BlackRock (BLK) financials

NYSE · Financial Services · Asset Management · 24,900 employees · CEO Laurence Douglas Fink

Price: $1,147.54 -2.44%
Market cap: $178B
Enterprise value: $178B
Last report: Q3 '26 filed 2026-10-14
Next report: 2027-01-21 EPS est. $15.47

Revenue (TTM)$28.5B+24.7% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)30.8%-2.2 pp vs a year agoOperating income $8.78B

Net income (TTM)$6.91B+13.4% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$985M-75.0% vs a year agoCapex $451M

Diluted EPS (TTM)$43.98+13.1% vs a year agoSum of the last 4 quarters

Net cash$0+100.0% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $178B
Revenue: $28.5B
Revenue growth: +22%
Profit margin: 24.2%
P/E: 25.7×
P/S: 6.2×
EV / EBITDA: 15.8×
Free cash flow: $985M
Net income: $6.91B
Revenue estimate: $29.6B
Earnings: 2027-01-21
Dividend: $22.40

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-14): revenue beat by 4.5%, EPS beat by 11.2%Revenue $7.75B vs $7.42B expected (+4.5%); EPS $15.93 vs $14.32 (+11.2%).
Revenue growth slowing: 19.1% year on yearQ3 '26 revenue $7.75B, against an average of 26.6% over the four quarters before.
Operating margin 30.8% (TTM), -2.2 pp on a year agoOperating income grew 16.3% while revenue grew 24.7%.
10.5% of pre-tax profit is non-operatingPre-tax income $9.81B vs operating income $8.78B (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
Capex 1.6% of revenue (a year ago 1.5%)$451M invested in the last 4 quarters (+34.6% on a year earlier). Free cash flow $985M = 14.3% of net income.
Returned $6.32B to shareholders = 642.0% of free cash flowBuybacks $2.6B (a year earlier $1.82B), dividends $3.73B, stock-based pay $1.04B (TTM). More than the free cash flow: paid from cash or debt.
Diluted share count up 5.0% in a year165M diluted shares in Q3 '26, 157M a year earlier.
Net cash $0Cash + short-term investments $0, debt incl. leases $0; a year ago net debt $2.45B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$7.75B	$6.51B	+19.1%
Gross margin	81.8%	45.9%	+35.8 pp
Operating income	$2.33B	$2.05B	+13.8%
Operating margin	30.0%	31.4%	-1.4 pp
Net income	$1.66B	$1.32B	+25.4%
Diluted EPS	$10.57	$8.43	+25.4%
Operating cash flow	$0	$1.41B	-100.0%
Capex	$0	$78M	-100.0%
Free cash flow	$0	$1.34B	-100.0%
R&D	$0	$0	–
Stock-based compensation	$0	$419M	-100.0%

Reported vs consensus

2026-10-14

	Actual	Consensus	vs consensus
Revenue	$7.75B	$7.42B	+4.5%
EPS (as estimated)	$15.93	$14.32	+11.2%

From the report of 2026-10-14 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Investment Advice	$5.73B	+28.6%	87.8%	–	–
Investment Performance	$305M	+224.5%	4.7%	–	–
Distribution and Shareholder Service	$395M	+23.4%	6.1%	–	–
Service, Other	$92M	+64.3%	1.4%	–	–

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Americas	$4.69B	+31.7%	66.3%	–	–
Europe	$2.05B	+28.1%	29.0%	–	–
Asia Pacific	$336M	+31.3%	4.7%	–	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $1.44B
Capex: -$451M
Buybacks: -$2.6B
Dividends: -$3.73B
Acquisitions: -$30M
Net debt issued: $125M
Stock-based compensation: $1.04B
Free cash flow: $985M
Returned to shareholders / FCF: 642.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	25.7×	24.1×	20.7× – 29.9×
EV / EBITDA	15.8×	18.2×	15.7× – 20.9×
EV / Sales	6.2×	6.9×	6.0× – 7.6×
Price / FCF	180.4×	33.1×	24.2× – 46.7×
Price / Book	2.8×	3.2×	2.8× – 3.7×
FCF yield	0.6%	3.2%	2.1% – 4.1%
Return on invested capital	0.0%	4.0%	3.3% – 4.4%
Return on equity	11.8%	13.3%	9.9% – 15.7%

