BlackRock (BLK) Operating Expenses (2023 - 2026)
BlackRock (BLK) posted quarterly Operating Expenses of $3.9 billion for Q1 2026, up 8.55% year-over-year from $3.6 billion in Q1 2025, and down 27.36% quarter-over-quarter from $5.3 billion in Q4 2025.
BlackRock (BLK) Operating Expenses (2023 - 2026) Analysis & Trends
BlackRock (BLK) has reported Operating Expenses for 4 consecutive years, with $3.9 billion the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Expenses rose 8.55% year-over-year to $3.9 billion; the TTM figure through Mar 2026 stood at $17.5 billion (up 30.66% YoY), while the FY2025 annual figure was $17.2 billion, up 33.8% from the prior year.
- Operating Expenses fell to $3.9 billion in Q1 2026 per BLK's latest filing, from $5.3 billion in the prior quarter.
- Across five years, Operating Expenses topped out at $5.3 billion in Q4 2025 and bottomed at $2.9 billion in Q3 2023.
- Historically, Operating Expenses has averaged $3.6 billion across 4 years, with a median of $3.6 billion in 2025.
- Annual changes were most pronounced in 2025 — Operating Expenses surged 48.45% — and 2026, when it rose 8.55%.
- BlackRock's Operating Expenses stood at $3.0 billion in 2023, then advanced by 18.25% to $3.6 billion in 2024, then soared by 48.45% to $5.3 billion in 2025, then retreated by 27.36% to $3.9 billion in 2026.
- Business Quant data shows BLK's Operating Expenses at $3.9 billion in Q1 2026, $5.3 billion in Q4 2025, and $4.6 billion in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 176.99 Bn | 163.12 Bn | - | 4.62 Bn |
| 2 | Blackstone | 113.16 Bn | 110.65 Bn | - | 2.38 Bn |
| 3 | Kkr | 96.05 Bn | -181.02 Bn | - | 5.41 Bn |
| 4 | Brookfield | 92.54 Bn | 45.14 Bn | - | 14.94 Bn |
| 5 | Brookfield Asset Management | 82.31 Bn | 80.81 Bn | - | 659.00 Mn |
| 6 | Apollo Global Management | 77.14 Bn | 51.77 Bn | 10.54 Bn | 8.74 Bn |
| 7 | State Street | 50.64 Bn | 50.64 Bn | - | 2.66 Bn |
| 8 | Ameriprise Financial | 50.31 Bn | 39.27 Bn | 4.72 Bn | 3.50 Bn |
| 9 | Northern Trust | 33.61 Bn | 33.61 Bn | - | 1.64 Bn |
| 10 | Raymond James Financial | 33.40 Bn | 20.15 Bn | - | 3.18 Bn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 4.62 Bn |
| Mar 31, 2026 | 3.88 Bn |
| Dec 31, 2025 | 5.35 Bn |
| Sep 30, 2025 | 4.55 Bn |
| Jun 30, 2025 | 3.69 Bn |
| Mar 31, 2025 | 3.58 Bn |
| Dec 31, 2024 | 3.60 Bn |
| Sep 30, 2024 | 3.19 Bn |
| Jun 30, 2024 | 3.01 Bn |
| Mar 31, 2024 | 3.04 Bn |
| Dec 31, 2023 | 3.05 Bn |
| Sep 30, 2023 | 2.89 Bn |