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10-K2026-02-20· deepseek-chat

APAM · Artisan Partners Asset Management Inc.

0001517302-26-000047

SEC filing

Summary

Artisan Partners Asset Management Inc. reported strong financial results for fiscal year 2025, with total revenues of $1.20 billion and net income attributable to the company of $290.3 million. The company generated operating income of $399.6 million, representing an operating margin of 33.3%. Key profitability drivers included $88.1 million in gains on investments and $9.4 million in interest income, partially offset by $8.6 million in interest expense. The company maintained a solid balance sheet with total assets of $1.58 billion, including $255.5 million in cash and cash equivalents, and stockholders' equity of $478.2 million. Cash flow from operations was $172.0 million, while financing activities used $183.0 million primarily for dividends ($257.1 million) and partnership distributions ($56.2 million). The company declared dividends of $4 per Class A common share and reported earnings per share of $4.00 for both basic and diluted calculations.

Key takeaways

Full analysis

Performance Summary

Artisan Partners Asset Management Inc. delivered solid financial performance for fiscal year 2025, reporting total revenues of $1.20 billion. The company achieved operating income of $399.6 million, representing an operating margin of 33.3%. Net income before noncontrolling interests was $377.9 million, with net income attributable to Artisan Partners Asset Management Inc. reaching $290.3 million after accounting for $58.2 million attributable to noncontrolling interests in Artisan Partners Holdings and $29.3 million attributable to consolidated investment products. Earnings per share were $4.00 for both basic and diluted calculations, based on 65.6 million weighted average common shares outstanding. The company declared dividends of $4 per Class A common share.

Revenue Analysis

The company reported total revenues of $1.20 billion for fiscal year 2025, with revenue from contracts with customers comprising the entirety of this amount. The XBRL data does not provide segment breakdowns or geographic mix information, nor does it disclose management fees or performance fees separately. The document content does not contain additional revenue segmentation beyond the total revenue figure. No specific growth drivers are quantified in the provided data beyond the aggregate revenue total.

Margins & Profitability

Artisan Partners achieved strong profitability metrics for fiscal year 2025, with operating income of $399.6 million on total revenues of $1.20 billion, resulting in an operating margin of 33.3%. Total operating expenses were $797.1 million, with compensation and benefits representing the largest component at $649.6 million (81.5% of total operating expenses). Other significant operating expenses included communication and technology ($52.4 million), general and administrative ($37.8 million), occupancy ($29.2 million), and distribution, servicing and marketing ($28.1 million). Non-operating income contributed $89.5 million, primarily from gains on investments of $88.1 million and interest income of $9.4 million, partially offset by interest expense of $8.6 million.

Cash Flow & Balance Sheet

The company generated $172.0 million in cash from operating activities, with net income before noncontrolling interests of $377.9 million adjusted for various non-cash items including depreciation and amortization ($9.4 million), deferred income taxes ($55.7 million), and share-based compensation ($28.5 million). Investing activities provided $35.2 million in cash, primarily from proceeds from sale of investment securities ($77.3 million) offset by purchases ($41.4 million). Financing activities used $183.0 million, with significant outflows for dividends paid ($257.1 million) and partnership distributions ($56.2 million). The balance sheet shows total assets of $1.58 billion, including $255.5 million in cash and cash equivalents, $228.0 million in investment securities, and $354.7 million in deferred tax assets. Total liabilities were $794.9 million, with significant components including amounts payable under tax receivable agreements ($303.4 million), borrowings ($189.1 million), and operating lease liabilities ($120.9 million). Stockholders' equity totaled $478.2 million.

Outlook

The provided XBRL data and document content do not contain management guidance, strategic priorities, or specific risk factor disclosures beyond the financial statements. No forward-looking statements, outlook commentary, or strategic initiatives are included in the financial data provided. The filing appears to contain only the financial statement information without accompanying management discussion and analysis sections that would typically include outlook information.