BlackRock, Inc. (BLK) delivered a strong finish to 2025, posting fourth quarter results that sent shares up 1.66% to $1,110.00 in premarket trading Thursday. The investment management giant reported record assets under management and earnings that topped Wall Street forecasts.

The Numbers That Matter

Revenue climbed 23% year-over-year to $7.01 billion, comfortably beating the consensus estimate of $6.69 billion. Adjusted operating income rose 22% to $2.85 billion, while adjusted earnings per share increased 10% to $13.16, surpassing analyst expectations of $12.25.

The real headline? Total assets under management hit $14 trillion by year-end, up from $11 trillion in 2024. That's not just a nice round number—it's a testament to BlackRock's ability to attract capital even as markets navigate uncertainty. The firm pulled in $698 billion of net inflows during 2025, compared to $641 billion the prior year.

Where the Growth Came From

Investment advisory and administration fees jumped to $5.28 billion from $4.42 billion a year ago. The growth was fueled by 12% annualized organic base fee growth, market appreciation effects on average AUM, and approximately $230 million in fees from the HPS Transaction. Securities lending revenue also ticked up to $174 million from $161 million, thanks to wider spreads.

Performance fees from investment advisory services nearly doubled, reaching $754 million versus $451 million in the year-ago quarter. Private markets drove much of this increase, including the impact of the HPS Transaction, along with stronger performance from liquid alternative products.

Technology services and subscription revenue climbed to $531 million from $428 million, powered by robust demand for Aladdin offerings and the Preqin acquisition completed in March 2025. Preqin alone contributed roughly $65 million in the fourth quarter. Annual contract value for technology services and subscriptions grew an impressive 31% year-over-year including Preqin, or 16% excluding the acquisition.

Rewarding Shareholders

BlackRock isn't just growing—it's returning capital to shareholders. The company bought back $1.6 billion worth of shares during the year and announced a 10% increase in its quarterly dividend to $5.73 per share. The dividend is payable on March 24 to shareholders of record as of March 6, 2026.

Looking Ahead

Chairman and CEO Laurence Fink struck an optimistic tone about the firm's expanded platform. "2026 will be our first full year as a unified platform with GIP, HPS and Preqin," he said. "Our pipeline of business has broadened across products and regions, spanning public and private markets mandates, technology and data, and client channels. We're seeing excellent fundraising activity as we work toward our goal of $400 billion in private markets fundraising by 2030."

Fink emphasized BlackRock's positioning in emerging growth areas: "BlackRock is at the forefront of some of the largest new growth channels across the industry – from private markets to wealth and 401(k), to active ETFs, to private markets data, to digital assets and tokenization."

With record assets, strong earnings momentum, and strategic acquisitions integrating smoothly, BlackRock is making a compelling case that scale still matters in asset management—especially when you're building out the infrastructure that everyone else uses too.