Filing Flows › Virtus Investment Partners (VRTS) › Q3 2025
Virtus Investment Partners (VRTS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Virtus Investment Partners (VRTS) reported revenue of $216M for the third quarter 2025 (Q3 2025), -5% from a year earlier and +3% from the quarter before. Operating margin was 21.7%, net earnings $31.9M (14.8% of revenue).
Virtus Investment Partners, Q3 2025: revenue $216M (-5% year over year), operating margin 21.7%, net earnings $31.9M, operating cash flow $108M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $216M | +3% | -5% |
| Operating profit | $47.1M | +4% | -15% |
| Net earnings | $31.9M | -25% | -22% |
| Operating cash flow | $108M | +43% | +57% |
| Free cash flow | $107M | +44% | +55% |
What changed
Revenue was $216.4M in Q3 2025, down 5% year over year and up 3% from the previous quarter. Open-end funds was the largest line at 34% of revenue. Open-end funds lost $6.2M year over year (down 8%), 58% of the total change.
Operating profit was $47.1M, a 21.7% margin (down 2.6 points year over year). Total costs fell 1% while revenue fell 5%. Net earnings were $31.9M, down 22% year over year ($31.3M including minority interests, which bore $585K of losses). The effective tax rate was 29.5%.
Operating cash flow was $108.3M (up 57% year over year), 345% of net earnings. Non-cash charges added back $16.2M of depreciation and amortization and $5.7M of share-based compensation. Working capital and other items added $55.1M. Capital expenditures of $1.4M left free cash flow of $106.9M.
Questions
What was Virtus Investment Partners' revenue in the third quarter 2025?
Virtus Investment Partners (VRTS) reported revenue of $216M for the third quarter 2025 (Q3 2025), -5% from a year earlier and +3% from the quarter before.
Was Virtus Investment Partners profitable in the third quarter 2025?
Operating profit was $47.1M (21.7% of revenue) and net earnings $31.9M.