Filing Flows › Federated Hermes (FHI) › Q4 2025
Federated Hermes (FHI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Federated Hermes (FHI) reported revenue of $483M for the fourth quarter 2025 (Q4 2025), +14% from a year earlier and +3% from the quarter before. Operating margin was 28.1%, net earnings $107M (22.2% of revenue).
Federated Hermes, Q4 2025: revenue $483M (+14% year over year), operating margin 28.1%, net earnings $107M, operating cash flow $161M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $483M | +3% | +14% |
| Operating profit | $136M | +5% | +23% |
| Net earnings | $107M | +3% | +26% |
| Operating cash flow | $161M | +56% | +27% |
What changed
Revenue was $482.8M in Q4 2025, up 14% year over year and up 3% from the previous quarter. Federated Hermes Funds was the largest line at 84% of revenue.
Operating profit was $135.6M, a 28.1% margin (up 2.1 points year over year). Of the extra revenue versus a year earlier, 43% reached operating profit, above the 26% margin then. Total costs grew 11% against revenue growth of 14%. The fastest-growing cost line was Other operating costs (+11%). Net earnings were $107.0M, up 26% year over year. The effective tax rate was 23.4%.
Operating cash flow was $161.2M (up 27% year over year), 150% of net earnings. Non-cash charges added back $6.0M of share-based compensation. Working capital and other items added $47.8M. Capital expenditures of −$426K left free cash flow of $161.6M.
Questions
What was Federated Hermes' revenue in the fourth quarter 2025?
Federated Hermes (FHI) reported revenue of $483M for the fourth quarter 2025 (Q4 2025), +14% from a year earlier and +3% from the quarter before.
Was Federated Hermes profitable in the fourth quarter 2025?
Operating profit was $136M (28.1% of revenue) and net earnings $107M.
Source: Federated Hermes 10-K on SEC EDGAR.