Record and Rapidly Growing AUM
Assets under management ended the year at $144.5B (a record), up 5% from Q3 and over 30% year-over-year; global AUM subsequently reached $160.8B, up $16B or 11% from year-end driven by favorable markets and nearly $2B of net inflows to start the year.
Strong Organic Flows and Growth Rate
Generated $8.5B of net inflows for the year, representing an ~8% organic growth rate; multiple growth engines produced diversified inflows across regions and asset classes.
Material European Franchise Expansion
European listed products AUM rose from $30.7B to $53.3B (~+74%), supported by more than $6B of net inflows (including $4.3B into the UCITS franchise and ~$1B into commodity products), with European revenues rising as ~70% of those revenues are asset-based.
Substantial Revenue and Margin Improvement
Adjusted revenues for the quarter were $147.4M (+17% vs Q3; ~+33% vs prior year quarter); full-year adjusted revenues grew ~15.4% year-over-year and adjusted operating margin expanded nearly 300 basis points to 36.5%.
Successful Ceres Acquisition and Private Assets Expansion
Ceres acquisition (closed Oct 1) added almost $2B in farmland strategies, contributed ~$12M of revenue in the quarter (including $7.1M of performance fees), and expanded annual revenue capture and operating margins by >200 basis points.
Metals and Thematics Momentum
Metals strategies AUM increased 83% with >$1B of net inflows across the suite; metals now represent ~28.5% of global AUM. Thematic launches (e.g., rare earths) saw rapid traction — one rare earth fund grew from $100M in November to $700M; three strategic metals funds total ~$1.4B.
Model/SMAs and Tokenization Traction
Model AUA grew to over $6B from $3.8B at end of 2024 (~+58%); tokenized AUM reached ~$770M from essentially zero a year ago; WisdomTree Connect expanded from 4 to 29 onboarded institutions and wallets holding WisdomTree assets exceeded 3,500.
Updated 2026 Operating Leverage and Guidance Highlights
Guidance forecasts a lower compensation-to-revenue ratio of 26–28% (a ~2 percentage-point downward shift), gross margin 82–83% (vs 81.9% prior year), discretionary spend $80–$86M (planned marketing/sales investments) and interest expense ~ $40M for 2026 with expected decline after convertible note retirements.