BlackRock, Inc. (BLK)

BlackRock, Inc. is a leading publicly traded global investment management firm managing $14.0 trillion in assets under management (AUM) as of December 31, 2025, employing approximately 24,900 people across more than 30 countries and serving clients in over 100 countries. The Company offers a diversified platform spanning alpha-seeking active, private markets, index, and cash management strategies across equities, fixed income, private markets, liquid alternatives, digital assets, currencies, and commodities, delivered through vehicles such as open-end and closed-end mutual funds, iShares ETFs, separate accounts, and collective trust funds. BlackRock also provides technology and subscription services, including its Aladdin investment and risk management platform, Aladdin Wealth, eFront, Preqin, and Cachematrix, alongside advisory services for institutional and wealth management clients.

On July 1, 2025, BlackRock completed its acquisition of HPS Investment Partners, a global credit investment manager, funded primarily through equity consideration in a consolidated subsidiary (Subco); this followed other recent acquisitions including GIP (October 2024), SpiderRock Advisors (May 2024), and ElmTree Funds (September 2025), which collectively contributed to AUM growth. The Company serves a diverse client base including tax-exempt institutions (pension plans, endowments), official institutions (central banks, sovereign wealth funds), taxable institutions (insurers, corporations), and retail investors, with clients located globally—approximately 35% of AUM is managed for clients domiciled outside the US, and 60% of employees work outside the US. BlackRock operates as an independent public company with no majority shareholder and a board that is over 80% independent, positioning itself around client choice, investment performance, research and analytics, global reach, and continued innovation in technology and private markets.

For fiscal year 2025, BlackRock reported total GAAP revenue of $24.2 billion, GAAP operating income of $7.0 billion (29.1% margin), and GAAP net income attributable to BlackRock of $5.6 billion, or $35.31 diluted EPS; on an as-adjusted basis, operating income was $9.6 billion (44.1% margin) and net income was $7.7 billion, or $48.09 diluted EPS. AUM by product type at year-end 2025 included $7.8 trillion in equity, $3.3 trillion in fixed income, $1.2 trillion in multi-asset, $424 billion in alternatives, $78 billion in digital assets, $169 billion in currency and commodities, and $1.1 trillion in cash management, reflecting a 10% five-year CAGR. By client type, retail represented 10% of long-term AUM, ETFs represented 42% of long-term AUM (with BlackRock's iShares platform holding $5.5 trillion in ETF AUM, making it the world's largest ETF provider), and institutional clients comprised the remainder.

The Company continues to expand through strategic minority investments in financial technology and digital distribution firms such as Circle, Securitize, Clarity AI, and iCapital, positioning itself to capture industry trends including growth in ETFs, private markets, portfolio outsourcing, and sustainable investing.