v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

16. Revenue

The table below presents detail of revenue for the three and six months ended June 30, 2025 and 2024 and includes the product type mix of investment advisory, administration fees and securities lending revenue, and performance fees.

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

(in millions)

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Investment advisory, administration fees and
   securities lending revenue(1):

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

Active

$

507

 

 

$

539

 

 

$

1,025

 

 

$

1,055

 

ETFs

 

1,401

 

 

 

1,250

 

 

 

2,750

 

 

 

2,440

 

Equity subtotal

 

1,908

 

 

 

1,789

 

 

 

3,775

 

 

 

3,495

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

Active

 

487

 

 

 

481

 

 

 

979

 

 

 

965

 

ETFs

 

366

 

 

 

326

 

 

 

718

 

 

 

653

 

Fixed income subtotal

 

853

 

 

 

807

 

 

 

1,697

 

 

 

1,618

 

Active multi-asset

 

312

 

 

 

306

 

 

 

625

 

 

 

611

 

Alternatives:

 

 

 

 

 

 

 

 

 

 

 

Private markets

 

499

 

 

 

241

 

 

 

1,034

 

 

 

481

 

Liquid alternatives

 

157

 

 

 

141

 

 

 

307

 

 

 

279

 

Alternatives subtotal

 

656

 

 

 

382

 

 

 

1,341

 

 

 

760

 

Non-ETF index

 

313

 

 

 

285

 

 

 

620

 

 

 

573

 

Digital assets, commodities and multi-asset ETFs(2)

 

108

 

 

 

59

 

 

 

200

 

 

 

104

 

Long-term

 

4,150

 

 

 

3,628

 

 

 

8,258

 

 

 

7,161

 

Cash management

 

304

 

 

 

247

 

 

 

597

 

 

 

492

 

Total investment advisory, administration fees
   and securities lending revenue(3)

 

4,454

 

 

 

3,875

 

 

 

8,855

 

 

 

7,653

 

Investment advisory performance fees:

 

 

 

 

 

 

 

 

 

 

 

Equity

 

12

 

 

 

28

 

 

 

22

 

 

 

36

 

Fixed income

 

2

 

 

 

5

 

 

 

14

 

 

 

9

 

Multi-asset

 

6

 

 

 

11

 

 

 

10

 

 

 

13

 

Alternatives:

 

 

 

 

 

 

 

 

 

 

 

Private markets

 

39

 

 

 

68

 

 

 

63

 

 

 

193

 

Liquid alternatives

 

35

 

 

 

52

 

 

 

45

 

 

 

117

 

Alternatives subtotal

 

74

 

 

 

120

 

 

 

108

 

 

 

310

 

Total investment advisory performance fees

 

94

 

 

 

164

 

 

 

154

 

 

 

368

 

Technology services and subscription revenue

 

499

 

 

 

395

 

 

 

935

 

 

 

772

 

Distribution fees

 

320

 

 

 

318

 

 

 

641

 

 

 

628

 

Advisory and other revenue:

 

 

 

 

 

 

 

 

 

 

 

Advisory

 

13

 

 

 

11

 

 

 

27

 

 

 

24

 

Other

 

43

 

 

 

42

 

 

 

87

 

 

 

88

 

Total advisory and other revenue

 

56

 

 

 

53

 

 

 

114

 

 

 

112

 

Total revenue

$

5,423

 

 

$

4,805

 

 

$

10,699

 

 

$

9,533

 

 

(1)
Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation. See page 11 of Exhibit 99.2 to the Current Report on Form 8-K furnished on April 11, 2025 for the reclassified presentation of the 2024 investment advisory, administration fees and securities lending revenue line items.
(2)
Amounts include commodity ETFs and exchange-traded products ("ETPs").
(3)
Amounts include securities lending revenue of $171 million and $154 million for the three months ended June 30, 2025 and 2024, respectively, and $328 million and $305 million for the six months ended June 30, 2025 and 2024, respectively.

The tables below present the investment advisory, administration fees and securities lending revenue by client type and investment style:

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

(in millions)

2025

 

 

2024

 

 

2025

 

 

2024

 

By client type(1):

 

 

 

 

 

 

 

 

 

 

 

Retail

$

1,053

 

 

$

1,053

 

 

$

2,114

 

 

$

2,094

 

ETFs

 

1,875

 

 

 

1,635

 

 

 

3,668

 

 

 

3,197

 

Institutional:

 

 

 

 

 

 

 

 

 

 

 

Active

 

981

 

 

 

710

 

 

 

1,997

 

 

 

1,407

 

Index

 

241

 

 

 

230

 

 

 

479

 

 

 

463

 

Institutional subtotal

 

1,222

 

 

 

940

 

 

 

2,476

 

 

 

1,870

 

Long-term

 

4,150

 

 

 

3,628

 

 

 

8,258

 

 

 

7,161

 

Cash management

 

304

 

 

 

247

 

 

 

597

 

