Net income of BlackRock from 2019 to 2026
BlackRock is the world's largest asset manager with $13.89 trillion in AUM as of Q1 2026. As a pure asset management firm, its net income is driven almost entirely by advisory fees, a percentage of AUM, plus technology services from Aladdin. The GAAP net income chart shows a clear growth story from $4.48B (2019) to $6.37B (2024), with two dips: 2022 (market crash reduced AUM and fees) and 2025 (noncash acquisition charges from GIP and HPS, not operational weakness). The adjusted net income chart tells a cleaner story: uninterrupted growth from 2019 to 2025's record $7.74B. The investment banking sector context for BlackRock's earnings is in our investment banking revenue analysis.
BlackRock Net Income — Complete Annual Data Table 2019-2026
| Year | GAAP Net Income | Adj. Net Income | YoY GAAP | GAAP Diluted EPS | Adj. EPS | Revenue | Adj. Op. Margin | AUM Year-End |
|---|---|---|---|---|---|---|---|---|
| 2019 | $4.476B | ~$4.66B | Base | $28.43 | ~$29.78 | $14.54B | ~44% | $7.43T |
| 2020 | $4.932B | ~$5.15B | +10.2% | $31.85 | ~$33.82 | $16.21B | ~44% | $8.68T |
| 2021 | $5.901B | ~$6.10B | +19.6% | $38.22 | ~$39.18 | $19.37B | ~44% | $10.01T |
| 2022 | $5.178B | ~$5.39B | -12.2% | $33.97 | ~$35.36 | $17.87B | ~43% | $7.96T |
| 2023 | $5.502B | ~$5.70B | +6.3% | $36.51 | ~$37.77 | $17.86B | ~43.5% | $10.01T |
| 2024 | $6.369B | $6.612B | +15.8% | $42.01 | $43.61 | $20.41B | 44.5% | $11.55T |
| 2025 | $5.553B | $7.736B | -12.8% GAAP | $35.31 | $48.09 | $24.22B | 44.1% | $14.04T |
| 2026 Q1 | $2.212B | $2.068B | +46% YoY | $14.06 | $12.53 | $6.698B | 44.5% | $13.89T |
GAAP vs Adjusted Net Income — The $2.18B Gap in 2025 Explained
The most important story in BlackRock's 2025 earnings is the gap between GAAP and adjusted net income. GAAP net income was $5.553B, down 12.8% from 2024's $6.369B. But as-adjusted net income was $7.736B, up 17% from 2024's $6.612B. The $2.18B gap is entirely noncash: amortization of intangible assets from the GIP and HPS acquisitions, merger and integration costs, and a noncash charitable contribution. These charges do not affect BlackRock's operating cash flow, its ability to return capital to shareholders, or the underlying strength of its business. BlackRock returned $5 billion to shareholders in 2025 despite the GAAP decline, proving the business generated substantial cash. This GAAP-adjusted gap will gradually narrow over the coming years as intangible assets from the acquisitions fully amortize. The AI-driven efficiency gains supporting margin expansion are in our AI in finance report.
| Item | 2024 Full Year | 2025 Full Year | Q1 2026 | Notes |
|---|---|---|---|---|
| GAAP Net Income (attributable) | $6,369M | $5,553M | $2,212M | Official GAAP · all accounting charges included |
| Noncash acquisition charges (add-back) | ~$243M | ~$2,183M | ~$144M | Amortization of GIP/HPS/Preqin intangibles · merger costs |
| Charitable contribution (add-back) | — | ~estimated | — | Noncash donation · excluded from adjusted figures |
| Subco Units (structural adj.) | — | ~included | ~included | Q3 2025+ adj. includes Class B-2 unit holders |
| As-Adjusted Net Income | $6,612M | $7,736M | $2,068M | Best measure of operating earnings power |
| GAAP Diluted EPS | $42.01 | $35.31 | $14.06 | GAAP · includes all noncash charges |
| Adjusted Diluted EPS | $43.61 | $48.09 | $12.53 | As-adjusted · best measure of EPS growth |
BlackRock's 2025 GAAP net income fell from $6.37B to $5.55B, on paper, a concerning 12.8% drop. But $5B was returned to shareholders in 2025. Revenue grew 19% to $24.22B. Aladdin technology revenue grew 22%. As-adjusted net income hit a record $7.74B. How? The GAAP decline was entirely noncash charges from the GIP and HPS acquisitions, specifically the accounting requirement to expense intangible assets over time (amortization). No cash left the building. This is a well-understood pattern whenever a company makes large acquisitions: GAAP earnings take a temporary hit from amortization, while the underlying business continues to grow strongly. The market understands this distinction, that is why BlackRock guided to as-adjusted metrics and why analysts primarily track as-adjusted EPS. As GIP and HPS intangibles amortize fully over the coming years, the GAAP-adjusted gap will narrow, and GAAP earnings will catch up to the adjusted figures. The broader context of large-scale M&A affecting GAAP earnings is in our biggest companies analysis.
