5 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $24.2B | $5.6B | 0.0% | 29.1% | $3.6B | $12.8B | $11.5B |
| 2024 | $20.4B | $6.4B | 0.0% | 37.1% | $4.7B | $12.3B | $12.8B |
| 2023 | $17.9B | $5.5B | 0.0% | 35.1% | $3.8B | $7.9B | $8.7B |
| 2022 | $17.9B | $5.2B | 0.0% | 35.7% | $4.4B | — | — |
| 2021 | — | $5.9B | — | — | — | — | — |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $6.7B | $2.2B | 0.0% | 42.0% | -$1.1B | $12.7B | $9.8B |
| Dec '25 | $7.0B | $1.1B | 0.0% | 23.7% | $2.1B | $12.8B | $11.5B |
| Sep '25 | $6.5B | $1.3B | 0.0% | 30.0% | $1.3B | $12.8B | $10.0B |
| Jun '25 | $5.4B | $1.6B | 0.0% | 31.9% | $1.3B | $12.8B | $9.5B |
| Mar '25 | $5.3B | $1.5B | 0.0% | 32.2% | -$1.2B | $12.3B | $7.7B |
| Dec '24 | $5.7B | $1.7B | 0.0% | 36.6% | $2.5B | $12.3B | $12.8B |
| Sep '24 | $5.2B | $1.6B | 0.0% | 38.6% | $1.3B | $12.4B | $14.0B |
| Jun '24 | $4.8B | $1.5B | 0.0% | 37.5% | $1.4B | — | — |
| Mar '24 | $4.7B | $1.6B | 0.0% | 35.8% | -$472M | — | — |
| Dec '23 | $4.6B | $1.4B | 0.0% | 34.2% | $1.9B | $7.9B | $8.7B |
| Sep '23 | $4.5B | $1.6B | 0.0% | 36.2% | — | — | — |
How the market has priced BLK against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 4 years, BlackRock's revenue has grown 10.7% per year, and net income declined 1.5% per year. These are computed facts, not advice.
As of FY2025, BlackRock reported $12.8B of total debt against $11.5B of cash; operating income covered interest expense 11×.
In FY2025, gross margin was —, operating margin 29.1%, and net margin 22.9%.
As of Jun '26, BlackRock traded at a price-to-earnings ratio of about 27.2× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.