APAM earnings analysis
What we found in APAM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Artisan Partners Asset Management Inc. reported Q1 2026 results with revenues of $303.0 million, reflecting a 9% increase year-over-year. Adjusted EPS stood at $0.87, slightly down from $0.82 in the prior year, and the operating margin and net income showed minor declines due to higher expenses. Additionally, assets under management (AUM) declined to $173 billion, influenced by market depreciation and client outflows.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 9% Year-over-Year
- Total revenue reached $303.0 million for Q1 2026, up from $277.1 million in Q1 2025.
- Adjusted EPS of $0.87
- Adjusted earnings per share for Q1 2026 were $0.87, compared to $0.82 in the same quarter last year.
- Operating Margin Steady
- GAAP operating margin for the quarter was 31.1%, consistent with prior periods.
- Increase in Average AUM
- Average assets under management grew 9% year-over-year to $182.4 billion.
- Dividends Declared
- Dividends per share declared were $1.58 for Q1 2026, up from $1.34 in Q1 2025.
- Cash and Cash Equivalents Increased
- Cash and cash equivalents rose to $271.1 million as of March 31, 2026, from $214.4 million at year-end 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decline in AUM
- AUM decreased by $6.9 billion, or 4%, primarily due to market depreciation and net client outflows of $3.1 billion.
- Increased Operating Expenses
- Total operating expenses increased to $208.8 million, up 10% from $190.6 million in the prior year.
- Investment Performance Losses
- Non-operating investments recorded a loss of $7.6 million due to unfavorable market conditions.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.87
- Operating margin
- 31.1%
What they said about what is next.
Management anticipates continued volatility in AUM driven by market conditions and client asset flows.
The filing reads about the same as the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
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