BlackRock Inc.
BLKFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$6.7B
Q1 2026 · +27% YoY
TTM ROIC
14.6%
FY2025 · Adj. Net Income / Total Invested Capital (Equity + Net Debt) · WACC ~8.5% · Moat spread +6.1pp
Financial Snapshot
ticker: BLK step: 04 generated: 2026-05-12 source: quick-research
BlackRock, Inc. (BLK) — Financial Snapshot
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Total Revenue | $17.9B | $20.4B | $24.2B | +19% |
| Investment Advisory Fees | $14.5B | $16.5B | $19.5B | +18% |
| Technology Services Revenue (Aladdin) | $1.5B | $1.6B | $2.0B | +25% |
| Adj. Operating Margin | 41% | 42% | 40% | -2pp (margin compression) |
| Net Income | $5.5B | $6.4B | $5.6B | -13% (GAAP) |
| Adj. Net Income | $5.9B | $6.7B | $7.7B | +15% |
| Adj. EPS (diluted) | $37.77 | $43.61 | $48.09 | +10% |
Q1 2026 Highlights
| Metric | Q1 2026 | YoY |
|---|---|---|
| Total AUM | $13.89T (record) | +32% YoY |
| Net Inflows | $130B (Q1) | |
| Net Income | $2.2B | +17% |
| Tech Services Revenue | $530M | +22% (incl. $65M Preqin) |
| Organic Base Fee Growth | 12% annualized |
AUM Detail (Q1 2026)
| Channel | AUM | % of Total |
|---|---|---|
| ETFs (iShares) | $4.2T+ | ~30% |
| Institutional Active | ~$4T | ~29% |
| Retail Mutual Funds | ~$1.5T | ~11% |
| Cash Management | ~$1.5T | ~11% |
| Alternatives | $423B+ | ~3% |
| Advisory + Other | balance | ~16% |
Net Inflows Trajectory
| Period | Net Inflows |
|---|---|
| FY2024 | $641B (record) |
| FY2025 | $698B (new record) |
| Q1 2026 | $130B (+ETF $132B) |
Bitcoin ETF (IBIT)
| Metric | Value |
|---|---|
| IBIT AUM | $55B+ |
| BTC Holdings | ~800,000 BTC |
| Market Share | Largest by 3x |
| Q1 2026 Net Inflows (crypto ETFs) | $935M |
| TTM Net Inflows (crypto ETFs) | $32B |
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$6.5B |
| Free Cash Flow | ~$6B |
| Cash & Investments | ~$13B |
| Total Debt | ~$15B |
| Net Cash | ~$(2)B (modest net debt post-M&A) |
Key Ratios (approximate, May 2026)
- P/E (forward): ~21x | EV/EBITDA: ~15x | Dividend Yield: ~2.0%
- ROE: ~15%
- Operating Margin: 40% adj
- Fee Compression: GAAP NI -13% as M&A integration costs hit; adj NI +15%
Growth Profile
FY25 revenue +19% to $24.2B; adj EPS +10%. Q1 2026 AUM hit record $13.89T (+32% YoY). The 2024-25 private markets buildout (GIP, HPS, Preqin) is now scaling — alternatives AUM $423B+ growing high-teens; technology services +22%. GAAP margin compression is from M&A integration; underlying adj margins stable. Net inflows accelerating: $641B (2024) → $698B (2025).
Forward Estimates
- FY2026E Revenue: ~$28B (+15%)
- FY2026E Adj EPS: ~$56 (+16%)
- FY2027E EPS: ~$62-65 (+10-15%)
- Long-term AUM growth target: mid-to-high single digit organic + market appreciation
Capital Return
- Dividend $20.40 annual (~$3.1B paid)
- 11+ consecutive years of dividend growth
- Buybacks: ~$1.5-2B annual (moderated for M&A integration)
- Total return: ~3% combined yield + 10-15% EPS growth
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $BLK.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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