| (Mark One) | |||||||||||
| ☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||||
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026 | |||||||||||
| OR | |||||||||||
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||||
| FOR THE TRANSITION PERIOD FROM TO | |||||||||||
| Delaware | 45-0969585 | |||||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
| 875 E. Wisconsin Avenue, Suite 800 | 53202 | |||||||
| Milwaukee, | WI | |||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
| Class A common stock, par value $0.01 per share | APAM | New York Stock Exchange | ||||||
| Large accelerated filer | ☑ | Accelerated filer | ☐ | ||||||||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||
| Emerging growth company | ☐ | ||||||||||||||||
| Page | ||||||||
| Part I | ||||||||
| Item 1. | Unaudited Consolidated Financial Statements | |||||||
Unaudited Condensed Consolidated Statements of Financial Condition as of June 30, 2026 and December 31, 2025 | ||||||||
Unaudited Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 | ||||||||
Unaudited Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025 | ||||||||
Unaudited Consolidated Statements of Changes in Stockholders’ Equity for the three and six months ended June 30, 2026 and 2025 | ||||||||
Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 | ||||||||
| Item 2. | ||||||||
| Item 3. | ||||||||
| Item 4. | ||||||||
| Part II | Other Information | |||||||
| Item 1. | ||||||||
| Item 1A. | ||||||||
| Item 2. | ||||||||
| Item 3. | ||||||||
| Item 4. | ||||||||
| Item 5. | ||||||||
| Item 6. | ||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | 334,525 | $ | 214,446 | |||||||
| Accounts receivable | 122,551 | 154,536 | |||||||||
| Investment securities | 246,221 | 228,044 | |||||||||
| Property and equipment, net | 30,884 | 33,020 | |||||||||
| Deferred tax assets | 335,798 | 354,702 | |||||||||
| Prepaid expenses and other assets | 21,194 | 25,291 | |||||||||
| Operating lease assets | 110,633 | 105,278 | |||||||||
| Goodwill | 40,339 | — | |||||||||
| Other intangible assets, net | 7,745 | — | |||||||||
| Assets of consolidated investment products | |||||||||||
| Cash and cash equivalents | 16,097 | 41,060 | |||||||||
| Accounts receivable and other | 10,289 | 10,679 | |||||||||
| Investment assets, at fair value | 183,240 | 410,236 | |||||||||
| Total assets | $ | 1,459,516 | $ | 1,577,292 | |||||||
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND STOCKHOLDERS’ EQUITY | |||||||||||
| Accounts payable, accrued expenses and other | $ | 48,606 | $ | 32,452 | |||||||
| Accrued short-term incentive compensation | 112,166 | 28,854 | |||||||||
| Accrued long-term incentive compensation | 117,429 | 105,423 | |||||||||
| Contingent consideration | 26,080 | — | |||||||||
| Operating lease liabilities | 125,662 | 120,881 | |||||||||
| Borrowings | 189,236 | 189,140 | |||||||||
| Amounts payable under tax receivable agreements | 274,974 | 303,368 | |||||||||
| Liabilities of consolidated investment products | |||||||||||
| Accounts payable, accrued expenses and other | 7,058 | 13,942 | |||||||||
| Investment liabilities, at fair value | 6,929 | 813 | |||||||||
| Total liabilities | $ | 908,140 | $ | 794,873 | |||||||
| Commitments and contingencies | |||||||||||
| Redeemable noncontrolling interests | 86,071 | 304,263 | |||||||||
| Common stock | |||||||||||
Class A common stock ($0.01 par value per share, 500,000,000 shares authorized, 70,996,433 and 70,472,750 shares outstanding at June 30, 2026 and December 31, 2025, respectively) | 710 | 705 | |||||||||
