BlackRock (BLK)
Manages public and private portfolios and provides Aladdin investment technology.
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BlackRock mostly gets paid to look after other people's money, with its iShares funds doing more of the work than any other business. It is trying to become less dependent on low-priced public-market funds by building higher-paying private-market businesses and selling investment software by subscription.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 16 more below
iShares ETFs
Funds that trade on an exchange and follow ready-made baskets of investments. They produced $7.58 billion in FY2025; the watchpoint is whether incoming money and rising markets outweigh relentless fee pressure.
Competes with Vanguard ETFs (Vanguard) · SPDR ETFs (State Street Global Advisors)
In plain English
Think of iShares as a shelf of ready-packed investment baskets. Each basket holds shares, bonds or other investments, and people can buy or sell a piece of it through a brokerage just as they trade a company share.
BlackRock collects a small yearly fee on the money inside each basket. Institutions, retirement plans, advisers and individuals keep paying because the funds offer a simple way to spread money across many investments. The fee is tiny, so this business wins through enormous scale; markets and customer flows decide how much money is there to charge on.
Active Strategies
Managers choose investments rather than simply copying a list. These strategies generated about $4.33 billion in FY2025; keeping that money depends on delivering results while cheaper index funds keep winning industry flows.
Competes with Total Return and core-bond strategies (PIMCO) · Active equity funds (Capital Group)
In plain English
Here, BlackRock's teams decide what to buy, hold and sell. A pension fund, insurer or individual hires them in the hope that research and judgment will produce better income, growth or protection than a fixed recipe.
Customers pay a recurring slice of the money being managed, usually more than they pay for a simple index fund. Some strategies also earn extra fees after strong results. That makes the business valuable when performance is good, but unforgiving when it is not: disappointing returns can send clients toward rivals or low-cost funds that merely follow the market.
Private Markets
BlackRock finances privately owned companies, property and infrastructure through acquired specialist firms. The group generated about $3.05 billion in FY2025; the next test is turning promised client money into funded projects without weakening returns.
Competes with Apollo Credit (Apollo Global Management) · Brookfield Infrastructure (Brookfield Asset Management)
In plain English
This is money put to work away from the stock exchange: loans to companies, stakes in private businesses, buildings and infrastructure projects. Insurers, pension funds, governments and wealthy clients promise capital, and BlackRock finds places to invest it.
The company charges for managing those pools and can collect extra pay when investments perform well or are sold profitably. The fees are much richer than on giant index accounts, which is why this relatively small pool matters so much. But promised money earns fully only after suitable deals are found, and poor loans or exits can hurt both fees and trust.
Aladdin
Software that investment firms use to see risk, trade, keep records and run daily operations. Technology revenue reached $1.98 billion in FY2025; renewals depend on reliable systems, secure data and useful connections across a customer's firm.
Competes with SimCorp Dimension (SimCorp) · Clearwater platform (Clearwater Analytics)
In plain English
The control room behind an investment firm. Aladdin lets managers see what they own, test what could go wrong, place trades, keep the books and report results from one connected system. The technology line also includes eFront and Preqin, tools focused on private investments and their data.
Managers, insurers, pensions and banks sign fixed-price contracts or pay according to how many investment positions the system follows. Once a customer's records and daily work run through the platform, changing systems is disruptive, which supports repeat subscription revenue. Cloud outages, security failures or lost data rights would threaten that trust quickly.
Multi-Asset
Ready-made portfolios mix several kinds of investments for retirement plans and advisers. They generated about $1.36 billion in FY2025; growth rests on winning default spots in savings plans and getting permission to add private investments.
Competes with Vanguard Target Retirement Funds (Vanguard) · Fidelity Freedom Funds (Fidelity)
In plain English
One portfolio, several ingredients. Instead of asking a saver to choose separate share and bond funds, BlackRock blends them and adjusts the recipe as the person's retirement date approaches or as a client's needs change. LifePath is the largest named family.
Retirement plans and advisers pay BlackRock to make those allocation decisions and keep the mix on course. The portfolios can send money into BlackRock's own index, active and private offerings, so one customer relationship supports several businesses. Distribution through workplace recordkeepers, advisers and partners matters, while retirement rules govern how quickly private investments can join the recipe.
Non-ETF Index
Huge institutional accounts copy market lists without trading as exchange-listed funds. They produced $1.32 billion in FY2025; their job is dependable scale and client reach, because even very large inflows carry extremely thin fees.
Competes with State Street Index Investing (State Street Global Advisors) · Vanguard Institutional Index Fund (Vanguard)
In plain English
The unglamorous scale business. A pension fund, government fund or insurer asks BlackRock to mirror a published list of shares or bonds in a private account or shared pool. No manager is paid to hunt for winners; the goal is to match the list closely and cheaply.
