Short answer
BlackRock (BLK) filed its fiscal 2024 10-K annual report with the SEC on Feb 25, 2025. It reported revenue of $20.4B (+14.3% year over year) and net income of $6.4B.
- Top risk flagged: Regulatory/legal risk: Potential loss of investment advisory contracts due to fund board terminations or shareholder activism impacting BlackRock’s fee revenue
FY2024 key financial metrics · XBRL
- Revenue
- $20.4B
- +14.3% YoY
- Net income
- $6.4B
- +15.8% YoY
- Operating margin
- 37.1%
- +2.0 pp YoY
- EPS (diluted)
- $42.01
- +15.1% YoY
- ROE
- 13.4%
- −0.6 pp YoY
- Operating cash flow
- $5.0B
- +19.0% YoY
Source: XBRL data from the BlackRock (BLK) FY2024 10-K on SEC EDGAR. USD.
BlackRock FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Global investment management and advisory services provider
- No new products, services, or segments introduced or emphasized in this year's Business section
- Continued strong corporate governance framework with Code of Ethics and Audit Committee disclosures referenced
- Proxy Statement incorporated extensively for compliance, executive compensation, and stock ownership details
- Filing notably lacks standalone Business section narrative, relying entirely on cross-references to Proxy Statement
Management Discussion & Analysis
- BlackRock AUM $11.6T at Dec 31, 2024, no YoY revenue or operating margin disclosed
- Forward-looking risks include integration of HPS, Preqin, GIP acquisitions; market volatility; regulatory and geopolitical risks; AI and cybersecurity challenges
Risk Factors
- Regulatory/legal risk: Potential loss of investment advisory contracts due to fund board terminations or shareholder activism impacting BlackRock’s fee revenue
- Geopolitical/macro risk: Exposure to geopolitical unrest including Ukraine-Russia conflict and US-China tensions affecting global markets and BlackRock’s AUM
- Operational/supply risk: Concentration of critical operations in few locations (e.g., San Francisco, New York, London) increasing vulnerability to natural disasters or disruptions
- Competitive risk: Aladdin platform challenged by competitors offering standalone or internally developed solutions, risking client loss and reduced revenue
- Financial risk: $305 billion securities lending exposure with indemnification obligations creating material liability risk upon borrower defaults and collateral shortfalls
Generated from the filing text; verify against the original. How to read a 10-K
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