Company profile
SEC EDGAR ↗- Industry
- Security Brokers, Dealers & Flotation Companies
- Listed
- NYSE: BLK
- Incorporated
- DE
- Headquarters
- New York, NY
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $24.2B
- Net income
- $5.94B
- Total assets
- $170.0B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $24.2B | $5.94B | $170.0B |
| FY2024 | $20.4B | $6.51B | $138.6B |
| FY2023 | $17.9B | $5.68B | $123.2B |
| FY2022 | $17.9B | $4.99B | — |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Adjacency Expansion · Growth & Portfolio
BlackRock Stopped Selling Funds. It Started Selling the Plumbing.
Everyone counts BlackRock's $11.6 trillion in AUM. The real story is what it doesn't manage: roughly $21.6 trillion sits on its Aladdin software, and in 18 months it bought the infrastructure, the data, and the private-credit stack to surround it.
8 min
The Adjacency Expansion · Growth & Portfolio
How Three Acquisitions Turned BlackRock From a 1988 Bond Shop Into a $14 Trillion Giant
BlackRock grew from a 1988 bond shop into a $14 trillion AUM giant - but not by spreading itself thin. Each big deal added one missing capability: distribution, equities, then index scale. Three acquisitions, three new limbs, same spine.
8 min
The Money Machine · Business Model
BlackRock's Edge Is a $15.2B Acquisition and a Platform Its Competitors Pay to Run On
BlackRock manages $11.6 trillion, but the founding myth is wrong: it had no index fund until 2009. Its real moat is two infrastructure bets — a $15.2B acquisition and a tech platform that earns $1.6 billion a year selling its competitors the system they all run on.
8 min
The Moat Anatomy · Moat & Competition
BlackRock's Aladdin Grew From One Sun Workstation Into the Dashboard Central Banks Run On
Aladdin began in 1988 on a single Sun workstation as an internal tool, and BlackRock didn't sell it to a single outside client until 1999. Today it's the risk dashboard that pensions, insurers, and central banks run on — and the same lock-in that makes it unbeatable is what regulators have started to fear.
8 min