Cash Flow Statement

Operating Cash Flow

-13%

+41%

10Y

Currency: USD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	107	113	122	128	133	137	141	148	155	175	185	135	143	134	140	211	234	258	268	226	323	447	606	842	1 357	1 408	1 439	1 380	629	445	435	573	897	1 263	1 408	1 658	2 050	2 186	2 419	2 405	2 339	2 350	2 288	2 373	2 440	2 531	2 677	2 751	2 951	3 029	3 164	3 308	3 264	3 345	3 330	3 289	3 352	3 174	3 143	3 188	3 166	3 391	3 466	3 539	4 989	5 215	5 423	5 676	4 302	4 268	4 203	4 119	4 526	4 093	4 482	4 880	5 286	5 932	6 077	6 313	6 205	6 295	5 711	5 319	4 994	4 800	5 260	5 494	5 676	6 130	6 244	6 340	6 512	6 404	6 532	6 368
Depreciation & Amortization	26	25	24	23	20	21	21	20	21	21	21	21	21	23	25	28	31	33	35	38	73	110	148	187	202	215	225	237	236	234	234	233	239	260	281	295	310	305	299	301	299	299	298	296	295	294	294	291	291	292	292	291	278	268	261	259	295	240	252	249	263	270	255	255	240	230	222	214	220	256	302	350	405	427	441	453	358	462	449	439	415	418	416	418	418	424	427	426	427	432	438	440	529	612	721	957
Change in Deffered Taxes	(8)	(5)	(0)	1	7	4	1	(5)	(2)	3	3	(23)	(25)	(36)	(41)	(7)	19	18	11	(11)	(43)	66	15	(110)	(106)	(251)	(214)	(93)	(234)	(236)	(226)	(245)	(89)	10	59	52	3	(4)	(124)	(147)	(137)	(120)	(66)	(71)	(61)	(33)	(57)	(63)	(193)	(121)	(128)	(180)	(104)	(182)	(206)	(146)	(156)	(145)	(101)	(89)	(15)	86	105	162	(1 221)	(1 409)	(1 393)	(1 578)	(226)	(148)	(168)	6	17	(204)	(110)	(8)	(157)	78	143	(182)	(865)	(891)	(1 086)	(964)	602	579	648	747	124	30	(14)	(12)	(106)	(50)	(104)	(249)
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	69	0	0	0	120	161	211	171	188	217	230	341	278	290	304	306	317	343	379	420	445	474	466	485	497	474	490	466	451	464	447	447	448	448	453	444	453	469	486	514	514	543	534	525	521	511	522	530	542	555	562	556	564	543	548	560	567	562	571	598	622	669	702	715	734	739	732	719	708	672	655	641	630	641	662	672	753	818	865	1 128
Other Non-Cash Items	10	(7)	(7)	11	13	11	9	11	(12)	(2)	8	(12)	98	116	133	142	78	91	87	104	168	153	156	33	(485)	(348)	(308)	40	1 174	1 431	1 490	1 242	632	278	373	406	419	449	430	693	708	736	782	548	125	48	114	254	599	828	(13)	(244)	(37)	(162)	311	431	55	(265)	(387)	(739)	(395)	(277)	(60)	257	43	(155)	(258)	(837)	(1 063)	(996)	(1 159)	(1 012)	(1 456)	(1 375)	(1 342)	(1 866)	(1 913)	(2 493)	(2 502)	(1 968)	(1 469)	(962)	(414)	(229)	(161)	(551)	(1 393)	(1 529)	(1 716)	(2 276)	(2 157)	(2 668)	(2 155)	(2 019)	(2 665)	(2 766)
