# JANUS HENDERSON GROUP PLC (JHG)

Informational only - not investment advice.

CIK: 0001274173
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: 2026-02-25
SEC page: https://www.sec.gov/edgar/browse/?CIK=1274173
Filing source: https://www.sec.gov/Archives/edgar/data/1274173/000143774926005628/jhg20251231_10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-25 · accession 0001437749-26-005628 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001274173.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 3,097,300,000 USD | 2025 | verified |
| Net income | 815,900,000 USD | 2025 | verified |
| Assets | 8,287,000,000 USD | 2025 | verified |
| Free cash flow | 710,900,000 USD | 2025 | computed |
| Net margin | 26.34% | 2025 | computed |
| Operating margin | 31.54% | 2025 | computed |
| Revenue YoY | +25.23% | 2025 | computed |
| ROE | 15.97% | 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 | JHG | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 26.3% | 15.3% | 82 | 34 |
| Operating margin | 31.5% | 21.8% | 79 | 20 |
| Revenue growth | 25.2% | 7.6% | 79 | 34 |
| FCF margin | 23.0% | 20.2% | 57 | 29 |
| ROE | 16.0% | 15.5% | 52 | 34 |
| ROA | 9.8% | 4.8% | 68 | 35 |
| Liabilities / equity | 0.42 | 1.57 | 6 | 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 | 3097300000 | USD | 2025 | 2026-02-25 |
| Net income | 815900000 | USD | 2025 | 2026-02-25 |
| Assets | 8287000000 | USD | 2025 | 2026-02-25 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001274173.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 | 1,018,200,000 | 1,818,300,000 | 2,306,400,000 | 2,192,400,000 | 2,298,600,000 | 2,767,000,000 | 2,203,600,000 | 2,101,800,000 | 2,473,200,000 | 3,097,300,000 |
| Net income |  |  |  |  |  | 618,500,000 | 372,400,000 | 392,000,000 | 408,900,000 | 815,900,000 |
| Operating income | 232,100,000 | 442,300,000 | 649,800,000 | 540,900,000 | 128,300,000 | 820,900,000 | 489,800,000 | 483,700,000 | 645,700,000 | 976,800,000 |
| Diluted EPS | 1.66 | 3.93 | 2.61 | 2.21 | 0.70 | 3.57 | 2.23 | 2.37 | 2.56 | 5.23 |
| Operating cash flow | 235,100,000 | 444,100,000 | 670,800,000 | 463,200,000 | 645,700,000 | 895,400,000 | 473,300,000 | 441,600,000 | 694,600,000 | 719,500,000 |
| Capital expenditures | 14,200,000 | 17,700,000 | 29,100,000 | 37,800,000 | 17,800,000 | 10,400,000 | 17,600,000 | 10,800,000 | 10,100,000 | 8,600,000 |
| Dividends paid | 157,500,000 | 256,000,000 | 275,100,000 | 272,400,000 | 262,900,000 | 256,000,000 | 259,400,000 | 258,700,000 | 250,100,000 | 249,200,000 |
| Assets | 2,433,400,000 | 7,272,700,000 | 6,911,900,000 | 7,621,700,000 | 6,690,800,000 | 6,702,400,000 | 6,237,800,000 | 6,496,600,000 | 6,963,100,000 | 8,287,000,000 |
| Liabilities | 583,100,000 | 2,206,900,000 | 1,915,000,000 | 2,037,600,000 | 1,871,200,000 | 1,900,100,000 | 1,641,300,000 | 1,641,100,000 | 1,880,000,000 | 2,167,000,000 |
| Stockholders' equity | 1,647,500,000 | 4,837,300,000 | 4,839,300,000 | 4,886,500,000 | 4,716,400,000 | 4,623,500,000 | 4,359,800,000 | 4,538,100,000 | 4,591,500,000 | 5,108,400,000 |
| Cash and cash equivalents |  |  |  |  |  |  | 1,162,300,000 | 1,152,400,000 | 1,217,200,000 | 1,253,900,000 |
| Free cash flow | 220,900,000 | 426,400,000 | 641,700,000 | 425,400,000 | 627,900,000 | 885,000,000 | 455,700,000 | 430,800,000 | 684,500,000 | 710,900,000 |

