BlackRock's (BLK) total revenue for 2024 reached $20.4 billion, marking a significant increase of 14.3% compared to $17.9 billion in 2023. This growth was driven by higher base fees, performance fees, and technology services revenue. The revenue increase reflects the positive impact of market conditions on average assets under management (AUM), organic base fee growth, and contributions from the GIP acquisition.

‍Net income attributable to BlackRock, Inc. rose to $6.4 billion in 2024, up from $5.5 billion in 2023, representing a 15.8% increase. This improvement was supported by higher operating income and revenue growth, partially offset by a higher effective tax rate and lower nonoperating income.

‍Diluted earnings per share (EPS) increased to $42.01 in 2024, compared to $36.51 in 2023, reflecting a 15% growth. This was primarily driven by higher operating income and revenue, despite the impact of higher tax expenses.

‍Operating income for 2024 was $7.6 billion, a 20.7% increase from $6.3 billion in 2023. The operating margin improved to 37.1% from 35.1% in the prior year, reflecting enhanced efficiency and revenue growth.

‍Assets under management (AUM) reached $11.6 trillion at the end of 2024, up from $10.0 trillion in 2023. This growth was driven by market appreciation, net inflows, and the impact of the GIP acquisition.Investment advisory, administration fees, and securities lending revenue totaled $16.1 billion in 2024, up from $14.4 billion in 2023. This increase was supported by higher equity and fixed-income ETF revenues, as well as growth in private markets and cash management.

‍Performance fees surged to $1.2 billion in 2024, a 118% increase from $554 million in 2023. This growth was largely attributed to higher fees from private markets and liquid alternatives, reflecting strong performance in these segments.

‍Technology services revenue grew to $1.6 billion in 2024, up from $1.5 billion in 2023, driven by increased adoption of BlackRock's Aladdin platform and other technology solutions.BlackRock's operating expenses increased to $12.8 billion in 2024, compared to $11.6 billion in 2023. The rise was driven by higher employee compensation, sales, asset and account expenses, and costs related to the GIP acquisition, including amortization of intangible assets and nonrecurring retention-related expenses.

‍Nonoperating income, net of noncontrolling interests, decreased to $578 million in 2024, down from $706 million in 2023. This decline was primarily due to lower mark-to-market revaluation of private equity co-investments and higher interest expenses, partially offset by gains from certain minority investments.

‍BlackRock's effective tax rate increased to 21.9% in 2024, compared to 21.2% in 2023. The higher tax rate reflects discrete tax benefits recognized in 2023 that were not repeated in 2024.

‍Cash flows from operating activities, excluding the impact of consolidated investment products (CIPs), reached $7.3 billion in 2024, up from $5.7 billion in 2023. This increase was driven by higher base fees, performance fees, and technology services revenue.

‍BlackRock completed the acquisition of Global Infrastructure Partners (GIP) in 2024, which contributed significantly to revenue and AUM growth. The transaction involved $3 billion in cash and 6.9 million shares of BlackRock common stock, along with a contingent consideration liability of $4.2 billion.

‍The company's balance sheet remained robust, with total assets increasing to $138.6 billion at the end of 2024, compared to $123.2 billion in 2023. This growth was supported by higher goodwill and investments related to acquisitions.

‍BlackRock declared and paid cash dividends of $20.40 per share in 2024, up from $20.00 per share in 2023, reflecting the company's commitment to returning value to shareholders.