Total revenue of BlackRock from 2013 to 2026
BlackRock earns its money mainly by charging fees on the trillions of dollars it manages. Its total revenue has grown from around 10.2 billion dollars in 2013 to a record 24.2 billion in 2025. This report tracks the total revenue of BlackRock from 2013 to 2026. The climb tracks its swelling assets. More money managed simply means more fees. The link is mechanical and powerful.
Revenue closely follows the firm assets under management, which have soared over the same period, as shown in our BlackRock assets under management report. The wider business is profiled in our BlackRock statistics and facts overview.
More than doubled: total revenue of BlackRock has grown from around 10.2 billion dollars in 2013 to a record 24.2 billion in 2025, with a full-year 2026 estimate approaching 28 billion. Down years in 2016 and 2022 stand out.
Most of this revenue comes from base fees on funds, but a growing share now comes from technology, especially the Aladdin platform. BlackRock dominance across the industry is examined in our largest asset managers worldwide report.
A note on the data. Figures through 2025 are reported actuals from BlackRock filings. The 2026 figure is a full-year estimate, based on strong first-quarter results, as the year was not yet complete when this was compiled. The broad trend is unmistakable.
BlackRock Total Revenue by Year
| Year | Total revenue (USD bn) | Change |
|---|---|---|
| 2013 | $10.2B | +0% |
| 2014 | $11.1B | +9% |
| 2015 | $11.4B | +3% |
| 2016 | $11.2B | -2% |
| 2017 | $12.5B | +12% |
| 2018 | $14.2B | +14% |
| 2019 | $14.5B | +2% |
| 2020 | $16.2B | +11% |
| 2021 | $19.4B | +20% |
| 2022 | $17.9B | -8% |
| 2023 | $17.9B | +0% |
| 2024 | $20.4B | +14% |
| 2025 | $24.2B | +19% |
| 2026E | $28.0B | +16% |
The table lists the total revenue of BlackRock by year from 2013 to 2026, in billion dollars, with the year-on-year change. It shows steady growth, two down years in 2016 and 2022, and a record reached in 2025. Sorting reveals the full picture.
What Makes Up BlackRock Revenue
BlackRock revenue comes from several sources, but one dominates. Base fees, charged on the assets it manages, make up around 82 percent of total revenue, the core of the business. Fees on managed money are the bedrock. Everything else builds on that base. The other streams are smaller add-ons. Yet they are growing in importance.
The rest comes from technology services, mainly the Aladdin platform, plus performance fees, distribution fees and advisory income. The growing technology slice is a key part of the firm strategy, as discussed in our BlackRock hub.
Fees rule: base fees on managed assets make up around 82 percent of BlackRock revenue, with technology, performance, distribution and advisory income making up the rest. The technology slice is small but growing fast.
This mix matters because base fees are steady and predictable, rising and falling gently with markets, while performance fees are lumpy. The shift toward recurring technology revenue makes the overall income more stable and valuable. Recurring income earns a premium. Steady streams are worth more than lumpy ones. Markets reward predictable income.
BlackRock Revenue by Quarter
Quarter by quarter, BlackRock revenue has climbed to new highs. In the first quarter of 2026 it reached 6.7 billion dollars, up around 27 percent on the same quarter a year earlier. Each quarter has tended to top the last. The momentum has rarely paused for long. Setbacks have proved brief and shallow. Recovery has always followed quickly. New records soon replaced old ones. The long climb resumed each time.
That jump was driven by higher fees on record assets and by the firm recent acquisitions in private markets, which carry higher fees. The deals reshaping the firm are covered in our largest BlackRock multi-asset funds coverage.
Climbing quarters: revenue reached 6.7 billion dollars in Q1 2026, up around 27 percent year on year. The fourth quarter usually peaks as annual performance fees are booked, before easing in the new year.
Revenue tends to be highest in the fourth quarter, when annual performance fees are booked, then dips slightly in the first quarter of the next year. The overall direction, though, has been firmly upward across the quarters. The trend across quarters is clearly up.
Year-on-Year Change in BlackRock Revenue
Looking at the year-on-year change shows how revenue growth has varied. Most years have brought solid increases, but two saw revenue fall when markets dropped and fees followed. Revenue mirrors the market in real time. A rally lifts fees almost at once. A sell-off drags them down just as fast. The exposure cuts both ways.
Revenue dipped in 2016 and fell about 8 percent in 2022, both difficult years for markets, while the strongest gains came in 2021 and 2025, each up around 20 percent. The swings echo the volatility seen across our big tech revenue statistics coverage.
