Filing Flows › Horizon Kinetics Holding (HKHC) › Q4 2025
Horizon Kinetics Holding (HKHC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 12, 2026
Horizon Kinetics Holding (HKHC) reported revenue of $17.0M for the fourth quarter 2025 (Q4 2025), -7% from a year earlier and -5% from the quarter before. Operating margin was 16.2%.
Horizon Kinetics Holding, Q4 2025: revenue $17.0M (-7% year over year), operating margin 16.2%, net loss $189M, operating cash flow −$2.8M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $17.0M | -5% | -7% |
| Operating profit | $2.8M | -6% | — |
| Net earnings | −$189M | -238% | -150% |
| Operating cash flow | −$2.8M | — | -112% |
What changed
Revenue was $17.0M in Q4 2025, down 7% year over year and down 5% from the previous quarter. Management and Advisory Fees was the largest line at 99% of revenue.
Operating profit was $2.8M, a 16.2% margin (up 94.2 points year over year). Total costs fell 56% while revenue fell 7%. The quarter ended with a net loss of $189.2M, after a profit of $136.7M the previous quarter. Minority interests bore $174.7M of it: to shareholders the quarter was a loss of $14.5M. Net interest and other expense of $211.4M was the main reason.
Operating cash flow was −$2.8M. Non-cash charges added back $199K of depreciation and amortization. Working capital and other items added $186.2M.
Questions
What was Horizon Kinetics Holding's revenue in the fourth quarter 2025?
Horizon Kinetics Holding (HKHC) reported revenue of $17.0M for the fourth quarter 2025 (Q4 2025), -7% from a year earlier and -5% from the quarter before.
Was Horizon Kinetics Holding profitable in the fourth quarter 2025?
Operating profit was $2.8M (16.2% of revenue) and net loss $189M.