BlackRock, Inc. BLK
NYSEAsset managementFinancials to Sep 30, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| $B | Dec 31 | Sep 30 |
|---|---|---|
| Cash | 11.0 | 12.1 |
| Securities | 0.0 | 0.0 |
| Debt | 12.8 | 12.7 |
| Net cash | -1.8 | -0.7 |
| Equity | 55.9 | 58.1 |
- Debt / EBITDA
- 1.18×
- Debt / equity
- 0.22×
- Leases (9/30/26)
- $2.2B
- Diluted shares
- 165M
- Book value / share
- $353.38
- Price / book
- 3.4×
- Net cash / share
- −$3.95
- Market cap
- $196.8B
- Enterprise value
- $197.5B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 19.1% | -6.1 pts | |
| Operating margin | 30.0% | -0.0 pts | |
| FCF margin | 47.8% | +7.4 pts | |
| Capex / revenue | 1.3% | +0.1 pts | |
| ETF assets under management | $6.36T | +22% | |
| ETF net inflows | $134.5B | -12% | |
| Institutional index net inflows | −$27.4B | -91% | |
| Institutional active net inflows | $44.5B | +100% | |
| Private-market assets under management | $336.0B | +5% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About BLK
BlackRock earns asset-based and performance fees from ETFs, index mandates, active funds, private markets and cash products, plus Aladdin and data subscriptions. It managed $15.5 trillion in September 2026. iShares has the largest global ETF asset base, while Aladdin embeds data and operating workflows in institutional systems.
- Scale Economies Unit Cost
iShares spreads operating, trading and distribution costs over a large asset base.
- Brand Trust
A large, established ETF range gives clients confidence in trading, risk controls and continuity.
- Operational Excellence
Large index mandates require reliable tracking, execution and reporting.
- Brand Trust
Institutional relationships and risk expertise help BlackRock compete for active mandates.
- Sep 16, 2026
BlackRock launched LifePath Solutions on its $770 billion retirement platform, offering more plan sponsors customized public/private portfolios and lifetime-income options.
- Sep 11, 2026
HLEND disclosed Q3 repurchase requests of about 11.5% of shares against its 5% repurchase framework. Requests eased from Q2 but still show pressure on private-credit customer confidence.
- Sep 1, 2026
Adroit partnered with Aladdin to give mutual clients execution-management access inside the investment platform, extending its trading connections without a disclosed contract value.
- Aug 4, 2026
TIL and Hutchison abandoned the Barcelona TERCAT transaction after an EU competition investigation, preventing that infrastructure investment from closing.
- Jul 1, 2026
The HPS subsidiary units’ contractual cash-settlement condition expired; BlackRock plans to move those minority units from temporary to permanent equity in Q3.
Ownership
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On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||||
| Revenue | 73.60 | 82.72 | 87.67 | 92.33 | 104.66 | 125.48 | 117.25 | 118.50 | 134.60 | 150.53 | 173.51 | +8.3%/yr | |
