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Artisan Partners Asset Management (APAM) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Artisan Partners Asset Management (APAM) Q3 2026 earnings results →
Q3 2026 Revenue up 4% year over year to $313M · 24¢ of every $1 of revenue kept as net profit · operating margin 35.1%
Artisan Partners Asset Management made $313M in Q3 2026 (+4% Y/Y): Management fees $312M, Performance fees $35K. Operating margin 35.1%, net earnings $75.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $312.5M in Q3 2026, up 4% year over year and up 1% from the previous quarter. Management fees was the largest line at 100% of revenue. Management fees added $11.2M year over year (up 4%), 100% of the total change.
Operating profit was $109.8M, a 35.1% margin (up 1.3 points year over year). Of the extra revenue versus Q3 2025, 71% reached operating profit, above the 34% margin then. Total costs grew 2% against revenue growth of 4%. Net earnings were $75.2M, up 13% year over year. The effective tax rate was 18.2%.
Operating cash flow was $109.9M (up 172% year over year), 124% of net income including minority interests. Non-cash charges added back $2.2M of depreciation and amortization and $6.6M of share-based compensation. Working capital and other items added $12.5M. Capital expenditures of $1.5M left free cash flow of $108.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $313M | +4% | 35.1% | $75.2M | $110M |
| Q2 2026 | 10-Q | Jul 31, 2026 | $308M | +9% | 27.5% | $80.8M | $116M |
| Q1 2026 | 10-Q | May 4, 2026 | $303M | +9% | 31.1% | $58.0M | $182M |
| Q4 2025 | 10-K | Feb 20, 2026 | $336M | +13% | 39.2% | $94.8M | −$77.2M |
| Q3 2025 | 10-Q | Oct 31, 2025 | $301M | +8% | 33.8% | $66.8M | $40.4M |
| Q2 2025 | 10-Q | Aug 1, 2025 | $283M | +4% | 28.2% | $67.6M | $50.9M |
| Q1 2025 | 10-Q | May 2, 2025 | $277M | +5% | 31.2% | $61.1M | $158M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Artisan Partners Asset Management
Founded in 1994, Artisan is a global multi-asset investment platform focused on providing high value-added active investment strategies in growing asset classes to sophisticated clients around the world. Since our founding, we have maintained a business model that is designed to maximize our ability to produce attractive investment results for our clients, and we believe this model has contributed to our success in doing so. We focus on attracting, retaining and developing talented investment professionals by creating an environment in which each investment team is provided ample resources and support, transparent and direct financial incentives, a high degree of investment autonomy, and a long-term time horizon. Each of our investment teams is led by one or more experienced portfolio managers and applies its own unique investment philosophy and process.
In its own words, from its 10-K, filed Feb 20, 2026.
Artisan Partners Asset Management against its Investment Advice peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +6%. Operating margin: 35.1% against the peers' median 28.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| APAM Artisan Partners Asset Management | Q3 2026 | $313M | +4% | 35.1% |
| KKR KKR | Q2 2026 | $5.7B | +12% | 24.0% |
| AMP Ameriprise Financial | Q3 2026 | $5.2B | +6% | 28.9% |
| APO Apollo Global Management | Q3 2026 | $4.7B | -52% | -30.9% |
| BX Blackstone | Q3 2026 | $3.1B | -0.8% | 46.9% |
| BEN Franklin Templeton | Q4 FY26 | $2.4B | +4% | 14.6% |
| TROW Price T Rowe Group | Q3 2026 | $2.0B | +6% | 38.4% |
| IVZ Invesco | Q3 2026 | $1.9B | +14% | 23.3% |
| BAM Brookfield Asset Management | Q2 2026 | $1.8B | +61% | 62.4% |
Source: Artisan Partners Asset Management 10-Q on SEC EDGAR · CIK 1517302 · Investment Advice
13F: who owns APAM and who is buying
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History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Artisan Partners Asset Management operating margin by quarter
- Artisan Partners Asset Management net income by quarter
- Artisan Partners Asset Management free cash flow by quarter
- Artisan Partners Asset Management capital expenditures by quarter
- Artisan Partners Asset Management Management fees revenue by quarter
- Artisan Partners Asset Management Performance fees revenue by quarter