BlackRock, Inc.

For the period ended Dec 31, 2025. Filed Feb 25, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 25, 2026

BLK$1,222.15+0.6%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statem ents of Cash Flows

(in millions)	2025	2024	2023
Operating activities
Net income	$5,942	$6,512	$5,676
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and amortization	1,126	529	427
Impairment of intangible assets	—	50	—
Noncash lease expense	148	129	140
Stock-based compensation	1,307	753	630
Deferred income tax expense (benefit)	(631)	(106)	124
Charitable Contribution	109	—	—
Change in fair value of contingent consideration	720	(36)	3
Other investment gains	(289)	(126)	—
Net (gains) losses within CIPs	(480)	(269)	(380)
Net (purchases) proceeds within CIPs	(4,214)	(2,672)	(1,780)
(Earnings) losses from equity method investees	(51)	(41)	(378)
Distributions of earnings from equity method investees	429	57	49
Other adjustments
Accounts receivable	(619)	(443)	(586)
Investments, trading	193	58	72
Other assets	(722)	317	(326)
Accrued compensation and benefits	659	367	145
Accounts payable and accrued liabilities	75	259	(26)
Other liabilities	225	(382)	375
Net cash provided by/(used in) operating activities	3,927	4,956	4,165
Investing activities
Purchases of investments	(1,384)	(818)	(846)
Proceeds from sales and maturities of investments	544	766	400
Distributions of capital from equity method investees	390	366	46
Net consolidations (deconsolidations) of sponsored investment funds	(97)	(127)	(26)
Acquisitions, net of cash acquired	(3,496)	(2,936)	(189)
Purchases of property and equipment	(375)	(255)	(344)
Net cash provided by/(used in) investing activities	(4,418)	(3,004)	(959)
Financing activities
Repayments of long-term borrowings	(796)	(1,000)	—
Proceeds from long-term borrowings	1,080	5,474	1,238
Dividends/Subco distributions paid	(3,347)	(3,101)	(3,035)
Proceeds from stock options exercised	167	464	95
Shares/Subco Units repurchased	(1,951)	(1,930)	(1,884)
Net proceeds from (repayments of) borrowings by CIPs	(112)	(58)	(59)
Net subscriptions received/(redemptions/distributions paid) from noncontrolling interest holders	3,827	2,405	1,627
Other financing activities	5	(18)	26
Net cash provided by/(used in) financing activities	(1,127)	2,236	(1,992)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	329	(162)	106
Net increase/(decrease) in cash, cash equivalents and restricted cash	(1,289)	4,026	1,320
Cash, cash equivalents and restricted cash, beginning of year	12,779	8,753	7,433
Cash, cash equivalents and restricted cash, end of year	$11,490	$12,779	$8,753
Supplemental disclosure of cash flow information:
Cash paid for:
Interest	$482	$289	$200
Income taxes (net of refunds)	$2,298	$1,699	$1,392
Supplemental schedule of noncash investing and financing transactions:
Issuance of common shares related to employee stock transactions	$151	$215	$569
Issuance of Subco Units/common shares in connection with acquisitions	$8,694	$5,904	$—
Cancellation of treasury stock, common in connection with the GIP Transaction	$—	$(12,829)	$—
Increase/(decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds	$(3,086)	$(2,581)	$(949)
Established contingent consideration liabilities in connection with acquisitions	$3,413	$4,246	$—

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