Filing Flows › Virtus Investment Partners (VRTS) › Q3 2026 › vs Q3 2025
Virtus Investment Partners (VRTS) Q3 2026 vs Q3 2025 (year over year)
Virtus Investment Partners's revenue fell $18.8M (-9%) from $216M in Q3 2025 to $198M in Q3 2026. The biggest changes: Investment management fees −$16.4M (-9%); Administration and shareholder service fees −$1.5M (-8%); Distribution and service fees −$1.0M (-8%). Operating margin 17.4% against 21.7% (-4.4 pts).
Virtus Investment Partners, Q3 2026: revenue $198M (-9% year over year), operating margin 17.4%, net earnings $22.1M, operating cash flow $75.3M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 17.4% | 21.7% | -4.4 pts |
| Net margin | 11.2% | 14.8% | -3.6 pts |
| Free cash flow margin | 37.6% | 49.4% | -11.7 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Open-end funds | $63.1M | $73.3M | −$10.1M | -14% |
| Retail separate accounts | $41.5M | $52.2M | −$10.7M | -20% |
| Institutional accounts | $34.8M | $42.7M | −$7.9M | -19% |
| Closed-end funds | $27.9M | $15.6M | $12.3M | +78% |
| Investment management fees | $167M | $184M | −$16.4M | -9% |
| Administration and shareholder service fees | $17.3M | $18.9M | −$1.5M | -8% |
| Distribution and service fees | $11.5M | $12.5M | −$1.0M | -8% |
| Other income and fees | $1.5M | $1.2M | $249K | +20% |
| Revenue | $198M | $216M | −$18.8M | -9% |
| Operating profit | $34.3M | $47.1M | −$12.7M | -27% |
| Costs & expenses | $163M | $169M | −$6.1M | -4% |
| Pre-tax earnings | $29.6M | $44.4M | −$14.9M | -33% |
| Other expense, net | $4.8M | $2.6M | $2.2M | +83% |
| Loss borne by minority interests | $2.7M | $585K | $2.1M | +361% |
| Net earnings | $22.1M | $31.9M | −$9.8M | -31% |
| Income tax | $10.1M | $13.1M | −$3.0M | -23% |
| Depreciation & amortization | $22.5M | $16.2M | $6.3M | +39% |
| Share-based compensation | $3.7M | $5.7M | −$2.0M | -35% |
| Working capital & other | $27.0M | $54.5M | −$27.5M | -50% |
| Operating cash flow | $75.3M | $108M | −$33.0M | -30% |
| Free cash flow (OCF − capex) | $74.4M | $107M | −$32.5M | -30% |
| Capital expenditures | $883K | $1.4M | −$529K | -37% |
Questions
How much did Virtus Investment Partners's revenue grow year over year in Q3 2026?
Virtus Investment Partners's revenue fell $18.8M (-9%) from $216M in Q3 2025 to $198M in Q3 2026.
What drove Virtus Investment Partners's revenue change in Q3 2026?
Investment management fees −$16.4M (-9%); Administration and shareholder service fees −$1.5M (-8%); Distribution and service fees −$1.0M (-8%).