How BlackRock makes money

Period

FY2025

How does BlackRock make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

BlackRock Inc. · FY2025 · year ended 2025-12-31

Revenue$24.2BGross profit$24.2B · 100%Cost of revenue$0 · 0%Operating income$7.0B · 29%Operating expenses$17.2B · 71%SG&A$2.7B · 11%Other opex$14.4B · 60%Pre-tax income$7.2B · 30%Other income$185M · 1%Net income$5.6B · 23%Income tax$1.7B · 7%Investment Advice$19.2B · 79%Technology Services & Subscription Revenue$2.0B · 8%Investment Performance$1.4B · 6%Distribution & Shareholder Service$1.4B · 6%Service Other$277M · 1%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.