| Cash flow | 19.31 | 25.87 | 26.28 | 28.24 | 36.87 | 39.95 | 37.18 | 37.72 | 47.93 | 46.39 | 58.91 | +10.2%/yr | |
| Earnings | 19.02 | 30.12 | 26.58 | 28.43 | 31.85 | 38.22 | 33.97 | 36.51 | 42.01 | 35.31 | 44.07 | +7.1%/yr | |
| Free cash flow | 18.60 | 24.92 | 25.02 | 26.63 | 35.62 | 37.74 | 33.69 | 35.43 | 46.25 | 44.06 | 56.20 | +10.1%/yr | |
| Capex | 0.71 | 0.94 | 1.26 | 1.61 | 1.25 | 2.21 | 3.50 | 2.28 | 1.68 | 2.33 | 2.71 | +14.0%/yr | |
| Dividends | 9.27 | 10.11 | 12.15 | 13.31 | 14.60 | 16.50 | 19.61 | 20.14 | 20.45 | 20.30 | 21.38 | +9.1%/yr | |
| Book value | 174.68 | 193.40 | 199.90 | 213.05 | 227.87 | 244.12 | 247.60 | 261.08 | 313.26 | 347.42 | 353.38 | +7.9%/yr | |
| Diluted shares (M) | 167 | 164 | 162 | 157 | 155 | 154 | 152 | 151 | 152 | 161 | 165 | -0.4%/yr | |
| Totals ($B) | |||||||||||||
| Revenue | 12.3 | 13.6 | 14.2 | 14.5 | 16.2 | 19.4 | 17.9 | 17.9 | 20.4 | 24.2 | 28.5 | +7.9%/yr | |
| Operating income | 4.6 | 5.3 | 5.5 | 5.6 | 5.7 | 7.5 | 6.4 | 6.3 | 7.6 | 7.0 | 9.3 | +4.9%/yr | |
| Net income | 3.2 | 5.0 | 4.3 | 4.5 | 4.9 | 5.9 | 5.2 | 5.5 | 6.4 | 5.6 | 6.9 | +6.4%/yr | |
| Free cash flow | 3.1 | 4.1 | 4.1 | 4.2 | 5.5 | 5.8 | 5.1 | 5.3 | 7.0 | 7.1 | 9.2 | +9.6%/yr | |
| Buybacks | 1.4 | 1.4 | 2.1 | 1.9 | 1.8 | 1.5 | 2.3 | 1.9 | 1.9 | 1.7 | 2.2 | +2.2%/yr | |
| Dividends | 1.5 | 1.7 | 2.0 | 2.1 | 2.3 | 2.5 | 3.0 | 3.0 | 3.1 | 3.3 | 3.5 | +8.7%/yr | |
| Net cash | 1.1 | 1.8 | 1.3 | -0.3 | 1.2 | 1.6 | 0.5 | 0.5 | 0.3 | -1.8 | -0.7 | −$2.9B | |
| Margins & returns (%) | |||||||||||||
| Operating margin | 37.2 | 38.6 | 38.4 | 38.2 | 35.1 | 38.5 | 35.7 | 35.1 | 37.1 | 29.1 | 32.5 | -8.1 pts | |
| Net margin | 25.8 | 36.4 | 30.3 | 30.8 | 30.4 | 30.5 | 29.0 | 30.8 | 31.2 | 22.9 | 24.2 | -2.9 pts | |
| FCF margin | 25.3 | 30.1 | 28.5 | 28.8 | 34.0 | 30.1 | 28.7 | 29.9 | 34.4 | 29.3 | 32.4 | +4.0 pts | |
| ROIC | 12.7 | 13.7 | 13.7 | 12.8 | 13.0 | 16.1 | 13.4 | 12.6 | 12.5 | 9.5 | 12.3 | -3.2 pts | |
| Return on equity | 10.9 | 15.6 | 13.3 | 13.3 | 14.0 | 15.7 | 13.7 | 14.0 | 13.4 | 9.9 | 11.9 | -1.0 pts | |
| Stock pay % of revenue | 4.2 | 4.0 | 4.0 | 3.9 | 3.8 | 3.8 | 4.0 | 3.5 | 3.7 | 5.4 | 4.7 | +1.1 pts | |
| Capex % of revenue | 1.0 | 1.1 | 1.4 | 1.7 | 1.2 | 1.8 | 3.0 | 1.9 | 1.2 | 1.5 | 1.6 | +0.6 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- medium
- Trajectory
- stable
- Pricing power
- moderate
- iShares ETFs & ETPs33.4%2 claims
- Institutional Index Mandates (Non-ETF)5.5%1 claim
- Active & Multi-Asset (Public Markets)23.5%1 claim
- Alternatives & Private Markets17.6%2 claims
- Cash Management (MMFs & cash solutions)5.1%1 claim
- Aladdin & Technology Services8.2%3 claims
- Distribution & Advisory Services6.7%No moat
Moat claims
- Applies to
- iShares ETFs & ETPs
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
iShares spreads operating, trading and distribution costs over a large asset base. This supports competitive fees, but Vanguard can match low-cost index exposures and currently leads new flows.
