BlackRock vs ICICI Bank: Revenue, Profit and Business Model
BlackRock reported $24.2B of revenue in FY2025 and $5.6B of net income. ICICI Bank reported ~$23B of revenue in FY2026 and ~$6.3B of net income.
Latest financial snapshot
BlackRock
- Latest revenue
- $24.2B (FY2025)
- Net income
- $5.6B
- Net margin
- 22.9%
- Revenue growth
- +5.7% a year, FY2021–FY2025
ICICI Bank
- Latest revenue
- ~$23B (FY2026)
- Net income
- ~$6.3B
- Net margin
- 27.4%
- Revenue growth
- +19.0% a year, FY2022–FY2026
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.
ICICI Bank
ICICI Bank's finances moved from crisis to steady compounding over a decade. Bad corporate loans to infrastructure, power, and steel projects drove a non-performing asset surge between 2015 and 2018. After Sandeep Bakhshi became CEO in October 2018, the bank cut concentrated corporate exposure and rebuilt around granular retail and business lending. Standalone net profit reached Rs 47,227 crore in FY2025 and Rs 50,146.6 crore in FY2026, a 6.2% rise as margins held at 4.32%. Profit growth picked up again in Q1 FY2027 to 15.9% (Rs 14,805 crore), helped by 12.7% net interest income growth, 23.5% fee growth, and lower provisions. Consolidated Q1 FY2027 profit was about Rs 15,440 crore.
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 |
ICICI Bank
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$23B | ~$6.3B | 27.4% | +8.7% | Source |
| FY2025 | ~$21.1B | ~$5.9B | 28.0% | +27.6% | Source |
| FY2024 | ~$16.6B | ~$5.1B | 31.0% | +22.1% | Source |
| FY2023 | ~$13.6B | ~$3.9B | 29.1% | +18.2% | Source |
| FY2022 | ~$11.5B | ~$2.9B | 25.4% | — | 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.
ICICI Bank
- Net interest income and lending spread
Core driver
Interest earned on loans and investments less deposit and borrowing costs.
- Retail banking fees
Major fee stream
Credit cards, payments, wealth products, account services, and retail banking charges.
- Wholesale and business banking
Institutional stream
Corporate loans, trade finance, cash management, treasury services, and business banking.
- Treasury and investments
Market-linked stream
Investment portfolio, derivatives, foreign exchange, and balance-sheet treasury activity.
- Subsidiaries and associates
Diversified contribution
Insurance, asset management, securities, and other financial-services interests.
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.
ICICI Bank
How it makes money
ICICI Bank makes money mainly from net interest income: the gap between what it earns on loans and investments and what it pays on deposits and borrowings. Net interest income was Rs 22,979 crore in Q4 FY2026 alone and Rs 24,384 crore in Q1 FY2027, with a 4.32% FY2026 net interest margin. Fee income from cards, payments, wealth products, trade, and transaction banking is the second engine;
Growth strategy
Management frames its strategy as 'risk-calibrated core operating profit' growth. In FY2026 that meant leaning into segments growing faster than retail: total advances rose 15.8%, business banking 24.4%, and rural lending 25.6%, while retail loans grew 9.5% as the bank slowed unsecured credit. Digital platforms such as iMobile and InstaBIZ are used to cut servicing costs and widen cross-sell.
Competitive advantage
ICICI Bank's edge is a combination of low-cost deposits, strong underwriting data, and distribution. Net NPAs were 0.33% at March 2026 and 0.35% at June 2026, with about Rs 131 billion of contingency provisions held on top of specific provisions. That buffer lets the bank grow loans without the provisioning shocks that hit it in 2015-2018.
Questions about BlackRock vs ICICI Bank
Which company has higher revenue — BlackRock, Inc. or ICICI Bank Limited?
BlackRock, Inc. reported $24.2B (FY2025), while ICICI Bank Limited reported ~$23B (FY2026). By last reported revenue, BlackRock, Inc. is the larger business, with ICICI Bank Limited reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of BlackRock, Inc. vs ICICI Bank Limited?
BlackRock, Inc.'s market capitalisation stands at $166.2B, while ICICI Bank Limited's is $100.0B. BlackRock, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to ICICI Bank Limited.
Which is more financially efficient — BlackRock, Inc. or ICICI Bank Limited?
BlackRock, Inc. generates $973k / employee in revenue per employee, while ICICI Bank Limited generates $185k / employee. BlackRock, 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 ICICI Bank Limited make money?
BlackRock, Inc. and ICICI Bank Limited generate revenue in fundamentally different ways. BlackRock, Inc.: BlackRock makes money in three main ways. ICICI Bank Limited: ICICI Bank makes money mainly from net interest income: the gap between what it earns on loans and investments and what it pays on deposits and borrowings.
Which company is valued higher relative to revenue — BlackRock, Inc. or ICICI Bank Limited?
On a price-to-sales (P/S) basis, BlackRock, Inc. trades at 6.9x P/S and ICICI Bank Limited at 4.4x P/S. BlackRock, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to ICICI Bank Limited. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is BlackRock, Inc. bigger than ICICI Bank Limited?
By last reported revenue, BlackRock, Inc. ($24.2B (FY2025)) is the larger company compared to ICICI Bank Limited (~$23B (FY2026)). 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 ICICI Bank overview