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Virtus Investment Partners (VRTS) investor relations material
Virtus Investment Partners Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary24 Oct, 2025
Executive summary
Q3 2025 delivered solid results with adjusted EPS up 7% sequentially to $6.69, supported by higher average AUM of $170.3B and record ETF growth, despite persistent net outflows of $3.9B mainly from equity strategies.
Total AUM ended at $169.3B, down 7.8% year-over-year, with institutional and ETF sales offset by equity outflows.
Adjusted operating income rose 9% to $65M, and adjusted operating margin increased to 33%.
Quarterly dividend was raised 7% to $2.40 per share, marking the eighth consecutive annual increase.
Financial flexibility improved through a $400M term loan and $250M revolver refinancing, boosting cash and extending debt maturities.
Financial highlights
Revenues for Q3 2025 were $216.4M, down 4.7% year-over-year but up 3% sequentially; adjusted revenues were $196.7M.
Investment management fees were $183.8M, down 5.2% year-over-year; average fee rate was 41.2 bps.
Operating income (GAAP) was $47.1M, down 14.8% year-over-year but up 4% sequentially; adjusted operating income was $65M.
Net income attributable to shareholders was $31.9M (GAAP) and $45.9M (adjusted); GAAP EPS was $4.65, adjusted EPS $6.69.
Cash and cash equivalents increased to $370.6M at quarter-end, up from $265.9M at year-end 2024.
Outlook and guidance
Fee rate expected to remain stable for Q4; employment expenses as a percentage of revenue anticipated within 49%-51%.
Other operating expenses projected at $30-$32M per quarter, benefiting from office consolidation.
Interest expense likely to rise in Q4 due to higher debt; interest income expected to increase with higher cash balances.
Management expects to maintain compliance with capital requirements and continue investing in growth and technology.
Forward-looking statements highlight risks from market, operational, and regulatory uncertainties.
What offset positive ETF net flows in Q3?
What caused working capital to double in Q3?
Discuss the CLO issuance's financial impact
ETF Growth Drivers & Future Pipeline?
Inorganic Growth Strategy & Targets?
Net Flow Improvement Beyond Market Shift?
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Next Virtus Investment Partners earnings date
Q4 20256 Feb, 2026
Next Virtus Investment Partners earnings date
Q4 20256 Feb, 2026
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Frequently asked questions
Virtus Investment Partners Inc is an asset management firm offering a range of investment strategies across equity, fixed income, multi-asset, and alternative asset classes. The company operates through a multi-manager model, providing investment services to institutions, financial advisors, and individual investors. Its offerings are distributed under various brand names and affiliated managers. The company is headquartered in Hartford, Connecticut, and its shares are listed on the NASDAQ.
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