BlackRock Tops $14 Trillion in Assets as Record Inflows Reshape the World’s Largest Asset Manager

BlackRock Inc. closed 2025 with assets under management surpassing $14 trillion, a milestone that underscores the firm’s expanding scale and its growing influence across global financial markets. The world’s largest asset manager reported $14.04 trillion in assets at year-end, following record net inflows of $698 billion during the year, including $342 billion in the fourth quarter, according to the company’s earnings release .

The growth in assets reflects a combination of strong market performance and broad-based client demand across exchange-traded funds, active strategies, private markets, and cash management products. BlackRock said organic base fee growth reached 9% for the full year and accelerated to a 12% annualized rate in the fourth quarter, signaling that inflows were not concentrated in low-fee products alone but spread across higher-fee strategies as well .

Laurence Fink, BlackRock’s chairman and chief executive, described 2025 as the strongest year of net inflows in the firm’s history. “Clients entrusted us with $698 billion of new assets in 2025, powering 9% organic base fee growth,” Mr. Fink said in the earnings release. He added that the company entered 2026 with “accelerating momentum across our entire platform” following back-to-back quarters of double-digit organic base fee growth.

Financial results reflected the impact of that asset growth. BlackRock reported full-year revenue of $24.2 billion, up 19% from 2024, driven by higher average assets under management, organic fee growth, and contributions from recent acquisitions, including Global Infrastructure Partners, HPS Investment Partners, and Preqin. As-adjusted operating income rose 18% to $9.6 billion, while as-adjusted diluted earnings per share increased 10% to $48.09 .

On a GAAP basis, results were more muted. GAAP operating income declined 7% from the prior year, and GAAP diluted earnings per share fell 16%, reflecting noncash acquisition-related expenses and a noncash charitable contribution that the company excluded from its as-adjusted figures .

The composition of BlackRock’s assets highlights how the firm’s scale is increasingly tied to a diverse mix of investment strategies. Long-term assets totaled nearly $13 trillion at year-end, with exchange-traded funds accounting for more than $5.4 trillion. Private markets assets reached $322.6 billion, following net inflows of $12.7 billion in the fourth quarter alone, while cash management assets stood at $1.08 trillion .

The firm also emphasized shareholder returns alongside growth. BlackRock returned $5 billion to shareholders in 2025 through dividends and share repurchases. Its board approved a 10% increase in the quarterly cash dividend to $5.73 per share and authorized an additional 7 million shares for repurchase under the existing buyback program.

Looking ahead, BlackRock framed its scale as a strategic advantage rather than a constraint. Fink said 2026 would be the company’s first full year operating as a unified platform following its recent acquisitions, positioning it across public and private markets, technology, data, and digital assets. The firm reiterated its long-term goal of reaching $400 billion in private markets fundraising by 2030 .

With assets now exceeding $14 trillion, BlackRock’s results illustrate how a combination of market strength, product breadth, and institutional scale continues to reshape the asset management industry, concentrating an ever-larger share of global investable capital under a single firm’s oversight.