Equity Etfs was BlackRock’s largest revenue line in fiscal 2025, bringing in $8.08B of $24.50B (33%).
| Investment Type | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Equity | — | $6.42B | — | — |
| Equity Etfs | $4.35B | $4.42B | $6.74B | $8.08B |
| Institutional | — | — | $4.03B | $5.32B |
| Retail | — | — | $4.28B | $4.53B |
| Institutional Active | — | — | $3.09B | $4.31B |
| Fixed Income | $3.50B | $3.13B | — | — |
| Equity Active Product | $2.15B | $2.00B | — | — |
| Fixed Income Active | $1.98B | $1.90B | — | — |
| Alternatives | $1.59B | — | — | — |
| Multi-Asset | $1.30B | — | — | — |
| Fixed Income Etfs | $1.12B | — | — | — |
| Cash Management | $864.00M | — | $1.05B | $1.25B |
| Institutional Index | — | — | $940.00M | $1.01B |
| Equity Non-Etf Index | $711.00M | — | — | — |
| Fixed Income Non-Etf Index | $396.00M | — | — | — |
| Total | $17.95B | $17.86B | $20.13B | $24.50B |
BlackRock brought in $24.50B from its six revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 21.7% from $20.13B in fiscal 2024. Equity Etfs was the largest at $8.08B (33.0%), ahead of Institutional at $5.32B (21.7%) and Retail at $4.53B (18.5%). The other three revenue lines brought in $6.57B combined.
Compared with fiscal 2024, Institutional Active grew fastest, up 39.6% to $4.31B. Every revenue line above 2% of revenue grew.
BlackRock began breaking out Institutional in fiscal 2024, Retail in fiscal 2024, Institutional Active in fiscal 2024 and Institutional Index in fiscal 2024. BlackRock stopped reporting Equity ($6.42B in fiscal 2023), Fixed Income ($3.13B in fiscal 2023), Equity Active Product ($2.00B in fiscal 2023) and six others as separate revenue lines.
Revenue By Client Type was BlackRock’s largest product and service line in fiscal 2025, bringing in $19.18B of $24.22B (79%).
| Product and Service | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue By Client Type | $14.45B | $14.40B | $16.10B | $19.18B |
| Technology Services & Subscription Revenue | — | $1.49B | $1.60B | $1.98B |
| Technology Services Revenue | $1.36B | — | — | — |
| Distribution Fees | $1.38B | $1.26B | $1.27B | $1.36B |
| Investment Advisory Performance Fees | $514.00M | $554.00M | $1.21B | $1.42B |
| Advisory & Other Revenue | $163.00M | $159.00M | $224.00M | $277.00M |
| Total | $17.87B | $17.86B | $20.41B | $24.22B |
BlackRock brought in $24.22B from its five product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 18.7% from $20.41B in fiscal 2024. Revenue By Client Type was the largest at $19.18B (79.2%), ahead of Technology Services & Subscription Revenue at $1.98B (8.2%) and Investment Advisory Performance Fees at $1.42B (5.9%). The other two lines brought in $1.63B combined.
Compared with fiscal 2024, Technology Services & Subscription Revenue grew fastest, up 23.6% to $1.98B. Every line above 2% of revenue grew.
BlackRock began breaking out Technology Services & Subscription Revenue in fiscal 2023, when it brought in $1.49B. BlackRock stopped reporting Technology Services Revenue as a separate line after fiscal 2022, when it brought in $1.36B.
Americas was BlackRock’s largest region in fiscal 2025, bringing in $15.96B of $24.22B (66%).
| Geography | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Americas | $11.93B | $11.90B | $13.41B | $15.96B |
| Europe | $5.16B | $5.21B | $6.14B | $7.17B |
| Asia-Pacific | $778.00M | $751.00M | $859.00M | $1.09B |
| Total | $17.87B | $17.86B | $20.41B | $24.22B |
BlackRock brought in $24.22B from its three regions in fiscal 2025, the year ended December 31, 2025. That was up 18.7% from $20.41B in fiscal 2024. Americas was the largest at $15.96B (65.9%), ahead of Europe at $7.17B (29.6%) and Asia-Pacific at $1.09B (4.5%).
Compared with fiscal 2024, Asia-Pacific grew fastest, up 27.4% to $1.09B. Every region above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these regions grew from $17.87B to $24.22B, a compound annual growth rate of 10.7%. Americas' share of the total fell from 66.8% to 65.9%.
BlackRock (BLK) reports its revenue by investment type, by product and service and by geography. In fiscal 2025, Equity Etfs was its largest revenue line, bringing in $8.08B (33.0% of the total), followed by Institutional at $5.32B (21.7%).
Equity Etfs was BlackRock's largest revenue line in fiscal 2025, bringing in $8.08B, or 33.0% of the $24.50B total across its six revenue lines.
Revenue By Client Type was BlackRock's largest product and service line in fiscal 2025, bringing in $19.18B, or 79.2% of the $24.22B total across its five product and service lines.
Americas was BlackRock's largest region in fiscal 2025, bringing in $15.96B, or 65.9% of the $24.22B total across its three regions.
Among BlackRock's revenue lines that make up at least 2% of revenue, Institutional Active grew fastest in fiscal 2025, up 39.6% from $3.09B to $4.31B.
Every figure comes from BlackRock's annual financial filings, as reported. Each line keeps the name BlackRock gives it, and years follow its fiscal calendar.
BlackRock's revenue by investment type goes back to fiscal 2022, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.