Filing Flows › Horizon Kinetics Holding (HKHC) › Q2 2025
Horizon Kinetics Holding (HKHC) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 12, 2025
Horizon Kinetics Holding (HKHC) reported revenue of $18.9M for the second quarter 2025 (Q2 2025), +65% from a year earlier and -0.7% from the quarter before. Operating margin was 13.3%, net loss $23.4M (123.6% of revenue).
Horizon Kinetics Holding, Q2 2025: revenue $18.9M (+65% year over year), operating margin 13.3%, net loss $23.4M, operating cash flow −$7.8M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $18.9M | -0.7% | +65% |
| Operating profit | $2.5M | +92% | — |
| Net earnings | −$23.4M | -202% | — |
| Operating cash flow | −$7.8M | — | — |
What changed
Revenue was $18.9M in Q2 2025, up 65% year over year and down 1% from the previous quarter.
Operating profit was $2.5M, a 13.3% margin (up 19.1 points year over year). The fastest-growing cost line was Other operating costs (+3097%). The quarter ended with a net loss of $23.4M, after a profit of $81.8M the previous quarter. Minority interests bore $12.9M of it: to shareholders the quarter was a loss of $10.5M. Net interest and other expense of $29.9M was the main reason.
Operating cash flow was −$7.8M. Non-cash charges added back $342K of depreciation and amortization. Working capital and other items added $15.2M.
Questions
What was Horizon Kinetics Holding's revenue in the second quarter 2025?
Horizon Kinetics Holding (HKHC) reported revenue of $18.9M for the second quarter 2025 (Q2 2025), +65% from a year earlier and -0.7% from the quarter before.
Was Horizon Kinetics Holding profitable in the second quarter 2025?
Operating profit was $2.5M (13.3% of revenue) and net loss $23.4M.