# Artisan Partners Asset Management Inc. (APAM)

Informational only - not investment advice.

CIK: 0001517302
SIC: 6282 Investment Advice
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Security And Commodity Brokers, Dealers, Exchanges, And Services](/major-group/62/) > [SIC 6282 Investment Advice](/industry/6282/)
Latest 10-K filed: 2026-02-20
SEC page: https://www.sec.gov/edgar/browse/?CIK=1517302
Filing source: https://www.sec.gov/Archives/edgar/data/1517302/000151730226000047/apam-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-20 · accession 0001517302-26-000047 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001517302.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,196,688,000 USD | 2025 | verified |
| Net income | 290,320,000 USD | 2025 | verified |
| Assets | 1,577,292,000 USD | 2025 | verified |
| Free cash flow | 171,617,000 USD | 2025 | computed |
| Net margin | 24.26% | 2025 | computed |
| Operating margin | 33.39% | 2025 | computed |
| Revenue YoY | +7.63% | 2025 | computed |
| ROE | 66.16% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | APAM | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 24.3% | 15.3% | 76 | 34 |
| Operating margin | 33.4% | 21.8% | 89 | 20 |
| Revenue growth | 7.6% | 7.6% | 52 | 34 |
| FCF margin | 14.3% | 20.2% | 32 | 29 |
| ROE | 66.2% | 15.5% | 97 | 34 |
| ROA | 18.4% | 4.8% | 100 | 35 |
| Liabilities / equity | 1.81 | 1.57 | 55 | 34 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6282 Investment Advice, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1196688000 | USD | 2025 | 2026-02-20 |
| Net income | 290320000 | USD | 2025 | 2026-02-20 |
| Assets | 1577292000 | USD | 2025 | 2026-02-20 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-20. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001517302.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 720,859,000 | 795,624,000 | 828,635,000 | 798,952,000 | 899,567,000 | 1,227,236,000 | 993,285,000 | 975,131,000 | 1,111,802,000 | 1,196,688,000 |
| Net income | 73,030,000 | 49,599,000 | 158,309,000 | 156,536,000 | 212,617,000 | 336,516,000 | 206,755,000 | 222,289,000 | 259,748,000 | 290,320,000 |
| Operating income | 234,234,000 | 286,411,000 | 304,941,000 | 283,455,000 | 358,324,000 | 540,491,000 | 344,097,000 | 303,592,000 | 366,629,000 | 399,631,000 |
| Diluted EPS |  |  | 2.84 | 2.65 | 3.40 | 5.09 | 2.94 | 3.19 | 3.66 | 4.05 |
| Operating cash flow | 270,360,000 | 225,954,000 | 333,322,000 | 292,793,000 | 318,677,000 | 398,551,000 | 312,610,000 | 253,028,000 | 372,838,000 | 171,988,000 |
| Capital expenditures | 2,933,000 | 1,578,000 | 2,834,000 | 3,498,000 | 2,049,000 | 2,435,000 | 6,637,000 | 2,257,000 | 1,570,000 | 371,000 |
| Dividends paid | 115,384,000 | 131,021,000 | 167,780,000 | 188,178,000 | 203,006,000 | 274,740,000 | 248,696,000 | 183,378,000 | 221,956,000 | 257,105,000 |
| Assets | 936,166,000 | 837,155,000 | 805,014,000 | 933,619,000 | 1,151,962,000 | 1,208,047,000 | 1,234,608,000 | 1,405,858,000 | 1,618,756,000 | 1,577,292,000 |
| Liabilities | 818,452,000 | 666,509,000 | 630,178,000 | 752,008,000 | 867,167,000 | 801,051,000 | 819,971,000 | 802,101,000 | 868,837,000 | 794,873,000 |
| Stockholders' equity | 131,711,000 | 109,923,000 | 135,044,000 | 132,957,000 | 180,477,000 | 276,204,000 | 262,221,000 | 324,151,000 | 388,924,000 | 438,831,000 |
| Free cash flow | 267,427,000 | 224,376,000 | 330,488,000 | 289,295,000 | 316,628,000 | 396,116,000 | 305,973,000 | 250,771,000 | 371,268,000 | 171,617,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 10.13% | 6.23% | 19.10% | 19.59% | 23.64% | 27.42% | 20.82% | 22.80% | 23.36% | 24.26% |
| Operating margin | 32.49% | 36.00% | 36.80% | 35.48% | 39.83% | 44.04% | 34.64% | 31.13% | 32.98% | 33.39% |
| Return on equity | 55.45% | 45.12% | 117.23% | 117.73% | 117.81% | 121.84% | 78.85% | 68.58% | 66.79% | 66.16% |
| Return on assets | 7.80% | 5.92% | 19.67% | 16.77% | 18.46% | 27.86% | 16.75% | 15.81% | 16.05% | 18.41% |
| Liabilities / equity | 6.21 | 6.06 | 4.67 | 5.66 | 4.80 | 2.90 | 3.13 | 2.47 | 2.23 | 1.81 |