BlackRock Net Income — Year-by-Year Analysis 2019 to 2025
2019-2021: Steady Growth Through a Pandemic ($4.48B to $5.90B)
BlackRock's net income grew at a steady 15-20% pace in 2020-2021 as AUM compounded from $7.43T to $10.01T. The COVID-19 pandemic in 2020 was, counterintuitively, good for BlackRock: extreme market volatility drove massive inflows into iShares ETFs as investors sought liquid, low-cost exposure. AUM ended 2020 at $8.68T, up 16.8%, driving net income to $4.93B. In 2021, AUM crossed $10 trillion for the first time in history, driving an exceptional 19.6% net income increase to $5.90B. Revenue reached $19.37B, the highest it had been to that point. The 2021 Aperio acquisition added separately managed account capability. The US financial market boom in 2021 is covered in our US financial markets analysis.
2022: The Painful Year — -12.2% as AUM Falls $2T
2022 was BlackRock's most difficult earnings year in the 2019-2025 period. GAAP net income fell from $5.90B to $5.18B (-12.2%) as the Federal Reserve raised interest rates from near-zero to 4.25-4.50% in a single year, causing both equities and bonds to fall simultaneously. BlackRock's AUM dropped from $10.01T to $7.96T, a $2.05 trillion decline. Since advisory fees are a percentage of AUM, this directly reduced base fee revenue. Total revenue fell from $19.37B to $17.87B (-7.8%). Despite this, BlackRock remained highly profitable at $5.18B net income and ~43% adjusted operating margin, demonstrating the resilience of the asset management model even in severely adverse conditions. The 2022 banking sector impact is in our UK banks analysis.
2023-2024: Recovery and Record — $5.50B to $6.37B
Markets recovered in 2023 as inflation peaked, and AUM rebounded to $10.01T. Net income grew 6.3% to $5.50B. In 2024, everything aligned: markets rallied strongly, AUM grew to $11.55T, the GIP acquisition closed in October adding infrastructure AUM and new fee revenue streams, Preqin was acquired, and BlackRock's organic base fee growth reached double digits. GAAP net income hit a record $6.37B (+15.8%) and adjusted net income was $6.61B. Revenue crossed $20B for the first time at $20.41B. The Bank of America equity context shows how 2024 was a strong year across the entire financial sector.
2025: GAAP Decline, Adjusted Record — The Acquisition Effect
2025 was the year BlackRock's strategic transformation became fully visible, and where GAAP accounting created the most misleading headline. GAAP net income fell to $5.55B (-12.8%) from 2024's $6.37B, primarily due to noncash amortization charges from the GIP and HPS acquisitions. Revenue surged 19% to $24.22B. As-adjusted net income hit a record $7.74B (+17%). $698 billion in full-year net inflows was the highest in BlackRock's history. Organic base fee growth was 9% for the full year and 12% in Q4 2025 alone. AUM closed 2025 at $14.04 trillion. The board raised the quarterly dividend 10% to $5.73/share and authorized additional buybacks, confident in the business's cash generation despite the GAAP optics.
