# WisdomTree, Inc. (WT)

Informational only - not investment advice.

CIK: 0000880631
SIC: 6211 Security Brokers, Dealers & Flotation Companies
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Security And Commodity Brokers, Dealers, Exchanges, And Services](/major-group/62/) > [SIC 6211 Security Brokers, Dealers & Flotation Companies](/industry/6211/)
Latest 10-K filed: 2026-02-25
SEC page: https://www.sec.gov/edgar/browse/?CIK=880631
Filing source: https://www.sec.gov/Archives/edgar/data/880631/000121465926002458/wti-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-25 · accession 0001214659-26-002458 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000880631.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 493,753,000 USD | 2025 | verified |
| Net income | 109,133,000 USD | 2025 | verified |
| Assets | 1,512,941,000 USD | 2025 | verified |
| Free cash flow | 147,731,000 USD | 2025 | computed |
| Net margin | 22.10% | 2025 | computed |
| Operating margin | 35.28% | 2025 | computed |
| Revenue YoY | +15.43% | 2025 | computed |
| ROE | 26.38% | 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 | WT | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 22.1% | 14.8% | 56 | 19 |
| Revenue growth | 15.4% | 14.4% | 56 | 19 |
| FCF margin | 29.9% | 14.7% | 71 | 15 |
| ROE | 26.4% | 15.1% | 83 | 19 |
| ROA | 7.2% | 1.8% | 83 | 19 |
| Liabilities / equity | 2.66 | 6.06 | 28 | 19 |

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 6211 Security Brokers, Dealers & Flotation Companies, 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 | 493753000 | USD | 2025 | 2026-02-25 |
| Net income | 109133000 | USD | 2025 | 2026-02-25 |
| Assets | 1512941000 | 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/CIK0000880631.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 183,762,000 | 298,942,000 | 218,920,000 | 228,295,000 | 274,116,000 |  |  | 304,318,000 | 301,345,000 | 349,035,000 | 427,737,000 | 493,753,000 |
| Net income |  |  | 26,155,000 | 27,199,000 | 36,633,000 | -10,425,000 | -35,655,000 | 49,797,000 | 50,684,000 | 102,546,000 | 66,693,000 | 109,133,000 |
| Operating income |  |  | 63,450,000 | 49,088,000 | 61,279,000 | 53,534,000 | 55,082,000 | 89,058,000 | 60,085,000 | 87,492,000 | 137,293,000 | 174,195,000 |
| Diluted EPS |  |  | 0.19 | 0.20 | 0.23 | -0.08 | -0.25 | 0.31 | 0.31 | 0.64 | 0.33 | 0.75 |
| Operating cash flow |  |  | 54,911,000 | 48,508,000 | 37,468,000 | 57,488,000 | 47,136,000 | 75,318,000 | 55,087,000 | 85,600,000 | 113,461,000 | 147,946,000 |
| Capital expenditures |  |  | 1,070,000 | 295,000 | 71,000 | 47,000 | 472,000 | 293,000 | 220,000 | 113,000 | 141,000 | 215,000 |
| Dividends paid |  |  | 43,660,000 | 43,777,000 | 19,236,000 | 20,385,000 | 20,113,000 | 19,459,000 | 19,362,000 | 20,144,000 | 19,002,000 | 17,308,000 |
| Share buybacks |  |  | 39,379,000 | 7,891,000 | 2,885,000 | 2,341,000 | 31,197,000 | 34,506,000 | 3,418,000 | 3,570,000 | 62,870,000 | 102,732,000 |
| Assets |  |  | 249,767,000 | 254,985,000 | 937,518,000 | 935,207,000 | 896,692,000 | 1,037,860,000 | 1,033,819,000 | 944,137,000 | 1,033,540,000 | 1,512,941,000 |
| Liabilities |  |  | 48,423,000 | 62,034,000 | 446,614,000 | 465,226,000 | 497,858,000 | 635,867,000 | 595,639,000 | 402,432,000 | 633,560,000 | 1,099,269,000 |
| Stockholders' equity |  |  | 201,344,000 | 192,951,000 | 358,335,000 | 337,412,000 | 266,265,000 | 269,424,000 | 305,611,000 | 409,136,000 | 399,980,000 | 413,672,000 |
| Free cash flow |  |  | 53,841,000 | 48,213,000 | 37,397,000 | 57,441,000 | 46,664,000 | 75,025,000 | 54,867,000 | 85,487,000 | 113,320,000 | 147,731,000 |