BlackRock takes a very small fee on the money it oversees. The sums are enormous, but each dollar pays little, so a giant new account may barely move revenue. Accurate copying, low costs and reliable handling keep clients in place. The scale also supports securities lending, where investments are temporarily loaned for a fee shared with clients.
Cash Management
Short-term funds and accounts give companies and investors a place to park cash. Fees were about $1.25 billion in FY2025; demand and earnings move with short-term interest rates, regulation and confidence in the investments' safety.
Competes with Fidelity money-market funds (Fidelity) · JPMorgan Liquidity funds (JPMorgan)
In plain English
Cash that is waiting still needs somewhere to sit. BlackRock gathers balances from companies, institutions and individuals, then places them in money-market funds, short-term investments or tailored accounts designed to stay easy to access.
Customers pay a small fee for convenience, scale and careful credit work while the pool earns interest from short-term borrowers. Brokerages and corporate cash systems help bring balances in. Higher rates can make these products more attractive, but falling rates can squeeze what BlackRock earns; any doubt about credit quality or access would send cautious customers elsewhere.
Liquid Alternatives
Complex strategies seek returns that do not simply rise and fall with ordinary markets while preserving easier withdrawals. They generated about $1.23 billion in FY2025, but nearly half depended on performance, making this fee stream unusually uneven.
Competes with BXMIX (Blackstone) · Alternative Risk Premia Fund (AQR)
In plain English
These portfolios try to take a different route from ordinary share and bond funds. They may combine bets that prices will rise with bets that they will fall, using investments that can still be bought or sold without locking money away for years. Institutions and wealthy clients use them to spread risk.
BlackRock charges for running the portfolios and can earn substantial extra pay when results clear agreed hurdles. That second part made up nearly half of this business's revenue in the anchor year, so a strong period can flatter the line and a weak one can quickly reverse it. Results, easy withdrawals and dependable trading partners all matter.
iShares ETFsFunds that trade on an exchange and follow ready-made baskets of investments. They produced $7.58 billion in FY2025; the watchpoint is whether incoming money and rising markets outweigh relentless fee pressure.Funds that trade on an exchange and follow ready-made baskets of investments. They produced $7.58 billion in FY2025; the watchpoint is whether incoming money and rising markets outweigh relentless fee pressure.
In plain English
Think of iShares as a shelf of ready-packed investment baskets. Each basket holds shares, bonds or other investments, and people can buy or sell a piece of it through a brokerage just as they trade a company share.
BlackRock collects a small yearly fee on the money inside each basket. Institutions, retirement plans, advisers and individuals keep paying because the funds offer a simple way to spread money across many investments. The fee is tiny, so this business wins through enormous scale; markets and customer flows decide how much money is there to charge on.
Competes with Vanguard ETFs (Vanguard) · SPDR ETFs (State Street Global Advisors)
Active StrategiesManagers choose investments rather than simply copying a list. These strategies generated about $4.33 billion in FY2025; keeping that money depends on delivering results while cheaper index funds keep winning industry flows.Managers choose investments rather than simply copying a list. These strategies generated about $4.33 billion in FY2025; keeping that money depends on delivering results while cheaper index funds keep winning industry flows.
In plain English
Here, BlackRock's teams decide what to buy, hold and sell. A pension fund, insurer or individual hires them in the hope that research and judgment will produce better income, growth or protection than a fixed recipe.
Customers pay a recurring slice of the money being managed, usually more than they pay for a simple index fund. Some strategies also earn extra fees after strong results. That makes the business valuable when performance is good, but unforgiving when it is not: disappointing returns can send clients toward rivals or low-cost funds that merely follow the market.
Competes with Total Return and core-bond strategies (PIMCO) · Active equity funds (Capital Group)
Private MarketsBlackRock finances privately owned companies, property and infrastructure through acquired specialist firms. The group generated about $3.05 billion in FY2025; the next test is turning promised client money into funded projects without weakening returns.BlackRock finances privately owned companies, property and infrastructure through acquired specialist firms. The group generated about $3.05 billion in FY2025; the next test is turning promised client money into funded projects without weakening returns.
In plain English
This is money put to work away from the stock exchange: loans to companies, stakes in private businesses, buildings and infrastructure projects. Insurers, pension funds, governments and wealthy clients promise capital, and BlackRock finds places to invest it.
The company charges for managing those pools and can collect extra pay when investments perform well or are sold profitably. The fees are much richer than on giant index accounts, which is why this relatively small pool matters so much. But promised money earns fully only after suitable deals are found, and poor loans or exits can hurt both fees and trust.