BlackRock Quarterly Net Income — Q1 2023 to Q1 2026
BlackRock's quarterly net income shows a broadly rising trend from Q1 2023 to Q1 2026, with Q4 quarters typically strongest due to performance fees crystallizing at year-end. Q4 2025 GAAP net income was only $1.127B, the lowest in several years, due to the bulk of noncash GIP/HPS amortization charges flowing through in that quarter. Q1 2026's GAAP net income of $2.21B (+46% YoY) represents a strong recovery with cleaner comparisons. The millionaires and wealth management context driving BlackRock's retail AUM growth is in our US wealth analysis.
| Quarter | GAAP Net Income | Adj. Net Income | GAAP EPS | Adj. EPS | Revenue | AUM | YoY GAAP |
|---|---|---|---|---|---|---|---|
| Q1 2024 | $1,572M | $1,572M | $10.48 | $10.00 | $4,728M | $10.47T | — |
| Q2 2024 | $1,476M | $1,567M | $9.99 | $10.36 | $4,806M | $10.65T | — |
| Q3 2024 | $1,631M | $1,600M | $10.90 | $11.46 | $5,197M | $11.48T | — |
| Q4 2024 | $1,670M | $1,874M | $10.63 | $11.93 | $5,677M | $11.55T | — |
| Q1 2025 | $1,510M | $1,770M | $9.64 | $11.30 | $5,276M | $11.58T | -4% YoY |
| Q2 2025 | $1,474M | $1,927M | $9.34 | $12.27 | $5,715M | ~$11.8T | — |
| Q3 2025 | $1,322M | $2,019M | $8.26 | $12.67 | $6,215M | ~$11.5T | -19% YoY |
| Q4 2025 | $1,127M | $2,176M | $7.16 | $13.16 | $7,008M | $14.04T | -33% YoY |
| Q1 2026 | $2,212M | $2,068M | $14.06 | $12.53 | $6,698M | $13.89T | +46% YoY |
Q1 2026 — Net Income $2.21B (+46%), Adjusted $2.07B (+17%), AUM $13.89T
BlackRock's Q1 2026 was exceptional. GAAP net income of $2.212 billion (+46% YoY) and as-adjusted net income of $2.068B (+17%) both showed strong acceleration. The Q4 2025 drag from GIP/HPS charges moderated significantly in Q1 2026, improving the GAAP comparison. Revenue of $6.698B (+27%) was powered by AUM of $13.89T (+20% YoY) and $130B in net inflows. The adjusted operating margin reached 44.5%, expanding 130 basis points from Q1 2025, showing positive operating leverage. CEO Laurence Fink: "BlackRock delivered one of the strongest starts to a year in our history." BlackRock repurchased $450M in shares and raised the quarterly dividend 10% to $5.73/share. The global companies context is in our biggest companies analysis.
BlackRock Diluted EPS — Full History 2019 to 2026
BlackRock's diluted EPS on a GAAP basis grew from $28.43 (2019) to a peak of $42.01 (2024), before falling to $35.31 in 2025 due to noncash acquisition charges. As-adjusted diluted EPS tells the better story: $48.09 in 2025 (+10% from $43.61 in 2024), and Q1 2026's $12.53 per share (+11% YoY) annualizes to approximately $50+. EPS growth has been supported by BlackRock's consistent share buyback program, reducing the share count from approximately 157M shares in Q1 2025 to 165M (diluted, including Subco Units) in Q1 2026 reflects the HPS transaction shares. The social media investor context driving retail interest in BlackRock stock is in our social media statistics.
| Year | GAAP Diluted EPS | Adj. Diluted EPS | GAAP YoY | Adj. YoY | Avg. Diluted Shares | Net Income GAAP |
|---|---|---|---|---|---|---|
| 2019 | $28.43 | ~$29.78 | Base | Base | ~157.4M | $4,476M |
| 2020 | $31.85 | ~$33.82 | +12.0% | +13.6% | ~154.8M | $4,932M |
| 2021 | $38.22 | ~$39.18 | +20.0% | +15.8% | ~154.3M | $5,901M |
| 2022 | $33.97 | ~$35.36 | -11.1% | -9.8% | ~152.4M | $5,178M |
| 2023 | $36.51 | ~$37.77 | +7.5% | +6.8% | ~150.6M | $5,502M |
| 2024 | $42.01 | $43.61 | +15.1% | +15.4% | ~151.6M | $6,369M |
| 2025 | $35.31 | $48.09 | -16.0% | +10.3% | ~160.9M | $5,553M |
| Q1 2026 | $14.06 | $12.53 | +45.9% | +10.9% | ~165.0M | $2,212M |
BlackRock Net Income Forecast — Adjusted $8.5-9.5B in 2026, $12B+ by 2030
BlackRock's as-adjusted net income trajectory points strongly upward. Q1 2026's $2.068B adjusted net income annualizes to approximately $8.3-8.5B for full-year 2026, though Q4 tends to be strongest with performance fees, so $9B+ is achievable. Analysts project as-adjusted net income reaching $9-10B in 2027 and potentially $12B+ by 2030, supported by: continued AUM growth (targeting $20T+), Aladdin technology revenue scaling, private markets (GIP, HPS) adding higher-margin fee income, and operating leverage. The primary risk remains AUM volatility from market downturns. The 2026 GAAP figure should recover significantly as noncash GIP/HPS amortization charges begin moderating from their 2025 peak. The global GDP growth context driving long-term AUM expansion is in our global GDP analysis.
