BlackRock, Inc. (BLK)

BlackRock, Inc. is a publicly traded investment management firm with $14.0 trillion of assets under management at December 31, 2025. It has approximately 24,900 employees in more than 30 countries and serves clients in over 100 countries. The company provides investment management and technology and subscription services to institutional and retail clients worldwide. It manages client assets as a fiduciary, is highly regulated, and does not engage in proprietary trading that could conflict with client interests. On July 1, 2025, it completed the acquisition of HPS Investment Partners, a global credit investment manager, largely paid in Class B-2 common units of its consolidated subsidiary BlackRock Saturn Subco, LLC. Earlier acquisitions include GIP (October 2024), SpiderRock, Kreos, Aperio and ElmTree.

BlackRock offers alpha-seeking active, private markets, index and cash management strategies across asset classes. Its single- and multi-asset portfolios invest in equities, fixed income, private markets, liquid alternatives, digital assets, currencies and commodities, and money market instruments. They are delivered through open-end and closed-end mutual funds, iShares ETFs, separate accounts, collective trust funds and other pooled vehicles, directly and through intermediaries. AUM by product at year-end 2025 was equity $7.79 trillion, fixed income $3.27 trillion, multi-asset $1.22 trillion, alternatives $424 billion, digital assets $78 billion, currency and commodities $169 billion, and cash management $1.08 trillion. It also offers technology and subscription services, including the Aladdin investment and risk management platform, Aladdin Wealth, eFront, Preqin and Cachematrix, along with advisory services. Revenue comes mainly from investment management fees based on AUM, plus performance fees, securities lending revenue, and technology fees based on factors such as positions, subscriptions and implementations. Total revenue for 2025 was $24.2 billion, with GAAP operating income of $7.0 billion and net income attributable to BlackRock of $5.6 billion.

Clients include tax-exempt institutions such as pension plans, charities, foundations and endowments; official institutions such as central banks and sovereign wealth funds; taxable institutions such as insurers, financial institutions, corporations and third-party fund sponsors; and retail investors served through intermediaries including broker-dealers, banks, trust companies, insurers and independent financial advisors. By client type, AUM was $7.27 trillion institutional, $5.47 trillion ETFs and $1.30 trillion retail. Retail represented 10% of long-term AUM and 25% of base fees and securities lending revenue in 2025. About 35% of AUM is managed for clients domiciled outside the US, and clients are also grouped by region as Americas, EMEA and Asia-Pacific.

BlackRock operates a regionally focused model, using global investment, risk and technology platforms alongside local distribution. About 60% of employees are outside the US. It markets directly and through third-party distribution relationships, including financial professionals and pension consultants. It is an independent public company with no majority shareholder, and over 80% of its directors are independent. It also holds minority investments in financial technology and digital distribution firms such as Circle, iCapital, Envestnet, Acorns and Avaloq. The text does not identify its headquarters, suppliers or specific competitors.