Competes with Apollo Credit (Apollo Global Management) · Brookfield Infrastructure (Brookfield Asset Management)
AladdinSoftware that investment firms use to see risk, trade, keep records and run daily operations. Technology revenue reached $1.98 billion in FY2025; renewals depend on reliable systems, secure data and useful connections across a customer's firm.Software that investment firms use to see risk, trade, keep records and run daily operations. Technology revenue reached $1.98 billion in FY2025; renewals depend on reliable systems, secure data and useful connections across a customer's firm.
In plain English
The control room behind an investment firm. Aladdin lets managers see what they own, test what could go wrong, place trades, keep the books and report results from one connected system. The technology line also includes eFront and Preqin, tools focused on private investments and their data.
Managers, insurers, pensions and banks sign fixed-price contracts or pay according to how many investment positions the system follows. Once a customer's records and daily work run through the platform, changing systems is disruptive, which supports repeat subscription revenue. Cloud outages, security failures or lost data rights would threaten that trust quickly.
Competes with SimCorp Dimension (SimCorp) · Clearwater platform (Clearwater Analytics)
Multi-AssetReady-made portfolios mix several kinds of investments for retirement plans and advisers. They generated about $1.36 billion in FY2025; growth rests on winning default spots in savings plans and getting permission to add private investments.Ready-made portfolios mix several kinds of investments for retirement plans and advisers. They generated about $1.36 billion in FY2025; growth rests on winning default spots in savings plans and getting permission to add private investments.
In plain English
One portfolio, several ingredients. Instead of asking a saver to choose separate share and bond funds, BlackRock blends them and adjusts the recipe as the person's retirement date approaches or as a client's needs change. LifePath is the largest named family.
Retirement plans and advisers pay BlackRock to make those allocation decisions and keep the mix on course. The portfolios can send money into BlackRock's own index, active and private offerings, so one customer relationship supports several businesses. Distribution through workplace recordkeepers, advisers and partners matters, while retirement rules govern how quickly private investments can join the recipe.
Competes with Vanguard Target Retirement Funds (Vanguard) · Fidelity Freedom Funds (Fidelity)
Non-ETF IndexHuge institutional accounts copy market lists without trading as exchange-listed funds. They produced $1.32 billion in FY2025; their job is dependable scale and client reach, because even very large inflows carry extremely thin fees.Huge institutional accounts copy market lists without trading as exchange-listed funds. They produced $1.32 billion in FY2025; their job is dependable scale and client reach, because even very large inflows carry extremely thin fees.
In plain English
The unglamorous scale business. A pension fund, government fund or insurer asks BlackRock to mirror a published list of shares or bonds in a private account or shared pool. No manager is paid to hunt for winners; the goal is to match the list closely and cheaply.
BlackRock takes a very small fee on the money it oversees. The sums are enormous, but each dollar pays little, so a giant new account may barely move revenue. Accurate copying, low costs and reliable handling keep clients in place. The scale also supports securities lending, where investments are temporarily loaned for a fee shared with clients.
Competes with State Street Index Investing (State Street Global Advisors) · Vanguard Institutional Index Fund (Vanguard)
Cash ManagementShort-term funds and accounts give companies and investors a place to park cash. Fees were about $1.25 billion in FY2025; demand and earnings move with short-term interest rates, regulation and confidence in the investments' safety.Short-term funds and accounts give companies and investors a place to park cash. Fees were about $1.25 billion in FY2025; demand and earnings move with short-term interest rates, regulation and confidence in the investments' safety.
In plain English
Cash that is waiting still needs somewhere to sit. BlackRock gathers balances from companies, institutions and individuals, then places them in money-market funds, short-term investments or tailored accounts designed to stay easy to access.
Customers pay a small fee for convenience, scale and careful credit work while the pool earns interest from short-term borrowers. Brokerages and corporate cash systems help bring balances in. Higher rates can make these products more attractive, but falling rates can squeeze what BlackRock earns; any doubt about credit quality or access would send cautious customers elsewhere.
Competes with Fidelity money-market funds (Fidelity) · JPMorgan Liquidity funds (JPMorgan)
Liquid AlternativesComplex strategies seek returns that do not simply rise and fall with ordinary markets while preserving easier withdrawals. They generated about $1.23 billion in FY2025, but nearly half depended on performance, making this fee stream unusually uneven.Complex strategies seek returns that do not simply rise and fall with ordinary markets while preserving easier withdrawals. They generated about $1.23 billion in FY2025, but nearly half depended on performance, making this fee stream unusually uneven.
In plain English
These portfolios try to take a different route from ordinary share and bond funds. They may combine bets that prices will rise with bets that they will fall, using investments that can still be bought or sold without locking money away for years. Institutions and wealthy clients use them to spread risk.
