Financials BlackRock, Inc.

Equities

BLK

US09290D1019

Investment Management & Fund Operators

Market Closed - Nyse Other stock markets 04:00:02 2025-12-16 pm EST			5-day change	1st Jan Change
1,068.14 ^USD	-1.30%		+0.58%	+4.20%

Dec. 16	Industrials Down After Jobs Data -- Industrials Roundup	DJ
Dec. 16	Sector Update: Health Care	MT

Projected Income Statement: BlackRock, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	16,205	19,374	17,873	17,859	20,407	24,023	27,574	30,954
Change	-	19.56%	-7.75%	-0.08%	14.27%	17.72%	14.78%	12.26%
EBITDA ¹	6,171	7,865	6,803	6,702	8,103	9,615	12,270	13,576
Change	-	27.45%	-13.5%	-1.48%	20.9%	18.67%	27.6%	10.65%
EBIT ¹	5,695	7,450	6,385	6,275	7,574	8,575	10,998	12,362
Change	-	30.82%	-14.3%	-1.72%	20.7%	13.22%	28.26%	12.4%
Interest Paid ¹	-205	-205	-212	-292	-538	-626	-618.7	-630
Earnings before Tax (EBT) ¹	6,524	8,173	6,290	7,155	8,295	8,701	10,964	12,420
Change	-	25.28%	-23.04%	13.75%	15.93%	4.89%	26.02%	13.28%
Net income ¹	4,932	5,901	5,178	5,502	6,369	6,459	8,094	9,345
Change	-	19.65%	-12.25%	6.26%	15.76%	1.42%	25.31%	15.46%
Announcement Date	1/14/21	1/14/22	1/13/23	1/12/24	1/15/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	4,478	4,398	4,820	5,050	5,106	4,699	4,526	4,311	4,337	4,243	4,463	4,522	4,631	4,728	4,805	5,197	5,677	5,276	5,423	6,509	6,796	6,525	6,694	7,054	7,469	7,037	7,283	7,777
Change	-	-1.79%	9.6%	4.77%	1.11%	-7.97%	-3.68%	-4.75%	0.6%	-2.17%	5.19%	1.32%	2.41%	2.09%	1.63%	8.16%	9.24%	-7.06%	2.79%	20.03%	4.41%	-3.99%	2.59%	5.37%	5.89%	-5.79%	3.5%	6.78%
EBITDA ¹	1,982	1,642	2,032	2,042	2,149	1,864	1,767	1,635	1,537	1,544	1,717	1,750	1,696	1,804	1,908	2,116	2,275	2,226	2,316	2,967	2,977	2,820	2,975	3,175	3,311	-	-	-
Change	-	-17.15%	23.75%	0.49%	5.24%	-13.26%	-5.2%	-7.47%	-5.99%	0.46%	11.2%	1.92%	-3.09%	6.37%	5.76%	10.9%	7.51%	-2.15%	4.04%	28.11%	0.35%	-5.28%	5.47%	6.72%	4.3%	-	-	-
EBIT ¹	1,848	1,545	1,931	1,935	2,039	1,764	1,668	1,526	1,427	1,438	1,615	1,637	1,585	1,693	1,800	2,006	2,075	1,698	1,731	1,955	2,774	2,582	2,677	2,556	3,084	2,700	2,843	2,461
Change	-	-16.4%	24.98%	0.21%	5.37%	-13.49%	-5.44%	-8.51%	-6.49%	0.77%	12.31%	1.36%	-3.18%	6.81%	6.32%	11.44%	3.44%	-18.17%	1.94%	12.94%	41.91%	-6.94%	3.68%	-4.52%	20.69%	-12.47%	5.3%	-13.44%
Charge d'intérêts ¹	-54	-55	-52	-48	-50	-54	-54	-50	-54	-59	-69	-82	-82	-92	-126	-154	-166	-166	-173	-135	-152	-152	-152	-152	-152	-	-	-
Earnings before Tax (EBT) ¹	2,167	1,591	2,201	2,271	2,110	1,626	1,321	1,691	1,652	1,554	1,866	1,808	1,927	1,913	2,014	2,265	2,103	1,763	2,252	1,997	2,698	2,684	2,786	2,687	3,115	2,801	2,941	2,556
Change	-	-26.58%	38.34%	3.18%	-7.09%	-22.94%	-18.76%	28.01%	-2.31%	-5.93%	20.08%	-3.11%	6.58%	-0.73%	5.28%	12.46%	-7.15%	-16.17%	27.74%	-11.32%	35.09%	-0.51%	3.79%	-3.55%	15.94%	-10.08%	5%	-13.09%
