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BlackRock, Inc.eval run
10-K for period ending 2025-12-31gpt-6-luna@none · prompt v4$0.00138.5sfiling on sec.gov ↗

figures

fieldvaluestatement rowprintedSEC
Total revenue$24.2BR10 Total revenue24,216 millions$24.2B ✓
Operating income$7.0BR23 Operating income7,045 millions$7.0B ✓
Net income attributable to the company$5.6BR35 Net income attributable to BlackRock, Inc.5,553 millions$5.6B ✓
Diluted EPS$35.31R38 Diluted35.31$35.31 ✓
Cash and cash equivalents$11.5BR2 Cash and cash equivalents(1)11,468 millions$11.5B ✓
Total assets$170.0BR12 Total assets169,998 millions$170.0B ✓
Total liabilities$108.5BR23 Total liabilities108,456 millions$108.5B ✓
Total shareholders' equity attributable to the company$55.9BR36 Total BlackRock, Inc. stockholders’ equity55,888 millions$55.9B ✓
Net cash from operating activities$3.9BR23 Net cash provided by/(used in) operating activities3,927 millions$3.9B ✓
Net cash from investing activities-$4.4BR31 Net cash provided by/(used in) investing activities(4,418) millions-$4.4B ✓
Net cash from financing activities-$1.1BR41 Net cash provided by/(used in) financing activities(1,127) millions-$1.1B ✓

checks

  • assets = liabilities + equity · total assets equals total liabilities and equity
  • equity excludes minority interests · totalEquity excludes noncontrolling interests
  • net income is before preferred dividends · net income is not the after-preferred-dividends line
  • diluted EPS is for total net income · diluted EPS is for total net income
  • net income excludes minority interests · not applicable: no noncontrolling interest line printed
  • cash flows tie to the change in cash · operating + investing + financing (+ FX) equals the net change in cash

management's claims

Found 10 claims, none about a company-wide figure the statements can confirm.

