BlackRock said operating income for Q1 2025 on a GAAP basis was $1.7 billion, an increase of $5 million, while operating margin was 32.2%, down 360 basis points from the prior-year quarter. The company said the increase in revenue was more than offset by higher expense, including acquisition-related costs in connection with the GIP and Preqin Transactions.

1. 01

   BlackRock said operating income for Q1 2025 on a GAAP basis was $1.7 billion, an increase of $5 million, while operating margin was 32.2%, down 360 basis points from the prior-year quarter. The company said the increase in revenue was more than offset by higher expense, including acquisition-related costs in connection with the GIP and Preqin Transactions.

2. 02

   BlackRock said operating income as adjusted for Q1 2025 was $2.0 billion, an increase of $257 million, and operating margin as adjusted was 43.2%, up 100 basis points. Diluted earnings per share as adjusted increased $1.49, or 15%, the company said, with acquisition-related expenses excluded from as adjusted results.

3. 03

   BlackRock completed the acquisition of 100% of Preqin on March 3, 2025 for £2.5 billion (or approximately $3.2 billion) in cash. The company said it will pay the full HPS acquisition consideration in BlackRock equity and expects the transaction to close in mid-2025, subject to regulatory approvals and customary closing conditions.

4. 04

   As of March 31, 2025, the fair value of remaining contingent consideration liabilities totaled $4.4 billion, of which $4.3 billion was related to the GIP Transaction, BlackRock said. The company also said the principal amount of long-term notes outstanding as of the same date was $12.5 billion.

Key figures

Quarter ended March 31, 2025

Revenue

$5.3B

Operating income

$1.7B

Net income

$1.5B

EPS

$9.64

Operating cash flow

−$1.1B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.