BLK (BlackRock, Inc.) Stock Financials & Earnings

Company Info & Key Metrics

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 indust...

CEOLaurence Douglas Fink

Country🇺🇸 United States

ExchangeNYSE

IPOOct 1, 1999

www.blackrock.com

Revenue$7.0B

YoY Growth+22.8%

QoQ Growth+7.1%

Net Income$1.1B

EPS$7.16

Free Cash Flow-$1.4B

Gross Margin82.4%

Op. Margin29.9%

Net Margin16.2%

FCF Margin-20.2%

Rev Multiple (TTM)6.2x

P/E Ratio (TTM)27.0x

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$4.2B	$2.0B	$1.4B
Q2 23	$4.5B	$2.1B	$1.6B
Q3 23	$4.5B	$2.2B	$1.6B
Q4 23	$4.6B	$2.3B	$1.6B
Q1 24	$4.7B	$2.3B	$1.7B
Q2 24	$4.8B	$2.4B	$1.8B
Q3 24	$5.2B	$2.7B	$2.0B
Q4 24	$5.7B	$2.8B	$2.1B
Q1 25	$5.3B	$2.5B	$1.7B
Q2 25	$5.4B	$2.6B	$1.7B
Q3 25	$6.5B	$3.9B	$2.0B
Q4 25	$7.0B	$5.7B	$2.1B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	8.6x	30.7x
Q2 23	8.7x	28.9x
Q3 23	8.6x	27.9x
Q4 23	8.4x	27.3x
Q1 24	8.2x	25.4x
Q2 24	8.0x	24.8x
Q3 24	7.8x	24.7x
Q4 24	7.4x	23.6x
Q1 25	7.2x	23.8x
Q2 25	7.0x	23.5x
Q3 25	6.6x	24.6x
Q4 25	6.2x	27.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$394M	-$475M
Q2 23	$985M	$924M
Q3 23	$1.6B	$1.5B
Q4 23	$2.0B	$1.9B
Q1 24	-$408M	-$472M
Q2 24	$1.4B	$1.4B
Q3 24	$1.4B	$1.3B
Q4 24	$2.6B	$2.5B
Q1 25	-$1.1B	-$1.2B
Q2 25	$1.4B	$1.3B
Q3 25	$1.4B	$1.3B
Q4 25	-$1.6B	-$1.4B

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$81M
Q2 23	$61M
Q3 23	$78M
Q4 23	$124M
Q1 24	$64M
Q2 24	$7M
Q3 24	$94M
Q4 24	$90M
Q1 25	$78M
Q2 25	$89M
Q3 25	$78M
Q4 25	$245M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-9.7%	-4.4%
Q2 23	-1.4%	-0.3%
Q3 23	+4.9%	+3.6%
Q4 23	+6.8%	+4.7%
Q1 24	+11.4%	+8.2%
Q2 24	+7.7%	+5.5%
Q3 24	+14.9%	+10.6%
Q4 24	+22.6%	+18.3%
Q1 25	+11.6%	+17.9%
Q2 25	+12.9%	+22.9%
Q3 25	+25.2%	+42.7%
Q4 25	+22.8%	+35.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$165M	3.9%
Q2 23	$158M	3.5%
Q3 23	$146M	3.2%
Q4 23	$161M	3.5%
Q1 24	$176M	3.7%
Q2 24	$179M	3.7%
Q3 24	$156M	3.0%
Q4 24	$242M	4.3%
Q1 25	$241M	4.6%
Q2 25	$226M	4.2%
Q3 25	$419M	6.4%
Q4 25	-$886M	-12.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	$135M	$422M	$74M
Q2 23	$141M	$416M	$74M
Q3 23	$145M	$447M	$74M
Q4 23	$186M	$13.1B	—
Q1 24	$160M	$452M	$82M
Q2 24	$157M	$455M	$76M
Q3 24	$175M	$497M	$64M
Q4 24	$182M	$539M	$92M
Q1 25	$189M	$526M	$97M
Q2 25	—	$516M	$93M
Q3 25	—	$610M	$82M
Q4 25	—	$2.8B	—

Revenue Segments

Quarter	Distribution And Shareholder Service	Investment Advice	Investment Performance	Technology Service	Distribution and Shareholder Service	Service, Other
Q1 23	$319M	$3.5B	$55M	$340M	—	—
Q2 23	$319M	$3.6B	$118M	$359M	—	—
Q3 23	$321M	$3.7B	$70M	$407M	—	—
Q4 23	$303M	$3.6B	$311M	$379M	—	—
Q1 24	$310M	$3.8B	$204M	$377M	—	—
Q2 24	$318M	$3.9B	$164M	$395M	—	—
Q4 25	—	$5.3B	$754M	—	$680M	$144M

Revenue by Geography

Quarter	Americas	Asia Pacific	Europe
Q1 23	$2.8B	$188M	$1.2B
Q2 23	$3.0B	$190M	$1.3B
Q3 23	$3.0B	$182M	$1.4B
Q4 23	$3.1B	$191M	$1.3B
Q1 24	$3.1B	$187M	$1.4B
Q2 24	$3.2B	$226M	$1.4B
Q1 25	$3.5B	$242M	$1.6B
Q2 25	$3.6B	$256M	$1.6B
Q3 25	$4.2B	$263M	$2.1B
Q4 25	$4.7B	$333M	$1.9B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$5.6B	$0	$5.6B
Q2 23	$6.8B	$0	$6.8B
Q3 23	$7.3B	$0	$7.3B
Q4 23	$8.7B	$1.9B	$10.6B
Q1 24	$9.4B	$1.7B	$11.1B
Q2 24	$10.2B	$2.0B	$12.2B
Q3 24	$14.0B	$2.0B	$16.0B
Q4 24	$12.8B	$1.8B	$14.6B
Q1 25	$7.7B	$2.0B	$9.7B
Q2 25	$9.5B	$2.2B	$11.7B
Q3 25	$10.0B	$2.6B	$12.6B
Q4 25	$11.5B	$0	$11.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	151M	-0.3%
Q2 23	151M	-0.4%
Q3 23	151M	-0.2%
Q4 23	150M	-0.2%
Q1 24	150M	-0.1%
Q2 24	150M	-0.3%
Q3 24	150M	-0.0%
Q4 24	157M	+4.9%
Q1 25	157M	-0.3%
Q2 25	156M	-0.2%
Q3 25	157M	+0.2%
Q4 25	165M	+5.6%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	—	—
FY 15	—	—
FY 16	—	—
FY 17	—	—
FY 18	—	—
FY 19	—	—
FY 20	—	—
FY 21	—	—
FY 22	—	—
FY 23	—	—
FY 24	$967K	21K
FY 25	$973K	25K