The firm achieved a significant gross margin expansion to 81.4% in 2026Q1, suggesting a successful pivot toward high-margin service offerings.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 25.71B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 15.21B | 13.45B | 10.09B | 8.58B | 8.68B | 9.82B | 8.27B | 7.41B | 7.21B | 6.79B | 6.02B | 6.17B | 6.08B | 5.56B | 5.04B | 4.85B | 5.11B | 4.22B | 4.47B | 4.3B | 2.1B | 1.19B | 725.31M | 598.21M | 576.98M | 533.14M | 476.87M | 380.98M | 341.5M |
| Gross Margin % | 59.14% | 55.52% | 49.42% | 48.05% | 48.59% | 50.68% | 51.01% | 50.94% | 50.75% | 49.92% | 49.08% | 54.14% | 54.9% | 54.6% | 53.98% | 53.43% | 59.3% | 89.85% | 88.21% | 80.09% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100.59% |
| Gross Profit Growth % | - | 33.3% | 17.53% | -1.17% | -11.55% | 18.78% | 11.61% | 2.79% | 6.13% | 12.81% | -2.5% | 1.45% | 9.46% | 10.28% | 3.87% | -4.99% | 20.93% | -5.46% | 3.95% | 104.82% | 76.1% | 64.26% | 21.25% | 3.68% | 8.22% | 11.8% | 25.17% | 11.56% | - |
| Operating Expenses | 7.53B | 6.4B | 2.51B | 2.31B | 2.3B | 2.37B | 2.57B | 1.85B | 1.75B | 1.53B | 1.45B | 1.51B | 1.61B | 1.7B | 1.52B | 1.6B | 2.11B | 3.83B | 2.88B | 4.36B | 1.63B | 850.85M | 553.42M | 369.94M | 361.84M | 362.97M | 333.83M | 270.04M | 260.12M |
| OpEx % of Revenue | - | 26.43% | 12.31% | 12.92% | 12.86% | 12.22% | 15.87% | 12.76% | 12.31% | 11.29% | 11.85% | 13.23% | 14.53% | 16.71% | 16.24% | 17.65% | 24.49% | 81.4% | 56.87% | 81.27% | 77.51% | 71.42% | 76.3% | 61.84% | 62.71% | 68.08% | 70% | 70.88% | 76.62% |
| Selling, General & Admin | 3.38B | 4.69B | 2.26B | 2.1B | 2.05B | 2.19B | 2.44B | 1.71B | 1.57B | 1.44B | 1.28B | 1.38B | 1.45B | 1.42B | 1.36B | 1.98B | 1.85B | 2.68B | 1.34B | 2.77B | 443.26M | 204.85M | 128.74M | 107.33M | 90.08M | 76.57M | 58.31M | 48.57M | 148.4M |
| SG&A % of Revenue | - | 19.36% | 11.06% | 11.75% | 11.49% | 11.29% | 15.07% | 11.73% | 11.08% | 10.57% | 10.44% | 12.1% | 13.11% | 13.91% | 14.56% | 21.78% | 21.45% | 56.94% | 26.51% | 51.55% | 21.13% | 17.19% | 17.75% | 17.94% | 15.61% | 14.36% | 12.23% | 12.75% | 43.71% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 7.68B | 7.04B | 7.57B | 6.28B | 6.38B | 7.45B | 5.7B | 5.55B | 5.46B | 5.25B | 4.57B | 4.66B | 4.47B | 3.86B | 3.52B | 3.25B | 3B | 1.54B | 1.02B | 1.96B | 648.15M | 340.54M | 171.9M | 228.28M | 215.14M | 170.18M | 143.04M | 110.94M | 79.36M |
| Operating Margin % | 29.87% | 29.09% | 37.11% | 35.14% | 35.72% | 38.45% | 35.14% | 38.18% | 38.44% | 38.63% | 37.27% | 40.91% | 40.38% | 37.89% | 37.74% | 35.78% | 34.81% | 32.79% | 20.06% | 36.58% | 30.89% | 28.58% | 23.7% | 38.16% | 37.29% | 31.92% | 30% | 29.12% | 23.38% |
| Operating Income Growth % | - | -6.98% | 20.7% | -1.72% | -14.3% | 30.82% | 2.59% | 1.72% | 3.86% | 14.97% | -2.02% | 4.25% | 16% | 9.45% | 8.46% | 8.37% | 94.55% | 51.67% | -48.23% | 202.78% | 90.33% | 98.11% | -24.7% | 6.11% | 26.42% | 18.97% | 28.93% | 39.79% | - |
| EBITDA | 8.9B | 7.71B | 8.1B | 6.7B | 6.8B | 7.87B | 6.05B | 5.85B | 5.68B | 5.49B | 4.83B | 4.96B | 4.75B | 4.15B | 3.82B | 3.4B | 3.3B | 1.77B | 1.25B | 2.16B | 720.96M | 371.44M | 192.58M | 249.64M | 235.38M | 196.2M | 163.03M | 129.1M | 92.26M |
