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Revenue by Segment
Breaks down revenue across different business units, highlighting which segments drive growth and profitability, and where there may be opportunities or challenges.BlackRock’s revenue mix is shifting from lumpy performance fees toward larger, steadier base fees and tech/subscription revenue: core investment advisory/base fees have accelerated since 2024 and tech services show consistent double‑digit growth, driven by ETF inflows and acquisitions (HPS, Preqin). Performance fees remain volatile and are responsible for recent upside but also earnings lumpiness. Management’s ACV and active‑ETF targets and continued buybacks support the story, but institutional index outflows and market volatility are the primary downside risks to near‑term base‑fee momentum.
Date | Investment Advisory, Administration, and Securities Lending Fees | Investment Advisory Performance Fees | Technology Services | Distribution Fees | Advisory and Other |
|---|---|---|---|---|---|
Jun 30, 2026 | $5.73B | $305.00M | $566.00M | $395.00M | $92.00M |
Mar 31, 2026 | $5.44B | $272.00M | $530.00M | $389.00M | $69.00M |
Dec 31, 2025 | $5.28B | $754.00M | $531.00M | $359.00M | $86.00M |
Sep 30, 2025 | $4.84B | $516.00M | $515.00M | $355.00M | $77.00M |
Jun 30, 2025 | $4.45B | $94.00M | $499.00M | $320.00M | $56.00M |
Mar 31, 2025 | $4.40B | $60.00M | $436.00M | $321.00M | $58.00M |
Dec 31, 2024 | $4.42B | $451.00M | $428.00M | $322.00M | $59.00M |
Sep 30, 2024 | $3.88B | $388.00M | $403.00M | $323.00M | $53.00M |
Jun 30, 2024 | $3.88B | $164.00M | $395.00M | $318.00M | $53.00M |
Mar 31, 2024 | $3.78B | $204.00M | $377.00M | $310.00M | $59.00M |