Janus Henderson Group Stock Earnings Reports

Janus Henderson reported strong Q3 2025 results: AUM reached $483.8 billion (up 6% quarter-over-quarter, +27% year-over-year) and represented the highest quarterly AUM on record. The firm delivered its sixth consecutive quarter of positive net flows ($7.8 billion), driven by strength in intermediary ($5.1B) and institutional ($3.1B) channels and broad-based contributions across fixed income, ETFs, alternatives and select equity strategies. Longer-term investment performance remains solid (≥60% of AUM beating benchmarks over 3/5/10 years; >70% in top 2 Morningstar quartiles vs. peers). Adjusted diluted EPS was $1.09, up ~20% YoY, and adjusted operating margin improved to 36.9%. Management returned nearly $130 million to shareholders this quarter via dividends and buybacks (cumulative share count reduced ~23% since 2018) and declared a $0.40 quarterly dividend.

Strategic and operational highlights: the company is executing a three-pillar strategy (Protect & Grow, Amplify, Diversify), expanded ETF and active-wrapper offerings (several new ETFs including AI and asset-backed securities), and advanced private markets initiatives (Privacore distribution, Victory Park Capital partnership, CNO minority investment with $600M+ long-term capital commitments, and a $125.5M first close on a $300M MENA private credit fund).

Corporate actions and outlook: The Board has formed a special committee to evaluate a nonbinding acquisition proposal from Trian and General Catalyst; management will not comment further while the committee reviews the proposal. Janus Henderson is transitioning its investment management platform to BlackRock's Aladdin (multiyear), which is expected to increase adjusted operating costs by roughly 1% in 2026–2027 but should deliver operational efficiencies and ROI from 2028 onward. Q4 performance fees are expected to be at or above Q4 2024 (dependent on year-end results). Management reiterated 2025 guidance items: adjusted comp/revenue ~43%–44%, non-comp expense growth in the high single digits, and an adjusted tax rate of ~23%–25%. CFO Roger Thompson announced retirement effective April 1, 2026, with Sukh Grewal named successor.

Key investor takeaways: sustained positive flows and record AUM demonstrate distribution momentum and product diversification (notably ETFs and private markets); strong long-term performance vs. benchmarks and peers supports retention/competitive positioning; near-term margin pressure from the Aladdin migration is quantified (~1% higher costs in 2026–27) but positioned as a strategic investment for longer-term efficiency; capital return remains a priority alongside selective reinvestment and M&A; the special committee review of the Trian/General Catalyst proposal creates potential corporate outcome uncertainty but operations remain focused on the business.