# BlackRock Inc. (BLK) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/BLK/thesis · /stocks/BLK/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/BLK/fundamental

## Navigation

- Overview: /stocks/BLK
- Financials (this page): /stocks/BLK/financials
- Thesis: /stocks/BLK/thesis
- Investment Memo: /stocks/BLK/memo
- Coverage universe: /stocks