## As-reported value updates

1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/APAM/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001517302.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | 0.62 | reported discrete quarter |
| 2022-Q3 | 2023-03-31 |  |  | 0.72 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.76 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 248,722,000 | 53,155,000 | 0.76 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 248,997,000 | 64,756,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 264,351,000 | 59,481,000 | 0.84 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 270,818,000 | 57,574,000 | 0.80 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 279,582,000 | 72,990,000 | 1.03 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 297,051,000 | 69,703,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 277,147,000 | 61,139,000 | 0.82 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 282,749,000 | 67,555,000 | 0.94 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 301,287,000 | 66,830,000 | 0.93 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 335,505,000 | 94,796,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 303,012,000 | 58,041,000 | 0.76 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 307,909,000 | 80,828,000 | 1.11 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from APAM's latest 10-K: [/company/APAM/business/](/company/APAM/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from APAM's latest 10-K: [/company/APAM/risk-factors/](/company/APAM/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1517302/000151730226000114/apam-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-31
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview and Recent Highlights

We are a global multi-asset investment platform focused on providing a broad range of high-value added investment strategies in growing asset classes to sophisticated clients around the world. As of June 30, 2026, our 12 autonomous investment teams managed a total of 27 investment strategies across multiple asset classes and investment styles.

We focus on attracting, retaining and developing talented investment professionals and creating an environment in which each investment team is provided ample resources and support, transparent and direct financial incentives, a high degree of investment autonomy, and a long-term time horizon. We create new investment strategies when we identify opportunities to add value for clients, oftentimes through the use of a broad array of securities, instruments and techniques (which we call degrees of freedom) to differentiate returns and manage risk.

We offer our investment management capabilities primarily to sophisticated investors that operate with institutional decision-making processes and longer-term investment horizons. We employ knowledgeable and investment focused relationship managers who are directly aligned with our investment teams, and we pair them with regional and distribution channel experts. We provide access to many of our investment strategies through multiple investment vehicles, including separate accounts and different types of pooled vehicles. As of June 30, 2026, approximately 73% of our assets under management (AUM) were managed for clients and investors domiciled in the U.S. and 27% of our AUM were managed for clients and investors domiciled outside of the U.S.

As a high-value added investment manager we expect that long-term investment performance will be the primary driver of our long-term business and financial results. If we maintain and evolve existing investment strategies and launch new investment strategies that meet the needs of and generate attractive outcomes for sophisticated asset allocators, we believe that we will continue to generate strong business and financial results.

Over shorter time periods, changes in our business and financial results are largely driven by market conditions and fluctuations in our AUM that may not necessarily be the result of our long-term investment performance or the long-term demand for our strategies. For this reason, we expect that our business and financial results will fluctuate over time.

We strive to maintain a financial model that is transparent and predictable. We derive nearly all of our revenues from investment management fees, most of which are based on a specified percentage of clients’ AUM. A majority of our expenses, including most of our compensation expense, vary directly with changes in our revenues.

We invest thoughtfully to support our investment teams and future growth, while also paying out to stockholders and partners a majority of the cash that we generate from operations through dividends and distributions. We expect to continue to invest in the growth of the business, with a focus on adding new investment capabilities and more degrees of freedom in areas where both opportunity and client demand exist, and in which we can differentiate our active management and add value for clients.

Financial highlights for the quarter included the following:

•During the three months ended June 30, 2026, our AUM increased to $183.4 billion, an increase of $10.4 billion, or 6%, compared to $173.0 billion at March 31, 2026, primarily due to $21.2 billion of market appreciation, partially offset by $10.5 billion of net client cash outflows.

•Average AUM for the three months ended June 30, 2026 was $181.9 billion, a decrease of 0.3% from the average of $182.4 billion for the three months ended March 31, 2026, and an increase of 9% from the average of $166.8 billion for the three months ended June 30, 2025.

