BlackRock, Inc. (BLK) Cash Flow Statement
Where BLK’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.93B −20.8% vs 2024
- Capital expenditures
- $375.0M 1.5% of revenue
- Free cash flow
- $3.55B 14.7% margin
- Returned to shareholders
- $5.30B 149% of free cash flow
- Change in cash
- −$1.29B cash at year-end $11.47B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BLK operating cash flow, capex and free cash flow
BLK cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.15B2016 | $3.93B2025 | +6.9%/yr | |
| Capital expenditures | $119.0M2016 | $375.0M2025 | +13.6%/yr | |
| Free cash flow | $2.04B2016 | $3.55B2025 | +6.4%/yr | |
| Free cash flow margin | 16.6%2016 | 14.7%2025 | −1.9 pts | |
| Operating cash flow / net income | 0.682016 | 0.662025 | −0.02 | |
| Stock-based compensation | $521.0M2016 | $1.31B2025 | +10.8%/yr | |
| Dividends paid | $1.54B2016 | $3.35B2025 | +9.0%/yr | |
| Share buybacks (net) | $1.40B2016 | $1.95B2025 | +3.8%/yr | |
| Capex / revenue | 1.0%2016 | 1.5%2025 | +0.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BLK cash flow by activity
BLK net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BLK cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $5.94B | $6.51B | $5.68B | $4.99B | $6.21B | $5.29B | $4.53B | $4.30B | $5.01B | $3.17B |
| Depreciation & amortization | $1.13B | $529.0M | $427.0M | $418.0M | $415.0M | $358.0M | $405.0M | $220.0M | $240.0M | $263.0M |
| Stock-based compensation | $1.31B | $753.0M | $630.0M | $708.0M | $734.0M | $622.0M | $567.0M | $564.0M | $542.0M | $521.0M |
| Change in working capital | −$189.0M | $176.0M | −$346.0M | −$897.0M | $658.0M | $169.0M | −$608.0M | −$158.0M | −$152.0M | −$753.0M |
| Other non-cash items | −$4.26B | −$3.01B | −$2.22B | −$267.0M | −$3.07B | −$2.69B | −$2.01B | −$1.85B | −$1.81B | −$1.05B |
| Cash from operating activities | $3.93B | $4.96B | $4.17B | $4.96B | $4.94B | $3.74B | $2.88B | $3.08B | $3.83B | $2.15B |
| Investing activities | ||||||||||
| Capital expenditures | −$375.0M | −$255.0M | −$344.0M | −$533.0M | −$341.0M | −$194.0M | −$254.0M | −$204.0M | −$155.0M | −$119.0M |
| Investments (net) | −$937.0M | −$3.00B | −$1.19B | −$512.0M | −$386.0M | $11.0M | −$140.0M | $146.0M | −$291.0M | $35.0M |
| Acquisitions & other investing | −$3.11B | $255.0M | $574.0M | −$85.0M | −$1.21B | −$71.0M | −$1.62B | −$750.0M | −$141.0M | −$104.0M |
| Cash from investing activities | −$4.42B | −$3.00B | −$959.0M | −$1.13B | −$1.94B | −$254.0M | −$2.01B | −$808.0M | −$587.0M | −$188.0M |
| Financing activities | ||||||||||
| Dividends paid | −$3.35B | −$3.10B | −$3.04B | −$2.99B | −$2.55B | −$2.26B | −$2.10B | −$1.97B | −$1.66B | −$1.54B |
| Share repurchases & issuance (net) | −$1.95B | −$1.93B | −$1.88B | −$2.33B | −$1.49B | −$1.81B | −$1.91B | −$2.09B | −$1.42B | −$1.40B |
| Net borrowing (repayment) | $172.0M | $4.42B | $1.18B | −$750.0M | $241.0M | $2.25B | −$8.0M | $40.0M | −$3.0M | −$3.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $4.00B | $2.85B | $1.75B | $630.0M | $1.50B | $2.07B | $1.43B | $1.25B | $456.0M | $1.26B |
| Cash from financing activities | −$1.13B | $2.24B | −$1.99B | −$5.44B | −$2.29B | $244.0M | −$2.58B | −$2.77B | −$2.63B | −$1.69B |
| Summary | ||||||||||
| Net change in cash | −$1.29B | $4.03B | $1.32B | −$1.91B | $659.0M | $3.83B | −$1.66B | −$591.0M | $803.0M | $8.0M |
| Cash at end of period | $11.47B | $12.78B | $8.75B | $7.43B | $9.34B | $8.68B | $4.85B | $6.50B | $6.89B | $6.09B |
| Free cash flow | $3.55B | $4.70B | $3.82B | $4.42B | $4.60B | $3.55B | $2.63B | $2.87B | $3.67B | $2.04B |
| Free cash flow margin | 14.7% | 23.0% | 21.4% | 24.7% | 23.8% | 21.9% | 18.1% | 20.2% | 27.0% | 16.6% |
| Capex / revenue | 1.5% | 1.2% | 1.9% | 3.0% | 1.8% | 1.2% | 1.7% | 1.4% | 1.1% | 1.0% |
| Operating cash flow / net income | 0.66 | 0.76 | 0.73 | 0.99 | 0.80 | 0.71 | 0.64 | 0.71 | 0.76 | 0.68 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | $4.37B | $2.21B | $1.24B | $1.53B | $1.67B | $1.51B | $1.66B | $1.69B | $1.54B | $1.62B | $1.49B |
| Depreciation & amortization | $385.0M | $380.0M | $369.0M | $346.0M | $217.0M | $194.0M | $200.0M | $110.0M | $108.0M | $111.0M | $111.0M |
