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Hennessy Advisors (HNNA) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Aug 5, 2026 · Hennessy Advisors (HNNA) Q3 FY26 earnings results →

Q3 FY26 Revenue up 4% year over year to $8.4M · 24¢ of every $1 of revenue kept as net profit · operating margin 34.7%

Hennessy Advisors made $8.4M in Q3 FY26 (+4% Y/Y): Investment Advice $7.8M, Shareholder Service $563K. Operating margin 34.7%, net earnings $2.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 5, 2026.

Revenue$8.4M
Year over year+4%
Operating margin34.7%
Net earnings$2.0M
Operating cash flow$3.7M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $8.4M in Q3 FY26, up 4% year over year and up 3% from the previous quarter. Investment Advice was the largest line at 93% of revenue. Investment Advice added $319K year over year (up 4%), 95% of the total change.

Operating profit was $2.9M, a 34.7% margin (down 0.7 points year over year). Of the extra revenue versus Q3 FY25, 19% reached operating profit, below the 35% margin then. Total costs grew 5% against revenue growth of 4%. The fastest-growing cost line was General & admin (+10%). Net earnings were $2.0M, down 6% year over year. The effective tax rate was 28.0%.

Operating cash flow was $3.7M (down 7% year over year), 187% of net earnings. Non-cash charges added back $77K of depreciation and $299K of share-based compensation. Working capital and other items added $1.4M. Capital expenditures of $30K left free cash flow of $3.7M.

Quarterly history

Hennessy Advisors revenue by quarterHennessy Advisors revenue by quarter$8.8MQ4 FY24$9.3MQ2 FY25$8.1MQ3 FY25$8.5MQ4 FY25$8.3MQ1 FY26$8.1MQ2 FY26$8.4MQ3 FY26
Hennessy Advisors net earnings by quarterHennessy Advisors net earnings by quarter$2.3MQ4 FY24$2.6MQ2 FY25$2.1MQ3 FY25$2.4MQ4 FY25$1.9MQ1 FY26$1.9MQ2 FY26$2.0MQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QAug 5, 2026$8.4M+4%34.7%$2.0M$3.7M
Q2 FY2610-QMay 6, 2026$8.1M-12%32.1%$1.9M$2.3M
Q1 FY2610-QFeb 5, 2026$8.3M-14%31.3%$1.9M$661K
Q4 FY2510-KDec 3, 2025$8.5M-3%35.5%$2.4M$3.8M
Q3 FY2510-QAug 6, 2025$8.1M+4%35.4%$2.1M$4.0M
Q2 FY2510-QMay 7, 2025$9.3M+34%37.2%$2.6M$3.7M
Q4 FY2410-KDec 11, 2024$8.8M+40%33.5%$2.3M$3.4M

Charts

Hennessy Advisors: revenue growth, year over year and quarter over quarterHennessy Advisors: revenue growth, year over year and quarter over quarterY/YQ/Q+40%Q4 FY24+34%+6%Q2 FY25+4%-13%Q3 FY25-3%+6%Q4 FY25-14%-2%Q1 FY26-12%-2%Q2 FY26+4%+3%Q3 FY26
Latest (Q3 FY26): Y/Y +4%, Q/Q +3%.
Hennessy Advisors: where the cash came from (+) and went (−), TTM to Q3 FY26Hennessy Advisors: where the cash came from (+) and went (−), TTM to Q3 FY26Other financing−$40.7MCash drawn (+) / kept (−)$35.0MOperating cash flow$10.5MDividends−$4.4MCapital spending−$331KOther investing−$1K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Hennessy Advisors: profit against cash, quarter by quarterHennessy Advisors: profit against cash, quarter by quarterNet incomeOperating cash flow$2.3M$3.4MQ4 FY24$2.8M$2.2MQ1 FY25$2.6M$3.7MQ2 FY25$2.1M$4.0MQ3 FY25$2.4M$3.8MQ4 FY25$1.9M$661KQ1 FY26$1.9M$2.3MQ2 FY26$2.0M$3.7MQ3 FY26
Latest (Q3 FY26): Net income $2.0M, Operating cash flow $3.7M.
Hennessy Advisors: diluted shares by fiscal yearHennessy Advisors: diluted shares by fiscal year7MFY207MFY218MFY228MFY238MFY248MFY25
+6.1% since FY20: more shares outstanding (issuance, stock pay).
Hennessy Advisors in its industry: growth against margin (43 companies, SIC 6282)Hennessy Advisors in its industry: growth against margin (43 companies, SIC 6282)revenue growth, year over year →↑ operating marginmedian +8%median 21%KKRAMPAPOBXBENTROWIVZBAMARESAlliancebernstein L.P.TPGEVRLAZOWLSTEPHLIMORNAMGFHIVCTRPJTCGAPAMLCLNHLNEVRTSAAMICNSGCMGOAK-PARPCABXALTIPSRILYSAMGWHGHKHCMLCIVALUILLRGROWHNNA (+4%, 35%)
Investment Advice; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Hennessy Advisors

Hennessy Advisors, Inc. is a publicly traded investment manager offering a broad range of domestic equity, multi-asset, and sector and specialty funds. Hennessy Advisors, Inc. is committed to providing superior service to shareholders and employing a consistent and disciplined approach to investing based on a buy‑and‑hold philosophy that rejects the idea of market timing.

In its own words, from its 8-K, filed Aug 5, 2026.

Hennessy Advisors against its Investment Advice peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +6%. Operating margin: 34.7% against the peers' median 28.9%.

CompanyQuarterRevenueY/YOp. margin
HNNA Hennessy AdvisorsQ3 FY26$8.4M+4%34.7%
KKR KKRQ2 2026$5.7B+12%24.0%
AMP Ameriprise FinancialQ3 2026$5.2B+6%28.9%
APO Apollo Global ManagementQ3 2026$4.7B-52%-30.9%
BX BlackstoneQ3 2026$3.1B-0.8%46.9%
BEN Franklin TempletonQ4 FY26$2.4B+4%14.6%
TROW Price T Rowe GroupQ3 2026$2.0B+6%38.4%
IVZ InvescoQ3 2026$1.9B+14%23.3%
BAM Brookfield Asset ManagementQ2 2026$1.8B+61%62.4%

Source: Hennessy Advisors 10-Q on SEC EDGAR · CIK 1145255 · Investment Advice

13F: who owns HNNA and who is buying

Largest holders of HNNA (13F)Largest holders of HNNA (13F)Vanguard Group$2.4MVanguard Capital Management LLC$2.4MTruffle Hound Capital, LLC$2.0MAegis Financial$1.7MRenaissance Technologies LLC$992KAllworth Financial LP$826KPerigon Wealth Management, LLC$648KGeode Capital Management, LLC$594KDimensional Fund Advisors LP$543KVanguard Fiduciary Trust$280K
Funds' net buying of HNNA by quarter (13F)Funds' net buying of HNNA by quarter (13F)$500K2024-09$868K2024-12$909K2025-03$981K2025-06$1.5M2025-09−$1.0M2025-12$238K2026-03$281K2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on HNNA

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results

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