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BlackRock, Inc. is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks. It also provides global risk management and advisory services. The firm manages separate client-focused equity, fixed income, and balanced portfolios. It also launches and manages open-end and closed-end mutual funds, offshore funds, unit trusts, and alternative investment vehicles including structured funds. The firm launches equity, fixed income, balanced, and real estate mutual funds. It also launches equity, fixed income, balanced, currency, commodity, and multi-asset exchange traded funds. The firm also launches and manages hedge funds. It invests in the public equity, fixed income, real estate, currency, commodity, and alternative markets across the globe. The firm primarily invests in growth and value stocks of small-cap, mid-cap, SMID-cap, large-cap, and multi-cap companies. It also invests in dividend-paying equity securities. The firm invests in investment grade municipal securities, government securities including securities issued or guaranteed by a government or a government agency or instrumentality, corporate bonds, and asset-backed and mortgage-backed securities. It employs fundamental and quantitative analysis with a focus on bottom-up and top-down approach to make its investments. The firm employs liquidity, asset allocation, balanced, real estate, and alternative strategies to make its investments. In real estate sector, it seeks to invest in Poland and Germany. The firm benchmarks the performance of its portfolios against various S&P, Russell, Barclays, MSCI, Citigroup, and Merrill Lynch indices. BlackRock, Inc. was founded in 1988 and is based in New York, New York with additional offices in Atlanta, Georgia; Boston, Massachusetts; Chicago, Illinois; Dallas, Texas; Denver, Colorado; Greenwich, Connecticut; Houston, Texas; Miami, Florida; Newport Beach, California; Palo Alto, California; Philadelphia, Pennsylvania; Princeton, New Jersey; San Francisco, California; Santa Monica, California; Seattle, Washington; Washington, DC; West Palm Beach, Florida; Wilmington, Delaware; Mexico; Canada; South Africa; Netherlands; Greece; Serbia; Belgium; Hungary; Denmark; Ireland; Scotland; Germany; Switzerland; England; Luxembourg; Spain; Italy; France; Sweden; Austria; India; China; Australia; Hong Kong; South Korea; Singapore; Taiwan; Japan; Colombia; Argentina; Peru; Chile; Brazil; UAE; Saudi Arabia; Israel.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $24.2B | $9.4B | $5.6B | $3.6B | 9.9% | 18.7% | -12.8% |
| 2024 | $20.4B | $9.4B | $6.4B | $4.7B | 13.4% | 14.3% | 15.8% |
| 2023 | $17.9B | $7.9B | $5.5B | $3.8B | 14.0% | -0.1% | 6.3% |
| 2022 | $17.9B | $6.9B | $5.2B | $4.4B | 13.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 17,873 | 17,859 | 20,407 | 24,216 |
| Operating Revenue | 17,873 | 17,859 | 20,407 | 24,216 |
| Cost Of Revenue | 9,189 | 9,277 | 10,321 | 12,906 |
| Gross Profit | 8,684 | 8,582 | 10,086 | 11,310 |
| Operating Expense | 2,208 | 2,243 | 2,548 | 3,401 |
| Selling General And Administration | 2,057 | 2,092 | 2,257 | 2,626 |
| Total Expenses | 11,397 | 11,520 | 12,869 | 16,307 |
| Operating Income | 6,476 | 6,339 | 7,538 | 7,909 |
| Total Operating Income As Reported | 6,385 | 6,275 | 7,574 | 7,045 |
