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Revenue (Tables) | 12 Months Ended
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Dec. 31, 2025
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 2025, 2024 and 2023 and includes the product type mix of investment advisory, administration fees and securities lending revenue and performance fees.
(in millions) | 2025 |  |  | 2024 |  |  | 2023 |
Revenue: |  |  |  |  |  |  |  |
Investment advisory, administration fees and securities lending revenue(1): |  |  |  |  |  |  |  |
Equity: |  |  |  |  |  |  |  |
Active | $ | 2,167 |  |  | $ | 2,166 |  |  | $ | 2,000 |
ETFs |  | 6,043 |  |  |  | 5,124 |  |  |  | 4,418 |
Equity subtotal |  | 8,210 |  |  |  | 7,290 |  |  |  | 6,418 |
Fixed income: |  |  |  |  |  |  |  |
Active |  | 2,018 |  |  |  | 1,952 |  |  |  | 1,897 |
ETFs |  | 1,532 |  |  |  | 1,367 |  |  |  | 1,230 |
Fixed income subtotal |  | 3,550 |  |  |  | 3,319 |  |  |  | 3,127 |
Active multi-asset |  | 1,332 |  |  |  | 1,248 |  |  |  | 1,172 |
Alternatives: |  |  |  |  |  |  |  |
Private markets |  | 2,350 |  |  |  | 1,196 |  |  |  | 889 |
Liquid alternatives |  | 669 |  |  |  | 568 |  |  |  | 572 |
Alternatives subtotal |  | 3,019 |  |  |  | 1,764 |  |  |  | 1,461 |
Non-ETF index |  | 1,321 |  |  |  | 1,183 |  |  |  | 1,127 |
Digital assets, commodities and multi-asset ETFs(2) |  | 502 |  |  |  | 247 |  |  |  | 185 |
Long-term |  | 17,934 |  |  |  | 15,051 |  |  |  | 13,490 |
Cash management |  | 1,245 |  |  |  | 1,049 |  |  |  | 909 |
Total investment advisory, administration fees and securities lending revenue(3) |  | 19,179 |  |  |  | 16,100 |  |  |  | 14,399 |
Investment advisory performance fees: |  |  |  |  |  |  |  |
Equity |  | 132 |  |  |  | 161 |  |  |  | 99 |
Fixed income |  | 16 |  |  |  | 34 |  |  |  | 4 |
Multi-asset |  | 23 |  |  |  | 24 |  |  |  | 28 |
Alternatives: |  |  |  |  |  |  |  |
Private markets |  | 695 |  |  |  | 308 |  |  |  | 273 |
Liquid alternatives |  | 558 |  |  |  | 680 |  |  |  | 150 |
Alternatives subtotal |  | 1,253 |  |  |  | 988 |  |  |  | 423 |
Total investment advisory performance fees |  | 1,424 |  |  |  | 1,207 |  |  |  | 554 |
Technology services and subscription revenue |  | 1,981 |  |  |  | 1,603 |  |  |  | 1,485 |
Distribution fees |  | 1,355 |  |  |  | 1,273 |  |  |  | 1,262 |
Advisory and other revenue: |  |  |  |  |  |  |  |
Advisory |  | 50 |  |  |  | 49 |  |  |  | 81 |
Other |  | 227 |  |  |  | 175 |  |  |  | 78 |
Total advisory and other revenue |  | 277 |  |  |  | 224 |  |  |  | 159 |
Total revenue | $ | 24,216 |  |  | $ | 20,407 |  |  | $ | 17,859 |
(1) Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 and 2023 to conform to this new presentation. See page 11 of Exhibit 99.2 to the Current Report on Form 8-K furnished on April 11, 2025 for the reclassified presentation of the 2024 and 2023 investment advisory, administration fees and securities lending revenue line items. (2) Amounts include commodity ETFs and exchange-traded products ("ETPs"). (3) Amounts include $705 million, $615 million and $675 million of securities lending revenue for 2025, 2024 and 2023, respectively. The tables below present the investment advisory, administration fees and securities lending revenue by client type and investment style:
(in millions) | 2025 |  |  | 2024 |  |  | 2023 |
By client type(1): |  |  |  |  |  |  |  |
Retail | $ | 4,534 |  |  | $ | 4,284 |  |  | $ | 4,115 |
ETFs |  | 8,077 |  |  |  | 6,738 |  |  |  | 5,833 |
Institutional: |  |  |  |  |  |  |  |
Active |  | 4,313 |  |  |  | 3,089 |  |  |  | 2,624 |
Index |  | 1,010 |  |  |  | 940 |  |  |  | 918 |
Institutional subtotal |  | 5,323 |  |  |  | 4,029 |  |  |  | 3,542 |
Long-term |  | 17,934 |  |  |  | 15,051 |  |  |  | 13,490 |