Analysts

Consensus target $1,341.45 (+16.9%)
range $1,250.00 – $1,468.00 · rating Buy

Strong buy0

Buy27

Hold6

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$29.6B	+22.0%	$57.75	+63.6%	19.9×	9
FY2027	$32.6B	+10.4%	$65.10	+12.7%	17.6×	9
FY2028	$36.6B	+12.1%	$74.78	+14.9%	15.3×	2
FY2029	$40.5B	+10.7%	$85.09	+13.8%	13.5×	1
FY2030	$32.8B	-19.0%	$103.10	+21.2%	11.1×	1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 278 figures BlackRock, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable and Accrued Liabilities	$2.01B	$1.69B	+19.3%	$1.74B	$1.54B	+13.3%
Accounts Receivable, after Allowance for Credit Loss	$5.44B	$4.35B	+25.1%	$5.16B	$4.3B	+19.8%
Accrued Income Taxes	$188M2025-12-31	$134M	+40.3%	$188M	$134M	+40.3%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$1.85B	$1.7B	+8.8%	$1.69B	$1.55B	+9.0%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$653M	-$515M	-26.8%	-$545M	-$1.18B	+53.7%
Additional Paid in Capital, Common Stock	$19.4B	$13.9B	+40.0%	$19.7B	$13.4B	+46.9%
Amortization of Intangible Assets	$276M	$137M	+101.5%	–	–	–
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	02025-12-31	0	–	0	0	–
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$302M	$226M	+33.6%	$1.31B	$753M	+73.6%
AssetAcquisitionConsiderationTransferredContingentConsideration	$02025-12-31	$4.25B	-100.0%	$3.41B	$4.25B	-19.6%
Assets	$176B	$146B	+20.1%	$170B	$139B	+22.6%
Banking Regulation, Tier One Leverage Capital Ratio, Actual	67.6%2025-12-31	71.3%	-5.2%	67.6%	71.3%	-5.2%
Banking Regulation, Tier One Leverage Capital Ratio, Capital Adequacy, Minimum	4.0%2025-12-31	4.0%	0.0%	4.0%	4.0%	0.0%
Banking Regulation, Tier One Leverage Capital Ratio, Well Capitalized, Minimum	5.0%2025-12-31	5.0%	0.0%	5.0%	5.0%	0.0%
Banking Regulation, Tier One Leverage Capital, Actual	$846M2025-12-31	$953M	-11.2%	$846M	$953M	-11.2%
Banking Regulation, Tier One Leverage Capital, Capital Adequacy, Minimum	$50M2025-12-31	$53M	-5.7%	$50M	$53M	-5.7%
Banking Regulation, Tier One Leverage Capital, Well Capitalized, Minimum	$63M2025-12-31	$67M	-6.0%	$63M	$67M	-6.0%
Banking Regulation, Tier One Risk-Based Capital Ratio, Actual	11.4%2025-12-31	15.2%	-25.0%	11.4%	15.2%	-25.0%
Banking Regulation, Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum	6.0%2025-12-31	6.0%	0.0%	6.0%	6.0%	0.0%
Banking Regulation, Tier One Risk-Based Capital Ratio, Well Capitalized, Minimum	8.0%2025-12-31	8.0%	0.0%	8.0%	8.0%	0.0%
Banking Regulation, Tier One Risk-Based Capital, Actual	$846M2025-12-31	$953M	-11.2%	$846M	$953M	-11.2%
Banking Regulation, Tier One Risk-Based Capital, Capital Adequacy, Minimum	$45M2025-12-31	$38M	+18.4%	$45M	$38M	+18.4%
Banking Regulation, Tier One Risk-Based Capital, Well Capitalized, Minimum	$59M2025-12-31	$50M	+18.0%	$59M	$50M	+18.0%
Banking Regulation, Total Capital, Actual	$851M2025-12-31	$961M	-11.4%	$851M	$961M	-11.4%
