{"schemaVersion":1,"research":true,"symbol":"blk","name":"BlackRock","topic":"moat","path":"/stock/blk/moat","status":"published","version":4,"updatedAt":"2026-10-18T12:44:31.059Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"BlackRock has a narrow moat supported by established distribution relationships, broad investment capabilities and Aladdin's integrated investment workflows. Nearly $2.5 trillion of five-year net inflows, expanding technology relationships and continued 2026 inflows demonstrate demand beyond market appreciation. Switching friction is plausible but not quantified. Pricing discretion is constrained by client withdrawal rights, annual fund-board approvals and reducible fees; organic base fee growth does not establish higher realized prices. The passages do not establish network effects, a relative cost advantage or exceptional durability.","advantages":[{"mechanism":"intangible_assets","claim":"Established distribution relationships and a broad investment platform support differentiated access to client mandates. Multiyear net inflows and subsequent operating results corroborate demand, although management's claims of differentiation exceed the comparative evidence supplied.","durability":"Five-year aggregate net inflows and positive first-half 2026 flows support persistence. Relationships and capabilities can compound, but the passages do not establish a protected franchise or guaranteed long-term advantage.","risks":"Clients can withdraw or replace BlackRock, fund boards can reduce fees, and institutional index products experienced realized outflows. Acquisitions expand capabilities but introduce integration costs and dilution; anticipated synergies remain potential benefits.","invalidation":"Sustained net outflows across major client channels, accompanied by declining organic base fees and repeated mandate losses despite functioning markets, would undermine the relationship advantage. Repeated management-contract impairments would provide additional contrary evidence.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9","e10"]},{"mechanism":"switching_costs","claim":"Aladdin combines risk analytics, portfolio management, trading and operations, with public-private portfolio integration and third-party connectivity. This supports an inference of operational switching friction, corroborated by expanded client relationships, rather than demonstrated contractual lock-in.","durability":"Integrated workflows and client-specific connectivity can make replacement disruptive. Organic ACV growth and sustained technology demand support a current advantage, but migration costs, renewal rates and contract duration are not disclosed.","risks":"More comprehensive competing platforms, internal solutions and faster or cheaper delivery models could reduce differentiation. Openness may improve utility without necessarily increasing dependence. AI enhancements and further acquisition benefits are prospective.","invalidation":"Persistent organic technology ACV contraction, significant client migrations to standalone or internal systems, or evidence that clients can replace integrated workflows cheaply and quickly would invalidate the switching-cost thesis.","competitors":[],"evidenceIds":["e11","e12","e13","e14","e15"],"counterEvidenceIds":["e16","e17"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Item 1, Business: distribution relationships","excerpt":"BlackRock maintains a significant global sales and marketing presence that is focused on establishing and maintaining retail and institutional investment management and technology service relationships by marketing its services to investors directly and through third-party distribution relationships, including financial professionals and pension consultants."},{"id":"e2","sourceId":"filing-1","location":"Item 1, Business: investment platform breadth","excerpt":"BlackRock’s diverse platform of alpha-seeking active, private markets, index and cash management investment strategies across asset classes enables the Company to offer choice and tailor investment and asset allocation solutions for clients."},{"id":"e3","sourceId":"filing-3","location":"Shareholder letter: five-year net inflows","excerpt":"The consistency of our results stands out even more over the long term, with nearly $2.5 trillion of net inflows over the last five years."},{"id":"e4","sourceId":"filing-1","location":"MD&A: 2025 net inflows and organic base fee growth","excerpt":"Clients awarded BlackRock with a record $698 billion of net inflows in 2025, driving 9% organic base fee growth."