Class B common stock ($0.01 par value per share, 200,000,000 shares authorized, 1,152,924 and 1,137,929 shares outstanding at June 30, 2026 and December 31, 2025, respectively) | 12 | 11 | |||||||||
Class C common stock ($0.01 par value per share, 400,000,000 shares authorized, 8,917,476 and 9,077,590 shares outstanding at June 30, 2026 and December 31, 2025, respectively) | 89 | 91 | |||||||||
| Additional paid-in capital | 246,307 | 236,327 | |||||||||
| Retained earnings | 174,815 | 203,386 | |||||||||
| Accumulated other comprehensive income (loss) | (1,890) | (1,689) | |||||||||
| Total Artisan Partners Asset Management Inc. stockholders’ equity | 420,043 | 438,831 | |||||||||
| Noncontrolling interests - Artisan Partners Holdings | 45,262 | 39,325 | |||||||||
| Total stockholders’ equity | $ | 465,305 | $ | 478,156 | |||||||
| Total liabilities, redeemable noncontrolling interests and stockholders’ equity | $ | 1,459,516 | $ | 1,577,292 | |||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Management fees | $ | 307,709 | $ | 282,749 | $ | 610,517 | $ | 559,896 | |||||||||||||||
| Performance fees | 200 | — | 404 | — | |||||||||||||||||||
| Total revenues | 307,909 | 282,749 | 610,921 | 559,896 | |||||||||||||||||||
| Operating Expenses | |||||||||||||||||||||||
| Compensation and benefits | 181,985 | 165,876 | 350,698 | 321,037 | |||||||||||||||||||
| Distribution, servicing and marketing | 7,714 | 6,730 | 15,194 | 13,162 | |||||||||||||||||||
| Occupancy | 6,959 | 7,308 | 14,095 | 14,686 | |||||||||||||||||||
| Communication and technology | 13,997 | 13,584 | 27,817 | 26,467 | |||||||||||||||||||
| General and administrative | 12,391 | 9,479 | 23,807 | 18,237 | |||||||||||||||||||
| Amortization of intangible assets | 240 | — | 480 | — | |||||||||||||||||||
| Total operating expenses | 223,286 | 202,977 | 432,091 | 393,589 | |||||||||||||||||||
| Total operating income | 84,623 | 79,772 | 178,830 | 166,307 | |||||||||||||||||||
| Non-operating income (expense) | |||||||||||||||||||||||
| Interest expense | (2,211) | (2,179) | (4,308) | (4,233) | |||||||||||||||||||
| Interest income on cash and cash equivalents and other | 2,332 | 1,976 | 4,252 | 3,919 | |||||||||||||||||||
| Gain (loss) on non-operating liabilities | (230) | — | (230) | — | |||||||||||||||||||
| Net investment gain (loss) of consolidated investment products | 12,762 | 22,667 | 10,201 | 29,768 | |||||||||||||||||||
| Net investment gain (loss) of nonconsolidated investment products | 29,450 | 18,613 | 24,362 | 22,430 | |||||||||||||||||||
| Total non-operating income (expense) | 42,103 | 41,077 | 34,277 | 51,884 | |||||||||||||||||||
| Income before income taxes | 126,726 | 120,849 | 213,107 | 218,191 | |||||||||||||||||||
| Provision for income taxes | 25,899 | 24,861 | 44,662 | 44,868 | |||||||||||||||||||
| Net income before noncontrolling interests | 100,827 | 95,988 | 168,445 | 173,323 | |||||||||||||||||||
| Less: Net income attributable to noncontrolling interests - Artisan Partners Holdings | 15,147 | 13,433 | 26,272 | 25,342 | |||||||||||||||||||
| Less: Net income (loss) attributable to noncontrolling interests - consolidated investment products | 4,852 | 15,000 | 3,304 | 19,287 | |||||||||||||||||||
| Net income attributable to Artisan Partners Asset Management Inc. | $ | 80,828 | $ | 67,555 | $ | 138,869 | $ | 128,694 | |||||||||||||||
| Basic earnings per share | $ | 1.11 | $ | 0.94 | $ | 1.90 | $ | 1.78 | |||||||||||||||
