Artisan Partners Asset Management (APAM) Q4 FY2025 earnings: revenue $336 million, up 12.9% on the year

Artisan Partners Asset Management Inc. (APAM) reported revenue of $336 million for Q4 FY2025, the quarter ended 31 December 2025, up 12.9% on the same quarter a year earlier. Net income was $95 million, up 36.0% on the year, and diluted earnings per share $1.36. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.

Revenue$336 millionup 12.9%

Net income$95 millionup 36.0%

Diluted EPS$1.36

QuarterQ4 FY2025ended 31 December 2025

The quarter, against the one before and a year earlier

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Revenue	336	301	297	+12.9%
Operating income	132	102	109	+20.5%
Operating margin	39.2%	33.8%	36.7%
Interest expense	2.1	2.2	2.2	-2.6%
Pre-tax income	147	123	113	+30.4%
Income tax	29.4	37.0	25.6	+14.9%
Effective tax rate	19.9%	30.0%	22.6%
Net income	94.8	66.8	69.7	+36.0%
Net margin	28.3%	22.2%	23.5%
Diluted EPS	$1.36	$0.93	$0.99	+37.4%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Operating cash flow	-77.2	40.4	37.2	n/a
Capital expenditure	0.1	0.0	0.5	-85.6%
Free cash flow	-77.3	40.4	36.7	n/a
Free cash flow margin	-23.0%	13.4%	12.4%
Cash from investing	30.9	9.8	-0.5	n/a
Cash from financing	-40.4	-19.7	-48.3	n/a
Depreciation and amortisation	2.1	2.3	2.4	-12.7%
Share-based compensation	6.3	6.7	7.7	-17.8%
Dividends paid	62.4	51.8	57.9	+7.7%
Dividend per share	n/a	$0.73	n/a	n/a
Diluted shares, weighted	66m	66m	65m	+1.0%
Shares outstanding at period end	81m	81m	80m	+0.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Shareholders' equity	439	402	389	+12.8%
Non-controlling interest	39.3	38.8	33.1	+18.9%
Redeemable equity	304	256	328	-7.2%
Debt	189	189	199	-5.2%
Other liabilities	606	695	669	-9.5%
Total liabilities and equity	1,577	1,582	1,619	-2.6%
Fixed assets	33.0	34.8	41.5	-20.4%
Goodwill	0.0	n/a	n/a	n/a
Intangible assets	0.0	n/a	n/a	n/a
Cash and equivalents	256	342	268	-4.7%
Other assets	1,289	1,205	1,309	-1.6%
Total assets	1,577	1,582	1,619	-2.6%

Questions

What was Artisan Partners Asset Management's revenue in Q4 FY2025?

Artisan Partners Asset Management (APAM) reported revenue of $336 million for Q4 FY2025, the quarter ended 31 December 2025, up 12.9% on the same quarter a year earlier.

How much did Artisan Partners Asset Management earn in Q4 FY2025?

Net income for Q4 FY2025 was $95 million, up 36.0% on the year, and diluted earnings per share $1.36.

When did Artisan Partners Asset Management report Q4 FY2025 results?

Artisan Partners Asset Management filed its 10-K for the year that ended with the quarter on 20 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	249	249	264	271	280	297	277	283	301	336	303	308
Operating income	82.2	76.4	77.6	86.6	93.2	109	86.5	79.8	102	132	94.2	84.6
Operating margin	33%	31%	29%	32%	33%	37%	31%	28%	34%	39%	31%	27%
Interest expense	2.3	2.1	2.1	2.2	2.2	2.2	2.1	2.2	2.2	2.1	2.1	2.2
Pre-tax income	88.0	113	109	90.0	129	113	97.3	121	123	147	86.4	127
Tax rate	17%	18%	20%	21%	19%	23%	21%	21%	30%	20%	22%	20%
Net income	53.2	64.8	59.5	57.6	73.0	69.7	61.1	67.6	66.8	94.8	58.0	80.8
Net margin	21%	26%	23%	21%	26%	23%	22%	24%	22%	28%	19%	26%
Diluted EPS	$0.76	$0.95	$0.84	$0.80	$1.03	$0.99	$0.82	$0.94	$0.93	$1.36	$0.76	$1.11
Operating cash flow	79.7	-9.8	147	75.9	113	37.2	158	50.9	40.4	-77.2	182	116
Capital expenditure	0.1	1.7	0.1	0.6	0.3	0.5	0.2	0.1	0.0	0.1	0.5	0.4
Free cash flow	79.5	-11.4	147	75.2	112	36.7	158	50.9	40.4	-77.3	181	115
Dividends paid	42.2	44.9	71.0	42.9	50.1	57.9	94.7	48.2	51.8	62.4	112	55.1
Shares outstanding	80m	80m	80m	80m	80m	80m	81m	81m	81m	81m	81m	81m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2025, filed 20 February 2026, accession 0001517302-26-000047: the filing on EDGAR. All of Artisan Partners Asset Management Inc.'s filings: EDGAR company page.

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