Man enjoying sunrise at Mesa arch, Canyonlands national park, Utah, U.S.

Financial highlights

Please review the Important Notes for information on certain non-GAAP figures shown below and throughout the Annual Report, as well as for source information on other data points.

2020 2019 2018
(in millions)
Total AUM (end of period) $ 8,676,680 $ 7,429,633 $ 5,975,818
Revenue 16,205 14,539 14,198
Operating income, as adjusted 6,284 5,551 5,531
Operating margin, as adjusted 44.9% 43.7% 44.3%
Net income attributable to BLK, GAAP 4,932 4,476 4,305
Net income attributable to BLK, as adjusted 5,237 4,484 4,361
Diluted weighted-average common shares 154.8 157.5 161.9
Per share
Diluted earnings, GAAP $ 31.85 $ 28.43 $ 26.58
Diluted earnings, as adjusted 33.82 28.48 26.93
Dividends declared 14.52 13.20 12.02

Important notes

Opinions expressed within the BlackRock 2020 Annual Report are those of BlackRock, Inc. as of March 2021 and are subject to change. Investment involves risk including the loss of principal. The companies mentioned in this document are not meant to be a recommendation to buy or sell any security.

BlackRock data points
All data within the BlackRock 2020 Annual Report reflects as-adjusted full-year 2020 results or is as of December 31, 2020, unless otherwise noted. 2020 organic growth is defined as full-year 2020 net flows divided by assets under management (AUM) for the entire firm, a particular segment or particular product as of December 31, 2019. Long-term product offerings include active and passive strategies across equity, fixed income, multi-asset and alternatives, and exclude AUM and flows from the cash management and advisory businesses.

Industry data points
All data is as of December 31, 2020 unless otherwise noted.

As of December 31, 2020, the SNL U.S. Asset Manager Index included: Affiliated Managers Group Inc.; AllianceBernstein Holding L.P.; Ameriprise Financial Inc.; Apollo Global Management Inc.; Ares Management Corporation; Artisan Partners Asset Management Inc.; Ashford Inc.; Associated Capital Group Inc.; BlackRock, Inc.; Blackstone Group Inc.; BrightSphere Investment Group Inc.; Carlyle Group Inc.; Cohen & Steers Inc.; Diamond Hill Investment Group; Federated Hermes Inc.; Fifth Street Asset Management Inc.; Franklin Resources Inc.; GAMCO Investors Inc.; Great Elm Group; Hamilton Lane Inc.; Hennessy Advisors Inc.; Invesco Ltd.; Janus Henderson Group Plc.; KKR & Co; Manning & Napier Inc.; Medley Management Inc.; Pzena Investment Management Inc.; Safeguard Scientifics Inc.; Sculptor Capital Management Inc.; SEI Investments Co.; Silvercrest Asset Management Group; T. Rowe Price Group Inc.; The Gabelli Equity Trust; U.S. Global Investors Inc.; Victory Capital Holdings Inc.; Virtus Investment Partners Inc.; Waddell & Reed Financial Inc.; Westwood Holdings Group Inc.; WisdomTree Investments Inc.

GAAP and as-adjusted results
See pages 40–41 of our 2020 10-K for an explanation of the use of non-GAAP financial measures and a reconciliation to GAAP.

Performance notes
Past performance is not indicative of future results. Except as specified, the performance information shown is as of December 31, 2020 and is based on preliminary data available at that time. The performance data shown reflects information for all actively and passively managed equity and fixed income accounts, including U.S. registered investment companies, European-domiciled retail funds and separate accounts for which performance data is available, including performance data for high net worth accounts available as of November 30, 2020.

The performance data does not include accounts terminated prior to December 31, 2020 and accounts for which data has not yet been verified. If such accounts had been included, the performance data provided may have substantially differed from that shown.

Performance comparisons shown are gross-of-fees for institutional and high net worth separate accounts, and net-of-fees for retail funds. The performance tracking shown for index accounts is based on gross-of-fees performance and includes all institutional accounts and all iShares funds globally using an index strategy. AUM information is based on AUM available as of December 31, 2020 for each account or fund in the asset class shown without adjustment for overlapping management of the same account or fund. Fund performance reflects the reinvestment of dividends and distributions.

Performance shown is derived from applicable benchmarks or peer median information, as selected by BlackRock, Inc. Peer medians are based in part on data either from Lipper, Inc. or Morningstar, Inc. for each included product.