},{"id":"e5","sourceId":"filing-2","location":"MD&A: first-half 2026 AUM changes separating flows, markets and foreign exchange","excerpt":"December 31, Net inflows Market FX June 30, Average (in millions) 2025 (outflows) Realizations(1) change impact(2) 2026 AUM(3) Equity $ 7,793,875 $ 143,440 $ — $ 987,657 $ (36,738 ) $ 8,888,234 $ 8,275,937 Fixed income 3,272,021 126,410 (1,871 ) 12,505 (18,904 ) 3,390,161 3,328,895 Multi-asset 1,223,625 34,610 — 96,952 (7,888 ) 1,347,299 1,280,725 Alternatives: Private markets 322,624 24,509 (14,681 ) (2,458 ) (911 ) 329,083 323,993 Liquid alternatives 100,990 12,147 (765 ) 7,767 173 120,312 110,531 Alternatives subtotal 423,614 36,656 (15,446 ) 5,309 (738 ) 449,395 434,524 Digital assets 78,435 (2,182 ) — (27,403 ) (11 ) 48,839 65,172 Currency and commodities(4) 169,216 (3,898 ) — (13,178 ) (291 ) 151,849 181,688 Long-term 12,960,786 335,036 (17,317 ) 1,061,842 (64,570 ) 14,275,777 13,566,941 Cash management 1,080,732 (13,611 ) — 5,344 (3,618 ) 1,068,847 1,073,788 Total $ 14,041,518 $ 321,425 $ (17,317 ) $ 1,067,186 $ (68,188 ) $ 15,344,624 $ 14,640,729 The following table presents the component changes in AUM by client type and product type for the six months ended June 30, 2026."},{"id":"e6","sourceId":"filing-1","location":"Item 1A, Risk Factors: client termination and withdrawal rights","excerpt":"The advisory or management contracts BlackRock has entered into with its clients, including the agreements that govern many of BlackRock’s investment funds, provide investors or, in some cases, the independent directors of applicable investment funds, with significant latitude to terminate such contracts, withdraw funds or liquidate funds, or to remove BlackRock as a fund’s investment advisor (or equivalent)."},{"id":"e7","sourceId":"filing-1","location":"Item 1A, Risk Factors: annual fund-board approval","excerpt":"BlackRock also manages its US mutual funds, closed-end and exchange-traded funds under management contracts that must be renewed and approved annually by the funds’ respective boards of directors, a majority of whom are independent from the Company."},{"id":"e8","sourceId":"filing-1","location":"Item 1A, Risk Factors: reducible advisory fees","excerpt":"BlackRock’s fee arrangements under any of its advisory or management contracts may be reduced (including at the behest of a fund’s board of directors)."},{"id":"e9","sourceId":"filing-2","location":"MD&A: institutional index outflows","excerpt":"• Institutional index net outflows of $41 billion were concentrated in low-fee index equity offerings."},{"id":"e10","sourceId":"filing-1","location":"MD&A: 2024 management-contract impairment","excerpt":"In addition, expense for 2024 included a $50 million noncash impairment charge related to certain indefinite-lived open-end management contracts."},{"id":"e11","sourceId":"filing-1","location":"Item 1A, Risk Factors: Aladdin integrated platform","excerpt":"Aladdin’s competitive position is based in part on its ability to combine risk analytics with portfolio management, trading and operations tools on a single platform."},{"id":"e12","sourceId":"filing-1","location":"MD&A: Aladdin and eFront integration","excerpt":"Through the integration of Aladdin and eFront, clients are able to better manage and analyze risk across their whole portfolio spanning public and private markets."},{"id":"e13","sourceId":"filing-1","location":"MD&A: Aladdin third-party connectivity","excerpt":"BlackRock is empowering clients with data and opening Aladdin by creating connectivity with ecosystem providers and third-party technology solutions, which include asset servicers, cloud providers, digital asset platforms, trading systems, and others."},{"id":"e14","sourceId":"filing-1","location":"MD&A: organic technology ACV growth and expanded relationships","excerpt":"Technology services and subscription annual contract value (\"ACV\") grew 16% organically, reflecting both new and expanded client relationships."},{"id":"e15","sourceId":"filing-1","location":"MD&A: technology revenue, demand and Preqin contribution","excerpt":"Technology services and subscription revenue of $2.0 billion in 2025 increased $378 million from $1.6 billion in 2024, reflecting the sustained demand for Aladdin technology offerings and approximately $210 million of revenue related to the Preqin Transaction."},{"id":"e16","sourceId":"filing-1","location":"Item 1A, Risk Factors: competing and internally developed technology","excerpt":"Increased competition from risk analytics and investment management technology providers, including from competitors with increasingly sophisticated and comprehensive product offerings, or a shift in client demand toward standalone or internally developed solutions, whether due to price competition, perceived market share, platform offerings or flexibility, or market-based or regulatory factors, may weaken Aladdin’s competitive position and may cause the Company’s revenue and earnings to decline."