| EBITDA Margin % | 34.61% | 31.83% | 39.71% | 37.53% | 38.06% | 40.6% | 37.35% | 40.22% | 39.98% | 40.4% | 39.42% | 43.5% | 42.88% | 40.75% | 40.9% | 37.5% | 38.35% | 37.72% | 24.61% | 40.26% | 34.36% | 31.18% | 26.55% | 41.73% | 40.79% | 36.8% | 34.19% | 33.89% | 27.18% |
| EBITDA Growth % | 8.64% | -4.86% | 20.9% | -1.48% | -13.5% | 29.94% | 3.52% | 2.99% | 3.33% | 13.68% | -2.54% | 4.36% | 14.56% | 8.61% | 12.16% | 3.09% | 86.29% | 42.3% | -42.31% | 199.59% | 94.1% | 92.88% | -22.86% | 6.06% | 19.97% | 20.34% | 26.29% | 39.92% | - |
| D&A (Non-Cash Add-back) | 1.22B | 664M | 529M | 427M | 418M | 415M | 358M | 296M | 220M | 240M | 263M | 295M | 278M | 291M | 295M | 156M | 305M | 232M | 230M | 197.48M | 72.81M | 30.9M | 20.69M | 21.37M | 20.24M | 26.02M | 20M | 18.15M | 12.9M |
| EBIT | 8.95B | 7.81B | 7.68B | 6.35B | 6.48B | 7.48B | 5.72B | 5.6B | 5.58B | 5.26B | 4.64B | 4.66B | 4.47B | 3.98B | 3.52B | 3.31B | 3.25B | 1.54B | 1.02B | 1.96B | 648.15M | 340.54M | 171.9M | 228.28M | 215.14M | 170.18M | 143.04M | 110.94M | 83.66M |
| Net Interest Income | -98M | -21M | 229M | 181M | -60M | -118M | -143M | -106M | -80M | -156M | -165M | -178M | -203M | -189M | -179M | -142M | -121M | -48M | -4M | 22M | 19M | 10.99M | 35.48M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 518M | 685M | 767M | 473M | 152M | 87M | 62M | 97M | 104M | 49M | 40M | 26M | 29M | 22M | 36M | 34M | 29M | 20M | 64.72M | 74M | 29M | 18.91M | 35.48M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 616M | 706M | 538M | 292M | 212M | 205M | 205M | 203M | 184M | 205M | 205M | 204M | 232M | 211M | 215M | 176M | 150M | 68M | 69M | 52M | 10M | 7.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 8.7B | 7.62B | 8.29B | 7.16B | 6.29B | 8.17B | 6.52B | 5.79B | 5.38B | 5.26B | 4.46B | 4.6B | 4.39B | 3.97B | 3.47B | 3.13B | 3.02B | 1.27B | 1.02B | 1.82B | 528.23M | 375.75M | 200.44M | 250.9M | 223.95M | 180.99M | 149.92M | 103.45M | 68M |
| Pretax Margin % | 33.83% | 31.46% | 40.65% | 40.06% | 35.19% | 42.19% | 40.26% | 39.8% | 37.88% | 38.67% | 36.38% | 40.36% | 39.66% | 39.03% | 37.16% | 34.52% | 35.08% | 27.06% | 20.12% | 33.97% | 25.18% | 31.54% | 27.63% | 41.94% | 38.81% | 33.95% | 31.44% | 27.15% | 20.03% |
| Income Tax | 1.95B | 1.68B | 1.78B | 1.48B | 1.3B | 1.97B | 1.24B | 1.26B | 1.08B | 270M | 1.29B | 1.25B | 1.13B | 1.02B | 1.03B | 796M | 971M | 375M | 387.34M | 463.83M | 189.46M | 138.56M | 52.26M | 95.25M | 90.7M | 73.56M | 62.56M | 44.03M | 32.4M |
| Effective Tax Rate % | 22.36% | 22.01% | 21.49% | 20.67% | 20.6% | 24.08% | 18.98% | 21.79% | 20.01% | 5.13% | 28.92% | 27.16% | 25.73% | 25.72% | 29.68% | 25.39% | 32.14% | 29.48% | 38.01% | 25.45% | 35.87% | 36.87% | 26.07% | 37.96% | 40.5% | 40.64% | 41.73% | 42.56% | 47.65% |
| Net Income | 6.25B | 5.55B | 6.37B | 5.5B | 5.18B | 5.9B | 4.93B | 4.48B | 4.3B | 4.95B | 3.17B | 3.35B | 3.29B | 2.93B | 2.46B | 2.34B | 2.06B | 875M | 786.42M | 995.27M | 322.6M | 233.91M | 143.14M | 155.4M | 133.25M | 107.43M | 87.36M | 59.42M | 35.6M |
| Net Margin % | 24.33% | 22.93% | 31.21% | 30.81% | 28.97% | 30.46% | 30.44% | 30.79% | 30.32% | 36.41% | 25.87% | 29.34% | 29.73% | 28.8% | 26.33% | 25.74% | 23.95% | 18.62% | 15.53% | 18.55% | 15.38% | 19.63% | 19.74% | 25.98% | 23.09% | 20.15% | 18.32% | 15.6% | 10.49% |
