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Revenue (Tables)

3 Months Ended

Mar. 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 the three months ended March 31, 2025 and 2024 and includes the product type mix of investment advisory, administration fees and securities lending revenue, and performance fees.


	Three Months Ended
	March 31,
(in millions)	2025		2024
Revenue
Investment advisory, administration fees and securities lending revenue(1):
Equity:
Active	$	518	$	516
ETFs		1,349		1,190
Equity subtotal		1,867		1,706
Fixed income:
Active		492		484
ETFs		352		327
Fixed income subtotal		844		811
Active multi-asset		313		305
Alternatives:
Private markets		535		240
Liquid alternatives		150		138
Alternatives subtotal		685		378
Non-ETF index		307		288
Digital assets, commodities and multi-asset ETFs(2)		92		45
Long-term		4,108		3,533
Cash management		293		245
Total investment advisory, administration fees and securities lending revenue(3)		4,401		3,778
Investment advisory performance fees:
Equity		10		8
Fixed income		12		4
Multi-asset		4		2
Alternatives:
Private markets		24		125
Liquid alternatives		10		65
Alternatives subtotal		34		190
Total investment advisory performance fees		60		204
Technology services and subscription revenue		436		377
Distribution fees		321		310
Advisory and other revenue:
Advisory		14		13
Other		44		46
Total advisory and other revenue		58		59
Total revenue	$	5,276	$	4,728

(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 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 investment advisory, administration fees and securities lending revenue line items.

(2)

Amounts include commodity ETFs and exchange-traded products ("ETPs").

(3)

Amounts include $157 million and $151 million of securities lending revenue for the three months ended March 31, 2025 and 2024, respectively.

The tables below present the investment advisory, administration fees and securities lending revenue by client type and investment style:


	Three Months Ended
	March 31,
(in millions)	2025		2024
By client type(1):
Retail	$	1,061	$	1,041
ETFs		1,793		1,562
Institutional:
Active		1,016		697
Index		238		233
Institutional subtotal		1,254		930
Long-term		4,108		3,533
Cash management		293		245
Total	$	4,401	$	3,778

By investment style(1):
Active	$	2,008	$	1,683
ETFs		1,793		1,562
Non-ETF index		307		288
Long-term		4,108		3,533
Cash management		293		245
Total	$	4,401	$	3,778

(1)

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 March 31, 2025 and 2024:

March 31, 2025


	Remainder of
(in millions)	2025		2026		2027		2028		Thereafter		Total
Investment advisory and administration fees:
Alternatives(1)(2)	$	369	$	445	$	416	$	131	$	32	$	1,393

March 31, 2024


	Remainder of
(in millions)	2024		2025		2026		2027		Thereafter		Total
Investment advisory and administration fees:
Alternatives(1)(2)	$	152	$	180	$	159	$	119	$	49	$	659

(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 March 31, 2025 and 2024. 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 Deferred Carried Interest Liability

The table below presents changes in the deferred carried interest liability, which is included in other liabilities on the condensed consolidated statements of financial condition, for the three months ended March 31, 2025 and 2024:


	Three Months Ended
	March 31,
(in millions)	2025			2024
Beginning balance	$	1,860		$	1,783
Net increase (decrease) in unrealized allocations		104			142
Performance fee revenue recognized		(32	)		(111	)
Ending balance	$	1,932		$	1,814

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 March 31, 2025 and 2024:

March 31, 2025


	Remainder of
(in millions)	2025		2026		2027		2028		Thereafter		Total
Technology services and subscription revenue(1)(2)	$	177	$	141	$	73	$	38	$	51	$	480

March 31, 2024


	Remainder of
(in millions)	2024		2025		2026		2027		Thereafter		Total
Technology services and subscription revenue(1)(2)	$	104	$	76	$	59	$	33	$	31	$	303

(1)

Technology services and subscription revenue primarily includes upfront payments from customers, which the Company generally 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)

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 three months ended March 31, 2025 and 2024, which is included in other liabilities on the condensed consolidated statements of financial condition:


	Three Months Ended
	March 31,
(in millions)	2025			2024
Beginning balance	$	124		$	133
Acquisition(1)		88			—
Additions(2)		44			25
Revenue recognized that was included in the beginning balance		(24	)		(28	)
Ending balance	$	232		$	130

(1)

Amount for 2025 includes deferred revenue acquired in connection with the Preqin Transaction, net of revenue recognized for the three months ended March 31, 2025. See Note 3, Acquisitions, for information on the Preqin Transaction.

(2)

Amounts are net of revenue recognized.