Banking Regulation, Total Risk-Based Capital Ratio, Actual	11.5%2025-12-31	15.3%	-25.2%	11.5%	15.3%	-25.2%
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum	8.0%2025-12-31	8.0%	0.0%	8.0%	8.0%	0.0%
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum	10.0%2025-12-31	10.0%	0.0%	10.0%	10.0%	0.0%
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum	$59M2025-12-31	$50M	+18.0%	$59M	$50M	+18.0%
Banking Regulation, Total Risk-Based Capital, Well Capitalized, Minimum	$74M2025-12-31	$63M	+17.5%	$74M	$63M	+17.5%
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$11M	$76M	-85.5%	$720M	-$36M	+2,100.0%
Business Combination, Contingent Consideration, Liability	$7.9B	–	–	$8.4B	–	–
Business Combination, Contingent Consideration, Liability, Current	$7.88B	$4.47B	+76.1%	$8.43B	$4.3B	+95.9%
Cash and Cash Equivalents, at Carrying Value	$10.5B	$9.48B	+10.7%	$11.5B	$12.8B	-10.1%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$10.5B	$9.5B	+10.7%	$11.5B	$12.8B	-10.1%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$651M	$1.73B	-62.4%	-$1.29B	$4.03B	-132.0%
Common Stock, Dividends, Per Share, Declared	$5.73	$5.21	+10.0%	$20.84	$20.40	+2.2%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	500M	500M	0.0%	500M	500M	0.0%
Common Stock, Shares, Issued	156M	156M	+0.2%	156M	155M	+0.6%
Common Stock, Shares, Outstanding	155M	155M	+0.2%	155M	155M	+0.1%
Common Stock, Value, Issued	$2M	$2M	0.0%	$2M	$2M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	–	–	–	$143M2024-12-31	$174M	-17.8%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$1.94B	$2.03B	-4.3%	$6.16B	$6.03B	+2.1%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$2.07B	$2.1B	-1.5%	$6.55B	$6.17B	+6.1%
CryptoAssetCost	$516M2025-09-30	–	–	–	–	–
CryptoAssetFairValue	$574M2025-09-30	–	–	–	–	–
Current Federal Tax Expense (Benefit)	–	–	–	$1.25B	$960M	+30.2%
Current Foreign Tax Expense (Benefit)	–	–	–	$844M	$787M	+7.2%
Current Income Tax Expense (Benefit)	–	–	–	$2.31B	$1.89B	+22.2%
Current State and Local Tax Expense (Benefit)	–	–	–	$214M	$142M	+50.7%
Debt Instrument, Face Amount	$12.8B	$12.9B	-0.2%	$12.9B	$12.4B	+3.6%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$99M	$112M	-11.6%	$107M	$111M	-3.6%
Debt Securities, Held-to-maturity	$487M	$551M	-11.6%	$507M	$547M	-7.3%
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10	$223M	$143M	+55.9%	$178M	$188M	-5.3%
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10	$233M	$383M	-39.2%	$316M	$326M	-3.1%
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five	$31M	$17M	+82.4%	$13M	$24M	-45.8%
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, Year One	–	–	–	$9M2024-12-31	–	–
Debt Securities, Trading	$3.38B	$2.17B	+55.5%	$2.79B	$1.75B	+59.3%
Debt Securities, Trading, Amortized Cost	$3.35B	$2.18B	+53.8%	$2.77B	$1.76B	+57.5%
Deferred Compensation Arrangement with Individual, Compensation Expense	–	–	–	$371M	$212M	+75.0%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30

Data as of 2026-11-01