BlackRock delivered a resilient fourth quarter and a strong full year for 2025, underscoring the company’s differentiated platform and growth flywheels across public and private markets. Fourth-quarter revenue reached $7.01 billion, up 23% year over year, with full-year revenue of $24.0 billion, up 19% year over year. Management highlighted broad-based organic base fee growth, totaling 12% in Q4 and 9% for the full year, driven by market beta, ongoing base fee expansion, and the contribution from HPS and Preqin. ACV climbed 31% year over year (16% organic), while base fees run rate entered 2026 roughly 35% higher than 2024 and ~50% higher than 2023. Second‑order effects from acquisitions (HPS, Preqin, GIP) and strong inflows enabled a record year of returns to shareholders (dividends up 10% in 2026 and $1.8B planned share repurchases in 2026). BlackRock ended 2025 with a record $14 trillion in AUM and robust flows across iShares, private markets, and private credit, indicating durable demand for a multi‑fuel platform designed to scale public and private markets through Aladdin, eFront, and Preqin. Management framed 2026 as a year of continued organic growth, margin expansion through fee-related earnings, and tangible progress toward their 2030 private markets targets (roughly $400B fundraising by 2030). The commentary also stressed ongoing geographic expansion, with double‑digit base fee growth in Asia and LatAm, continued investment in private markets to wealth, tokenization initiatives, and a refreshed emphasis on “One BlackRock” across the GIP/HPS/Preqin combination. This report synthesizes the quantitative results with management’s commentary to form a forward-looking view on earnings quality, balance sheet health, and the investment thesis for stakeholders.