BLK) had an operating margin of 37.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Blackrock's net profit margin?
Blackrock (BLK) had a net profit margin of 31.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Does Blackrock pay dividends?
Yes, Blackrock (BLK) paid $20.40 per share in dividends during fiscal year 2024.
What is Blackrock's return on equity (ROE)?
Blackrock (BLK) has a return on equity of 13.4% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Blackrock's free cash flow?
Blackrock (BLK) generated $4.7B in free cash flow during fiscal year 2024. This represents a 23.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Blackrock's operating cash flow?
Blackrock (BLK) generated $5.0B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Blackrock's total assets?
Blackrock (BLK) had $138.6B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Blackrock's capital expenditures?
Blackrock (BLK) invested $255.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Does Blackrock buy back shares?
Yes, Blackrock (BLK) spent $1.9B on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Blackrock have outstanding?
Blackrock (BLK) had 155M shares outstanding as of fiscal year 2024.
What is Blackrock's debt-to-equity ratio?
Blackrock (BLK) had a debt-to-equity ratio of 0.26 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Blackrock's return on assets (ROA)?
Blackrock (BLK) had a return on assets of 4.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Blackrock's Piotroski F-Score?
Blackrock (BLK) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Blackrock's earnings high quality?
Blackrock (BLK) has an earnings quality ratio of 0.78x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Blackrock cover its interest payments?
Blackrock (BLK) has an interest coverage ratio of 14.1x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Blackrock?
Blackrock (BLK) scores 85 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.