BlackRock Inc

blackrock.com

What Do They Do?

Manages investments and provides technology and subscription services to institutional and retail clients.

How Do They Make Money?

Clients pay ongoing fees for managing and administering their investments, usually based on the assets managed; securities-lending fees accrue while client securities are lent. Technology services are generally charged over time, while software licenses are charged when access is granted.

revenue

Segment	Share	How money arrives
Investment Advisory, Administration Fees and Securities Lending Revenue Recurring	79% FY2022: 98%	Recurring
Investment Advisory Performance Fees	5.9% FY2022: 2.2%
Technology Services and Subscription Revenue Mix	8.2%	Mix
Distribution Fees Mix	5.6%	Mix
Advisory and Other Revenue	1.1% FY2022: −0.3%

Who Are Their Customers?

Institutional and retail clients include pension plans, government bodies, insurers, financial institutions, corporations and retail intermediaries. BlackRock markets to investors directly and through financial professionals and pension consultants.

Do Revenues Turn Into Profits?

Yes. It kept 23 cents of every revenue dollar as net income in FY2025 and turned 15 cents into free cash flow.

Operating income, FY2025

29% of revenue

▼ −7% vs FY2024 ($7.6B, 59%)

Net income, FY2025

23% of revenue

▼ −13% vs FY2024 ($6.4B, 50%)

Free cash flow, FY2025

15% of revenue

▼ −24% vs FY2024 ($4.7B, 37%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +31%; vs $5.4B in Q2 FY2025
Net income: ▲ +20%; vs $1.6B in Q2 FY2025

Investment Advisory, Administration Fees and Securities Lending Revenue share of revenue vs 82.1% in Q2 FY2025

Revenue over time

Investment Advisory, Administration Fees and Securities Lending Revenue Investment Advisory Performance Fees Technology Services and Subscription Revenue Distribution Fees Advisory and Other Revenue

$25B$12.5B$0

FY2022 FY2023 FY2024 FY2025

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