Filing Flows › Artisan Partners Asset Management (APAM) › Q4 2025
Artisan Partners Asset Management (APAM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
Artisan Partners Asset Management (APAM) reported revenue of $336M for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and +11% from the quarter before. Operating margin was 39.2%, net earnings $94.8M (28.3% of revenue).
Artisan Partners Asset Management, Q4 2025: revenue $336M (+13% year over year), operating margin 39.2%, net earnings $94.8M, operating cash flow −$77.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $336M | +11% | +13% |
| Operating profit | $132M | +29% | +20% |
| Net earnings | $94.8M | +42% | +36% |
| Operating cash flow | −$77.2M | -291% | — |
What changed
Revenue was $335.5M in Q4 2025, up 13% year over year and up 11% from the previous quarter. Management fees was the largest line at 91% of revenue.
Operating profit was $131.5M, a 39.2% margin (up 2.4 points year over year). Of the extra revenue versus a year earlier, 58% reached operating profit, above the 37% margin then. Total costs grew 9% against revenue growth of 13%. The fastest-growing cost line was Sales & marketing (+13%). Net earnings were $94.8M, up 36% year over year. The effective tax rate was 19.9%.
Operating cash flow was −$77.2M. Non-cash charges added back $2.1M of depreciation and amortization and $6.3M of share-based compensation. Working capital and other items used $203.7M. Capital expenditures of $67K exceeded it, leaving free cash flow of −$77.3M.
Questions
What was Artisan Partners Asset Management's revenue in the fourth quarter 2025?
Artisan Partners Asset Management (APAM) reported revenue of $336M for the fourth quarter 2025 (Q4 2025), +13% from a year earlier and +11% from the quarter before.
Was Artisan Partners Asset Management profitable in the fourth quarter 2025?
Operating profit was $132M (39.2% of revenue) and net earnings $94.8M.
Source: Artisan Partners Asset Management 10-K on SEC EDGAR.