| Diluted earnings per share | $ | 1.11 | $ | 0.94 | $ | 1.90 | $ | 1.78 | |||||||||||||||
| Basic weighted average number of common shares outstanding | 66,355,850 | 65,645,108 | 66,241,557 | 65,509,947 | |||||||||||||||||||
| Diluted weighted average number of common shares outstanding | 66,355,850 | 65,645,108 | 66,241,557 | 65,509,947 | |||||||||||||||||||
| Dividends declared per Class A common share | $ | 0.77 | $ | 0.68 | $ | 2.35 | $ | 2.02 | |||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income before noncontrolling interests | $ | 100,827 | $ | 95,988 | $ | 168,445 | $ | 173,323 | |||||||||||||||
| Other comprehensive income (loss) | |||||||||||||||||||||||
| Foreign currency translation gain (loss) | 40 | 980 | (239) | 1,511 | |||||||||||||||||||
| Total other comprehensive income (loss) | 40 | 980 | (239) | 1,511 | |||||||||||||||||||
| Comprehensive income | 100,867 | 96,968 | 168,206 | 174,834 | |||||||||||||||||||
Comprehensive income attributable to noncontrolling interests - Artisan Partners Holdings | 15,148 | 13,558 | 26,239 | 25,534 | |||||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests - consolidated investment products | 4,852 | 15,000 | 3,304 | 19,287 | |||||||||||||||||||
| Comprehensive income attributable to Artisan Partners Asset Management Inc. | $ | 80,867 | $ | 68,410 | $ | 138,663 | $ | 130,013 | |||||||||||||||
| Three months ended June 30, 2026 | Class A Common Stock | Class B Common Stock | Class C Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests - Artisan Partners Holdings | Total Stockholders’ Equity | Redeemable Noncontrolling Interests | ||||||||||||||||||||
Balance at April 1, 2026 | $ | 710 | $ | 11 | $ | 89 | $ | 241,145 | $ | 149,020 | $ | (1,929) | $ | 44,081 | $ | 433,127 | $ | 80,458 | |||||||||||
| Net income | — | — | — | — | 80,828 | — | 15,147 | 95,975 | 4,852 | ||||||||||||||||||||
| Other comprehensive income - foreign currency translation | — | — | — | — | — | 39 | 1 | 40 | — | ||||||||||||||||||||
| Cumulative impact of changes in ownership of Artisan Partners Holdings LP | — | — | — | (1,003) | — | — | 1,003 | — | — | ||||||||||||||||||||
| Amortization of equity-based compensation | — | — | — | 6,131 | — | — | 847 | 6,978 | — | ||||||||||||||||||||
| Deferred tax assets, net of amounts payable under tax receivable agreements | — | — | — | 35 | — | — | — | 35 | — | ||||||||||||||||||||
| Issuance of restricted stock awards | 1 | — | — | (1) | — | — | — | — | — | ||||||||||||||||||||
| Employee net share settlement | — | — | — | — | — | — | (1) | (1) | — | ||||||||||||||||||||
| Exchange of subsidiary equity | (1) | 1 | — | — | — | — | — | — | — | ||||||||||||||||||||
| Capital contributions, net | — | — | — | — | — | — | — | — | 760 | ||||||||||||||||||||
| Impact of consolidation of CIPs | — | — | — | — | — | — | — | — | 1 | ||||||||||||||||||||
| Distributions | — | — | — | — | — | — | (15,790) | (15,790) | — | ||||||||||||||||||||
| Dividends | — | — | — | — | (55,033) | — | (26) | (55,059) | — | ||||||||||||||||||||
Balance at June 30, 2026 | $ | 710 | $ | 12 | $ | 89 | $ | 246,307 | $ | 174,815 | $ | (1,890) | $ | 45,262 | $ | 465,305 | $ | 86,071 | |||||||||||
| Three months ended June 30, 2025 | Class A Common Stock | Class B Common Stock | Class C Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests - Artisan Partners Holdings | Total Stockholders’ Equity | Redeemable Noncontrolling Interests | ||||||||||||||||||||
Balance at April 1, 2025 | $ | 704 | $ | 12 | $ | 90 | $ | 221,477 | $ | 136,535 | $ | (2,301) | $ | 38,128 | $ | 394,645 | $ | 107,596 | |||||||||||
