BlackRock (BLK) Q3 2025 10-Q Quarterly Report
Filed: Nov 5, 2025Period ending Sep 30, 2025
Financials
Security Brokers, Dealers & Flotation CompaniesSEC EDGAR BlackRock (BLK) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Nov 5, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
BlackRock Q3 2025 10-Q Analysis
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
BlackRock Q3 2025 Quarterly FinancialsXBRL
Revenue
$6.5B
▼ -55.8% YoY▲ +20.0% QoQ
Net Income
$1.3B
▼ -71.8% YoY▼ -16.9% QoQ
Operating Margin
30.0%
▼ -730bp YoY▼ -188bp QoQ
Net Margin
20.3%
▼ -1158bp YoY▼ -905bp QoQ
ROE
2.4%
Total Assets
$162.7B
EPS (Diluted)
$8.38
▼ -73.3% YoY▼ -17.8% QoQ
Operating Cash Flow
$1.4B
▼ -39.5% YoY▲ +3.7% QoQ
Source: XBRL data from BlackRock Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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