--- title: "Hennessy Advisors | 10-Q: FY2026 Q1 Revenue: USD 8.32 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/275032831.md" datetime: "2026-02-05T21:22:32.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275032831.md) - [en](https://longbridge.com/en/news/275032831.md) - [zh-HK](https://longbridge.com/zh-HK/news/275032831.md) generator: "portal-rs" --- # Hennessy Advisors | 10-Q: FY2026 Q1 Revenue: USD 8.32 M Revenue: As of FY2026 Q1, the actual value is USD 8.32 M. EPS: As of FY2026 Q1, the actual value is USD 0.24. EBIT: As of FY2026 Q1, the actual value is USD 2.529 M. Hennessy Advisors, Inc. operates in a single business segment, its investment advisory business, with consolidated net income as the key measure of profitability . #### Operational Metrics Total revenue for the three months ended December 31, 2025, decreased by 14.3% to $8.3 million, down from $9.7 million in the same period of 2024 . This decline was primarily due to decreased average daily net assets of the Hennessy Funds . Investment advisory fees decreased by 14.3% to $7.8 million in 2025 from $9.1 million in 2024, and shareholder service fees decreased by 13.6% to $0.56 million from $0.65 million . Total operating expenses decreased by 2.8% to $5.7 million for the three months ended December 31, 2025, compared to $5.9 million in the prior year . However, as a percentage of total revenue, operating expenses increased by 5.1 percentage points to 68.7% . **Compensation and Benefits:** Decreased by 10.5% to $2.5 million in 2025 from $2.8 million in 2024, representing 29.7% of total revenue . **General and Administrative:** Increased by 15.8% to $1.9 million in 2025 from $1.7 million in 2024, mainly due to expensing previously capitalized costs, and accounted for 23.0% of total revenue . **Fund Distribution and Other:** Decreased by 18.1% to $0.2 million in 2025 from $0.3 million in 2024, remaining constant at 2.7% of total revenue . **Sub-advisory Fees:** Decreased by 7.9% to $1.0 million in 2025 from $1.1 million in 2024, representing 12.5% of total revenue . **Depreciation:** Increased by 8.2% to $0.07 million in 2025 from $0.06 million in 2024, and represented 0.8% of total revenue . Net income decreased by 31.9% to $1.9 million for the three months ended December 31, 2025, compared to $2.8 million for the same period in 2024, primarily driven by decreased revenue . #### Cash Flow - **Net cash provided by operating activities:** Decreased by $1.6 million, from $2.234 million in 2024 to $0.661 million in 2025, primarily due to decreased accrued liabilities and accounts payable and lower net income . - **Net cash used in investing activities:** Decreased by $0.07 million, from - $0.127 million in 2024 to - $0.060 million in 2025 . - **Net cash used in financing activities:** Increased by $0.02 million, from - $1.050 million in 2024 to - $1.065 million in 2025, due to increased dividend payments . - **Net (decrease) increase in cash and cash equivalents:** Resulted in a net decrease of - $0.464 million in 2025, compared to a net increase of $1.057 million in 2024 . #### Unique Metrics - **Total Assets Under Management (AUM):** Decreased by $0.7 billion or 14.3% to $4.1 billion as of December 31, 2025, from $4.8 billion on December 31, 2024, due to net outflows partially offset by market appreciation . - **Average Assets Under Management (AAUM):** For the three months ended December 31, 2025, AAUM was $4.170760 billion, a decrease of $0.7 billion or 13.5% compared to $4.824051 billion for the same period in 2024 . - **Net Outflows:** None of the Hennessy Funds experienced net inflows during the three months ended December 31, 2025, with the Hennessy Cornerstone Mid Cap 30 Fund, Hennessy Focus Fund, and Hennessy Japan Fund experiencing the largest net outflows . - **Redemptions as a percentage of AUM:** Increased from an average of 2.6% per month during the three months ended December 31, 2024, to an average of 3.1% per month during the three months ended December 31, 2025 . - **Management Contract Asset:** The net balance of this asset was $82.3 million as of December 31, 2025, down from $82.6 million as of September 30, 2025 . - **2026 Notes:** The principal liability of 4.875% Notes due 2026 was $39.9 million, net of issuance costs, and was reclassified as current due to its upcoming maturity . #### Future Outlook and Strategy Hennessy Advisors, Inc.’s strategy focuses on identifying, completing, and integrating future acquisitions, alongside organic growth through asset retention and generating inflows into managed funds . The company aims to provide superior service and maintain a consistent investment approach . Management anticipates that current cash and liquid assets will be sufficient to meet capital requirements for at least one year and beyond, with additional capital potentially sought if needed for long-term requirements . ### Related Stocks - [HNNA.US](https://longbridge.com/en/quote/HNNA.US.md) ## Related News & Research - [GPI: Hennessy acquisition and strong Parts & Service margins drive long-term value amid softer Q2](https://longbridge.com/en/news/294335010.md) - [Top Executive’s Bold Move Shakes Up Insider Activity at Hennessy Advisors](https://longbridge.com/en/news/286186550.md) - [Balanced Risk/Reward Keeps Workday at Hold as Brent Thill Raises Price Target from $205 to $225 on Potential Silver Lake Takeout Upside](https://longbridge.com/en/news/296711228.md) - [3,759 Shares in Ferrari N.V. $RACE Acquired by X Square Capital LLC](https://longbridge.com/en/news/296700358.md) - [Korea Investment CORP Increases Stock Position in L3Harris Technologies Inc $LHX](https://longbridge.com/en/news/296698330.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**