WisdomTree Announces Fourth Quarter 2025 Results

Record AUM of $144.5 Billion

Diluted Earnings Per Share of $0.28 ($0.29, as Adjusted)

320 bps of Annual Operating Margin Expansion vs. the Prior Year

WisdomTree, Inc. (NYSE:WT), a global financial innovator, today reported financial results for the fourth quarter of 2025.

$40.0 million of net income ($41.2⁽¹⁾ million of net income, as adjusted). See "Non-GAAP" Financial Measurements" for additional information.

$144.5 billion of ending AUM, an increase of 5.3% from the prior quarter arising from market appreciation and AUM related to our acquisition of Ceres Partners, LLC (the "Ceres Acquisition"), partly offset by net outflows.

($0.3) billion of net outflows, primarily driven by outflows from our fixed income products and partly offset by inflows into our international developed equity products.

0.35% average advisory fee, unchanged from the prior quarter.

0.42% adjusted revenue yield⁽²⁾, a 4 basis point increase from the prior quarter due to revenues arising from the Ceres Acquisition.

$147.4 million of operating revenues, an increase of 17.4% from the prior quarter due to revenues arising from the Ceres Acquisition, higher average AUM and higher other revenues attributable to our European listed exchange-traded products ("ETPs").

83.2% gross margin⁽¹⁾, a 1 point increase from the prior quarter primarily due to an increase in revenues arising from the Ceres Acquisition.

40.5% operating income margin (41.7%⁽¹⁾ as adjusted), a 4.2 point increase (3.4 point increase, as adjusted) from the prior quarter primarily due to an increase in revenues arising from the Ceres Acquisition.

$0.03 quarterly dividend declared, payable on February 25, 2026 to stockholders of record as of the close of business on February 11, 2026.

Update from Jarrett Lilien, WisdomTree COO and President

Update from Jonathan Steinberg, WisdomTree CEO

RECENT BUSINESS DEVELOPMENTS

QUARTERLY HIGHLIGHTS

Operating Revenues

• Operating revenues increased 17.4% and 33.2% from the third quarter of 2025 and fourth quarter of 2024, respectively, due to revenues arising from the Ceres Acquisition, higher average AUM and higher other revenues attributable to our European listed ETPs. The increase from the fourth quarter of 2024 was partly offset by a lower average advisory fee.
• Our average advisory fee was 0.35% during the third and fourth quarters of 2025 and 0.36% during the fourth quarter of 2024.

Operating Expenses

• Operating expenses increased 9.7% from the third quarter of 2025 primarily due to compensation expense arising from the Ceres Acquisition, fund management and administration expenses, and amortization of intangible assets arising from the Ceres Acquisition. These increases were partly offset by lower acquisition-related costs.
• Operating expenses increased 15.9% from the fourth quarter of 2024 primarily due to compensation expense arising from the Ceres Acquisition and higher headcount, fund management and administration expenses, third-party distribution fees and amortization of intangible assets arising from the Ceres Acquisition. These increases were partly offset by lower professional fees and marketing expenses.

Other Income/(Expenses)

• Interest expense increased 30.2% and 96.3% from the third quarter of 2025 and the fourth quarter of 2024, respectively, due to a higher level of debt outstanding, partly offset by a lower average interest rate.
• Interest income decreased 26.2% and increased 38.1% from the third quarter of 2025 and the fourth quarter of 2024, respectively, due to fluctuations in the level of interest-earning assets.
• Other gains and losses, net, was a gain of $0.3 million for the fourth quarter of 2025. This included net gains of $0.1 million on our investments. Gains and losses also generally arise from the sale of gold and cryptocurrency earned from advisory fees paid by our physically-backed gold and crypto ETPs, foreign exchange fluctuations and miscellaneous items.

Income Taxes

• Our effective income tax rate for the fourth quarter of 2025 was 20.7%, resulting in income tax expense of $10.4 million. The effective tax rate differs from the federal statutory rate of 21.0% primarily due to a reduction in the valuation allowance on capital losses and a lower tax rate on foreign earnings. These items were partly offset by state and local income taxes.
• Our adjusted effective income tax rate for the fourth quarter of 2025 was 23.4%⁽¹⁾.

