BlackRock, Inc. (BLK) Income Statement
BLK 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBLK revenue and net income
Where BLK's revenue goes
2025Each bar shows an amount and its share of revenue. BLK kept 22.9% of revenue as net income.
BLK profit margins
BLK growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +18.7% | +10.7% | +8.4% | +7.8% |
| Gross profit | +12.1% | +9.2% | +6.5% | +6.2% |
| Operating income | −7.0% | +3.3% | +4.3% | +4.2% |
| Net income | −12.8% | +2.4% | +2.4% | +5.2% |
| EPS (diluted) | +10.3% | +10.8% | +7.3% | +9.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BLK quarterly EPS vs estimates
BlackRock beat the analyst EPS estimate in 8 of the last 8 quarters.
BLK income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $24.22B | $20.41B | $17.86B | $17.87B | $19.37B | $16.20B | $14.54B | $14.20B | $13.60B | $12.26B |
| Cost of revenue | $12.91B | $10.32B | $9.28B | $9.19B | $9.56B | $7.94B | $7.13B | $6.99B | $6.81B | $6.24B |
| Gross profit | $11.31B | $10.09B | $8.58B | $8.68B | $9.82B | $8.27B | $7.41B | $7.21B | $6.79B | $6.02B |
| Research & development | $189.0M | $674.0M | $607.0M | $600.0M | $508.0M | $0 | $0 | $0 | $0 | $175.0M |
| Sales, general & admin | $2.63B | $1.94B | $1.79B | $1.80B | $1.96B | $2.44B | $1.71B | $1.57B | $1.44B | $1.28B |
| Total operating expenses | $4.27B | $2.51B | $2.31B | $2.30B | $2.37B | $2.57B | $1.85B | $1.75B | $1.53B | $1.45B |
| Operating income | $7.04B | $7.57B | $6.28B | $6.38B | $7.45B | $5.70B | $5.55B | $5.46B | $5.25B | $4.57B |
| Interest income | $574.0M | $767.0M | $386.0M | $95.0M | $723.0M | $62.0M | $97.0M | $104.0M | $49.0M | $40.0M |
| Interest expense | $706.0M | $538.0M | $292.0M | $212.0M | $205.0M | $205.0M | $203.0M | $184.0M | $205.0M | $205.0M |
| Income before taxes | $7.62B | $8.29B | $7.16B | $6.29B | $8.17B | $6.52B | $5.79B | $5.38B | $5.26B | $4.46B |
| Income taxes | $1.68B | $1.78B | $1.48B | $1.30B | $1.97B | $1.24B | $1.26B | $1.08B | $270.0M | $1.29B |
| Net income | $5.55B | $6.37B | $5.50B | $5.18B | $5.90B | $4.93B | $4.48B | $4.30B | $4.95B | $3.17B |
| EBITDA | $8.11B | $8.21B | $6.77B | $6.90B | $7.90B | $6.08B | $5.90B | $5.80B | $5.50B | $4.90B |
| EPS (diluted) | $48.06 | $43.56 | $37.78 | $35.36 | $39.17 | $33.85 | $28.51 | $26.96 | $22.16 | $19.31 |
| Gross margin | 46.7% | 49.4% | 48.1% | 48.6% | 50.7% | 51.0% | 50.9% | 50.7% | 49.9% | 49.1% |
| Operating margin | 29.1% | 37.1% | 35.1% | 35.7% | 38.5% | 35.1% | 38.2% | 38.4% | 38.6% | 37.3% |
| Net margin | 22.9% | 31.2% | 30.8% | 29.0% | 30.5% | 30.4% | 30.8% | 30.3% | 36.4% | 25.9% |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.75B | $7.08B | $6.70B | $7.01B | $6.51B | $5.42B | $5.28B | $5.68B | $5.20B | $4.80B | $4.73B | $4.63B |
| Cost of revenue | $1.41B | $1.27B | $3.48B | $3.81B | $3.52B | $2.83B | $2.75B | $2.88B | $2.54B | $2.43B | $2.47B | $2.36B |
| Gross profit | $6.34B | $5.81B | $3.22B | $3.20B | $2.99B | $2.60B | $2.53B | $2.80B | $2.66B | $2.37B | $2.26B | $2.27B |
| Research & development | — | — | — | — | — | — | $189.0M | $182.0M | $175.0M | $157.0M | $160.0M | $186.0M |
| Sales, general & admin | $731.0M | $821.0M | $678.0M | $702.0M | $692.0M | $609.0M | $623.0M | $539.0M | $497.0M | $455.0M | $452.0M | $13.07B |
