BlackRock, the world's largest asset manager, has closed 2025 with a record $14.04 trillion in assets under management (AUM), marking the first time any firm has surpassed the $14 trillion milestone. The company reported full-year net inflows of $698.3 billion, with $341.7 billion arriving in the fourth quarter alone, driven by strong demand for iShares ETFs, active strategies, and private markets.
Despite the record AUM, the company's GAAP net income for Q4 fell 33% year-over-year to $1.13 billion, impacted by higher costs, noncash acquisition-related charges, and a one-off charitable contribution. On an adjusted basis, however, earnings per share of $13.16 beat analyst estimates of $12.24. For the full year, adjusted operating income rose 18%, reflecting core business strength.
In a show of confidence, BlackRock's board approved a 10% increase in its quarterly dividend to $5.73 per share and authorized the repurchase of an additional 7 million shares. The firm returned $5 billion to shareholders in 2025, including $1.6 billion from buybacks.
ETF inflows were a major driver, contributing $181.5 billion in Q4, bringing total ETF assets to $5.47 trillion. Equity products led with $126 billion in inflows, while fixed income added $83.8 billion. Notably, the report highlighted a segment for digital assets, which saw its value decline to $78.4 billion from $104 billion, though digital asset ETFs still attracted $579 million in new flows during the quarter.
Looking ahead to 2026, BlackRock emphasized its strategic positioning to capitalize on emerging demand in wealth management, retirement, active ETFs, and digital assets including tokenization. The company is unifying its platforms following acquisitions (GIP, HPS, Preqin) to offer broader solutions across public and private markets, data, and technology.
