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Side-by-side financial comparison of BlackRock (BLK) and FLEX LTD. (FLEX). Click either name above to swap in a different company.
FLEX LTD. is the larger business by last-quarter revenue ($7.5B vs $6.7B, roughly 1.1× BlackRock). BlackRock runs the higher net margin — 30.9% vs 3.3%, a 27.5% gap on every dollar of revenue. On growth, BlackRock posted the faster year-over-year revenue change (27.0% vs 16.9%). Over the past eight quarters, BlackRock's revenue compounded faster (19.0% CAGR vs 8.8%).
BlackRock, Inc. is an American multinational investment company. Founded in 1988, initially as an enterprise risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager, with $12.5 trillion in assets under management as of 2025. Headquartered in New York City, BlackRock has 70 offices in 30 countries and clients in 100 countries.
Flex Ltd. is a Singaporean–American multinational manufacturing company. It is the third largest global electronics manufacturing services (EMS), original design manufacturer (ODM) company by revenue, behind only Pegatron for what concerns original equipment manufacturers. Flex's U.S. corporate headquarters are located in Austin, Texas. The company has manufacturing operations in over 30 countries, totaling about 172,000 employees.
BLK vs FLEX — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2026
| Metric | | |
|---|---|---|
| Revenue | $6.7B | $7.5B |
| Net Profit | $2.1B | $250.0M |
| Gross Margin | — | 9.4% |
| Operating Margin | 42.0% | 5.0% |
| Net Margin | 30.9% | 3.3% |
| Revenue YoY | 27.0% | 16.9% |
| Net Profit YoY | 16.8% | 12.6% |
| EPS (diluted) | $14.06 | $0.67 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $6.7B | $7.5B | ||
| Q4 25 | $7.0B | $7.1B | ||
| Q3 25 | $6.5B | $6.8B | ||
| Q2 25 | $5.4B | $6.6B | ||
| Q1 25 | $5.3B | $6.4B | ||
| Q4 24 | — | $6.6B | ||
| Q3 24 | $5.2B | $6.5B | ||
| Q2 24 | $4.8B | $6.3B |
| Q1 26 | $2.1B | $250.0M | ||
| Q4 25 | $1.1B | $239.0M | ||
| Q3 25 | $1.3B | $199.0M | ||
| Q2 25 | $1.6B | $192.0M | ||
| Q1 25 | $1.5B | $222.0M | ||
| Q4 24 | — | $263.0M | ||
| Q3 24 | $1.6B | $214.0M | ||
| Q2 24 | $1.5B | $139.0M |
| Q1 26 | — | 9.4% | ||
| Q4 25 | — | 9.6% | ||
| Q3 25 | — | 9.0% | ||
| Q2 25 | — | 8.7% | ||
| Q1 25 | — | 8.8% | ||
| Q4 24 | — | 9.1% | ||
| Q3 24 | — | 8.1% | ||
| Q2 24 | — | 7.5% |
| Q1 26 | 42.0% | 5.0% | ||
| Q4 25 | 23.7% | 5.5% | ||
| Q3 25 | 30.0% | 4.4% | ||
| Q2 25 | 31.9% | 4.7% | ||
| Q1 25 | 32.2% | 4.8% | ||
| Q4 24 | — | 5.1% | ||
| Q3 24 | 38.6% | 4.5% | ||
| Q2 24 | 37.5% | 3.7% |
| Q1 26 | 30.9% | 3.3% | ||
| Q4 25 | 16.1% | 3.4% | ||
| Q3 25 | 20.3% | 2.9% | ||
| Q2 25 | 29.4% | 2.9% | ||
| Q1 25 | 28.6% | 3.5% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | 31.4% | 3.3% | ||
| Q2 24 | 31.1% | 2.2% |
| Q1 26 | $14.06 | $0.67 | ||
| Q4 25 | $7.05 | $0.64 | ||
| Q3 25 | $8.43 | $0.52 | ||
| Q2 25 | $10.19 | $0.50 | ||
| Q1 25 | $9.64 | $0.56 | ||
| Q4 24 | — | $0.67 | ||
| Q3 24 | $10.90 | $0.54 | ||
| Q2 24 | $9.99 | $0.34 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $2.4B |
| Total DebtLower is stronger | — | $3.8B |
| Stockholders' EquityBook value | $71.8B | $5.1B |
| Total Assets | — | $22.1B |
