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BlackRock Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary15 Jan, 2026
Executive summary
Achieved record net inflows of $698 billion in 2025, with $342 billion in Q4, driving AUM to $14 trillion, up 22% year-over-year and reflecting broad diversification across clients, products, and geographies.
Delivered 9% organic base fee growth and 16% technology ACV expansion for the year, with Q4 organic base fee growth at 12%.
Major acquisitions (GIP, Preqin, HPS) were integrated, enhancing capabilities in public/private markets, technology, and data.
iShares set a new flows record with $527 billion in 2025, and technology services revenue grew 24% year-over-year.
Q4 2025 saw total revenue up 23% year-over-year and adjusted operating margin at 45.8%.
Financial highlights
Full year revenue reached $24.2 billion, up 19% year-over-year; Q4 revenue was $7 billion, up 23% year-over-year.
Full year as adjusted operating income was $9.6 billion, up 18%; GAAP operating income was $7.0 billion, down 7%.
As adjusted EPS for the year was $48.09, up 10%; Q4 as adjusted EPS was $13.16.
Q4 base fees and securities lending revenue totaled $5.3 billion.
Full year GAAP diluted EPS fell 16% to $35.31; adjusted net income for Q4 was $2,176 million.
Outlook and guidance
Entering 2026 with strong momentum, targeting $1.8 billion in share repurchases and a 10% increase in Q1 2026 dividend per share.
Expecting mid-single-digit percentage increase in G&A for 2026, with headcount broadly flat.
Targeting $400 billion in gross private markets fundraising through 2030.
Forward-looking statements highlight ongoing risks from market volatility, integration of recent acquisitions, and regulatory changes.
Anticipate continued double-digit organic base fee growth in key segments and margin expansion driven by private markets and scaled businesses.
Quantify Q4 revenue contribution from HPS and Preqin
What drove the Q4 GAAP operating margin decline
Detail the $116M Circle investment loss impact
Preqin's role in private market investable indices?
How will Fed rate cuts impact cash management flows?
Drivers for FRE margin expansion to 50%+
Partial view of Summaries dataset, powered by Quartr API
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Next BlackRock earnings date
Q1 202610 Apr, 2026
BlackRock
Next BlackRock earnings date
Q1 202610 Apr, 2026
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Frequently asked questions
Investment management giants
BlackRock is a global investment management firm headquartered in NYC that offers a range of financial services to clients across the world. With a diverse portfolio of investment products and financial services, BlackRock serves both individual and institutional investors alike, providing asset management and advice for clients.
A global reach
BlackRock was founded in 1988 and has since grown to become one of the largest investment management firms globally. The company's growth can be attributed to a combination of strategic acquisitions, expansion into new markets, and the ability to deliver consistent results for clients. Over the years, BlackRock has built a strong reputation for its risk management capabilities and data-driven investment strategies. Today, the firm manages trillions of dollars in assets, serving a client base that includes individuals, corporations, pension funds, and governments worldwide.
Investment services
BlackRock offers a comprehensive range of investment services. Through its iShares brand, BlackRock provides exchange-traded funds (ETFs) that cover a spectrum of asset classes, including equities, fixed income, and commodities. These ETFs offer investors a cost-effective, accessible, and efficient way to gain exposure to different market segments.
Additionally, BlackRock's active management strategies aim to deliver strong investment performance through its actively managed mutual funds and separate accounts. The firm's investment teams employ rigorous research and analysis to identify attractive investment opportunities and manage portfolios in line with clients' objectives.
BlackRock also provides risk management and advisory services to institutional investors, including pension funds and insurance companies. These services help clients manage risks, optimize portfolio construction, and achieve their long-term investment goals. However, BlackRock operates in a cutthroat industry and competition is fierce. Some of their largest publicly traded competitors include names such as State Street, JPMorgan, and Goldman Sachs.
Serving both individuals and organizations
As previously mentioned, BlackRock serves both individual investors and institutional clients. For individuals, BlackRock offers mutual funds, ETFs, and managed accounts. Institutional clients, such as pension funds and endowments, have access to customized investment strategies and risk management services. BlackRock's expertise in portfolio construction and risk management is crucial in optimizing institutional clients' portfolios. Additionally, the firm provides digital investment platforms and tools, like Aladdin, for convenient access to portfolios and market information.
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