BlackRock, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2025, with total revenue reaching $24.2 billion, a 19% increase from $20.4 billion in 2024. The company's operating income was $7.0 billion, reflecting a decrease from $7.6 billion in the previous year, resulting in an operating margin of 29.1%, down from 37.1% in 2024. The decline in operating income was attributed to higher noncash acquisition-related expenses and a charitable contribution of $109 million. Net income attributable to BlackRock was $5.6 billion, or $35.31 per diluted share, compared to $6.4 billion, or $42.01 per diluted share, in 2024.
BlackRock's assets under management (AUM) grew to $14.0 trillion, a 21% increase from $11.6 trillion in 2024, driven by net inflows of $698.3 billion and market appreciation of $1.5 trillion. The company experienced strong inflows across various product types, particularly in equity and fixed income, with net inflows of $220.1 billion and $164.4 billion, respectively. The growth in AUM was also bolstered by acquisitions, including the HPS Investment Partners and Preqin transactions, which added $165 billion and $118 billion in client AUM, respectively.
Strategically, BlackRock completed several significant acquisitions in 2025, including the purchase of HPS Investment Partners on July 1, which enhanced its private credit platform, and Preqin, a leading provider of private markets data, in March. These acquisitions are expected to strengthen BlackRock's capabilities in private markets and technology services. The company also reported a 24% increase in technology services and subscription revenue, reaching $2.0 billion, driven by strong demand for its Aladdin platform.
Operationally, BlackRock's workforce expanded to approximately 24,900 employees across more than 30 countries, with a significant portion of its AUM managed for clients outside the United States. The company reported that approximately 35% of its total AUM is managed for clients domiciled outside the U.S. BlackRock's ETF offerings continued to perform well, with $5.5 trillion in iShares ETF AUM and net inflows of $527 billion in 2025, reflecting its position as the leading ETF provider globally.
Looking ahead, BlackRock anticipates a dynamic investing environment in 2026, driven by trends such as artificial intelligence and financial technology innovation. The company aims to capitalize on structural growth opportunities in private markets, ETFs, and technology services, while continuing to focus on delivering value to its clients and shareholders. BlackRock's long-term strategy emphasizes maintaining alpha at the core of its offerings and expanding its role as a whole portfolio advisor, particularly in the evolving landscape of sustainable investing.
About BlackRock, Inc.
BlackRock, Inc. is a global investment management firm managing $11.6 trillion in assets across active, passive, private markets, and technology services. It offers a broad range of investment products, including ETFs, mutual funds, and private equity, serving institutional and retail clients worldwide. The company leverages advanced analytics, proprietary technology like Aladdin, and a fiduciary approach to deliver tailored investment solutions and maintain competitive advantages.
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