Westwood Holdings Group (WHG) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $26.571M, up 9% YoY; attributable net income was $3.117M, down 16%, and Economic Earnings were $4.402M, down 23%.

• AUM and AUA totaled $17.1B at September 30, comprising $16.1B AUM and $1.0B AUA; AUM fell 7% YoY.

• ETF assets exceeded $430M at quarter-end, PWRX launched on the Texas Stock Exchange, and private capital fundraising reached nearly $200M YTD.

• A Fortune 50 defined contribution plan funded the SMidCap strategy with over $450M.

Financial highlights

• Revenue grew from $24.3M in Q3 2025 and $25.3M in Q2; Q3 growth included $1.8M from seed-investment gains and private-capital distributions and $1.4M from ETFs and private energy secondaries.

• Net income was $3.117M, or $0.34 diluted EPS, versus $3.7M and $0.41 a year earlier; Q2 net income was $1.5M and EPS $0.17.

• Economic Earnings were $4.402M, or $0.48 per share, versus $5.7M and $0.64 in Q3 2025 and $3.0M and $0.33 in Q2.

• Operating income declined 31% to $1.4M as expenses rose 13% to $25.2M; results included $1.7M of one-time severance expense and higher professional-services costs.

• Nine-month revenue was $76.9M versus $70.7M; net income was $5.4M versus $5.2M, while Economic Earnings were $10.2M versus $11.0M.

Outlook and guidance

• Management cited a robust pipeline across Value, Managed Investment Solutions and Energy, with continued ETF platform growth and broader availability as assets rise.

• Management anticipates additional SMidCap defined contribution mandates; WEST III is drawing early interest from RIAs, family offices and independent advisors.

• Wealth strategy is expected to complete its transition next year; energy secondary funds are performing well, though carried-interest timing and amount remain uncertain.

• U.S. power demand growth from AI, data centers and industrial reshoring is viewed as a tailwind; volatility may support demand for risk-mitigation strategies.