0001214659-26-005680
SEC filingWisdomTree 营收大增 47.5% 至 $159.5M，但可转债回购致净亏损 $23.1M。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $159,470K | $108,082K | +47.5% |
| Gross Profit | $134,590K | $87,368K | +54.1% |
| Gross Margin | 84.4% | 80.8% | +360bps |
| Operating Income | $59,350K | $34,162K | +73.7% |
| Operating Margin | 37.2% | 31.6% | +560bps |
| Net Income | ($23,131K) | $24,629K | -193.9% |
| Diluted EPS | ($0.17) | $0.17 | — |
| Adjusted Operating Income | $62,718K | $34,162K | +83.6% |
| Adjusted Operating Margin | 39.3% | 31.6% | +770bps |
| Operating Cash Flow | $17,957K | $6,370K | +181.9% |
| Free Cash Flow | $16,977K | $5,793K | +193.1% |
增长桥：Q1 营收 $159.5M，同比 +47.5%，主要驱动为平均 AUM 增长 34.9% 至 $154.7B、平均 advisory fee 从 0.35% 提升至 0.36%，以及 Ceres 并表贡献管理费 $5.2M 和绩效费 $3.0M。其他收入同比 +92.2% 至 $16.4M，反映欧洲 ETP 相关收入强劲。
Margin 归因：Gross Margin 84.4%，同比 +360bps，主要因 Fund management and administration 费用率从 19.2% 降至 15.6%。Operating Margin 37.2%，同比 +560bps，得益于收入增长快于费用增长（费用率从 68.4% 降至 62.8%）。Adjusted Operating Margin 39.3%，剔除 Ceres 无形资产摊销 $1.4M 和收购相关成本 $1.9M。
盈利质量：GAAP 净亏损 $23.1M，主因可转债回购产生 $62.3M 一次性损失（2026 票据 $16.9M 和 2029 票据 $45.4M 诱导费用）。剔除后调整净利 $40.6M，同比 +76.4%。经营现金流 $18.0M，高于净亏损，反映非现金费用（折旧摊销 $2.1M、股票补偿 $8.4M）及营运资本变动。FCF 转化率（FCF/调整净利）约 41.8%，因资本支出较低。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| U.S. Listed ETFs | $90.9B AUM | +12.9% | — | — | 净流入 $2.6B，市场贬值 $218M |
| European Listed ETPs | $58.8B AUM | +67.3% | — | — | 净流入 $3.1B，市场增值 $2.3B |
| Digital Assets | $0.9B AUM | +556.8% | — | — | 净流入 $98M，主要流入 Treasury Money Market Digital Fund |
| Private Assets | $2.0B AUM | n/a | — | — | Ceres 并表，净流入 $75M，市场增值 $21M |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $625,505K | +$313,773K |
| Total Debt (Convertible Notes) | $1,223,750K | +$253,750K |
| Net Debt | $598,245K | -$60,023K |
| Inventory | — | — |
| RPO/Deferred revenue | — | — |
| Operating Cash Flow | $17,957K | +$11,587K |
| Capex | $1,008K | +$400K |
| Free Cash Flow | $16,977K | +$11,184K |
| FCF 转化率 | 41.8% | — |
Net Debt/EBITDA 未披露，因 EBITDA 未提供。
资本配置：
前瞻指引：
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY26 | Gross Margin | 83.0%-84.0% | 报告 |
| FY26 | Interest Expense | $54.0M | 报告 |
| FY26 | Interest Income | $10.0M | 报告 |
| FY26 | Effective Tax Rate | 24.0%-25.0% | 报告 |
| Q2 FY26 | Weighted Avg Diluted Shares | 155.0M-158.0M | 报告 |
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