BlackRock, Inc. Revenue Disclosure
17. Revenue
The table below presents detail of revenue for 2025, 2024 and 2023 and includes the product type mix of investment advisory, administration fees and securities lending revenue and performance fees.
(in millions) |
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Revenue: |
|
|
|
|
|
|
|
|
|||
Investment advisory, administration fees and securities lending revenue(1): |
|
|
|
|
|
|
|
|
|||
Equity: |
|
|
|
|
|
|
|
|
|||
Active |
$ |
2,167 |
|
|
$ |
2,166 |
|
|
$ |
2,000 |
|
ETFs |
|
6,043 |
|
|
|
5,124 |
|
|
|
4,418 |
|
Equity subtotal |
|
8,210 |
|
|
|
7,290 |
|
|
|
6,418 |
|
Fixed income: |
|
|
|
|
|
|
|
|
|||
Active |
|
2,018 |
|
|
|
1,952 |
|
|
|
1,897 |
|
ETFs |
|
1,532 |
|
|
|
1,367 |
|
|
|
1,230 |
|
Fixed income subtotal |
|
3,550 |
|
|
|
3,319 |
|
|
|
3,127 |
|
Active multi-asset |
|
1,332 |
|
|
|
1,248 |
|
|
|
1,172 |
|
Alternatives: |
|
|
|
|
|
|
|
|
|||
Private markets |
|
2,350 |
|
|
|
1,196 |
|
|
|
889 |
|
Liquid alternatives |
|
669 |
|
|
|
568 |
|
|
|
572 |
|
Alternatives subtotal |
|
3,019 |
|
|
|
1,764 |
|
|
|
1,461 |
|
Non-ETF index |
|
1,321 |
|
|
|
1,183 |
|
|
|
1,127 |
|
Digital assets, commodities and multi-asset ETFs(2) |
|
502 |
|
|
|
247 |
|
|
|
185 |
|
Long-term |
|
17,934 |
|
|
|
15,051 |
|
|
|
13,490 |
|
Cash management |
|
1,245 |
|
|
|
1,049 |
|
|
|
909 |
|
Total investment advisory, administration fees and securities lending revenue(3) |
|
19,179 |
|
|
|
16,100 |
|
|
|
14,399 |
|
Investment advisory performance fees: |
|
|
|
|
|
|
|
|
|||
Equity |
|
132 |
|
|
|
161 |
|
|
|
99 |
|
Fixed income |
|
16 |
|
|
|
34 |
|
|
|
4 |
|
Multi-asset |
|
23 |
|
|
|
24 |
|
|
|
28 |
|
Alternatives: |
|
|
|
|
|
|
|
|
|||
Private markets |
|
695 |
|
|
|
308 |
|
|
|
273 |
|
Liquid alternatives |
|
558 |
|
|
|
680 |
|
|
|
150 |
|
Alternatives subtotal |
|
1,253 |
|
|
|
988 |
|
|
|
423 |
|
Total investment advisory performance fees |
|
1,424 |
|
|
|
1,207 |
|
|
|
554 |
|
Technology services and subscription revenue |
|
1,981 |
|
|
|
1,603 |
|
|
|
1,485 |
|
Distribution fees |
|
1,355 |
|
|
|
1,273 |
|
|
|
1,262 |
|
Advisory and other revenue: |
|
|
|
|
|
|
|
|
|||
Advisory |
|
50 |
|
|
|
49 |
|
|
|
81 |
|
Other |
|
227 |
|
|
|
175 |
|
|
|
78 |
|
Total advisory and other revenue |
|
277 |
|
|
|
224 |
|
|
|
159 |
|
Total revenue |
$ |
24,216 |
|
|
$ |
20,407 |
|
|
$ |
17,859 |
|
The tables below present the investment advisory, administration fees and securities lending revenue by client type and investment style:
(in millions) |
2025 |
|
|
2024 |
|
|
2023 |
|
|||
By client type(1): |
|
|
|
|
|
|
|
|
|||
Retail |
$ |
4,534 |
|
|
$ |
4,284 |
|
|
$ |
4,115 |
|
ETFs |
|
8,077 |
|
|
|
6,738 |
|
|
|
5,833 |
|
Institutional: |
|
|
|
|
|
|
|
|
|||
Active |
|
4,313 |
|
|
|
3,089 |
|
|
|
2,624 |
|
Index |
|
1,010 |
|
|
|
940 |
|
|
|
918 |
|
Institutional subtotal |
|
5,323 |
|
|
|
4,029 |
|
|
|
3,542 |
|
Long-term |
|
17,934 |
|
|
|
15,051 |
|
|
|
13,490 |
|
Cash management |
|
1,245 |
|
|
|
1,049 |
|
|
|
909 |
|
Total |
$ |
19,179 |
|
|
$ |
16,100 |
|
|
$ |
14,399 |
|
|
|
|
|
|
|
|
|
|
|||
By investment style(1): |
|
|
|
|
|
|
|
|
|||
Active |
$ |
8,536 |
|
|
$ |
7,130 |
|
|
$ |
6,530 |
|
ETFs |
|
8,077 |
|
|
|
6,738 |
|
|
|
5,833 |
|
Non-ETF index |
|
1,321 |
|
|
|
1,183 |
|
|
|
1,127 |
|
