10-K · February 25, 2026
Janus Henderson reported a strong 2025 with GAAP revenue of $3,097.3 million and diluted EPS of $5.23, driven by higher management/performance fees and AUM growth to $493.2 billion as of December 31, 2025. Management…
Earnings analysis · 10-Q
JHG earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
Janus Henderson Group plc reported Q1 2026 results with revenues of $690.0 million, up 11% from the prior year, but diluted EPS missed estimates at $0.59. The company's AUM increased significantly by 29% year-over-year…
Read full summary
Janus Henderson Group plc reported Q1 2026 results with revenues of $690.0 million, up 11% from the prior year, but diluted EPS missed estimates at $0.59. The company's AUM increased significantly by 29% year-over-year to $479.6 billion, alongside positive net inflows of $2.9 billion, reflecting robust client engagement. However, the report also noted a decline in operating income and margins, caused by rising operating expenses, particularly related to merger-related costs.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.59
- Operating margin
- 16.5%
What stood out
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Revenue Increase
Revenue for Q1 2026 was $690.0 million, an increase of $68.6 million, or 11%, compared to Q1 2025.
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Strong AUM Growth
Assets Under Management (AUM) increased to $479.6 billion, up 29% from $373.2 billion in Q1 2025.
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Significant Net Inflows
Net inflows for Q1 2026 were $2.9 billion, reversing to positive from breakeven in Q4 2025.
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Operating Income Decline
Operating income decreased by $39.7 million, or 26%, to $113.9 million compared to Q1 2025.
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Adjusted EPS Improvement
Adjusted diluted EPS was $0.90 in Q1 2026, up from $0.79 in Q1 2025.
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Cumulative Cash Growth
Cash and cash equivalents at the end of Q1 2026 rose to $1,409.6 million from $1,293.5 million at the end of Q4 2025.
What to watch
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Increased Operating Costs
Total operating expenses rose by $108.3 million, or 23%, to $576.1 million compared to Q1 2025.
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Decline in Operating Income
Operating margin fell to 16.5% in Q1 2026 from 24.7% in Q1 2025, reflecting pressure on profitability.
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Market Disruption Risks
Risks from mergers and consolidations could materially impact ongoing operations amid regulatory scrutiny.
Management's outlook
Management outlook was positive regarding AUM growth despite merger-related risks, but detailed numerical guidance was deferred.
Earlier filings 4
10-Q · October 30, 2025
Janus Henderson reported Q3 revenue of $700.4 million (up from $624.8 million a year ago) and diluted EPS of $0.92 (vs. $0.17 a year ago). Management fees and investment gains drove the quarter; operating income was…
10-K · February 27, 2025
Janus Henderson (JHG) reported stronger 2024 results: GAAP revenue rose to $2,473.2 million and diluted EPS to $2.56, while operating margin expanded to 26.1%. The firm ended 2024 with AUM of $378.7 billion, with…
10-Q · August 1, 2024
Janus Henderson reported strong Q2 results with total revenue of $588.4 million (up from $516.5 million a year ago) and diluted EPS of $0.81 (vs $0.54 in Q2 2023), driven by higher management fees of $472.8 million.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.