v3.26.3
Revenue
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue

16. Revenue

The table below presents details of revenue for the three and nine months ended September 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

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

(in millions)

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

Investment advisory, administration fees and
   securities lending revenue:

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

Active

$

658

 

 

$

557

 

 

$

1,877

 

 

$

1,582

 

ETFs

 

2,134

 

 

 

1,597

 

 

 

5,916

 

 

 

4,347

 

Equity subtotal

 

2,792

 

 

 

2,154

 

 

 

7,793

 

 

 

5,929

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

Active

 

550

 

 

 

513

 

 

 

1,620

 

 

 

1,492

 

ETFs

 

464

 

 

 

393

 

 

 

1,341

 

 

 

1,111

 

Fixed income subtotal

 

1,014

 

 

 

906

 

 

 

2,961

 

 

 

2,603

 

Active multi-asset

 

405

 

 

 

344

 

 

 

1,163

 

 

 

969

 

Alternatives:

 

 

 

 

 

 

 

 

 

 

 

Private markets

 

668

 

 

 

653

 

 

 

1,965

 

 

 

1,687

 

Liquid alternatives

 

240

 

 

 

178

 

 

 

649

 

 

 

485

 

Alternatives subtotal

 

908

 

 

 

831

 

 

 

2,614

 

 

 

2,172

 

Non-ETF index

 

399

 

 

 

353

 

 

 

1,126

 

 

 

973

 

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

 

164

 

 

 

140

 

 

 

506

 

 

 

340

 

Long-term

 

5,682

 

 

 

4,728

 

 

 

16,163

 

 

 

12,986

 

Cash management

 

354

 

 

 

318

 

 

 

1,037

 

 

 

915

 

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

 

6,036

 

 

 

5,046

 

 

 

17,200

 

 

 

13,901

 

Investment advisory performance fees:

 

 

 

 

 

 

 

 

 

 

 

Equity

 

21

 

 

 

14

 

 

 

103

 

 

 

36

 

Fixed income

 

—

 

 

 

—

 

 

 

5

 

 

 

14

 

Multi-asset

 

9

 

 

 

2

 

 

 

23

 

 

 

12

 

Alternatives:

 

 

 

 

 

 

 

 

 

 

 

Private markets

 

191

 

 

 

298

 

 

 

560

 

 

 

361

 

Liquid alternatives

 

409

 

 

 

202

 

 

 

516

 

 

 

247

 

Alternatives subtotal

 

600

 

 

 

500

 

 

 

1,076

 

 

 

608

 

Total investment advisory performance fees

 

630

 

 

 

516

 

 

 

1,207

 

 

 

670

 

Technology services and subscription revenue

 

588

 

 

 

515

 

 

 

1,684

 

 

 

1,450

 

Distribution fees

 

414

 

 

 

355

 

 

 

1,198

 

 

 

996

 

Advisory and other revenue:

 

 

 

 

 

 

 

 

 

 

 

Advisory

 

10

 

 

 

12

 

 

 

30

 

 

 

39

 

Other

 

74

 

 

 

65

 

 

 

215

 

 

 

152

 

Total advisory and other revenue

 

84

 

 

 

77

 

 

 

245

 

 

 

191

 

Total revenue

$

7,752

 

 

$

6,509

 

 

$

21,534

 

 

$

17,208

 

 

(1)
Amounts include commodity ETFs and exchange-traded products.
(2)
Amounts include securities lending revenue of $253 million and $203 million for the three months ended September 30, 2026 and 2025, respectively, and $671 million and $531 million for the nine months ended September 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

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

(in millions)

2026

 

 

2025

 

 

2026

 

 

2025

 

By client type:

 

 

 

 

 

 

 

 

 

 

 

Retail

$

1,396

 

 

$

1,177

 

 

$

3,982

 

 

$

3,291

 

ETFs

 

2,762

 

 

 

2,130

 

 

 

7,763

 

 

 

5,798

 

Institutional:

 

 

 

 

 

 

 

 

 

 

 

Active

 

1,231

 

 

 

1,149

 

 