•We earned $307.9 million in revenue for the three months ended June 30, 2026, an increase of 9% from revenues of $282.8 million for the three months ended June 30, 2025.

•Our GAAP operating margin was 27.5% for the three months ended June 30, 2026, compared to 28.2% for the three months ended June 30, 2025. Adjusted operating margin was 32.9% for the three months ended June 30, 2026, compared to 31.7% for the three months ended June 30, 2025.

•We generated $1.11 of earnings per basic and diluted share and $0.94 of adjusted EPS.

•We declared and distributed dividends of $0.77 per share of Class A common stock during the three months ended June 30, 2026.

•We declared, effective July 28, 2026, a quarterly dividend with respect to the three months ended June 30, 2026, of $0.80 per share of Class A common stock.

•Following the loss of two large institutional mandates in the U.S. Value team’s strategies and a comprehensive review of the long term prospects of the franchise, we determined the prudent decision was to wind down the team's business, which we expect to complete during the quarter ending September 30, 2026.

24

Table of Contents

Organizational Structure

Organizational Structure

Our operations are conducted through Artisan Partners Holdings LP (“Holdings”) and its subsidiaries. On March 12, 2013, Artisan Partners Asset Management Inc. (“APAM”) and Holdings completed a series of transactions (the “IPO Reorganization”) to reorganize their capital structures in connection with the initial public offering (“IPO”) of APAM’s Class A common stock. The IPO Reorganization and IPO were completed on March 12, 2013.

Limited partners of Holdings, some of whom are employees, held approximately 12% of the equity interests in Holdings as of June 30, 2026, which is reflected as noncontrolling interest.

We operate our business in a single segment.

Holdings Unit Exchanges

During the six months ended June 30, 2026, certain limited partners of Holdings exchanged 167,614 common units (along with a corresponding number of shares of Class B or Class C common stock of APAM, as applicable) for 167,614 shares of Class A common stock. In connection with the exchanges, APAM received 167,614 GP units of Holdings increasing its ownership interest in Holdings.

APAM’s equity ownership interest in Holdings was 88% and 87% at June 30, 2026 and December 31, 2025, respectively.

Financial Overview

Economic Environment

Global market conditions can materially impact our financial performance. Because the revenue we earn is based on the value of our AUM, fluctuations in our AUM due to changes in the economic environment and financial markets will result in fluctuations in our revenue and earnings.

The following table presents the total returns of relevant market indices for the three and six months ended June 30, 2026 and 2025:

[[GREPCENT_TABLE]]
[["","For the Three Months Ended June 30,","","For the Six Months Ended June 30,"],["","2026","","2025","","2026","","2025"],["S&P 500 Index","15.2","%","","10.9","%","","10.2","%","","6.2","%"],["MSCI All Country World Index","14.9","%","","11.5","%","","11.2","%","","10.0","%"],["MSCI EAFE Index","10.8","%","","11.8","%","","9.4","%","","19.4","%"],["Russell\u00ae Midcap Index","13.8","%","","8.5","%","","15.3","%","","4.8","%"],["MSCI Emerging Markets Index","24.1","%","","12.0","%","","23.8","%","","15.3","%"],["ICE BofA US High Yield Index","2.5","%","","3.6","%","","1.9","%","","4.5","%"]]
[[/GREPCENT_TABLE]]

25

Table of Contents

Key Performance Indicators

When we review our business and financial performance we consider, among other things, the following:

[[GREPCENT_TABLE]]
[["","For the Three Months Ended June 30,","","For the Six Months Ended June 30,"],["","2026","","2025","","2026","","2025"],["","(unaudited; dollars in millions)"],["Assets under management at period end","$","183,389","","","$","175,545","","","$","183,389","","","$","175,545"],["Average assets under management (1)","$","181,874","","","$","166,774","","","$","182,187","","","$","166,782"],["Net client cash flows (2)","$","(10,499)","","","$","(1,863)","","","$","(13,616)","","","$","(4,703)"],["Total revenues","$","307.9","","","$","282.8","","","$","610.9","","","$","559.9"],["Weighted average fee (3)","67.9","bps","","68.1","bps","","67.7","bps","","67.8","bps"],["Operating margin","27.5","%","","28.2","%","","29.3","%","","29.7","%"],["Adjusted operating margin (4)","32.9","%","","31.7","%","","32.0","%","","31.9","%"],["(1) We compute average AUM by averaging day-end AUM for the applicable period."],["(2) Net client cash flows excludes Artisan Funds\u2019 income and capital gain distributions that were not reinvested by fund shareholders as well as realizations, which represent the distribution of realized proceeds from the disposition of assets."],["(3) We compute our weighted average fee by dividing annualized investment advisory fees, including performance fees, by average AUM for the applicable period. AUM within our consolidated investment products, and investment advisory fees earned thereon, are excluded from our weighted average fee calculations and total revenues, since any such revenues are eliminated upon consolidation."],["(4) Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in \u201cSupplemental Non-GAAP Financial Information\u201d below."]]
[[/GREPCENT_TABLE]]

