BlackRock’s assets topped $14 trillion for the first time, while the money manager’s quarterly profit fell on one-time costs stemming from a recent acquisition spree.

BlackRock posted net income of $1.13 billion, down 33% from a year earlier. Excluding one-time items, the company earned $13.16 a share to top the average estimate of $12.24 from analysts polled by FactSet.

Most Read from The Wall Street Journal

• Verizon Resolves Hourslong, Widespread Outage

• Jamie Dimon Seemed to Have Trump Figured Out—Until This Week

• AI Can’t Touch These Skilled Trade Jobs. If Only Enough Humans Would Fill Them.

• Inside the Mad Dash to Save Saks, America’s Last Luxury Retailer

• Blackstone Real-Estate Fund Stages Comeback With Best Return in Three Years

The net inflow of money from clients totaled $342 billion, beating analyst estimates. Base fees, or investment management fees that aren’t related to fund performance, grew 9% from a year earlier when stripping out the impact of market moves.

BlackRock shares rose nearly 2% in premarket trading.

The stock market rebounded sharply from April, when fears about the effects of President Trump’s tariff plans sent the major indexes reeling, and ended 2025 near record highs. The extended rally has fueled corporate and investor confidence, lifting the profits at banks, brokers and money managers.

Investors have largely cheered Chief Executive Larry Fink’s strategy to transform BlackRock into a do-everything asset manager that manages private assets for clients along with its bread-and-butter public stocks and bonds. BlackRock reported $423.6 billion in so-called alternative assets under management at quarter end, up from $290.6 billion a year earlier. That included results from HPS Investment Partners, the private-credit manager BlackRock acquired in July.

“We’re seeing excellent fundraising activity as we work toward our goal of $400 billion in private markets fundraising by 2030,” Fink said in a release.

Total revenue jumped 23% to $7.01 billion. BlackRock’s assets under management climbed 22% to $14.04 trillion.

Write to Jack Pitcher at jack.pitcher@wsj.com

Corrections & Amplifications
BlackRock reported $342 billion of client inflows in the fourth quarter, beating estimates of $311.6 billion. An earlier version of this article incorrectly said inflows were $268 billion and missed the estimates. (Corrected on Jan. 15)

https://finance.yahoo.com/news/blackrock-caps-2025-record-14-122000286.html