BlackRock charges for running the portfolios and can earn substantial extra pay when results clear agreed hurdles. That second part made up nearly half of this business's revenue in the anchor year, so a strong period can flatter the line and a weak one can quickly reverse it. Results, easy withdrawals and dependable trading partners all matter.
Competes with BXMIX (Blackstone) · Alternative Risk Premia Fund (AQR)
Named in filings, launches and programs
- Digital AssetsEcosystem · RampingIBIT, ETHA, BUIDL, BITA and digital cash services sit inside exchange-traded fund, cash and technology revenue rather than forming a clean standalone business.
- Global Infrastructure PartnersBrandThe infrastructure manager acquired in October 2024 now anchors the private-markets push.
- HPS Investment PartnersBrandThe private-credit manager acquired in July 2025 brought $118 billion of fee-paying client assets.
- PreqinPlatformPrivate-market data and subscription software acquired for about $3.2 billion in cash; its revenue sits inside technology services.
- eFrontPlatformSoftware for tracking private investments and risk, sold as part of BlackRock's wider technology offering.
- AperioProduct lineCustomized, tax-managed portfolios held nearly $200 billion by the second quarter of FY2026.
- LifePath PaycheckProduct line · RampingA retirement portfolio that adds income after work, with about $30 billion by the second quarter of FY2026.
- JioBlackRockBrand · RampingThe Indian joint venture launched twelve funds in 2025 and reported more than one million retail investors.
- Distribution and Shareholder ServicingService$1.36 billion of FY2025 fees were largely offset by payments to outside firms that distribute and service funds.
- Financial Markets AdvisoryServiceAdvice on balance sheets, risk and transactions produced $50 million in FY2025.
- Currency and CommoditiesProduct lineFunds and accounts offering currency and raw-material exposure, including commodity exchange-traded products.
- AIP–Aligned Data Centers acquisitionCustomer programA consortium closed the roughly $40 billion data-center purchase in July 2026; BlackRock's fund-level contribution was not disclosed.
- Meta El Paso data-center ventureCustomer programBlackRock-managed funds joined Meta in a reported $14 billion data-center campus venture in July 2026.
- NVIDIA AI-infrastructure financing programCustomer program · AnnouncedA multi-manager effort announced in August 2026 sought more than $500 billion; no binding BlackRock amount was disclosed.
- Citi Wealth SMA mandateCustomer programRoughly $80 billion of customized Citi Wealth accounts arrived in the final quarter of FY2025.
- Unnamed scaled mandatesCustomer programRecent wins included a $7 billion international pension account and an initial $3 billion Latin American private-equity solution; customers were unnamed.
Digital AssetsEcosystem · Ramping
IBIT, ETHA, BUIDL, BITA and digital cash services sit inside exchange-traded fund, cash and technology revenue rather than forming a clean standalone business.
Global Infrastructure PartnersBrand
The infrastructure manager acquired in October 2024 now anchors the private-markets push.
HPS Investment PartnersBrand
The private-credit manager acquired in July 2025 brought $118 billion of fee-paying client assets.
PreqinPlatform
Private-market data and subscription software acquired for about $3.2 billion in cash; its revenue sits inside technology services.
eFrontPlatform
Software for tracking private investments and risk, sold as part of BlackRock's wider technology offering.
AperioProduct line
Customized, tax-managed portfolios held nearly $200 billion by the second quarter of FY2026.
LifePath PaycheckProduct line · Ramping
A retirement portfolio that adds income after work, with about $30 billion by the second quarter of FY2026.
JioBlackRockBrand · Ramping
The Indian joint venture launched twelve funds in 2025 and reported more than one million retail investors.
Distribution and Shareholder ServicingService
$1.36 billion of FY2025 fees were largely offset by payments to outside firms that distribute and service funds.
Financial Markets AdvisoryService
Advice on balance sheets, risk and transactions produced $50 million in FY2025.
Currency and CommoditiesProduct line
Funds and accounts offering currency and raw-material exposure, including commodity exchange-traded products.
AIP–Aligned Data Centers acquisitionCustomer program
A consortium closed the roughly $40 billion data-center purchase in July 2026; BlackRock's fund-level contribution was not disclosed.
Meta El Paso data-center ventureCustomer program
BlackRock-managed funds joined Meta in a reported $14 billion data-center campus venture in July 2026.
NVIDIA AI-infrastructure financing programCustomer program · Announced
A multi-manager effort announced in August 2026 sought more than $500 billion; no binding BlackRock amount was disclosed.
Citi Wealth SMA mandateCustomer program
Roughly $80 billion of customized Citi Wealth accounts arrived in the final quarter of FY2025.
Unnamed scaled mandatesCustomer program
Recent wins included a $7 billion international pension account and an initial $3 billion Latin American private-equity solution; customers were unnamed.