| Debt / EquityLower = less leverage | — | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $2.4B | ||
| Q4 25 | $11.5B | $3.1B | ||
| Q3 25 | $10.0B | $2.2B | ||
| Q2 25 | $9.5B | $2.2B | ||
| Q1 25 | $7.7B | $2.3B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | $14.0B | $2.6B | ||
| Q2 24 | — | $2.2B |
| Q1 26 | — | $3.8B | ||
| Q4 25 | $12.8B | $4.4B | ||
| Q3 25 | $12.8B | $3.7B | ||
| Q2 25 | $12.8B | $3.7B | ||
| Q1 25 | $12.3B | $3.7B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | $12.4B | $3.7B | ||
| Q2 24 | — | $3.2B |
| Q1 26 | $71.8B | $5.1B | ||
| Q4 25 | $55.9B | $5.1B | ||
| Q3 25 | $55.5B | $5.0B | ||
| Q2 25 | $49.1B | $5.1B | ||
| Q1 25 | $48.0B | $5.0B | ||
| Q4 24 | — | $5.0B | ||
| Q3 24 | $41.2B | $5.0B | ||
| Q2 24 | $40.3B | $5.0B |
| Q1 26 | — | $22.1B | ||
| Q4 25 | $170.0B | $20.8B | ||
| Q3 25 | $162.7B | $19.5B | ||
| Q2 25 | $146.5B | $19.1B | ||
| Q1 25 | $141.9B | $18.4B | ||
| Q4 24 | — | $18.3B | ||
| Q3 24 | $132.8B | $18.6B | ||
| Q2 24 | — | $17.7B |
| Q1 26 | — | 0.73× | ||
| Q4 25 | 0.23× | 0.87× | ||
| Q3 25 | 0.23× | 0.73× | ||
| Q2 25 | 0.26× | 0.72× | ||
| Q1 25 | 0.26× | 0.74× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | 0.30× | 0.74× | ||
| Q2 24 | — | 0.64× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $413.0M |
| Free Cash FlowOCF − Capex | — | $212.0M |
| FCF MarginFCF / Revenue | — | 2.8% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.1B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $413.0M | ||
| Q4 25 | $2.3B | $420.0M | ||
| Q3 25 | $1.4B | $453.0M | ||
| Q2 25 | $1.4B | $399.0M | ||
| Q1 25 | $-1.1B | $433.0M | ||
| Q4 24 | — | $413.0M | ||
| Q3 24 | — | $319.0M | ||
| Q2 24 | — | $340.0M |
| Q1 26 | — | $212.0M | ||
| Q4 25 | $2.1B | $272.0M | ||
| Q3 25 | $1.3B | $303.0M | ||
| Q2 25 | $1.3B | $266.0M | ||
| Q1 25 | $-1.2B | $321.0M | ||
| Q4 24 | — | $301.0M | ||
| Q3 24 | — | $216.0M | ||
| Q2 24 | — | $229.0M |
| Q1 26 | — | 2.8% | ||
| Q4 25 | 30.6% | 3.9% | ||
| Q3 25 | 20.5% | 4.5% | ||
| Q2 25 | 23.5% | 4.0% | ||
| Q1 25 | -22.9% | 5.0% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | — | 3.3% | ||
| Q2 24 | — | 3.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | 2.1% | ||
| Q3 25 | 1.2% | 2.2% | ||
| Q2 25 | 1.6% | 2.0% | ||
| Q1 25 | 1.5% | 1.8% | ||
| Q4 24 | — | 1.7% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 1.8% |
| Q1 26 | — | 1.65× | ||
| Q4 25 | 2.02× | 1.76× | ||
| Q3 25 | 1.07× | 2.28× | ||
| Q2 25 | 0.86× | 2.08× | ||
| Q1 25 | -0.75× | 1.95× | ||
| Q4 24 | — | 1.57× | ||
| Q3 24 | — | 1.49× | ||
| Q2 24 | — | 2.45× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BLK
| ETFs | $1.8B | 27% |
| Fixed income subtotal | $965.0M | 14% |
| Private markets | $658.0M | 10% |
| Active | $593.0M | 9% |
| Technology services and subscription revenue | $530.0M | 8% |
| Distribution fees | $389.0M | 6% |
| Active multi-asset | $371.0M | 6% |
| Non-ETF index | $342.0M | 5% |
| Cash management | $340.0M | 5% |
| Other | $296.0M | 4% |
| Liquid alternatives | $197.0M | 3% |
| Digital assets, commodities and multi-asset ETFs (1) | $179.0M | 3% |
| Equity | $22.0M | 0% |
| Advisory | $12.0M | 0% |
| Multi-asset | $9.0M | 0% |
| Fixed income | $2.0M | 0% |
FLEX
Segment breakdown not available.