Cash management |  | 1,245 |  |  |  | 1,049 |  |  |  | 909 |
Total | $ | 19,179 |  |  | $ | 16,100 |  |  | $ | 14,399 |
By investment style(1): |  |  |  |  |  |  |  |
Active | $ | 8,536 |  |  | $ | 7,130 |  |  | $ | 6,530 |
ETFs |  | 8,077 |  |  |  | 6,738 |  |  |  | 5,833 |
Non-ETF index |  | 1,321 |  |  |  | 1,183 |  |  |  | 1,127 |
Long-term |  | 17,934 |  |  |  | 15,051 |  |  |  | 13,490 |
Cash management |  | 1,245 |  |  |  | 1,049 |  |  |  | 909 |
Total | $ | 19,179 |  |  | $ | 16,100 |  |  | $ | 14,399 |
(1) Beginning in the first quarter of 2025, BlackRock reclassified the presentation of the Company's investment advisory, administration fees and securities lending revenue line items to align with the updated presentation of the Company's AUM line items. Such line items have been reclassified for 2024 and 2023 to conform to this new presentation. See page 11 of Exhibit 99.2 to the Current Report on Form 8-K furnished on April 11, 2025 for the reclassified presentation of the 2024 and 2023 investment advisory, administration fees and securities lending revenue line items.
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 December 31, 2025 and 2024: December 31, 2025
(in millions) | 2026 |  |  | 2027 |  |  | 2028 |  |  | Thereafter |  |  | Total |
Investment advisory and administration fees: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alternatives(1)(2) | $ | 492 |  |  | $ | 459 |  |  | $ | 226 |  |  | $ | 75 |  |  | $ | 1,252 |
December 31, 2024
(in millions) | 2025 |  |  | 2026 |  |  | 2027 |  |  | Thereafter |  |  | Total |
Investment advisory and administration fees: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alternatives(1)(2) | $ | 427 |  |  | $ | 381 |  |  | $ | 353 |  |  | $ | 142 |  |  | $ | 1,303 |
(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 December 31, 2025 and 2024. 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 in the table above. (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 consolidated statements of financial condition, for the year ended December 31, 2025 and 2024:
(in millions) | 2025 |  |  | 2024 |
Beginning balance | $ | 1,860 |  |  | $ | 1,783 |
Acquisition(1) |  | 1,441 |  |  |  | — |
Net increase (decrease) in unrealized allocations |  | 706 |  |  |  | 364 |
Performance fee revenue recognized |  | (492 | ) |  |  | (287 | )
Ending balance | $ | 3,515 |  |  | $ | 1,860 |
(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.
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 December 31, 2025 and 2024: December 31, 2025
(in millions) | 2026 |  |  | 2027 |  |  | 2028 |  |  | Thereafter |  |  | Total |
Technology services and subscription revenue(1)(2) | $ | 208 |  |  | $ | 121 |  |  | $ | 73 |  |  | $ | 95 |  |  | $ | 497 |
December 31, 2024
(in millions) | 2025 |  |  | 2026 |  |  | 2027 |  |  | Thereafter |  |  | Total |
Technology services and subscription revenue(1)(2) | $ | 134 |  |  | $ | 81 |  |  | $ | 50 |  |  | $ | 69 |  |  | $ | 334 |
(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 in the table above. (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 Technology Services and Subscription Deferred Revenue Liability | The table below presents changes in the technology services and subscription deferred revenue liability for the year ended December 31, 2025 and 2024, which is included in other liabilities on the consolidated statements of financial condition:
(in millions) | 2025 |  |  | 2024 |
Beginning balance | $ | 124 |  |  | $ | 133 |
Acquisition(1) |  | 3 |  |  |  | — |
Additions(2) |  | 218 |  |  |  | 84 |
Revenue recognized that was included in the beginning balance |  | (85 | ) |  |  | (93 | )
Ending balance | $ | 260 |  |  | $ | 124 |
(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.

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