What is Blackrock's earnings per share (EPS)?

Blackrock (BLK) reported diluted earnings per share of $35.31 for fiscal year 2025. This represents a -15.9% 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.

Blackrock Financials

BLK

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Blackrock (BLK) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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).

Financial Health Signals

Financial Profile 69/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Blackrock has an operating margin of 29.1%, meaning the company retains $29 of operating profit per $100 of revenue. This strong profitability earns a score of 87/100, reflecting efficient cost management and pricing power. This is down from 37.1% the prior year.

Growth

Blackrock's revenue surged 18.7% year-over-year to $24.2B, reflecting rapid business expansion. This strong growth earns a score of 64/100.

Leverage

Blackrock carries a low D/E ratio of 0.23, meaning only $0.23 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

Blackrock has a free cash flow margin of 14.7%, earning a moderate score of 62/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Blackrock's ROE of 9.9% shows moderate profitability relative to equity, earning a score of 33/100. This is down from 13.4% the prior year.

Piotroski F-Score Neutral

4/9

Blackrock passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

0.71x

For every $1 of reported earnings, Blackrock generates $0.71 in operating cash flow ($3.9B OCF vs $5.6B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage Safe

11.5x

Blackrock earns $11.5 in operating income for every $1 of interest expense ($7.0B vs $614.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$24.2B

YoY+18.7%

Blackrock generated $24.2B in revenue in fiscal year 2025. This represents an increase of 18.7% from the prior year.

EBITDA

$7.3B

YoY-6.4%

Blackrock's EBITDA was $7.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 6.4% from the prior year.

Net Income

$5.6B

YoY-12.8%

Blackrock reported $5.6B in net income in fiscal year 2025. This represents a decrease of 12.8% from the prior year.

EPS (Diluted)

$35.31

YoY-15.9%

Blackrock earned $35.31 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 15.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$3.6B

YoY-24.4%

Blackrock generated $3.6B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 24.4% from the prior year.

Cash & Debt

$11.5B

YoY-10.1%

Blackrock held $11.5B in cash against $12.8B in long-term debt as of fiscal year 2025.

Dividends Per Share

$20.84

YoY+2.2%

Blackrock paid $20.84 per share in dividends in fiscal year 2025. This represents an increase of 2.2% from the prior year.

Shares Outstanding

155M

YoY-0.1%

Blackrock had 155M shares outstanding in fiscal year 2025. This represents a decrease of 0.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

29.1%

YoY-8.0pp

Blackrock's operating margin was 29.1% in fiscal year 2025, reflecting core business profitability. This is down 8.0 percentage points from the prior year.

Net Margin

22.9%

YoY-8.3pp

Blackrock's net profit margin was 22.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 8.3 percentage points from the prior year.

Return on Equity

9.9%

YoY-3.5pp

Blackrock's ROE was 9.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.5 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$375.0M

YoY+47.1%

Blackrock invested $375.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 47.1% from the prior year.

BLK Income Statement

Metric	FY25	FY24	FY23	FY22
Revenue	$24.2B+18.7%	$20.4B+14.3%	$17.9B-0.1%	$17.9B
Cost of Revenue	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A
SG&A Expenses	$2.7B+21.0%	$2.3B+7.9%	$2.1B+1.7%	$2.1B
Operating Income	$7.0B-7.0%	$7.6B+20.7%	$6.3B-1.7%	$6.4B
Interest Expense	$614.0M+14.1%	$538.0M+84.2%	$292.0M+37.7%	$212.0M
Income Tax	$1.7B-5.9%	$1.8B+20.6%	$1.5B+14.1%	$1.3B
Net Income	$5.6B-12.8%	$6.4B+15.8%	$5.5B+6.3%	$5.2B
EPS (Diluted)	$35.31-15.9%	$42.01+15.1%	$36.51+7.5%	$33.97

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$7.0B+7.7%	$6.5B+20.0%	$5.4B+2.8%	$5.3B-7.1%	$5.7B+9.2%	$5.2B+8.2%	$4.8B+1.6%	$4.7B
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	$549.0M-29.8%	$782.0M+13.5%	$689.0M-3.1%	$711.0M+12.5%	$632.0M+12.5%	$562.0M+5.2%	$534.0M+0.9%	$529.0M
Operating Income	$1.7B-15.0%	$2.0B+12.9%	$1.7B+1.9%	$1.7B-18.2%	$2.1B+3.4%	$2.0B+11.4%	$1.8B+6.3%	$1.7B
Interest Expense	$140.0M+3.7%	$135.0M-22.0%	$173.0M+4.2%	$166.0M0.0%	$166.0M+7.8%	$154.0M+22.2%	$126.0M+37.0%	$92.0M
Income Tax	$372.0M-20.9%	$470.0M-19.9%	$587.0M+136.7%	$248.0M-43.9%	$442.0M-23.0%	$574.0M+20.3%	$477.0M+64.5%	$290.0M
Net Income	$1.1B-14.8%	$1.3B-16.9%	$1.6B+5.5%	$1.5B-9.6%	$1.7B+2.4%	$1.6B+9.1%	$1.5B-5.0%	$1.6B
EPS (Diluted)	N/A	$8.43-17.3%	$10.19+5.7%	$9.64	N/A	$10.90+9.1%	$9.99-4.7%	$10.48