Cash Taxes Paid	66	72	88	105	75	68	50	0	72	104	130	138	97	87	107	135	135	155	172	159	154	176	153	285	376	384	568	551	644	719	689	617	503	437	445	453	583	648	950	1 047	962	921	869	980	976	963	912	885	1 064	1 164	1 268	1 310	1 227	1 182	1 239	1 248	1 276	1 250	1 207	1 173	1 365	1 340	1 352	1 371	1 124	1 116	1 087	973	1 159	1 264	1 174	1 287	1 168	1 465	1 147	0	1 308	0	0	0	2 720	0	0	0	1 067	0	0	0	1 392	0	0	0	1 699	0	0	0
Cash Interest Paid	1	0	1	1	1	0	1	0	1	0	1	2	1	1	0	4	4	7	7	7	8	11	18	24	30	52	49	68	63	60	56	54	52	64	100	98	199	200	229	242	227	231	250	254	276	286	310	233	202	172	141	217	358	375	357	357	194	194	199	199	198	198	216	204	205	194	177	178	177	177	176	177	193	193	190	0	183	0	0	0	189	0	0	0	177	0	0	0	200	0	0	0	289	0	0	0
Change in Working Capital	32	27	(4)	(19)	(3)	8	(6)	(5)	17	(23)	(20)	107	(5)	(108)	(75)	(201)	(107)	(72)	(104)	51	200	(478)	(314)	(107)	(381)	(81)	4	(182)	111	46	(224)	(212)	(280)	(450)	(686)	(428)	(294)	(440)	(129)	(226)	(383)	(385)	(328)	(387)	(559)	(308)	(323)	(403)	(6)	(782)	(471)	(193)	(320)	(491)	(651)	(721)	(542)	(56)	(497)	(490)	(746)	(915)	(375)	(481)	(101)	92	104	487	(158)	(389)	(693)	(1 312)	(608)	(770)	(515)	(439)	169	129	60	404	658	235	287	356	(897)	(268)	(618)	(998)	(346)	(165)	20	236	176	(711)	(249)	(42)
Cash from Operating Activities	167 N/A	155 -8%	134 -14%	144 +7%	170 +18%	181 +6%	166 -8%	169 +2%	180 +7%	174 -3%	197 +13%	228 +16%	231 +1%	130 -44%	181 +40%	173 -5%	255 +48%	329 +29%	297 -10%	408 +37%	721 +77%	298 -59%	611 +105%	844 +38%	587 -30%	942 +61%	1 146 +22%	1 382 +21%	1 916 +39%	1 920 +0%	1 709 -11%	1 591 -7%	1 399 -12%	1 361 -3%	1 435 +5%	1 983 +38%	2 488 +25%	2 496 +0%	2 895 +16%	3 026 +5%	2 826 -7%	2 880 +2%	2 974 +3%	2 759 -7%	2 240 -19%	2 532 +13%	2 705 +7%	2 830 +5%	3 642 +29%	3 246 -11%	2 844 -12%	2 982 +5%	3 081 +3%	2 778 -10%	3 045 +10%	3 112 +2%	3 004 -3%	2 948 -2%	2 410 -18%	2 119 -12%	2 273 +7%	2 555 +12%	3 391 +33%	3 732 +10%	3 950 +6%	3 973 +1%	4 098 +3%	3 962 -3%	3 075 -22%	2 991 -3%	2 485 -17%	2 151 -13%	2 884 +34%	2 171 -25%	2 956 +36%	3 020 +2%	3 743 +24%	4 108 +10%	4 227 +3%	5 006 +18%	4 944 -1%	5 095 +3%	4 914 -4%	4 900 0%	4 956 +1%	4 984 +1%	4 324 -13%	4 140 -4%	4 165 +1%	4 151 0%	4 531 +9%	4 336 -4%	4 956 +14%	4 236 -15%	4 235 0%	4 268 +1%
Investing Cash Flow
Capital Expenditures	(40)	(46)	(54)	(52)	(43)	(32)	(17)	(14)	(13)	(15)	(17)	(19)	(26)	(38)	(45)	(53)	(55)	(53)	(54)	(59)	(84)	(97)	(119)	(122)	(111)	(108)	(89)	(98)	(77)	(68)	(70)	(57)	(65)	(93)	(98)	(109)	(131)	(170)	(224)	(253)	(247)	(205)	(186)	(150)	(150)	(127)	(98)	(89)	(94)	(91)	(82)	(74)	(66)	(149)	(166)	(186)	(221)	(153)	(154)	(149)	(119)	(108)	(107)	(131)	(155)	(169)	(163)	(163)	(204)	(229)	(246)	(256)	(254)	(248)	(249)	(234)	(194)	(190)	(272)	(269)	(341)	(440)	(426)	(525)	(533)	(467)	(412)	(354)	(344)	(327)	(273)	(289)	(255)	(269)	(351)	(335)
