Hennessy Advisors (HNNA) Q4 2025 earnings summary

Executive summary

• FY2025 revenue rose 20% to $35.5 million, net income increased 40% to $10.0 million, and diluted EPS climbed 38% to $1.27.

• Average AUM grew 21.6% to $4.48 billion, while fiscal year-end AUM declined 8.6% to $4.24 billion.

• All 17 Hennessy Funds recorded positive returns over the one- and three-year periods ended September 30, 2025; all 16 funds with over 10 years of history were positive over five and 10 years.

Financial highlights

• Total revenue was $35.54 million, up $5.89 million or 19.9% YoY.

• Net income reached $9.96 million, up 40.4% YoY; diluted EPS was $1.27, up $0.35 or 38.0%.

• Average AUM, the basis on which revenue is earned, increased 21.6% to $4.48 billion.

• Fiscal year-end AUM was $4.24 billion, down $397.6 million or 8.6% YoY.

Outlook and guidance

• FY2026 began with nearly $4.3 billion in AUM and more than $72 million in cash, according to management.

• Management expects lower interest rates as the Federal Reserve eases monetary policy in coming months, and believes this could support investors, consumers, and businesses.

• Growth and stability remain priorities, with organic growth and acquisitions under consideration when aligned with stated values and long-term shareholder value.