| Net income | — | — | — | — | 67,555 | — | 13,433 | 80,988 | 15,000 | ||||||||||||||||||||
| Other comprehensive income - foreign currency translation | — | — | — | — | — | 855 | 125 | 980 | — | ||||||||||||||||||||
| Cumulative impact of changes in ownership of Artisan Partners Holdings LP | — | — | — | (27) | — | (1) | 28 | — | — | ||||||||||||||||||||
| Amortization of equity-based compensation | — | — | — | 5,443 | — | — | 1,474 | 6,917 | — | ||||||||||||||||||||
| Deferred tax assets, net of amounts payable under tax receivable agreements | — | — | — | 1 | — | — | — | 1 | — | ||||||||||||||||||||
| Issuance of restricted stock awards | 1 | — | — | (1) | — | — | — | — | — | ||||||||||||||||||||
| Employee net share settlement | — | — | — | (367) | — | — | (52) | (419) | — | ||||||||||||||||||||
| Capital contributions, net | — | — | — | — | — | — | — | — | 62,605 | ||||||||||||||||||||
| Distributions | — | — | — | — | — | — | (15,854) | (15,854) | — | ||||||||||||||||||||
| Dividends | — | — | — | — | (48,157) | — | (24) | (48,181) | — | ||||||||||||||||||||
Balance at June 30, 2025 | $ | 705 | $ | 12 | $ | 90 | $ | 226,526 | $ | 155,933 | $ | (1,447) | $ | 37,258 | $ | 419,077 | $ | 185,201 | |||||||||||
| The accompanying notes are an integral part of the consolidated financial statements. | |||||||||||||||||||||||||||||
| Six months ended June 30, 2026 | Class A Common Stock | Class B Common Stock | Class C Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests - Artisan Partners Holdings | Total Stockholders’ Equity | Redeemable Noncontrolling Interests | ||||||||||||||||||||
Balance at January 1, 2026 | $ | 705 | $ | 11 | $ | 91 | $ | 236,327 | $ | 203,386 | $ | (1,689) | $ | 39,325 | $ | 478,156 | $ | 304,263 | |||||||||||
| Net income | — | — | — | — | 138,869 | — | 26,272 | 165,141 | 3,304 | ||||||||||||||||||||
| Other comprehensive income - foreign currency translation | — | — | — | — | — | (206) | (33) | (239) | — | ||||||||||||||||||||
| Cumulative impact of changes in ownership of Artisan Partners Holdings LP | — | — | — | (327) | — | 5 | 322 | — | — | ||||||||||||||||||||
| Amortization of equity-based compensation | — | — | — | 13,615 | — | — | 1,751 | 15,366 | — | ||||||||||||||||||||
| Deferred tax assets, net of amounts payable under tax receivable agreements | — | — | — | 499 | — | — | — | 499 | — | ||||||||||||||||||||
| Issuance of restricted stock awards | 5 | — | — | (5) | — | — | — | — | — | ||||||||||||||||||||
| Employee net share settlement | (1) | — | — | (3,802) | — | — | (546) | (4,349) | — | ||||||||||||||||||||
| Exchange of subsidiary equity | 1 | 1 | (2) | — | — | — | — | — | — | ||||||||||||||||||||
| Capital contributions, net | — | — | — | — | — | — | — | — | 28,605 | ||||||||||||||||||||
| Impact of deconsolidation of CIPs | — | — | — | — | — | — | — | — | (253,932) | ||||||||||||||||||||
| Impact of consolidation of CIPs | — | — | — | — | — | — | — | — | 3,831 | ||||||||||||||||||||
| Distributions | — | — | — | — | — | — | (21,750) | (21,750) | — | ||||||||||||||||||||
| Dividends | — | — | — | — | (167,440) | — | (79) | (167,519) | — | ||||||||||||||||||||
Balance at June 30, 2026 | $ | 710 | $ | 12 | $ | 89 | $ | 246,307 | $ | 174,815 | $ | (1,890) | $ | 45,262 | $ | 465,305 | $ | 86,071 | |||||||||||
| Six months ended June 30, 2025 | Class A Common Stock | Class B Common Stock | Class C Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests - Artisan Partners Holdings | Total Stockholders’ Equity | Redeemable Noncontrolling Interests | ||||||||||||||||||||