### 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 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  | 11.95% | 11.91% | 13.36% |  |  | 16.36% | 16.82% | 29.38% | 15.59% | 22.10% |
| Operating margin |  |  | 28.98% | 21.50% | 22.36% |  |  | 29.26% | 19.94% | 25.07% | 32.10% | 35.28% |
| Return on equity |  |  | 12.99% | 14.10% | 10.22% | -3.09% | -13.39% | 18.48% | 16.58% | 25.06% | 16.67% | 26.38% |
| Return on assets |  |  | 10.47% | 10.67% | 3.91% | -1.11% | -3.98% | 4.80% | 4.90% | 10.86% | 6.45% | 7.21% |
| Liabilities / equity |  |  | 0.24 | 0.32 | 1.25 | 1.38 | 1.87 | 2.36 | 1.95 | 0.98 | 1.58 | 2.66 |
| Current ratio |  |  | 4.07 | 2.69 | 1.88 | 1.56 | 1.92 | 3.63 | 1.98 | 2.23 | 2.92 | 1.75 |

## As-reported value updates

3 tracked differences 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/WT/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000880631.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-Q3 | 2022-09-30 |  |  | 0.50 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.10 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.32 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 90,423,000 | 12,984,000 | 0.07 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 90,844,000 | 19,077,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 96,838,000 | 22,111,000 | 0.13 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 107,034,000 | 21,759,000 | 0.13 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 113,168,000 | -4,485,000 | -0.13 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 110,697,000 | 27,308,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 108,082,000 | 24,629,000 | 0.17 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 112,621,000 | 24,777,000 | 0.17 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 125,616,000 | 19,701,000 | 0.13 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 147,434,000 | 40,026,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 159,470,000 | -23,131,000 | -0.17 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 177,160,000 | 44,284,000 | 0.28 | reported discrete quarter |

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

## Business

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

## Risk Factors

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

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/880631/000121465926009661/wti-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

ITEM 2.          MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and the related notes and the other financial information included elsewhere in this Report. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below. For a more complete description of the risks noted above and other risks that could cause our actual results to materially differ from our current expectations, please see Item 1A “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. We assume no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.

Executive Summary

We are a global financial innovator, offering a diverse suite of ETPs, models and solutions, private market investments and digital asset-related products. Our offerings empower investors to shape their financial future and equip financial professionals to grow their businesses. Leveraging the latest financial infrastructure, we create products that emphasize access and transparency and provide an enhanced user experience. Building on our heritage of innovation, we continue to broaden our capabilities beyond our core ETP business. We offer next-generation digital products and services related to tokenized real-world assets and stablecoins, including digital funds, as well as our institutional platform, WisdomTree Connect, and blockchain-native digital wallet, WisdomTree Prime.

As of June 30, 2026, we managed approximately $162.9 billion in AUM. Our products span a broad range of strategies, including equities, commodities and currency, fixed income, alternatives, leveraged-and-inverse and cryptocurrency. Our offerings also include private assets, with a primary focus on farmland investments, as well as active investment strategies focused on defined outcome and derivatives-driven solutions. We have launched many first-to-market products and pioneered a unique alternative-weighting approach called “Modern Alpha” that combines the outperformance potential of active management with the cost-effective benefits of passive management.

Our products are distributed across all major asset management industry channels, including banks, brokerage firms, registered investment advisers, institutional investors, private wealth managers and online brokers, primarily through our dedicated sales team. We believe technology is transforming how financial advisors conduct business, and through our Advisor and Portfolio Solutions programs we offer technology-enabled and research-driven solutions. These include portfolio construction, asset allocation, practice management services and digital tools to help advisors address technology challenges and scale their businesses.

As pioneers in tokenization and blockchain technology, we view this as the next phase in the evolution of financial services. Through our digital assets strategy, we are committed to “responsible DeFi,” aligning with regulatory standards to foster growth in this rapidly evolving space. We believe that expanding into digital assets and blockchain-enabled financial services not only complements our core competencies but will diversify our revenue streams and further contribute to our growth.

We were incorporated under the laws of the state of Delaware on September 19, 1985 as Financial Data Systems, Inc. and were ultimately renamed WisdomTree, Inc. on November 7, 2022.

