--- title: "Virtus Investment | 10-Q: FY2026 Q1 Revenue: USD 199.54 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285776168.md" datetime: "2026-05-08T21:03:15.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285776168.md) - [en](https://longbridge.com/en/news/285776168.md) - [zh-HK](https://longbridge.com/zh-HK/news/285776168.md) --- # Virtus Investment | 10-Q: FY2026 Q1 Revenue: USD 199.54 M Revenue: As of FY2026 Q1, the actual value is USD 199.54 M. EPS: As of FY2026 Q1, the actual value is USD 1.05. EBIT: As of FY2026 Q1, the actual value is USD 4.717 M. #### Segmented Revenue - **Total Revenues:** Decreased by $18.4 million, or 8.4%, to $199.5 million in the first quarter of 2026, compared to $217.9 million in the first quarter of 2025. - **Investment Management Fees:** Decreased by $17.0 million, or 9.1%, to $169.1 million for the three months ended March 31, 2026, compared to $186.1 million in the prior year, primarily due to decreased average AUM, partially offset by the Keystone acquisition. - **Open-end funds:** Fees decreased by $10.3 million, or 13.9%, to $63.7 million. - **Closed-end funds:** Fees increased by $5.9 million, or 40.0%, to $20.8 million. - **Retail separate accounts:** Fees decreased by $7.0 million, or 12.8%, to $47.3 million. - **Institutional accounts:** Fees decreased by $5.6 million, or 13.1%, to $37.3 million. - **Administration and Shareholder Service Fees:** Decreased by $0.7 million, or 3.9%, to $17.3 million for the three months ended March 31, 2026, compared to $18.0 million in the prior year. - **Distribution and Service Fees:** Decreased by $1.1 million, or 8.8%, to $11.6 million for the three months ended March 31, 2026, compared to $12.8 million in the prior year. - **Other Income and Fees:** Increased by $0.4 million, or 34.9%, to $1.5 million for the three months ended March 31, 2026, compared to $1.1 million in the prior year. #### Operational Metrics - **Operating Income:** Decreased by $21.1 million, or 57.8%, to $15.4 million in the first quarter of 2026, compared to $36.6 million in the first quarter of 2025. - **Total Operating Expenses:** Increased by $2.8 million, or 1.5%, to $184.1 million for the three months ended March 31, 2026, compared to $181.3 million in the prior year. - **Employment Expenses:** Decreased by $3.9 million, or 3.6%, to $105.2 million. - **Distribution and Other Asset-Based Expenses:** Decreased by $2.4 million, or 10.3%, to $20.5 million. - **Other Operating Expenses:** Increased by $3.1 million, or 9.5%, to $36.2 million. - **Other Operating Expenses of Consolidated Investment Products (CIP):** Increased by $1.0 million, or 101.5%, to $2.0 million. - **Change in Fair Value of Contingent Consideration:** Increased to $0.4 million from $0 in the prior year. - **Restructuring Expense:** Incurred $2.9 million in restructuring expense related to severance costs. - **Depreciation Expense:** Decreased by $0.7 million, or 28.9%, to $1.7 million. - **Amortization Expense:** Increased by $2.2 million, or 17.2%, to $15.2 million. - **Other Income (Expense), net:** Totaled - $12.9 million for the three months ended March 31, 2026, compared to - $7.6 million in the prior year. - **Realized and unrealized gain (loss) on investments, net:** Changed by $1.8 million to $0.8 million. - **Realized and unrealized gain (loss) of CIP, net:** Changed by - $6.7 million to - $14.3 million. - **Interest Income (Expense), net:** Totaled $10.7 million for the three months ended March 31, 2026, compared to $11.4 million in the prior year. - **Interest expense:** Increased by $2.2 million, or 48.3%, to - $6.8 million. - **Interest and dividend income of investments of CIP:** Increased by $1.1 million, or 2.3%, to $48.6 million. - **Interest expense of CIP:** Increased by $0.5 million, or 1.4%, to - $34.1 million. #### Unique Metrics - **Total Assets Under Management (AUM):** $149.0 billion at March 31, 2026, representing an 11.0% decrease from $167.5 billion at March 31, 2025, and a 6.6% decrease from $159.5 billion at December 31, 2025. - The decrease from March 31, 2025, included $24.3 billion from net outflows, partially offset by $6.1 billion from positive market performance and $2.3 billion from the Keystone acquisition. - The decrease from December 31, 2025, included $8.4 billion from net outflows and - $3.9 billion from negative market performance, partially offset by $2.3 billion from the Keystone acquisition. - **Total Sales:** Were $5.8 billion in Q1 2026, a decrease of $0.5 billion (7.4%) from $6.2 billion in Q1 2025. - **Net Flows:** Were - $8.4 billion in Q1 2026, compared to - $3.0 billion in Q1 2025. - **Open-End Funds:** Net outflows were - $1,346 million in Q1 2026, compared to - $1,072 million in Q1 2025. - **Closed-End Funds:** Net outflows were - $58 million in Q1 2026, compared to - $35 million in Q1 2025. - **Retail Separate Accounts:** Net outflows were - $3,868 million in Q1 2026, compared to - $668 million in Q1 2025. - **Institutional Accounts:** Net outflows were - $3,154 million in Q1 2026, compared to - $1,204 million in Q1 2025. - **Average Fee Rate Earned (All Products):** Increased to 41.9 basis points in Q1 2026 from 41.7 basis points in Q1 2025. #### Cash Flow - **Net Cash Provided by Operating Activities:** $35.9 million for the three months ended March 31, 2026, a change of $39.7 million from net cash used in operating activities of - $3.8 million in the prior year. - **Net Cash Used in Investing Activities:** Increased by $195.5 million to - $198.5 million for the three months ended March 31, 2026, compared to - $3.0 million in the prior year, primarily due to the Keystone acquisition. - **Net Cash Used in Financing Activities:** Decreased by $133.6 million to - $40.9 million for the three months ended March 31, 2026, compared to - $174.5 million in the prior year. #### Future Outlook and Strategy Virtus Investment Partners, Inc. maintains a multi-manager, multi-style approach and a diverse product array to appeal to a broad investor base and navigate various market cycles and investor preferences. The company strategically expanded into private markets with the recent acquisition of Keystone National Group, LLC, specializing in asset-centric private credit. Virtus Investment Partners, Inc. manages capital through investments in organic growth, debt principal payments, common stock dividends, share repurchases, and technology and inorganic growth opportunities. ### Related Stocks - [VRTS.US](https://longbridge.com/en/quote/VRTS.US.md) ## Related News & Research - [VRTS: Improved net flows, record institutional sales, and strong ETF growth drove sequential earnings gains](https://longbridge.com/en/news/294386802.md) - [Virtus Investment Partners Q2 FY26 diluted EPS rises 9% to $6.68; revenue falls 4% to $201.4 million](https://longbridge.com/en/news/294352646.md) - [Baxter Q2 2026 Earnings Preview](https://longbridge.com/en/news/294224876.md) - [What to Expect From Ulta Beauty’s Q2 2026 Earnings Report](https://longbridge.com/en/news/293941254.md) - [Virtus Total Return Fund declares July distribution of $0.055 per share](https://longbridge.com/en/news/294262492.md)