BlackRock Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	5,942	6,512	5,676	4,994	6,205
Depreciation & Amortization	1,126	529	427	418	415
Stock-Based Compensation	1,307	753	630	708	734
Other Adjustments	-5,015	-2,255	-2,250	-267	-3,068
Changes in Trading Assets	193	58	72	196	323
Change in Receivables	-619	-443	-586	416	-322
Changes in Accounts Payable	75	259	-26	-151	342
Changes in Accrued Expenses	659	367	145	-711	412
Changes in Other Operating Activities	-497	-65	49	-647	-97
Operating Cash Flow	3,927	4,956	4,165	4,956	4,944
Operating Cash Flow Growth	-20.76%	18.99%	-15.96%	0.24%	32.09%
Capital Expenditures	-375	-255	-344	-533	-341
Purchases of Investments	-1,384	-818	-846	-824	-910
Proceeds from Sale of Investments	544	766	400	242	429
Payments for Business Acquisitions	-3,496	-2,936	-189	-	-1,106
Other Investing Activities	293	239	20	-15	-9
Investing Cash Flow	-4,418	-3,004	-959	-1,130	-1,937
Long-Term Debt Issued	1,080	5,474	1,238	-	991
Long-Term Debt Repaid	-796	-1,000	-	-750	-750
Net Long-Term Debt Issued (Repaid)	284	4,474	1,238	-750	241
Issuance of Common Stock	167	464	95	11	-
Repurchase of Common Stock	-1,951	-1,930	-1,884	-2,332	-1,485
Net Common Stock Issued (Repurchased)	-1,784	-1,466	-1,789	-2,321	-1,485
Common Dividends Paid	-3,347	-3,101	-3,035	-2,990	-2,547
Other Financing Activities	3,720	2,329	1,594	619	1,504
Financing Cash Flow	-1,127	2,236	-1,992	-5,442	-2,287
Effect of Exchange Rate Changes on Cash and Cash Equivalents	329	-162	106	-291	-61
Net Cash Flow	-1,289	4,026	1,320	-1,907	659
Free Cash Flow	3,552	4,701	3,821	4,423	4,603
Free Cash Flow Growth	-24.44%	23.03%	-13.61%	-3.91%	29.70%
FCF Margin	14.67%	23.04%	21.40%	24.75%	23.76%
Free Cash Flow Per Share	22.08	31.01	25.35	29.01	29.81
Levered Free Cash Flow	7,018	11,736	7,063	3,000	7,196
Unlevered Free Cash Flow	6,675	6,839	5,301	3,641	6,710

Updated Dec 31, 2025. Data Source: Fiscal.ai. Capital Markets template. Financial Sources.