 

 

492

 

Total

$

4,454

 

 

$

3,875

 

 

$

8,855

 

 

$

7,653

 

 

 

 

 

 

 

 

 

 

 

 

 

By investment style(1):

 

 

 

 

 

 

 

 

 

 

 

Active

$

1,962

 

 

$

1,708

 

 

$

3,970

 

 

$

3,391

 

ETFs

 

1,875

 

 

 

1,635

 

 

 

3,668

 

 

 

3,197

 

Non-ETF index

 

313

 

 

 

285

 

 

 

620

 

 

 

573

 

Long-term

 

4,150

 

 

 

3,628

 

 

 

8,258

 

 

 

7,161

 

Cash management

 

304

 

 

 

247

 

 

 

597

 

 

 

492

 

Total

$

4,454

 

 

$

3,875

 

 

$

8,855

 

 

$

7,653

 

 

(1)
Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 to conform to this new presentation. See page 11 of Exhibit 99.2 to the Current Report on Form 8-K furnished on April 11, 2025 for the reclassified presentation of the 2024 investment advisory, administration fees and securities lending revenue line items.

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 June 30, 2025 and 2024:

June 30, 2025

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2025

 

 

2026

 

 

2027

 

 

2028

 

 

Thereafter

 

 

Total

 

Investment advisory and
   administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

257

 

 

$

473

 

 

$

441

 

 

$

219

 

 

$

36

 

 

$

1,426

 

June 30, 2024

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2024

 

 

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

Investment advisory and
   administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

100

 

 

$

182

 

 

$

163

 

 

$

124

 

 

$

50

 

 

$

619

 

 

(1)
Investment advisory and administration fees include management fees related to certain private markets products, which are determined based on known contractual committed capital outstanding at June 30, 2025 and 2024. Revenue attributed to future periods could be subject to change due to a change in business activities (e.g. post-investment period) and actual amounts could differ from amounts disclosed in the table above.
(2)
The Company elected practical expedients to exclude amounts related to (a) performance obligations with an original duration of one year or less, and (b) variable consideration related to future service periods.

 

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 condensed consolidated statements of financial condition, for the three and six months ended June 30, 2025 and 2024:

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

(in millions)

2025

 

 

2024

 

 

2025

 

 

2024

 

Beginning balance

$

1,932

 

 

$

1,814

 

 

$

1,860

 

 

$

1,783

 

Net increase (decrease) in unrealized allocations

 

204

 

 

 

130

 

 

 

308

 

 

 

272

 

Performance fee revenue recognized

 

(36

)

 

 

(58

)

 

 

(68

)

 

 

(169

)

Ending balance

$

2,100

 

 

$

1,886

 

 

$

2,100

 

 

$

1,886

 

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 June 30, 2025 and 2024:

June 30, 2025

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2025

 

 

2026

 

 

2027

 

 

2028

 

 

Thereafter

 

 

Total

 

Technology services and
   subscription revenue(1)(2)

$

133

 

 

$

161

 

 

$

86

 

 

$

45

 

 

$

61

 

 

$

486

 

June 30, 2024

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2024

 

 

2025

 

 

2026

 

 

2027

 

 

Thereafter

 

 

Total

 

Technology services and
   subscription revenue(1)(2)

$

78

 

 

$

88

 

 

$

64

 

 

$

36

 

 

$

35

 

 

$

301

 

 

(1)
Technology services and subscription revenue primarily includes upfront payments from customers, which the Company generally recognizes as services are performed. Revenue attributed to future periods could be subject to change due to a change in business activities and actual amounts could differ from amounts disclosed in the table above.
(2)
The Company elected practical expedients to exclude amounts related to (a) performance obligations with an original duration of one year or less, and (b) variable consideration related to future service periods.

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 June 30, 2025, the estimated fixed minimum fees for the remainder of the year approximated $610 million. The term for these contracts, which are either in their initial or renewal period, ranges from one to five years.

The table below presents changes in the technology services and subscription deferred revenue liability for the three and six months ended June 30, 2025 and 2024, which is included in other liabilities on the condensed consolidated statements of financial condition:

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

(in millions)

2025

 

 

2024

 

 

2025

 

 

2024

 

Beginning balance

$

232

 

 

$

130

 

 

$

124

 

 

$

133

 

Acquisition(1)

 

—

 

 

 

—

 

 

 

48

 

 

 

—

 

Additions(2)

 

79

 

 

 

21

 

 

 

113

 

 

 

42

 

Revenue recognized that was included
   in the beginning balance

 

(69

)

 

 

(31

)

 

 

(43

)

 

 

(55

)

Ending balance

$

242

 

 

$

120

 

 

$

242

 

 

$

120

 

 

(1)
Amount for 2025 includes deferred revenue acquired in connection with the Preqin Transaction, net of revenue recognized. See Note 3, Acquisitions, for information on the Preqin Transaction.
(2)
Amounts are net of revenue recognized.