BLK
SP100NYSEBlackRock, Inc.
Financial Services · Asset Management · United States
BlackRock, Inc. is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks. It also provides global risk management and advisory services. The firm manages separate client-focused equity, fixed income, and balanced portfolios. It also launches and manages open-end and closed-end mutual funds, offshore funds, unit trusts, and alternative investment vehicles including structured funds. The firm launches equity, fixed income, balanced, and real estate mutual funds. It also launches equity, fixed income, balanced, currency, commodity, and multi-asset exchange traded funds. The firm also launches and manages hedge funds. It invests in the public equity, fixed income, real estate, currency, commodity, and alternative markets across the globe. The firm primarily invests in growth and value stocks of small-cap, mid-cap, SMID-cap, large-cap, and multi-cap companies. It also invests in dividend-paying equity securities. The firm invests in investment grade municipal securities, government securities including securities issued or guaranteed by a government or a government agency or instrumentality, corporate bonds, and asset-backed and mortgage-backed securities. It employs fundamental and quantitative analysis with a focus on bottom-up and top-down approach to make its investments. The firm employs liquidity, asset allocation, balanced, real estate, and alternative strategies to make its investments. In real estate sector, it seeks to invest in Poland and Germany. The firm benchmarks the performance of its portfolios against various S&P, Russell, Barclays, MSCI, Citigroup, and Merrill Lynch indices. BlackRock, Inc. was founded in 1988 and is based in New York, New York with additional offices in Atlanta, Georgia; Boston, Massachusetts; Chicago, Illinois; Dallas, Texas; Denver, Colorado; Greenwich, Connecticut; Houston, Texas; Miami, Florida; Newport Beach, California; Palo Alto, California; Philadelphia, Pennsylvania; Princeton, New Jersey; San Francisco, California; Santa Monica, California; Seattle, Washington; Washington, DC; West Palm Beach, Florida; Wilmington, Delaware; Mexico; Canada; South Africa; Netherlands; Greece; Serbia; Belgium; Hungary; Denmark; Ireland; Scotland; Germany; Switzerland; England; Luxembourg; Spain; Italy; France; Sweden; Austria; India; China; Australia; Hong Kong; South Korea; Singapore; Taiwan; Japan; Colombia; Argentina; Peru; Chile; Brazil; UAE; Saudi Arabia; Israel.
www.blackrock.com ↗Shares trade at a premium 25.1× trailing earnings, easing to 16.3× on forward estimates. Profitability shows a net margin of 24.4% and return on equity of 11.9%. Leverage is modest at 0.2× net debt/EBITDA. Revenue grew 27.0% year-on-year. It yields 2.3% in dividends. The mean analyst target of USD1251.69 sits 25.7% above the current price (Buy, 16 analysts).
business model
BlackRock is the world's largest asset manager, earning most of its revenue from investment advisory and administration fees charged as a percentage of assets under management (AUM), which exceeds $10 trillion. It also generates recurring, higher-margin revenue from its Aladdin risk-management and portfolio-analytics software platform, which it licenses to other institutions.
revenue segments
Revenue is driven by base management fees on long-term products (iShares ETFs, active and index equity/fixed-income, multi-asset, alternatives), performance fees, technology services (Aladdin), advisory and distribution fees, and securities lending. iShares ETFs and institutional index strategies represent a large share of AUM.
key dependencies
The business depends heavily on global equity and bond market levels since fees scale with AUM, on continued net inflows into ETFs and index products, and on the retention and expansion of Aladdin technology clients. Interest rate environment and investor risk appetite materially affect flows and asset values.
competitors
Vanguard and State Street (SSGA) in index/ETF products; Fidelity, Amundi, and State Street in broad asset management; and firms like MSCI and SS&C on the technology/analytics side. Vanguard's low-cost model is a persistent competitive pressure on fees.
moat
BlackRock's moat comes from massive scale that enables ultra-low-cost passive products, the strength of the iShares brand, high switching costs and deep integration of Aladdin into client workflows, and distribution breadth across institutional and retail channels.
risks
Key risks include fee compression from the industry shift to low-cost passive investing, market downturns that reduce AUM and fees, outflows from active strategies, regulatory scrutiny of large asset managers, and reputational/political exposure related to ESG and index-fund voting power.
Financials & metrics
as of 23 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Total revenue | $24.22B | $20.41B | $17.86B | $17.87B |
| Cost of revenue | $12.91B | $10.32B | $9.28B | $9.19B |
| Gross profit | $11.31B | $10.09B | $8.58B | $8.68B |
| Operating expense | $3.40B | $2.55B | $2.24B | $2.21B |
| Operating income | $7.91B | $7.54B | $6.34B | $6.48B |
| Interest expense | $614.00M | $538.00M | $292.00M | $212.00M |
| Pretax income | $7.62B | $8.29B | $7.16B | $6.29B |
| Tax provision | $1.68B | $1.78B | $1.48B | $1.30B |
| Net income | $5.55B | $6.37B | $5.50B | $5.18B |
| EBITDA | $9.36B | $9.36B | $7.87B | $6.92B |
| Diluted EPS | $35.31 | $42.01 | $36.51 | $33.97 |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Total assets | $170.00B | $138.62B | $123.21B | $117.63B |
| Current assets | $27.42B | $25.11B | $19.38B | $18.22B |
| Cash & equivalents | $11.47B | $12.76B | $8.74B | $7.42B |
| Total liabilities | $108.46B | $89.26B | $81.97B | $78.84B |
| Current liabilities | $1.74B | $1.54B | $1.24B | $1.29B |
| Total debt | $15.00B | $14.22B | $9.70B | $8.49B |
| Long-term debt | $12.77B | $12.31B | $7.92B | $6.65B |
| Shareholders' equity | $55.89B | $47.49B | $39.35B | $37.74B |
| Retained earnings | $37.90B | $35.61B | $32.34B | $29.88B |
| Working capital | $25.68B | $23.58B | $18.14B | $16.93B |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Operating cash flow | $3.93B | $4.96B | $4.17B | $4.96B |
| Investing cash flow | -$4.42B | -$3.00B | -$959.00M | -$1.13B |
| Financing cash flow | -$1.13B | $2.24B | -$1.99B | -$5.44B |
| Capital expenditure | -$375.00M | -$255.00M | -$344.00M | -$533.00M |
| Free cash flow | $3.55B | $4.70B | $3.82B | $4.42B |
| Dividends paid | -$3.35B | -$3.10B | -$3.04B | -$2.99B |
| Share buybacks | -$1.95B | -$1.93B | -$1.88B | -$2.33B |
| End cash position | $11.49B | $12.78B | $8.75B | $7.43B |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 23 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 21 Aug 2026News
Sector peers
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