| Net Income Growth % | -0.81% | -12.81% | 15.76% | 6.26% | -12.25% | 19.65% | 10.19% | 3.97% | -13.07% | 56.12% | -5.17% | 1.55% | 12.35% | 19.28% | 5.18% | 13.28% | 135.77% | 11.26% | -20.98% | 208.51% | 37.92% | 63.41% | -7.89% | 16.63% | 24.03% | 22.98% | 47.03% | 66.9% | - |
| Net Income (Continuing) | 6.75B | 5.94B | 6.51B | 5.68B | 4.99B | 6.21B | 5.29B | 4.53B | 4.3B | 4.99B | 3.17B | 3.35B | 3.26B | 2.95B | 2.44B | 2.34B | 2.05B | 897M | 629M | 1.36B | 338.77M | 237.2M | 148.17M | 155.66M | 133.25M | 107.43M | 87.36M | 59.42M | 35.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 6.63B | 5.65B | 1.86B | 1.89B | 1.04B | 1.2B | 2.37B | 1.38B | 1.17B | 466M | 246M | 541M | 154M | 210M | 214M | 314M | 240M | 273M | 491M | 578.21M | 1.11B | 9.61M | 17.17M | 1.24M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 37.91 | 35.42 | 42.01 | 36.51 | 33.97 | 38.22 | 31.85 | 28.43 | 26.48 | 30.00 | 18.94 | 19.71 | 19.17 | 16.80 | 13.73 | 12.32 | 10.51 | 6.09 | 5.89 | 7.53 | 3.85 | 3.49 | 2.16 | 2.35 | 2.03 | 1.64 | 1.34 | 1.04 | 0.66 |
| EPS Growth % | -3.23% | -15.69% | 15.06% | 7.48% | -11.12% | 20% | 12.03% | 7.36% | -11.73% | 58.39% | -3.91% | 2.82% | 14.11% | 22.36% | 11.44% | 17.22% | 72.58% | 3.4% | -21.78% | 95.58% | 10.32% | 61.57% | -8.09% | 15.76% | 23.78% | 22.39% | 28.85% | 57.58% | - |
| EPS (Basic) | - | 35.84 | 42.45 | 36.85 | 34.31 | 38.76 | 32.13 | 28.69 | 26.75 | 30.42 | 19.19 | 20.02 | 19.50 | 17.16 | 13.97 | 12.51 | 10.63 | 6.22 | 6.05 | 7.75 | 3.98 | 3.63 | 2.24 | 2.39 | 2.05 | 1.66 | 1.36 | 1.04 | 0.67 |
| Diluted Shares Outstanding | 165M | 165.4M | 151.6M | 150.71M | 152.44M | 154.4M | 154.84M | 157.46M | 162.6M | 165.08M | 167.25M | 169.72M | 171.8M | 174.53M | 178.73M | 187.87M | 193.47M | 140.04M | 131.9M | 131.91M | 83.69M | 67.14M | 66.23M | 66.12M | 65.57M | 65.19M | 64.85M | 57.5M | 53.9M |
| Basic Shares Outstanding | 155.3M | 155.1M | 150.04M | 149.3M | 150.92M | 152.24M | 153.49M | 156.01M | 160.94M | 162.81M | 165.09M | 167.06M | 168.9M | 170.87M | 175.66M | 185.01M | 191.32M | 137.22M | 130.06M | 129M | 80.96M | 64.44M | 63.94M | 64.91M | 65.02M | 64.53M | 64.14M | 57.29M | 53.72M |
| Dividend Payout Ratio | - | 60.27% | 48.69% | 55.16% | 57.74% | 43.16% | 45.82% | 46.83% | 45.71% | 33.56% | 48.71% | 44.13% | 40.62% | 39.84% | 43.12% | 43.39% | 37.62% | 48.23% | 53.28% | 35.51% | 42.05% | 32.75% | 44.47% | 16.48% | - | - | - | - | 34.55% |
Regulatory and political ESG scrutiny
As evidenced by the most recent quarterly data, BlackRock has achieved a significant revenue expansion to $6.8B, suggesting that the firm is successfully leveraging its diversified platform to capture inflows despite broader market fluctuations that have historically constrained traditional asset managers in the current financial landscape.
The jump in top-line performance indicates that the firm's strategic pivot toward private markets and infrastructure is beginning to yield tangible results. Investors should monitor whether this growth trajectory remains sustainable as the firm integrates recent acquisitions like Global Infrastructure Partners into its existing fee-generating ecosystem.
