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BlackRock cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$2.6B in Q3 2026 · $4.8B over twelve months

Operating cash flow$2.7B
Capital spending−$101M
Free cash flow+$2.6B
Cash / net income1.4×

Analysis

In Q3 2026, BlackRock generated $2.7B of operating cash flow and spent $101M on capital projects, leaving free cash flow of $2.6B. That is $1.3B more than in Q3 2025 ($1.3B).

Over the twelve months to Sep 30, 2026, operating cash flow was $5.2B; the largest uses were other financing ($5.7B), other investing ($848M), capital spending ($446M); besides operations, cash came from partners ($4.6B), shares issued ($141M); the cash balance rose by $2.9B.

Operating cash flow was $2.7B against net income of $1.9B — 1.4× profit, cash ran ahead of reported earnings. The largest differences: employee-related liabilities +$1.0B, depreciation & amortization +$386M, gains on investments −$353M.

Free cash flow

BlackRock: free cash flow by quarterBlackRock: free cash flow by quarter$2.5BQ4 2024−$1.2BQ1 2025$1.3BQ2 2025$1.3BQ3 2025$2.1BQ4 2025−$1.1BQ1 2026$1.1BQ2 2026$2.6BQ3 2026
Operating cash flow less capital spending.
BlackRock: operating cash flow against capital spendingBlackRock: operating cash flow against capital spendingOperating cash flowCapital spending$2.6B$90.0MQ4 2024−$1.1B$78.0MQ1 2025$1.4B$89.0MQ2 2025$1.4B$78.0MQ3 2025$2.3B$130MQ4 2025−$980M$106MQ1 2026$1.2B$109MQ2 2026$2.7B$101MQ3 2026
Latest (Q3 2026): Operating cash flow $2.7B, Capital spending $101M.

Capital allocation, year by year

BlackRock: where the cash came from (up) and went (down), by fiscal yearBlackRock: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2022: Operating cash flow $5.0BFY2022: Net borrowing −$750MFY2022: Shares issued $11.0MFY2022: Capital spending −$533MFY2022: Buybacks −$2.3BFY2022: Dividends −$3.0B$5.0BFY2022FY2023: Operating cash flow $4.2BFY2023: Net borrowing $1.2BFY2023: Shares issued $95.0MFY2023: Capital spending −$344MFY2023: Acquisitions −$189MFY2023: Buybacks −$1.9BFY2023: Dividends −$3.0B$5.5BFY2023FY2024: Operating cash flow $5.0BFY2024: Net borrowing $4.5BFY2024: Shares issued $464MFY2024: Capital spending −$255MFY2024: Acquisitions −$2.9BFY2024: Buybacks −$1.9BFY2024: Dividends −$3.1B$9.9BFY2024FY2025: Operating cash flow $3.9BFY2025: Net borrowing $284MFY2025: Shares issued $167MFY2025: Capital spending −$375MFY2025: Acquisitions −$3.5B$4.4BFY2025
Over these 4 years operating cash flow totalled $18.0B; the largest uses were dividends ($9.1B) and acquisitions ($6.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$12.9B
Debt$12.7B
Net cash$137M

BlackRock funds itself: free cash flow was $4.8B over the last twelve months, and $12.9B of cash and investments stands against $12.7B of debt.

Where the cash came from and went

BlackRock: sources (+) and uses (−) of cash, Q3 2026BlackRock: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$2.7BCash drawn (+) / kept (−)−$2.4BPartners$1.3BOther financing−$1.3BOther investing−$256MCapital spending−$101MShares issued$39.0MExchange rates−$12.0M
BlackRock: sources (+) and uses (−) of cash, TTM to Q3 2026BlackRock: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$5.7BOperating cash flow$5.2BPartners$4.6BCash drawn (+) / kept (−)−$2.9BOther investing−$848MCapital spending−$446MShares issued$141MExchange rates−$62.0MAcquisitions−$15.0M

From profit to cash

BlackRock: net income to operating cash flow, Q3 2026BlackRock: net income to operating cash flow, Q3 2026Net income$1.9BDepreciation & amortization$386MStock-based pay$290MDeferred taxes−$211MGains on investments−$353MReceivables−$305MPayables−$26.0MEmployee-related liabilities$1.0BPrepaid and other assets−$230MOther liabilities$253MOperating cash flow$2.7B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$2.7B−$101M————$39.0M−$2.4B$2.6B
Q2 2026$1.2B−$109M————$14.0M−$651M$1.1B
Q1 2026−$980M−$106M−$15.0M———$74.0M$1.6B−$1.1B
Q4 2025$2.3B−$130M————$14.0M−$1.5B$2.1B
Q3 2025$1.4B−$78.0M−$390M———$55.0M−$506M$1.3B
Q2 2025$1.4B−$89.0M$17.0M−$396M−$808M$284M$47.0M−$1.7B$1.3B
Q1 2025−$1.1B−$78.0M−$3.1B−$657M−$838M—$51.0M$5.0B−$1.2B
Q4 2024$2.6B−$90.0M−$2.9B−$386M−$791M—$217M$1.3B$2.5B

BlackRock: income statement and cash flow

BlackRock, Q3 2026: revenue $7.8B (+19% year over year), operating margin 30.0%. The chart follows the revenue to costs, profit and cash.

BlackRock: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.