trace

  1. 0locator (code)0.44s
    {
  "tables": 129,
  "exhibits": [],
  "documents": 1
}
    {
  "income": {
    "rows": 42,
    "scale": 1000000,
    "score": 38.5,
    "heading": "Es. See accompanying notes to consolidated financial statements. F- 4 BlackRock, Inc. Consolidated Stat ements of Income",
    "tableIndex": 61,
    "runnerUpScore": 35.5
  },
  "balance": {
    "rows": 40,
    "scale": 1000000,
    "score": 53,
    "heading": " We have served as the Company's auditor since 2002. F- 3 BlackRock, Inc. Consolidated Statements of Financial Condition",
    "tableIndex": 60,
    "runnerUpScore": 35.5
  },
  "cashflow": {
    "rows": 56,
    "scale": 1000000,
    "score": 40,
    "heading": "See accompanying notes to consolidated financial statements. F- 7 BlackRock, Inc. Consolidated Statem ents of Cash Flows",
    "tableIndex": 64,
    "runnerUpScore": 18.25
  }
}
  2. 1cash flow agent1.95s · 1855 tokens · $0.0002
    {
  "rows": 56,
  "retryHint": null,
  "tableIndex": 64
}
    {
  "figures": [
    {
      "note": "This is the operating activities section total, including changes in working capital.",
      "field": "operatingCashFlow",
      "scale": 1000000,
      "value": 3927000000,
      "printed": "3,927",
      "rowIndex": 23,
      "rowLabel": "Net cash provided by/(used in) operating activities",
      "priorValue": 4956000000,
      "agentPrinted": "3,927",
      "failedChecks": [],
      "priorPrinted": "4,956",
      "groundingMismatch": false
    },
    {
      "note": "This is the investing activities section total.",
      "field": "investingCashFlow",
      "scale": 1000000,
      "value": -4418000000,
      "printed": "(4,418)",
      "rowIndex": 31,
      "rowLabel": "Net cash provided by/(used in) investing activities",
      "priorValue": -3004000000,
      "agentPrinted": "(4,418)",
      "failedChecks": [],
      "priorPrinted": "(3,004)",
      "groundingMismatch": false
    },
    {
      "note": "This is the financing activities section total.",
      "field": "financingCashFlow",
      "scale": 1000000,
      "value": -1127000000,
      "printed": "(1,127)",
      "rowIndex": 41,
      "rowLabel": "Net cash provided by/(used in) financing activities",
      "priorValue": 2236000000,
      "agentPrinted": "(1,127)",
      "failedChecks": [],
      "priorPrinted": "2,236",
      "groundingMismatch": false
    }
  ],
  "statement": "cashflow",
  "tableIndex": 64,
  "priorColumn": 1,
  "currentColumn": 0
}
  3. 2income statement agent2.22s · 1787 tokens · $0.0002
    {
  "rows": 42,
  "retryHint": null,
  "tableIndex": 61
}
    {
  "figures": [
    {
      "note": "This is the statement’s company-wide total revenue line.",
      "field": "revenue",
      "scale": 1000000,
      "value": 24216000000,
      "printed": "24,216",
      "rowIndex": 10,
      "rowLabel": "Total revenue",
      "priorValue": 20407000000,
      "agentPrinted": "24,216",
      "failedChecks": [],
      "priorPrinted": "20,407",
      "groundingMismatch": false
    },
    {
      "note": "This row explicitly reports operating income.",
      "field": "operatingIncome",
      "scale": 1000000,
      "value": 7045000000,
      "printed": "7,045",
      "rowIndex": 23,
      "rowLabel": "Operating income",
      "priorValue": 7574000000,
      "agentPrinted": "7,045",
      "failedChecks": [],
      "priorPrinted": "7,574",
      "groundingMismatch": false
    },
    {
      "note": "This is net income attributable to BlackRock, excluding noncontrolling interests.",
      "field": "netIncome",
      "scale": 1000000,
      "value": 5553000000,
      "printed": "5,553",
      "rowIndex": 35,
      "rowLabel": "Net income attributable to BlackRock, Inc.",
      "priorValue": 6369000000,
      "agentPrinted": "5,553",
      "failedChecks": [],
      "priorPrinted": "6,369",
      "groundingMismatch": false
    },
    {
      "note": "This is diluted earnings per share attributable to BlackRock common stockholders.",
      "field": "epsDiluted",
      "scale": 1,
      "value": 35.31,
      "printed": "35.31",
      "rowIndex": 38,
      "rowLabel": "Diluted",
      "priorValue": 42.01,
      "agentPrinted": "35.31",
      "failedChecks": [],
      "priorPrinted": "42.01",
      "groundingMismatch": false
    }
  ],
  "statement": "income",
  "tableIndex": 61,
  "priorColumn": 1,
  "currentColumn": 0
}
  4. 3balance sheet agent2.39s · 1623 tokens · $0.0002
    {
  "rows": 40,
  "retryHint": null,
  "tableIndex": 60
}
    {
  "figures": [
    {
      "note": "This is the balance sheet's cash and cash equivalents line for the current period.",
      "field": "cash",
      "scale": 1000000,
      "value": 11468000000,
      "printed": "11,468",
      "rowIndex": 2,
      "rowLabel": "Cash and cash equivalents(1)",
      "priorValue": 12762000000,
      "agentPrinted": "11,468",
      "failedChecks": [],
      "priorPrinted": "12,762",
      "groundingMismatch": false
    },
    {
      "note": "This row explicitly reports total assets.",
      "field": "totalAssets",
      "scale": 1000000,
      "value": 169998000000,
      "printed": "169,998",
      "rowIndex": 12,
      "rowLabel": "Total assets",
      "priorValue": 138615000000,
      "agentPrinted": "169,998",
      "failedChecks": [],
      "priorPrinted": "138,615",
      "groundingMismatch": false
    },
    {
      "note": "This is the standalone total liabilities line, not the combined liabilities and equity total.",
      "field": "totalLiabilities",
      "scale": 1000000,
      "value": 108456000000,
      "printed": "108,456",
      "rowIndex": 23,
      "rowLabel": "Total liabilities",
      "priorValue": 89260000000,
      "agentPrinted": "108,456",
      "failedChecks": [],
      "priorPrinted": "89,260",
      "groundingMismatch": false
    },
    {
      "note": "This is BlackRock, Inc. stockholders’ equity, excluding noncontrolling interests.",
      "field": "totalEquity",
      "scale": 1000000,
      "value": 55888000000,
      "printed": "55,888",
      "rowIndex": 36,
      "rowLabel": "Total BlackRock, Inc. stockholders’ equity",
      "priorValue": 47495000000,
      "agentPrinted": "55,888",
      "failedChecks": [],
      "priorPrinted": "47,495",
      "groundingMismatch": false
    }
  ],
  "statement": "balance",
  "tableIndex": 60,
  "priorColumn": 1,
  "currentColumn": 0
}
  5. 4reconciler (code)0.00s
    null
    [
  {
    "name": "balance_identity",
    "detail": "total assets equals total liabilities and equity",
    "fields": [
      "totalAssets"
    ],
    "passed": true,
    "skipped": false,
    "statement": "balance"
  },
  {