### 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 |  |  |  |  |  | 22.35% | 16.90% | 18.65% | 16.53% | 26.34% |
| Operating margin | 22.80% | 24.32% | 28.17% | 24.67% | 5.58% | 29.67% | 22.23% | 23.01% | 26.11% | 31.54% |
| Return on equity |  |  |  |  |  | 13.38% | 8.54% | 8.64% | 8.91% | 15.97% |
| Return on assets |  |  |  |  |  | 9.23% | 5.97% | 6.03% | 5.87% | 9.85% |
| Liabilities / equity | 0.35 | 0.46 | 0.40 | 0.42 | 0.40 | 0.41 | 0.38 | 0.36 | 0.41 | 0.42 |
| Current ratio | 2.34 | 2.23 | 2.77 | 3.35 | 3.01 | 3.07 | 3.63 | 3.89 | 3.59 | 4.18 |

## 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/JHG/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-08. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001274173.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 |  |  | 0.56 | reported discrete quarter |
| 2022-Q3 | 2022-06-30 |  |  | 0.57 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.53 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 516,500,000 | 89,800,000 | 0.54 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 521,000,000 | 93,500,000 | 0.56 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 568,500,000 | 121,300,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 551,700,000 | 130,100,000 | 0.81 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 588,400,000 | 129,700,000 | 0.81 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 624,800,000 | 27,300,000 | 0.17 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 708,300,000 | 121,800,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 621,400,000 | 120,700,000 | 0.77 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 633,200,000 | 149,900,000 | 0.95 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 700,400,000 | 142,100,000 | 0.92 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 1,142,300,000 | 403,200,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 690,000,000 | 90,900,000 | 0.59 | reported discrete quarter |

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

## Business

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

## Risk Factors

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

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1274173/000143774926015926/jhg20260331_10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-05-08
Report date: 2026-03-31

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

Forward-Looking Statements

Certain statements in this Quarterly Report on Form 10-Q not based on historical facts are “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”), and Section 27A of the Securities Act of 1933, as amended (“Securities Act”). Such forward-looking statements involve known and unknown risks and uncertainties that are difficult to predict and could cause our actual results, performance or achievements to differ materially from those discussed. These include statements as to our future expectations, beliefs, plans, strategies, objectives, events, conditions, financial performance, prospects or future events. In some cases, forward-looking statements can be identified by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and similar words and phrases. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the date they are made and are not guarantees of future performance. We do not undertake any obligation to publicly update or revise these forward-looking statements.

 ​

Various risks, uncertainties, assumptions and factors that could cause our future results to differ materially from those expressed by the forward-looking statements included in this Quarterly Report on Form 10-Q include, but are not limited to, Janus Henderson’s ability to obtain the regulatory, shareholder and other approvals required to consummate the previously announced merger transaction (the “Proposed Transaction”) and the timing of the closing of the Proposed Transaction, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all or that the closing of the Proposed Transaction would not occur, the outcome of any legal proceedings that may be instituted against the parties and others related to the merger agreement, that shareholder litigation in connection with the Proposed Transaction may affect the timing or occurrence of the Proposed Transaction or result in significant costs of defense, indemnification and liability, unanticipated difficulties or expenditures relating to the Proposed Transaction, including the impact of the Proposed Transaction on Janus Henderson’s business, that the Proposed Transaction generally may involve unexpected costs, liabilities or delays, that the business of the Company may suffer as a result of uncertainty surrounding the Proposed Transaction or the identity of the purchaser, that the Company may be adversely affected by other economic, business, and/or competitive factors, including the net asset value of assets in certain of the Company’s funds, and/or potential difficulties in employee retention as a result of the announcement and pendency of the Proposed Transaction, changes in interest rates and inflation, changes in trade policies, including the imposition of new or increased tariffs, changes to tax laws, volatility or disruption in financial markets, our investment performance as compared to third-party benchmarks or competitive products, redemptions and other withdrawals from the funds and accounts we manage, and other risks, uncertainties, assumptions and factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2025, and this Quarterly Report on Form 10-Q under headings such as “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Quantitative and Qualitative Disclosures About Market Risk,” and in other filings or furnishings made by the Company with the SEC from time to time.

