BlackRock Operating Income — As Adjusted (Non-GAAP) by Year

BlackRock Operating Income — As Adjusted (Non-GAAP): $9,600M in FY2025, up 18.4% from a year earlier. That is the highest of the 10 years on record here.

“|| Operating income, as adjusted (1) | $ | 2,848 | $ | 2,326 | $ | 2,621 | $ | 9,600 | $ | 8,110”

Source: 8-K EX-99.1 (4Q25, filed 2026-01-15) ↗

Non-GAAP Operating Income ($3,131M in 3Q26; $9,622M in FY2025) excluding intangible amortization, acquisition-related costs, contingent consideration fair value changes, and deferred cash compensation hedge impacts.

• Operating Income Used for Operating Margin Measurement6,593 · FY2023
• Non-GAAP Operating Adjustment — Amortization & Impairment of Intangibles775 · FY2025
• Non-GAAP Operating Adjustment — Acquisition-Related Compensation Costs738 · FY2025
• Non-GAAP Operating Adjustment — Acquisition-Related Transaction Costs122 · FY2025
• Non-GAAP Operating Adjustment — Acquisition-Related G&A Expense–
• Non-GAAP Operating Adjustment — Contingent Consideration Fair Value720 · FY2025
• Non-GAAP Operating Adjustment — Deferred Cash Compensation Appreciation52 · FY2025
• Non-GAAP Operating Adjustment — Restructuring Charge39 · FY2025
• Non-GAAP Operating Adjustment — Charitable Contribution109 · FY2025
• Non-GAAP Operating Adjustment — New York / Hudson Yards Lease Costs0 · FY2024
• Non-GAAP Operating Adjustment — Product Launch Costs & Commissions0 · FY2023
• Non-GAAP Operating Adjustment — Reduction of Indemnification Asset0 · FY2024
• Non-GAAP Operating Adjustment — PNC LTIP Funding Obligation0 · FY2019

See every metric in the BlackRock KPI table. Data updated Oct 25, 2026.