},{"id":"e17","sourceId":"filing-1","location":"Item 1A, Risk Factors: innovation, delivery models and costs","excerpt":"In addition, to the extent that Aladdin competitors are able to innovate more effectively than BlackRock or leverage delivery models that provide clients faster time to market, lower costs or the ability to more seamlessly combine or bundle with other service offerings, BlackRock may lose existing clients or fail to capture future market share, which may impede its productivity and growth."},{"id":"e18","sourceId":"filing-1","location":"Financial Highlights: five-year GAAP revenue and operating results","excerpt":"1 Financial Highlights (in millions, except per share data) GAAP: 2025 2024 2023 2022 2021 Total revenue $ 24,216 $ 20,407 $ 17,859 $ 17,873 $ 19,374 Operating income $ 7,045 $ 7,574 $ 6,275 $ 6,385 $ 7,450 Operating margin 29.1 % 37.1 % 35.1 % 35.7 % 38.5 % Nonoperating income (expense)(1) $ 312 $ 578 $ 706 $ 89 $ 419 Net income attributable to BlackRock, Inc."},{"id":"e19","sourceId":"filing-1","location":"Financial Highlights: five-year adjusted operating results","excerpt":"$ 5,553 $ 6,369 $ 5,502 $ 5,178 $ 5,901 Diluted earnings per common share $ 35.31 $ 42.01 $ 36.51 $ 33.97 $ 38.22 (in millions, except per share data) As adjusted(2): 2025 2024 2023 2022 2021 Operating income $ 9,600 $ 8,110 $ 6,593 $ 6,711 $ 7,747 Operating margin 44.1 % 44.5 % 41.7 % 42.8 % 46.8 % Nonoperating income (expense)(1) $ 251 $ 533 $ 648 $ 89 $ 419 Net income attributable to BlackRock, Inc."},{"id":"e20","sourceId":"filing-1","location":"MD&A: causes of 2025 GAAP operating decline","excerpt":"Decreases in GAAP operating income and operating margin were driven by noncash acquisition-related expenses and the noncash Charitable Contribution."},{"id":"e21","sourceId":"filing-2","location":"MD&A: first-half 2026 adjusted operating results","excerpt":"As Adjusted. Operating income of $5.6 billion increased $1.5 billion and operating margin of 45.2% increased 200 bps from the six months ended June 30, 2025."},{"id":"e22","sourceId":"filing-2","location":"Condensed Consolidated Statements of Income: first-half 2026 results","excerpt":"Condensed Consolidated Statements of Income (unaudited) Three Months Ended Six Months Ended June 30, June 30, (in millions, except per share data) 2026 2025 2026 2025 Revenue Investment advisory, administration fees and securities lending revenue: Investment advisory and administration fees $ 5,487 $ 4,283 $ 10,746 $ 8,527 Securities lending revenue 239 171 418 328 Total investment advisory, administration fees and securities lending revenue 5,726 4,454 11,164 8,855 Investment advisory performance fees 305 94 577 154 Technology services and subscription revenue 566 499 1,096 935 Distribution fees 395 320 784 641 Advisory and other revenue 92 56 161 114 Total revenue 7,084 5,423 13,782 10,699 Expense Employee compensation and benefits 2,274 1,764 4,499 3,505 Sales, asset and account expense: Distribution and servicing costs 732 576 1,437 1,146 Direct fund expense 543 441 1,024 833 Sub-advisory and other 67 46 138 93 Total sales, asset and account expense 1,342 1,063 2,599 2,072 General and administration expense 720 613 1,394 1,228 Change in fair value of contingent consideration 11 76 (538 ) 172 Restructuring charge — 39 — 39 Amortization of intangible assets 276 137 553 254 Total expense 4,623 3,692 8,507 7,270 Operating income 2,461 1,731 5,275 3,429 Nonoperating income (expense) Net gain (loss) on investments 283 550 355 608 Interest and dividend income 109 144 199 317 Interest expense (134 ) (173 ) (268 ) (339 ) Dividend income and net interest income (expense) (25 ) (29 ) (69 ) (22 ) Total nonoperating income (expense) 258 521 286 586 Income before income taxes 2,719 2,252 5,561 4,015 Income tax expense 677 587 1,193 835 Net income 2,042 1,665 4,368 3,180 Less: Net income (loss) attributable to NCI - CIPs 35 72 41 77 Net income (loss) attributable to NCI - Subco 93 — 201 — Net income attributable to BlackRock, Inc."},{"id":"e23","sourceId":"filing-2","location":"Note 21, Capital Stock: executed first-half 2026 repurchases","excerpt":"During the six months ended June 30, 2026, under the Company’s existing share repurchase program, the Company repurchased an aggregate of 0.8 million shares and share equivalents for approximately $900 million."},{"id":"e24","sourceId":"filing-2","location":"Liquidity and Capital Resources: leverage covenant and actual compliance","excerpt":"The 2026 Credit Facility requires the Company not to exceed a maximum consolidated leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3.5 to 1, which was satisfied with a ratio of less than 1 to 1 at June 30, 2026."