BlackRock, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
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Consolidated Statements of Financial Condition
| (in millions, except shares and per share data) | December 31,2025 | December 31,2024 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents(1) | $11,468 | $12,762 |
| Accounts receivable | 5,158 | 4,304 |
| Investments(1) | 13,271 | 9,769 |
| Separate account assets | 60,098 | 52,811 |
| Separate account collateral held under securities lending agreements | 7,922 | 6,059 |
| Property and equipment (net of accumulated depreciation and amortization of $1,692 and $1,553 at December 31, 2025 and 2024, respectively) | 1,256 | 1,103 |
| Intangible assets (net of accumulated amortization of $1,482 and $782 at December 31, 2025 and 2024, respectively) | 27,968 | 20,743 |
| Goodwill | 35,283 | 25,949 |
| Operating lease right-of-use assets | 1,874 | 1,519 |
| Other assets(1) | 5,700 | 3,596 |
| Total assets | $169,998 | $138,615 |
| Liabilities | ||
| Accrued compensation and benefits | $3,830 | $2,964 |
| Accounts payable and accrued liabilities | 1,740 | 1,536 |
| Borrowings | 12,768 | 12,314 |
| Separate account liabilities | 60,098 | 52,811 |
| Separate account collateral liabilities under securities lending agreements | 7,922 | 6,059 |
| Contingent consideration liabilities | 8,429 | 4,302 |
| Deferred income tax liabilities | 4,618 | 3,334 |
| Operating lease liabilities | 2,228 | 1,908 |
| Other liabilities(1) | 6,823 | 4,032 |
| Total liabilities | 108,456 | 89,260 |
| Commitments and contingencies (Note 16) | ||
| Temporary equity | ||
| Redeemable noncontrolling interests ("NCI") - consolidated sponsored investment products ("CIPs") | 2,636 | 1,691 |
| Redeemable NCI - Subco | 2,791 | — |
| Permanent equity | ||
| BlackRock, Inc. stockholders’ equity | ||
| Common stock, $0.01 par value; | 2 | 2 |
| Shares authorized: 500,000,000 at December 31, 2025 and 2024; Shares issued: 156,276,289 and 155,318,170 at December 31, 2025 and 2024, respectively; Shares outstanding: 155,069,171 and 154,947,813 at December 31, 2025 and 2024, respectively | ||
| Additional paid-in capital | 19,748 | 13,446 |
| Retained earnings | 37,899 | 35,611 |
| Accumulated other comprehensive loss | (545) | (1,178) |
| Treasury stock, common, at cost (1,207,118 and 370,357 shares held at December 31, 2025 and 2024, respectively) | (1,216) | (386) |
| Total BlackRock, Inc. stockholders’ equity | 55,888 | 47,495 |
| Nonredeemable NCI - CIPs | 227 | 169 |
| Total permanent equity | 56,115 | 47,664 |
| Total liabilities, temporary equity and permanent equity | $169,998 | $138,615 |
(1)
At December 31,2025, cash and cash equivalents, investments, other assets and other liabilities include$428 million,$8.5 billion,$76 million and$4.1 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include$125 million,$5.1 billion,$45 million and$2.1 billion, respectively, related to consolidated VIEs.
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