# Who are BlackRock's customers? Who does BlackRock earn revenue from?
Canonical: https://valuechain.wiki/blackrock · Facet: customers · Updated: 2026-09-24T12:56:02.47041+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: BlackRock discloses no named confirmed revenue counterparties; 2 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 2 revenue edges, backed by 2 dated sources, 1 of them primary filings (as of 2026-09-24).

### 투자자·클라이언트 (운용·자문보수) (high)
- metric: Revenue 18,474$M · FY2025 · investment advisory & administration fees
- note: AUM-linked investment advisory and administration fees. FY2025 $18,474M (76% of revenue).
- [confirms] SEC EDGAR (EN, filing, published 2026-02-25) https://www.sec.gov/Archives/edgar/data/2012383/000119312526071966/blk-20251231.htm: "Investment advisory and administration fees $18,474M."
- [confirms] BlackRock (EN, ir, published 2026-01-14) https://s24.q4cdn.com/856567660/files/doc_financials/2025/Q4/BLK-4Q25-Earnings-Release.pdf: "Total revenue 24,216 ... Investment advisory and administration fees 18,474."

### 알라딘 기술 구독 클라이언트 (high)
- metric: Revenue 1,981$M · FY2025 · technology services & subscription
- note: Technology services & subscription revenue (Aladdin) FY2025 $1,981M (+24%), ACV +31%.
- [confirms] BlackRock (EN, ir, published 2026-01-14) https://s24.q4cdn.com/856567660/files/doc_financials/2025/Q4/BLK-4Q25-Earnings-Release.pdf: "Technology services and subscription revenue 1,981."

Reverse side: https://valuechain.wiki/blackrock/suppliers.md · Ripple: https://valuechain.wiki/blackrock/ripple.md

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Full node: https://valuechain.wiki/blackrock.md · JSON: https://valuechain.wiki/blackrock.json