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BLK BlackRock (BLK) Q4 FY25 earnings call
BlackRock concluded Q4 FY25 with record net inflows and robust organic base fee growth, driven by its diversified platform across public and private markets and technology. The firm is leveraging recent acquisitions and strategic initiatives in private markets, digital assets, and active ETFs to fuel future expansion and shareholder returns, despite a slight year-over-year dip in operating margin. Management expressed confidence in continued growth and margin expansion, underpinned by strong client relationships and global capital market trends.
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BLK operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | This call 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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