},{"id":"e25","sourceId":"filing-2","location":"Condensed Consolidated Statements of Income: diluted share counts","excerpt":"common stockholders: Basic $ 12.34 $ 10.29 $ 26.58 $ 20.03 Diluted $ 12.19 $ 10.19 $ 26.25 $ 19.83 Weighted-average common shares outstanding: Basic 155.2 154.9 155.2 155.0 Diluted (including Subco Units) 164.6 156.3 164.8 156.4 See accompanying notes to condensed consolidated financial statements."},{"id":"e26","sourceId":"filing-4","location":"MD&A: 2024 acquisition financing, debt repayment and capital returns","excerpt":"Cash flows used in financing activities, excluding the impact of CIPs, for 2024 were $83 million, primarily resulting from $3.1 billion of cash dividend payments, $1.9 billion of share repurchases, including $1.6 billion in open market transactions and $0.3 billion of employee tax withholdings related to employee stock transactions, and $1.0 billion of repayment of long-term borrowings, partially offset by $5.5 billion of proceeds from long-term borrowings related to the issuances of senior notes to fund a portion of the cash consideration for the GIP Transaction and the Preqin Transaction, which is anticipated to close in the first quarter of 2025, and $0.5 billion in proceeds from stock options exercised."},{"id":"e27","sourceId":"filing-1","location":"Capital Stock: dividends paid in 2023–2025","excerpt":"During 2025, 2024 and 2023, the Company paid cash dividends of $20.84 per share (or $3.3 billion), $20.40 per share (or $3.1 billion) and $20.00 per share (or $3.0 billion), respectively."},{"id":"e28","sourceId":"filing-3","location":"Executive Compensation: BPIP share of 2025 NEO compensation","excerpt":"◦BPIP awards in particular represent more than 50% of 2025 NEO TAC in aggregate, with ultimate realized values that are further determined by achievement against pre-established 3-year key financial metric targets."},{"id":"e29","sourceId":"filing-3","location":"Executive Compensation: BPIP performance metrics","excerpt":"◦The two key financial metrics used in BPIP, Organic Revenue Growth and Operating Margin, as adjusted, are critical drivers of BlackRock’s long-term shareholder value creation that are embedded in BPIP awards using objective, quantified performance targets and a payout matrix disclosed upfront for shareholders."},{"id":"e30","sourceId":"filing-3","location":"Executive Compensation: realized 2022 incentive reductions","excerpt":"◦Following FY2022, for example, NEO pay determinations through the Framework resulted in a 32% average reduction in NEO total incentives."},{"id":"e31","sourceId":"filing-3","location":"Executive Compensation: January 2026 BPIP grants and settlement terms","excerpt":"For the 2025 BPIP awards granted in January 2026, the number of shares of BlackRock common stock that a participant ultimately receives upon settlement will be equal to the base number of RSUs granted, multiplied by a percentage determined in accordance with the 2025 BPIP Award Determination Matrix below."},{"id":"e32","sourceId":"filing-1","location":"Item 1, Business: existing board independence and ownership structure","excerpt":"BlackRock is an independent, publicly traded company, with no single majority shareholder and over 80% of its Board of Directors consisting of independent directors."},{"id":"e33","sourceId":"filing-3","location":"Corporate Governance: actual 2025 cybersecurity oversight","excerpt":"During 2025, the Risk Committee received updates from the CISO at each of its regularly scheduled meetings, as well as at its joint session with the Audit Committee."},{"id":"e34","sourceId":"filing-3","location":"Executive Compensation: 2025 say-on-pay support","excerpt":"At the 2025 Annual Meeting of Shareholders, 67% of votes were cast in support of our executive compensation policies, practices, and determinations."},{"id":"e35","sourceId":"filing-3","location":"Executive Compensation: shareholder outreach and engagements","excerpt":"This included outreach to stewardship teams and investors at our 50 largest shareholders, representing approximately 65% of shares outstanding, and more than 20 engagements overall, representing more than one‑third of shares outstanding."},{"id":"e36","sourceId":"filing-3","location":"Pay Versus Performance: organic revenue growth definition","excerpt":"(2)Organic Revenue Growth is a measure of the estimated annual revenue impact of BlackRock’s total net new business in a given year, including net new technology services revenue, excluding the effect of market appreciation/(depreciation) and foreign exchange."},{"id":"e37","sourceId":"filing-3","location":"Pay Versus Performance: organic revenue versus actual earned revenue","excerpt":"Organic Revenue is not directly correlated with the actual revenue earned in a given year."