Filing Flows › BlackRock (BLK) › Q4 2025
BlackRock (BLK) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
BlackRock (BLK) reported revenue of $7.0B for the fourth quarter 2025 (Q4 2025), +23% from a year earlier and +8% from the quarter before. Operating margin was 23.7%, net earnings $1.1B (16.1% of revenue).
BlackRock, Q4 2025: revenue $7.0B (+23% year over year), operating margin 23.7%, net earnings $1.1B, operating cash flow $2.3B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.0B | +8% | +23% |
| Operating profit | $1.7B | -15% | -20% |
| Net earnings | $1.1B | -15% | -33% |
| Operating cash flow | $2.3B | +61% | -13% |
| Free cash flow | $2.1B | +61% | -15% |
What changed
Revenue was $7.0B in Q4 2025, up 23% year over year and up 8% from the previous quarter. Investment Advice was the largest line at 75% of revenue.
Operating profit was $1.7B, a 23.7% margin (down 12.8 points year over year). Operating profit fell $0.41B even though revenue rose $1.3B versus a year earlier, so costs grew faster than sales. Total costs grew 48% against revenue growth of 23%. The fastest-growing cost line was Other operating costs (+62%). Net earnings were $1.1B, down 33% year over year. The effective tax rate was 23.1%.
Operating cash flow was $2.3B (down 13% year over year), 184% of net income including minority interests. Non-cash charges added back $0.37B of depreciation and amortization and $0.42B of share-based compensation. Working capital and other items added $0.25B. Capital expenditures of $0.13B left free cash flow of $2.1B.
Questions
What was BlackRock's revenue in the fourth quarter 2025?
BlackRock (BLK) reported revenue of $7.0B for the fourth quarter 2025 (Q4 2025), +23% from a year earlier and +8% from the quarter before.
Was BlackRock profitable in the fourth quarter 2025?
Operating profit was $1.7B (23.7% of revenue) and net earnings $1.1B.
Source: BlackRock 10-K on SEC EDGAR.