BlackRock reported net new asset inflows of $698 billion for full-year 2025, led by a record $527 billion into its iShares ETF business, representing 12% organic asset growth and 13% organic base fee growth. Full-year as-adjusted revenue increased 19% year-over-year to $24 billion, while operating income rose 18% to $9.6 billion. Earnings per share climbed 10% to $48.09, reflecting strong fee-related performance and a tax rate around 20% driven by discrete items. This robust inflow and fee momentum sets the stage for continued expansion in base fees and technology services entering 2026.

In Q4 2025, BlackRock generated $7 billion of revenue, up 23% year-over-year, which the CFO attributed to recent acquisitions and favorable market movements on average assets under management. Operating income of $2.8 billion advanced 22%, and adjusted EPS rose 10% to $13.16, supported by a lower effective tax rate and integration of new businesses. The board approved a 10% increase to the first-quarter dividend and authorized an additional 7 million share repurchase program, targeting $1.8 billion in buybacks for 2026, underscoring management’s commitment to disciplined capital returns.

BlackRock highlighted 16% annual contract value growth in its technology platforms, driven by client onboarding, expansions, and the integration of acquired data businesses. Preqin contributed $65 million of Q4 revenue and $213 million for the full year, while technology services revenue grew 24% year-over-year. On the private markets front, the firm delivered $40 billion of net inflows in 2025 and set a goal to raise $400 billion in gross private-market assets by 2030. Executives emphasized building investable indices for private assets and leveraging tokenization to broaden access across client channels.

BlackRock announced that four money-market and short-duration bond iShares exchange-traded funds will transfer their primary listing to the New York Stock Exchange effective February 23, 2026. The move applies to government, prime, 0-3 month treasury and 0-1 year treasury bond ETFs, aiming to deliver enhanced liquidity and execution quality. Current shareholders are not required to take any action. This listing change reinforces BlackRock’s focus on providing efficient market access and maintaining its leadership in ETF distribution.