At a glance
BlackRock Inc is worth $180.82B, about 33 times its fiscal 2025 earnings. Revenue grew 18.7% to $24.22B in fiscal 2025, with 22.9% kept as profit; over 3 years it has grown 10.7% a year. It pays a 1.92% dividend yield, raised every year for at least 3 years, and returned $15.27B to shareholders in dividends and buybacks over FY2022–FY2025. The stock returned +10.2% over the past year with dividends reinvested and +6.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.3% in the 2020 crash (S&P 500: 33.7%) and 40.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 22 months after the lows.
The business in plain English
BlackRock is an investment manager whose products include the iShares family of exchange-traded funds (ETFs). It managed $14.0 trillion of assets under management (AUM, the client money it invests) at December 31, 2025. Its range spans index funds that track a market, actively managed funds, private markets such as infrastructure and private credit, and cash management. It sells them through mutual funds, ETFs, separate accounts and other pooled vehicles. Clients include pension plans, endowments, central banks, sovereign wealth funds, insurers and individuals who invest through financial advisers. On July 1, 2025, it completed its purchase of HPS Investment Partners, a global credit manager.
Most revenue comes from fees charged as a percentage of the assets it manages. Fees for investment advice made up 79.2% of 2025 revenue of $24.2 billion. Technology services and subscriptions, including the Aladdin investment and risk platform, added 8.2%. Performance fees, earned when certain portfolios beat an agreed benchmark or hurdle, were 5.9%. Distribution and shareholder service fees were 5.6%. Because fees track asset values, a market fall can shrink revenue even if no client leaves.
By region, the Americas produced 65.9% of 2025 revenue, Europe 29.6% and Asia Pacific 4.5%. About 35% of AUM is managed for clients based outside the US, and about 60% of its roughly 24,900 employees work outside the US.
Price history
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BLK +10.2% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Investment Advice | $19.18B | 79.2% |
| Technology Services And Subscription Revenue | $1.98B | 8.2% |
| Investment Performance | $1.42B | 5.9% |
| Distribution And Shareholder Service | $1.35B | 5.6% |
| Service Other | $277.0M | 1.1% |
By geography
| Americas | $15.96B | 65.9% |
| Europe | $7.17B | 29.6% |
| Asia Pacific | $1.09B | 4.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $7.08B, up 30.6% from a year earlier, and net income was $1.91B (+20.2%).
- For fiscal 2025, revenue was $24.22B (+18.7% year over year; +10.7% a year from FY2022 to FY2025) with a 22.9% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +10.7% good |
|---|---|
| Return on equity | 9.9% watch |
| Net income / revenue | 22.9% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2022 | $17.87B | $5.18B | — |
| FY2023 | $17.86B | $5.50B | — |
| FY2024 | $20.41B | $6.37B | — |
| FY2025 | $24.22B | $5.55B | — |
Valuation snapshot
| Market value | $180.82B |
|---|---|
| P/E ratio | 33.1 |
| Dividend yield | 1.92% |
Rank among 1514 US companies
Market value at each year end
BlackRock’s market value went from $158.77B at the end of 2024 to $180.82B on Nov 2, 2026, up 14%; since the end of 2025 it is up 9%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $180.82B | +9.0% |
| 2025 | $165.82B | +4.4% |
| 2024 | $158.77B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BLK price data to Nov 2, 2026 | +10.9% | +10.2% | +24.7% | +6.8% | +16.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +10.9% |
| 2025 | +6.6% |
| 2024 | +29.3% |
| 2023 | +17.9% |
| 2022 | -20.4% |
| 2021 | +29.4% |
| 2020 | +47.2% |
| 2019 | +31.8% |
| 2018 | -21.6% |
| 2017 | +38.2% |
| 2016 | +14.6% |
| 2015 | -2.3% |
| 2014 | +15.7% |
| 2013 | +58.0% |
| 2012 | +19.8% |
| 2011 | -3.3% |
| 2010 | -16.0% |
| 2009 | +76.7% |
| 2008 | -37.0% |
| 2007 | +45.1% |
| 2006 | +41.8% |
| 2005 | +42.4% |
| 2004 | +47.6% |
| 2003 | +35.9% |
| 2002 | -5.5% |
| 2001 | -0.7% |
| 2000 | +144.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 49.7% over that stretch · deepest drop along the way 60.3%, back to its old high 7.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.3% over that stretch · deepest drop along the way 42.3%, back to its old high 3.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 40.5% over that stretch · deepest drop along the way 40.8%, back to its old high 21.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 3 sales ($22.0M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 16, 2026 | Christopher J. Meade General Counsel and CLO | sell | $17.5M |
| Jul 16, 2026 | Christopher J. Meade General Counsel and CLO | sell | $2.4M |
| Jul 16, 2026 | Laurence Fink Chairman and CEO, Director | sell | $2.1M |
Who owns it
ETFs with the most weight in BLK
| FDFF Fidelity Disruptive Finance ETF | 5.1% |
| MBCC Monarch Blue Chips Core Index ETF | 4.23% |
| DIVL Madison Dividend Value ETF | 3.55% |
| LGRO Level Four Large Cap Growth Active ETF | 3.23% |
| FLV American Century Focused Large Cap Value ETF | 3.19% |
| DECO SPDR Galaxy Digital Asset Ecosystem ETF | 2.93% |
| BLOK Amplify Transformational Data Sharing ETF | 2.84% |
| DURA VanEck Durable High Dividend ETF | 2.8% |
What could go wrong
- Scrutiny over its size and influence. Critics question BlackRock's size, arguing its funds' stakes in rival companies may dull competition ('common ownership'). Regulators and clients scrutinize its stance on environmental and social issues. Both could hurt its reputation and business.
