v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue

16. Revenue

The table below presents details of revenue for the three and six months ended June 30, 2026 and 2025, 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)

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Investment advisory, administration fees and
   securities lending revenue:

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

Active

$

626

 

 

$

507

 

 

$

1,219

 

 

$

1,025

 

ETFs

 

1,989

 

 

 

1,401

 

 

 

3,782

 

 

 

2,750

 

Equity subtotal

 

2,615

 

 

 

1,908

 

 

 

5,001

 

 

 

3,775

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

Active

 

539

 

 

 

487

 

 

 

1,070

 

 

 

979

 

ETFs

 

443

 

 

 

366

 

 

 

877

 

 

 

718

 

Fixed income subtotal

 

982

 

 

 

853

 

 

 

1,947

 

 

 

1,697

 

Active multi-asset

 

387

 

 

 

312

 

 

 

758

 

 

 

625

 

Alternatives:

 

 

 

 

 

 

 

 

 

 

 

Private markets

 

639

 

 

 

499

 

 

 

1,297

 

 

 

1,034

 

Liquid alternatives

 

212

 

 

 

157

 

 

 

409

 

 

 

307

 

Alternatives subtotal

 

851

 

 

 

656

 

 

 

1,706

 

 

 

1,341

 

Non-ETF index

 

385

 

 

 

313

 

 

 

727

 

 

 

620

 

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

 

163

 

 

 

108

 

 

 

342

 

 

 

200

 

Long-term

 

5,383

 

 

 

4,150

 

 

 

10,481

 

 

 

8,258

 

Cash management

 

343

 

 

 

304

 

 

 

683

 

 

 

597

 

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

 

5,726

 

 

 

4,454

 

 

 

11,164

 

 

 

8,855

 

Investment advisory performance fees:

 

 

 

 

 

 

 

 

 

 

 

Equity

 

60

 

 

 

12

 

 

 

82

 

 

 

22

 

Fixed income

 

3

 

 

 

2

 

 

 

5

 

 

 

14

 

Multi-asset

 

5

 

 

 

6

 

 

 

14

 

 

 

10

 

Alternatives:

 

 

 

 

 

 

 

 

 

 

 

Private markets

 

137

 

 

 

39

 

 

 

369

 

 

 

63

 

Liquid alternatives

 

100

 

 

 

35

 

 

 

107

 

 

 

45

 

Alternatives subtotal

 

237

 

 

 

74

 

 

 

476

 

 

 

108

 

Total investment advisory performance fees

 

305

 

 

 

94

 

 

 

577

 

 

 

154

 

Technology services and subscription revenue

 

566

 

 

 

499

 

 

 

1,096

 

 

 

935

 

Distribution fees

 

395

 

 

 

320

 

 

 

784

 

 

 

641

 

Advisory and other revenue:

 

 

 

 

 

 

 

 

 

 

 

Advisory

 

8

 

 

 

13

 

 

 

20

 

 

 

27

 

Other

 

84

 

 

 

43

 

 

 

141

 

 

 

87

 

Total advisory and other revenue

 

92

 

 

 

56

 

 

 

161

 

 

 

114

 

Total revenue

$

7,084

 

 

$

5,423

 

 

$

13,782

 

 

$

10,699

 

 

(1)
Amounts include commodity ETFs and exchange-traded products ("ETPs").
(2)
Amounts include securities lending revenue of $239 million and $171 million for the three months ended June 30, 2026 and 2025, respectively, and $418 million and $328 million for the six months ended June 30, 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

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

(in millions)

2026

 

 

2025

 

 

2026

 

 

2025

 

By client type:

 

 

 

 

 

 

 

 

 

 

 

Retail

$

1,323

 

 

$

1,053

 

 

$

2,586

 

 

$

2,114

 

ETFs

 

2,595

 

 

 

1,875

 

 

 

5,001

 

 

 

3,668

 

Institutional:

 

 

 

 

 

 

 

 

 

 

 

Active

 

1,176

 

 

 

981

 

 

 

2,350

 

 

 

1,997

 

Index

 

289

 

 

 

241

 

 

 

544

 

 

 

479

 

Institutional subtotal

 

1,465

 

 

 

1,222

 

 

 

2,894

 

 

 

2,476

 

Long-term

 

5,383

 

 

 

4,150

 

 

 

10,481

 

 

 

8,258

 

Cash management

 

343

 

 

 

304

 

 

 

683

 

 

 

597

 

Total

$

5,726

 

 

$

4,454

 

 

$

11,164

 

 

$

8,855

 

 

 

 

 

 

 

 

 

 

 

 

 

By investment style:

 

 

 

 

 

 

 

 

 

 

 

Active

$

2,403

 

 

$

1,962

 

 

$

4,753

 

 

$

3,970

 

ETFs

 

2,595

 

 

 

1,875

 

 

 

5,001

 

 

 

3,668

 

Non-ETF index

 

385

 

 

 

313

 

 

 

727

 

 

 

620

 

Long-term

 

5,383

 

 

 

4,150

 

 

 

10,481

 

 

 

8,258

 

Cash management

 

343

 

 

 

304

 

 

 

683

 

 

 

597

 

Total

$

5,726

 

 

$

4,454

 

 

$

11,164

 

 

$

8,855

 

 

Investment Advisory and Administration Fees and Technology Services and Subscription Revenue – Remaining Performance Obligation

The tables below present estimated investment advisory and administration fees and technology services and subscription revenue expected to be recognized in the future related to the unsatisfied portion of performance obligations at June 30, 2026 and 2025:

June 30, 2026

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2026

 

 

2027

 

 

2028

 

 

2029

 

 

Thereafter

 

 

Total

 

Investment advisory and
   administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

223

 

 

$

421

 

 

$

229

 

 

$

43

 

 

$

35

 

 

$

951

 

Technology services and
   subscription revenue(2)(3)

$

141

 

 

$

193

 

 

$

124

 

 

$

78

 

 

$

89

 

 

$

625

 

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

 

Technology services and
   subscription revenue(2)(3)

$

133

 

 

$

161

 

 

$

86

 

 

$

45

 

 

$

61

 

 

$

486

 

 

(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, 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.
(3)
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.

 

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, 2026, the estimated fixed minimum fees for the remainder of the year approximated $685 million. The term for these contracts, which are either in their initial or renewal period, ranges from one to five years.

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, 2026 and 2025:

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

(in millions)

2026

 

 

2025

 

 

2026

 

 

2025

 

Beginning balance

$

3,560

 

 

$

1,932

 

 

$

3,515

 

 

$

1,860

 

Net increase (decrease) in unrealized allocations

 

—

 

 

 

204

 

 

 

169

 

 

 

308

 

Performance fee revenue recognized

 

(39

)

 

 

(36

)

 

 

(163

)

 

 

(68

)

Ending balance

$

3,521

 

 

$

2,100

 

 

$

3,521

 

 

$

2,100

 

 

Change 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, 2026 and 2025, 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)

2026

 

 

2025

 

 

2026

 

 

2025

 

Beginning balance

$

252

 

 

$

232

 

 

$

260

 

 

$

124

 

Acquisition(1)

 

—

 

 

 

—

 

 

 

—

 

 

 

48

 

Additions(2)

 

87

 

 

 

79

 

 

 

141

 

 

 

113

 

Revenue recognized that was included
   in the beginning balance

 

(76

)

 

 

(69

)

 

 

(138

)

 

 

(43

)

Ending balance

$

263

 

 

$

242

 

 

$

263

 

 

$

242

 

 

(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.