| Total operating expenses | $4.01B | $3.28B | $955.0M | $1.54B | $945.0M | $865.0M | $828.0M | $721.0M | $651.0M | $573.0M | $567.0M | $688.0M |
| Operating income | $2.33B | $2.53B | $2.26B | $1.66B | $2.04B | $1.73B | $1.70B | $2.08B | $2.01B | $1.80B | $1.69B | $1.58B |
| Interest income | — | $109.0M | $28.0M | $54.0M | $113.0M | $521.0M | $173.0M | $212.0M | $236.0M | $178.0M | $141.0M | $159.0M |
| Interest expense | $37.0M | $25.0M | $44.0M | $16.0M | $383.0M | $173.0M | $166.0M | $166.0M | $154.0M | $126.0M | $92.0M | $82.0M |
| Income before taxes | $2.64B | $2.72B | $2.84B | $1.61B | $2.00B | $2.25B | $1.76B | $2.10B | $2.27B | $2.01B | $1.91B | $1.93B |
| Income taxes | $724.0M | $677.0M | $516.0M | $372.0M | $470.0M | $587.0M | $248.0M | $442.0M | $574.0M | $477.0M | $290.0M | $438.0M |
| Net income | $1.66B | $1.91B | $2.21B | $1.13B | $1.32B | $1.59B | $1.51B | $1.67B | $1.63B | $1.50B | $1.57B | $1.38B |
| EBITDA | $2.96B | $2.85B | $3.36B | $2.12B | $2.48B | $2.64B | $2.03B | $2.29B | $2.18B | $1.92B | $1.82B | $1.76B |
| EPS (diluted) | $15.93 | $13.91 | $12.53 | $13.16 | $11.55 | $12.05 | $11.30 | $11.93 | $11.46 | $10.36 | $9.81 | $9.66 |
| Gross margin | 81.8% | 82.0% | 48.0% | 45.6% | 45.9% | 47.9% | 47.9% | 49.3% | 51.1% | 49.4% | 47.8% | 49.1% |
| Operating margin | 30.0% | 35.7% | 33.8% | 23.7% | 31.4% | 31.9% | 32.2% | 36.6% | 38.6% | 37.5% | 35.8% | 34.2% |
| Net margin | 21.4% | 27.0% | 33.0% | 16.1% | 20.3% | 29.4% | 28.6% | 29.4% | 31.4% | 31.1% | 33.3% | 29.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BLK's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BLK financial results
In fiscal year 2025 (ended December 31, 2025), BlackRock reported revenue of $24.2 billion, up 18.7% from the year before. It had net income of $5.6 billion (down 12.8%), a net profit margin of 22.9%. Diluted earnings per share came to $48.06. Over five years revenue grew at an average rate of 8.4% a year.
See the BLK stock overview for the latest quote and news, or the BLK chart for price history and technical indicators.
BLK income statement FAQ
What is BlackRock's annual revenue?
BlackRock reported total revenue of $24.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 18.7% from $20.4 billion the previous year.
Is BlackRock profitable?
Yes. BlackRock reported net income of $5.6 billion in fiscal 2025, a net profit margin of 22.9%; its operating margin was 29.1%.
What is BlackRock's gross margin?
BlackRock's gross margin was 46.7% in fiscal 2025: for every $100 of revenue, BlackRock kept $47 after the direct cost of its products and services.
How much does BlackRock spend on research and development?
BlackRock spent $189.0 million on research and development in fiscal 2025, 0.8% of revenue.
How fast is BlackRock growing?
Revenue grew 8.4% a year on average over the last five fiscal years, from $16.2 billion to $24.2 billion.
What are BlackRock's earnings per share?
BlackRock earned $48.06 per diluted share in fiscal 2025, compared with $43.56 a year earlier.
When does BlackRock's fiscal year end?
BlackRock's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.