BlackRock (BLK) 10-K Summaries & Annual Filing History
Review BlackRock, Inc. (BLK) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
BlackRock is a global investment management firm that provides a range of financial services. In its latest annual report, the company reported increases in revenue and operating income compared to the prior year.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$24.2B
Revenue reported for the fiscal year.
Operating income
$7B
Income from operations reported for the year.
Net income
$5.6B
Net income reported for the year.
Operating cash flow
$3.9B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $17.9B | n/a |
| Dec 31, 2023 | $17.9B | -0.1% |
| Dec 31, 2024 | $20.4B | +14.3% |
| Dec 31, 2025 | $24.2B | +18.7% |
Business overview
BlackRock operates as an investment manager, offering services such as asset management, risk management, and technology solutions to institutional and retail clients worldwide. The firm manages a diversified portfolio of equity, fixed income, multi-asset, and alternative investments. It also provides technology services, including the Aladdin platform, and advisory solutions.
Financial performance
Revenue for the reported year increased compared to the prior year, driven by growth in base fees, performance fees, and technology services revenue. Operating income also rose, reflecting higher revenue partially offset by increased expenses. Net income and operating cash flow both showed improvement over the prior period.
Material risks
The filing identifies material risks including market volatility, which could reduce asset values and fee revenue, and operational risks from integrating recent acquisitions such as HPS and Preqin. Regulatory changes and cybersecurity threats are also cited as significant concerns.
Liquidity and capital
The company reported increases in accounts receivable, investments, and goodwill primarily due to recent acquisitions. Liquidity and capital resources are supported by operating cash flow and existing credit facilities.
What to watch
Investors should monitor the integration progress and financial impact of the HPS and Preqin acquisitions in the next filing.