During 2025 BlackRock secured nearly $700 billion in net new assets, driven by record iShares flows of $527 billion and $107 billion of retail inflows. Full-year as-adjusted revenue rose 19% to $24 billion, fueled by 9% organic base fee growth and market beta on average assets under management. In Q4 alone, revenue climbed 23% year over year to $7 billion, reflecting the contributions from recent acquisitions and favorable market movements on AUM.

Technology annual contract value expanded 16% in 2025, supported by the integration of Preqin and HPS. Fourth-quarter technology and subscription revenue grew 24% year over year, adding approximately $65 million from Preqin in Q4 and $213 million for the full year. Base fees and securities lending revenue reached $5.3 billion in the quarter, up 19%, including about $230 million of fee income from HPS.

BlackRock’s private markets platform delivered $40 billion of net inflows in 2025, with private credit and infrastructure leading the way. Management set a target of $400 billion in gross private markets fundraising by 2030, leveraging Aladdin technology and Preqin’s data capabilities to develop investable indices. The firm plans to introduce its first target-date fund incorporating private assets later in the year and is engaged in over 20 late-stage discussions with insurers to deploy private solutions.

The board approved a 10% increase to the first-quarter 2026 dividend and authorized repurchase of an additional 7 million shares, aiming for $1.8 billion of repurchases in 2026. Fourth-quarter adjusted operating margin stood at 45%, down 50 basis points, while full-year margin was 44.1%, down 40 basis points. Excluding performance-fee-related compensation, Q4 margin would have been 45.5%. Management reiterated a target of 45% or greater adjusted operating margins and expects mid-single-digit G&A growth with headcount broadly flat in 2026.