| Stock-based compensation | $621.0M | $319.0M | $421.0M | $419.0M | $226.0M | $241.0M | $242.0M | $156.0M | $179.0M | $176.0M | $161.0M |
| Change in working capital | −$1.60B | −$2.01B | $626.0M | $624.0M | $600.0M | −$2.04B | $773.0M | $419.0M | $137.0M | −$1.15B | $833.0M |
| Other non-cash items | −$3.53B | −$1.99B | −$374.0M | −$1.50B | −$1.34B | −$1.04B | −$258.0M | −$995.0M | −$596.0M | −$1.17B | −$596.0M |
| Cash from operating activities | $247.0M | −$1.09B | $2.28B | $1.41B | $1.36B | −$1.13B | $2.62B | $1.38B | $1.36B | −$408.0M | $2.00B |
| Investing activities | |||||||||||
| Capital expenditures | −$215.0M | −$106.0M | −$130.0M | −$78.0M | −$89.0M | −$78.0M | −$90.0M | −$94.0M | −$7.0M | −$64.0M | −$124.0M |
| Investments (net) | −$375.0M | −$249.0M | −$175.0M | −$923.0M | $53.0M | −$3.34B | −$3.07B | −$74.0M | $163.0M | −$22.0M | −$186.0M |
| Acquisitions & other investing | −$150.0M | $183.0M | $93.0M | $78.0M | $89.0M | $78.0M | $90.0M | $94.0M | $7.0M | $64.0M | $124.0M |
| Cash from investing activities | −$740.0M | −$172.0M | −$212.0M | −$923.0M | $53.0M | −$3.34B | −$3.07B | −$74.0M | $163.0M | −$22.0M | −$186.0M |
| Financing activities | |||||||||||
| Dividends paid | −$1.91B | −$973.0M | −$850.0M | −$851.0M | −$808.0M | −$838.0M | −$791.0M | −$757.0M | −$758.0M | −$795.0M | −$743.0M |
| Share repurchases & issuance (net) | −$1.27B | −$810.0M | −$514.0M | −$384.0M | −$396.0M | −$657.0M | −$386.0M | −$391.0M | −$519.0M | −$634.0M | −$384.0M |
| Net borrowing (repayment) | −$61.0M | $193.0M | −$68.0M | −$15.0M | $279.0M | −$24.0M | −$33.0M | $2.40B | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $2.82B | $1.29B | $844.0M | $1.35B | $951.0M | $858.0M | $632.0M | $1.11B | $636.0M | $2.52B | $624.0M |
| Cash from financing activities | −$421.0M | −$304.0M | −$588.0M | $96.0M | $26.0M | −$661.0M | −$578.0M | $2.36B | −$641.0M | $1.09B | −$503.0M |
| Summary | |||||||||||
| Net change in cash | −$976.0M | −$1.63B | $1.49B | $506.0M | $1.73B | −$5.01B | −$1.27B | $3.81B | $854.0M | $638.0M | $1.42B |
| Cash at end of period | $10.51B | $9.84B | $11.47B | $10.00B | $9.49B | $7.76B | $12.78B | $14.05B | $10.24B | $9.39B | $8.75B |
| Free cash flow | $32.0M | −$1.19B | $2.15B | $1.34B | $1.27B | −$1.21B | $2.53B | $1.29B | $1.36B | −$472.0M | $1.87B |
| Free cash flow margin | 0.5% | −17.8% | 30.6% | 20.5% | 23.5% | −22.9% | 44.5% | 24.8% | 28.3% | −10.0% | 40.5% |
| Capex / revenue | 3.0% | 1.6% | 1.9% | 1.2% | 1.6% | 1.5% | 1.6% | 1.8% | 0.1% | 1.4% | 2.7% |
| Operating cash flow / net income | 0.06 | −0.49 | 1.84 | 0.93 | 0.82 | −0.74 | 1.58 | 0.82 | 0.89 | −0.25 | 1.34 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BLK cash generation
In fiscal 2025 (ended December 31, 2025), BlackRock generated $3.9 billion of cash from operations (down 20.8%) and spent $375.0 million on capital expenditures, leaving free cash flow of $3.6 billion, 14.7% of revenue. It returned $5.3 billion to shareholders through dividends ($3.3 billion) and net share buybacks ($2.0 billion). Cash and equivalents fell by $1.3 billion over the year.
Related: BLK income statement, BLK balance sheet, BLK dividend history. See the BLK stock overview for the latest quote and news.
BLK cash flow FAQ
What is BlackRock's free cash flow?
BlackRock's free cash flow was $3.6 billion in fiscal 2025: $3.9 billion of operating cash flow minus $375.0 million of capital expenditures It was $4.7 billion a year earlier..
How much cash does BlackRock generate from operations?
BlackRock generated $3.9 billion of cash from operating activities in fiscal 2025, 0.66 times its net income of $5.9 billion.
How much does BlackRock spend on capital expenditures?
BlackRock spent $375.0 million on capital expenditures in fiscal 2025, 1.5% of revenue, compared with $255.0 million the year before.
How much stock does BlackRock buy back?
BlackRock spent $2.0 billion on net share repurchases in fiscal 2025.
How much does BlackRock pay in dividends?
BlackRock paid $3.3 billion in dividends in fiscal 2025, 94.2% of free cash flow.