[[GREPCENT_TABLE]]
[["","37"]]
[[/GREPCENT_TABLE]]

Table of Contents

Assets Under Management

WisdomTree ETPs

We offer ETPs covering equities, commodities and currency, fixed income, alternatives, leveraged-and-inverse, private assets and cryptocurrency. The chart below sets forth the asset mix of our ETPs at June 30, 2026, March 31, 2026 and June 30, 2025:

Market Environment

Global financial markets recovered strongly during the second quarter of 2026 as geopolitical tensions moderated and investor risk appetite improved. Equity markets were led higher by technology-related companies, supported by continued investment in artificial intelligence and resilient corporate earnings. Fixed income markets remained focused on inflation and the outlook for monetary policy, with government bond yields remaining elevated amid ongoing uncertainty around future interest rate movements. Commodities retreated from first-quarter highs as energy prices declined, although geopolitical developments continued to present uncertainty for global markets.

During the quarter, the S&P 500, MSCI EAFE Index (local currency), MSCI EMU Index (local currency), MSCI Japan Index (local currency) and MSCI Emerging Markets Index (U.S. dollar) increased by 15.2%, 11.8%, 15.8%, 16.7% and 24.1%, respectively, while gold prices decreased by 12.6%. The U.S. dollar strengthened 0.7% and 1.4% versus the euro and Japanese yen, respectively, and weakened 0.1% versus the British pound during the quarter.

[[GREPCENT_TABLE]]
[["","38"]]
[[/GREPCENT_TABLE]]

Table of Contents

U.S. Listed ETF Industry Flows

U.S. listed ETF industry net flows were $545.9 billion for the three months ended June 30, 2026. U.S. equity, fixed income and international equity gathered the majority of those flows.

Source: Morningstar

European Listed ETP Industry Flows

European listed ETP industry net flows were $99.6 billion for the three months ended June 30, 2026. Equity and fixed income gathered the majority of those flows.

Source: Morningstar

[[GREPCENT_TABLE]]
[["","39"]]
[[/GREPCENT_TABLE]]

Table of Contents

Our Operating and Financial Results

We operate as an ETP sponsor and asset manager, providing investment advisory services globally through our subsidiaries in the U.S. and Europe.

U.S. Listed ETFs

The AUM of our U.S. listed exchange traded funds, or U.S. listed ETFs, increased from $90.9 billion at March 31, 2026 to $99.0 billion at June 30, 2026 due to market appreciation and net inflows.

European Listed ETPs

The AUM of our European listed (including internationally cross-listed) ETPs, or European listed ETPs, increased from $58.8 billion at March 31, 2026 to $61.1 billion at June 30, 2026 due to $4.1 billion of AUM arising from the acquisition of Atlantic House Holdings Limited (“Atlantic House”) and net inflows, partly offset by market depreciation.

[[GREPCENT_TABLE]]
[["","40"]]
[[/GREPCENT_TABLE]]

Table of Contents

Digital Assets

The AUM of our digital assets products decreased from $867 million at March 31, 2026 to $761 million at June 30, 2026 due to net outflows. Substantially all Q2 2026 outflows were from the WisdomTree Treasury Money Market Digital Fund.

Private Assets

The AUM of our private assets products was essentially unchanged from March 31, 2026.

Consolidated Operating Results

The following table sets forth our revenues and net (loss)/income for the most recent five quarters.

[[GREPCENT_TABLE]]
[["","\u00b7","Revenues \u2013 Total revenues increased 57.3% from the three months ended June 30, 2025 to $177.2 million in the comparable period in 2026, driven by higher average AUM, a higher average advisory fee, revenues arising from the acquisitions of Ceres Partners, LLC (\u201cCeres\u201d) and Atlantic House, and increased other revenues from our European listed ETPs."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","41"]]
[[/GREPCENT_TABLE]]

Table of Contents

[[GREPCENT_TABLE]]
[["","\u00b7","Expenses \u2013 Total operating expenses increased 35.1% from the three months ended June 30, 2025 to $105.3 million in the comparable period in 2026 primarily due to higher incentive compensation and headcount, as well as increased fund management and administration expenses, intangible asset amortization related to the Ceres and Atlantic House acquisitions and third-party distribution fees."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u00b7","Other Income/(Expenses) \u2013 Other income/(expenses) includes interest income and interest expense, loss on repurchase of convertible notes, impairments and other items. Further information is provided herein."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u00b7","Net income \u2013 We reported net income of $44.3 million and $24.8 million during the three months ended June 30, 2026 and 2025, respectively."]]
[[/GREPCENT_TABLE]]

Guidance Update for the Year Ending December 31, 2026

Compensation to Revenue Ratio

Our compensation to revenue ratio for the year ending December 31, 2026 is currently estimated to range from 26% to 28% (unchanged from our guidance provided last quarter) and takes into consideration the Atlantic House acquisition, planned hires as well as year-end compensation adjustments and the annualization of hires made during 2025. The range also considers variability in incentive compensation with drivers including the magnitude of our flows, revenues and operating income growth, margin expansion and our stock price performance in relation to our peers. A range is provided in consideration of uncertain market conditions.