ANNUAL HIGHLIGHTS

• Operating revenues increased 15.4% as compared to 2024 due to revenues arising from the Ceres Acquisition, higher average AUM and higher other revenues attributable to our European listed ETPs, partly offset by a lower average advisory fee. Other income for the prior year also included $4.3 million of other revenues related to legal and other related expenses incurred in connection with a settlement with the U.S. Securities and Exchange Commission (the "SEC") regarding certain statements about the ESG screening process for three ETFs advised by WisdomTree Asset Management, Inc. (the "SEC ESG Settlement") that were covered by insurance.
• Operating expenses increased 10.0% as compared to 2024 primarily due to compensation expense arising from the Ceres Acquisition and higher headcount, fund management and administration expenses, acquisition-related costs, third-party distribution fees, occupancy costs and sales and business development expenses. These increases were partly offset by lower professional fees, as the prior year included $5.0 million of expenses incurred in response to an activist campaign and $4.3 million of other revenues related to legal and other related expenses incurred in connection with the SEC ESG Settlement that were covered by insurance.
• Significant items reported in other income/(expense) in 2025 include: an increase in interest expense of 60.9% due to a higher level of debt outstanding, partly offset by a lower average interest rate; a loss on extinguishment of convertible notes of $13.8 million arising from the repurchase of $25.8 million aggregate principal amount of our 5.75% convertible senior notes due 2028; an increase in interest income of 61.8% due to an increase in our interest-earning assets; net gains on our financial instruments owned of $1.9 million and $1.2 million of foreign currency remeasurement losses on U.S. dollars held by foreign subsidiaries. Gains and losses also generally arise from the sale of gold earned on advisory fees paid by our physically-backed gold ETPs, other foreign exchange fluctuations and miscellaneous items.
• Our effective income tax rate for 2025 was 23.3%, resulting in an income tax expense of $33.1 million. Our tax rate differs from the federal statutory rate of 21.0% primarily due to a non-deductible loss on extinguishment of convertible notes and state and local income taxes. These items were partly offset by a reduction in the valuation allowance on capital losses and a lower tax rate on foreign earnings.

CONFERENCE CALL DIAL-IN AND WEBCAST DETAILS

WisdomTree will discuss its results and operational highlights during a live webcast on Friday, January 30, 2026 at 11:00 a.m. ET, which, together with all earnings materials, can be accessed via WisdomTree's investor relations website at https://ir.wisdomtree.com. A replay of the webcast will be available shortly after the call.

Participants also can dial in using the following numbers: (877) 407-9210 or (201) 689-8049. Click here to access the participant international toll-free access numbers.

To avoid delays, we encourage participants to log in or dial into the conference call 10 minutes ahead of the scheduled start time.

About WisdomTree

WisdomTree is a global financial innovator, offering a diverse suite of exchange-traded products (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, transparency and provide an enhanced user experience. Building on our heritage of innovation, we offer next-generation digital products and services related to tokenized real world assets and stablecoins, as well as our institutional platform, WisdomTree Connect™ and blockchain-native digital wallet, WisdomTree Prime^®*, and have expanded into private markets through the acquisition of Ceres Partners' U.S. farmland platform.

* The WisdomTree Connect institutional platform and WisdomTree Prime digital wallet and digital asset services are made available through WisdomTree Digital Movement, Inc., a federally registered money services business, state-licensed money transmitter and financial technology company (NMLS ID: 2372500) or WisdomTree Digital Trust Company, LLC, in select U.S. jurisdictions and may be limited where prohibited by law. WisdomTree Digital Trust Company, LLC is chartered as a limited purpose trust company by the New York State Department of Financial Services to engage in virtual currency business. Visit https://wisdomtreeconnect.com, https://www.wisdomtreeprime.com or the WisdomTree Prime mobile app for more information.

WisdomTree currently has approximately $159.0 billion in assets under management globally, inclusive of assets under management related to our recently completed acquisition of Ceres Partners, LLC.

For more information about WisdomTree, WisdomTree Connect and WisdomTree Prime, visit: https://www.wisdomtree.com.

Please visit us on X at @WisdomTreeNews.

WisdomTree^® is the marketing name for WisdomTree, Inc. and its subsidiaries worldwide.

PRODUCTS AND SERVICES AVAILABLE VIA WISDOMTREE CONNECT AND WISDOMTREE PRIME:

NOT FDIC INSURED | NO BANK GUARANTEE | NOT A BANK DEPOSIT | MAY LOSE VALUE | NOT SIPC PROTECTED | NOT INSURED BY ANY GOVERNMENT AGENCY

The products and services available through WisdomTree Connect and the WisdomTree Prime app are not endorsed, indemnified or guaranteed by any regulatory agency.