Growth with setbacks: revenue rose in most years but dipped in 2016 and fell about 8 percent in 2022 when markets dropped. The strongest gains, around 20 percent, came in 2021 and 2025.
These ups and downs reflect how closely revenue tracks markets. Because most fees are charged as a percentage of assets, a falling market shrinks both the assets and the fees, quickly pulling revenue down with it. The link is direct and immediate.
BlackRock Technology and Aladdin Revenue
One of the fastest-growing parts of BlackRock revenue is technology. Income from technology services, mostly the Aladdin risk and portfolio platform, has grown from a few hundred million dollars in 2014 to around 1.7 billion in 2025. That is a fivefold rise in just over a decade. Few parts of the firm have grown faster. Technology is now a headline business. Aladdin alone earns over a billion dollars. Hundreds of firms now rely on it daily.
Aladdin is used not just by BlackRock but by hundreds of other financial firms, giving the company a steady, recurring income stream quite separate from markets. This technology edge is explored in our number of BlackRock funds by region analysis.
Rising recurring income: technology services revenue, mostly from the Aladdin platform, has grown from a few hundred million dollars in 2014 to around 1.7 billion in 2025, a steady, high-margin stream separate from markets.
Technology revenue is prized because it is recurring and high-margin, and it grows even when markets fall. BlackRock is steadily turning itself into part software company, with annual technology contract value heading toward 2 billion dollars. Investors prize this steady, market-proof income. It cushions the firm when fees fall. That makes it especially valuable. It steadies the firm through downturns. Falling markets cannot easily erode it.
BlackRock Revenue Mix: 2013 vs 2026
Comparing the revenue mix in 2013 with 2026 shows how the business has broadened. Every source of revenue is far larger, but some have grown much faster than others. The mix today looks very different. New streams have joined the old ones. The business is far broader than before.
Base fees remain dominant but technology revenue has grown fastest, multiplying several times over. The shift toward recurring, fee-based income is as marked as anything in our biggest companies by value rankings.
A broader base: every revenue source is far larger than in 2013, but technology has grown fastest, multiplying several times over. Base fees still dominate, but the mix has broadened and steadied.
The widening of the revenue base makes BlackRock less dependent on any single source. While base fees still drive the firm, the rise of technology and private-market fees gives it new, more resilient streams of income. Diversity makes the revenue sturdier.
BlackRock Revenue as a Share of Assets
A revealing measure is BlackRock revenue as a share of the assets it manages, its effective fee rate. This has fallen steadily, from around 24 basis points in 2013 to about 17 in 2025. The drop has been steady and relentless. Cheap index funds keep pulling fees down. The whole industry feels the same squeeze. Only the largest can absorb it well. Smaller rivals struggle far more.
The decline reflects the shift of investor money into low-cost index funds and ETFs, where fees are tiny. BlackRock earns less on each dollar managed, a squeeze felt across the whole industry, as our largest US ETF providers coverage shows.
Earning less per dollar: BlackRock effective fee rate has fallen from around 24 basis points in 2013 to about 17 in 2025, as money shifts into cheap index funds. It must keep growing assets just to hold revenue steady.
Falling fee rates are why BlackRock must keep growing its assets just to stand still on revenue. Its answer has been sheer scale and a push into higher-fee areas like technology and private markets, which earn far more per dollar. Scale is the answer to thinner margins. More assets offset each fee cut. Volume makes up for lower prices. Sheer scale keeps revenue climbing. No rival manages anywhere near as much.
BlackRock Revenue and Profit
Revenue is only part of the story; what matters is how much BlackRock keeps as profit. Net income has grown alongside revenue, though not always in step, reaching several billion dollars a year. Profit growth has broadly tracked revenue. Margins have stayed impressively high. The firm keeps much of what it earns. That fuels its enormous market value.
In 2025, despite record revenue, reported net income dipped as one-off charges from major acquisitions weighed on the bottom line, though underlying profit rose. The link between revenue and profit is a theme in our Apple and Google comparison coverage.
Profit follows revenue: net income has grown alongside revenue, reaching several billion dollars a year. In 2025, reported profit dipped on one-off acquisition charges even as revenue hit a record, though underlying profit rose.
BlackRock is highly profitable, keeping a large share of its revenue as profit thanks to the low cost of running index funds at scale. Its margins are among the best in the asset management industry, underpinning its enormous value. High margins underpin its huge worth.
BlackRock Revenue Milestones
BlackRock revenue has passed a series of milestones. It crossed 10 billion dollars in 2013, reached 15 billion in 2020, passed 20 billion in 2024, and set a record above 24 billion in 2025. The next target is 28 billion in 2026. Each gap has closed faster than the last. Growth keeps gathering pace.