Net income ¹	1,548	1,199	1,378	1,681	1,643	1,436	1,077	1,406	1,259	1,157	1,366	1,604	1,375	1,573	1,495	1,631	1,670	1,510	1,593	1,323	2,124	2,043	2,048	2,048	2,176	2,455	2,324	2,039
Change	-	-22.55%	14.93%	21.99%	-2.26%	-12.6%	-25%	30.55%	-10.46%	-8.1%	18.06%	17.42%	-14.28%	14.4%	-4.96%	9.1%	2.39%	-9.58%	5.5%	-16.95%	60.51%	-3.79%	0.23%	0.02%	6.25%	12.8%	-5.34%	-12.26%
Announcement Date	1/14/21	4/15/21	7/14/21	10/13/21	1/14/22	4/13/22	7/15/22	10/13/22	1/13/23	4/14/23	7/14/23	10/13/23	1/12/24	4/12/24	7/15/24	10/11/24	1/15/25	4/11/25	7/15/25	10/14/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: BlackRock, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-1,400	-1,877	-762	-818	-448	367	-2,982	-6,844
Change	-	-34.07%	59.4%	-7.35%	45.23%	181.92%	-912.53%	-129.51%
Announcement Date	1/14/21	1/14/22	1/13/23	1/12/24	1/15/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: BlackRock, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	194	341	533	344	255	279.5	281.5	309.5
Change	-	75.77%	56.3%	-35.46%	-25.87%	9.61%	0.72%	9.95%
Free Cash Flow (FCF) ¹	3,549	4,603	4,423	3,821	4,701	6,670	8,732	10,023
Change	-	29.7%	-3.91%	-13.61%	23.03%	41.88%	30.91%	14.78%
Announcement Date	1/14/21	1/14/22	1/13/23	1/12/24	1/15/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: BlackRock, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	38.08%	40.6%	38.06%	37.53%	39.71%	40.03%	44.5%	43.86%
EBIT Margin (%)	35.14%	38.45%	35.72%	35.14%	37.11%	35.7%	39.89%	39.94%
EBT Margin (%)	40.26%	42.19%	35.19%	40.06%	40.65%	36.22%	39.76%	40.13%
Net margin (%)	30.44%	30.46%	28.97%	30.81%	31.21%	26.89%	29.35%	30.19%
FCF margin (%)	21.9%	23.76%	24.75%	21.4%	23.04%	27.77%	31.67%	32.38%
FCF / Net Income (%)	71.96%	78%	85.42%	69.45%	73.81%	103.26%	107.88%	107.26%
Profitability
ROA	3.03%	3.67%	3.99%	4.73%	5.05%	5.51%	6.07%	6.58%
ROE	15.22%	16.58%	14.29%	14.77%	15.23%	14.9%	16.29%	17.11%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	0.04x	-	-
Debt / Free cash flow	-	-	-	-	-	0.06x	-	-
Capital Intensity
CAPEX / Current Assets (%)	1.2%	1.76%	2.98%	1.93%	1.25%	1.16%	1.02%	1%
CAPEX / EBITDA (%)	3.14%	4.34%	7.83%	5.13%	3.15%	2.91%	2.29%	2.28%
CAPEX / FCF (%)	5.47%	7.41%	12.05%	9%	5.42%	4.19%	3.22%	3.09%
Items per share
Cash flow per share ¹	24.17	32.02	32.52	27.64	32.69	41.19	53.14	61.72
Change	-	32.46%	1.56%	-15.01%	18.29%	26%	29.01%	16.15%
Dividend per Share ¹	14.52	16.52	19.52	20	20.4	20.84	22.29	23.67
Change	-	13.77%	18.16%	2.46%	2%	2.16%	6.95%	6.19%
Book Value Per Share ¹	231.3	248.5	252	265	306.5	306	323.6	345.6
Change	-	7.43%	1.42%	5.13%	15.69%	-0.18%	5.77%	6.8%
EPS ¹	31.85	38.22	33.97	36.51	42.01	42.32	51.14	59.18
Change	-	20%	-11.12%	7.48%	15.06%	0.73%	20.85%	15.72%
Nbr of stocks (in thousands)	152,511	151,917	150,196	148,762	154,879	155,151	155,151	155,151
Announcement Date	1/14/21	1/14/22	1/13/23	1/12/24	1/15/25	-	-	-