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How BlackRock (BLK) makes money
BlackRock (BLK) made $7.8B of revenue in the third quarter 2026 (Q3 2026), +19% from a year earlier. Investment Advice brought in $6.0B (78%); Investment Performance brought in $630M (8%); Technology Services and Subscription Revenue brought in $588M (8%). Of every dollar of revenue, 30¢ was left as operating profit, 21¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Investment Advice | $6.0B | 77.9% | +5% | +20% |
| Investment Performance | $630M | 8.1% | +107% | +22% |
| Technology Services and Subscription Revenue | $588M | 7.6% | +4% | +14% |
| Distribution and Shareholder Service | $414M | 5.3% | +5% | +17% |
| Service Other | $84.0M | 1.1% | -9% | +9% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $7.8B | 100.0% |
| Operating profit | $2.3B | 30.0% |
| Income tax | $724M | 9.3% |
| Net earnings | $1.7B | 21.4% |
| Operating cash flow | $2.7B | 34.9% |
| Free cash flow | $2.6B | 33.6% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $7.8B | +19% |
| Q2 2026 | $7.1B | +31% |
| Q1 2026 | $6.7B | +27% |
| Q4 2025 | $7.0B | +23% |
| Q3 2025 | $6.5B | +25% |
From BlackRock's 10-Q filed Nov 4, 2026 (on EDGAR).
Questions
How does BlackRock make money?
BlackRock (BLK) made $7.8B of revenue in the third quarter 2026 (Q3 2026), +19% from a year earlier. Investment Advice brought in $6.0B (78%); Investment Performance brought in $630M (8%); Technology Services and Subscription Revenue brought in $588M (8%). Of every dollar of revenue, 30¢ was left as operating profit, 21¢ was left as net earnings.
What is BlackRock's biggest business?
Investment Advice: $6.0B in the third quarter 2026, 78% of revenue, +20% from a year earlier.
What is BlackRock's profit margin?
Net earnings were $1.7B, 21.4% of revenue, in the third quarter 2026; the operating margin was 30.0%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.