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Asset management · Financial Services · Fiscal year ends Dec 31
Artisan Partners Asset Management reported revenue of $1.2B in the fiscal year ended Dec 2025, up 7.6% from the year before. Operating income was $400M, an operating margin of 33.4%, and net income was $290M. Operating cash flow of $172M less capital expenditure of $371,000 left free cash flow of $172M. It held more cash than debt (net cash $66M).
Ranks among the 28 asset management companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,227 | 993 | 975 | 1,112 | 1,197 |
| Operating income | 540 | 344 | 304 | 367 | 400 |
| Interest expense | 10.8 | 9.9 | 8.6 | 8.6 | 8.6 |
| Pre-tax income | 552 | 312 | 384 | 441 | 489 |
| Income tax | 107 | 63.5 | 71.9 | 90.9 | 111 |
| Net income | 337 | 207 | 222 | 260 | 290 |
| Diluted EPS | 5.09 | 2.94 | 3.19 | 3.66 | 4.05 |
| Diluted shares | 59.9 | 62.5 | 63.5 | 64.9 | 65.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 201 | 143 | 178 | 268 | 256 |
| Net PP&E | 35.3 | 48.1 | 46.6 | 41.5 | 33.0 |
| Goodwill | – | – | – | – | 0.0 |
| Total assets | 1,208 | 1,235 | 1,406 | 1,619 | 1,577 |
| Deferred revenue | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Long-term debt | 200 | 200 | 200 | 200 | 190 |
| Total liabilities | 801 | 820 | 802 | 869 | 795 |
| Shareholders' equity | 276 | 262 | 324 | 389 | 439 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 399 | 313 | 253 | 373 | 172 |
| Capital expenditure | 2.4 | 6.6 | 2.3 | 1.6 | 0.4 |
| Free cash flow | 396 | 306 | 251 | 371 | 172 |
| Depreciation & amortisation | 6.9 | 7.8 | 9.3 | 9.9 | 9.4 |
| Stock-based compensation | 39.2 | 40.0 | 32.2 | 31.3 | 27.4 |
| Dividends paid | 275 | 249 | 183 | 222 | 257 |
| Dividend per share | 4.23 | 3.67 | 2.66 | 3.16 | 3.63 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −19.1% | −1.8% | 14.0% | 7.6% |
| Operating income growth (YoY) | – | −36.3% | −11.8% | 20.8% | 9.0% |
| EPS growth (YoY) | – | −42.2% | 8.5% | 14.7% | 10.7% |
| Operating margin | 44.0% | 34.6% | 31.1% | 33.0% | 33.4% |
| Net margin | 27.4% | 20.8% | 22.8% | 23.4% | 24.3% |
| Return on equityBlank when equity is negative | 121.8% | 78.8% | 68.6% | 66.8% | 66.2% |
| Free cash flow margin | 32.3% | 30.8% | 25.7% | 33.4% | 14.3% |
| Cash conversion (CFO ÷ net income) | 1.18x | 1.51x | 1.14x | 1.44x | 0.59x |
| Interest cover | 50.0x | 34.7x | 35.4x | 42.6x | 46.7x |
| Debt ÷ equity | 0.72x | 0.76x | 0.62x | 0.51x | 0.43x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −0.8 | 56.8 | 21.5 | −68.2 | −65.5 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.