NON-GAAP FINANCIAL MEASUREMENTS

In an effort to provide additional information regarding our results as determined by GAAP, we also disclose certain non-GAAP information which we believe provides useful and meaningful information. Our management reviews these non-GAAP financial measurements when evaluating our financial performance and results of operations; therefore, we believe it is useful to provide information with respect to these non-GAAP measurements so as to share this perspective of management. Non-GAAP measurements do not have any standardized meaning, do not replace nor are they superior to GAAP financial measurements and are unlikely to be comparable to similar measures presented by other companies. These non-GAAP financial measurements should be considered in the context with our GAAP results. The non-GAAP financial measurements contained in this press release include:

Adjusted Revenues, Operating Income, Operating Expenses, Income Before Income Taxes, Income Tax Expense, Net Income and Diluted Earnings per Share

We disclose adjusted revenues, operating income, operating expenses, income before income taxes, income tax expense, net income and diluted earnings per share as non-GAAP financial measurements in order to report our results exclusive of items that are non-recurring or not core to our operating business. We believe presenting these non-GAAP financial measurements provides investors with a consistent way to analyze our performance. These non-GAAP financial measurements exclude the following:

Gains or losses on financial instruments owned: We account for our financial instruments owned as trading securities, which requires these instruments to be measured at fair value with gains and losses reported in net income. We exclude these items when calculating our non-GAAP financial measurements as the gains and losses introduce earnings volatility and are not core to our operating business.

Foreign currency remeasurement gains and losses on U.S. dollars held by foreign subsidiaries: GAAP requires account balances to be remeasured into an entity's functional currency, with resulting gains and losses reported in net income. Foreign subsidiaries holding U.S. dollars remeasure these balances into their functional currencies and recognize the gains and losses. Beginning in the second quarter of 2025, we began excluding remeasurement effects from our non-GAAP financial measures, as they introduce earnings volatility, are not core to our operations and arise from balances denominated in our reporting currency.

Tax windfalls and shortfalls upon vesting of stock-based compensation awards: GAAP requires the recognition of tax windfalls and shortfalls within income tax expense. These items arise upon the vesting of stock-based compensation awards and the magnitude is directly correlated to the number of awards vesting/exercised, as well as the difference between the price of our stock on the date the award was granted and the date the award vested or was exercised. We exclude these items when calculating our non-GAAP financial measurements as they introduce earnings volatility and are not core to our operating business.

Amortization of intangible assets and remeasurement of contingent consideration arising from our acquisition of Ceres Partners, LLC: On October 1, 2025, we completed the Ceres Acquisition for aggregate consideration consisting of (i) $275 million in cash payable at closing, subject to customary post-closing adjustments and (ii) contingent consideration of up to $225 million, payable in 2030, contingent upon Ceres Partners, LLC achieving a compound annual growth rate ("CAGR") in revenues of 12% to 22% during the measurement period of January 1, 2025 through December 31, 2029. GAAP requires contingent consideration to be re-measured each reporting period with changes in fair value reported in net income. In addition, a portion of the consideration totaling $143.5 million was allocated to intangible assets, which is amortized over 25 years. We exclude changes in fair value of contingent consideration and amortization of intangible assets arising from the Ceres Acquisition when calculating our non-GAAP financial measurements as these items are not core to our operating business.

Other items: Changes in deferred tax asset valuation allowance, loss on extinguishment of convertible notes, acquisition-related costs, imputed interest on our payable to Gold Bullion Holdings (Jersey) Limited ("GBH") and gains and losses recognized on our investments are excluded when calculating our non-GAAP financial measurements. We also offset revenues and related expenses pertaining to legal and other related expenses covered by insurance as the gross presentation required under GAAP serves to overstate our revenues and expenses in the ordinary course of business.

Adjusted Effective Income Tax Rate

We disclose our adjusted effective income tax rate as a non-GAAP financial measurement in order to report our effective income tax rate exclusive of items that are non-recurring or not core to our operating business. We believe reporting our adjusted effective income tax rate provides investors with a consistent way to analyze our income taxes. Our adjusted effective income tax rate is calculated by dividing adjusted income tax expense by adjusted income before income taxes. See above for information regarding the items that are excluded.

Gross Margin and Gross Margin Percentage

We disclose our gross margin and gross margin percentage as non-GAAP financial measurements because we believe they provide investors with a consistent way to analyze the amount we retain after paying third-party service providers to operate our ETPs. These measures also assist us in analyzing the profitability of our products. We define gross margin as total adjusted operating revenues less fund management and administration expenses. Gross margin percentage is calculated as gross margin divided by total adjusted operating revenues.