Balance at January 1, 2025 | $ | 701 | $ | 16 | $ | 87 | $ | 220,838 | $ | 170,044 | $ | (2,762) | $ | 33,078 | $ | 422,002 | $ | 327,917 | |||||||||||
| Net income | — | — | — | — | 128,694 | — | 25,342 | 154,036 | 19,287 | ||||||||||||||||||||
| Other comprehensive income - foreign currency translation | — | — | — | — | — | 1,319 | 192 | 1,511 | — | ||||||||||||||||||||
| Cumulative impact of changes in ownership of Artisan Partners Holdings LP | — | — | — | (284) | — | (4) | 288 | — | — | ||||||||||||||||||||
| Amortization of equity-based compensation | — | — | — | 13,605 | — | — | 1,807 | 15,412 | — | ||||||||||||||||||||
| Deferred tax assets, net of amounts payable under tax receivable agreements | — | — | — | 190 | — | — | — | 190 | — | ||||||||||||||||||||
| Issuance of restricted stock awards | 6 | — | — | (6) | — | — | — | — | — | ||||||||||||||||||||
| Employee net share settlement | (3) | — | — | (7,817) | — | — | (1,144) | (8,964) | — | ||||||||||||||||||||
| Exchange of subsidiary equity | 1 | (4) | 3 | — | — | — | — | — | — | ||||||||||||||||||||
| Capital contributions, net | — | — | — | — | — | — | — | — | 80,369 | ||||||||||||||||||||
| Impact of deconsolidation of CIPs | — | — | — | — | — | — | — | — | (242,372) | ||||||||||||||||||||
| Distributions | — | — | — | — | — | — | (22,232) | (22,232) | — | ||||||||||||||||||||
| Dividends | — | — | — | — | (142,805) | — | (73) | (142,878) | — | ||||||||||||||||||||
Balance at June 30, 2025 | $ | 705 | $ | 12 | $ | 90 | $ | 226,526 | $ | 155,933 | $ | (1,447) | $ | 37,258 | $ | 419,077 | $ | 185,201 | |||||||||||
| The accompanying notes are an integral part of the consolidated financial statements. | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net income before noncontrolling interests | $ | 168,445 | $ | 173,323 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 4,541 | 4,976 | |||||||||
| Deferred income taxes | 21,331 | 24,142 | |||||||||
| Noncash lease expense (benefit) | (404) | (324) | |||||||||
| Net investment (gain) loss on nonconsolidated investment securities | (24,362) | (22,430) | |||||||||
| (Gain) loss on non-operating liabilities | 230 | — | |||||||||
| (Gain) loss on disposal of property and equipment | 150 | — | |||||||||
| Amortization of debt issuance costs | 234 | 219 | |||||||||
| Share-based compensation | 15,366 | 15,412 | |||||||||
| Net investment (gain) loss of consolidated investment products | (10,201) | (29,768) | |||||||||
| Purchase of investments by consolidated investment products | (270,105) | (148,732) | |||||||||
| Proceeds from sale of investments by consolidated investment products | 229,639 | 65,225 | |||||||||
| Change in assets and liabilities resulting in an increase (decrease) in cash: | |||||||||||
| Accounts receivable | 26,466 | 5,689 | |||||||||
| Prepaid expenses and other assets | 3,769 | (561) | |||||||||
| Accounts payable and accrued expenses | 126,289 | 104,541 | |||||||||
| Net change in operating assets and liabilities of consolidated investment products including net investment income | 6,170 | 17,104 | |||||||||
| Net cash provided by operating activities | 297,558 | 208,816 | |||||||||
| Cash flows from investing activities | |||||||||||
| Acquisition of property and equipment | (891) | (269) | |||||||||
| Leasehold improvements | (152) | (38) | |||||||||
| Proceeds from sale of investment securities | 94,705 | 35,524 | |||||||||
| Purchase of investment securities | (48,374) | (40,757) | |||||||||
