BlackRock (BLK) FY2025 10-K Annual Report
BlackRock (BLK) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
BlackRock FY2025 10-K Analysis
Business Overview
- • World's largest asset manager; $14.0T AUM (+21% YoY from $11.6T), generating $24.2B total revenue vs $20.4B in 2024
- • HPS Transaction (July 2025) added $118B fee-paying AUM in private credit, dramatically scaling alternatives to $424B AUM — now 17% of long-term base fees despite only 3% of AUM
- • Preqin acquisition closed March 2025 for £2.5B (~$3.2B cash), combining private markets data with Aladdin/eFront to create integrated private markets technology platform; tech revenue up 24% YoY to $2.0B; ACV up 31%
- • GAAP operating margin compressed sharply to 29.1% from 37.1% in 2024, reflecting acquisition integration costs; as-adjusted margin held at 44.1% vs 44.5%
- • Digital assets AUM reached $78B with $35B net inflows — now a standalone AUM category spanning Bitcoin/Ethereum ETPs listed across US, Canada, Europe, UK, and Australia
Management Discussion & Analysis
- • Revenue $24.2B, up $3.8B (+19%) YoY; driven by organic base fee growth, market appreciation, GIP/HPS transaction fees, and higher tech services revenue
- • GAAP operating margin 29.1% vs 37.1% prior year; as-adjusted operating margin 44.1% vs 44.5%; GAAP decline driven by noncash acquisition costs and $109M Charitable Contribution
- • Best segment: ETFs with $526.7B net inflows and $5.5T AUM; worst: Institutional Index with net outflows of $119.3B
- • Operating cash flow (ex-CIPs) $7.5B; capex $375M; share repurchases $1.6B (~1.6M shares); dividends/distributions $3.3B
- • Management targets $400B private markets fundraising by 2030; key risks include acquisition integration (HPS, Preqin), AI governance, geopolitical/trade volatility, and regulatory changes from One Big Beautiful Bill Act
Risk Factors
- • SEC Rule 2a-7 amendments mandate higher MMF liquidity levels and mandatory fees; EU/UK considering similar reforms impacting BlackRock's global MMF business
- • US-China strategic competition plus outbound investment regime (effective Jan 2025) restricts investments in semiconductors, AI, quantum computing sectors
- • Aladdin infrastructure hosted on Microsoft Azure and Amazon Web Services — prolonged cloud failure could disrupt both investment advisory and Aladdin client operations
- • FSOC retains authority to designate BlackRock as SIFI under Dodd-Frank, triggering Federal Reserve supervision and enhanced capital requirements
- • Securities lending indemnification exposure: ~$353B on loan, ~$375B collateral held — simultaneous borrower defaults and collateral value declines could trigger material liabilities
BlackRock FY2025 Key Financial MetricsXBRL
Revenue
$24.2B
▲ +18.7% YoY
Net Income
$5.6B
▼ -12.8% YoY
Operating Margin
29.1%
▼ -802bp YoY
Net Margin
22.9%
▼ -828bp YoY
ROE
9.9%
▼ -347bp YoY
Total Assets
$170.0B
▲ +22.6% YoY
EPS (Diluted)
$35.31
▼ -15.9% YoY
Operating Cash Flow
$3.9B
▼ -20.8% YoY
Source: XBRL data from BlackRock FY2025 10-K filing on SEC EDGAR. All figures in USD.
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