IShares held $6.55 trillion of ETF assets in August 2026, but its 27.3% global share was below 28.3% in September 2025 and Vanguard led year-to-date flows.
- ETF assets under management$6.36T+22%
- ETF net inflows$134.5B-12%
- Operating cash flow excluding sponsored funds$3.8B+41%
- Fee compression in core beta ETFs
- Competitors with structurally lower-fee models gaining share
- ETF market structure stress during volatility reducing confidence
- FilingBlackRock, Inc. FY2025 Form 10-K (year ended 2025-12-31)Feb 25, 2026
- Applies to
- iShares ETFs & ETPs
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
A large, established ETF range gives clients confidence in trading, risk controls and continuity. Fees and tracking still determine whether this trust produces retained assets.
IShares held $6.55 trillion of ETF assets in August 2026, but its 27.3% global share was below 28.3% in September 2025 and Vanguard led year-to-date flows.
- ETF assets under management$6.36T+22%
- ETF net inflows$134.5B-12%
- Reputational damage (stewardship/ESG politicization, operational incidents)
- Client trust erosion after product/operational failures
- FilingBlackRock, Inc. FY2025 Form 10-K (year ended 2025-12-31)Feb 25, 2026
- Applies to
- Institutional Index Mandates (Non-ETF)
- Confidence
- Durability
- medium
- Trajectory
- narrowingas of Oct 6, 2026
Large index mandates require reliable tracking, execution and reporting. BlackRock has the systems to deliver them at scale, but clients can rebid mandates and its recent outflows show that execution alone does not secure demand.
Institutional index mandates lost $41.454 billion in Q2 2026 and $102.163 billion over twelve months; large assets do not establish retained pricing or demand.
- Institutional index net inflows−$27.4B-91%
- Fixed-income index assets within tolerance99.0%
- Equity index assets within tolerance93.0%
- Tracking error / operational incidents leading to mandate loss
- Transition of index mandates to lowest-fee bidder
- FilingBlackRock, Inc. FY2025 Form 10-K (year ended 2025-12-31)Feb 25, 2026
- Applies to
- Active & Multi-Asset (Public Markets)
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Institutional relationships and risk expertise help BlackRock compete for active mandates. Investment results and fees can override reputation, and broad active flows do not measure public-market client retention on their own.
Institutional active mandates received $43.792 billion in Q2 2026; this supports continued demand but includes private strategies and does not isolate brand-driven public-market retention.
- Institutional active net inflows$44.5B+100%
- Fundamental equity assets above benchmark62.0%
- Systematic equity assets above benchmark86.0%
- Reputation impacts from governance/ESG controversies
- Operational failures leading to client terminations
- FilingBlackRock, Inc. FY2025 Form 10-K (year ended 2025-12-31)Feb 25, 2026
- Applies to
- Alternatives & Private Markets
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Committed capital and investment periods support fees for several years even when new fundraising slows. Investors can select another manager for the next fund, and realizations reduce the existing fee base.
Private markets received $15.432 billion of Q2 2026 inflows and retained $951 million of disclosed committed-capital fee obligations; acquired assets and future fundraising remain separate tests.
- Private-market assets under management$336.0B+5%
- Private-market net inflows$15.3B+16%
- Private-market contracted fees$951M
- HLEND shares requested for repurchase~11.5%
- Fundraising downturns and slower realizations reducing new vintages
- Fee pressure from LPs and shift toward lower-fee evergreen structures
- Regulatory changes affecting private fund fees and disclosures
- FilingBlackRock, Inc. FY2025 Form 10-K (year ended 2025-12-31)Feb 25, 2026
- FilingHLEND Q3 2026 shareholder repurchase letterSep 11, 2026
- Applies to
- Alternatives & Private Markets
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
BlackRock, GIP and HPS give institutional allocators established teams and a broad private-market platform. New commitments still depend on investment results, credit quality and retention of the acquired teams.
Private markets received $15.432 billion of Q2 2026 inflows and retained $951 million of disclosed committed-capital fee obligations; acquired assets and future fundraising remain separate tests.
