BlackRock reported net new asset inflows of $698 billion in 2025, led by a record $527 billion into its iShares business, representing 12% organic asset growth and 13% organic base fee growth. For the full year, as-adjusted revenue climbed 19% year-over-year to $24 billion, operating income rose 18% to $9.6 billion, and earnings per share increased 10% to $48.09. In the fourth quarter alone, revenue grew 23% to $7 billion and EPS rose 10% to $13.16, driven by base fee expansion, performance fees of $754 million (including $158 million from HPS) and favorable market moves on average AUM.

Technology services annual contract value (ACV) expanded by 16% organically and by 31% including Preqin, reaching approximately $3.5 billion in annualized revenues. Preqin contributed $65 million in Q4 and $213 million for the full year, while HPS added $230 million in base fees. Tech and subscription revenues grew 24% year-over-year, reflecting new client onboardings, deeper engagements with existing clients on the Aladdin platform, and cross-selling of data and analytics solutions.

BlackRock’s board approved a 10% increase to the Q1 2026 dividend and authorized the repurchase of an additional 7 million shares, targeting $1.8 billion of share buybacks during 2026. The as-adjusted tax rate in Q4 was 20% due to discrete items, and management now projects a normalized tax run rate of 25% for 2026. Non-operating results included $106 million of net investment losses, primarily a non-cash mark-to-market loss on the firm’s minority investment in Circle, of which roughly 1.1 million shares remain on the balance sheet.

Private markets net inflows totaled $40 billion in 2025, driven by private credit and infrastructure, and BlackRock reiterated its ambition to raise $400 billion in gross private markets fundraising by 2030. The firm manages $700 billion of insurance general account assets across more than 450 relationships and sees another $60 billion of credit assets under HPS for over 125 insurers. Management highlighted late-stage discussions on diversified portfolios for insurers and plans to launch LifePath target-date funds with private markets later in 2026, leveraging Preqin data for benchmarking and performance insights.