BlackRock vs Google: Revenue, Profit and Business Model
BlackRock reported $24.2B of revenue in FY2025 and $5.6B of net income. Google reported $402.8B of revenue in FY2025 and $132.2B 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.
Alphabet's FY2025 Form 10-K reported $402.836 billion of revenue and $132.170 billion of net income, making it one of the most profitable companies in the world. Growth accelerated in 2026: Q2 2026 revenue rose 24% year over year to $119.8 billion, operating income rose 30% to $40.8 billion and operating margin reached 34.0%. Reported Q2 net income of $112.1 billion was inflated by a $99.0 billion gain, mostly unrealized gains on equity holdings, so operating income is the cleaner measure. The trade-off is spending: management raised 2026 capital expenditure guidance to $195-205 billion, and analysts flagged negative free cash flow in Q2 2026 as data-center investment outpaced operating cash flow.
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 |
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $402.8B | $132.2B | 32.8% | +15.1% | Source |
| FY2024 | $350B | $100.1B | 28.6% | +13.9% | Source |
| FY2023 | $307.4B | $73.8B | 24.0% | +8.7% | Source |
| FY2022 | $282.8B | $60B | 21.2% | +9.8% | Source |
| FY2021 | $257.6B | $76B | 29.5% | +41.2% | Source |
| FY2020 | $182.5B | $40.3B | 22.1% | +12.8% | Source |
| FY2019 | $161.9B | $34.3B | 21.2% | +18.3% | Source |
| FY2018 | $136.8B | $30.7B | 22.5% | +23.4% | Source |
| FY2017 | $110.9B | $12.7B | 11.4% | +22.8% | Source |
| FY2016 | $90.3B | $19.5B | 21.6% | — | 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.
- Google Search advertising~12%
Auction-based text and shopping ads served alongside organic search results, generating approximately $198 billion in FY2024 through cost-per-click and cost-per-impression pricing.
- YouTube advertising~12%
Video advertising across pre-roll, mid-roll, display, and Shorts formats, plus subscription revenue from YouTube Premium, Music, and YouTube TV, totaling approximately $36 billion in ad revenue for FY2024.
- Google Cloud~12%
Infrastructure-as-a-service, platform tools, Vertex AI, BigQuery, Mandiant cybersecurity, and Google Workspace subscriptions, generating significant FY2025 revenue.
- Google Network~12%
Ads placed on third-party websites through AdSense, AdMob, and Google Ad Manager, generating approximately $31 billion in FY2024 with revenue shared with publishers.
- Other Bets~12%
Revenue from Waymo autonomous ride-hailing, Verily health technology, hardware sales (Pixel, Nest, Fitbit), Google Play commissions, and other non-advertising sources.
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.
How it makes money
Alphabet makes money mainly by selling ads against user intent and attention. Google Search & other, YouTube ads and the Google Network together account for roughly three quarters of revenue. Advertisers bid in real-time auctions to appear next to queries or videos, and Google charges per click, view or conversion.
Growth strategy
Alphabet's growth plan has four parts: put Gemini into Search (AI Overviews and AI Mode), Workspace, Android and Chrome to keep users and advertisers engaged; sell AI infrastructure, TPUs and Gemini models through Google Cloud, backed by the Wiz security platform acquired in March 2026; grow subscriptions such as YouTube Premium, YouTube TV and Google One AI plans;
Competitive advantage
Alphabet's edge is a stack few rivals own end to end: default distribution through Android and Chrome, the largest pool of search-intent data, YouTube's video audience, its own TPU chips and global data centers, and frontier models from Google DeepMind.
Questions about BlackRock vs Google
Which company has higher revenue — BlackRock, Inc. or Alphabet Inc.?
BlackRock, Inc. reported $24.2B (FY2025), while Alphabet Inc. reported $402.8B (FY2025). By last reported revenue, Alphabet Inc. is the larger business, with BlackRock, Inc. reporting a smaller revenue base.
What is the market cap of BlackRock, Inc. vs Alphabet Inc.?
BlackRock, Inc.'s market capitalisation stands at $166.2B, while Alphabet Inc.'s is $4.31T. Alphabet 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 Alphabet Inc.?
BlackRock, Inc. generates $973k / employee in revenue per employee, while Alphabet Inc. generates $2.11M / employee. Alphabet 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 Alphabet Inc. make money?
BlackRock, Inc. and Alphabet Inc. generate revenue in fundamentally different ways. BlackRock, Inc.: BlackRock makes money in three main ways. Alphabet Inc.: Alphabet makes money mainly by selling ads against user intent and attention.
Which company is valued higher relative to revenue — BlackRock, Inc. or Alphabet Inc.?
On a price-to-sales (P/S) basis, BlackRock, Inc. trades at 6.9x P/S and Alphabet Inc. at 10.7x P/S. Alphabet 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 Alphabet Inc.?
By last reported revenue, Alphabet Inc. ($402.8B (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 Google overview