BLK Balance Sheet

Metric	FY25	FY24	FY23	FY22
Total Assets	$170.0B+22.6%	$138.6B+12.5%	$123.2B	N/A
Current Assets	N/A	N/A	N/A	N/A
Cash & Equivalents	$11.5B-10.1%	$12.8B+46.1%	$8.7B+17.5%	$7.4B
Inventory	N/A	N/A	N/A	N/A
Accounts Receivable	$5.2B+19.8%	$4.3B+9.9%	$3.9B	N/A
Goodwill	$35.3B+36.0%	$25.9B+67.2%	$15.5B+1.2%	$15.3B
Total Liabilities	$108.5B+21.5%	$89.3B+8.9%	$82.0B	N/A
Current Liabilities	N/A	N/A	N/A	N/A
Long-Term Debt	$12.8B+3.7%	$12.3B+55.5%	$7.9B	N/A
Total Equity	$55.9B+17.7%	$47.5B+20.7%	$39.3B+3.9%	$37.9B
Retained Earnings	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$170.0B+4.5%	$162.7B+11.1%	$146.5B+3.2%	$141.9B+2.4%	$138.6B+4.4%	$132.8B	N/A	N/A
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$11.5B+14.9%	$10.0B+5.3%	$9.5B+22.3%	$7.7B-39.3%	$12.8B-9.1%	$14.0B+37.0%	$10.2B+9.1%	$9.4B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$5.2B+7.5%	$4.8B+10.2%	$4.4B+1.6%	$4.3B-0.5%	$4.3B-1.8%	$4.4B	N/A	N/A
Goodwill	$35.3B-0.2%	$35.4B+24.8%	$28.3B+0.1%	$28.3B+9.1%	$25.9B+65.6%	$15.7B	N/A	N/A
Total Liabilities	$108.5B+7.6%	$100.8B+6.3%	$94.9B+3.4%	$91.8B+2.8%	$89.3B+0.1%	$89.2B	N/A	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%	$12.8B0.0%	$12.8B+3.3%	$12.3B+0.3%	$12.3B-0.5%	$12.4B	N/A	N/A
Total Equity	$55.9B+0.7%	$55.5B+13.0%	$49.1B+2.3%	$48.0B+1.1%	$47.5B+15.3%	$41.2B+2.3%	$40.3B+0.9%	$39.9B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BLK Cash Flow Statement

Metric	FY25	FY24	FY23	FY22
Operating Cash Flow	$3.9B-20.8%	$5.0B+19.0%	$4.2B-16.0%	$5.0B
Capital Expenditures	$375.0M+47.1%	$255.0M-25.9%	$344.0M-35.5%	$533.0M
Free Cash Flow	$3.6B-24.4%	$4.7B+23.0%	$3.8B-13.6%	$4.4B
Investing Cash Flow	-$4.4B-47.1%	-$3.0B-213.2%	-$959.0M+15.1%	-$1.1B
Financing Cash Flow	-$1.1B-150.4%	$2.2B+212.2%	-$2.0B+63.4%	-$5.4B
Dividends Paid	N/A	$3.1B+2.2%	$3.0B+1.5%	$3.0B
Share Buybacks	N/A	$1.9B+2.4%	$1.9B-19.2%	$2.3B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$2.3B+61.0%	$1.4B+3.7%	$1.4B+220.9%	-$1.1B-143.1%	$2.6B+89.6%	$1.4B+1.2%	$1.4B+434.6%	-$408.0M
Capital Expenditures	$130.0M+66.7%	$78.0M-12.4%	$89.0M+14.1%	$78.0M-13.3%	$90.0M-4.3%	$94.0M+1242.9%	$7.0M-89.1%	$64.0M
Free Cash Flow	$2.1B+60.7%	$1.3B+4.8%	$1.3B+205.7%	-$1.2B-147.7%	$2.5B+96.4%	$1.3B-5.2%	$1.4B+387.7%	-$472.0M
Investing Cash Flow	-$212.0M+77.0%	-$923.0M-1841.5%	$53.0M+101.6%	-$3.3B-8.6%	-$3.1B-4050.0%	-$74.0M-145.4%	$163.0M+840.9%	-$22.0M
Financing Cash Flow	-$588.0M-712.5%	$96.0M+269.2%	$26.0M+103.9%	-$661.0M-14.4%	-$578.0M-124.5%	$2.4B+468.2%	-$641.0M-158.5%	$1.1B
Dividends Paid	N/A	N/A	$808.0M-3.6%	$838.0M+5.9%	$791.0M+4.5%	$757.0M-0.1%	$758.0M-4.7%	$795.0M
Share Buybacks	N/A	N/A	$396.0M-39.7%	$657.0M+70.2%	$386.0M-1.3%	$391.0M-24.7%	$519.0M-18.1%	$634.0M

