BlackRock Inc (NYSE:BLK) reported fourth quarter 2025 earnings that exceeded Wall Street expectations and ended the year with a record $14 trillion in assets under management, sending its shares up almost 5% on Thursday morning.
The asset manager posted Q4 revenue of $7.01 billion, beating the consensus estimate of $6.75 billion.
Adjusted earnings per share (EPS) came in at $13.16, compared with analyst estimates of $12.44.
For the full year, BlackRock reported diluted EPS of $35.31, or $48.09 on an adjusted basis.
BlackRock ended 2025 with a record $14 trillion in assets under management, fueled by $698 billion in net inflows for the year, including $342 billion in the fourth quarter.
The firm also reported 12% annualized organic base fee growth in Q4, reflecting strength across iShares ETFs, systematic active equities, private markets, outsourcing, and cash management.
Full-year revenue rose 19%, supported by market gains, 9% organic base fee growth, fees related to recent acquisitions, and higher technology services and subscription revenue.
Adjusted operating income increased 18%, while adjusted diluted EPS grew 10%. GAAP operating income and EPS were lower due to noncash acquisition-related expenses and a charitable contribution.
The company returned $5 billion to shareholders in 2025, including $1.6 billion in share repurchases.
The board approved a 10% increase in the quarterly cash dividend to $5.73 per share, payable March 24, 2026, and authorized 7 million additional shares for repurchase.
Chairman and CEO Laurence Fink highlighted BlackRock’s growth across both public and private markets. “Clients entrusted us with $698 billion of new assets in 2025, powering 9% organic base fee growth. We ended the year with back-to-back quarters of double-digit organic base fee growth, including 12% in the fourth quarter,” Fink said.
Looking ahead, BlackRock plans to leverage its unified platform with acquisitions including GIP, HPS, and Preqin.
Fink noted that the firm’s pipeline spans public and private market mandates, technology, data, and client channels, with a target of $400 billion in private markets fundraising by 2030.
“BlackRock is differentiated as a scale operator in public and private markets investing and technology, enhancing our positioning with clients worldwide,” Fink said. “We’ve already begun 2026 with strong momentum and are positioned ahead of future opportunities to deliver better outcomes for clients and growth for our shareholders.”