BlackRock Reports Q1 2025 EPS of $9.64; Adjusted EPS Rises to $11.30 Amid Strong Inflows and Tech Revenue Growth

BlackRock Inc. (NYSE: BLK) reported first-quarter 2025 diluted earnings per share of $9.64, or $11.30 on an adjusted basis, driven by strong inflows and robust growth across private markets, ETFs, and technology services.

The company recorded $84 billion in total net inflows during the quarter, representing 3% annualized organic asset growth. iShares ETFs achieved a record first-quarter performance, complemented by continued strength in private markets and systematic active strategies.

Revenue rose 12% year-over-year, fueled by higher base fees from market gains and the impact of the GIP acquisition. Growth was also supported by a 16% year-over-year increase in technology and subscription revenue, including contributions from the recent Preqin acquisition, completed on March 3.

GAAP operating income was up just 0.3% year-over-year, with diluted EPS declining 8% due to acquisition-related costs. These one-time items were excluded from the adjusted results, which showed a 14% rise in operating income and a 15% increase in adjusted EPS. The earnings boost was aided by a lower effective tax rate, partially offset by a higher share count and reduced nonoperating income.

BlackRock repurchased $375 million in shares during the quarter and increased its quarterly dividend by 2% to $5.21 per share.

BlackRock Reports Q1 2025 Adjusted EPS of $11.30 With $84 Billion in Net Inflows

BlackRock reported first-quarter 2025 diluted EPS of $9.64, or $11.30 as adjusted, supported by $84 billion in total net inflows led by iShares ETFs, private markets, and active strategies. Revenue rose 12% year-over-year, boosted by organic base fee growth and technology services, including gains from the Preqin and GIP transactions. Adjusted EPS rose 15% due to a lower effective tax rate, despite higher share count and reduced nonoperating income. The firm repurchased $375 million in shares and raised its quarterly dividend by 2% to $5.21 per share.

BlackRock Completes €1 Billion Debt Offering with 2035 Maturity
New York, NY – April 3, 2025 – BlackRock, Inc. (NYSE: BLK) announced the completion of its €1 billion underwritten public offering of 3.750% Notes due 2035. The notes were issued pursuant to BlackRock’s shelf registration statement on Form S-3 and are unsecured and unsubordinated senior debt obligations, fully and unconditionally guaranteed by BlackRock Finance, Inc., a wholly owned subsidiary.

The offering closed under an Indenture dated April 3, 2025, with The Bank of New York Mellon acting as trustee and its London branch serving as paying agent. Proceeds will be used for general corporate purposes, including potential repayment of BlackRock’s 1.25% Notes due 2025.

The notes are redeemable at BlackRock’s discretion, either through a make-whole call before April 18, 2035, or at par thereafter. They also include a tax gross-up clause permitting early redemption under specific tax law changes.

Standard events of default, such as missed payments, covenant breaches, and insolvency, are outlined in the Indenture, along with merger and asset sale conditions.

BlackRock, Inc. today announced that it will report first quarter 2025 earnings prior to the opening of the New York Stock Exchange on Friday, April 11, 2025. Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Martin S. Small, will host a teleconference call for investors and analysts at 7:30 a.m. ET.
BlackRock’s earnings release and supplemental materials will be available via the investor relations section of www.blackrock.com, before the teleconference call begins.

Teleconference and Webcast Details

Members of the public who are interested in participating in the teleconference should dial, from the United States, (786) 460-7166, or from outside the United States, (877) 502-9276, shortly before 7:30 a.m. ET and reference the BlackRock Conference Call (ID Number 1750946). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.

The webcast will be available for replay by 10:30 a.m. ET on Friday, April 11, 2025. To access the replay of the webcast, please visit the investor relations section of www.blackrock.com.

**BlackRock Nominates Gregory Fleming and Kathleen Murphy to Board of Directors**

On March 27, 2025, BlackRock, Inc. announced the nomination of Gregory J. Fleming and Kathleen Murphy for election as independent directors at the company’s 2025 Annual Meeting of Shareholders.

Gregory Fleming, currently CEO of Rockefeller Capital Management, has extensive leadership experience in investment banking and wealth management. He previously served on BlackRock’s board from 2006 to 2009 as a designee of Merrill Lynch.

Kathleen Murphy is the former President of Personal Investing at Fidelity Investments, where she served until 2021. She brings deep experience in retail investing, technology, and retirement planning, and also held senior roles at Voya Financial and Aetna.