AUM and Investment Performance

Changes to our operating results from one period to another are primarily caused by changes in the amount of our AUM. A key driver of changes in our AUM over time is the long-term investment performance of our investment strategies. Changes in the relative composition of our AUM among our investment strategies and vehicles and the effective fee rates on our products also impact our operating results.

The amount and composition of our AUM are, and will continue to be, influenced by a variety of factors including, among others:

•investment performance, including fluctuations in both the financial markets and foreign currency exchange rates and the quality of our investment decisions as assessed relative to applicable third-party benchmarks and peer groups, as appropriate;

•flows of client assets into and out of our various strategies and investment vehicles;

•our decision to close strategies or limit the growth of assets in a strategy or a vehicle when we believe it is in the best interest of our clients, as well as our decision to re-open strategies, in part or entirely;

•our ability to attract and retain qualified investment, management, and marketing and client service professionals;

•industry trends towards products, strategies, vehicles or services that we do not offer;

•competitive conditions in the investment management and broader financial services sectors; and

•investor sentiment and confidence.

26

Table of Contents

The table below sets forth changes in our total AUM:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1517302/000151730226000047/apam-20251231.htm
Complete FY 2025 MD&A: /company/APAM/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-20
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of the results of operations and financial condition of the Company should be read in conjunction with the “Forward-Looking Statements” disclosure preceding Part I and the “Risk Factors” set forth in Item 1A of Part I of this Annual Report on Form 10‑K, each of which describe our risks, uncertainties and other important factors in more detail.

Overview and Recent Highlights

We are a global multi-asset investment platform focused on providing a broad range of high-value added investment strategies in growing asset classes to sophisticated clients around the world. As of December 31, 2025, our 11 autonomous investment teams managed a total of 26 investment strategies across multiple asset classes and investment styles.

We focus on attracting, retaining and developing talented investment professionals and creating an environment in which each investment team is provided ample resources and support, transparent and direct financial incentives, a high degree of investment autonomy, and a long-term time horizon. We create new investment strategies when we identify opportunities to add value for clients, oftentimes through the use of a broad array of securities, instruments, and techniques (which we call degrees of freedom) to differentiate returns and manage risk.

We offer our investment management capabilities primarily to sophisticated investors that operate with institutional decision-making processes and longer-term investment horizons. We employ knowledgeable and investment focused relationship managers who are directly aligned with our investment teams, and we pair them with regional and distribution channel experts. We provide access to our investment strategies through multiple investment vehicles, including separate accounts and different types of pooled vehicles. As of December 31, 2025, approximately 74% of our AUM were managed for clients and investors domiciled in the U.S. and 26% of our AUM were managed for clients and investors domiciled outside of the U.S.

As a high value-added investment manager we expect that long-term investment performance will be the primary driver of our long-term business and financial results. If we maintain and evolve existing investment strategies and launch new investment strategies that meet the needs of and generate attractive outcomes for sophisticated asset allocators, we believe that we will continue to generate strong business and financial results.

Over shorter time periods, changes in our business and financial results are largely driven by market conditions and fluctuations in our AUM that may not necessarily be the result of our long-term investment performance or the long-term demand for our strategies. For this reason, we expect that our business and financial results will be lumpy over time.

We strive to maintain a financial model that is transparent and predictable. We derive nearly all of our revenues from investment management fees, most of which are based on a specified percentage of clients’ average AUM. A majority of our expenses, including most of our compensation expense, vary directly with changes in our revenues.

We invest thoughtfully to support our investment teams and future growth, while also paying out to stockholders and partners a majority of the cash that we generate from operations through dividends and distributions. We expect to continue to invest in the growth of the business, with a focus on adding new investment capabilities and more degrees of freedom in areas where both opportunity and client demand exist, and in which we can differentiate our active management and add value for clients.

