2018 Annual Report

Financial highlights.

Please review the Important notes (in Info & Downloads) for information on certain non-GAAP figures shown below and throughout the Annual Report, as well as for source information on other data points.

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2018
2017
2016
(in millions) 2018 2017 2016
Total AUM (end of period) $ 5,975,818 $ 6,288,195 $ 5,147,852
Revenue 14,198 13,600 12,261
Net income attributable to BLK, GAAP 4,305 4,952 3,168
Net income attributable to BLK, as adjusted 4,361 3,698 3,210
Operating income, as adjusted 5,531 5,269 4,669
Operating margin, as adjusted 44.3% 44.1% 43.8%
Diluted weighted-average common shares 162 164 167
Per Share
Diluted earnings, GAAP $26.58 $30.12 $19.02
Diluted earnings, as adjusted 26.93 22.49 19.27
Dividends declared 12.02 10.00 9.16

Certain financial information reflects previously reported amounts and does not reflect the recast related to the adoption of the new revenue recognition standard. For further information, refer to Note 2, Significant Accounting Policies, in the consolidated financial statements in our 2018 Form 10-K.

Letter to our shareholders

As I reflected on the last year, something felt different about 2018.

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