Business Overview

We are an independent global asset manager, specializing in active investment across all major asset classes. We actively manage a broad range of investment products for institutional and retail investors across four capabilities: Equities, Fixed Income, Multi-Asset and Alternatives. Our strategy is based on three strategic pillars — Protect & Grow, Amplify and Diversify — and is centered on the belief that a combination of relentless focus and disciplined execution across our core business will drive future success as a global active asset manager. Specifically, our strategy lays a strong foundation for sustained organic growth and opportunistic inorganic growth to create value for all of our stakeholders, including clients, shareholders and employees. We serve a diverse clientele worldwide, comprising intermediaries, institutional investors and self-directed clients. To cater to regional needs effectively, we maintain local presence across most markets and provide investment materials tailored to local customs, preferences and languages supported by our global distribution team.

Revenue

Revenue primarily consists of management fees, shareowner servicing fees and performance fees. Management fees are generally based on a percentage of the market value of our AUM and are calculated using either the daily, month-end or quarter-end average asset balance in accordance with contractual agreements. Accordingly, fluctuations in the financial markets have a direct effect on our operating results. Additionally, our AUM may outperform or underperform the financial markets and, therefore, may fluctuate in varying degrees from that of the general market.

Performance fees are specified in certain fund and client contracts and are based on investment performance either on an absolute basis or compared to an established index over a specified period of time. These fees are often subject to a high-water mark. Performance fees are recognized at the end of the contractual period (typically monthly, quarterly or annually) if the stated performance criteria are achieved. Certain fund contracts allow for negative performance fees where there is underperformance against the relevant index.

16

Table of Contents

FIRST QUARTER 2026 SUMMARY

First Quarter 2026 Highlights

[[GREPCENT_TABLE]]
[["","\u25cf","We achieved solid long-term investment performance, with 66%, 67% and 68% of our AUM outperforming relevant benchmarks on a three-, five- and 10-year basis, respectively, as of March 31, 2026."]]
[[/GREPCENT_TABLE]]

 ​

[[GREPCENT_TABLE]]
[["","\u25cf","AUM increased to $479.6 billion, up 29% from March 31, 2025."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Net inflows for the first quarter of 2026 were $2.9 billion, compared to breakeven net flows in the fourth quarter of 2025."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","First quarter 2026 diluted earnings per share was $0.59, or $0.90 on an adjusted basis. Refer to the Non-GAAP Financial Measures section below for information on adjusted non-GAAP figures."]]
[[/GREPCENT_TABLE]]

 ​ ​

Financial Summary

Results are reported on a U.S. GAAP basis. Adjusted non-GAAP figures are presented in the Non-GAAP Financial Measures section below.

Revenue for the first quarter 2026 was $690.0 million, an increase of $68.6 million, or 11%, compared to the first quarter 2025. The key driver of the increase was:

 ​

[[GREPCENT_TABLE]]
[["","\u25cf","An increase of $63.2 million in management fees primarily due to an improvement in average AUM."]]
[[/GREPCENT_TABLE]]

 ​

Total operating expenses for the first quarter 2026 were $576.1 million, an increase of $108.3 million, or 23%, compared to the first quarter 2025. Key drivers of the increase included:

[[GREPCENT_TABLE]]
[["","\u25cf","An increase of $52.4 million in general, administrative and occupancy expenses primarily due to higher legal and professional fees related to the Merger Agreement, certain acquisitions, other project-related costs and the agreement in principle to settle a litigation matter related to the Janus 401(k) and Employee Stock Ownership Plan, along with accelerated amortization of capitalized cloud computing costs following our third-quarter 2025 decision to transition our investment management platform to Aladdin."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","An increase of $19.5 million in employee compensation and benefits primarily due to higher variable compensation expenses."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","An increase of $16.3 million in distribution expenses primarily due to higher average AUM."]]
[[/GREPCENT_TABLE]]

Operating income for the first quarter 2026 was $113.9 million, a decrease of $39.7 million, or (26%), compared to the first quarter 2025. Our operating margin was 16.5% in the first quarter 2026 compared to 24.7% in the first quarter 2025.

Net income attributable to JHG for the first quarter 2026 was $90.9 million, a decrease of $29.8 million, or (25%), compared to the first quarter 2025. In addition to the aforementioned factors affecting revenue and operating expenses, key drivers of the variance included:

 ​

[[GREPCENT_TABLE]]
[["","\u25cf","An improvement of $9.1 million in other non-operating income, net, primarily due to favorable fair value adjustments on acquisition-related contingent consideration and an option."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","A favorable movement of $18.3 million in investment gains (losses), net, partially offset by an increase of $20.6 million in net income attributable to noncontrolling interests. Movements in investment gains (losses), net and net income attributable to noncontrolling interests are primarily due to the consolidation and deconsolidation of third-party ownership interests in seeded investment products, as well as fair value adjustments related to those products."]]
[[/GREPCENT_TABLE]]