- Private-market assets under management$336.0B+5%
- Private-market net inflows$15.3B+16%
- HLEND shares requested for repurchase~11.5%
- Reputation impacts from deal controversies or underperformance
- Key-person departures at acquired/private markets platforms
- Repeated repurchase limits in wealth-channel funds can reduce future subscriptions and confidence in private-credit products.
- Competition reviews can prevent infrastructure investments from closing and delay fee-paying deployment.
- Applies to
- Cash Management (MMFs & cash solutions)
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
Institutions need reliable liquidity, credit controls and settlement in cash products. BlackRock has an established platform, but customers can move quickly to higher-yielding funds or deposits.
Cash management retained $1.069 trillion at June 2026 but had $7.434 billion of quarterly outflows; trust has not removed yield and rate-cycle competition.
- Cash-management assets under management$1.10T+10%
- Cash-management net inflows$30.7B-10%
- Liquidity events or NAV stress undermining confidence
- Regulatory changes to money market funds increasing costs or reducing product appeal
- FilingBlackRock, Inc. FY2025 Form 10-K (year ended 2025-12-31)Feb 25, 2026
- Applies to
- Aladdin & Technology Services
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Oct 6, 2026
Aladdin combines portfolio data, risk, trading and related operating workflows. Replacing those integrations and processes is costly, although institutions can build internally or combine competing systems.
Technology annual contract value grew a reported 15% year over year in Q2 2026 and quarterly revenue reached $566 million, supporting continued expansion of the installed workflow.
- Technology and subscription revenue$588M+14%
- Technology annual contract value growth+15%
- Clients shifting to modular, multi-vendor architectures
- Cybersecurity incidents or prolonged outages damaging trust
- Regulatory requirements increasing compliance burden for platform providers
- FilingBlackRock, Inc. FY2025 Form 10-K (year ended 2025-12-31)Feb 25, 2026
- SourceAdroit and BlackRock announce Aladdin execution-management integrationSep 1, 2026
- Applies to
- Aladdin & Technology Services
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Oct 6, 2026
Aladdin uses long contracts that support recurring fees and give time to spread implementation costs. Renewals and contract expansion still depend on useful functionality and acceptable pricing.
Technology annual contract value grew a reported 15% year over year in Q2 2026 and quarterly revenue reached $566 million, supporting continued expansion of the installed workflow.
- Technology and subscription revenue$588M+14%
- Technology annual contract value growth+15%
- Contract renegotiations reducing price escalators
- Large-client concentration increasing renewal risk
- FilingBlackRock, Inc. FY2025 Form 10-K (year ended 2025-12-31)Feb 25, 2026
- Applies to
- Aladdin & Technology Services
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Aladdin, eFront and related services can cover public and private assets in one workflow. The broader platform helps sell several products, but BlackRock does not report a current attach rate or show that bundles themselves cause retention.
Technology revenue rose a reported 13% in Q2 2026, but no current multi-product attach or bundle-retention figure shows that bundling itself became harder to replace.
- Technology and subscription revenue$588M+14%
- Technology annual contract value growth+15%
- New Aladdin mandates with multiple products≥50.0%0.0 pts
- Best-of-breed modules out-innovating suite components
- Client preference for open architecture limiting suite penetration
- FilingBlackRock, Inc. FY2025 Form 10-K (year ended 2025-12-31)Feb 25, 2026
- NewsBlackRock Q2 2026 resultsJul 15, 2026
Profile change log
- Oct 6, 2026 · analyst revision
Private-market risks and the investment debate now include redemption limits and the abandoned Barcelona investment. Aladdin’s new trading connection adds evidence of workflow integration; claim strengths and segment scores stay the same.
- Oct 6, 2026 · method change
Operating cash flow now excludes consolidated client funds using BlackRock’s published reconciliation, so the cash-flow comparison follows company cash generation. A documented 2016 restricted-cash accounting break remains.
- Oct 6, 2026 · business change
HLEND disclosed Q3 repurchase requests of about 11.5% of shares against its 5% repurchase framework. Requests eased from Q2 but still show pressure on private-credit customer confidence.
