BlackRock vs Visa: Revenue, Profit and Business Model
BlackRock reported $24.2B of revenue in FY2025 and $5.6B of net income. Visa reported $40B of revenue in FY2025 and $20.1B 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.
Visa
Visa's fiscal year ends September 30. Fiscal 2025 net revenue was USD 40.0 billion, up 11% from USD 35.9 billion in fiscal 2024, and GAAP net income was USD 20.1 billion. Growth continued in fiscal 2026: in the third quarter (April to June 2026) net revenue rose 14% to USD 11.6 billion, quarterly payments volume passed USD 4 trillion for the first time, and Visa returned USD 6.2 billion to shareholders through buybacks and dividends. Fiscal 2026 full-year results are due in late October 2026.
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 |
Visa
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $40B | $20.1B | 50.1% | +11.3% | Source |
| FY2024 | $35.9B | $19.7B | 55.0% | +10.0% | Source |
| FY2023 | $32.7B | $17.3B | 52.9% | +11.4% | Source |
| FY2022 | $29.3B | $15B | 51.0% | +21.6% | Source |
| FY2021 | $24.1B | $12.3B | 51.1% | +10.3% | Source |
| FY2020 | $21.8B | $10.9B | 49.7% | -4.9% | Source |
| FY2019 | $23B | $12.1B | 52.6% | +11.5% | Source |
| FY2018 | $20.6B | $10.3B | 50.0% | +12.3% | Source |
| FY2017 | $18.4B | $6.7B | 36.5% | +21.7% | Source |
| FY2016 | $15.1B | $6B | 39.7% | — | 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.
Visa
- Service revenue
- Data processing revenue
- International transaction revenue
- Value-added services
- Visa Direct
- Fraud and risk tools
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.
Visa
How it makes money
Visa earns fees from the banks and other clients that use its network, not interest from cardholders. Its reported revenue lines are service revenue (based on payments volume), data processing revenue (based on transactions authorized, cleared and settled over VisaNet), international transaction revenue (cross-border and currency conversion activity) and other revenue, including value-added services such as fraud and…
Growth strategy
Visa's growth strategy is to expand credentials, increase digital acceptance, grow cross-border and e-commerce volume, sell more value-added services, scale Visa Direct, support tap-to-pay and tokenized commerce, and embed Visa capabilities inside fintech and banking platforms.
Competitive advantage
Visa's moat is a three-sided network effect. Consumers use Visa because merchants accept it, merchants accept Visa because consumers carry it, and banks issue Visa credentials because both sides already participate. The company also has fraud data, global rules, brand trust, dispute standards, token infrastructure, and bank relationships built across decades. A competitor cannot simply copy the software;
Questions about BlackRock vs Visa
Which company has higher revenue — BlackRock, Inc. or Visa Inc.?
BlackRock, Inc. reported $24.2B (FY2025), while Visa Inc. reported $40.0B (FY2025). By last reported revenue, Visa Inc. is the larger business, with BlackRock, Inc. reporting a smaller revenue base.
What is the market cap of BlackRock, Inc. vs Visa Inc.?
BlackRock, Inc.'s market capitalisation stands at $166.2B, while Visa Inc.'s is $676.0B. Visa 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 Visa Inc.?
BlackRock, Inc. generates $973k / employee in revenue per employee, while Visa Inc. generates $1.17M / employee. Visa 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 Visa Inc. make money?
BlackRock, Inc. and Visa Inc. generate revenue in fundamentally different ways. BlackRock, Inc.: BlackRock makes money in three main ways. Visa Inc.: Visa earns fees from the banks and other clients that use its network, not interest from cardholders.
Which company is valued higher relative to revenue — BlackRock, Inc. or Visa Inc.?
On a price-to-sales (P/S) basis, BlackRock, Inc. trades at 6.9x P/S and Visa Inc. at 16.9x P/S. Visa 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 Visa Inc.?
By last reported revenue, Visa Inc. ($40.0B (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 Visa overview