Investment Performance of Assets Under Management

The following table is a summary of investment performance as of March 31, 2026:

[[GREPCENT_TABLE]]
[["Percentage of AUM outperforming benchmark(1)","","1 year","","","3 years","","","5 years","","","10 years"],["Equities","","","29","%","","","47","%","","","50","%","","","55","%"],["Fixed Income","","","67","%","","","93","%","","","91","%","","","93","%"],["Multi-Asset","","","6","%","","","96","%","","","96","%","","","97","%"],["Alternatives","","","100","%","","","99","%","","","99","%","","","100","%"],["Total","","","37","%","","","66","%","","","67","%","","","68","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(1)","Outperformance is measured based on composite performance gross of fees versus primary benchmark, except where a strategy has no benchmark index or corresponding composite in which case the most relevant metric is used: (1) composite gross of fees versus zero for absolute return strategies, (2) fund net of fees versus primary index or (3) fund net of fees versus Morningstar peer group average or median. Non-discretionary and separately managed account assets are included with a corresponding composite where applicable. Cash management vehicles, ETF-enhanced beta strategies, legacy Tabula passive ETFs, Fixed Income Buy & Maintain mandates, legacy Guardian, NBK and VPC funds, Managed CDOs, Private Equity funds and custom non-discretionary accounts with no corresponding composite are excluded from the analysis. Excluded assets represent 14% of AUM for the period ended March 31, 2026."]]
[[/GREPCENT_TABLE]]

17

Table of Contents

Assets Under Management

Our AUM as of March 31, 2026, was $479.6 billion, a decrease of $13.6 billion, or (3%), from December 31, 2025, driven primarily by unfavorable market performance of $15.5 billion. AUM includes assets for which we provide services and earn an a

[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/1274173/000143774926005628/jhg20251231_10k.htm
Complete FY 2025 MD&A: /company/JHG/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-25
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Business Overview

We are an independent global asset manager, specializing in active investment across all major asset classes. We actively manage a broad range of investment products for institutional and retail investors across four capabilities: Equities, Fixed Income, Multi-Asset and Alternatives. Our strategy is based on three strategic pillars — Protect & Grow, Amplify and Diversify — and is centered on the belief that a combination of relentless focus and disciplined execution across our core business will drive future success as a global active asset manager. Specifically, our strategy lays a strong foundation for sustained organic growth and opportunistic inorganic growth to create value for all of our stakeholders, including clients, shareholders and employees. We serve a diverse clientele worldwide, comprising intermediaries, institutional investors and self-directed clients. To cater to regional needs effectively, we maintain local presence across most markets and provide investment materials tailored to local customs, preferences and languages supported by our global distribution team. 

Segment Considerations

We are a global asset manager and manage a range of investment products, operating across various product lines, distribution channels and geographic regions. However, information is reported to the chief operating decision-maker, our Chief Executive Officer (“CEO”), on an aggregated basis. Strategic and financial management decisions are determined centrally by our CEO and, on this basis, we operate as a single-segment investment management business.

Revenue

Revenue primarily consists of management fees, shareowner servicing fees and performance fees. Management fees are generally based on a percentage of the market value of our AUM and are calculated using either the daily, month-end or quarter-end average asset balance in accordance with contractual agreements. Accordingly, fluctuations in the financial markets have a direct effect on our operating results. Additionally, our AUM may outperform or underperform the financial markets and, therefore, may fluctuate in varying degrees from that of the general market.

Performance fees are specified in certain fund and client contracts and are based on investment performance either on an absolute basis or compared to an established index over a specified period of time. These fees are often subject to an HWM. Performance fees are recognized at the end of the contractual period (typically monthly, quarterly or annually) if the stated performance criteria are achieved. Certain fund contracts allow for negative performance fees where there is underperformance against the relevant index.