    "name": "totalEquity_attribution",
    "detail": "totalEquity excludes noncontrolling interests",
    "fields": [
      "totalEquity"
    ],
    "passed": true,
    "skipped": false,
    "statement": "balance"
  },
  {
    "name": "netIncome_before_preferred",
    "detail": "net income is not the after-preferred-dividends line",
    "fields": [
      "netIncome"
    ],
    "passed": true,
    "skipped": false,
    "statement": "income"
  },
  {
    "name": "epsDiluted_total",
    "detail": "diluted EPS is for total net income",
    "fields": [
      "epsDiluted"
    ],
    "passed": true,
    "skipped": false,
    "statement": "income"
  },
  {
    "name": "netIncome_attribution",
    "detail": "no noncontrolling interest line printed",
    "fields": [
      "netIncome"
    ],
    "passed": true,
    "skipped": true,
    "statement": "income"
  },
  {
    "name": "cash_flow_tie",
    "detail": "operating + investing + financing (+ FX) equals the net change in cash",
    "fields": [
      "operatingCashFlow",
      "investingCashFlow",
      "financingCashFlow"
    ],
    "passed": true,
    "skipped": false,
    "statement": "cashflow"
  }
]
  6. 5MD&A claims agent5.25s · 3120 tokens · $0.0006
    null
    [
  {
    "kind": "current_value",
    "field": "operatingIncome",
    "quote": "GAAP. Operating income of $7.0 billion decreased $529 million and operating margin of 29.1% decreased 800 bps from 2024.",
    "scope": "consolidated",
    "actual": null,
    "reason": "Operating income: the sentence is about a region, segment or adjusted measure",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "$7.0 billion",
    "tolerance": null,
    "quoteVerified": true
  },
  {
    "kind": "amount_change",
    "field": "operatingIncome",
    "quote": "GAAP. Operating income of $7.0 billion decreased $529 million and operating margin of 29.1% decreased 800 bps from 2024.",
    "scope": "consolidated",
    "actual": null,
    "reason": "Operating income: the sentence is about a region, segment or adjusted measure",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "$529 million",
    "tolerance": null,
    "quoteVerified": true
  },
  {
    "kind": "amount_change",
    "field": "revenue",
    "quote": "Revenue increased $3.8 billion, or 19%, from 2024, primarily reflecting the positive impact of markets, organic base fee growth, fees related to the GIP and HPS Transactions and higher technology services and subscription revenue.",
    "scope": "consolidated",
    "actual": null,
    "reason": "Total revenue: the sentence is about a region, segment or adjusted measure",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "$3.8 billion",
    "tolerance": null,
    "quoteVerified": true
  },
  {
    "kind": "percent_change",
    "field": "revenue",
    "quote": "Revenue increased $3.8 billion, or 19%, from 2024, primarily reflecting the positive impact of markets, organic base fee growth, fees related to the GIP and HPS Transactions and higher technology services and subscription revenue.",
    "scope": "consolidated",
    "actual": null,
    "reason": "Total revenue: the sentence is about a region, segment or adjusted measure",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "19%",
    "tolerance": null,
    "quoteVerified": true
  },
  {
    "kind": "amount_change",
    "field": "epsDiluted",
    "quote": "Earnings per diluted common share decreased $6.70, or 16%, from 2024, reflecting lower operating income, driven by higher noncash acquisition-related costs, lower nonoperating results, a higher effective tax rate, and a higher diluted share count in the current year.",
    "scope": "consolidated",
    "actual": null,
    "reason": "Diluted EPS: the sentence doesn't name this figure",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "$6.70",
    "tolerance": null,
    "quoteVerified": true
  },
  {
    "kind": "percent_change",
    "field": "epsDiluted",
    "quote": "Earnings per diluted common share decreased $6.70, or 16%, from 2024, reflecting lower operating income, driven by higher noncash acquisition-related costs, lower nonoperating results, a higher effective tax rate, and a higher diluted share count in the current year.",
    "scope": "consolidated",
    "actual": null,
    "reason": "Diluted EPS: the sentence doesn't name this figure",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "16%",
    "tolerance": null,
    "quoteVerified": true
  },
  {
    "kind": "current_value",
    "field": "operatingIncome",
    "quote": "As Adjusted . Operating income of $9.6 billion increased $1.5 billion, while operating margin of 44.1% decreased 40 bps from 2024.",
    "scope": "segment_or_non_gaap",
    "actual": null,
    "reason": "Operating income: about a segment, region or non-GAAP measure, which the statements can't confirm",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "$9.6 billion",
    "tolerance": null,
    "quoteVerified": true
  },
  {
    "kind": "amount_change",
    "field": "operatingIncome",
    "quote": "As Adjusted . Operating income of $9.6 billion increased $1.5 billion, while operating margin of 44.1% decreased 40 bps from 2024.",
    "scope": "segment_or_non_gaap",
    "actual": null,
    "reason": "Operating income: about a segment, region or non-GAAP measure, which the statements can't confirm",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "$1.5 billion",
    "tolerance": null,
    "quoteVerified": true
  },
  {
    "kind": "amount_change",
    "field": "epsDiluted",
    "quote": "Earnings per diluted common share increased $4.48, or 10%, from 2024, reflecting higher operating income and a lower effective tax rate, partially offset by lower nonoperating results and a higher diluted share count in the current year.",
    "scope": "segment_or_non_gaap",
    "actual": null,
    "reason": "Diluted EPS: about a segment, region or non-GAAP measure, which the statements can't confirm",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "$4.48",
    "tolerance": null,
    "quoteVerified": true
  },
  {
    "kind": "percent_change",
    "field": "epsDiluted",
    "quote": "Earnings per diluted common share increased $4.48, or 10%, from 2024, reflecting higher operating income and a lower effective tax rate, partially offset by lower nonoperating results and a higher diluted share count in the current year.",
    "scope": "segment_or_non_gaap",
    "actual": null,
    "reason": "Diluted EPS: about a segment, region or non-GAAP measure, which the statements can't confirm",
    "claimed": null,
    "verdict": "not_checked",
    "asWritten": "10%",
    "tolerance": null,
    "quoteVerified": true
  }
]

