BlackRock, Inc. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$24.2B
Gross margin	— not reported
Operating income	$7.0B
Net income	$5.6B
Diluted EPS	$35.31
Cash & equivalents	$11.5B
Total assets	$170.0B
Long-term debt	$12.8B

Key takeaway

BlackRock reported $24.2 billion in revenue and $5.55 billion in net income for fiscal 2025, with diluted EPS of $35.31.

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Beneath the surface

Despite $5.55 billion net income, operating cash flow was only $3.93 billion, a notable gap suggesting working-capital or non-cash timing effects (e.g., $722 million increase in other operating assets, $619 million rise in receivables).

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