Filing Flows › Federated Hermes (FHI) › Q2 2026 › vs Q2 2025
Federated Hermes (FHI) Q2 2026 vs Q2 2025 (year over year)
Federated Hermes's revenue rose $77.9M (+18%) from $425M in Q2 2025 to $503M in Q2 2026. The biggest changes: Federated Hermes Funds +$66.8M (+19%); Separate Accounts +$7.7M (+12%); Other +$3.4M (+65%). Operating margin 26.4% against 27.6% (-1.1 pts).
Federated Hermes, Q2 2026: revenue $503M (+18% year over year), operating margin 26.4%, net earnings $104M, operating cash flow $80.9M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 26.4% | 27.6% | -1.1 pts |
| Net margin | 20.7% | 21.4% | -0.7 pts |
| Free cash flow margin | 15.8% | 4.2% | +11.6 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Federated Hermes Funds | $424M | $357M | $66.8M | +19% |
| Separate Accounts | $69.8M | $62.1M | $7.7M | +12% |
| Other | $8.7M | $5.3M | $3.4M | +65% |
| Revenue | $503M | $425M | $77.9M | +18% |
| Other income, net | $11.1M | $13.7M | −$2.6M | -19% |
| Operating profit | $133M | $117M | $15.8M | +13% |
| Costs & expenses | $370M | $308M | $62.1M | +20% |
| Pre-tax earnings | $144M | $131M | $13.2M | +10% |
| Sales & marketing | $7.3M | $6.1M | $1.2M | +19% |
| Other operating costs | $363M | $302M | $61.0M | +20% |
| Net earnings | $104M | $91.0M | $13.3M | +15% |
| Minority interests | $2.5M | $5.7M | −$3.2M | -56% |
| Income tax | $37.2M | $34.1M | $3.1M | +9% |
| Share-based compensation | $6.2M | $6.4M | −$146K | -2% |
| Working capital & other | $29.7M | $78.6M | −$48.9M | -62% |
| Operating cash flow | $80.9M | $18.8M | $62.1M | +331% |
| Free cash flow (OCF − capex) | $79.7M | $18.0M | $61.7M | +343% |
| Capital expenditures | $1.2M | $786K | $409K | +52% |
Questions
How much did Federated Hermes's revenue grow year over year in Q2 2026?
Federated Hermes's revenue rose $77.9M (+18%) from $425M in Q2 2025 to $503M in Q2 2026.
What drove Federated Hermes's revenue change in Q2 2026?
Federated Hermes Funds +$66.8M (+19%); Separate Accounts +$7.7M (+12%); Other +$3.4M (+65%).