Filing Flows › Virtus Investment Partners (VRTS) › Q2 2026 › vs Q2 2025
Virtus Investment Partners (VRTS) Q2 2026 vs Q2 2025 (year over year)
Virtus Investment Partners's revenue fell $9.2M (-4%) from $211M in Q2 2025 to $201M in Q2 2026. The biggest changes: Investment management fees −$8.6M (-5%); Administration and shareholder service fees −$708K (-4%); Other income and fees +$381K (+37%). Operating margin 13.6% against 21.5% (-7.9 pts).
Virtus Investment Partners, Q2 2026: revenue $201M (-4% year over year), operating margin 13.6%, net earnings $45.3M, operating cash flow $57.4M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 13.6% | 21.5% | -7.9 pts |
| Net margin | 22.5% | 20.1% | +2.4 pts |
| Free cash flow margin | 27.9% | 35.2% | -7.4 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Open-end funds | $61.5M | $70.4M | −$8.9M | -13% |
| Retail separate accounts | $42.7M | $51.8M | −$9.1M | -18% |
| Institutional accounts | $37.9M | $42.4M | −$4.5M | -11% |
| Closed-end funds | $28.8M | $14.9M | $13.9M | +94% |
| Investment management fees | $171M | $179M | −$8.6M | -5% |
| Administration and shareholder service fees | $17.3M | $18.0M | −$708K | -4% |
| Distribution and service fees | $11.8M | $12.0M | −$210K | -2% |
| Other income and fees | $1.4M | $1.0M | $381K | +37% |
| Revenue | $201M | $211M | −$9.2M | -4% |
| Other income, net | $25.7M | $9.9M | $15.8M | +159% |
| Operating profit | $27.3M | $45.2M | −$17.9M | -40% |
| Costs & expenses | $174M | $165M | $8.7M | +5% |
| Pre-tax earnings | $53.0M | $55.1M | −$2.1M | -4% |
| Loss borne by minority interests | $699K | −$370K | $1.1M | — |
| Net earnings | $45.3M | $42.4M | $2.9M | +7% |
| Income tax | $8.4M | $12.4M | −$4.0M | -32% |
| Depreciation & amortization | $22.5M | $15.8M | $6.7M | +43% |
| Share-based compensation | $10.9M | $6.8M | $4.1M | +61% |
| Working capital & other | $21.3M | −$10.8M | $32.1M | — |
| Operating cash flow | $57.4M | $75.8M | −$18.3M | -24% |
| Free cash flow (OCF − capex) | $56.1M | $74.2M | −$18.1M | -24% |
| Capital expenditures | $1.3M | $1.6M | −$215K | -14% |
Questions
How much did Virtus Investment Partners's revenue grow year over year in Q2 2026?
Virtus Investment Partners's revenue fell $9.2M (-4%) from $211M in Q2 2025 to $201M in Q2 2026.
What drove Virtus Investment Partners's revenue change in Q2 2026?
Investment management fees −$8.6M (-5%); Administration and shareholder service fees −$708K (-4%); Other income and fees +$381K (+37%).