BlackRock also announced that Marco Antonio Slim Domit will not stand for re-election. In addition, the Board's independent directors unanimously asked Murry S. Gerber to continue as Lead Independent Director for one more year, a request he has accepted. Gerber’s extended role comes during a period of significant business expansion for BlackRock, including the completed acquisitions of Global Infrastructure Partners and Preqin, and the announced acquisition of HPS Investment Partners.

Assuming all nominees are elected, BlackRock’s Board will consist of 18 directors, 15 of whom will be independent, including six new members added since 2020.

For more information, visit [https://ir.blackrock.com](https://ir.blackrock.com) or contact Investor Relations at caroline.rodda@blackrock.com.

BlackRock, Global Infrastructure Partners (GIP), Microsoft, and MGX have announced that NVIDIA and xAI are joining the AI Infrastructure Partnership (AIP), strengthening efforts to invest in AI data centers and related infrastructure. The partnership, initially launched in September 2024, aims to unlock $30 billion in capital, with a total investment potential of up to $100 billion through debt financing.

AIP focuses on expanding AI infrastructure across the U.S. and OECD countries, fostering AI innovation and economic growth. NVIDIA will continue as a technical advisor, leveraging its expertise in AI computing. Additionally, GE Vernova and NextEra Energy will collaborate with AIP to scale energy solutions for AI data centers, incorporating gas, nuclear, and renewable energy sources.

BlackRock CEO Larry Fink emphasized AI's transformative potential, while Microsoft CEO Satya Nadella highlighted AI infrastructure as a key driver of economic growth. Jensen Huang of NVIDIA described AI data centers as foundational for future technological breakthroughs.

This expanded partnership underscores the growing demand for AI-ready data centers and energy solutions, positioning AIP as a major force in AI infrastructure development.

BlackRock, Inc. has completed its previously announced acquisition of Preqin Holding Limited, a leading provider of private markets data. The transaction, valued at £2.55 billion (approximately $3.2 billion based on the GBP/USD exchange rate as of December 31, 2024), was funded through the proceeds of BlackRock’s $2.5 billion senior notes offering and available cash. The acquisition enhances BlackRock’s data and analytics capabilities in the private markets sector. A press release announcing the completion of the acquisition has been filed as Exhibit 99.1.

BlackRock has completed its acquisition of Preqin, a leading provider of private markets data. This acquisition enhances BlackRock’s ability to serve clients across public and private markets by integrating investment, technology, and data solutions into one platform. Private markets are the fastest-growing segment of global investing, with alternative assets projected to reach $30 trillion by the end of the decade.

Preqin’s data and research tools will remain available as a standalone solution while also being integrated into BlackRock’s Aladdin and eFront platforms. This will improve transparency and accessibility in private markets, supporting clients in fundraising, deal sourcing, portfolio management, and performance reporting.

Preqin founder Mark O’Hare has joined BlackRock as a Vice Chair. The acquisition significantly expands BlackRock’s investment technology capabilities, reinforcing its leadership in private markets data, a segment expected to grow to an $18 billion market by 2030.

BlackRock Declares Quarterly Dividend of $5.21 on Common Stock

BlackRock, Inc. filed an SEC Form 8-K on January 15, 2025, announcing the resignation of Mark Wiedman, head of the Global Client Business. Mr. Wiedman is leaving the company to pursue other opportunities but has agreed to remain for several months to ensure a smooth transition.

The filing confirms that the resignation is effective immediately, and BlackRock is taking steps to facilitate an orderly handover of responsibilities. This change reflects BlackRock's focus on maintaining continuity and stability during leadership transitions.

BlackRock, Inc. reported robust financial results for the fourth quarter and the full year of 2024. For the year, the company achieved a diluted EPS of $42.01, which adjusted to $43.61, marking significant profitability. The fourth quarter alone saw a diluted EPS of $10.63, rising to $11.93 when adjusted. The company's assets under management (AUM) reached a staggering $11.6 trillion, driven by a record $641 billion in net inflows for the year, including $281 billion in the final quarter. This increase in AUM was supported by the positive impact of market movements, organic base fee growth, fees from AUM acquired in the GIP Transaction, higher performance fees, and revenue from technology services.

The firm also reported a 14% increase in revenue and a 21% rise in operating income for the year, which adjusted to 23%. The enhanced financial performance was somewhat offset by lower nonoperating income and a higher effective tax rate compared to previous periods. Additionally, BlackRock demonstrated its commitment to shareholder returns by distributing $4.7 billion in 2024, including $1.6 billion through share repurchases. A strategic move was highlighted by the announcement of an agreement to acquire HPS Investment Partners, which is set to create an integrated private credit franchise with around $220 billion in pro-forma client assets, indicating BlackRock's continued expansion in the financial services sector.