v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue

16. Revenue

The table below presents detail of revenue for the three months ended March 31, 2026 and 2025 and includes the product type mix of investment advisory, administration fees and securities lending revenue, and performance fees.

 

Three Months Ended

 

 

March 31,

 

(in millions)

2026

 

 

2025

 

Revenue

 

 

 

 

 

Investment advisory, administration fees and
   securities lending revenue:

 

 

 

 

 

Equity:

 

 

 

 

 

Active

$

593

 

 

$

518

 

ETFs

 

1,793

 

 

 

1,349

 

Equity subtotal

 

2,386

 

 

 

1,867

 

Fixed income:

 

 

 

 

 

Active

 

531

 

 

 

492

 

ETFs

 

434

 

 

 

352

 

Fixed income subtotal

 

965

 

 

 

844

 

Active multi-asset

 

371

 

 

 

313

 

Alternatives:

 

 

 

 

 

Private markets

 

658

 

 

 

535

 

Liquid alternatives

 

197

 

 

 

150

 

Alternatives subtotal

 

855

 

 

 

685

 

Non-ETF index

 

342

 

 

 

307

 

Digital assets, commodities and multi-asset ETFs(1)

 

179

 

 

 

92

 

Long-term

 

5,098

 

 

 

4,108

 

Cash management

 

340

 

 

 

293

 

Total investment advisory, administration fees
   and securities lending revenue(2)

 

5,438

 

 

 

4,401

 

Investment advisory performance fees:

 

 

 

 

 

Equity

 

22

 

 

 

10

 

Fixed income

 

2

 

 

 

12

 

Multi-asset

 

9

 

 

 

4

 

Alternatives:

 

 

 

 

 

Private markets

 

232

 

 

 

24

 

Liquid alternatives

 

7

 

 

 

10

 

Alternatives subtotal

 

239

 

 

 

34

 

Total investment advisory performance fees

 

272

 

 

 

60

 

Technology services and subscription revenue

 

530

 

 

 

436

 

Distribution fees

 

389

 

 

 

321

 

Advisory and other revenue:

 

 

 

 

 

Advisory

 

12

 

 

 

14

 

Other

 

57

 

 

 

44

 

Total advisory and other revenue

 

69

 

 

 

58

 

Total revenue

$

6,698

 

 

$

5,276

 

 

(1)
Amounts include commodity ETFs and exchange-traded products ("ETPs").
(2)
Amounts include securities lending revenue of $179 million and $157 million for the three months ended March 31, 2026 and 2025, respectively.

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

 

Three Months Ended

 

 

March 31,

 

(in millions)

2026

 

 

2025

 

By client type:

 

 

 

 

 

Retail

$

1,263

 

 

$

1,061

 

ETFs

 

2,406

 

 

 

1,793

 

Institutional:

 

 

 

 

 

Active

 

1,174

 

 

 

1,016

 

Index

 

255

 

 

 

238

 

Institutional subtotal

 

1,429

 

 

 

1,254

 

Long-term

 

5,098

 

 

 

4,108

 

Cash management

 

340

 

 

 

293

 

Total

$

5,438

 

 

$

4,401

 

 

 

 

 

 

 

By investment style:

 

 

 

 

 

Active

$

2,350

 

 

$

2,008

 

ETFs

 

2,406

 

 

 

1,793

 

Non-ETF index

 

342

 

 

 

307

 

Long-term

 

5,098

 

 

 

4,108

 

Cash management

 

340

 

 

 

293

 

Total

$

5,438

 

 

$

4,401

 

 

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 March 31, 2026 and 2025:

March 31, 2026

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2026

 

 

2027

 

 

2028

 

 

2029

 

 

Thereafter

 

 

Total

 

Investment advisory and
   administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

355

 

 

$

451

 

 

$

233

 

 

$

40

 

 

$

35

 

 

$

1,114

 

March 31, 2025

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2025

 

 

2026

 

 

2027

 

 

2028

 

 

Thereafter

 

 

Total

 

Investment advisory and
   administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

369

 

 

$

445

 

 

$

416

 

 

$

131

 

 

$

32

 

 

$

1,393

 

 

(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 March 31, 2026 and 2025. 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.
(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 months ended March 31, 2026 and 2025:

 

Three Months Ended

 

 

March 31,

 

(in millions)

2026

 

 

2025

 

Beginning balance

$

3,515

 

 

$

1,860

 

Net increase (decrease) in unrealized allocations

 

169

 

 

 

104

 

Performance fee revenue recognized

 

(124

)

 

 

(32

)

Ending balance

$

3,560

 

 

$

1,932

 

 

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 March 31, 2026 and 2025:

March 31, 2026

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2026

 

 

2027

 

 

2028

 

 

2029

 

 

Thereafter

 

 

Total

 

Technology services and
   subscription revenue(1)(2)

$

171

 

 

$

141

 

 

$

87

 

 

$

50

 

 

$

60

 

 

$

509

 

March 31, 2025

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2025

 

 

2026

 

 

2027

 

 

2028

 

 

Thereafter

 

 

Total

 

Technology services and
   subscription revenue(1)(2)

$

177

 

 

$

141

 

 

$

73

 

 

$

38

 

 

$

51

 

 

$

480

 

 

(1)
Technology services and subscription revenue includes upfront payments from customers, which the Company 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.
(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 March 31, 2026, the estimated fixed minimum fees for the remainder of the year approximated $1.0 billion. 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 months ended March 31, 2026 and 2025, which is included in other liabilities on the condensed consolidated statements of financial condition:

 

Three Months Ended

 

 

March 31,

 

(in millions)

2026

 

 

2025

 

Beginning balance

$

260

 

 

$

124

 

Acquisition(1)

 

—

 

 

 

88

 

Additions(2)

 

67

 

 

 

44

 

Revenue recognized that was included
   in the beginning balance

 

(75

)

 

 

(24

)

Ending balance

$

252

 

 

$

232

 

 

(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.