BlackRock (BLK) Q4 2025 Earnings
Reported Jan 15, 2026 at 6:36 AM ET · SEC Source
Q4 25 EPS
$13.16
BEAT +7.75%
Est. $12.21
Q4 25 Revenue
$7.01B
BEAT +4.99%
Est. $6.67B
vs S&P Since Q4 25
-23.7%
TRAILING MARKET
BLK -16.7% vs S&P +7.0%
Full Year 2025 Results
FY 25 EPS
$48.09
FY 25 Revenue
$24.22B
Market Reaction
Did BLK Beat Earnings? Q4 2025 Results
BlackRock delivered a strong finish to fiscal 2025, with adjusted fourth-quarter earnings of $13.16 per share clearing the $12.21 consensus estimate by 7.75%, while revenue of $7.01 billion came in 4.99% ahead of expectations and grew 23.4% year over… Read more BlackRock delivered a strong finish to fiscal 2025, with adjusted fourth-quarter earnings of $13.16 per share clearing the $12.21 consensus estimate by 7.75%, while revenue of $7.01 billion came in 4.99% ahead of expectations and grew 23.4% year over year. The headline driver was a surge in organic momentum: record quarterly net inflows powered ETF contributions of $181.48 billion and pushed private markets AUM to $322.62 billion, with private credit alone reaching $145.38 billion following the HPS acquisition. Performance fees jumped 67% to $754.00 million, and technology services revenue grew 24% to $531.00 million as Aladdin demand and the newly integrated Preqin platform added scale. On a GAAP basis, results were pressured by $455.00 million in fair value charges tied to contingent consideration and $268.00 million in acquisition-related intangible amortization. Looking ahead, management is targeting $400.00 billion in private markets fundraising by 2030 and signaled confidence in expanding margins, backing that outlook with a 10% dividend increase to $5.73 per share, though questions around private credit transparency in the broader industry remain a watch item for investors.
Key Takeaways
- • Record $342 billion of Q4 net inflows and $698 billion full year net inflows
- • 12% annualized organic base fee growth in Q4 reflecting broad-based strength across iShares ETFs, systematic active equities, private markets, outsourcing and cash
- • Performance fees increased 67% YoY driven by private markets (including HPS impact) and liquid alternative products
- • Technology services and subscription revenue grew 24% YoY with Preqin contributing approximately $65 million to Q4 revenue
- • Technology services ACV increased 31% YoY including Preqin, 16% excluding Preqin
- • Positive market beta impact on average AUM which increased 19% YoY
BLK YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
BLK Revenue by Segment
With YoY comparisons, source: SEC Filings
“BlackRock enters 2026 with accelerating momentum across our entire platform, coming off the strongest year and quarter of net inflows in our history. Clients entrusted us with $698 billion of new assets in 2025, powering 9% organic base fee growth. And we ended the year with back-to-back quarters of double-digit organic base fee growth, including 12% in the fourth quarter.”
— Laurence D. Fink, Q4 2025 Earnings Press Release
BLK Earnings Trends
BLK vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BLK EPS Trend
Earnings per share: estimate vs actual
BLK Revenue Trend
Quarterly revenue: estimate vs actual
BLK Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $11.48 | $12.53 | +9.14% | $6.70B | +4.20% |
| Q4 25 BEAT FY | $12.21 | $13.16 | +7.75% | $7.01B | +4.99% |
| FY Full Year | — | $48.09 | — | $24.22B | — |
| Q3 25 BEAT | $11.31 | $11.55 | +2.09% | $6.51B | +3.41% |
| Q2 25 BEAT | $10.60 | $12.05 | +13.64% | $5.42B | +0.33% |