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Federated Hermes
Federated Hermes (FHI) investor relations material
Federated Hermes Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary30 Jan, 2026
Executive summary
Achieved record assets under management (AUM) of $903 billion at year-end 2025, up 9% year-over-year, led by strong gains in money market and equity strategies.
Q4 2025 EPS was $1.39, up 34% year-over-year; full-year EPS was $5.13, up 59% from 2024.
Net income for Q4 2025 was $107.0 million, up 26% year-over-year; full-year net income was $403.3 million, up 50%.
MDT strategies achieved record gross and net sales, with six of nine strategies in the top Morningstar quartile for three-year performance.
Strategic expansion includes a planned Hong Kong office, the FCP acquisition, and the acquisition of Rivington Energy Management.
Financial highlights
Q4 2025 revenue rose 14% year-over-year to $482.8 million, driven by higher average money market and equity assets.
Full-year 2025 revenue increased 10% to $1.8 billion, with operating income up 42% to $513.9 million.
Q4 operating expenses rose 11% year-over-year, mainly due to higher distribution and compensation costs.
Cash and investments at year-end were $724 million; long-term debt was $1.53 billion.
Q4 2025 declared dividend was $0.34 per share; $263.4 million spent on share repurchases in 2025.
Outlook and guidance
Q1 expected to see $10.2 million lower revenues and $2.6 million lower distribution expenses due to fewer days.
Compensation and related expenses expected to rise by about $8 million in Q1 due to seasonal factors.
2026 forecast includes one Fed rate cut, with money market yields expected to remain attractive above 3%.
Anticipates continued positive, though possibly single-digit, AUM growth in money markets for 2026.
Management highlights ongoing investor interest in ETFs, CITS, and SMAs as growth opportunities.
Money market AUM growth: fund vs separate account
Long-term asset net flows by asset class Q4 2025
Impact of 2024 impairment on 2025 EPS growth
MDT product development beyond current wrappers?
Tokenization: client demand vs. regulatory needs?
Real estate development strategy pivot?
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Next Federated Hermes earnings date
Q1 202624 Apr, 2026
Federated Hermes
Next Federated Hermes earnings date
Q1 202624 Apr, 2026
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Frequently asked questions
Investment Management With an ESG Focus
Federated Hermes, formerly known as Federated Investors, is an American investment management firm with multinational operations. The company offers a diverse range of investment services, including active management in equities, fixed income, alternative and private market investments, multi-asset strategies, and liquidity management. The firm manages substantial assets for a varied clientele, including corporations, government entities, insurance companies, and foundations. It is headquartered in Pittsburgh, Pennsylvania, and its shares are listed on the NYSE.
Founded by High School Classmates
Federated Investors was founded in 1955 in Pittsburgh by two former High School Classmates, John F. Donahue and Richard B. Fisher, together with the help of legal counsel Thomas J. Donnelly, It began as a mutual fund company, primarily focusing on the management of money market funds and steadily growing.
Throughout the 1980s and 1990s, Federated expanded its product offerings and grew its assets under management significantly. It started offering a wider range of mutual funds and began serving a broader client base, eventually going public in 1998. Following its IPO, the company continued to grow, both organically and through acquisitions in 2020, Federated Investors rebranded as Federated Hermes, Inc. This change followed the 2018 acquisition of a majority stake in Hermes Investment Management, a London-based investment management firm known for its focus on responsible investing.
The Financial Services
The company's primary focus is on managing investment funds and providing tailored investment solutions to meet the diverse needs of its clients. These services encompass various asset classes, including equity, fixed income, alternative investments, and multi-asset strategies. A significant aspect of Federated Hermes' offerings is its expertise in liquidity management, which is particularly beneficial for institutional clients and businesses in managing their cash flows and maintaining liquidity.
The firm caters to a broad spectrum of clients, from individual investors to large institutional clients like pension funds, endowments, and financial intermediaries. For individual investors, Federated Hermes offers mutual funds and managed accounts, while institutional clients benefit from customized portfolio management and advisory services. Some similar companies listed on public exchanges are Apollo Global Management, The Carlyle Group, and Franklin Resources.
A Strong Focus on ESG
Federated Hermes has a strong focus on Environmental, Social, and Governance (ESG) principles, positioning these factors at the core of its investment philosophy. The company integrates ESG considerations into its investment analysis and decision-making processes across its entire portfolio. By doing so, Federated Hermes aims to identify companies that not only demonstrate financial potential but also show a commitment to responsible business practices.
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