BLKBlackRock, Inc.

The four financial statements

Every company that sells shares in the US files four statements with the SEC. Together they show whether BlackRock made money, what it owns and owes, where its cash went, and what changed for its shareholders. Below is every line exactly as BlackRock filed it, with what each one means in plain English.

As filed with the SEC on Feb 25, 2026 · the full report · SEC's figures viewer

Income statement · also called the statement of operations, statement of earnings or profit and loss

Did it make money?

Read it from the top down. It starts with everything customers paid (sales), takes away the cost of making what was sold, then the costs of running the company, then interest and tax. What is left at the bottom is profit (net income), the part that belongs to shareholders. It covers a stretch of time: a year, or a quarter.

People usually check: Are sales growing compared with a year earlier?
People usually check: How much of each dollar of sales is left at each step (the margins)?
People usually check: Is profit growing faster or slower than sales?

From sales to profit: tap a bar to see the lines inside it.

Point at or tap a bar to see the lines inside it.

Out of every $100 of sales

costs of running the business: $71
other income and costs: $2 added
income tax: $9
kept as profit: $22.9

Every line, explained

Consolidated Statements of Income, every line
Line (tap for what it means)	12 months to Dec 31, 2025	12 months to Dec 31, 2024	12 months to Dec 31, 2023
Revenue
	$24.2B▲ 19%	$20.4B	$17.9B
Expense
	$8.4B▲ 29%	$6.5B	$5.8B
	$2.5B▲ 13%	$2.2B	$2.1B
	$1.8B▲ 21%	$1.5B	$1.3B
	$233.0M▲ 66%	$140.0M	$116.0M
	$4.5B▲ 18%	$3.8B	$3.5B
	$2.7B▲ 21%	$2.3B	$2.1B
	$720.0M	−$36.0M	$3.0M
	$39.0M	$0	$61.0M
	$775.0M▲ 166%	$291.0M	$151.0M
	$17.2B▲ 34%	$12.8B	$11.6B
	$7.0B▼ 7.0%	$7.6B	$6.3B
Nonoperating income (expense)
	$634.0M▲ 29%	$492.0M	$699.0M
	$554.0M▼ 28%	$767.0M	$473.0M
	−$614.0M▼ 14%	−$538.0M	−$292.0M
	$574.0M▼ 20%	$721.0M	$880.0M
	$7.6B▼ 8.1%	$8.3B	$7.2B
	$1.7B▼ 5.9%	$1.8B	$1.5B
	$5.9B▼ 8.8%	$6.5B	$5.7B
	$5.6B▼ 13%	$6.4B	$5.5B
Earnings per share attributable to BlackRock, Inc. common stockholders
	$35.83▼ 16%	$42.45	$36.85
	$35.31▼ 16%	$42.01	$36.51
Weighted-average common shares outstanding
	155.0M shares▲ 3.3%	150.0M shares	149.3M shares
	160.9M shares▲ 6.1%	151.6M shares	150.7M shares

Split by Subco, CIPs, Investment Advisory, Administration Fees and Securities Lending Revenue, Investment Advisory, Administration Fees and Securities Lending Revenue | Investment Advisory and Administration Fees and more

Subco
Profit belonging to partners (non-controlling interest) (Net income (loss) attributable to noncontrolling interests)	$127.0M	$0	$0
CIPs
Profit belonging to partners (non-controlling interest) (Net income (loss) attributable to noncontrolling interests)	$262.0M	$143.0M	$174.0M
Investment Advisory, Administration Fees and Securities Lending Revenue
Sales (Total revenue)	$19.2B	$16.1B	$14.4B
Investment Advisory, Administration Fees and Securities Lending Revenue \| Investment Advisory and Administration Fees
Sales (Total revenue)	$18.5B	$15.5B	$13.7B
Investment Advisory, Administration Fees and Securities Lending Revenue \| Securities Lending Revenue
Sales (Total revenue)	$705.0M	$615.0M	$675.0M
Investment Advisory Performance Fees
Sales (Total revenue)	$1.4B	$1.2B	$554.0M
Technology Services and Subscription Revenue
Sales (Total revenue)	$2.0B	$1.6B	$1.5B
Distribution Fees
Sales (Total revenue)	$1.4B	$1.3B	$1.3B
Advisory and Other Revenue
Sales (Total revenue)	$277.0M	$224.0M	$159.0M

Every line as the company filed it (USD ($), $ in Millions), shown in full dollars. See this statement on SEC.

Extra: What other gains and losses were there?Statement of comprehensive income: Profit, plus gains and losses that skip the income statement.

Some value changes don't count as profit yet: currency moves on businesses abroad, rises or falls in investments it hasn't sold, and some hedges and pension changes. They are added to profit here to give comprehensive income, and they build up in shareholders' equity.

Every line, explained

Consolidated Statements of Comprehensive Income, every line
Line (tap for what it means)	12 months to Dec 31, 2025	12 months to Dec 31, 2024	12 months to Dec 31, 2023
	$5.9B	$6.5B	$5.7B
Other comprehensive income (loss)
	$606.0M	−$338.0M	$261.0M
	$6.5B	$6.2B	$5.9B
	$6.2B	$6.0B	$5.8B

Split by Subco, Consolidated Sponsored Investment Products

Subco
Partners' share (non-controlling interest) (Less: Comprehensive income (loss) attributable to NCI)	$127.0M	$0	$0
Consolidated Sponsored Investment Products
Partners' share (non-controlling interest) (Less: Comprehensive income (loss) attributable to NCI)	$262.0M	$143.0M	$174.0M

Opening its latest reports…Reading every line of the four statements…Putting it into plain words…

Did it make money?

