Blackrock Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.86%.
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 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
Forward Guidance & Outlook
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
BLK Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.