BLK Financial Ratios

Metric	FY25	FY24	FY23	FY22
Gross Margin	N/A	N/A	N/A	N/A
Operating Margin	29.1%-8.0pp	37.1%+2.0pp	35.1%-0.6pp	35.7%
Net Margin	22.9%-8.3pp	31.2%+0.4pp	30.8%+1.8pp	29.0%
Return on Equity	9.9%-3.5pp	13.4%-0.6pp	14.0%+0.3pp	13.7%
Return on Assets	3.3%-1.3pp	4.6%+0.1pp	4.5%	N/A
Current Ratio	N/A	N/A	N/A	N/A
Debt-to-Equity	0.23-0.0	0.26+0.1	0.20	N/A
FCF Margin	14.7%-8.4pp	23.0%+1.6pp	21.4%-3.4pp	24.8%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	23.7%-6.3pp	30.0%-1.9pp	31.9%-0.3pp	32.2%-4.4pp	36.5%-2.1pp	38.6%+1.1pp	37.5%+1.7pp	35.8%
Net Margin	16.1%-4.3pp	20.3%-9.0pp	29.4%+0.8pp	28.6%-0.8pp	29.4%-2.0pp	31.4%+0.3pp	31.1%-2.2pp	33.3%
Return on Equity	2.0%-0.4pp	2.4%-0.9pp	3.2%+0.1pp	3.1%-0.4pp	3.5%-0.4pp	4.0%+0.3pp	3.7%-0.2pp	3.9%
Return on Assets	0.7%-0.1pp	0.8%-0.3pp	1.1%+0.0pp	1.1%-0.1pp	1.2%-0.0pp	1.2%	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	0.230.0	0.23-0.0	0.260.0	0.260.0	0.26-0.0	0.30	N/A	N/A
FCF Margin	30.6%+10.1pp	20.5%-3.0pp	23.5%+46.4pp	-22.9%-67.4pp	44.5%+19.8pp	24.8%-3.5pp	28.3%+38.2pp	-10.0%

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Frequently Asked Questions

What is Blackrock's annual revenue?

Blackrock (BLK) reported $24.2B in total revenue for fiscal year 2025. This represents a 18.7% 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 18.7% year-over-year, from $20.4B to $24.2B in fiscal year 2025.

Is Blackrock profitable?

Yes, Blackrock (BLK) reported a net income of $5.6B in fiscal year 2025, with a net profit margin of 22.9%.

What is Blackrock's EBITDA?

Blackrock (BLK) had EBITDA of $7.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Blackrock have?

As of fiscal year 2025, Blackrock (BLK) had $11.5B in cash and equivalents against $12.8B in long-term debt.

What is Blackrock's operating margin?

Blackrock (BLK) had an operating margin of 29.1% in fiscal year 2025, 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 22.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Blackrock pay dividends?

Yes, Blackrock (BLK) paid $20.84 per share in dividends during fiscal year 2025.

What is Blackrock's return on equity (ROE)?

Blackrock (BLK) has a return on equity of 9.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Blackrock's free cash flow?

Blackrock (BLK) generated $3.6B in free cash flow during fiscal year 2025. This represents a -24.4% 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 $3.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Blackrock's total assets?

Blackrock (BLK) had $170.0B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Blackrock's capital expenditures?

Blackrock (BLK) invested $375.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Blackrock have outstanding?

Blackrock (BLK) had 155M shares outstanding as of fiscal year 2025.

What is Blackrock's debt-to-equity ratio?

Blackrock (BLK) had a debt-to-equity ratio of 0.23 as of fiscal year 2025, 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 3.3% for fiscal year 2025, 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 0.71x, 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 11.5x, 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 69 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.