BlackRock reported net new asset inflows of $698 billion in 2025, driven by broad-based demand across iShares, institutional active, and private markets. Total as-adjusted revenue rose 19% year-over-year to $24 billion, with fourth-quarter revenue up 23% to $7 billion. Management attributed the jump to acquisitions of HPS and Preqin, 9% organic base fee growth, and a 16% expansion in annual contract value for technology services.

Operating income for the full year climbed 18% to $9.6 billion, while adjusted EPS rose 10% to $48.09. In Q4, operating income increased 22% to $2.8 billion and EPS grew to $13.16. Fourth-quarter as-adjusted operating margin was 45%, narrowly below last year’s mark, reflecting higher performance-fee compensation; on a constant performance-fee basis, margins expanded by 30 basis points year-over-year.

BlackRock’s board approved a 10% increase to the quarterly dividend for the first quarter of 2026 and authorized repurchases of an additional 7 million shares. The firm is targeting $1.8 billion in share repurchases for 2026, subject to market conditions. These moves underscore management’s commitment to returning excess capital to shareholders alongside disciplined reinvestment in growth initiatives.

Chief Financial Officer Martin Small reiterated a goal to raise $400 billion in gross private-markets assets by 2030, building on $40 billion of full-year private-markets net inflows. The integration of Preqin and HPS has added $213 million of subscription revenue in 2025 and accelerated the launch of data-driven indexed solutions. CEO Larry Fink highlighted plans to introduce a LifePath target-date fund with private-markets exposure later in 2026, leveraging the Aladdin platform and tokenization technology to democratize access to alternatives.