Income statement

table #61 · current period is figure column 1
0(in millions, except per share data)202520242023
1Revenue
2Investment advisory, administration fees and securities lending revenue:
3Investment advisory and administration fees18,47415,48513,724
4Securities lending revenue705615675
5Total investment advisory, administration fees and securities lending revenue19,17916,10014,399
6Investment advisory performance fees1,4241,207554
7Technology services and subscription revenue1,9811,6031,485
8Distribution fees1,3551,2731,262
9Advisory and other revenue277224159
10Total revenue← Total revenue24,21620,40717,859
11Expense
12Employee compensation and benefits8,4466,5465,779
13Sales, asset and account expense:
14Distribution and servicing costs2,4602,1712,051
15Direct fund expense1,7671,4641,331
16Sub-advisory and other233140116
17Total sales, asset and account expense4,4603,7753,498
18General and administration expense2,7312,2572,092
19Change in fair value of contingent consideration720(36)3
20Restructuring charge39-61
21Amortization and impairment of intangible assets775291151
22Total expense17,17112,83311,584
23Operating income← Operating income7,0457,5746,275
24Nonoperating income (expense)
25Net gain (loss) on investments634492699
26Interest and dividend income554767473
27Interest expense(614)(538)(292)
28Total nonoperating income (expense)574721880
29Income before income taxes7,6198,2957,155
30Income tax expense1,6771,7831,479
31Net income5,9426,5125,676
32Less:
33Net income (loss) attributable to NCI - CIPs262143174
34Net income (loss) attributable to NCI - Subco127--
35Net income attributable to BlackRock, Inc.← Net income attributable to the company5,5536,3695,502
36Earnings per share attributable to BlackRock, Inc. common stockholders:
37Basic35.8342.4536.85
38Diluted← Diluted EPS35.3142.0136.51
39Weighted-average common shares outstanding:
40Basic155.0150.0149.3
41Diluted (including Subco Units)160.9151.6150.7

