BlackRock (BLK) Operating Expenses (2023 - 2026)
BlackRock's Operating Expenses was $4.62 billion in Q2 2026, up 25.2% from $3.69 billion a year earlier and up 19.0% from the prior quarter.
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Analysis
BlackRock (BLK) Operating Expenses (2023 - 2026) Analysis & Trends
On a trailing twelve-month basis, BlackRock's Operating Expenses was $18.41 billion through Jun 30, 2026, up 30.9% year-over-year; for FY2025, it was $17.17 billion, up 33.8% from FY2024.
- Operating Expenses has now increased for three consecutive years, with a three-year compound annual growth rate of 14.3% (FY2022 to FY2025).
- In earlier years, Operating Expenses was $12.83 billion in FY2024 (+10.8%), $11.58 billion in FY2023 (+0.8%) and $11.49 billion in FY2022.
- Quarterly Operating Expenses has moved between $2.89 billion (Q3 2023) and $5.35 billion (Q4 2025) over five years.
- Compared with a year earlier, Operating Expenses has increased for eight straight quarters, with growth averaging 24.3% over the last eight quarters.
- The year-over-year growth in Operating Expenses has ranged between 8.6% (Q1 2026) and 48.4% (Q4 2025) over the last five years.
- Per Business Quant data, BLK's Operating Expenses in the three quarters before Q2 2026 was $3.88 billion (Q1 2026), $5.35 billion (Q4 2025) and $4.55 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | BlackRock | 166.01 Bn | 112.36 Bn | - | 4.62 Bn |
| 2 | Spdr Gold Trust | 133.03 Bn | -424.98 Bn | - | 149.76 Mn |
| 3 | Blackstone | 86.20 Bn | 81.13 Bn | - | 2.38 Bn |
| 4 | Kkr | 83.71 Bn | 50.19 Bn | - | 5.41 Bn |
| 5 | Brookfield | 81.54 Bn | -83.85 Bn | 4.47 Bn | 14.94 Bn |
| 6 | Brookfield Asset Management | 71.09 Bn | 67.34 Bn | - | 659.00 Mn |
| 7 | Apollo Global Management | 68.54 Bn | 6.22 Bn | 10.56 Bn | 8.74 Bn |
| 8 | Wheaton Precious Metals | 61.57 Bn | 57.00 Bn | 687.86 Mn | 133.83 Mn |
| 9 | Franco Nevada | 47.40 Bn | 44.76 Bn | 451.00 Mn | 7.80 Mn |
| 10 | Ameriprise Financial | 43.81 Bn | 5.23 Bn | 4.72 Bn | 3.50 Bn |
Historic Data
Download Data
Historic 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 |
API Access
BlackRock Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=BLK&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "BLK", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=BLK&period=max&api_key=YOUR_API_KEY");
const data = await res.json();