BlackRock dividend: cash coverage and yield
BlackRock's dividends rise from $24.30 per share to $26.24 and $28.34 in the base case. In 2025, free cash flow was $3,552 million, while shareholder payments reached 115.9% of free cash flow, so cash generation did not cover all shareholder payments.
How much does BlackRock pay in dividends?
Dividends rise from $24.30 per share to $26.24 and $28.34 in the base case. That is slower than the latest 10% increase, but consistent with annual dividends rising every year from 2021 through 2025. The bear case uses $23.78, $24.97 and $26.22, while the bull case uses $24.64, $27.10 and $29.81. The bear case assumes slower increases rather than a cut because the dividend rose during the 2022 revenue decline.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 9,450 (7,975 / 10,560) | 10,230 (8,100 / 11,880) | 11,040 (8,505 / 13,260) |
| Shares (millions) | 162 (162 / 161) | 161 (162 / 160) | 160 (162 / 159) |
| Dividends per share | 24.30 (23.78 / 24.64) | 26.24 (24.97 / 27.10) | 28.34 (26.22 / 29.81) |
| Price to earnings | 22.00 (18.00 / 26.00) | 21.00 (16.00 / 27.00) | 20.00 (15.00 / 28.00) |
What this means. The price to earnings number shows how many dollars investors pay for each dollar of yearly profit, so a higher number means a more expensive share.
Is BlackRock's dividend covered by its cash?
Free cash flow is the cash left after operating needs and capital spending. It can fund acquisitions, debt repayment, dividends and buybacks. BlackRock’s shareholder payments exceeded its free cash flow over the five-year period, and in 2025 alone payments reached 115.9% of free cash flow. That left less internally generated cash for expansion.
In 2025, operations produced $3,927 million of cash. Capital spending was $375 million, leaving free cash flow of $3,552 million. That was down from $4,701 million in 2024 and represented 14.7% of revenue.
Stock compensation was $1,307 million. Deducting it from free cash flow produces “real free cash flow” of $2,245 million. The deduction recognises the economic cost to shareholders, even though the company did not make another cash payment in the period.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 3,552 | 4,701 | 3,821 | 4,423 | 4,603 |
| − Dividends paid | 3,265 | 3,101 | 3,035 | 2,990 | 2,547 |
| − Share buybacks | 850 | 1,625 | 1,509 | 1,875 | 1,200 |
| − Acquisitions | 3,496 | 2,936 | 189 | 0 | 1,106 |
| − Debt repaid | 796 | 1,000 | 0 | 750 | 750 |
| Paid to shareholders | 4,115 | 4,726 | 4,544 | 4,865 | 3,747 |
What this means. In 2025, the company paid shareholders more than its free cash flow, so it had to use borrowed money or existing investments to cover the difference.
What could change BlackRock's dividend?
Management targets more than $35 billion of revenue by 2030. It targets at least $15 billion of adjusted operating income. Private markets and technology should provide at least 30% of revenue, supported by at least 5% organic base-fee growth and low-to-mid-teens technology ACV growth. For 2026, guidance calls for $2,000 million of repurchases, including $550 million for the quarter to December 2026.
What is BlackRock's dividend yield today?
| Today (Oct 15, 2026) | |
|---|---|
| Share price | 1,073.79 |
| Free cash flow yield (calculated) | 2.0% |
| Real free cash flow yield (calculated) | 1.3% |
| Dividend yield (calculated) | 2.1% |