Financial highlights for 2025 included the following:

•During the year ended December 31, 2025, our AUM increased to $179.9 billion, an increase of $18.7 billion, or 12%, compared to $161.2 billion at December 31, 2024, as a result of $33.4 billion of market appreciation, partially offset by $12.7 billion of net client cash outflows, and $2.0 billion of Artisan Funds’ distributions that were not reinvested by fund shareholders.

•Average AUM for the year ended December 31, 2025 was $173.0 billion, an increase of 8.0% from the average of $160.2 billion for the year ended December 31, 2024.

•We earned $1,196.7 million in revenue for the year ended December 31, 2025, a 7.6% increase from revenues of $1,111.8 million for the year ended December 31, 2024.

•Our GAAP operating margin was 33.4% in 2025, compared to 33.0% in 2024. Adjusted operating margin was 35.3% in 2025, compared to 33.8% in 2024.

•We generated $4.05 of earnings per basic and diluted share and $3.93 of adjusted EPS.

•We declared and distributed dividends of $3.63 per share of Class A common stock during 2025.

•We declared, effective February 3, 2026, a quarterly dividend of $1.01 per share of Class A common stock with respect to the December 2025 quarter and a special annual dividend of $0.57 per share, for a total of $3.87 of dividends per share with respect to 2025.

33

Table of Contents

Organizational Structure

Organizational Structure

Our operations are conducted through Artisan Partners Holdings LP (“Holdings”) and its subsidiaries. On March 12, 2013, Artisan Partners Asset Management Inc. (“APAM”) and Holdings completed a series of transactions (the “IPO Reorganization”) to reorganize their capital structures in connection with the initial public offering (“IPO”) of APAM’s Class A common stock. The IPO Reorganization and IPO were completed on March 12, 2013.

Limited partners of Holdings, some of whom are employees, held approximately 13% of the equity interests in Holdings as of December 31, 2025. Our results reflect that significant noncontrolling interest.

We operate our business in a single segment.

Holdings Unit Exchanges

During the year ended December 31, 2025, certain limited partners of Holdings exchanged 71,500 common units (along with a corresponding number of shares of Class B or Class C common stock of APAM, as applicable) for 71,500 shares of Class A common stock. In connection with the exchanges, APAM received 71,500 GP units of Holdings.

APAM’s equity ownership interest in Holdings was 87% at December 31, 2024 and December 31, 2025.

Financial Overview

Economic Environment

Global market conditions can materially impact our financial performance. Because the revenue we earn is based on the value of our AUM, fluctuations in our AUM due to changes in the economic environment and financial markets will result in corresponding fluctuations in our revenues and earnings.

The following table presents the total returns of relevant market indices for the years ended December 31, 2025, 2024 and 2023:

[[GREPCENT_TABLE]]
[["","For the Years Ended December 31,"],["","2025","","2024","","2023"],["S&P 500 Index","17.9","%","","25.0","%","","26.3","%"],["MSCI All Country World Index","22.3","%","","17.5","%","","22.2","%"],["MSCI EAFE Index","31.2","%","","3.8","%","","18.2","%"],["Russell\u00ae Midcap Index","10.6","%","","15.3","%","","17.2","%"],["MSCI Emerging Markets Index","33.6","%","","7.5","%","","9.8","%"],["ICE BofA US High Yield Index","8.5","%","","8.2","%","","13.5","%"]]
[[/GREPCENT_TABLE]]

34

Table of Contents

Key Performance Indicators

When we review our business and financial performance we consider, among other things, the following:

[[GREPCENT_TABLE]]
[["","For the Years Ended December 31,"],["","2025","","2024","","2023"],["","(unaudited; dollars in millions)"],["Assets under management at period end","$","179,928","","","$","161,208","","","$","150,167"],["Average assets under management (1)","$","173,004","","","$","160,232","","","$","139,321"],["Net client cash flows (2)","$","(12,662)","","","$","(3,699)","","","$","(4,076)"],["Total revenues","$","1,197","","","$","1,112","","","$","975"],["Weighted average fee (3)","69.3 bps","","69.5 bps","","70.4 bps"],["Operating margin","33.4","%","","33.0","%","","31.1","%"],["Adjusted operating margin (4)","35.3","%","","33.8","%","","31.6","%"],["(1) We compute average AUM by averaging day-end AUM for the applicable period."],["(2) Net client cash flows excludes Artisan Funds\u2019 income and capital gain distributions that were not reinvested by fund shareholders."],["(3) We compute our weighted average fee by dividing annualized investment management fees, including performance fees, by average AUM for the applicable period. Prior to December 2025, we presented weighted average management fee, which excluded performance fees. The change was made as performance fees have become a more meaningful component of our revenues. Historical figures have been recast for comparability. AUM within our consolidated investment products, and any investment advisory fees earned thereon, are excluded from our weighted average fee calculations since any such revenues are eliminated upon consolidation."],["(4) Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in \u201cSupplemental Non-GAAP Financial Information\u201d below."]]
[[/GREPCENT_TABLE]]

Assets Under Management and Investment Performance

Changes to our operating results from one period to another are primarily caused by changes in the amount of our AUM. A key driver of changes in our AUM over time is the long-term investment performance of our investment strategies. Changes in the relative composition of our AUM among our investment strategies and vehicles and the effective fee rates on our investment products also impact our operating results.

The amount and composition of our AUM are, and will continue to be, influenced by a variety of factors including, among others:

•investment performance, including fluctuations in financial markets and foreign currency exchange rates and the quality of our investment decisions, as assessed relative to applicable third-party benchmarks and peer groups, as appropriate;

•flows of client assets into and out of our various strategies and investment vehicles;

•our decision to close strategies or limit the growth of assets in a strategy or a vehicle when we believe it is in the best interest of our clients, as well as our decision to re-open strategies, in part or entirely;

•our ability to attract and retain qualified investment, management, and marketing and client service professionals;

•industry trends towards products, strategies, vehicles or services that we do not offer;

•competitive conditions in the investment management and broader financial services sectors; and

•investor sentiment and confidence.

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Table of Contents

The table below sets forth changes in our total AUM:

[[GREPCENT_TABLE]]
[["","For the Years Ended December 31,"],["","2025","","2024","","2023"],["","(unaudited; dollars in millions)"],["Beginning assets under management","$","161,208","","","$","150,167","","","$","127,892"],["Gross client cash inflows","27,034","","","25,650","","","21,395"],["Gross client cash outflows","(39,696)","","","(29,349)","","","(25,471)"],["Net client cash flows (1)","(12,662)","","","(3,699)","","","(4,076)"],["Artisan Funds\u2019 distributions not reinvested","(1,982)","","","(1,193)","","","(684)"],["Investment returns and other (2)","33,364","","","15,933","","","27,035"],["Ending assets under management","$","179,928","","","$","161,208","","","$","150,167"],["Average assets under management","$","173,004","","","$","160,232","","","$","139,321"],["(1) Net client cash flows excludes Artisan Funds\u2019 income and capital gain distributions that were not reinvested by fund shareholders."],["(2) Includes the impact of translating the value of AUM denominated in non-USD currencies into U.S. dollars. The impact was immaterial for the periods presented."]]
[[/GREPCENT_TABLE]]

Our equity strategies experienced net outflows of $15.6 billion in 2025, driven primarily by th

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/APAM/mda/fy2025/
All MD&A years: /company/APAM/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/APAM/mda/fy2024/): filed 2025-02-25; accession 0001517302-25-000015 (https://www.sec.gov/Archives/edgar/data/1517302/000151730225000015/apam-20241231.htm)
- [FY 2023 MD&A](/company/APAM/mda/fy2023/): filed 2024-02-22; accession 0001517302-24-000015 (https://www.sec.gov/Archives/edgar/data/1517302/000151730224000015/apam-20231231.htm)
- [FY 2022 MD&A](/company/APAM/mda/fy2022/): filed 2023-02-27; accession 0001517302-23-000016 (https://www.sec.gov/Archives/edgar/data/1517302/000151730223000016/apam-20221231.htm)
- [FY 2021 MD&A](/company/APAM/mda/fy2021/): filed 2022-02-22; accession 0001517302-22-000012 (https://www.sec.gov/Archives/edgar/data/1517302/000151730222000012/apam-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6282 Investment Advice) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [M2SL](/indicator/M2SL/): M2

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/APAM.md · JSON record: /company/APAM.json · verified financials: /company/APAM/financials.json / /company/APAM/financials.csv · machine TOC for the whole site: /llms.txt