Each new threshold has come as the firm assets and fee-earning power have grown. The pace of these milestones has quickened in recent years, a momentum mirrored in our largest ETFs by market cap coverage.
Climbing thresholds: BlackRock revenue crossed 10 billion dollars in 2013, 15 billion in 2020, 20 billion in 2024, and set a record above 24 billion in 2025. The gaps between milestones keep shrinking.
The shrinking gaps between revenue milestones show how growth has accelerated. As BlackRock has added trillions in assets, the fees on those assets have lifted revenue to levels few asset managers have ever approached. Few asset managers earn on this scale.
BlackRock Revenue: Size vs Growth
Plotting revenue against its yearly growth rate brings the whole story together. Revenue has climbed steadily larger, while the growth rate has swung between strong gains and occasional falls. The two together tell the whole story. Size rises while growth swings around it. The long trend, though, points up.
The combination shows a business that grows powerfully over time but remains tied to markets in any single year. This blend of long-run strength and short-run swings defines BlackRock as a business. Strength over time, swings in any year.
Strength meets swings: the bars show revenue climbing steadily larger, while the line shows yearly growth swinging between strong gains and falls, as in 2022. Long-run strength, short-run volatility.
For investors, the message is that BlackRock revenue has trended relentlessly upward, even as individual years bring ups and downs. Its scale and central role in index investing have kept fees, and revenue, growing through every cycle. The long climb has outlasted every dip.
Taken together, the figures tell a clear story: the total revenue of BlackRock has more than doubled since 2013, to a record 24.2 billion dollars in 2025, driven by fees on its ever-growing assets and a fast-rising technology business. Fees and software now grow side by side. Together they push revenue ever higher. The combination has proved unstoppable. Few firms can rival its momentum. The trend points firmly upward.
Whether viewed over the long run or quarter by quarter, BlackRock revenue has grown into one of the largest in asset management. It dips in bad market years and surges in good ones, but the long-term direction has been relentlessly upward.
Frequently Asked Questions: BlackRock Revenue
BlackRock generated a record total revenue of 24.2 billion US dollars in 2025, up about 19 percent on the year before. This makes it one of the largest asset managers by revenue in the world. The figure has grown steadily over time: in 2013, BlackRock revenue was around 10.2 billion dollars, so it has more than doubled in just over a decade. The growth has come mainly from rising fees on the firm assets under management, which reached a record of more than 14 trillion dollars, along with a fast-growing technology business. In the first quarter of 2026, revenue reached 6.7 billion dollars, up around 27 percent year on year, helped by recent acquisitions in private markets. On that basis, full-year 2026 revenue is expected to set another record, likely approaching 28 billion dollars.
BlackRock makes money in several ways, but the great majority comes from base fees, the charges it levies on the assets it manages for clients. These base fees, typically a small percentage of the money invested, make up around 82 percent of total revenue. The rest comes from a mix of sources: technology services revenue, mainly from its Aladdin risk and portfolio platform, which is used by hundreds of financial firms; performance fees, earned when certain funds beat their targets; distribution fees from selling funds; and advisory and other income. Because most of its revenue is based on a percentage of assets, BlackRock earnings rise and fall with both the amount of money it manages and the level of financial markets. Its huge scale, low costs and growing technology business make it one of the most profitable firms in asset management.
BlackRock revenue has more than doubled since 2013 for two main reasons. The first and biggest is the enormous growth in its assets under management, which rose from around 4 trillion dollars to more than 14 trillion. Because BlackRock charges fees as a percentage of those assets, more assets mean more revenue, even though the fee rate itself has fallen. The growth in assets came from the global shift into low-cost index funds and ETFs, where BlackRock is the dominant provider, plus rising markets and major acquisitions. The second reason is the rise of new, higher-margin revenue streams, especially technology services from the Aladdin platform, which now earns around 1.7 billion dollars a year and is growing fast. Together, scale in fees and growth in technology have driven revenue to a record 24.2 billion dollars in 2025.
BlackRock biggest source of revenue is base fees, which are the fees it charges for managing client money. These account for around 82 percent of total revenue and are the core of the business. Base fees are typically calculated as a small percentage of the assets under management, so they rise as the firm manages more money and as markets climb, and fall when markets drop. The largest contributor within base fees is the iShares ETF business, reflecting the huge sums invested in low-cost index funds. Beyond base fees, BlackRock earns technology services revenue from its Aladdin platform, performance fees from funds that beat their targets, distribution fees, and advisory income. While base fees dominate, the firm has been deliberately growing its technology and private-market revenue, which are higher-margin and, in the case of technology, more stable and recurring than fees tied to markets.
