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.
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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