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BlackRock key statistics and ratios

In fiscal 2025, BlackRock had return on equity of 10.7%, an operating margin of 29.1% and debt equal to 22.8% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Operating margin57.7%57.0%59.2%29.1%32.6%
Net margin46.8%50.0%49.8%22.9%24.1%
Free-cash-flow margin40.0%34.7%36.7%14.7%12.9%
Return on equity13.7%14.2%14.7%10.7%11.6%
Return on assets—4.5%4.9%3.6%3.8%
Asset turnover—0.090.100.160.16
Debt to equity0.0%20.1%25.9%22.8%22.1%
Interest cover (operating income ÷ interest)30.1x21.5x14.1x11.5x16.4x
Effective tax rate20.6%20.7%21.5%22.0%22.2%
Capital spending as % of revenue4.8%3.1%2.0%1.5%1.5%
Free cash flow ÷ net income85.4%69.4%73.8%64.0%53.5%
Dividends ÷ net income57.7%55.2%48.7%——
Dividends and buybacks ÷ free cash flow120.3%128.7%107.0%——

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: BLK vs BNYBLK vs KKRAPO vs BLK

More: Asset Management & Custody Banks stocks compared, Financials sector, rankings of US companies

Figures from BlackRock's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to BlackRock.