Advisory and otherThin moat

BlackRock (BLK) — moat facet

One percent of revenue, and a quiet record of what BlackRock's strategic stakes earn.

Advisory and other revenue is the smallest line, at $277 million in 2025 against $224 million in 2024 and $159 million in 2023 1, a little over 1% of revenue 2. It is also the only line whose growth has nothing to do with the value of client assets.

Advisory and other revenue by part ($m)$81mAdvisory 2023$50mAdvisory 2025$78mOther 2023$227mOther 2025BlackRock Form 10-K FY2025; other includes transition management and equity method earnings
All of the line's growth came from the other category, not from advisory work.

It holds three unlike things. The filing describes it as fees for advisory services, commissions from transition management, when BlackRock moves a portfolio from one manager to another on a client's behalf, and equity method earnings from certain strategic investments 3. The last is BlackRock's share of the profits of companies it owns stakes in; the 10-K lists minority investments in fintech and distribution providers including Securitize, Upvest, Avaloq, Human Interest and Circle 4.

The split shows which part grew. Advisory fees were $81 million in 2023, $49 million in 2024 and $50 million in 2025, while other revenue went from $78 million to $175 million to $227 million 5. Nearly all of the line's growth came from the other category, which includes the strategic stakes, not from advisory work.

No profitability is disclosed for the line. Transition management and advisory work are fee-for-service and depend on staff time; equity method earnings carry no cost in the revenue line but depend entirely on the businesses BlackRock invested in.

The latest quarter continued the pattern. Advisory and other revenue was $92 million in Q2 2026 against $56 million, and $161 million in the first half against $114 million 6. Advisory fees were $8 million in the quarter against $13 million, and other revenue $84 million against $43 million 7.

The line is too small to change the verdict on BlackRock, and its value is as a record of what the strategic investments earn. The figure to watch is other revenue: if it keeps doubling while advisory fees shrink, the stakes are working; if it falls, BlackRock's minority bets in fintech are costing the parent attention without paying for it.

Moat trajectory: Holding steady

Other revenue doubled in two years while advisory fees shrank; the line stays about 1% of revenue.

The number that tests this moat
Reported
Other revenue within advisory and other, latest quarter
$84m in Q2 2026, from $43m

This is where equity method earnings from the strategic stakes land; a fall would say the stakes are not paying.

Source: BlackRock Form 10-Q, Q2 2026 ↗
References
  1. ReportedAdvisory and other revenue is the smallest line, at $277 million in 2025 against $224 million in 2024 and $159 million in 2023 , a little over 1% of revenue .
    BlackRock, Inc. Form 10-K FY2025 - revenue by line and base fees by product and client type 2023-2025, securities lending revenue, performance fees by product, distribution and servicing costs, AUM 2021-2025, technology ACV growth, revenue recognition notes, operating margin — FY2023-FY2025 · publ. February 2026 · source ↗
  2. Moat Explorer calcAdvisory and other revenue is the smallest line, at $277 million in 2025 against $224 million in 2024 and $159 million in 2023 , a little over 1% of revenue .
    Moat Explorer calculation from BlackRock's Form 10-K FY2025 and Q2 2026 Form 10-Q: shares of revenue, growth rates, base fees per dollar of average AUM, distribution costs per dollar of distribution fees — FY2023 to Q2 2026 · publ. 2026-09-23 · source ↗
  3. ReportedThe filing describes it as fees for advisory services, commissions from transition management, when BlackRock moves a portfolio from one manager to another on a client's behalf, and equity method earnings from certain strategic investments .
    BlackRock, Inc. Form 10-K FY2025 - revenue by line and base fees by product and client type 2023-2025, securities lending revenue, performance fees by product, distribution and servicing costs, AUM 2021-2025, technology ACV growth, revenue recognition notes, operating margin — FY2023-FY2025 · publ. February 2026 · source ↗
  4. ReportedThe last is BlackRock's share of the profits of companies it owns stakes in; the 10-K lists minority investments in fintech and distribution providers including Securitize, Upvest, Avaloq, Human Interest and Circle .
    BlackRock, Inc. Form 10-K FY2025 - revenue by line and base fees by product and client type 2023-2025, securities lending revenue, performance fees by product, distribution and servicing costs, AUM 2021-2025, technology ACV growth, revenue recognition notes, operating margin — FY2023-FY2025 · publ. February 2026 · source ↗
  5. ReportedAdvisory fees were $81 million in 2023, $49 million in 2024 and $50 million in 2025, while other revenue went from $78 million to $175 million to $227 million .
    BlackRock, Inc. Form 10-K FY2025 - revenue by line and base fees by product and client type 2023-2025, securities lending revenue, performance fees by product, distribution and servicing costs, AUM 2021-2025, technology ACV growth, revenue recognition notes, operating margin — FY2023-FY2025 · publ. February 2026 · source ↗
  6. ReportedAdvisory and other revenue was $92 million in Q2 2026 against $56 million, and $161 million in the first half against $114 million .
    BlackRock, Inc. Form 10-Q, quarter ended 30 June 2026 - revenue by line, base fees by product and client type, performance fees by product, distribution costs, AUM by client type and product — Q2 2026 · publ. August 2026 · source ↗
  7. ReportedAdvisory fees were $8 million in the quarter against $13 million, and other revenue $84 million against $43 million .
    BlackRock, Inc. Form 10-Q, quarter ended 30 June 2026 - revenue by line, base fees by product and client type, performance fees by product, distribution costs, AUM by client type and product — Q2 2026 · publ. August 2026 · source ↗
Sources
Generated September 23, 2026