People usually check: Are sales growing compared with a year earlier?

People usually check: How much of each dollar of sales is left at each step (the margins)?

People usually check: Is profit growing faster or slower than sales?

Consolidated Statements of Income, every line
Line (tap for what it means)	12 months to Dec 31, 2025	12 months to Dec 31, 2024	12 months to Dec 31, 2023
Revenue
	$24.2B▲ 19%	$20.4B	$17.9B
Expense
	$8.4B▲ 29%	$6.5B	$5.8B
	$2.5B▲ 13%	$2.2B	$2.1B
	$1.8B▲ 21%	$1.5B	$1.3B
	$233.0M▲ 66%	$140.0M	$116.0M
	$4.5B▲ 18%	$3.8B	$3.5B
	$2.7B▲ 21%	$2.3B	$2.1B
	$720.0M	−$36.0M	$3.0M
	$39.0M	$0	$61.0M
	$775.0M▲ 166%	$291.0M	$151.0M
	$17.2B▲ 34%	$12.8B	$11.6B
	$7.0B▼ 7.0%	$7.6B	$6.3B
Nonoperating income (expense)
	$634.0M▲ 29%	$492.0M	$699.0M
	$554.0M▼ 28%	$767.0M	$473.0M
	−$614.0M▼ 14%	−$538.0M	−$292.0M
	$574.0M▼ 20%	$721.0M	$880.0M
	$7.6B▼ 8.1%	$8.3B	$7.2B
	$1.7B▼ 5.9%	$1.8B	$1.5B
	$5.9B▼ 8.8%	$6.5B	$5.7B
	$5.6B▼ 13%	$6.4B	$5.5B
Earnings per share attributable to BlackRock, Inc. common stockholders
	$35.83▼ 16%	$42.45	$36.85
	$35.31▼ 16%	$42.01	$36.51
Weighted-average common shares outstanding
	155.0M shares▲ 3.3%	150.0M shares	149.3M shares
	160.9M shares▲ 6.1%	151.6M shares	150.7M shares

Line (tap for what it means)

12 months to Dec 31, 2025

12 months to Dec 31, 2024

12 months to Dec 31, 2023

Revenue

$24.2B▲ 19%

$20.4B

$17.9B

Expense

$8.4B▲ 29%

$6.5B

$5.8B

$2.5B▲ 13%

$2.2B

$2.1B

$1.8B▲ 21%

$1.5B

$1.3B

$233.0M▲ 66%

$140.0M

$116.0M

$4.5B▲ 18%

$3.8B

$3.5B

$2.7B▲ 21%

$2.3B

$2.1B

$720.0M

−$36.0M

$3.0M

$39.0M

$61.0M

$775.0M▲ 166%

$291.0M

$151.0M

$17.2B▲ 34%

$12.8B

$11.6B

$7.0B▼ 7.0%

$7.6B

$6.3B

Nonoperating income (expense)

$634.0M▲ 29%

$492.0M

$699.0M

$554.0M▼ 28%

$767.0M

$473.0M

−$614.0M▼ 14%

−$538.0M

−$292.0M

$574.0M▼ 20%

$721.0M

$880.0M

$7.6B▼ 8.1%

$8.3B

$7.2B

$1.7B▼ 5.9%

$1.8B

$1.5B

$5.9B▼ 8.8%

$6.5B

$5.7B

$5.6B▼ 13%

$6.4B

$5.5B

Earnings per share attributable to BlackRock, Inc. common stockholders

$35.83▼ 16%

$42.45

$36.85

$35.31▼ 16%

$42.01

$36.51

Weighted-average common shares outstanding

155.0M shares▲ 3.3%

150.0M shares

149.3M shares

160.9M shares▲ 6.1%

151.6M shares

150.7M shares

Subco

Profit belonging to partners (non-controlling interest) (Net income (loss) attributable to noncontrolling interests)

$127.0M

CIPs

Profit belonging to partners (non-controlling interest) (Net income (loss) attributable to noncontrolling interests)

$262.0M

$143.0M

$174.0M

Investment Advisory, Administration Fees and Securities Lending Revenue

Sales (Total revenue)

$19.2B

$16.1B

$14.4B

Investment Advisory, Administration Fees and Securities Lending Revenue | Investment Advisory and Administration Fees

Sales (Total revenue)

$18.5B

$15.5B

$13.7B

Investment Advisory, Administration Fees and Securities Lending Revenue | Securities Lending Revenue

Sales (Total revenue)

$705.0M

$615.0M

$675.0M

Investment Advisory Performance Fees

Sales (Total revenue)

$1.4B

$1.2B

$554.0M

Technology Services and Subscription Revenue

Sales (Total revenue)

$2.0B

$1.6B

$1.5B

Distribution Fees

Sales (Total revenue)

$1.4B

$1.3B

Advisory and Other Revenue

Sales (Total revenue)

$277.0M

$224.0M

$159.0M

Line (tap for what it means)

12 months to Dec 31, 2025

12 months to Dec 31, 2024

12 months to Dec 31, 2023

$5.9B

$6.5B

$5.7B

Other comprehensive income (loss)

$606.0M

−$338.0M

$261.0M

$6.5B

$6.2B

$5.9B

$6.2B

$6.0B

$5.8B

Subco

Partners' share (non-controlling interest) (Less: Comprehensive income (loss) attributable to NCI)

$127.0M

Consolidated Sponsored Investment Products

Partners' share (non-controlling interest) (Less: Comprehensive income (loss) attributable to NCI)

$262.0M

$143.0M

$174.0M