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BLK BlackRock (BLK) Q4 FY24 earnings call
BlackRock achieved a milestone year in Q4 FY24, marked by record net inflows and double-digit growth in revenue, operating income, and EPS, driven by strong organic momentum and strategic acquisitions. The firm is positioning itself as a unique asset management and fintech platform, integrating public and private markets to meet evolving client needs and drive future growth, with a focus on higher secular growth areas.
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BLK operating KPIs by quarter
| KPI | This call Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|---|
| Net new assets | $281BWe finished the year strong in the fourth quarter with $281 billion of total net inflows and 7% annualized organic base fee growth.Source: earnings call transcript | $84BFirst quarter net inflows continued our growth with $84 billion.Source: earnings call transcript | $68BSecond quarter net inflows of $68 billion were impacted by low fee institutional index redemptions, which saw $48 billion of net outflows.Source: earnings call transcript | $205BWe generated $205 billion of net inflows in the third quarter, reflecting 10% annualized organic base fee growth, our highest quarter since 2021.Source: earnings call transcript | $342BBlackRock awarded -- clients awarded BlackRock with nearly $700 billion in new assets in 2025, including $342 billion in the fourth quarter.Source: earnings call transcript | $130BBlackRock is winning mind share and wallet share reflected in $130 billion of net inflows in the first quarter.Source: earnings call transcript | $192BWe generated $192 billion of net inflows, representing 8% organic base fee growth, 2 full years of above-target organic base fee growth underscores that this level of performance is sustainable.Source: earnings call transcript | $205BIn the third quarter, BlackRock generated $205 billion of net inflows.Source: earnings call transcript | +6.8% |
| Net new assets ETF | $143BFourth quarter ETF net inflows of $143 billion reflected significant momentum into year-end helped by seasonal portfolio reallocations.Source: earnings call transcript | $107BETF net inflows of $107 billion were positive across all channels led by core equity and fixed income ETFs with net inflows of $46 billion and $34 billion, respectively.Source: earnings call transcript | $85BETF net inflows of $85 billion were diversified by channel, and over 1/3 were driven by our clients in Europe using local ranges.Source: earnings call transcript | $153BWe iShares ETFs generating $153 billion of net inflows in the third quarter.Source: earnings call transcript | $181BiShares net inflows of $181 billion in the fourth quarter once again demonstrated strong momentum into year-end, supported by seasonal portfolio reallocations.Source: earnings call transcript | $132BRecord first quarter ETF net inflows of $132 billion were led by index bond ETFs with $41 billion of net inflows.Source: earnings call transcript | β | $135BETFs generated $135 billion of net inflows in the third quarter.Source: earnings call transcript | β |
| Net new assets Cash Management | $81BFinally, BlackRock cash management saw $81 billion of net inflows in the fourth quarter and $153 billion in 2024.Source: earnings call transcript | $1BFinally, BlackRock's cash management platform saw $1 billion of net inflows in the first quarter.Source: earnings call transcript | $22BCash AUM is up 25% over the last year, and we generated $22 billion of net inflows in the second quarter.Source: earnings call transcript | $34BOur cash management platform recently crossed $1 trillion in AUM, with $34 billion of net inflows in the quarter.Source: earnings call transcript | $74BFinally, BlackRock Cash Management saw $74 billion of net inflows in the fourth quarter and $131 billion in 2025, driven by US government, international, Prime and Circle Reserve Funds.Source: earnings call transcript | -$6BFinally, BlackRock's cash management platform saw $6 billion of net outflows in the first quarter.Source: earnings call transcript | -$7BFinally, cash net outflows of $7 billion in the quarter were due to redemptions from US government funds, partially offset by the creation of bespoke liquidity solutions.Source: earnings call transcript | $31BFinally, our cash management platform generated $31 billion of net inflows in the third quarter.Source: earnings call transcript | β |
| Net new assets Fixed Income | β | β | β | β | $80B+We saw more than $80 billion of fixed income flows in Q4 and more than $40 billion outside the new Citi mandate.Source: earnings call transcript | β | β | $78BFixed income generated $78 billion of net inflows in the third quarter and $205 billion year-to-date, reflecting demand for high-quality income and more resilient portfolio construction.Source: earnings call transcript | β |
| Employees | β | <23KBlackRock's expertise is built and delivered through our nearly 23,000 employees located in 30-plus countries.Source: earnings call transcript | β | β | β | <25KAnd we have nearly 25,000 colleagues, One BlackRock, working together to deliver excellence for our clients and growth for our shareholders.Source: earnings call transcript | β | β | β |
| Assets under management (AUM) Target date | β | β | β | $585BWe're the #1 DC investment-only firm, $585 billion in target date AUM.Source: earnings call transcript | β | $600BWe have a $600 billion LifePath targeted franchise where we saw $15 billion of net inflows in the quarter.Source: earnings call transcript | β | β | β |
| Assets under management (AUM) Private markets and alternatives | β | β | β | $660B+And today, we have over $660 billion in private markets and alternatives, which allows us to bring the best of public and private to the target date funds.Source: earnings call transcript | $675B+BlackRock houses the world's #1 ETF franchise, a top 5 alternatives platform with more than $675 billion in client assets, $0.5 trillion in target date AUM, leading advisory services and a tech and data SaaS franchise with nearly $2 billion in revenue.Source: earnings call transcript | β | β | β | β |
