BlackRock vs Broadcom: Revenue, Profit and Business Model
BlackRock reported $24.2B of revenue in FY2025 and $5.6B of net income. Broadcom reported $63.9B of revenue in FY2025 and $23.1B of net income.
Latest financial snapshot
Financial summary
BlackRock
BlackRock's revenue grew from $19.37 billion in 2021 to $24.22 billion in 2025, with a dip in 2022 and 2023 when stock and bond prices fell. Revenue jumped 19% in 2025 on higher markets, 9% organic base fee growth and fees from GIP and HPS. GAAP operating income fell 7% to $7.05 billion because of non-cash acquisition expenses and a charitable gift of Circle shares, but adjusted operating income rose 18% to $9.6 billion, a 44.1% margin. The firm returned $5 billion to shareholders in 2025 and raised its quarterly dividend 10% to $5.73 for 2026. In Q2 2026 revenue rose 31% to $7.08 billion, GAAP diluted EPS was $12.19 ($13.91 as adjusted), and planned buybacks were lifted to $550 million a quarter.
Broadcom
Fiscal 2025 revenue rose 24% to $63.9 billion and net income reached $23.1 billion, up from $5.9 billion in fiscal 2024, when a large income tax charge weighed on results. Operating income was $25.5 billion and free cash flow $26.9 billion, of which $11.1 billion went to dividends and $6.4 billion to buybacks. Fiscal 2026 then accelerated: quarterly revenue went from $19.3 billion in Q1 to $22.2 billion in Q2 and $29.6 billion in Q3, with Q4 guided at about $34.8 billion. Long-term debt taken on for VMware fell to $57.2 billion at 2 August 2026 from $62.0 billion at the end of fiscal 2025, and the quarterly dividend is $0.65 a share after a 10% increase.
Revenue and profit by year
BlackRock
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $24.2B | $5.6B | 22.9% | +18.7% | Source |
| FY2024 | $20.4B | $6.4B | 31.2% | +14.3% | Source |
| FY2023 | $17.9B | $5.5B | 30.8% | -0.1% | Source |
| FY2022 | $17.9B | $5.2B | 29.0% | -7.7% | Source |
| FY2021 | $19.4B | $5.9B | 30.5% | — | Source |
Broadcom
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $63.9B | $23.1B | 36.2% | +23.9% | Source |
| FY2024 | $51.6B | $5.9B | 11.4% | +44.0% | Source |
| FY2023 | $35.8B | $14.1B | 39.3% | +7.9% | Source |
| FY2022 | $33.2B | $11.5B | 34.6% | +21.0% | Source |
| FY2021 | $27.4B | $6.7B | 24.5% | +14.9% | Source |
| FY2020 | $23.9B | $3B | 12.4% | +5.7% | Source |
| FY2019 | $22.6B | $2.7B | 12.1% | +8.4% | Source |
| FY2018 | $20.8B | $12.3B | 58.8% | +18.2% | Source |
| FY2017 | $17.6B | $1.7B | 9.6% | — | Source |
Where the revenue comes from
BlackRock
- Investment advisory and administration fees
largest stream
Base fees charged on AUM across iShares ETFs, index, active, cash and private markets products.
- Technology services and subscriptions
~8% of 2025 revenue
Aladdin, eFront and Preqin software and data, about $2.0 billion in 2025 and $566 million in Q2 2026.
- Performance fees, distribution and securities lending
variable stream
Performance fees ($305 million in Q2 2026), distribution fees and lending revenue that move with markets, flows and fund results.
Broadcom
- Semiconductor Solutions
~58% (FY2025); 70% in Q3 FY2026
Custom AI accelerators, Ethernet switch chips, network adapters, optics, broadband, storage connectivity, wireless and RF filters generated $36.9B in fiscal 2025 and $20.8B in Q3 fiscal 2026 alone, up 127% year over year.
- Infrastructure Software
~42% (FY2025); 30% in Q3 FY2026
VMware Cloud Foundation plus CA mainframe and Symantec security software generated $27.0B in fiscal 2025 and $8.8B in Q3 fiscal 2026, up 29%.
