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
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
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
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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