BLK

MKT CAP:$163B

BlackRock, Inc.

Market Cap

$163B

Financial Services·Asset Management·🇺🇸 United States·NYSE

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$1,045.66-$39.40 (-3.63%)

Apr 24, 2026

Company Details

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, t...

CEO

Laurence Douglas Fink

IPO Date

Oct 1, 1999

Website

www.blackrock.com/corporate

Key Metrics TTM

Revenue

$22.2B

+38.8% YoY

Net Income

$7.0B

EPS (Diluted)

$45.00

Free Cash Flow

$4.6B

Revenue / Share

$134.82

Gross Margin

58.6%

Operating Margin

34.8%

Net Margin

31.4%

FCF Margin

20.7%

P/S

7.3x

P/E

23.2x

Earnings Reports

Q1 2026

Apr 14, 2026

NEW

$6.8B+28.3%EPS $14.06

FY 2025

Feb 25, 2026

$24.2BEPS $35.42

Q1 2025

May 7, 2025

$5.3BEPS $9.64

Q4 2024

Feb 25, 2025

$5.7BEPS $10.64

Q3 2023

Nov 6, 2023

$4.5BEPS $10.66

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 16	$2.8B	$1.5B	$1.2B
Q3 16	$2.8B	$1.5B	$1.2B
Q4 16	$2.9B	$1.6B	$1.2B
Q4 17	$3.8B	$1.9B	$1.5B
Q1 18	$3.6B	$1.8B	$1.4B
Q2 18	$3.6B	$1.8B	$1.4B
Q4 18	$3.4B	$1.8B	$1.2B
Q1 19	$3.3B	$1.6B	$1.2B
Q2 19	$3.5B	$1.8B	$1.3B
Q3 19	$3.7B	$1.9B	$1.5B
Q1 20	$3.7B	$1.9B	$684M
Q4 21	$5.1B	$2.6B	$2.0B
Q3 23	$4.5B	$2.2B	$1.6B
Q4 24	$5.7B	$2.8B	$2.1B
Q1 25	$5.3B	$2.5B	$1.7B
Q1 26	$6.8B	$5.5B	$2.3B

Valuation

Quarter	P/S	P/E
Q2 16	—	—
Q3 16	—	—
Q4 16	—	—
Q4 17	7.0x	17.8x
Q1 18	6.4x	16.4x
Q2 18	5.8x	15.1x
Q4 18	4.3x	11.6x
Q1 19	4.9x	16.5x
Q2 19	5.3x	18.2x
Q3 19	5.0x	16.9x
Q1 20	5.0x	17.8x
Q4 21	8.6x	30.3x
Q3 23	5.6x	18.5x
Q4 24	8.4x	27.8x
Q1 25	7.1x	22.8x
Q1 26	6.5x	20.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 16	$467M	$430M
Q3 16	$1.1B	$1.0B
Q4 16	$1.2B	$1.2B
Q4 17	$1.3B	$1.3B
Q1 18	-$141M	-$174M
Q2 18	$1.4B	$1.4B
Q4 18	$523M	$427M
Q1 19	-$225M	-$283M
Q2 19	$922M	$875M
Q3 19	$931M	$876M
Q1 20	-$938M	-$990M
Q4 21	$1.9B	$1.8B
Q3 23	$1.6B	$1.5B
Q4 24	$2.6B	$2.5B
Q1 25	-$1.1B	-$1.2B

