BlackRock (BLK) Q4 2025 earnings summary

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.