Balance sheet

table #60 · current period is figure column 1
0(in millions, except shares and per share data)December 31,2025December 31,2024
1Assets
2Cash and cash equivalents(1)← Cash and cash equivalents11,46812,762
3Accounts receivable5,1584,304
4Investments(1)13,2719,769
5Separate account assets60,09852,811
6Separate account collateral held under securities lending agreements7,9226,059
7Property and equipment (net of accumulated depreciation and amortization of $1,692 and $1,553 at December 31, 2025 and 2024, respectively)1,2561,103
8Intangible assets (net of accumulated amortization of $1,482 and $782 at December 31, 2025 and 2024, respectively)27,96820,743
9Goodwill35,28325,949
10Operating lease right-of-use assets1,8741,519
11Other assets(1)5,7003,596
12Total assets← Total assets169,998138,615
13Liabilities
14Accrued compensation and benefits3,8302,964
15Accounts payable and accrued liabilities1,7401,536
16Borrowings12,76812,314
17Separate account liabilities60,09852,811
18Separate account collateral liabilities under securities lending agreements7,9226,059
19Contingent consideration liabilities8,4294,302
20Deferred income tax liabilities4,6183,334
21Operating lease liabilities2,2281,908
22Other liabilities(1)6,8234,032
23Total liabilities← Total liabilities108,45689,260
24Commitments and contingencies (Note 16)
25Temporary equity
26Redeemable noncontrolling interests ("NCI") - consolidated sponsored investment products ("CIPs")2,6361,691
27Redeemable NCI - Subco2,791-
28Permanent equity
29BlackRock, Inc. stockholders’ equity
30Common stock, $0.01 par value;22
31Shares authorized: 500,000,000 at December 31, 2025 and 2024; Shares issued: 156,276,289 and 155,318,170 at December 31, 2025 and 2024, respectively; Shares outstanding: 155,069,171 and 154,947,813 at December 31, 2025 and 2024, respectively
32Additional paid-in capital19,74813,446
33Retained earnings37,89935,611
34Accumulated other comprehensive loss(545)(1,178)
35Treasury stock, common, at cost (1,207,118 and 370,357 shares held at December 31, 2025 and 2024, respectively)(1,216)(386)
36Total BlackRock, Inc. stockholders’ equity← Total shareholders' equity attributable to the company55,88847,495
37Nonredeemable NCI - CIPs227169
38Total permanent equity56,11547,664
39Total liabilities, temporary equity and permanent equity169,998138,615

Cash flow statement

table #64 · current period is figure column 1
0(in millions)202520242023
1Operating activities
2Net income5,9426,5125,676
3Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
4Depreciation and amortization1,126529427
5Impairment of intangible assets-50-
6Noncash lease expense148129140
7Stock-based compensation1,307753630
8Deferred income tax expense (benefit)(631)(106)124
9Charitable Contribution109--
10Change in fair value of contingent consideration720(36)3
11Other investment gains(289)(126)-
12Net (gains) losses within CIPs(480)(269)(380)
13Net (purchases) proceeds within CIPs(4,214)(2,672)(1,780)
14(Earnings) losses from equity method investees(51)(41)(378)
15Distributions of earnings from equity method investees4295749
16Other adjustments
17Accounts receivable(619)(443)(586)
18Investments, trading1935872
19Other assets(722)317(326)
20Accrued compensation and benefits659367145
21Accounts payable and accrued liabilities75259(26)
22Other liabilities225(382)375
23Net cash provided by/(used in) operating activities← Net cash from operating activities3,9274,9564,165
24Investing activities
25Purchases of investments(1,384)(818)(846)
26Proceeds from sales and maturities of investments544766400
27Distributions of capital from equity method investees39036646
28Net consolidations (deconsolidations) of sponsored investment funds(97)(127)(26)
29Acquisitions, net of cash acquired(3,496)(2,936)(189)
30Purchases of property and equipment(375)(255)(344)
31Net cash provided by/(used in) investing activities← Net cash from investing activities(4,418)(3,004)(959)
32Financing activities
33Repayments of long-term borrowings(796)(1,000)-
34Proceeds from long-term borrowings1,0805,4741,238
35Dividends/Subco distributions paid(3,347)(3,101)(3,035)
36Proceeds from stock options exercised16746495
37Shares/Subco Units repurchased(1,951)(1,930)(1,884)
38Net proceeds from (repayments of) borrowings by CIPs(112)(58)(59)
39Net subscriptions received/(redemptions/distributions paid) from noncontrolling interest holders3,8272,4051,627
40Other financing activities5(18)26
41Net cash provided by/(used in) financing activities← Net cash from financing activities(1,127)2,236(1,992)
42Effect of exchange rate changes on cash, cash equivalents and restricted cash329(162)106
43Net increase/(decrease) in cash, cash equivalents and restricted cash(1,289)4,0261,320
44Cash, cash equivalents and restricted cash, beginning of year12,7798,7537,433
45Cash, cash equivalents and restricted cash, end of year11,49012,7798,753
46Supplemental disclosure of cash flow information:
47Cash paid for:
48Interest482289200
49Income taxes (net of refunds)2,2981,6991,392
50Supplemental schedule of noncash investing and financing transactions:
51Issuance of common shares related to employee stock transactions151215569
52Issuance of Subco Units/common shares in connection with acquisitions8,6945,904-
53Cancellation of treasury stock, common in connection with the GIP Transaction-(12,829)-
54Increase/(decrease) in noncontrolling interests due to net consolidation (deconsolidation) of sponsored investment funds(3,086)(2,581)(949)
55Established contingent consideration liabilities in connection with acquisitions3,4134,246-