According to the latest income statement filings, BlackRock reported a gross margin of 81.4% in 2026Q1, a notable departure from the sub-50% levels observed in previous quarters, which implies a potential shift in the underlying mix toward higher-margin technology services and proprietary data-driven investment products.
This margin profile suggests that the Aladdin platform is increasingly acting as a high-margin software utility rather than a traditional asset management service. The firm appears to be successfully decoupling its profitability from pure AUM-based fee structures, which may provide a buffer against industry-wide fee compression.
Based on reported financial figures, the firm has maintained an operating margin of 34.5% in 2026Q1, demonstrating that BlackRock is effectively scaling its operating income faster than its overhead costs, even as it continues to invest heavily in its core technological and human capital infrastructure.
The ability to keep SG&A expenses relatively contained while revenue expands suggests that the firm's internal automation efforts are gaining traction. This operating leverage is critical for maintaining valuation premiums relative to peers who remain burdened by higher variable costs and less efficient distribution models.
As reported in recent quarterly statements, the absence of stock-based compensation in 2026Q1, compared to the $421M charge in 2025Q4, warrants further investigation into the firm's compensation accounting policies and the potential impact of these non-cash items on the volatility of reported net income figures.
The significant fluctuation in quarterly EPS suggests that investors should focus on normalized earnings rather than headline figures to gauge true operational health. The variability in these charges may mask underlying trends in talent retention costs and the firm's long-term incentive alignment strategies.
While the current growth appears robust, historical data suggests that the firm's reliance on market-sensitive advisory fees remains a vulnerability, as evidenced by the sharp EPS contraction observed in late 2025 when market conditions shifted and impacted the firm's core fee-generating asset base.
Short-term performance fees and market-linked advisory revenue remain susceptible to sudden reversals in global equity valuations. Investors should remain cautious about whether the technology segment can truly offset a prolonged downturn in the broader financial markets, given the firm's significant exposure to institutional asset flows.
Quick answers to the most common questions about buying BLK stock.
BlackRock, Inc. (BLK) is profitable, generating $5.55B in net income for the fiscal year ending 2025 with a net profit margin of 22.9%.
BlackRock, Inc. (BLK) reported an operating income of $7.04B, resulting in an operating profit margin of 29.1%. This margin reflects the operational efficiency of the business before interest and taxes.
BlackRock, Inc. (BLK) generated $13.45B in gross profit for the year, representing a gross profit margin of 55.5%. This demonstrates the company's core pricing power and production efficiency.