Janus Henderson Group plc reported third‑quarter 2025 earnings that surpassed analyst expectations, with revenue rising to $700.4 million from $633.2 million a year earlier and operating income increasing to $172.0 million from $163.8 million in the second quarter. Operating margin stood at 24.6%, while adjusted operating margin climbed to 36.9% after excluding one‑time acquisition and transaction costs.
Diluted earnings per share for the quarter were $0.92, down slightly from $0.95 in Q2 2025 but up from $0.17 in Q3 2024. Adjusted diluted EPS reached $1.09, beating the consensus estimate of $0.99 and exceeding the prior‑quarter adjusted EPS of $0.90. Revenue missed the consensus estimate of $704.4 million by $4.0 million, but the company’s margin expansion helped offset the shortfall.
Assets under management grew to a record $483.8 billion, a 27% increase from Q3 2024 and a 6% rise from Q2 2025. Net flows remained positive for the sixth consecutive quarter, with a 7% organic growth rate. The Intermediary and Institutional segments contributed the largest share of inflows, driven by the expansion of the Protect & Grow, Amplify, and Diversify strategies and a new partnership with The Guardian Life Insurance Company of America.
Capital allocation continued with a $0.40 per‑share dividend declared for the quarter ended September 30, 2025, and a share‑repurchase of approximately 1.5 million shares for $67 million as part of a $200 million on‑market program. In parallel, a non‑binding acquisition proposal from Trian Fund Management and General Catalyst Group valued at roughly $7 billion, offering $46.00 per share in cash, is under review by a special committee. The proposal represents a significant potential change in ownership structure.
Management highlighted that the company’s cost‑control initiatives and disciplined capital allocation underpinned the margin improvement, while noting that market volatility and competitive pressures in the asset‑management industry remain headwinds. The company reiterated its focus on delivering value through its core strategies and maintaining a disciplined approach to growth and capital return.
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