| Cash paid for business acquisitions, net of cash acquired | (22,490) | — | |||||||||
| Net cash provided by (used in) investing activities | 22,798 | (5,540) | |||||||||
| Cash flows from financing activities | |||||||||||
| Partnership distributions | (21,750) | (22,232) | |||||||||
| Dividends paid | (167,519) | (142,878) | |||||||||
| Payments under the tax receivable agreements | (30,322) | (29,197) | |||||||||
| Taxes paid related to employee net share settlement | (4,527) | (8,964) | |||||||||
| Capital contributions to consolidated investment products, net | 28,605 | 80,369 | |||||||||
| Net cash used in financing activities | (195,513) | (122,902) | |||||||||
| Net increase in cash and cash equivalents | 124,843 | 80,374 | |||||||||
| Net cash impact of deconsolidation of consolidated investment products | (29,727) | (36,988) | |||||||||
| Cash and cash equivalents | |||||||||||
| Beginning of period | 255,506 | 268,218 | |||||||||
| End of period | $ | 350,622 | $ | 311,604 | |||||||
| Cash and cash equivalents as of the end of the period | |||||||||||
| Cash and cash equivalents | $ | 334,525 | $ | 244,929 | |||||||
| Cash and cash equivalents of consolidated investment products | 16,097 | 66,675 | |||||||||
| Cash and cash equivalents | $ | 350,622 | $ | 311,604 | |||||||
| Supplementary information | |||||||||||
| Noncash activity: | |||||||||||
| Establishment of deferred tax assets | $ | 2,427 | $ | 717 | |||||||
| Establishment of amounts payable under tax receivable agreements | 1,928 | 526 | |||||||||
| Increase in investment securities due to deconsolidation of CIPs | 55,257 | 29,757 | |||||||||
| Operating lease assets obtained in exchange for operating lease liabilities | 10,018 | 2,155 | |||||||||
| Settlement of franchise capital liability via transfer of investment securities | 16,117 | 10,464 | |||||||||
| Increase in CIP net assets due to consolidation | 8,347 | — | |||||||||
| The accompanying notes are an integral part of the consolidated financial statements. | |||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Unrealized gain (loss) in the period on investment securities held at the end of the period | $ | 28,064 | $ | 16,887 | $ | 21,920 | $ | 19,979 | |||||||||||||||
Maturity (1) | As of June 30, 2026 | As of December 31, 2025 | Interest Rate Per Annum | ||||||||||||||||||||
| Revolving credit agreement | August 2027 | $ | — | $ | — | NA | |||||||||||||||||
| Senior notes | |||||||||||||||||||||||
| Series E | August 2027 | 50,000 | 50,000 | 4.53 | % | ||||||||||||||||||
| Series F | August 2032 | 90,000 | 90,000 | 3.10 | % | ||||||||||||||||||
| Series G | August 2030 | 50,000 | 50,000 | 5.43 | % | ||||||||||||||||||
| Total gross borrowings | 190,000 | 190,000 | |||||||||||||||||||||
| Debt issuance costs | (764) | (860) | |||||||||||||||||||||
| Total borrowings | $ | 189,236 | $ | 189,140 | |||||||||||||||||||
(1) The Company is not required to make principal payments on any of the outstanding obligations prior to contractual maturity. | |||||||||||||||||||||||
| Assets and Liabilities at Fair Value | |||||||||||||||||||||||
| Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
| June 30, 2026 | |||||||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Money market funds | $ | 4,035 | $ | 4,035 | $ | — | $ | — | |||||||||||||||
| Equity securities - long position | 55,491 | 55,402 | 89 | — | |||||||||||||||||||
| Fixed income instruments - long position | 125,452 | — | 121,509 | 3,943 | |||||||||||||||||||
| Derivative assets | 2,297 | 1 | 2,296 | — | |||||||||||||||||||