2025 SUMMARY

2025 Highlights

[[GREPCENT_TABLE]]
[["","\u25cf","We achieved solid investment performance, with 65%, 65%, 65% and 67% of our AUM outperforming benchmarks on a one-, three-, five- and 10-year basis, respectively, as of December 31, 2025."]]
[[/GREPCENT_TABLE]]

 ​

[[GREPCENT_TABLE]]
[["","\u25cf","AUM increased to $493.2 billion, up 30% from the year ended December 31, 2024."]]
[[/GREPCENT_TABLE]]

 ​

[[GREPCENT_TABLE]]
[["","\u25cf","Net inflows for the year ended December 31, 2025, were $56.5 billion, compared to $2.4 billion of net inflows for the year ended December 31, 2024."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","2025 diluted earnings per share of $5.23, or $4.78 on an adjusted basis, benefited from extraordinary annual performance fees. Refer to the Non-GAAP Financial Measures section for information on adjusted non-GAAP figures."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","On June 30, 2025, we entered into a strategic partnership with Guardian Life Insurance Company of America (\u201cGuardian\u201d), pursuant to which JHG will manage Guardian\u2019s public fixed income asset portfolio, which consists of predominantly investment-grade public fixed income assets."]]
[[/GREPCENT_TABLE]]

 ​​

[[GREPCENT_TABLE]]
[["","\u25cf","On December 21, 2025, we entered into a definitive agreement under which we will be acquired by a group of investors led by Trian Fund Management, L.P. (\u201cTrian\u201d) and its affiliated funds and General Catalyst Group Management, LLC (\u201cGeneral Catalyst\u201d) and its affiliated funds."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","On January 23, 2026, we entered into a definitive agreement to acquire 100% of Richard Bernstein Advisors LLC (\u201cRBA\u201d), a research\u2011driven, macro multi\u2011asset investment manager headquartered in New York City."]]
[[/GREPCENT_TABLE]]

Proposed Merger

On December 21, 2025, we entered into the Merger Agreement, with Parent and Merger Sub. The Merger Agreement provides that, among other things, upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into JHG in accordance with the Companies Law, with JHG surviving the Merger as a wholly owned subsidiary of Parent. Under the terms of the agreement, shareholders of the Company will receive $49.00 per share of common stock in cash for each ordinary share not already owned or controlled by Trian. The Merger is expected to close in mid-2026, subject to customary closing conditions, including receipt of required regulatory approvals, client consents and approval by the Company’s shareholders. See the section entitled “Risks Relating to the Proposed Merger” in Part I, Item 1A. Risk Factors of this report for further discussion about the risks related to the Merger.

24

Table of Contents

Financial Summary

Results are reported on a U.S. GAAP basis. Adjusted non-GAAP figures are presented in the Non-GAAP Financial Measures section.

Revenue for the year ended December 31, 2025, was $3,097.3 million, an increase of $624.1 million, or 25%, compared to the year ended December 31, 2024. The key drivers of the increase were:

 ​

[[GREPCENT_TABLE]]
[["","\u25cf","An increase of $389.6 million in performance fees primarily due to annual performance fees generated from certain funds."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","An increase of $210.6 million in management fees primarily due to the impact of higher average AUM."]]
[[/GREPCENT_TABLE]]

​Total operating expenses for the year ended December 31, 2025, were $2,120.5 million, an increase of $293.0 million, or 16%, compared to operating expenses for the year ended December 31, 2024. Key drivers of the increase include the following:

[[GREPCENT_TABLE]]
[["","\u25cf","An increase of $156.0 million in employee compensation and benefits primarily due to higher variable compensation expenses."]]
[[/GREPCENT_TABLE]]

 ​

[[GREPCENT_TABLE]]
[["","\u25cf","An increase of $47.5 million in general, administrative and occupancy expenses primarily due to the accelerated amortization of capitalized cloud computing costs, and higher charitable contributions and market data costs."]]
[[/GREPCENT_TABLE]]

 ​

[[GREPCENT_TABLE]]
[["","\u25cf","An increase of $35.4 million in distribution expenses, primarily due to higher average AUM."]]
[[/GREPCENT_TABLE]]

 ​

Operating income for the year ended December 31, 2025, was $976.8 million, an increase of $331.1 million, or 51%, compared to the year ended December 31, 2024. Our operating margin was 31.5% in 2025 compared to 26.1% in 2024.

