Financial Analysis

All articles tagged with "Financial Analysis"

11 articles

BlackRock's Private Markets Revenue Tripled — Then Free Cash Flow Collapsed

BlackRock reported record $14 trillion in AUM, record $698 billion in net inflows, and tripled its private markets revenue to $653 million quarterly after the HPS acquisition. But the same 10-K reveals GAAP EPS fell 16% to $35.31, free cash flow dropped 24% to $3.55 billion, and dividends now consume 91% of remaining cash. A 5-component decomposition of the $12.78-per-share GAAP-adjusted gap reveals that only $3 is genuinely temporary — the other $10 represents real, recurring costs hidden behind management's preferred metric.

15 min read
Read article

KKR Keeps Two Sets of Books — They Tell Opposite Stories About Growth

KKR reported a 27% decline in net income, a 93% collapse in operating cash flow, and a 49% drop in operating income in its FY 2025 10-K. And its core fee business grew 14%. Both statements are true — because 56% of KKR's GAAP pre-tax income belongs to third-party fund investors, the OCF 'collapse' was a $9.2 billion co-investment deployment, and insurance spread compression threatens the flywheel economics. This filing reveals two fundamentally different companies inside one set of financial statements.

15 min read
Read article

Four Forces Are Manufacturing Regeneron's EPS Growth as Operations Decline

Regeneron Pharmaceuticals reported $4,505 million in net income for FY2025 — a 2.1% increase that suggests stability through the EYLEA biosimilar storm. But the 10-K reveals operating income fell 10.4%, a $581.5 million equity securities windfall inflated Q3 earnings, the OBBBA tax law nearly doubled the effective rate, and $3.7 billion in share buybacks reduced diluted shares by 6.9%. A four-component earnings bridge shows that none of REGN's headline growth came from selling more drugs at better margins.

15 min read
Read article