| EBITDA | 6,920 | 7,874 | 9,362 | 9,359 |
| Normalized EBITDA | 7,046 | 7,239 | 8,834 | 9,480 |
| EBIT | 6,502 | 7,447 | 8,833 | 8,233 |
| Interest Income | 152 | 473 | 767 | 554 |
| Interest Expense | 212 | 292 | 538 | 614 |
| Net Interest Income | -60 | 181 | 229 | -60 |
| Other Non Operating Income Expenses | - | - | - | -109 |
| Other Income Expense | -126 | 635 | 528 | -230 |
| Interest Income Non Operating | 152 | 473 | 767 | 554 |
| Interest Expense Non Operating | 212 | 292 | 538 | 614 |
| Net Non Operating Interest Income Expense | -60 | 181 | 229 | -60 |
| Pretax Income | 6,290 | 7,155 | 8,295 | 7,619 |
| Tax Provision | 1,296 | 1,479 | 1,783 | 1,677 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | -25.20 | 134.62 | 113.49 | -26.63 |
| Net Income Continuous Operations | 4,994 | 5,676 | 6,512 | 5,942 |
| Net Income From Continuing And Discontinued Operation | 5,178 | 5,502 | 6,369 | 5,553 |
| Net Income From Continuing Operation Net Minority Interest | 5,178 | 5,502 | 6,369 | 5,553 |
| Net Income | 5,178 | 5,502 | 6,369 | 5,553 |
| Net Income Common Stockholders | 5,178 | 5,502 | 6,369 | 5,553 |
| Net Income Including Noncontrolling Interests | 4,994 | 5,676 | 6,512 | 5,942 |
| Normalized Income | 5,278.80 | 5,001.62 | 5,954.49 | 5,647.37 |
| Diluted NI Availto Com Stockholders | 5,178 | 5,502 | 6,369 | 5,680 |
| Basic Average Shares | 150.92 | 149.30 | 150 | 155 |
| Diluted Average Shares | 152.44 | 150.70 | 151.60 | 160.90 |
| Reconciled Depreciation | 418 | 427 | 529 | 1,126 |
| Reconciled Cost Of Revenue | 8,922 | 9,001 | 10,083 | 12,555 |
| Total Unusual Items | -126 | 635 | 528 | -121 |
| Total Unusual Items Excluding Goodwill | -126 | 635 | 528 | -121 |
| Minority Interests | 184 | -174 | -143 | -389 |
| Special Income Charges | -91 | -64 | 36 | -759 |
| Other Special Charges | - | - | - | 109 |
| Restructuring And Mergern Acquisition | 91 | 64 | -36 | 759 |
| Gain On Sale Of Security | -35 | 699 | 492 | 638 |
| Depreciation Amortization Depletion Income Statement | 151 | 151 | 291 | 775 |
| Depreciation And Amortization In Income Statement | 151 | 151 | 291 | 775 |
| General And Administrative Expense | 2,057 | 2,092 | 1,943 | 2,253 |
| Other Gand A | 2,057 | 2,092 | 1,522 | 1,732 |
| Rent Expense Supplemental | 403 | 418 | 421 | 521 |
| Selling And Marketing Expense | 331 | 344 | 314 | 373 |
| Rent And Landing Fees | 403 | 418 | 421 | 521 |
| Average Dilution Earnings | - | 0 | 0 | 127 |
| Amortization | 151 | 151 | 291 | 775 |
| Amortization Of Intangibles Income Statement | 151 | 151 | 291 | 775 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| BlackRock, Inc.this co. | BLK | $166.5B | 29.99↑ premium | 2.98 | 9.9% | 18.17 |
| American Express Company | AXP | $213.2B | 19.68 | 6.37 | 32.4% | - |
| The Charles Schwab Corporation | SCHW | $153.0B | 17.29 | 3.59 | 20.7% | - |
| Interactive Brokers Group, Inc. | IBKR | $147.7B | 150.07 | 27.54 | 18.3% | 15.71 |
| Blackstone Inc. | BX | $144.9B |
| 47.99 |
| 16.72 |
| 34.8% |
| - |
| S&P Global Inc. | SPGI | $124.4B | 27.81 | 4.00 | 14.4% | 17.70 |
| Chubb Limited | CB | $122.0B | 11.83 | 1.65 | 14.0% | - |
| The Progressive Corporation | PGR | $114.0B | 10.08 | 3.76 | 37.3% | - |
| Capital One Financial Corporation | COF | $114.0B | 52.27 | 1.00 | 1.9% | - |
| Peer Median | - | 23.75 | 3.88 | 19.5% | 16.71 | |