BlackRock reported record net new assets of $698 billion in 2025, driven largely by an unprecedented $527 billion of iShares flows, representing 12 % organic asset growth. In the fourth quarter alone, iShares net inflows reached $181 billion, while private markets attracted $40 billion of full‐year net inflows, led by private credit and infrastructure. Retail channels added $107 billion, including an $80 billion separately managed account assignment, and institutional active strategies gathered $54 billion. Institutional index products saw $119 billion of outflows, primarily from low‐fee equity strategies.

For 2025, BlackRock delivered as‐adjusted revenue of $24 billion, up 19 % year‐over‐year, operating income of $9.6 billion (+18 %), and adjusted EPS of $48.09 (+10 %). Fourth‐quarter revenue rose 23 % to $7 billion, operating income grew 22 % to $2.8 billion, and EPS increased 10 % to $13.16. Fourth‐quarter adjusted operating margin was 45 %, down 50 basis points, while full‐year margin was 44.1 %, down 40 basis points, reflecting higher performance‐fee compensation; excluding those fees, margins expanded versus 2024.

BlackRock’s technology and data business saw annual contract value grow 16 % organically and 31 % including Preqin, with Preqin contributing $65 million of Q4 revenue and $213 million for the year. Base fees and securities lending reached $5.3 billion in Q4, up 19 %, with $230 million from HPS. Performance fees totaled $754 million, including $158 million from HPS. The integrations of HPS, Preqin and GIP enhanced Aladdin’s platform capabilities and underpinned fee growth across active and alternative strategies.

The board approved a 10 % increase to the Q1 2026 dividend and authorized the repurchase of 7 million additional shares, targeting $1.8 billion in buybacks for 2026. CEO Larry Fink highlighted a “whole portfolio” approach, with priorities in private markets, wealth, insurance and retirement. Management reiterated a target of 45 % or greater adjusted operating margin and expects mid‐single‐digit G&A growth with flat headcount. The firm aims to raise $400 billion of gross private markets capital by 2030 and plans to launch a target‐date fund with private markets exposure later in 2026.