- AI Semiconductor Revenue
56% of revenue in Q3 FY2026
AI semiconductor revenue, a subset of Semiconductor Solutions, was about $20B in fiscal 2025 and $16.7B in Q3 fiscal 2026, with $21.7B guided for Q4.
Business model and strategy
BlackRock
How it makes money
BlackRock makes money in three main ways. The largest is base management and administration fees, charged as a percentage of the assets it runs across iShares ETFs, index and active funds, cash funds and institutional mandates. The second is technology services and subscription revenue from Aladdin, eFront and Preqin, which reached about $2.0 billion in 2025, up 24%.
Growth strategy
Growth now comes from four places. Private markets: GIP (closed October 2024, about $12.5 billion), HPS Investment Partners (closed July 2025, about $12 billion in stock) and ElmTree (2025) made BlackRock a major infrastructure and private credit manager, and GIP helped lead the $40 billion Aligned Data Centers purchase that closed in July 2026.
Competitive advantage
BlackRock's edge is scale combined with breadth. Running $15.3 trillion lets it price core iShares funds at 0.03% and still post a 44.1% adjusted operating margin in 2025, which smaller rivals cannot match. iShares also offers deep trading liquidity in many ETF categories, which matters to institutions moving large blocks.
Broadcom
How it makes money
Broadcom reports two segments. Semiconductor Solutions sold $36.9 billion of chips in fiscal 2025: custom AI accelerators (XPUs) designed with hyperscale customers, Tomahawk and Jericho Ethernet switch chips, network adapters, optical components, Wi-Fi and Bluetooth chips, RF filters for smartphones, broadband gateway chips and storage connectivity.
Growth strategy
Broadcom's growth plan has two engines. In chips, it co-designs custom accelerators with a short list of customers, including Google's TPU, Meta's MTIA, OpenAI and Anthropic, and sells the Ethernet switches, network adapters and optics that connect them. In software, it is moving VMware's installed base onto VMware Cloud Foundation subscriptions;
Competitive advantage
Broadcom's edge is engineering depth in a few hard problems where customers rarely switch once a design is chosen: high-speed SerDes, switch silicon, advanced packaging and custom ASIC design. Its Tomahawk 6 switch chip, announced in June 2025, handles 102.4 terabits per second. In software, VMware is built into enterprise data centers, which makes migrations slow and costly.
Questions about BlackRock vs Broadcom
Which company has higher revenue — BlackRock, Inc. or Broadcom Inc.?
BlackRock, Inc. reported $24.2B (FY2025), while Broadcom Inc. reported $63.9B (FY2025). By last reported revenue, Broadcom Inc. is the larger business, with BlackRock, Inc. reporting a smaller revenue base.
What is the market cap of BlackRock, Inc. vs Broadcom Inc.?
BlackRock, Inc.'s market capitalisation stands at $166.2B, while Broadcom Inc.'s is $1.68T. Broadcom Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to BlackRock, Inc..
Which is more financially efficient — BlackRock, Inc. or Broadcom Inc.?
BlackRock, Inc. generates $973k / employee in revenue per employee, while Broadcom Inc. generates $1.94M / employee. Broadcom Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do BlackRock, Inc. and Broadcom Inc. make money?
BlackRock, Inc. and Broadcom Inc. generate revenue in fundamentally different ways. BlackRock, Inc.: BlackRock makes money in three main ways. Broadcom Inc.: Broadcom reports two segments.
Which company is valued higher relative to revenue — BlackRock, Inc. or Broadcom Inc.?
On a price-to-sales (P/S) basis, BlackRock, Inc. trades at 6.9x P/S and Broadcom Inc. at 26.3x P/S. Broadcom Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to BlackRock, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is BlackRock, Inc. bigger than Broadcom Inc.?
By last reported revenue, Broadcom Inc. ($63.9B (FY2025)) is the larger company compared to BlackRock, Inc. ($24.2B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the BlackRock vs Broadcom overview