Filing Flows › Horizon Kinetics Holding (HKHC) › Q3 2025
Horizon Kinetics Holding (HKHC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 13, 2025
Horizon Kinetics Holding (HKHC) reported revenue of $17.9M for the third quarter 2025 (Q3 2025), +37% from a year earlier and -5% from the quarter before. Operating margin was 16.5%, net earnings $137M (764.2% of revenue).
Horizon Kinetics Holding, Q3 2025: revenue $17.9M (+37% year over year), operating margin 16.5%, net earnings $137M, operating cash flow −$17.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $17.9M | -5% | +37% |
| Operating profit | $2.9M | +18% | — |
| Net earnings | $137M | — | +48% |
| Operating cash flow | −$17.9M | — | — |
What changed
Revenue was $17.9M in Q3 2025, up 37% year over year and down 5% from the previous quarter. Management and Advisory Fees was the largest line at 99% of revenue. Management and Advisory Fees added $4.7M year over year (up 36%), 98% of the total change.
Operating profit was $2.9M, a 16.5% margin (up 25.0 points year over year). Total costs grew 5% against revenue growth of 37%. The fastest-growing cost line was SG&A (+30%). Net earnings were $7.2M. The effective tax rate was -8.2%. Non-operating items added $123.4M, 98% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$17.9M. Non-cash charges added back $199K of depreciation and amortization. Working capital and other items used $154.9M.
Questions
What was Horizon Kinetics Holding's revenue in the third quarter 2025?
Horizon Kinetics Holding (HKHC) reported revenue of $17.9M for the third quarter 2025 (Q3 2025), +37% from a year earlier and -5% from the quarter before.
Was Horizon Kinetics Holding profitable in the third quarter 2025?
Operating profit was $2.9M (16.5% of revenue) and net earnings $137M.