WisdomTree (WT) Q4 2025 earnings summary

Executive summary

• Achieved record assets under management (AUM) of $144.5 billion at year-end 2025, up 5% sequentially and over 30% year-over-year, with $8.5 billion in net inflows and 8% organic growth; AUM further increased to $160.8 billion by January 2026.

• Completed the Ceres Partners acquisition, expanding AUM into U.S. farmland and private assets, and diversifying into adjacent opportunities like solar and AI data infrastructure.

• Significant expansion in digital assets, with tokenized AUM reaching $770 million, a 25x increase year-over-year, and the digital platform scaling from 4 to 29 onboarded institutions.

• European-listed products AUM rose from $30.7 billion to $53.5 billion, led by strong inflows and successful product launches.

• Expanded product offerings with over 30 new strategies in 2025, including thematic funds and industry awards for innovation.

Financial highlights

• Adjusted revenues for Q4 were $147.4 million, up 17% sequentially and 33% year-over-year, with full-year adjusted revenues at $493.8 million, driven by higher average AUM and Ceres performance fees.

• Adjusted net income for Q4 was $41.2 million, or $0.29 per share, with full-year net income at $109.1 million.

• Adjusted operating margin finished the year at 36.5%, up nearly 300 basis points year-over-year; Q4 adjusted margin reached 41.7%.

• Gross margin reached 83.2% in Q4, with 2026 guidance at 82%-83%.

• Ceres contributed $12.0 million in Q4 revenues, including $7.1 million in performance fees.

Outlook and guidance

• Compensation-to-revenue ratio forecasted at 26%-28% for 2026, with Q1 expected at 30% due to seasonality.

• Discretionary spending guidance set at $80-$86 million, mainly for marketing and sales to support growth.

• Interest expense expected at $40 million, declining after convertible note retirement; diluted shares to range from 152-157 million.

• Management expects continued growth from digital assets, private markets, and expanded model portfolios.

• Entering 2026 with strong momentum and conviction in the long-term strategy.