Long-term |
|
17,934 |
|
|
|
15,051 |
|
|
|
13,490 |
|
Cash management |
|
1,245 |
|
|
|
1,049 |
|
|
|
909 |
|
Total |
$ |
19,179 |
|
|
$ |
16,100 |
|
|
$ |
14,399 |
|
Investment Advisory and Administration Fees – Remaining Performance Obligation
The tables below present estimated investment advisory and administration fees expected to be recognized in the future related to the unsatisfied portion of the performance obligations at December 31, 2025 and 2024:
December 31, 2025
(in millions) |
|
|
|
|
|
|
|
|
Total |
|
|||||||||
Investment advisory and administration fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Alternatives(1)(2) |
$ |
492 |
|
|
$ |
459 |
|
|
$ |
226 |
|
|
$ |
75 |
|
|
$ |
1,252 |
|
December 31, 2024
(in millions) |
|
|
|
|
|
|
|
|
Total |
|
|||||||||
Investment advisory and administration fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Alternatives(1)(2) |
$ |
427 |
|
|
$ |
381 |
|
|
$ |
353 |
|
|
$ |
142 |
|
|
$ |
1,303 |
|
Change in Deferred Carried Interest Liability
The table below presents changes in the deferred carried interest liability, which is included in other liabilities on the consolidated statements of financial condition, for the year ended December 31, 2025 and 2024:
(in millions) |
2025 |
|
|
2024 |
|
||
Beginning balance |
$ |
1,860 |
|
|
$ |
1,783 |
|
Acquisition(1) |
|
1,441 |
|
|
|
— |
|
Net increase (decrease) in unrealized allocations |
|
706 |
|
|
|
364 |
|
Performance fee revenue recognized |
|
(492 |
) |
|
|
(287 |
) |
Ending balance |
$ |
3,515 |
|
|
$ |
1,860 |
|
Technology Services and Subscription Revenue – Remaining Performance Obligation
The tables below present estimated technology services and subscription revenue expected to be recognized in the future related to the unsatisfied portion of the performance obligations at December 31, 2025 and 2024:
December 31, 2025
(in millions) |
|
|
|
|
|
|
|
|
Total |
|
|||||||||
Technology services and subscription revenue(1)(2) |
$ |
208 |
|
|
$ |
121 |
|
|
$ |
73 |
|
|
$ |
95 |
|
|
$ |
497 |
|
December 31, 2024
(in millions) |
|
|
|
|
|
|
|
|
Total |
|
|||||||||
Technology services and subscription revenue(1)(2) |
$ |
134 |
|
|
$ |
81 |
|
|
$ |
50 |
|
|
$ |
69 |
|
|
$ |
334 |
|
In addition to amounts disclosed in the tables above, certain technology services and subscription contracts require fixed minimum fees, which are billed on a monthly or quarterly basis in arrears. The Company recognizes such revenue as services are performed. As of December 31, 2025, the estimated annual fixed minimum fees for 2026 for outstanding contracts approximated $1.3 billion. The term for these contracts, which are either in their initial or renewal period, ranges from to five years.
The table below presents changes in the technology services and subscription deferred revenue liability for the year ended December 31, 2025 and 2024, which is included in other liabilities on the consolidated statements of financial condition:
(in millions) |
2025 |
|
|
2024 |
|
||
Beginning balance |
$ |
124 |
|
|
$ |
133 |
|
Acquisition(1) |
|
3 |
|
|
|
— |
|
Additions(2) |
|
218 |
|
|
|
84 |
|
Revenue recognized that was included in the beginning balance |
|
(85 |
) |
|
|
(93 |
) |
Ending balance |
$ |
260 |
|
|
$ |
124 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.