Artisan Partners Asset Management (APAM) Q4 2025 earnings summary

Executive summary

• Achieved significant absolute returns for clients in 2025, with firm-wide asset-weighted investment returns exceeding 20% net of fees and $33 billion in client returns.

• Assets under management grew 12% year-over-year, ending 2025 at $180 billion, with average AUM up 8% from 2024.

• Focused on a talent-driven, active investment model with autonomous franchises and a long-term growth approach.

• Reported financial results for Q4 2025 and the year ended December 31, 2025, including the declaration of a quarterly and special annual dividend.

• Expanded multi-asset class platform, including the acquisition of Grandview Property Partners, a real estate private equity firm.

Financial highlights

• Q4 2025 adjusted revenues rose 11% year-over-year to $335.5 million; adjusted operating income up 23% to $134.8 million.

• Full-year 2025 adjusted revenues increased 8% to $1.20 billion; adjusted operating income up 12% to $422.6 million.

• Adjusted net income for 2025 was $319.4 million, up 11% from 2024; adjusted EPS was $3.93, up 11%.

• Dividends for 2025 totaled $3.87 per share, a 98% payout ratio and 11% increase over 2024.

• Adjusted operating margin for Q4 was 40.2%, up 400 bps from prior quarter.

Outlook and guidance

• 2026 long-term incentive award set at $72 million, mostly for investment professionals.

• Fixed expenses expected to rise low single digits in 2026, reflecting merit increases and inflation.

• Emphasizes sustainable long-term growth, fee discipline, and a variable cost structure to maintain stable margins.

• Grandview acquisition expected to be mildly accretive to EPS after next fund closing.

• Management highlights strong cash flow, conservative balance sheet, and alignment of employee and shareholder interests.