Other Items	(127)	(135)	(4)	(26)	(52)	(55)	(119)	(55)	(6)	84	85	41	33	(161)	(109)	(104)	(165)	(69)	(128)	300	88	(30)	40	(423)	(957)	(923)	(1 102)	(1 092)	(317)	(88)	13	45	(5 454)	(5 560)	(5 841)	(5 901)	(496)	(442)	(105)	(80)	43	(471)	(461)	(419)	(116)	379	389	99	(389)	(290)	(317)	123	305	127	206	26	(244)	(138)	(180)	(417)	(252)	(175)	(468)	(325)	(453)	(443)	(226)	(634)	(604)	(644)	(2 083)	(1 959)	(1 760)	(1 682)	(260)	150	(60)	(1 180)	(1 259)	(1 387)	(1 596)	(545)	(576)	(547)	(597)	(687)	(721)	(835)	(615)	(432)	(42)	170	(2 749)	(6 049)	(6 077)	(6 942)
Cash from Investing Activities	(167) N/A	(181) -8%	(58) +68%	(78) -35%	(95) -21%	(88) +8%	(136) -55%	(69) +50%	(20) +71%	69 N/A	68 -2%	22 -68%	7 -68%	(199) N/A	(154) +23%	(158) -3%	(220) -39%	(122) +45%	(182) -49%	240 N/A	4 -99%	(128) N/A	(79) +38%	(545) -587%	(1 068) -96%	(1 031) +3%	(1 190) -15%	(1 190) +0%	(394) +67%	(156) +60%	(57) +63%	(12) +79%	(5 519) -45 892%	(5 653) -2%	(5 939) -5%	(6 010) -1%	(627) +90%	(612) +2%	(329) +46%	(333) -1%	(204) +39%	(676) -231%	(647) +4%	(569) +12%	(266) +53%	252 N/A	291 +15%	10 -97%	(483) N/A	(381) +21%	(399) -5%	49 N/A	239 +388%	(22) N/A	40 N/A	(160) N/A	(465) -191%	(291) +37%	(334) -15%	(566) -69%	(371) +34%	(283) +24%	(575) -103%	(456) +21%	(608) -33%	(612) -1%	(389) +36%	(797) -105%	(808) -1%	(873) -8%	(2 329) -167%	(2 215) +5%	(2 014) +9%	(1 930) +4%	(509) +74%	(84) +83%	(254) -202%	(1 370) -439%	(1 531) -12%	(1 656) -8%	(1 937) -17%	(985) +49%	(1 002) -2%	(1 072) -7%	(1 130) -5%	(1 154) -2%	(1 133) +2%	(1 189) -5%	(959) +19%	(759) +21%	(315) +58%	(119) +62%	(3 004) -2 424%	(6 318) -110%	(6 428) -2%	(7 277) -13%
Financing Cash Flow
Net Issuance of Common Stock	(5)	(6)	(6)	(5)	(7)	(15)	(20)	(59)	(76)	(96)	(94)	(53)	(42)	(1)	(28)	(66)	(62)	(64)	(35)	(19)	(22)	(158)	(271)	(328)	(306)	(204)	(82)	(1)	(16)	(23)	281	279	2 776	2 706	2 392	2 245	(248)	(237)	(2 778)	(2 762)	(2 864)	(2 989)	(1 482)	(1 519)	(1 591)	(1 825)	(1 031)	(1 133)	(1 208)	(1 327)	(1 343)	(1 329)	(1 334)	(1 251)	(1 279)	(1 223)	(1 205)	(1 273)	(1 269)	(1 323)	(1 373)	(1 376)	(1 378)	(1 414)	(1 421)	(1 578)	(1 615)	(1 843)	(2 087)	(3 156)	(2 842)	(2 436)	(1 911)	(780)	(1 898)	(1 799)	(1 809)	(1 720)	(900)	(1 199)	(1 485)	(1 853)	(2 055)	(2 130)	(2 321)	(2 079)	(1 955)	(1 943)	(1 789)	(1 585)	(1 702)	(1 637)	(1 466)	(1 582)	(1 431)	(1 453)
Net Issuance of Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	133	133	133	133	0	0	0	0	635	622	1 325	1 108	380	283	(524)	(304)	(139)	(32)	71	4 592	3 018	2 561	2 214	(2 310)	(912)	1 567	1 357	1 429	1 332	710	1 239	995	1 222	(1 106)	(1 159)	(1 260)	(203)	1 192	1 466	509	0	(795)	(987)	37	0	0	0	0	697	(3)	(3)	(3)	(700)	0	0	40	90	1 090	1 134	103	1 074	1 328	1 292	2 296	1 288	(711)	(705)	273	260	255	241	(776)	(795)	1 189	1 174	1 179	3 163	2 015	4 428	4 416	2 427	2 620	207
