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what it is
BlackRock manages your retirement money, sells market-tracking funds, and licenses the software big investors use to measure risk.
how it gets paid
Last year Blackrock made $24.2B in revenue. equity strategies was the main engine at $9.2B, or 38% of sales.
why it's growing
Revenue grew 18.7% last year. EDGAR shows quarterly revenue of $17.2B, up 164% vs. prior year, though that number looks inflated versus the annual run rate and should be read.
what just happened
BlackRock's latest quarter was a clean beat, with $13.16 in earnings per share versus a $12.60 estimate.
At a glance
A++ balance sheet — fortress balance sheet — as safe as it gets
95/100 earnings predictability — you can trust these numbers
23.6x trailing p/e — priced about right
2.0% dividend yield — cash in your pocket every quarter
14.0% return on capital — nothing to write home about
xvary composite: 69/100 — average
What they do
BlackRock manages your retirement money, sells market-tracking funds, and licenses the software big investors use to measure risk.
Scale is the moat here. BlackRock manages $11.6 trillion as of 12/31/24, according to, which means more products, lower costs, and more data than smaller rivals. If your pension, adviser, or 401(k) already runs through BlackRock, switching is a paperwork headache with real career risk for the person approving it.
How they make money
$24.2B
annual revenue · their business grew +18.7% last year
equity strategies
$9.2B
fixed income strategies
$4.8B
multi-asset and cash management
$4.3B
alternatives and private markets
$3.1B
technology and advisory
$2.8B
The products that matter
exchange-traded funds platform
iShares ETFs
$3T+ assets
It is the world's largest ETF platform with over $3T in assets. Low-fee products only become great businesses at massive scale. BlackRock has the scale.
scale moat
investment risk software
Aladdin
$25T+ client assets
Institutions using Aladdin manage over $25T in assets. That is software revenue embedded inside finance, which is why 22% technology growth gets your attention.
stickier revenue
private equity & credit
Private Markets
$400B target
Management is aiming at a $400B private assets opportunity. That is the higher-fee lane if public-market fees keep getting squeezed.
growth lane
Key numbers
$11.6T
assets managed
That is the fee base. More assets usually mean more revenue, even before BlackRock sells you anything new.
29.1%
operating margin
This tells you BlackRock keeps about 29 cents of operating profit for every dollar of revenue, per.
$24.2B
annual revenue
EDGAR says revenue grew 18.7% vs. prior year, which is fast for a company already this large.
23.6x
trailing multiple
You are paying 23.6 times trailing earnings, so the market already expects steady growth and no major accident.
Financial health
A++
strength
- balance sheet grade A++ — the absolute highest — fortress balance sheet
- risk rank 1 — safer than 95% of stocks
- price stability 80 / 100
- long-term debt $12.8B (7% of capital)
- net profit margin 30.0% — keeps 30 cents of every dollar in revenue
- return on equity 16% — $0.16 profit for every $1 investors have put in
A++ with balance sheet grade and risk rank standing out. your money faces less risk here than at most public companies.
Total return vs. market
You invested $10,000 in BLK 3 years ago → it's now worth $17,160.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
BlackRock's latest quarter was a clean beat, with $13.16 in earnings per share versus a $12.60 estimate.
EDGAR shows quarterly revenue of $17.2B, up 164% vs. prior year, though that number looks inflated versus the annual run rate and should be read with caution. also says 2025 likely ended with about $24.0B in revenue and $47.50 in full-year earnings per share.
$6.2B
revenue
$13.16
eps
29.1%
gross margin
the number that mattered
The key number was the $13.16 earnings result, because it beat the $12.60 estimate and showed BlackRock is still converting market strength into profit.
-
blackrock probably exited 2025 with respectable results.
-
for the full year, revenues likely settled at $24.0 billion, representing a roughly 18% advance.for much of the past year, results have been benefiting from stronger fee-based income, increased securities lending revenues, and the ongoing adoption of the firm’s technology software.
-
acquisitions have also helped lift blackrock’s top line.
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we think profits reached $47.50 per share in 2025, in line with our prior estimate.in general, the company has done a good job controlling costs associated with acquisitions, jv partnerships, and expansion initiatives.
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blackrock should benefit from higher asset balances.
source: company earnings report, 2026
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What could go wrong
the top risk is market-driven asset outflows across iShares and active mandates.
high
Market sell-offs hit the fee base fast
BlackRock manages $10.5T, but that money is client money. If markets fall or clients pull assets, the $18.1B advisory fee engine feels it first.
Advisory fees make up 74.8% of the revenue shown here. That concentration is the business model and the risk.
med
ETF scale does not fully protect pricing
iShares has $3T+ in assets, which is the moat. It also sits in one of the most price-competitive corners of finance, where fee pressure never really goes away.
If fee rates compress faster than assets grow, revenue growth slows even when AUM looks healthy.
med
The premium multiple needs a better mix
At 23.6x trailing earnings, BLK trades like a category leader. That is fine when technology grows 22% and core fees grow 15%. It is less fine if both cool together.
A stock priced for quality still gets cheaper when growth stops earning the premium.
When most of your economics come from asset-based fees, markets and flows are not background noise — they are the revenue line.
source: institutional data · regulatory filings · risk analysis
Pay attention to
key metric
Technology growth versus advisory fee growth
Technology services grew 22%. Advisory fees grew 15%. If that gap stays open, BLK looks a little more software-like and a little less market-tied.
ownership trend
Institutional buying streak
Institutions were net buyers for three straight quarters, with 1,047 buyers versus 907 sellers in 3Q2025. You want to see that support continue.
calendar
Next earnings update
The next report matters because the last one told you EPS beat. The next one needs to show whether that strength is broadening across the business.
risk check
Flat long-range revenue expectations
This page shows fy2028 revenue at $36B, basically the same as today. If that estimate starts moving down, the premium multiple gets harder to defend.
Analyst rankings
earnings predictability
95 / 100
In human-speak: analysts see a business that usually lands close to expectations.
risk rank
1
That is the page's shorthand for very low balance-sheet risk relative to most stocks.
price stability
80 / 100
The stock still moves, but not like a speculative finance name.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 1,047 buyers vs. 907 sellers in 3q2025. total institutional holdings: 0.1B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$937
$1726
$1120
current price
$1390
target midpoint · +24% from current · 3-5yr high: $1530 (+35% · 10% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
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