Aladdin is BlackRock technology platform, a sophisticated system for managing investment risk and portfolios. It is used not only by BlackRock itself but by hundreds of other banks, insurers, pension funds and asset managers around the world, who pay to access it. Aladdin is the heart of BlackRock technology services business, which earned around 1.7 billion dollars in 2025 and is growing steadily, with annual contract value heading toward 2 billion dollars. This technology revenue is highly valued because it is recurring, high-margin and largely independent of financial markets, unlike fee income that rises and falls with asset values. Aladdin gives BlackRock a second business alongside asset management and a powerful competitive advantage, since it sits at the centre of how much of the financial industry manages risk. The firm has increasingly positioned itself as part technology company, not just a fund manager.
BlackRock total revenue fell about 8 percent in 2022, from around 19.4 billion dollars to 17.9 billion. The decline was caused by a difficult year in financial markets: surging inflation prompted central banks to raise interest rates rapidly, sending both stock and bond prices sharply lower. Because the great majority of BlackRock revenue comes from base fees charged as a percentage of the assets it manages, falling markets reduced the value of those assets and therefore the fees earned on them. Lower performance fees, as fewer funds beat their targets in a bad year, added to the decline. The episode shows how exposed BlackRock revenue is to market movements, even though the firm continued to attract new client money throughout the year. Revenue recovered in the following years, reaching record highs in 2024 and 2025 as markets rebounded.
BlackRock revenue is tiny compared with the assets it manages, which is normal for an asset manager. In 2025, it earned around 24.2 billion dollars in revenue on more than 14 trillion dollars of assets, an effective fee rate of roughly 17 basis points, or 0.17 percent. This fee rate has fallen steadily over the past decade, from around 24 basis points in 2013, as investors have shifted money into very low-cost index funds and ETFs. In other words, BlackRock earns less on each dollar it manages than it used to. The way it has kept growing revenue despite this squeeze is through sheer scale, managing far more money, and by expanding into higher-fee areas such as technology services and private markets. This combination of massive scale and a broadening revenue base has allowed total revenue to keep rising even as the average fee falls.
Yes, BlackRock revenue is growing strongly in 2026. In the first quarter of the year, the firm reported revenue of 6.7 billion dollars, up around 27 percent compared with the same quarter in 2025. This rapid growth was driven by higher fees on record assets under management, strong inflows, and the first full contribution from major acquisitions in private markets, which carry higher fees than index funds. On the basis of these results, full-year 2026 revenue is expected to set another record, likely approaching 28 billion dollars, though the final figure will depend on how markets perform through the rest of the year. The main risk is a market downturn, which would reduce the value of the assets on which BlackRock charges fees. But with continued inflows and growing technology and private-market income, the firm revenue is on track for further growth.
BlackRock is highly profitable, keeping a large share of its revenue as profit thanks to the low cost of running index funds at enormous scale. Its operating margins are among the best in the asset management industry, typically in the low to mid forties as a percentage of revenue. Net income has grown alongside revenue over the years, reaching several billion dollars annually. In 2025, however, reported net income dipped even as revenue hit a record, because one-off charges related to its large acquisitions weighed on the bottom line; underlying, or adjusted, profit continued to rise. The firm profitability comes from the fact that, once its funds and technology platforms are running, adding more assets costs relatively little, so much of the extra fee income flows straight to profit. This high profitability, combined with steady growth, is a big reason BlackRock is the most valuable listed asset manager in the world.
BlackRock revenue is widely expected to keep rising over the long term, although it will continue to fluctuate with financial markets in the short term. Several forces support further growth: the ongoing shift of investor money into low-cost index funds and ETFs, where BlackRock dominates and which keeps growing its assets; the fast expansion of its technology business, especially Aladdin, which provides recurring, high-margin income; and its push into higher-fee private markets through recent acquisitions. In early 2026, revenue was growing at around 27 percent year on year. The main risk is a prolonged market downturn, which would reduce the assets on which the firm charges fees, as happened in 2022. Over time, however, the structural growth of markets and of passive investing has repeatedly lifted BlackRock assets and fees to new records, so most analysts expect its total revenue to keep climbing in the years ahead.
BlackRock annual reports (Form 10-K), 2013-2025 - Source for annual total revenue.
BlackRock quarterly earnings (Form 8-K), Q4 2025 and Q1 2026 - Source for the record 24.2 billion and the Q1 2026 revenue of 6.7 billion.
BlackRock Investor Relations - Reference for official revenue data.
