Filing Flows › BlackRock (BLK) › Q3 2025
BlackRock (BLK) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
BlackRock (BLK) reported revenue of $6.5B for the third quarter 2025 (Q3 2025), +25% from a year earlier and +20% from the quarter before. Operating margin was 30.0%, net earnings $1.3B (20.3% of revenue).
BlackRock, Q3 2025: revenue $6.5B (+25% year over year), operating margin 30.0%, net earnings $1.3B, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.5B | +20% | +25% |
| Operating profit | $2.0B | +13% | -3% |
| Net earnings | $1.3B | -17% | -19% |
| Operating cash flow | $1.4B | +4% | +2% |
| Free cash flow | $1.3B | +5% | +4% |
What changed
Revenue was $6.5B in Q3 2025, up 25% year over year and up 20% from the previous quarter. Investment Advice was the largest line at 78% of revenue. Investment Advice added $1.0B year over year (up 25%), 77% of the total change.
Operating profit was $2.0B, a 30.0% margin (down 8.6 points year over year). Operating profit fell $0.05B even though revenue rose $1.3B versus a year earlier, so costs grew faster than sales. Total costs grew 43% against revenue growth of 25%. The fastest-growing cost line was Other operating costs (+43%). Net earnings were $1.3B, down 19% year over year. The effective tax rate was 23.5%.
Operating cash flow was $1.4B (up 2% year over year), 93% of net income including minority interests. Non-cash charges added back $0.35B of depreciation and amortization and $0.42B of share-based compensation. Working capital and other items used $0.88B. Capital expenditures of $0.08B left free cash flow of $1.3B.
Questions
What was BlackRock's revenue in the third quarter 2025?
BlackRock (BLK) reported revenue of $6.5B for the third quarter 2025 (Q3 2025), +25% from a year earlier and +20% from the quarter before.
Was BlackRock profitable in the third quarter 2025?
Operating profit was $2.0B (30.0% of revenue) and net earnings $1.3B.
Source: BlackRock 10-Q on SEC EDGAR.