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Arphra AIPlain-English read on BlackRock, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $19.37B | $17.87B | $17.86B | $20.41B | $24.22B | $28.05B | $31.15B | $35.15B | $37.91B |
| Cost of revenue | $9.56B | $9.19B | $9.28B | $10.32B | $10.77B | $14.06B | $15.68B | $17.57B | $18.99B |
| Gross profit | $9.82B | $8.68B | $8.58B | $10.09B | $13.45B | $14.66B | $15.73B | $18.43B | $19.39B |
| Gross margin | +50.68% | +48.59% | +48.05% | +49.42% | +55.52% | +52.26% | +50.49% | +52.44% | +51.15% |
| Operating | |||||||||
| Research & development | $0 | $0 | $607M | $674M | $189M | $714.92M | $797.3M | $858.08M | $925.98M |
| Selling, general & administrative | $2.19B | $2.05B | $2.1B | $2.26B | $4.69B | $3.87B | $4.49B | $4.99B | $5.34B |
| Total operating expenses | $2.37B | $2.3B | $2.31B | $2.51B | $6.4B | $4.92B | $5.23B | $6.2B | $6.38B |
| Operating income | $7.45B | $6.39B | $6.28B | $7.57B | $7.05B | $9.58B | $10.66B | $12.16B | $12.77B |
| Operating margin | +38.45% | +35.72% | +35.14% | +37.11% | +29.09% | +34.14% | +34.23% | +34.58% | +33.69% |
| EBITDA | $7.9B | $6.9B | $6.77B | $8.21B | $8.47B | $10.42B | $11.67B | $13.48B | $14.23B |
| EBIT | $7.48B | $6.48B | $6.35B | $7.68B | $7.81B | $9.84B | $10.75B | $12.68B | $13.67B |
| Below the line | |||||||||
| Interest expense | $205M | $212M | $292M | $538M | $706M | $687.88M | $728.15M | $859.27M | $894.82M |
| Interest income | $87M | $152M | $473M | $767M | $685M | $840.32M | $941.69M | $1.07B | $1.15B |
| Other income / expense | $723M | -$95M | $880M | $721M | $574M | — | — | — | — |
| Pre-tax income | $8.17B | $6.29B | $7.16B | $8.3B | $7.62B | $10.36B | $11.3B | $12.81B | $14.1B |
| Income tax expense | $1.97B | $1.3B | $1.48B | $1.78B | $1.68B | $2.29B | $2.45B | $2.81B | $3.1B |
| Earnings | |||||||||
| Net income | $5.9B | $5.18B | $5.5B | $6.37B | $5.55B | $7.96B | $8.68B | $9.69B | $10.92B |
| Net income · continuing ops | $6.21B | $4.99B | $5.68B | $6.51B | $5.94B | $8.15B | $9.28B | $10.06B | $10.9B |
| Net margin | +30.46% | +28.97% | +30.81% | +31.21% | +22.93% | +28.37% | +27.88% | +27.58% | +28.81% |
| EPS · basic | $38.76 | $34.31 | $36.85 | $42.45 | $35.84 | $53.44 | $60.94 | $70.86 | $75.08 |
| EPS · diluted | $38.22 | $33.97 | $36.51 | $42.01 | $35.42 | $53.15 | $60.59 | $69.74 | $74.94 |
| EPS · low estimate | — | — | — | — | — | $51.95 | $56.70 | $58.72 | $66.97 |
| EPS · high estimate | — | — | — | — | — | $54.50 | $62.91 | $80.76 | $79.71 |
| Shares · basic | 152.24M | 150.92M | 149.3M | 150.04M | 155.1M | 154.01M | 155.62M | 156.24M | 154.91M |
| Shares · diluted | 154.4M | 152.44M | 150.71M | 151.6M | 165.4M | 165.71M | 164.95M | 164.42M | 167.04M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 8 | 9 | 5 | 2 |
| Analysts (EPS) | — | — | — | — | — | 9 | 9 | 2 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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