| Net new assets Private credit | β | β | β | β | $7BWe had $7 billion of private credit net inflows in the quarter, primarily due to deployment activity.Source: earnings call transcript | β | $6BWe had $15 billion of inflows in private markets in Q2, $6 billion of that was really from private credit, and we've seen incredible opportunities, I think, in the marketplace.Source: earnings call transcript | β | β |
| Net new assets Index bond ETFs | β | β | β | β | β | $41BRecord first quarter ETF net inflows of $132 billion were led by index bond ETFs with $41 billion of net inflows.Source: earnings call transcript | $61BCore equity and index bond ETFs led the way with net inflows of $85 billion and $61 billion, respectively.Source: earnings call transcript | $61BIndex bond ETFs and precision ETFs led the way, generating $61 billion and $41 billion of net inflows, respectively.Source: earnings call transcript | 0% |
| Net new assets Precision exposures | β | β | β | β | β | $39BPrecision exposures, core equity and active ETFs added $39 billion, $32 billion and $19 billion, respectively.Source: earnings call transcript | $15BPrecision added $15 billion as clients use iShares international and sector equity ETFs to express tactical views, iShares ETF delivered a fifth consecutive quarter of double-digit organic base fee growth powered by higher-value ETF categories such as active and precision.Source: earnings call transcript | $41BIndex bond ETFs and precision ETFs led the way, generating $61 billion and $41 billion of net inflows, respectively.Source: earnings call transcript | +173.3% |
| Net new assets Core equity | β | β | β | β | β | $32BPrecision exposures, core equity and active ETFs added $39 billion, $32 billion and $19 billion, respectively.Source: earnings call transcript | $85BCore equity and index bond ETFs led the way with net inflows of $85 billion and $61 billion, respectively.Source: earnings call transcript | β | +165.6% |
| Net new assets Active ETFs | β | β | β | β | β | $19BPrecision exposures, core equity and active ETFs added $39 billion, $32 billion and $19 billion, respectively.Source: earnings call transcript | $20BMomentum in active ETFs continued with $20 billion of net inflows as clients seek performance through a liquid tax-efficient wrapper.Source: earnings call transcript | $22BContinued demand for our growing lineup of active ETFs added $22 billion of net inflows.Source: earnings call transcript | +10% |
| Net new assets Retail | β | β | β | β | β | $15BRetail net inflows of $15 billion reflected continued strength in our systematic liquid alternatives, active fixed income and evergreen private markets offerings.Source: earnings call transcript | $19BRetail net inflows of $19 billion were led by broad-based flows into our active fixed income offerings as well as continued inflows into Aperio and liquid alternative funds.Source: earnings call transcript | $23BRetail net inflows of $23 billion were driven by sustained momentum in liquid alternatives, broad-based demand for our US active fixed income offerings and continued inflows across Aperio and SpiderRock.Source: earnings call transcript | +21.1% |
| Net new assets Aperio | β | β | β | β | β | $13BAperio generated a record $13 billion of net inflows and SpiderRock added over $1 billion in the quarter.Source: earnings call transcript | $7BAperio had $7 billion of net inflows in the second quarter split about half and half between long-only and long/short strategies.Source: earnings call transcript | $5BAperio had $5 billion of net inflows in the third quarter, including $4 billion into long short and $1 billion into long only.Source: earnings call transcript | -28.6% |
| Net new assets SpiderRock | β | β | β | β | β | $1B+Aperio generated a record $13 billion of net inflows and SpiderRock added over $1 billion in the quarter.Source: earnings call transcript | β | $2BNow have 3 back-to-back record quarters in 2026, including $2 billion in the third quarter.Source: earnings call transcript | β |
| Net new assets Institutional active | β | β | β | β | β | $24BInstitutional active net inflows were $24 billion, driven by our LifePath target date franchise, private markets and systematic strategies.Source: earnings call transcript | $44BInstitutional active net inflows of $44 billion were driven by strength in private markets, fixed income, systematic strategies as well as OCIO and target date offerings.Source: earnings call transcript | $44BInstitutional active net inflows of $44 billion were positive across all product types and were led by strength in private markets, fixed income, systematic equities and liquid alternatives.Source: earnings call transcript | 0% |
| Net new assets Institutional index | β | β | β | β | β | -$35BInstitutional index net outflows of $35 billion were concentrated in low fee index equities.Source: earnings call transcript | -$41BInstitutional index net outflows of $41 billion were concentrated in low fee index equities.Source: earnings call transcript | -$27BInstitutional index net outflows of $27 billion were concentrated in low fee index equities.Source: earnings call transcript | +34.1% |
| Net new assets Private markets | β | β | β | β | β | $9BWe saw an aggregate $9 billion of net inflows led by private credit and infrastructure and primarily driven by deployment activity.Source: earnings call transcript | β | $15BIn private markets, we saw $15 billion of net inflows, mainly from deployment across infrastructure and private credit and the onboarding of a real estate mandate.Source: earnings call transcript | β |
| Net new assets Liquid alternative strategies | β | β | β | β | β | $3BThat was driven by a record $13 billion into Aperio, $3 billion into liquid alternative strategies as well as demand for strategic income opportunities, active fixed income and our evergreen private markets.Source: earnings call transcript | $7BAnd our top quartile global equity market neutral fund drove a record $7 billion of net inflows into liquid alternatives.Source: earnings call transcript | β | +133.3% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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