Revenue (Tables)

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Summary of Investment Advisory, Administration Fees and Securities Lending Revenue by Type

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)

Schedule of Estimated Investment Advisory, Administration Fees Expected to be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations

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.

Schedule of Changes 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

Schedule of Estimated Technology Services and Subscription Revenue Expected to Be Recognized in Future, Related to Unsatisfied Portion of Performance Obligations

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)

Schedule of Changes in Technology Services and Subscription Deferred Revenue Liability

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.