Short answer
BlackRock (BLK) filed its Q3 2025 10-Q quarterly report on Nov 5, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $6.5B (down 55.8% year over year) with net income of $1.3B.
Q3 2025 key financials · XBRL
- Revenue
- $6.5B
- −55.8% YoY · +20.0% QoQ
- Net income
- $1.3B
- −71.8% YoY · −16.9% QoQ
- Operating margin
- 30.0%
- EPS (diluted)
- $8.38
- −73.3% YoY · −17.8% QoQ
Source: XBRL data from the BlackRock (BLK) Q3 2025 10-Q on SEC EDGAR. USD.
BlackRock Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $6.5B in Q3 2025, up 25% YoY from $5.2B in Q3 2024; nine months revenue $17.2B, up 17% from $14.7B
- GAAP operating margin 30.0% in Q3 2025 vs 38.6% in Q3 2024; as adjusted operating margin 44.6% vs 45.8% YoY
- Best performing segment: ETFs with $153B net inflows in Q3 2025, equity ETFs led with $79B inflows
- Worst performing segment: Institutional index with $14B net outflows in Q3 2025, primarily low-fee equity products
- Cash and cash equivalents $9.8B as adjusted at Q3 2025; operating cash flow $4.7B excluding consolidated sponsored investment products (CIPs) in first nine months
- Management highlights ongoing integration of HPS, Preqin, and ElmTree acquisitions, with expected synergies and expanded private markets platform
- Outlook notes potential impacts from geopolitical risks, market volatility, and enhanced regulatory environment; no updated earnings guidance disclosed
Risk Factors
- No new or updated risk factors disclosed compared to 2024 10-K
- Continued risk from market volatility impacting asset management fees and client investments
- Regulatory compliance risks from evolving financial regulations in multiple jurisdictions maintained
- Operational risk from dependency on technology platforms and cybersecurity threats persists
- Financial risk from liquidity and credit markets unchanged, with no new debt maturities noted
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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