Hennessy Advisors (HNNA) Q2 2026 earnings summary

Executive summary

• Q2 revenue was $8.13M, down 12.3% YoY, and net income was $1.91M, down 26.1%, amid lower average AUM and advisory fees.

• H1 revenue declined 13.3% to $16.5M and net income fell 29.1% to $3.8M; net cash rose 20.1% YoY to $32.8M.

Financial highlights

• Q2 advisory fees were $7.6M, down 12.6% YoY; shareholder service fees were $0.55M, down 8.5%.

• Q2 net operating income was $2.6M versus $3.5M; net income was $1.91M versus $2.6M, and diluted EPS was $0.24 versus $0.33.

• H1 advisory fees were $15.3M, down 13.5% YoY; shareholder service fees were $1.1M, down 11.1%.

• H1 net operating income was $5.2M versus $7.3M; net income was $3.8M versus $5.4M, and diluted EPS was $0.48 versus $0.69.

• Average AUM was $4.17B in Q2, down 12.2% YoY; period-end AUM was $3.93B, down 7.8%.

Outlook and guidance

• Strategy focuses on acquisitions and integration, retaining managed fund assets, attracting inflows, and maintaining investment performance and investor service.

• Management cited constructive economic fundamentals, strong corporate balance sheets and resilient earnings, while monitoring signs of economic weakening.

• Cash accumulation supports evaluation of strategic growth opportunities, with financial discipline remaining a priority.