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BlackRock, Inc.
Export XLSX
| USD ($) $ in Millions | LTM | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|---|
Operating activities | |||
Net income | $ 7,130 | $ 5,942 | $ 6,512 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | |||
Depreciation and amortization | 1,480 | 1,126 | 529 |
Impairment of intangible assets | 0 | 0 | 50 |
Noncash lease expense | 165 | 148 | 129 |
Stock-based compensation | 1,461 | 1,307 | 753 |
Deferred income tax expense (benefit) | (571) | (631) | (106) |
Charitable Contribution | 109 | 109 | - |
Change in fair value of contingent consideration | 10 | 720 | (36) |
Other investment gains | 82 | (289) | (126) |
Net (gains) losses within CIPs | (459) | (480) | (269) |
Net (purchases) proceeds within CIPs | (5,337) | (4,214) | (2,672) |
(Earnings) losses from equity method investees | (105) | (51) | (41) |
Distributions of earnings from equity method investees | 324 | 429 | 57 |
Other adjustments | |||
Accounts receivable | (1,066) | (619) | (443) |
Investments, trading | 305 | 193 | 58 |
Other assets | 40 | (722) | 317 |
Accrued compensation and benefits | 434 | 659 | 367 |
Accounts payable and accrued liabilities | 149 | 75 | 259 |
Other liabilities | (213) | 225 | (382) |
Net cash provided by/(used in) operating activities | 3,938 | 3,927 | 4,956 |
Investing activities | |||
Purchases of investments | (1,703) | (1,384) | (818) |
Proceeds from sales and maturities of investments | 497 | 544 | 766 |
Distributions of capital from equity method investees | 242 | 390 | 366 |
Net consolidations (deconsolidations) of sponsored investment funds | (83) | (97) | (127) |
Acquisitions, net of cash acquired | (405) | (3,496) | (2,936) |
Purchases of property and equipment | (423) | (375) | (255) |
Net cash provided by/(used in) investing activities | (1,875) | (4,418) | (3,004) |
Financing activities | |||
Repayments of long-term borrowings | 0 | (796) | (1,000) |
Proceeds from long-term borrowings | 0 | 1,080 | 5,474 |
Dividends/Subco distributions paid | - | (3,347) | - |
Cash dividends paid | - | - | (3,101) |
Proceeds from stock options exercised | 157 | 167 | 464 |
Shares/Subco Units repurchased | - | (1,951) | - |
Repurchases of common stock | - | - | (1,930) |
Net proceeds from (repayments of) borrowings by CIPs | 49 | (112) | (58) |
Net subscriptions received/(redemptions/distributions paid) from noncontrolling interest holders | 4,647 | 3,827 | 2,405 |
Other financing activities | 10 | 5 | (18) |
Net cash provided by/(used in) financing activities | (913) | (1,127) | 2,236 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (131) | 329 | (162) |
Net increase/(decrease) in cash, cash equivalents and restricted cash | 1,019 | (1,289) | 4,026 |
Supplemental disclosure of cash flow information: | |||
Interest | 482 | 482 | 289 |
Income taxes (net of refunds) | 2,298 | 2,298 | 1,699 |
Supplemental schedule of noncash investing and financing transactions: | |||
Issuance of common shares related to employee stock transactions | 976 | 151 | 215 |
Issuance of Subco Units/common shares in connection with acquisitions | 8,694 | 8,694 | - |
Issuance of common shares in connection with the GIP Transaction | - | - | 5,904 |
Cancellation of treasury stock, common in connection with the GIP Transaction | 0 | 0 | (12,829) |
Increase/(decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds | (3,235) | (3,086) | (2,581) |
Established contingent consideration liabilities in connection with acquisitions | $ 3,413 | $ 3,413 | - |