Cash Paid for Dividends	0	0	0	0	0	0	0	(13)	(26)	(42)	(57)	(60)	(64)	(67)	(70)	(73)	(77)	(84)	(92)	(100)	(136)	(197)	(258)	(320)	(353)	(369)	(384)	(400)	(419)	(420)	(419)	(422)	(422)	(513)	(603)	(688)	(776)	(852)	(907)	(963)	(1 014)	(1 027)	(1 039)	(1 049)	(1 060)	(1 084)	(1 110)	(1 138)	(1 168)	(1 225)	(1 265)	(1 302)	(1 338)	(1 361)	(1 399)	(1 437)	(1 476)	(1 506)	(1 518)	(1 532)	(1 545)	(1 573)	(1 604)	(1 633)	(1 662)	(1 720)	(1 777)	(1 874)	(1 968)	(2 019)	(2 070)	(2 081)	(2 096)	(2 136)	(2 175)	(2 218)	(2 260)	(2 325)	(2 401)	(2 474)	(2 547)	(2 672)	(2 779)	(2 886)	(2 990)	(3 000)	(3 011)	(3 023)	(3 035)	(3 034)	(3 044)	(3 053)	(3 101)	(3 144)	(3 194)	(3 288)
Other	(1)	0	0	0	(1)	0	(1)	(2)	(1)	(1)	0	(2)	6	14	10	9	1	1	11	16	72	163	312	324	510	434	294	314	(148)	(301)	(426)	(421)	(197)	(16)	132	145	164	121	84	27	(36)	271	327	358	712	331	345	335	244	232	284	316	308	345	360	361	580	847	1 104	1 311	1 233	934	647	462	456	674	752	877	1 250	1 082	1 022	1 542	1 321	1 999	1 776	1 617	2 017	1 782	2 084	1 821	1 472	1 218	1 086	867	645	589	853	1 177	1 653	1 753	1 947	2 573	2 387	2 779	3 152	3 417
Cash from Financing Activities	(6) N/A	(7) -14%	(6) +13%	(5) +11%	(8) -50%	(15) -87%	(21) -35%	(74) -258%	(102) -39%	(138) -35%	(151) -10%	(115) +24%	(100) +14%	79 N/A	44 -45%	3 -93%	(4) N/A	(148) -3 366%	(116) +22%	(103) +11%	(85) +18%	442 N/A	404 -9%	1 001 +148%	959 -4%	241 -75%	111 -54%	(611) N/A	(887) -45%	(883) +0%	(596) +33%	(493) +17%	6 749 N/A	5 195 -23%	4 482 -14%	3 916 -13%	(3 170) N/A	(1 880) +41%	(2 034) -8%	(2 341) -15%	(2 485) -6%	(2 413) +3%	(1 484) +38%	(971) +35%	(944) +3%	(1 356) -44%	(2 902) -114%	(3 095) -7%	(3 392) -10%	(2 523) +26%	(1 132) +55%	(849) +25%	(1 855) -118%	(2 635) -42%	(3 113) -18%	(3 286) -6%	(2 064) +37%	(1 895) +8%	(1 683) +11%	(1 544) +8%	(1 685) -9%	(1 318) +22%	(2 338) -77%	(2 588) -11%	(2 630) -2%	(3 324) -26%	(2 640) +21%	(2 840) -8%	(2 765) +3%	(4 003) -45%	(2 800) +30%	(1 841) +34%	(2 583) -40%	157 N/A	(969) N/A	(1 108) -14%	244 N/A	(975) N/A	(1 928) -98%	(2 557) -33%	(2 287) +11%	(3 047) -33%	(3 493) -15%	(3 908) -12%	(5 442) -39%	(5 285) +3%	(2 924) +45%	(2 615) +11%	(1 992) +24%	297 N/A	(784) N/A	2 311 N/A	2 236 -3%	480 -79%	1 147 +139%	(1 117) N/A
Change in Cash
