WisdomTree (WT) investor relations material

Executive summary

• Record quarter-end AUM of $171.0B, up 5.0% QoQ; Q3 net inflows were $4.6B and YTD inflows were $13.6B, a 13% annualized organic growth rate.

• Nine-month revenue rose 49% YoY to $516.0M; adjusted operating income increased 81% to $215.6M, with a 41.8% adjusted margin.

• Strategy spans public markets, private markets and tokenization, with a focus on organic growth and operating leverage.

Financial highlights

• Q3 operating revenue was $179.4M, up 42.8% YoY; higher average AUM supported growth, partly offset by lower European ETP transaction and performance fees.

• Q3 operating income was $74.1M versus $45.7M a year earlier; net income was $49.2M versus $19.7M.

• Q3 adjusted operating income was $77.3M, adjusted operating margin 43.1%, adjusted net income $49.5M and adjusted diluted EPS $0.32.

• Nine-month operating income was $205.3M versus $114.4M; adjusted diluted EPS was $0.90, above full-year 2025’s $0.86.

• Nine-month operating expenses rose 34.0%, primarily from compensation, fund administration, distribution fees and acquisition-related amortization.

Outlook and guidance

• Full-year discretionary spending guidance narrowed to $83M–$87M from $83M–$89M; third-party distribution guidance narrowed to $21M–$23M from $20M–$24M.

• Interest income guidance increased to $9M from $8M; interest expense remains $53M and adjusted tax-rate guidance 24%–25%.

• Compensation/revenue guidance remains 26%–28% and gross margin 83%–84%; Q4 diluted weighted-average shares are forecast at 154M–160M, including potential convertible-note dilution.

• Long-term framework targets 50%+ incremental margins and 10%–20% accelerated EPS growth; YTD adjusted operating margin was 41.8%.

• Management emphasized organic growth, distribution expansion and operating discipline across liquid alternatives, private markets and tokenization; no numerical financial forecast was stated.