Revenue (Tables)

3 Months Ended

Mar. 31, 2026

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 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

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 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.

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 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

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 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)

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 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.