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BlackRock Beats Q4 Estimates with $11.93 EPS; AUM Hits $11.55 Trillion on Record Inflows

Jan 15, 2025, 12:09 PM

BlackRock Inc. reported strong fourth-quarter earnings for 2024, with adjusted earnings per share (EPS) of $11.93, surpassing analysts' estimates that ranged up to $11.46. Net income rose to $1.67 billion, or $10.63 per share. The company's revenue reached $5.68 billion, exceeding expectations of up to $5.59 billion. Assets under management (AUM) climbed to a record $11.55 trillion, up 15% year-over-year, though slightly below some estimates of $11.66 trillion. Net inflows for the quarter were $281.4 billion, significantly higher than the estimated $198.4 billion and up 194% year-over-year. Long-term net inflows totaled $200.7 billion, exceeding expectations. For the full year 2024, BlackRock attracted a record $641 billion in net inflows, including $390 billion into its ETF business. CEO Larry Fink stated that "BlackRock enters 2025 with more growth and upside potential than ever. This is just the beginning," and noted that the U.S. economy is in "very good shape." The firm reported a 23% increase in adjusted operating income, with an operating margin of 44.5%, up 280 basis points. BlackRock has delivered a 21% compounded annual total return for shareholders since its IPO 25 years ago, compared to 8% for the S&P 500. The company plans to expand its private markets and alternatives platform to over $600 billion in client assets. BlackRock's stock rose over 4% in pre-market trading following the earnings announcement.