 

3,581

 

 

 

3,146

 

Index

 

293

 

 

 

272

 

 

 

837

 

 

 

751

 

Institutional subtotal

 

1,524

 

 

 

1,421

 

 

 

4,418

 

 

 

3,897

 

Long-term

 

5,682

 

 

 

4,728

 

 

 

16,163

 

 

 

12,986

 

Cash management

 

354

 

 

 

318

 

 

 

1,037

 

 

 

915

 

Total

$

6,036

 

 

$

5,046

 

 

$

17,200

 

 

$

13,901

 

 

 

 

 

 

 

 

 

 

 

 

 

By investment style:

 

 

 

 

 

 

 

 

 

 

 

Active

$

2,521

 

 

$

2,245

 

 

$

7,274

 

 

$

6,215

 

ETFs

 

2,762

 

 

 

2,130

 

 

 

7,763

 

 

 

5,798

 

Non-ETF index

 

399

 

 

 

353

 

 

 

1,126

 

 

 

973

 

Long-term

 

5,682

 

 

 

4,728

 

 

 

16,163

 

 

 

12,986

 

Cash management

 

354

 

 

 

318

 

 

 

1,037

 

 

 

915

 

Total

$

6,036

 

 

$

5,046

 

 

$

17,200

 

 

$

13,901

 

 

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 September 30, 2026 and 2025:

September 30, 2026

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2026

 

 

2027

 

 

2028

 

 

2029

 

 

Thereafter

 

 

Total

 

Investment advisory and
   administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

114

 

 

$

430

 

 

$

236

 

 

$

50

 

 

$

41

 

 

$

871

 

Technology services and
   subscription revenue(2)(3)

$

77

 

 

$

219

 

 

$

140

 

 

$

86

 

 

$

99

 

 

$

621

 

 

September 30, 2025

 

Remainder of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2025

 

 

2026

 

 

2027

 

 

2028

 

 

Thereafter

 

 

Total

 

Investment advisory and
   administration fees:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alternatives(1)(2)

$

133

 

 

$

488

 

 

$

458

 

 

$

229

 

 

$

43

 

 

$

1,351

 

Technology services and
   subscription revenue(2)(3)

$

64

 

 

$

167

 

 

$

94

 

 

$

52

 

 

$

73

 

 

$

450

 

 

(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 September 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 September 30, 2026, the estimated fixed minimum fees for the remainder of the year approximated $355 million. The term for these contracts, which are either in their initial or renewal period, generally 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 nine months ended September 30, 2026 and 2025:

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

(in millions)

2026

 

 

2025

 

 

2026

 

 

2025

 

Beginning balance

$

3,521

 

 

$

2,100

 

 

$

3,515

 

 

$

1,860

 

Acquisition(1)

 

—

 

 

 

1,441

 

 

 

—

 

 

 

1,441

 

Net increase (decrease) in unrealized allocations

 

93

 

 

 

92

 

 

 

262

 

 

 

400

 

Performance fee revenue recognized

 

(114

)

 

 

(193

)

 

 

(277

)

 

 

(261

)

Ending balance

$

3,500

 

 

$

3,440

 

 

$

3,500

 

 

$

3,440

 

 

(1)
Amount for 2025 includes deferred carried interest acquired in connection with the HPS Transaction. See Note 3, Acquisitions, for information on the HPS Transaction.

 

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 nine months ended September 30, 2026 and 2025, which is included in other liabilities on the condensed consolidated statements of financial condition:

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

(in millions)

2026

 

 

2025

 

 

2026

 

 

2025

 

Beginning balance

$

263

 

 

$

242

 

 

$

260

 

 

$

124

 

Acquisition(1)

 

—

 

 

 

—

 

 

 

—

 

 

 

19

 

Additions(2)

 

79

 

 

 

67

 

 

 

189

 

 

 

156

 

Revenue recognized that was included
   in the beginning balance

 

(75

)

 

 

(77

)

 

 

(182

)

 

 

(67

)

Ending balance

$

267

 

 

$

232

 

 

$

267

 

 

$

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.