Virtus Investment Partners (VRTS) FY2025 results: revenue $853 million, down 6.0% on the year
Virtus Investment Partners, Inc. (VRTS) reported revenue of $853 million for fiscal 2025, the year ended 31 December 2025, down 6.0% on the year before. Net income was $138 million, up 13.7%, and diluted earnings per share $19.97. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$853 million
-6.0% on the year
FY2018FY2025
Operating margin
19.8%
20.1% a year earlier
FY2018FY2025
Net income
$138 million
+13.7% on the year
FY2018FY2025
Diluted EPS
$19.97
+18.2% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
GAAP diluted EPS was $5.17: GAAP diluted EPS was $5.17, up from $4.65 in the prior quarter and $4.66 a year earlier.
Adjusted diluted EPS declined to $6.50: Adjusted diluted EPS was $6.50 against $6.69 in the prior quarter and $7.50 a year earlier. The company attributed the sequential decrease to lower average assets.
Adjusted revenue fell with lower assets: Revenues, as adjusted, were $188.9 million, down 4% from $196.7 million, primarily due to lower average assets under management. GAAP revenues were $208.0 million.
Ending assets under management fell to $159.5B: Assets under management ended at $159.5 billion, from $169.3 billion, reflecting market performance and net outflows, partly offset by ETF net inflows. Average assets were $165.2 billion.
Total sales were $5.3 billion: Total sales were $5.3 billion, against $6.3 billion in the prior quarter. Institutional sales were $1.4 billion, down from $2.0 billion, which included a $0.4 billion CLO.
$ million except per share. Read moreFree 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
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
-67.2
1.8
237
Capital expenditure
6.9
5.6
8.8
+23.5%
Free cash flow
-74.1
-3.8
228
Free cash flow margin
-8.7%
-0.4%
27.0%
Cash from investing
-47.3
-17.0
-130
Cash from financing
191
74.9
-356
+154.9%
Depreciation and amortisation
63.6
69.0
70.0
-7.8%
Share-based compensation
24.0
32.8
26.8
-27.0%
Buybacks
60.0
44.9
45.0
+33.7%
Dividends paid
64.6
58.1
52.0
+11.1%
Dividend per share
$9.30
$8.30
$7.10
+12.0%
Diluted shares, weighted
7m
7m
7m
-3.9%
Shares outstanding at period end
7m
7m
7m
-3.9%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
934
897
864
+4.1%
Non-controlling interest
0.8
4.1
4.4
-80.6%
Redeemable equity
103
107
105
-4.1%
Debt
390
232
253
+68.0%
Other liabilities
2,863
2,753
2,452
+4.0%
Total liabilities and equity
4,291
3,994
3,679
+7.4%
Fixed assets
21.9
22.7
26.2
-3.6%
Goodwill
397
397
397
0.0%
Intangible assets
327
378
432
-13.4%
Securities held for sale or to maturity
2.5
1.5
n/a
+74.9%
Cash and equivalents
478
400
341
+19.5%
Other assets
3,064
2,795
2,482
+9.6%
Total assets
4,291
3,994
3,679
+7.4%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.