Discretionary Spending

Discretionary spending includes marketing, sales, professional fees, occupancy and equipment, depreciation and amortization and other expenses. During the six months ended June 30, 2026, our discretionary spending was $40.8 million. We currently estimate our discretionary spending for the year ending December 31, 2026 to range from $83.0 million to $89.0 million (unchanged from our guidance provided last quarter).

Not included in the guidance above is intangible amortization arising from the Ceres and Atlantic House acquisitions, of which $4.0 million was recognized during the six months ended June 30, 2026.

Gross Margin

We define gross margin as total operating revenues less fund management and administration expenses. Gross margin percentage is calculated as gross margin divided by total operating revenues. Our gross margin was 83.6% during the six months ended June 30, 2026. For the year ending December 31, 2026, we currently estimate that our gross margin percentage will be 83.0% to 84.0% (unchanged from our guidance provided last quarter).

Third-Party Distribution Fees

We currently estimate third-party distribution expense to be approximately $20.0 million to $24.0 million for the year ending December 31, 2026 (unchanged from our guidance provided last quarter).

Interest Expense

We currently estimate our interest expense for the year ending December 31, 2026 to be $54.0 million (unchanged from our guidance provided last quarter) taking into consideration our current capital structure. See Note 9 to our consolidated financial statements for additional information. This guidance is inclusive of approximately $0.9 million of interest cost we are required to impute under U.S. GAAP related to our interest-free financing of the shares of Series C Non-Voting Convertible Preferred Stock (the “Series C Preferred Stock”) we repurchased from Gold Bullion Holdings (Jersey) Limited (“GBH”), a subsidiary of the World Gold Council, in November 2023.

Interest Income

We currently estimate our interest income for the year ending December 31, 2026 to be $8.0 million (previously $10.0 million), reflecting the allocation of a portion of our interest-earning assets to stock repurchases.

Income Tax Expense

We currently estimate that our consolidated normalized effective tax rate will be approximately 24.0% to 25.0% for the year ending December 31, 2026 (unchanged from our guidance provided last quarter).

This estimat

[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/880631/000121465926002458/wti-20251231.htm
Complete FY 2025 MD&A: /company/WT/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

The following discussion and analysis of
our financial condition and results of operations should be read together with our consolidated financial statements and the related notes
and the other financial information included elsewhere in this Report. In addition to historical consolidated financial information, the
following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ
materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include
those discussed below. For a more complete description of the risks noted above and other risks that could cause our actual results to
materially differ from our current expectations, please see Item 1A. “Risk Factors” of this Report. We assume no obligation
to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, unless
required by law.

Introduction

We are a global financial innovator, offering a diverse suite of ETPs,
models and solutions, private market investments and digital asset-related products. Our offerings empower investors to shape their financial
future and equip financial professionals to grow their businesses. Leveraging the latest financial infrastructure, we create products
that emphasize access and transparency and provide an enhanced user experience.

Building on our heritage of innovation, we continue to broaden our capabilities
beyond our core ETP business. We offer next-generation digital products and services related to tokenized real world assets and stablecoins,
including Digital Funds, as well as our institutional platform, WisdomTree Connect, and blockchain-native digital wallet, WisdomTree Prime.
We also have expanded into private assets through our acquisition of Ceres, a leading U.S.-based alternative asset manager specializing
in farmland investments.

As of December 31, 2025, we managed approximately
$144.5 billion in AUM. Our products span a broad range of strategies including equities, fixed income, commodities, leveraged-and-inverse,
currency, alternatives and cryptocurrency exposures. We have launched many first-to-market products and pioneered a unique alternative-weighting
approach called “Modern Alpha” that combines the outperformance potential of active management with the cost effective benefits
of passive management.