},{"id":"e38","sourceId":"filing-1","location":"Item 1A, Risk Factors: acquisition benefits remain uncertain","excerpt":"BlackRock may not be able to realize the anticipated benefits of these acquisitions, including synergies, value creation or other benefits, fully or at all, or on the timeline BlackRock expects."}],"changes":["Retain the previous narrow verdict; first-half 2026 net inflows of $321.4 billion reinforce demand while institutional index outflows provide concrete contrary evidence.","Make the Aladdin switching-cost inference explicit and distinguish it from measured migration costs or contractual lock-in.","Add criterion-level pricing and management assessments using actual compensation, governance, financing and operating disclosures; do not treat organic base fee growth as realized price increases."],"limitations":["All supplied sources are issuer filings, dated as filed. Reported operating results and contractual terms support assessments, but comparative differentiation and strategy statements remain issuer assertions.","The competition passages identify generic provider categories without naming competitors. Other named companies are not established as competitors in these passages, so competitor arrays are empty.","No comparable fee-rate series, realized repricing analysis, technology renewal rates, migration costs or relative unit-cost evidence is supplied.","Net inflows demonstrate aggregate demand rather than gross retention of existing customers; technology ACV expansion provides indirect evidence of repeat demand without a renewal rate.","Acquisition synergies, AI improvements and future growth opportunities do not establish current advantages. Adjusted results exclude material acquisition-related items.","The proxy supplies compensation and oversight evidence, but the supplied passages do not establish actual executive ownership balances, complete governance protections or the outcome of proposed 2026 shareholder votes."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Distribution reach, platform breadth and integrated technology are corroborated by multiyear inflows and expanded technology relationships. This supports a demonstrated narrow advantage, without proving relative cost leadership or network effects.","evidenceIds":["e1","e2","e3","e11","e14"]},{"criterion":"durability","grade":2,"rationale":"Five-year aggregate inflows and continued 2026 demand support persistence, but freely terminable mandates, annual approvals and technology substitution limit demonstrated protection.","evidenceIds":["e3","e5","e6","e7","e16"]},{"criterion":"customer_dependency","grade":2,"rationale":"Integrated investment workflows imply operational dependence for some Aladdin users. This is an inference; migration costs are undisclosed and investment clients retain substantial exit rights.","evidenceIds":["e11","e12","e13","e6"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Broad positive flows and technology expansion coexist with institutional index outflows and a realized management-contract impairment. Competitive technology risks are possibilities, not evidence of widespread realized erosion.","evidenceIds":["e5","e9","e10","e14","e17"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"Base fee growth, technology revenue growth and performance fees do not isolate realized prices from flows, product mix, acquisitions or investment performance. Neither realized fee increases nor cuts are established.","evidenceIds":["e4","e15","e22","e36","e37"]},{"criterion":"retention","grade":3,"rationale":"Five-year net inflows, continued 2026 net demand and explicitly expanded technology relationships strongly support repeat demand indirectly. These are aggregate operating indicators, not measured customer renewal or gross retention rates.","evidenceIds":["e3","e5","e14","e15"]},{"criterion":"margin_resilience","grade":2,"rationale":"Adjusted margins remained substantial and improved in first-half 2026, while 2025 GAAP margins declined materially due to acquisition-related expenses and a charitable contribution. The mixed record supports operating resilience, not proof of price-setting power.","evidenceIds":["e18","e19","e20","e21","e22"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Clients and fund boards possess meaningful termination and withdrawal rights; relevant fund contracts require annual approval and fees may be reduced at boards' behest. These disclosed terms constrain pricing discretion even without evidence of actual fee cuts.","evidenceIds":["e6","e7","e8"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual dividends, repurchases and low covenant leverage support financing discipline. Acquisition borrowing and higher diluted share counts create material commitments and dilution; acquisition returns and synergies remain unproven.","evidenceIds":["e23","e24","e25","e26","e27","e38"]},{"criterion":"incentive_alignment","grade":3,"rationale":"More