BlackRock (BLK) Q4 2024 earnings summary

Executive summary

• Achieved record net inflows of $641 billion in 2024, with $281 billion in Q4, driving AUM to $11.6 trillion, up 15% year-over-year, reflecting broad diversification across clients, products, and geographies.

• Annual revenue reached $20.41 billion, up 14% year over year, with operating income of $8.1 billion, up 23%, and adjusted net income for Q4 2024 at $1.87 billion.

• Strategic acquisitions (GIP closed, HPS and Preqin pending) are expected to further boost private markets, infrastructure, and technology/data revenue contributions.

• Expanded leadership roles and talent investments to support the next phase of growth and organic investments.

• Returned $4.7 billion to shareholders in 2024, including $1.6 billion in share repurchases and dividends per share of $20.40.

Financial highlights

• Q4 revenue of $5.68 billion, up 23% year over year; Q4 operating income of $2.33 billion (as adjusted), with Q4 EPS of $11.93 (as adjusted), up 23% year over year.

• Full-year as-adjusted operating margin of 44.5%, up 280 basis points; Q4 margin of 45.8%, up from 42.2% in Q3.

• Technology services revenue grew 13% in Q4 and 8% for the year, with ACV up 12%.

• Full year net income attributable to BlackRock rose 16% to $6.37 billion; adjusted net income up 16% to $6.61 billion.

• Returned over $4.7 billion to shareholders via dividends and share repurchases in 2024.

Outlook and guidance

• Entering 2025 with record AUM, strong organic growth momentum, and plans to integrate HPS and Preqin.

• Expecting mid- to high-single-digit % increase in 2025 core G&A expense (excluding HPS), mainly from GIP and Preqin consolidation and tech investments.

• Targeting $1.5 billion in share repurchases for 2025 and seeking board approval for a dividend increase.

• Projected tax run rate for 2025 is 25%, subject to discrete items and legislative changes.

• Management expects continued outsized growth from structural trends and full integration of acquisitions.