BlackRock vs Intel: Revenue, Profit and Business Model
BlackRock reported $24.2B of revenue in FY2025 and $5.6B of net income. Intel reported $52.9B of revenue in FY2025 and a net loss of $267M.
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.
Intel
Intel's revenue peaked at $79.0 billion in 2021 and fell to $53.1 billion in 2024, when it posted an $18.8 billion net loss driven by restructuring and impairments. FY2025 revenue was $52.9 billion with a much smaller $267 million net loss, and the year ended with $37.4 billion in cash and short-term investments. Q2 2026 revenue rose 25% to $16.1 billion with a 41.8% non-GAAP gross margin and $0.42 non-GAAP EPS. GAAP net loss for the quarter was $11.0 billion, almost all from a $12.5 billion non-cash mark-to-market charge on shares escrowed for the U.S. Department of Commerce. Intel guided Q3 2026 revenue to $15.8-16.8 billion.
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 |
Intel
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $52.9B | -$267M | -0.5% | -0.5% | Source |
| FY2024 | $53.1B | -$18.8B | -35.3% | -2.1% | Source |
| FY2023 | $54.2B | $1.7B | 3.1% | -14.0% | Source |
| FY2022 | $63.1B | $8B | 12.7% | -20.2% | Source |
| FY2021 | $79B | $19.9B | 25.1% | +1.5% | Source |
| FY2020 | $77.9B | $20.9B | 26.8% | +8.2% | Source |
| FY2019 | $72B | $21B | 29.2% | +1.6% | Source |
| FY2018 | $70.8B | $21.1B | 29.7% | +12.9% | Source |
| FY2017 | $62.8B | $9.6B | 15.3% | +5.7% | Source |
| FY2016 | $59.4B | $10.3B | 17.4% | — | 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.
Intel
- Client Computing and Physical AI Group~55%
Core and Core Ultra PC processors, chipsets, and edge platforms; $8.9B in Q2 2026, up 13% year over year.
- Data Center and AI~39%
Xeon server CPUs, AI accelerators, and data-center platforms; $6.3B in Q2 2026, up 59% year over year.
- Intel Foundry (external)small
Wafer manufacturing and advanced packaging for outside customers; most foundry revenue is internal sales to Intel Products and eliminates in consolidation.
- Mobileye and Other~6%
Mobileye ADAS chips and other businesses.
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.
Intel
How it makes money
Intel is an integrated device manufacturer (IDM): it designs chips and runs its own fabs in Oregon, Arizona, New Mexico, Ireland, and Israel. Since 2024 it reports two halves. Intel Products (client CPUs, Xeon data-center CPUs, AI accelerators) sells to OEMs, hyperscalers, and enterprises. Intel Foundry manufactures wafers and packages for Intel Products and for external customers, competing with TSMC and Samsung.
Growth strategy
Under Lip-Bu Tan, Intel has cut layers and headcount, slowed some fab projects such as Ohio, and tied foundry spending to committed customer demand.
Competitive advantage
Intel's advantages are the installed base of x86 software, deep OEM and enterprise relationships, leading-edge U.S. fabs, and advanced packaging (EMIB, Foveros) that AI chip designers increasingly need. Its role as the main American maker of leading-edge logic chips also brings policy support: the U.S. government became its largest shareholder in August 2025.
Questions about BlackRock vs Intel
Which company has higher revenue — BlackRock, Inc. or Intel Corporation?
BlackRock, Inc. reported $24.2B (FY2025), while Intel Corporation reported $52.9B (FY2025). By last reported revenue, Intel Corporation is the larger business, with BlackRock, Inc. reporting a smaller revenue base.
What is the market cap of BlackRock, Inc. vs Intel Corporation?
BlackRock, Inc.'s market capitalisation stands at $166.2B, while Intel Corporation's is $639.9B. Intel Corporation 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 Intel Corporation?
BlackRock, Inc. generates $973k / employee in revenue per employee, while Intel Corporation generates $621k / 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 Intel Corporation make money?
BlackRock, Inc. and Intel Corporation generate revenue in fundamentally different ways. BlackRock, Inc.: BlackRock makes money in three main ways. Intel Corporation: Intel is an integrated device manufacturer (IDM): it designs chips and runs its own fabs in Oregon, Arizona, New Mexico, Ireland, and Israel.
Which company is valued higher relative to revenue — BlackRock, Inc. or Intel Corporation?
On a price-to-sales (P/S) basis, BlackRock, Inc. trades at 6.9x P/S and Intel Corporation at 12.1x P/S. Intel Corporation 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 Intel Corporation?
By last reported revenue, Intel Corporation ($52.9B (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 Intel overview