--- title: "Hennessy Advisors | 10-Q: FY2026 Q2 Revenue: USD 8.133 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285432974.md" datetime: "2026-05-06T20:29:44.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285432974.md) - [en](https://longbridge.com/en/news/285432974.md) - [zh-HK](https://longbridge.com/zh-HK/news/285432974.md) generator: "portal-rs" --- # Hennessy Advisors | 10-Q: FY2026 Q2 Revenue: USD 8.133 M Revenue: As of FY2026 Q2, the actual value is USD 8.133 M. EPS: As of FY2026 Q2, the actual value is USD 0.24. EBIT: As of FY2026 Q2, the actual value is USD 2.574 M. Hennessy Advisors, Inc. operates in a single business segment: its investment advisory business . #### Revenue - **Six Months Ended March 31, 2026 vs. 2025 (in thousands)**: - Total revenue decreased by 13.3%, from $18,984 to $16,453 . - Investment advisory fees decreased by 13.5%, from $17,734 to $15,342 . - Shareholder service fees decreased by 11.1%, from $1,250 to $1,111 . - **Three Months Ended March 31, 2026 vs. 2025 (in thousands)**: - Total revenue decreased by 12.3%, from $9,276 to $8,133 . - Investment advisory fees decreased by 12.6%, from $8,673 to $7,581 . - Shareholder service fees decreased by 8.5%, from $603 to $552 . #### Operating Expenses - **Six Months Ended March 31, 2026 vs. 2025 (in thousands)**: - Total operating expenses decreased by 4.0%, from $11,703 to $11,239 . As a percentage of total revenue, operating expenses increased from 61.7% to 68.3% . - Compensation and benefits decreased by 7.4%, from $5,440 to $5,038, primarily due to decreased incentive-based compensation . - General and administrative expenses increased by 2.9%, from $3,452 to $3,551, largely due to expensing previously capitalized costs related to a terminated agreement with STF Management, LP . - Fund distribution and other expenses decreased by 12.8%, from $516 to $450, due to decreased average daily net assets . - Sub-advisory fees decreased by 5.4%, from $2,165 to $2,048, due to decreased average daily net assets of sub-advised funds . - Depreciation expense increased by 16.9%, from $130 to $152, due to more fixed asset purchases . - **Three Months Ended March 31, 2026 vs. 2025 (in thousands)**: - Total operating expenses decreased by 5.2%, from $5,825 to $5,523 . As a percentage of total revenue, operating expenses increased from 62.8% to 67.9% . #### Net Operating Income - **Six Months Ended March 31, 2026 vs. 2025 (in thousands)**: - Net operating income decreased from $7,281 to $5,214 . - **Three Months Ended March 31, 2026 vs. 2025 (in thousands)**: - Net operating income decreased from $3,451 to $2,610 . #### Net Income - **Six Months Ended March 31, 2026 vs. 2025 (in thousands)**: - Net income decreased by 29.1%, from $5,417 to $3,840, primarily due to decreased revenue . - **Three Months Ended March 31, 2026 vs. 2025 (in thousands)**: - Net income decreased by 26.1%, from $2,583 to $1,910, primarily due to decreased revenue . #### Cash Flow (Six Months Ended March 31, in thousands) - Net cash provided by operating activities decreased from $5,979 in 2025 to $2,970 in 2026, primarily due to decreased net income and decreased accrued liabilities and accounts payable . - Net cash used in investing activities decreased from - $241 in 2025 to - $126 in 2026, due to decreased purchases of property and equipment . - Net cash used in financing activities increased from - $2,098 in 2025 to - $2,220 in 2026, due to increased dividend payments from a higher dividend rate and more outstanding shares . - Net increase in cash and cash equivalents was $624 in 2026, compared to $3,640 in 2025 . #### Unique Metrics - **Assets Under Management (AUM)**: - Total AUM as of March 31, 2026, was $3.9 billion, a 7.8% decrease from $4.2 billion on March 31, 2025, attributed to net outflows partially offset by market appreciation . - Average AUM for the six months ended March 31, 2026, was $4.2 billion, a 12.9% decrease from $4.7 billion for the same period in 2025 . - The Hennessy Energy Transition Fund was the only fund with net inflows of $5 million for both the three and six months ended March 31, 2026, while the Hennessy Funds experienced overall net outflows . The largest net outflows were from the Hennessy Cornerstone Mid Cap 30 Fund (- $87 million for three months, - $177 million for six months) . - Redemptions as a percentage of AUM decreased from an average of 5.5% per month (three months ended March 31, 2025) to 2.6% per month (three months ended March 31, 2026), and from 4.0% to 2.8% per month for the six-month periods . - **Management Contract Asset**: The net balance was $82.3 million as of March 31, 2026, a decrease from $82.6 million as of September 30, 2025, due to expensing previously capitalized costs following the termination of an agreement with STF Management, LP . - **Debt Outstanding**: The 2026 Notes, with an aggregate principal amount of $40.25 million, mature on December 31, 2026, bear interest at 4.875% per annum, and had a net amount of $40.0 million as of March 31, 2026 . #### Future Outlook and Strategy Hennessy Advisors, Inc.’s strategy focuses on identifying, completing, and integrating future acquisitions, alongside achieving organic growth by retaining existing fund assets and generating new inflows . Management anticipates that current cash and liquid assets will be sufficient for capital requirements for at least one year, with plans to raise additional capital via bank financing or capital markets if long-term needs arise . The company remains committed to the investment performance of the Hennessy Funds and providing high-quality customer service through robust marketing automation and CRM systems . ### Related Stocks - [HNNA.US](https://longbridge.com/en/quote/HNNA.US.md) ## Related News & Research - [Cemat publishes H1 2026 interim report](https://longbridge.com/en/news/297006906.md) - [JOYY beats top-line and bottom-line estimates; gives FY 2026 outlook](https://longbridge.com/en/news/296985959.md) - [SoftwareOne attaches full H1 2026 report in correction to earlier release](https://longbridge.com/en/news/297010247.md) - [Ameriprise Financial declares Q3 2026 dividend of R$ 1.48 per unit](https://longbridge.com/en/news/297021432.md) - [Leggett & Platt declares Q3 2026 dividend of R$ 0.17 per unit](https://longbridge.com/en/news/297016902.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**