BlackRock vs TCS: Revenue, Profit and Business Model
BlackRock reported $24.2B of revenue in FY2025 and $5.6B of net income. TCS reported ~$31B of revenue in FY2026 and ~$5.7B 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.
TCS
TCS reported FY2026 revenue of ₹2,67,021 crore ($30.017 billion), up 4.6% in rupees but down about 0.5% in dollars, with net income of about $5.71 billion (₹49,210 crore) and a 19.8% net margin. Q1 FY2027 revenue was ₹72,275 crore ($7.624 billion), up 13.9% in rupees and 2.7% in dollars year over year, with an operating margin of about 24% and net profit of ~$1.55 billion (₹13,349 crore). The growth story now rests on AI: TCS put its annualized AI services revenue at $1.8 billion in Q3 FY2026 and $2.6 billion in Q1 FY2027, while total contract value held at $9.5 billion for the quarter.
Revenue and profit by year
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.
TCS
- IT services
Primary revenue source
Application development, maintenance, modernization and managed technology services.
- Consulting and transformation
Strategic growth stream
Business and technology transformation programs for large enterprises.
- Cloud, AI and cybersecurity
Fast-changing growth area
Cloud migration, AI, data, automation, cybersecurity and platform simplification.
- Business process services
Recurring enterprise stream
Technology-enabled operations and business process services.
- Platforms
Differentiated platform stream
Industry platforms such as TCS BaNCS and related software-led offerings.
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.
TCS
How it makes money
TCS earns revenue through global IT services and consulting, built around eight industry verticals and geographic diversification.
Growth strategy
TCS is growing through AI, cloud modernization, cybersecurity, data, engineering services, platforms, large transformation deals, partnerships and deeper penetration of existing enterprise accounts.
Competitive advantage
TCS' advantage is delivery scale, Tata trust, large-account depth, industry domain expertise, training infrastructure, strong margins and a reputation for mission-critical execution.
Questions about BlackRock vs TCS
Which company has higher revenue — BlackRock, Inc. or Tata Consultancy Services Limited?
BlackRock, Inc. reported $24.2B (FY2025), while Tata Consultancy Services Limited reported ~$31B (FY2026). By last reported revenue, Tata Consultancy Services Limited is the larger business, with BlackRock, Inc. 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 Tata Consultancy Services Limited?
BlackRock, Inc.'s market capitalisation stands at $166.2B, while Tata Consultancy Services Limited's is $84.0B. BlackRock, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Tata Consultancy Services Limited.
Which is more financially efficient — BlackRock, Inc. or Tata Consultancy Services Limited?
BlackRock, Inc. generates $973k / employee in revenue per employee, while Tata Consultancy Services Limited generates $52k / 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 Tata Consultancy Services Limited make money?
BlackRock, Inc. and Tata Consultancy Services Limited generate revenue in fundamentally different ways. BlackRock, Inc.: BlackRock makes money in three main ways. Tata Consultancy Services Limited: TCS earns revenue through global IT services and consulting, built around eight industry verticals and geographic diversification.
Which company is valued higher relative to revenue — BlackRock, Inc. or Tata Consultancy Services Limited?
On a price-to-sales (P/S) basis, BlackRock, Inc. trades at 6.9x P/S and Tata Consultancy Services Limited at 2.7x P/S. BlackRock, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Tata Consultancy Services Limited. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is BlackRock, Inc. bigger than Tata Consultancy Services Limited?
By last reported revenue, Tata Consultancy Services Limited (~$31B (FY2026)) 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 TCS overview