Net income attributable to JHG for the year ended December 31, 2025, was $815.9 million, an increase of $407.0 million, or 100%, compared to the year ended December 31, 2024. In addition to the aforementioned factors affecting revenue and operating expenses, key drivers of the variance include the following:

[[GREPCENT_TABLE]]
[["","\u25cf","A favorable movement of $140.4 million in other non-operating income (expense), net, primarily due to a $136.7 million benefit in the year-over-year change from the reclassification of accumulated foreign currency translation adjustments to net income due to the liquidation of certain JHG entities."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","A $79.4 million increase in our income tax provision, primarily due to higher operating income in 2025."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","A favorable movement of $76.1 million in investment gains, net, partially offset by an increase of $55.0 million in net income attributable to noncontrolling interests. Movements in investment gains, net and net income attributable to noncontrolling interests are primarily due to the consolidation and deconsolidation of third-party ownership interests in seeded investment products, as well as fair value adjustments related to those products."]]
[[/GREPCENT_TABLE]]

 ​

Investment Performance of Assets Under Management

 ​

The following table is a summary of our investment performance as of December 31, 2025:

 ​

[[GREPCENT_TABLE]]
[["Percentage of AUM outperforming benchmark(1):","","1 year","","","3 years","","","5 years","","","10 years"],["Equities","","","55","%","","","46","%","","","48","%","","","54","%"],["Fixed Income","","","68","%","","","93","%","","","90","%","","","92","%"],["Multi-Asset","","","96","%","","","96","%","","","98","%","","","97","%"],["Alternatives","","","100","%","","","100","%","","","100","%","","","100","%"],["Total","","","65","%","","","65","%","","","65","%","","","67","%"]]
[[/GREPCENT_TABLE]]

 ​

[[GREPCENT_TABLE]]
[["(1)","Outperformance is measured based on composite performance gross of fees versus primary benchmark, except where a strategy has no benchmark index or corresponding composite in which case the most relevant metric is used: (1) composite gross of fees versus zero for absolute return strategies, (2) fund net of fees versus primary index or (3) fund net of fees versus Morningstar peer group average or median. Non-discretionary and separately managed account assets are included with a corresponding composite where applicable. Cash management vehicles, ETF-enhanced beta strategies, legacy Tabula Investment Management (\u201cTabula\u201d) passive ETFs, Fixed Income Buy & Maintain mandates, legacy NBK Capital Partners (\u201cNBK\u201d) and VPC funds, Managed CDOs, Private Equity funds and custom non-discretionary accounts with no corresponding composite are excluded from the analysis. Excluded assets represent 14% of AUM for the period ended December 31, 2025."]]
[[/GREPCENT_TABLE]]

Assets Under Management

Our AUM as of December 31, 2025, was $493.2 billion, an increase of $114.5 billion, or 30%, from December 31, 2024, driven primarily by the addition of $46.5 billion of predominantly investment-grade public fixed income assets from Guardian Life Insurance Company of America’s (“Guardian”) general account and favorable market performance of $49.7 billion. AUM includes assets for which we provide services and earn an asset-based fee, even though we do not act as the investment advisor.

 ​

Our non-USD AUM is primarily denominated in GBP, EUR and AUD. During the year ended December 31, 2025, the USD weakened against GBP, EUR and AUD, resulting in an $8.3 billion increase in our AUM. As of December 31, 2025, approximately 24% of our AUM was non-USD-denominated.

25

Table of Contents

Our AUM and flows by capability for the years ended December 31, 2025, 2024 and 2023, were as follows (in billions):

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

Read the full FY 2025 MD&A: /company/JHG/mda/fy2025/
All MD&A years: /company/JHG/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/JHG/mda/fy2024/): filed 2025-02-27; accession 0001437749-25-005488 (https://www.sec.gov/Archives/edgar/data/1274173/000143774925005488/jhg20241231_10k.htm)
- FY 2023: filed 2024-02-27; accession 0001437749-24-005720 (https://www.sec.gov/Archives/edgar/data/1274173/000143774924005720/jhg20221231c_10k.htm); MD&A text quarantined because Item 7 boundaries were low-confidence; no filing narrative is published for this year.
- [FY 2022 MD&A](/company/JHG/mda/fy2022/): filed 2023-02-28; accession 0001558370-23-002417 (https://www.sec.gov/Archives/edgar/data/1274173/000155837023002417/jhg-20221231x10k.htm)
- [FY 2021 MD&A](/company/JHG/mda/fy2021/): filed 2022-02-25; accession 0001558370-22-002009 (https://www.sec.gov/Archives/edgar/data/1274173/000155837022002009/jhg-20211231x10k.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/JHG.md · JSON record: /company/JHG.json · verified financials: /company/JHG/financials.json / /company/JHG/financials.csv · machine TOC for the whole site: /llms.txt