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Westwood Holdings Group (WHG) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Westwood Holdings Group (WHG) Q3 2026 earnings results →
Q3 2026 Revenue up 9% year over year to $26.6M · 12¢ of every $1 of revenue kept as net profit · operating margin 5.2%
Westwood Holdings Group made $26.6M in Q3 2026 (+9% Y/Y): Asset Management $19.2M, Fiduciary and Trust $5.6M, Other Revenue Misc Services $1.8M. Operating margin 5.2%, net earnings $3.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
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What changed this quarter
Revenue was $26.6M in Q3 2026, up 9% year over year and up 5% from the previous quarter. Asset Management was the largest line at 72% of revenue. Other Revenue Misc Services added $1.8M year over year, 80% of the total change.
Operating profit was $1.4M, a 5.2% margin (down 3.1 points year over year). Operating profit fell $626K even though revenue rose $2.3M versus Q3 2025, so costs grew faster than sales. Total costs grew 13% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+17%). Net earnings were $3.1M, down 16% year over year. The effective tax rate was 32.0%. Non-operating items added $3.2M, 70% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $5.9M (down 30% year over year), 190% of net earnings. Non-cash charges added back $726K of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items added $1.1M. Capital expenditures of $53K left free cash flow of $5.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $26.6M | +9% | 5.2% | $3.1M | $5.9M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $25.3M | +10% | 8.1% | $1.5M | $5.6M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $25.0M | +7% | -6.0% | $782K | −$2.6M |
| Q4 2025 | 10-K | Mar 4, 2026 | $27.1M | +32% | 8.0% | $1.9M | $8.0M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $24.3M | +2% | 8.3% | $3.7M | $8.5M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $23.1M | +2% | 3.8% | $1.0M | $7.3M |
| Q1 2025 | 10-Q | Apr 30, 2025 | $23.3M | +2% | -0.3% | $477K | −$4.9M |
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About Westwood Holdings Group
Unless the context otherwise requires, the term “we,” “us,” “our,” “Westwood,” or “Westwood Holdings Group” when used in this Form 10-K (“Report”) and in the Annual Report to the Stockholders refers to Westwood Holdings Group, Inc., a Delaware corporation, and its consolidated subsidiaries taken as a whole. This Report contains some forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of some events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors including, without limitation, those set forth under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 1A. Risk Factors.”
In its own words, from its 10-K, filed Mar 4, 2026.
Westwood Holdings Group against its Investment Advice peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +6%. Operating margin: 5.2% against the peers' median 24.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| WHG Westwood Holdings Group | Q3 2026 | $26.6M | +9% | 5.2% |
| KKR KKR | Q2 2026 | $5.7B | +12% | 24.0% |
| AMP Ameriprise Financial | Q3 2026 | $5.2B | +6% | 28.9% |
| APO Apollo Global Management | Q3 2026 | $4.7B | -52% | -30.9% |
| BX Blackstone | Q3 2026 | $3.1B | -0.8% | 46.9% |
| BEN Franklin Templeton | Q4 FY26 | $2.4B | +4% | 14.6% |
| TROW Price T Rowe Group | Q3 2026 | $2.0B | +6% | 38.4% |
| IVZ Invesco | Q3 2026 | $1.9B | +14% | 23.3% |
| BAM Brookfield Asset Management | Q2 2026 | $1.8B | +61% | 62.4% |
Source: Westwood Holdings Group 10-Q on SEC EDGAR · CIK 1165002 · Investment Advice
Guidance and outlook
13F: who owns WHG and who is buying
More on WHG
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Westwood Holdings Group operating margin by quarter
- Westwood Holdings Group net income by quarter
- Westwood Holdings Group free cash flow by quarter
- Westwood Holdings Group capital expenditures by quarter
- Westwood Holdings Group Asset Management revenue by quarter
- Westwood Holdings Group Fiduciary and Trust revenue by quarter
- Westwood Holdings Group Other Revenue Misc Services revenue by quarter