| Year | Adj. Net Income | Type | Adj. EPS Est. | AUM Assumption | Key Assumptions |
|---|---|---|---|---|---|
| 2024 | $6.61B | Official | $43.61 | $11.55T | GIP + Preqin acquisitions |
| 2025 | $7.74B | Official | $48.09 | $14.04T | HPS + record AUM · +17% adj. |
| 2026E | ~$8.5-9.5B | Forecast | ~$51-57 | ~$14-16T | Q1 2026 annualization · AUM expansion · first full HPS year |
| 2027E | ~$9.5-11B | Forecast | ~$57-66 | ~$15-18T | Private markets scaling · Aladdin growth · margin expansion |
| 2028E | ~$10.5-12B | Forecast | ~$63-72 | ~$17-20T | Infrastructure + private credit maturing · $400B private raise target |
| 2029E | ~$11.5-13B | Forecast | ~$70-79 | ~$18-22T | Technology revenue $3B+ annually · retirement investing wave |
| 2030E | ~$12-14B | Forecast | ~$73-85 | ~$20T+ | $20T AUM milestone · 10% adj. earnings CAGR from 2025 |
BlackRock Net Income — Key Statistics & Facts 2019-2026
Frequently Asked Questions — BlackRock Net Income
BlackRock's GAAP net income attributable to shareholders was $5.553 billion for full-year 2025, down 12.8% from $6.369B in 2024. On an as-adjusted basis (excluding noncash acquisition charges), 2025 net income was a record $7.736 billion (+17%). Q1 2026 GAAP net income: $2.212B (+46% YoY). As-adjusted Q1 2026: $2.068B (+17%).
BlackRock's 2025 GAAP net income fell from $6.37B to $5.55B due entirely to noncash charges from the GIP and HPS acquisitions, specifically intangible asset amortization and merger-related costs, plus a noncash charitable contribution. These do not affect cash flow. As-adjusted net income rose 17% to a record $7.74B. BlackRock returned $5B to shareholders in 2025, proving strong cash generation despite the GAAP optics.
BlackRock GAAP net income: 2019: $4.476B, 2020: $4.932B, 2021: $5.901B, 2022: $5.178B, 2023: $5.502B, 2024: $6.369B, 2025: $5.553B, Q1 2026: $2.212B. Two declines: 2022 (AUM fell $2T due to market crash) and 2025 (noncash acquisition charges). As-adjusted net income grew every year from 2019 to 2025 without exception.
BlackRock Q1 2026 GAAP net income was $2.212 billion (+46% YoY) from Q1 2025's $1.510B. As-adjusted: $2.068B (+17%). GAAP EPS: $14.06 (+46%). Adj. EPS: $12.53 (+11%). Revenue: $6.698B (+27%). Operating margin 44.5% (+130 bps). AUM: $13.89T. Net inflows: $130B including record $132B iShares ETF quarter.
GAAP net income includes all charges including noncash acquisition-related amortization and integration costs. As-adjusted excludes these items to show the underlying business's earnings power. In 2025, the gap was massive: GAAP $5.55B vs adjusted $7.74B, a $2.18B difference from noncash GIP/HPS charges. In 2024, the gap was smaller: GAAP $6.37B vs adjusted $6.61B. As acquisitions integrate, the gap narrows over time.
