Short answer
BlackRock (BLK) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $24.2B (+18.7% year over year) and net income of $5.6B.
- Top risk flagged: SEC Rule 2a-7 amendments mandate higher MMF liquidity levels and mandatory fees; EU/UK considering similar reforms impacting BlackRock's global MMF business
FY2025 key financial metrics · XBRL
- Revenue
- $24.2B
- +18.7% YoY
- Net income
- $5.6B
- −12.8% YoY
- Operating margin
- 29.1%
- −8.0 pp YoY
- EPS (diluted)
- $35.31
- −15.9% YoY
- ROE
- 9.9%
- −3.5 pp YoY
- Operating cash flow
- $3.9B
- −20.8% YoY
Source: XBRL data from the BlackRock (BLK) FY2025 10-K on SEC EDGAR. USD.
BlackRock FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
Other BlackRock annual reports
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.