Our products are distributed across all major
asset management industry channels, including banks, brokerage firms, registered investment advisers, institutional investors, private
wealth managers and online brokers, primarily through our dedicated sales team. We believe technology is transforming how financial advisors
conduct business, and through our Advisor and Portfolio Solutions programs we offer technology-enabled and research-driven solutions.
These include portfolio construction, asset allocation, practice management services and digital tools to help advisors address technology
challenges and scale their businesses.

As pioneers in tokenization and blockchain technology, we view this as
the next phase in the evolution in financial services. Through our digital assets strategy, we are committed to “responsible DeFi,”
aligning with regulatory standards to foster growth in this rapidly evolving space. We believe that expanding into digital assets and
blockchain-enabled financial services not only complements our core competencies, but will diversify our revenue streams and further contribute
to our growth.

Executive Summary

Our business delivered strong progress in 2025 as we advanced our long-term
strategic initiatives and further strengthened the foundation for durable growth. We ended the year with AUM of $144.5 billion at December
31, 2025, up 31.6% as compared to the prior year, driven by favorable market conditions and net inflows of $8.5 billion, representing
annualized organic growth of approximately 8%. Revenues and operating income increased 15.4% and 26.9%, respectively, year over year,
driving approximately 300 basis points of operating margin expansion, supported by higher average AUM, improved revenue capture and continued
operating discipline. These results underscore the resilience of our business model and the benefits of our strategy to diversify revenue
streams and enhance earnings quality.

A significant strategic milestone in 2025 was the Ceres Acquisition, which
marked our entry into private assets and added exposure to U.S. farmland, which we believe to be one of the largest and most underpenetrated
real asset classes. At December 31, 2025, we managed $1.9 billion in farmland-based strategies, an asset class with low correlation to
traditional financial markets that enhances the diversification of our overall platform. This acquisition also increased our revenue capture
and resulted in operating margin expansion of more than 200 basis points.

Our Portfolio Solutions business continued to gain traction. Assets under
advisement in our models offering reached $6.1 billion, an increase of approximately 60% from the prior year, supported by deeper engagement
across major wealth platforms and registered investment advisers. The program provides advisors with customized evaluations, a suite of
model portfolios and Shared CIO services designed to support scalable, repeatable investment processes. In addition, our strategic minority
investment in, and multi-year collaboration with, Quorus enables certain of our investment strategies to be implemented in SMAs via the
Quorus platform, and our model portfolios to be made available there, with integrated trading and rebalancing, providing advisors with
additional customization options and implementation flexibility, and expanding our reach within the wealth management ecosystem. Together,
these initiatives contribute to more consistent and higher-quality revenue streams.

[[GREPCENT_TABLE]]
[["","44"]]
[[/GREPCENT_TABLE]]

Table of Contents

We also achieved notable growth in digital assets. Digital assets AUM increased
to $0.8 billion as of December 31, 2025, driven primarily by the expansion of our tokenized money market offering, the WisdomTree Treasury
Money Market Digital Fund. Early adoption of this product highlights the broader potential for tokenization across real world assets,
including future applications in fixed income and equities. Institutional clients access our Digital Funds through WisdomTree Connect,
while WisdomTree Prime provides direct-to-consumer access to digital assets, such as bitcoin, ether, tokenized gold, U.S. dollar tokens
and 15 Digital Funds. Our continued focus on “responsible DeFi” ensures these offerings remain aligned with regulatory standards
while positioning us at the forefront of blockchain-enabled financial innovation.

Our initiatives across ETPs, private assets,
digital assets, models and SMAs are integral to our long-term growth strategy and are intended to drive sustained AUM growth, revenue
diversification, improved revenue capture and stronger operating margins. We believe this strategic alignment positions us to continue
delivering stockholder value and driving future performance.

Additional 2025 business highlights include the following:

[[GREPCENT_TABLE]]
[["","\u00b7","We launched 25 new European listed ETPs and 12 new U.S. listed ETFs spanning all our major product categories. This includes the launch of the WisdomTree Europe Defence UCITS ETF which accumulated $3.9 billion of AUM by December 31, 2025."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u00b7","We achieved strong product performance, with over 74% of our U.S. listed AUM covered by Morningstar in the top two quartiles of peer performance on the 15-year timeframe and over 68% of our U.S. listed AUM covered by Morningstar in the top two quartiles of peer performance on the 5-year timeframe. In addition, approximately 40% were rated 4- or 5-star by Morningstar."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u00b7","We completed a private offering of $475.0 million in aggregate principal amount of convertible senior notes due 2030, bearing interest at a rate of 4.625% and issued with a conversion price of $19.15 per share to facilitate the Ceres Acquisition. Concurrent with the issuance, we repurchased approximately 6.8 million shares of our common stock and extinguished $24.0 million aggregate principal amount of our 5.75% convertible senior notes due 2028 (the \u201c2028 Notes\u201d) (conversion price of $9.54 per share). We subsequently extinguished the remaining $1.8 million principal amount of these 2028 Notes in November 2025."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u00b7","We appointed The Bank of New York Mellon Corporation to serve as our core banking-as-a-service (BaaS) infrastructure provider for WisdomTree Prime."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u00b7","We made a strategic minority investment in, and entered into a multi-year collaboration with, Quorus, enabling certain of our investment strategies to be implemented in customizable, tax-efficient SMA formats, and our model portfolios to be made available with integrated, tax-aware trading and rebalancing capabilities, strengthening our presence in the growing custom portfolio solutions market."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u00b7","We expanded our global footprint through a strategic collaboration with Korea Investment Management Co. Ltd. (KIM) based on the licensing of WisdomTree indexes in connection with the launch of a suite of innovative ETFs by KIM marketed under the KIM ACE label for the Korean market."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u00b7","We made a $2.5 million strategic minority investment in AlphaBeta ETF Ltd to accelerate AI-driven ETF innovation by collaborating on the launch of AI-driven strategies in an ETF format."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u00b7","In the U.S., we were named a \u201c2025 Best Places to Work in Money Management\u201d by Pensions & Investments for the sixth consecutive year and ranked first within the category for managers with 100-499 employees. In the U.K., we were named \u201cBest Workplace\u201d for medium-sized companies for the sixth consecutive year and a \u201c2025 Best Workplace for Women\u201d by Great Place to Work."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u00b7","We received numerous industry awards and recognitions, including being named #58 on Fortune\u2019s list of America\u2019s Most Innovative Companies, receiving multiple honors at the 2025 ETF Express European ETF Awards, and earning top distinctions for our digital asset and fintech solutions from leading industry organizations."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","45"]]
[[/GREPCENT_TABLE]]

Table of Contents

Market Environment

The following chart reflects the annual returns
of the broad-based equity indexes and gold prices over the last three years.

Source: FactSet

U.S. Listed ETF Industry Flows

U.S. listed ETF net flows for the year ended
December 31, 2025 were $1,419.5 billion. U.S. equity and fixed income gathered the majority of those flows.

Source: Morningstar

[[GREPCENT_TABLE]]
[["","46"]]
[[/GREPCENT_TABLE]]

Table of Contents

European Listed ETP Industry Flows

European listed ETP net flows were $246.6 billion
for the year ended December 31, 2025. Equities and fixed income gathered the majority of those flows. 

Source: Morningstar

Industry Developments

Asset Management – Consolidation

In the recent past, a number of acquisitions in the asset management industry
have either been announced or completed. These trends have accelerated as fee compression, cost pressures and increased regulations have
weighed on the industry, highlighting the importance of scale and operating efficiency to compete in to

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

Read the full FY 2025 MD&A: /company/WT/mda/fy2025/
All MD&A years: /company/WT/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/WT/mda/fy2024/): filed 2025-02-26; accession 0001214659-25-003503 (https://www.sec.gov/Archives/edgar/data/880631/000121465925003503/wt-20241231.htm)
- [FY 2023 MD&A](/company/WT/mda/fy2023/): filed 2024-02-23; accession 0001214659-24-003435 (https://www.sec.gov/Archives/edgar/data/880631/000121465924003435/wt-20231231.htm)
- [FY 2022 MD&A](/company/WT/mda/fy2022/): filed 2023-02-28; accession 0001193125-23-054126 (https://www.sec.gov/Archives/edgar/data/880631/000119312523054126/d426509d10k.htm)
- [FY 2021 MD&A](/company/WT/mda/fy2021/): filed 2022-02-25; accession 0001193125-22-053552 (https://www.sec.gov/Archives/edgar/data/880631/000119312522053552/d279002d10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6211 Security Brokers, Dealers & Flotation Companies) 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/WT.md · JSON record: /company/WT.json · verified financials: /company/WT/financials.json / /company/WT/financials.csv · machine TOC for the whole site: /llms.txt