Short answer
Artisan Partners Asset Management Inc. (APAM) filed its fiscal 2025 10-K annual report with the SEC on Feb 20, 2026. It reported revenue of $1.2B (+7.6% year over year) and net income of $290M.
- Top risk flagged: Regulatory/legal risk: SEC oversight on fee transparency as performance fees now material to revenue, changing fee calculation methodology in Dec 2025
FY2025 key financial metrics · XBRL
- Revenue
- $1.2B
- +7.6% YoY
- Net income
- $290M
- +11.8% YoY
- Operating margin
- 33.4%
- +0.4 pp YoY
- EPS (diluted)
- $4.05
- +10.7% YoY
- ROE
- 66.2%
- −0.6 pp YoY
- Operating cash flow
- $172M
- −53.9% YoY
Source: XBRL data from the Artisan Partners Asset Management Inc. (APAM) FY2025 10-K on SEC EDGAR. USD.
Artisan Partners Asset Management Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business asset management focused on investment advisory services under complex regulatory environment
- Emphasis on expanding operations into new geographic regions and more complex investment products with increased regulatory requirements
- Notable integration and increased reliance on AI technologies, raising operational, cybersecurity, privacy, and reputational risks
- Indebtedness includes $190 million in unsecured notes, $100 million revolving credit facility with no outstanding balance as of filing
- Significant liability of $303 million recorded for payments under Tax Receivable Agreements expected to reach approximately $420 million over 15 years
Management Discussion & Analysis
- Revenue $1.20B (derived from operating income and margin), operating margin 35.3% in 2025 vs 33.8% in 2024, adjusted operating income $422.6M up from $376.0M
- Best segment: consolidated investment products with increased subscriptions, seed investments $151.6M; no explicit worst segment disclosed
- Cash & equivalents $255.5M, increased from $201.2M, dividends $3.63/share (quarterly + special) in 2025 vs $3.16/share in 2024, capital expenditures decreased, $46.8M invested in long-term incentive compensation plans in 2025
- Debt: $190M unsecured notes outstanding, $100M credit facility unused, leverage ratio 0.4x, interest coverage 60.3x at year-end 2025
- Guidance: Expect to pay ~80% of quarterly cash generation as dividends, anticipate $40.4M TRA payments in 2026, plan additional $50.6M investment in long-term incentive economic hedge in Q1 2026
Risk Factors
- Regulatory/legal risk: SEC oversight on fee transparency as performance fees now material to revenue, changing fee calculation methodology in Dec 2025
- Macroeconomic threat: $12.7B net client cash outflows in 2025 amid market volatility, partly offset by $33.4B market appreciation in AUM
- Operational vulnerability: Dependence on 11 autonomous investment teams; equity strategies had $15.6B net outflows due to weaker relative performance in key strategies
- Competitive risk: Market share losses in equity strategies to alternatives and credit asset classes, which saw net inflows of $2.8B and $128M respectively in 2025
- Financial risk: Concentration in intermediated wealth channel (61.4% of AUM) and over 74% of AUM domiciled in U.S., exposing firm to regional client sentiment shifts
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