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Virtus Investment Partners (VRTS) investor relations material
Virtus Investment Partners Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Assets under management (AUM) rose 2% sequentially to $170.7B, driven by market gains and ETF inflows, despite $3.9B in net outflows mainly from institutional and retail accounts.
Adjusted EPS increased to $6.25, up from $5.73 in Q1, while diluted EPS was $6.12, up 51% sequentially and 152% year-over-year.
Operating margin as adjusted improved to 31.3% from 27.6% sequentially, reflecting lower expenses and improved efficiency.
Share repurchases reached $30M in Q2, the highest in three years, reducing shares outstanding by up to 3% year-to-date.
Financial flexibility maintained with low net leverage, strong liquidity, and a focus on expanding offerings in ETFs, retail separate accounts, and global funds.
Financial highlights
Revenues were $210.5M, down 6.2% year-over-year and 3% sequentially, mainly due to lower average AUM.
Adjusted net income was $43.3M, up from $40.5M in the previous quarter.
Investment management fees as adjusted fell 4% sequentially and 6.4% year-over-year.
Adjusted employment expenses were $97.2M, or 50.9% of revenues, down from 55.4% sequentially.
Cash and cash equivalents were $172.2M at June 30, 2025.
Outlook and guidance
Management expects continued AUM pressure from net outflows, partially offset by market performance and new product launches.
Employment expenses are expected to trend toward the midpoint of the 49%-51% revenue range.
Other operating expenses projected to remain in the $30M-$32M range per quarter.
Deferred tax asset expected to provide $18M in annual cash tax benefits over the next decade.
Interest and dividend income expected to be ~$4.3M in Q3.
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