What is Blackrock's direct fund expense?

Blackrock (BLK) reported direct fund expense of $470.00M in Q4 2025.

How has Blackrock's direct fund expense changed year-over-year?

Blackrock's direct fund expense increased by 20.8% year-over-year, from $389.00M to $470.00M.

What is the long-term trend for Blackrock's direct fund expense?

Over 2 years (2022 to 2025), Blackrock's direct fund expense has grown at a 20.1% compound annual growth rate (CAGR), from $1.23B to $1.77B.

What does direct fund expense mean?

Operating costs paid by the firm to support the funds it manages.

Operating Expenses

Direct fund expense

Blackrock Direct fund expense increased by 1.3% to $470.00M in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 20.8%, from $389.00M to $470.00M. Over 2 years (FY 2022 to FY 2025), Direct fund expense shows an upward trend with a 20.1% CAGR. This is a positive signal — lower values indicate better performance for this metric.

Analysis

StatementIncome Statement

SectionOperating Expenses

CategoryEfficiency

SignalLower is better

VolatilityModerate

First reportedQ1 2022

Last reportedQ4 2025

How to read this metric

An increase suggests higher operational overhead for fund maintenance, while a decrease indicates improved cost management or fund-level efficiency.

Detailed definition

Direct fund expenses are operating costs paid by the asset manager on behalf of the funds it oversees, which are not dir...

Peer comparison

Comparable to fund administration and operational support costs at other global investment firms.

Metric ID: is_blk_direct_fund_expense

Historical Data

13 periods

	Q1 '22	Q2 '22	Q3 '22	Q4 '22	Q3 '23	Q1 '24	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25
Value	$306.50M	$306.50M	$306.50M	$306.50M	$354.00M	$338.00M	$358.00M	$379.00M	$389.00M	$392.00M	$441.00M	$464.00M	$470.00M
QoQ Change	—	+0.0%	+0.0%	+0.0%	+15.5%	-4.5%	+5.9%	+5.9%	+2.6%	+0.8%	+12.5%	+5.2%	+1.3%
YoY Change	—	—	—	—	+15.5%	—	—	+7.1%	—	+16.0%	+23.2%	+22.4%	+20.8%

Range$306.50M – $470.00M

CAGR+15.3%

Avg YoY Growth+17.5%

Median YoY Growth+18.4%

Current Streak7 quarters growth

Frequently Asked Questions

What is Blackrock's direct fund expense?: Blackrock (BLK) reported direct fund expense of $470.00M in Q4 2025.
How has Blackrock's direct fund expense changed year-over-year?: Blackrock's direct fund expense increased by 20.8% year-over-year, from $389.00M to $470.00M.
What is the long-term trend for Blackrock's direct fund expense?: Over 2 years (2022 to 2025), Blackrock's direct fund expense has grown at a 20.1% compound annual growth rate (CAGR), from $1.23B to $1.77B.
What does direct fund expense mean?: Operating costs paid by the firm to support the funds it manages.