- Aladdin must keep its edge. Technology services such as Aladdin, the investment and risk software BlackRock provides to other firms, earned $1.98 billion in 2025. Falling behind rivals, outages or cyber-attacks on this growing platform could drive clients away.
- Big private-markets deals must pay off. BlackRock bought infrastructure manager GIP in October 2024 and credit manager HPS in July 2025. If these deals disappoint, or private investments such as private credit and infrastructure sour, earnings and reputation could suffer.
- Competition and pressure on fee rates. Intense competition, and clients moving money into BlackRock products that charge lower fees, can push its average fee rate down. Revenue may then grow more slowly than assets under management.
- Performance fees make earnings lumpier. BlackRock earned $1.42 billion in performance fees in 2025, paid when certain funds beat a benchmark or return target. These fees can swing from year to year, adding volatility to revenue and earnings.
- Fees rise and fall with markets. Investment advice fees, usually a percentage of assets managed, made up 79% of 2025 revenue. When stock or bond prices drop, or tariffs unsettle markets, those assets shrink and fees fall with them.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Executive or board change
- Executive or board change
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
BlackRock raised its dividend in each year from 2022 through 2025, and the streak may be longer. Dividends per share went from $19.52 for 2022 to $20.84 for 2025, an average gain of about 2.2% a year. The 2025 dividend compares with diluted earnings of $35.31 per share under standard accounting rules, or $48.09 on the company's adjusted basis. The dividend yield, or yearly dividends divided by the share price, was 1.97% as of October 27, 2026. From 2022 through 2024, BlackRock also spent about $6.1 billion on share buybacks, alongside $9.1 billion in dividends.
The shares have fallen hard in past downturns. They dropped 60.3% from August 2008 to March 2009 and regained that peak by October 2009. In the 2020 COVID crash they fell 42.3%, recovering by July 2020. The 2022 bear market brought a 40.8% drop that took until July 2024 to recover. Single stocks carry more risk than diversified funds.
Questions investors ask
How does BlackRock make money?
Mostly through fees charged as a percentage of the money it manages, which totaled $14.0 trillion at December 31, 2025. In 2025, fees for investment advice made up 79.2% of its $24.2 billion in revenue. Technology services and subscriptions added 8.2%. These include the Aladdin investment and risk system, which BlackRock offers to institutions and wealth managers. Performance fees, earned when certain portfolios beat a benchmark, brought in 5.9%. Because most fees track asset values, falling markets can cut revenue.
Does BlackRock raise its dividend every year?
Yes, it raised the dividend in each year from 2022 through 2025, and the streak may go back further. Dividends per share went from $19.52 in 2022 to $20.00, then $20.40, then $20.84 in 2025. That is modest growth of about 2.2% a year. The dividend yield, meaning the yearly payout as a share of the stock price, was 1.97% as of October 27, 2026. From 2022 through 2024, BlackRock paid about $9.1 billion in dividends and spent $6.1 billion buying back its own shares.
Did BlackRock's profits grow in 2025?
Revenue grew, but reported profit fell. Revenue rose 18.7% to $24.2 billion. Net income dropped 12.8% to $5.6 billion, and diluted earnings per share fell from $42.01 to $35.31. The operating margin, the share of revenue left after operating costs, fell from 37.1% to 29.1%. BlackRock's own "as adjusted" figures, which exclude certain items, showed earnings per share rising from $43.61 to $48.09. In the quarter ended June 30, 2026, revenue rose 30.6% and net income rose 20.2% from a year earlier.
How has BlackRock stock performed over the long run?
Strongly over 10 years, less so over five. As of October 27, 2026, the share price was up 327% over 10 years, about 15.6% a year. Over five years it was up 40%, about 7% a year, and over one year it gained 2.6%. These are price returns, so they leave out dividends. Single years have swung widely, from a 20.37% loss in 2022 to a 29.27% gain in 2024. On the same date, the stock traded at 32.2 times its 2025 earnings per share.
How much did BlackRock stock fall in past market crashes?
A lot, though it recovered each time. The shares fell 60.3% from their peak during the 2008 financial crisis and got back to that peak by October 14, 2009. They dropped 42.3% in the 2020 COVID crash and recovered within about 3.7 months of the low. In the 2022 bear market they fell 40.8% and took about 21.5 months to recover, until July 26, 2024. Over the year to October 27, 2026, the stock's beta was 1.22, meaning it tended to move more than the broad market.