BlackRock 2022 GAAP net income fell from $5.90B to $5.18B (-12.2%) because the Federal Reserve raised rates from 0% to 4.25-4.50%, causing global equity and bond markets to fall. BlackRock's AUM dropped from $10.01T to $7.96T, a $2.05T decline. Since advisory fees are a % of AUM, revenue fell -7.8% from $19.37B to $17.87B. This is the direct AUM-to-earnings link, unlike 2025's noncash decline, 2022 was a genuine operating earnings reduction.
BlackRock's as-adjusted operating margin has been remarkably stable: approximately 43-44.5% throughout 2019-2026. Q1 2026: 44.5% (+130 bps YoY). Full-year 2025: 44.1%. Full-year 2024: 44.5%. Long-term target: 45%+. GAAP operating margin in 2025 was only 29.1% due to noncash charges, but this is not the right measure for an asset manager with significant acquisition activity.
BlackRock returned $5 billion to shareholders in full-year 2025, including $1.6B in share repurchases and approximately $3.4B in dividends. In Q1 2026: $450M buybacks and $5.73/share quarterly dividend (up 10%), annualized $22.92/share. Management guided to at least $450M/quarter in buybacks for the rest of 2026. This capital return demonstrates strong cash generation even in a year when GAAP net income declined.
By operating margin, yes, significantly. BlackRock's 44.5% adjusted operating margin far exceeds major banks. UK banks like HSBC and Barclays operate at 10-20% net profit margins because they carry credit risk, loan loss provisions, and high branch operating costs. Bank of America typically achieves 20-25% net margins. BlackRock's capital-light model, no loans, no branch network, pure fee income, produces dramatically higher margin rates.
BusinessStats analyst consensus estimates for as-adjusted net income: 2026E ~$8.5-9.5B, 2027E ~$9.5-11B, 2028E ~$10.5-12B, 2030E ~$12-14B. This implies approximately 10% annual adjusted earnings CAGR from 2025's $7.74B. Driven by: continued AUM growth toward $20T, Aladdin technology scaling, private markets (GIP, HPS) maturing, and operating leverage. GAAP net income recovery in 2026 as noncash charges moderate. Not investment advice.
Four primary drivers: (1) AUM growth, every $1T in AUM generates approximately $700-800M in annual base fee revenue; (2) Market performance, rising markets automatically increase AUM value and thus fees; (3) Net inflows, $698B in 2025, $130B in Q1 2026 alone; (4) Technology revenue, Aladdin and Preqin growing at 22% YoY, more stable than market-linked fees. Operating leverage (costs growing slower than revenue) further amplifies earnings growth from these drivers.
BlackRock GAAP diluted EPS: 2019: $28.43, 2020: $31.85, 2021: $38.22, 2022: $33.97, 2023: $36.51, 2024: $42.01, 2025: $35.31 (GAAP; adj. $48.09), Q1 2026: $14.06 GAAP ($12.53 adj.). The 2025 GAAP EPS of $35.31 was misleadingly low due to noncash charges. Adj. EPS of $48.09 was a record. Q1 2026's $12.53 adj. EPS (+11%) annualizes to approximately $50+.
BlackRock GAAP net profit margin: 2024: $6.37B / $20.41B = 31.2%. 2025: $5.55B / $24.22B = 22.9% (depressed by noncash charges). Q1 2026: $2.21B / $6.70B = 33.0%. As-adjusted margin 2025: $7.74B / $24.22B = 31.9%. As-adjusted margin 2024: $6.61B / $20.41B = 32.4%. These margins are among the highest in financial services, reflecting the capital-light, fee-based model with no credit loss provisions.
Primary (2019-2023 Annual): BlackRock Inc. SEC Form 10-K Annual Reports, Net income attributable to BlackRock, Inc. (GAAP): 2019: $4,476M, 2020: $4,932M, 2021: $5,901M, 2022: $5,178M, 2023: $5,502M
Primary (2024-2025 Full Year): BlackRock Q4 2025 Full Year Earnings Release, January 15, 2026, FY2025: GAAP $5,553M, Adj. $7,736M · FY2024: GAAP $6,369M, Adj. $6,612M
Primary (Q1 2026): BlackRock Q1 2026 Earnings Release, April 14, 2026, GAAP Net Income $2,212M (+46% YoY), Adj. $2,068M (+17%), EPS $14.06 GAAP / $12.53 adj.
Supporting: BlackRock Official Press Release, Full Year 2025 Results, January 15, 2026
