BlackRock (BLK) Q4 2025 Earnings
How Did BLK Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −0.86%.
Did BLK Beat Earnings? Q4 2025 Results
Yes. BlackRock reported Q4 2025 earnings of $13.16 a share on Jan 15, 2026, beating the $12.21 consensus estimate by 7.8%. Revenue was $7.0B against a $6.7B estimate.
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.
- 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
“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.”
BlackRock CEO, on the earnings call
What Was BlackRock's Outlook in Q4 2025?
BlackRock enters 2026 with accelerating momentum, citing a broadened pipeline across products, regions, public and private markets mandates, technology and data, and client channels. The company is targeting $400 billion in private markets fundraising by 2030. Management expressed confidence in increasing growth and margin trajectory, leading to a 10% dividend increase and higher planned share repurchases. The first full year as a unified platform with GIP, HPS, and Preqin is expected to drive further integration benefits.
BLK YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $7.0B | $5.7B | +23.5% |
| Operating Income | $1.7B | $2.1B | −20.0% |
| Net Income | $1.1B | $1.7B | −32.5% |
BLK Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.