BlackRock, Inc（BLK）の決算・業績分析
BlackRock, Incの2025年有価証券報告書をAI分析。売上高$24.2B(+18.7%)。営業利益$7.0B。Financials。
目次
BlackRock, Incの2025年度 業績サマリー
BlackRock, Inc（証券コード: BLK）の2025年度決算・業績分析。売上高は$24.2B（前年比+18.7%）。営業利益は$7.0B（前年比-7.0%）。純利益は$5.6B（前年比-12.8%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
BlackRock, Incの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- BlackRock reported $17.9B in revenue (XBRL), with operating income of $6.4B (35.7% margin) and net income of $5.2B (29.0% margin).
- Strong liquidity position with $8.7B in cash (XBRL) and net debt of -$818M (-0.1x EBITDA).
- ROE of 13.2% (XBRL) and a 57.7% payout ratio (XBRL) driven by $3.0B in dividends and $2.3B in share repurchases.
BlackRock, Incの売上高変化の要因
- •Revenue remained flat at $17.9B (XBRL) in FY2024 and FY2025. Operating income declined slightly to $6.3B (XBRL) in FY2025, while net income increased to $5.5B (XBRL). Revenue growth over 5 years was -0.1% CAGR (XBRL), but net income grew at +6.3% CAGR (XBRL). Asset turnover of 0.15x (XBRL) suggests moderate efficiency in asset utilization.
BlackRock, Incの営業利益変化の要因
- •Operating margin of 35.7% (XBRL) and net margin of 29.0% (XBRL) reflect strong profitability. EBITDA of $6.6B (37.1% of revenue) (XBRL) highlights operational efficiency. ROA of 4.2% (XBRL) and ROIC of 3.9% (XBRL) indicate moderate returns relative to assets and invested capital. Operating income declined -1.7% CAGR (XBRL) over 5 years, but net income grew +6.3% CAGR (XBRL).
BlackRock, Incの事業リスクと対応
Market volatility and asset value fluctuations may reduce AUM, revenue, and earnings (10-K).
Investment advisory contract terminations could lower fees and AUM (10-K).
Increased competition may erode AUM and revenue (10-K).
Competitor product failures could harm client confidence in BlackRock’s offerings (10-K).
Interest rate and foreign exchange fluctuations may impact base fees and cash flows (10-K).
BlackRock, Incの事業内容
BlackRock, Inc. (BLK) is a global investment management firm generating revenue through asset management fees, technology platforms (e.g., Aladdin), and advisory services (10-K). Key offerings include active and private markets strategies, ETFs (iShares®), and index/cash management solutions. The company serves institutional clients (pension funds, sovereign wealth funds) and retail intermediaries, with no significant customer concentration (10-K). Competitive advantages include advanced analytics, global reach, and fintech partnerships (e.g., Securitize) (10-K).
BlackRock, IncのAI業績分析レポート（2024年度）
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BlackRock, Inc. (BLK) FY2024 Annual Report Analysis
Highlights
Business Overview
BlackRock generates revenue through asset management fees, technology platforms (e.g., Aladdin), and advisory services. Key products include active and private markets strategies, ETFs (iShares®), and index/cash management solutions. The company serves institutional clients and retail intermediaries with no significant concentration (10-K). Competitive advantages include global reach, advanced analytics, and fintech partnerships (10-K).
Revenue Analysis
Revenue remained flat at $17.9B (XBRL) in FY2024 and FY2025. Operating income declined to $6.3B (XBRL) in FY2025, while net income increased to $5.5B (XBRL). Revenue CAGR: -0.1% (XBRL); Net Income CAGR: +6.3% (XBRL). Asset turnover of 0.15x (XBRL) indicates moderate efficiency.
Profitability Analysis
Operating margin: 35.7% (XBRL); Net margin: 29.0% (XBRL). EBITDA: $6.6B (37.1% of revenue) (XBRL). ROA: 4.2% (XBRL); ROIC: 3.9% (XBRL). Operating income CAGR: -1.7% (XBRL); Net Income CAGR: +6.3% (XBRL).
Balance Sheet Analysis
Total assets: $138.6B (XBRL) in FY2025; Equity: $47.5B (XBRL). D/E ratio: 2.08x (XBRL). Net debt: -$818M (XBRL). Cash reserves: $8.7B (XBRL).
Cash Flow Analysis
Operating CF: $5.0B (XBRL); FCF: $4.4B (XBRL). CapEx: $533M (XBRL). Dividends: $3.0B (XBRL); Buybacks: $2.3B (XBRL). CapEx intensity: 3.0% (XBRL).
Working Capital Analysis
Receivables days: 80 days (XBRL). No data for inventory or payables days (N/A).
Risks
Outlook
N/A (10-K does not provide management guidance)
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