- Oct 6, 2026 · business change
Adroit partnered with Aladdin to give mutual clients execution-management access inside the investment platform, extending its trading connections without a disclosed contract value.
- Oct 6, 2026 · business change
TIL and Hutchison abandoned the Barcelona TERCAT transaction after an EU competition investigation, preventing that infrastructure investment from closing.
- Oct 6, 2026 · business change
BlackRock bought ElmTree Funds, adding commercial net-lease real estate to its private-financing platform; purchased assets broaden the range but also require integration.
- Oct 6, 2026 · analyst revision
Latest filings and ETFGI evidence complete the moat trajectories, debate and management record. SEC 2026 share-identifier records correct the former company ISIN US09247X1019 and CUSIP 09247X101 to US09290D1019 and 09290D101 for the current parent. Distribution relationships no longer count as issuer control; distribution/advisory has no verified protection. Suite bundling is reduced from strength 4/confidence 4 to 3/3 because current attach and retention evidence is absent. FY2025 segment fee shares are retained.
- Oct 6, 2026 · business change
BlackRock launched LifePath Solutions on its $770 billion retirement platform, offering more plan sponsors customized public/private portfolios and lifetime-income options.
- Oct 6, 2026 · business change
The HPS subsidiary units’ contractual cash-settlement condition expired; BlackRock plans to move those minority units from temporary to permanent equity in Q3.
- Oct 6, 2026 · business change
BlackRock acquired HPS, adding $165 billion of client assets and $118 billion of fee-paying assets; subsidiary-unit consideration creates minority earnings and future dilution.
- Oct 6, 2026 · business change
BlackRock bought Preqin for £2.5 billion in cash, adding private-market data to Aladdin and eFront; purchased revenue must be separated from organic contract growth.
- Oct 6, 2026 · business change
BlackRock acquired Global Infrastructure Partners, adding infrastructure specialists and long-duration client capital; purchase accounting raises future reported expenses.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Global exchange-traded funds and products
Exchange-listed pooled investment funds and other exchange-traded investment products, including index, active, fixed-income, commodity and digital-asset exposures. Size is invested assets, not fee revenue, and excludes non-ETF institutional index mandates.
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| BLK | 68 | – | 32.5% | |
| Industry median | 5 | 65 | – | – |
| Sector median | 49 | 73 | 61.5% | 35.0% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Equity and bond prices strongly move invested assets and sponsor fees. Net subscriptions distinguish customer demand from market returns.
- A strong shift toward low-cost index funds increases ETF adoption; active and specialist strategies add products with different fee economics.
- Interest rates strongly affect bond demand and money moving between funds and deposits. Volatility can increase trading use but also reduce invested assets.
- Advisor models, retirement platforms and cross-border distribution support repeated use, while currency translation moderately changes reported global assets.
- Standard exposures are easy to substitute; Vanguard and other low-cost managers can win customer flows and compress sponsor fees.
- Market-maker or authorized-participant stress can widen spreads and discounts, damaging confidence in a fund’s implementation.
- Stewardship, common-ownership antitrust cases and changing fund rules can raise legal costs or constrain product and voting practices.
- Digital-asset and illiquid exposures create volatility, valuation and liquidity risks that differ from traditional liquid index funds.
Bulls & bears
Can BlackRock sustain organic fee and contract growth as low-cost ETF rivals, institutional redemptions and the cost of acquired private-market platforms test its expanded business?
Arguments
What to watch
- 1ETF net inflows and global AUM share versus Vanguard
- 2Technology ACV and subscription revenue, separating acquired Preqin
- 3Private-market net inflows, realizations, acquisition-related expense and HLEND repurchase requests
Next check: Q4 2026 results: monitor technology contract growth, private-market customer redemptions and conversion of organic flows to fees; separate parent profit from exchangeable-unit EPS adjustments.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 9, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 68/100 by <a href="https://www.findmymoat.com/stocks/XNYS:BLK">Find My Moat</a> (as of September 2026)Curation & Accuracy
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