Capital Expenditures

Quarter	CapEx
Q2 16	$37M
Q3 16	$21M
Q4 16	$31M
Q4 17	$55M
Q1 18	$33M
Q2 18	$30M
Q4 18	$96M
Q1 19	$58M
Q2 19	$47M
Q3 19	$55M
Q1 20	$52M
Q4 21	$126M
Q3 23	$78M
Q4 24	$90M
Q1 25	$78M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 18	+27.8%	+35.4%
Q2 18	+27.1%	+33.0%
Q4 18	+18.8%	+31.4%
Q1 19	-11.1%	-7.3%
Q2 19	-1.6%	+1.7%
Q3 19	+2.4%	+1.2%
Q1 20	+8.0%	+38.3%
Q4 21	+52.6%	+45.1%
Q3 23	+28.3%	+28.5%
Q4 24	+53.8%	+64.5%
Q1 25	+42.2%	+18.2%
Q1 26	+32.6%	+44.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 16	$117M	4.2%
Q3 16	$119M	4.2%
Q4 16	$113M	3.9%
Q4 17	$125M	3.3%
Q1 18	$175M	4.9%
Q2 18	$135M	3.7%
Q4 18	$133M	3.9%
Q1 19	$154M	4.6%
Q2 19	$140M	4.0%
Q3 19	$133M	3.6%
Q1 20	$149M	4.0%
Q4 21	$183M	3.6%
Q3 23	$146M	3.2%
Q4 24	$242M	4.3%
Q1 25	$241M	4.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 16	$42M	$241M	$75M
Q3 16	$41M	$240M	$72M
Q4 16	$46M	$262M	$93M
Q4 17	$58M	$339M	$102M
Q1 18	$53M	$292M	$85M
Q2 18	$58M	$303M	$91M
Q4 18	$62M	$306M	$108M
Q1 19	$69M	$293M	$81M
Q2 19	$67M	$364M	$81M
Q3 19	$70M	$309M	$79M
Q1 20	$88M	$454M	$69M
Q4 21	$135M	$466M	$96M
Q3 23	$145M	$447M	$74M
Q4 24	$182M	$539M	$92M
Q1 25	$189M	$526M	$97M
Q1 26	—	$1.4B	—

Revenue Segments

Quarter	Distribution And Shareholder Service	Investment Advice	Investment Performance	Service Other	Technology Service
Q2 18	$294M	$2.9B	$91M	$78M	$198M
Q1 19	$262M	$2.8B	$26M	—	$204M
Q2 19	$267M	$2.9B	$64M	—	$237M
Q3 19	$270M	$3.0B	$121M	—	$259M
Q1 20	$276M	$3.1B	$41M	—	$274M
Q4 21	$411M	$4.0B	$329M	—	$339M
Q3 23	$321M	$3.7B	$70M	—	$407M

Revenue by Geography

Quarter	Americas	Asia Pacific	Europe
Q2 16	$1.9B	$136M	$792M
Q3 16	$1.9B	$130M	$773M
Q4 16	$2.0B	$143M	$795M
Q1 18	$2.3B	$166M	$1.1B
Q2 18	$2.3B	$186M	$1.1B
Q4 18	$2.3B	$161M	$959M
Q1 19	$2.2B	$163M	$943M
Q2 19	$2.4B	$163M	$995M
Q3 19	$2.4B	$167M	$1.1B
Q1 20	$2.5B	$163M	$1.1B
Q4 21	$3.3B	$230M	$1.6B
Q3 23	$3.0B	$182M	$1.4B
Q1 25	$3.5B	$242M	$1.6B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$7.3B	$0	$7.3B
Q2 22	$6.5B	$0	$6.5B
Q3 22	$6.8B	$0	$6.8B
Q4 22	$7.4B	$1.3B	$8.7B
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	$2.8B	$14.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 16	167M	—	—
Q3 16	167M	-0.2%	—
Q4 16	167M	-0.2%	—
Q4 17	164M	-1.2%	—
Q1 18	164M	-0.5%	-2.2%
Q2 18	163M	-0.5%	-2.5%
Q4 18	161M	-1.1%	-3.3%
Q1 19	160M	-0.7%	-2.7%
Q2 19	157M	-1.9%	-4.0%
Q3 19	157M	+0.1%	-3.5%
Q1 20	157M	-0.0%	-2.5%
Q4 21	155M	-1.2%	-3.0%
Q3 23	151M	-3.0%	-4.1%
Q4 24	157M	+4.3%	-0.0%
Q1 25	157M	-0.3%	-0.3%
Q1 26	165M	+5.4%	+6.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 16	—	—
Q3 16	—	—
Q4 16	—	—
Q4 17	—	—
Q1 18	—	—
Q2 18	—	—
Q4 18	—	—
Q1 19	—	—
Q2 19	—	—
Q3 19	—	—
Q1 20	—	—
Q4 21	—	—
Q3 23	—	—
Q4 24	$269.1K	21K
Q1 25	$250.0K	21K
Q1 26	$271.9K	25K

Revenue / Employee