Filing Flows › Virtus Investment Partners (VRTS) › Q1 2026 › vs Q1 2025
Virtus Investment Partners (VRTS) Q1 2026 vs Q1 2025 (year over year)
Virtus Investment Partners's revenue fell $18.4M (-8%) from $218M in Q1 2025 to $200M in Q1 2026. The biggest changes: Investment management fees −$17.0M (-9%); Distribution and service fees −$1.1M (-9%); Administration and shareholder service fees −$696K (-4%). Operating margin 7.7% against 16.8% (-9.0 pts).
Virtus Investment Partners, Q1 2026: revenue $200M (-8% year over year), operating margin 7.7%, net earnings $7.1M, operating cash flow $35.9M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Operating margin | 7.7% | 16.8% | -9.0 pts |
| Net margin | 3.6% | 13.1% | -9.6 pts |
| Free cash flow margin | 16.8% | -3.1% | +19.9 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Open-end funds | $63.7M | $74.0M | −$10.3M | -14% |
| Retail separate accounts | $47.3M | $54.3M | −$7.0M | -13% |
| Institutional accounts | $37.3M | $42.9M | −$5.6M | -13% |
| Closed-end funds | $20.8M | $14.9M | $5.9M | +40% |
| Investment management fees | $169M | $186M | −$17.0M | -9% |
| Administration and shareholder service fees | $17.3M | $18.0M | −$696K | -4% |
| Distribution and service fees | $11.6M | $12.8M | −$1.1M | -9% |
| Other income and fees | $1.5M | $1.1M | $377K | +35% |
| Revenue | $200M | $218M | −$18.4M | -8% |
| Operating profit | $15.4M | $36.6M | −$21.1M | -58% |
| Costs & expenses | $184M | $181M | $2.8M | +2% |
| Pre-tax earnings | $13.3M | $40.4M | −$27.1M | -67% |
| Other expense, net | $2.1M | −$3.8M | $6.0M | — |
| Loss borne by minority interests | $974K | $595K | $379K | +64% |
| Net earnings | $7.1M | $28.6M | −$21.5M | -75% |
| Income tax | $7.2M | $12.3M | −$5.2M | -42% |
| Depreciation & amortization | $17.7M | $16.1M | $1.5M | +10% |
| Share-based compensation | $5.2M | $6.7M | −$1.5M | -23% |
| Working capital & other | $5.9M | −$55.3M | $61.2M | — |
| Operating cash flow | $35.9M | −$3.8M | $39.7M | — |
| Free cash flow (OCF − capex) | $33.5M | −$6.8M | $40.3M | — |
| Capital expenditures | $2.4M | $3.0M | −$624K | -21% |
Questions
How much did Virtus Investment Partners's revenue grow year over year in Q1 2026?
Virtus Investment Partners's revenue fell $18.4M (-8%) from $218M in Q1 2025 to $200M in Q1 2026.
What drove Virtus Investment Partners's revenue change in Q1 2026?
Investment management fees −$17.0M (-9%); Distribution and service fees −$1.1M (-9%); Administration and shareholder service fees −$696K (-4%).