than half of aggregate 2025 NEO compensation uses three-year performance awards tied to organic revenue growth and adjusted margins. January 2026 grants are disclosed as made, and historical incentive reductions demonstrate downside responsiveness. Actual executive ownership balances and exceptional long-term alignment are not established.","evidenceIds":["e28","e29","e30","e31"]},{"criterion":"execution","grade":3,"rationale":"Multiyear net inflows, organic technology ACV expansion and continued 2026 demand demonstrate commercial execution. This assessment uses indirect aggregate operating evidence rather than accepting management performance appraisals; market appreciation and acquisitions also contribute to financial growth.","evidenceIds":["e3","e4","e5","e14","e15","e22"]},{"criterion":"governance","grade":2,"rationale":"Existing majority-independent oversight and actual committee cybersecurity reviews support functioning governance. Only 67% say-on-pay support indicates meaningful shareholder reservations, followed by documented engagement. Proposed board composition and charter changes are not treated as adopted outcomes.","evidenceIds":["e32","e33","e34","e35"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"5735f585f062e5a6fd148021d01f254f8a5943c04a8cf923df629db7a8afbff5","updatedAt":"2026-10-18T12:44:31.059Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/2012383/000119312526071966/blk-20251231.htm","publishedAt":"2026-02-25","sha256":"b01ffbe0da76cf9c790e1e379ada84401ff2d4e1cbc59af974fc694125620e5c","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/2012383/000119312526337177/blk-20260630.htm","publishedAt":"2026-08-06","sha256":"e7f56dad6ab5fdaced2ad9a5378699f86bf8294015b71aa335ea18b186f9de2f","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/2012383/000130817926000262/ny-20260410.htm","publishedAt":"2026-04-10","sha256":"81c1e86993193a27e2535405dd1b7ec9e5a5e2e1ff22434b282c6eae0da0992c","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/2012383/000095017025026584/blk-20241231.htm","publishedAt":"2025-02-25","sha256":"61b8f0f04cd127d0d21b80ee6d89a3dfca773162fcfa87918758de7ec0a720a0","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/2012383/000119312526208766/blk-20260331.htm","publishedAt":"2026-05-06","sha256":"4ef709c8c343374ecf72d46c942ee0c3508707d070bfbfde990139834ed80496","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:817e34f1d2463d7984b981bf904ef7ba7f75566dc5aeade4312f8453a64f90eb","usage":{"input_tokens":81891,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3797,"reasoning_output_tokens":112},"basisSupplement":{"previousHash":"e7e86134520434cda2793847b3c7b49381a64e9714ce0a328826a2e6937ad27e","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":37.11471553878571,"roic":null,"fcf_margin":23.036213064144658,"sbc_revenue":3.6899103248885186},"issues":{"peg":"The matching period one year earlier is unavailable.","pfcf_growth":"The matching period one year earlier is unavailable.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"The matching period one year earlier is unavailable.","roce":"The matching period one year earlier is unavailable.","roiic":"The matching period one year earlier is unavailable.","roe":"The matching period one year earlier is unavailable.","roa":"The matching period one year earlier is unavailable.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","dilution":"The matching period one year earlier is unavailable."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":29.09233564585398,"roic":10.502321065718778,"fcf_margin":14.66798810703667,"sbc_revenue":5.397258011232243},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roce":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/2012383/000119312526071966/blk-20251231.htm","publishedAt":"2026-02-25","sha256":"b01ffbe0da76cf9c790e1e379ada84401ff2d4e1cbc59af974fc694125620e5c","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/2012383/000119312526337177/blk-20260630.htm","publishedAt":"2026-08-06","sha256":"e7f56dad6ab5fdaced2ad9a5378699f86bf8294015b71aa335ea18b186f9de2f","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/2012383/000130817926000262/ny-20260410.htm","publishedAt":"2026-04-10","sha256":"81c1e86993193a27e2535405dd1b7ec9e5a5e2e1ff22434b282c6eae0da0992c","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/2012383/000095017025026584/blk-20241231.htm","publishedAt":"2025-02-25","sha256":"61b8f0f04cd127d0d21b80ee6d89a3dfca773162fcfa87918758de7ec0a720a0","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/2012383/000119312526208766/blk-20260331.htm","publishedAt":"2026-05-06","sha256":"4ef709c8c343374ecf72d46c942ee0c3508707d070bfbfde990139834ed80496","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}