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How Artisan Partners Asset Management (APAM) makes money

Artisan Partners Asset Management (APAM) made $313M of revenue in the third quarter 2026 (Q3 2026), +4% from a year earlier. Management fees brought in $312M (100%); Performance fees brought in $35K (0%). Of every dollar of revenue, 35¢ was left as operating profit, 24¢ was left as net earnings.

Drawing the Sankey…

Artisan Partners Asset Management revenue by segment, Q3 2026Artisan Partners Asset Management revenue by segment, Q3 2026Management fees$312MPerformance fees$35K
Artisan Partners Asset Management: revenue by line, Q4 2025 to Q3 2026Artisan Partners Asset Management: revenue by line, Q4 2025 to Q3 2026Management feesPerformance feesManagement fees: $312M latest$312MPerformance fees: $35K latestQ4 2025Q1 2026Q2 2026Q3 2026
Performance fees went from 9% of revenue in Q4 2025 to 0% in Q3 2026, the largest shift in the mix.
Artisan Partners Asset Management revenue by quarterArtisan Partners Asset Management revenue by quarter$277MQ1 2025$283MQ2 2025$301MQ3 2025$336MQ4 2025$303MQ1 2026$308MQ2 2026$313MQ3 2026
Artisan Partners Asset Management: where each dollar of revenue goesArtisan Partners Asset Management: where each dollar of revenue goesOperating profit35¢Income tax6¢Net earnings24¢Operating cash flow35¢Free cash flow35¢

Revenue by segment, Q3 2026

SegmentRevenueShareQ/QY/Y
Management fees$312M100.0%+2%+4%
Performance fees$35K0.0%-82%+67%

Where each dollar of revenue goes

LineQ3 2026% of revenue
Revenue$313M100.0%
Operating profit$110M35.1%
Income tax$19.7M6.3%
Net earnings$75.2M24.1%
Operating cash flow$110M35.2%
Free cash flow$108M34.7%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 2026$313M+4%
Q2 2026$308M+9%
Q1 2026$303M+9%
Q4 2025$336M+13%
Q3 2025$301M+8%
Q2 2025$283M+4%
Q1 2025$277M+5%

From Artisan Partners Asset Management's 10-Q filed Oct 29, 2026 (on EDGAR).

Questions

How does Artisan Partners Asset Management make money?

Artisan Partners Asset Management (APAM) made $313M of revenue in the third quarter 2026 (Q3 2026), +4% from a year earlier. Management fees brought in $312M (100%); Performance fees brought in $35K (0%). Of every dollar of revenue, 35¢ was left as operating profit, 24¢ was left as net earnings.

What is Artisan Partners Asset Management's biggest business?

Management fees: $312M in the third quarter 2026, 100% of revenue, +4% from a year earlier.

What is Artisan Partners Asset Management's profit margin?

Net earnings were $75.2M, 24.1% of revenue, in the third quarter 2026; the operating margin was 35.1%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.