Effect of Foreign Exchange Rates	(0)	(0)	1	1	2	2	2	2	3	4	3	3	3	1	(1)	(1)	(4)	(3)	2	3	37	38	52	76	18	23	5	(108)	(259)	(282)	(179)	(116)	47	7	(100)	(16)	(32)	72	81	(5)	2	(18)	(44)	21	70	(38)	(21)	19	17	110	146	(20)	(132)	(238)	(192)	(142)	(115)	(58)	(235)	(228)	(273)	(205)	(35)	56	192	275	63	(27)	(93)	(180)	(57)	(68)	54	(53)	(35)	72	102	174	182	61	(61)	(144)	(354)	(484)	(291)	(163)	86	183	106	41	(38)	193	(162)	(25)	296	73
Net Change in Cash	(6) N/A	(34) -446%	70 N/A	61 -13%	69 +13%	79 +15%	11 -86%	28 +147%	61 +118%	110 +81%	116 +5%	138 +19%	142 +3%	11 -92%	71 +532%	17 -76%	27 +55%	56 +110%	1 -98%	547 +41 974%	676 +24%	651 -4%	988 +52%	1 377 +39%	496 -64%	175 -65%	72 -59%	(527) N/A	376 N/A	599 +59%	877 +46%	970 +11%	2 676 +176%	910 -66%	(122) N/A	(127) -4%	(1 341) -956%	76 N/A	613 +707%	347 -43%	139 -60%	(227) N/A	799 N/A	1 240 +55%	1 100 -11%	1 390 +26%	73 -95%	(236) N/A	(216) +8%	452 N/A	1 459 +223%	2 162 +48%	1 333 -38%	(117) N/A	(220) -88%	(476) -116%	360 N/A	704 +96%	158 -78%	(219) N/A	(56) +74%	749 N/A	443 -41%	744 +68%	904 +22%	312 -65%	1 132 +263%	298 -74%	(591) N/A	(2 065) -249%	(2 701) -31%	(1 973) +27%	(1 659) +16%	345 N/A	1 443 +318%	1 900 +32%	3 835 +102%	1 937 -49%	950 -51%	854 -10%	659 -23%	919 +39%	65 -93%	(564) N/A	(1 907) -238%	(1 618) +15%	353 N/A	519 +47%	1 320 +154%	3 730 +183%	3 394 -9%	6 721 +98%	4 026 -40%	(1 627) N/A	(750) +54%	(4 053) -440%
Free Cash Flow
Free Cash Flow	127 N/A	109 -14%	80 -27%	91 +15%	127 +39%	148 +16%	149 +0%	155 +4%	166 +8%	160 -4%	180 +12%	209 +17%	206 -2%	92 -55%	136 +49%	119 -12%	200 +67%	276 +38%	244 -12%	349 +43%	637 +83%	200 -69%	492 +146%	722 +47%	476 -34%	834 +75%	1 057 +27%	1 284 +21%	1 839 +43%	1 852 +1%	1 639 -12%	1 534 -6%	1 334 -13%	1 268 -5%	1 337 +5%	1 874 +40%	2 357 +26%	2 326 -1%	2 671 +15%	2 773 +4%	2 579 -7%	2 675 +4%	2 788 +4%	2 609 -6%	2 090 -20%	2 405 +15%	2 607 +8%	2 741 +5%	3 548 +29%	3 155 -11%	2 762 -12%	2 908 +5%	3 015 +4%	2 629 -13%	2 879 +10%	2 926 +2%	2 783 -5%	2 795 +0%	2 256 -19%	1 970 -13%	2 154 +9%	2 447 +14%	3 284 +34%	3 601 +10%	3 795 +5%	3 804 +0%	3 935 +3%	3 799 -3%	2 871 -24%	2 762 -4%	2 239 -19%	1 895 -15%	2 630 +39%	1 923 -27%	2 707 +41%	2 786 +3%	3 549 +27%	3 918 +10%	3 955 +1%	4 737 +20%	4 603 -3%	4 655 +1%	4 488 -4%	4 375 -3%	4 423 +1%	4 517 +2%	3 912 -13%	3 786 -3%	3 821 +1%	3 824 +0%	4 258 +11%	4 047 -5%	4 701 +16%	3 967 -16%	3 884 -2%	3 933 +1%

Income Statement Balance Sheet Cash Flow Statement

BlackRock Inc
BMV:BLK

Cash Flow Statement

Cash Flow Statement
BlackRock Inc

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BlackRock Inc BMV:BLK

Cash Flow Statement

Cash Flow Statement BlackRock Inc

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BlackRock Inc
BMV:BLK

Cash Flow Statement
BlackRock Inc