Filing Flows › Federated Hermes (FHI) › Q3 2026 › vs Q3 2025
Federated Hermes (FHI) Q3 2026 vs Q3 2025 (year over year)
Federated Hermes's revenue rose $37.9M (+8%) from $469M in Q3 2025 to $507M in Q3 2026. The biggest changes: Federated Hermes Funds +$40.4M (+10%); Other −$6.7M (-64%); Separate Accounts +$4.2M (+6%). Operating margin 30.2% against 27.6% (+2.6 pts).
Federated Hermes, Q3 2026: revenue $507M (+8% year over year), operating margin 30.2%, net earnings $112M, operating cash flow $134M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 30.2% | 27.6% | +2.6 pts |
| Net margin | 22.1% | 22.2% | -0.1 pts |
| Free cash flow margin | 23.7% | 21.6% | +2.1 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Federated Hermes Funds | $434M | $393M | $40.4M | +10% |
| Separate Accounts | $69.9M | $65.7M | $4.2M | +6% |
| Other | $3.8M | $10.5M | −$6.7M | -64% |
| Revenue | $507M | $469M | $37.9M | +8% |
| Operating profit | $153M | $129M | $23.9M | +18% |
| Costs & expenses | $354M | $340M | $14.0M | +4% |
| Pre-tax earnings | $152M | $140M | $11.7M | +8% |
| Sales & marketing | $5.5M | $5.3M | $284K | +5% |
| Other operating costs | $348M | $335M | $13.7M | +4% |
| Loss borne by minority interests | $1.0M | −$2.0M | $3.0M | — |
| Net earnings | $112M | $104M | $7.8M | +7% |
| Income tax | $41.2M | $34.2M | $7.0M | +20% |
| Share-based compensation | $5.9M | $5.7M | $271K | +5% |
| Working capital & other | $16.4M | −$6.7M | $23.1M | — |
| Operating cash flow | $134M | $103M | $31.1M | +30% |
| Free cash flow (OCF − capex) | $120M | $102M | $18.6M | +18% |
| Capital expenditures | $13.9M | $1.4M | $12.5M | +875% |
Questions
How much did Federated Hermes's revenue grow year over year in Q3 2026?
Federated Hermes's revenue rose $37.9M (+8%) from $469M in Q3 2025 to $507M in Q3 2026.
What drove Federated Hermes's revenue change in Q3 2026?
Federated Hermes Funds +$40.4M (+10%); Other −$6.7M (-64%); Separate Accounts +$4.2M (+6%).