| Liabilities | |||||||||||||||||||||||
| Equity securities - short position | $ | 4,556 | $ | 4,556 | $ | — | $ | — | |||||||||||||||
| Derivative liabilities | 2,373 | 44 | 2,329 | — | |||||||||||||||||||
| Assets and Liabilities at Fair Value | |||||||||||||||||||||||
| Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Money market funds | $ | 25,282 | $ | 25,282 | $ | — | $ | — | |||||||||||||||
| Equity securities - long position | 151,994 | 151,994 | — | — | |||||||||||||||||||
| Fixed income instruments - long position | 255,610 | — | 245,974 | 9,636 | |||||||||||||||||||
| Derivative assets | 2,632 | 203 | 2,429 | — | |||||||||||||||||||
| Liabilities | |||||||||||||||||||||||
| Derivative liabilities | $ | 813 | $ | 2 | $ | 811 | $ | — | |||||||||||||||
| As of June 30, 2026 | As of December 31, 2025 | ||||||||||
| Net CIP assets included in the table above | $ | 180,346 | $ | 434,705 | |||||||
| Net CIP assets (liabilities) not included in the table above | 15,293 | 12,515 | |||||||||
| Total Net CIP assets | 195,639 | 447,220 | |||||||||
| Less: redeemable noncontrolling interests | 86,071 | 304,263 | |||||||||
| Artisan’s direct equity investment in CIPs | $ | 109,568 | $ | 142,957 | |||||||
| Statements of Financial Condition | For the Six Months Ended June 30, | ||||||||||
| 2026 | 2025 | ||||||||||
| Additional paid-in capital | $ | (327) | $ | (284) | |||||||
| Noncontrolling interests - Artisan Partners Holdings | 322 | 288 | |||||||||
| Accumulated other comprehensive income (loss) | 5 | (4) | |||||||||
| Net impact to financial condition | $ | — | $ | — | |||||||
| Outstanding | |||||||||||||||||||||||||||||
| Authorized | As of June 30, 2026 | As of December 31, 2025 | Voting Rights (1) | Economic Rights | |||||||||||||||||||||||||
| Common shares | |||||||||||||||||||||||||||||
Class A, par value $0.01 per share | 500,000,000 | 70,996,433 | 70,472,750 | 1 vote per share | Proportionate | ||||||||||||||||||||||||
Class B, par value $0.01 per share | 200,000,000 | 1,152,924 | 1,137,929 | 1 vote per share | None | ||||||||||||||||||||||||
Class C, par value $0.01 per share | 400,000,000 | 8,917,476 | 9,077,590 | 1 vote per share | None | ||||||||||||||||||||||||
(1) The Company’s employees to whom Artisan has granted equity have entered into a stockholders agreement with respect to all shares of APAM common stock they have acquired from the Company and any shares they may acquire from the Company in the future, pursuant to which they granted an irrevocable voting proxy to a Stockholders Committee. As of June 30, 2026, Artisan’s employees held 4,925,479 restricted shares of Class A common stock and all 1,152,924 outstanding shares of Class B common stock, all of which were subject to the agreement. | |||||||||||||||||||||||||||||
| Total Stock Outstanding | Class A Common Stock (1) | Class B Common Stock | Class C Common Stock | ||||||||||||||||||||
Balance at December 31, 2025 | 80,688,269 | 70,472,750 | 1,137,929 | 9,077,590 | |||||||||||||||||||
| Holdings Common Unit Exchanges | — | 167,614 | (7,500) | (160,114) | |||||||||||||||||||
| Restricted Share Award Grants | 465,719 | 465,719 | — | — | |||||||||||||||||||
| Class B Unit Awards | 22,495 | — | 22,495 | — | |||||||||||||||||||
| Restricted Share Award Net Share Settlement | (101,999) | (101,999) | — | — | |||||||||||||||||||
| Delivery of Shares Underlying RSUs and PSUs | 752 | 752 | — | — | |||||||||||||||||||
| Employee/Partner Terminations | (8,403) | (8,403) | — | — | |||||||||||||||||||
Balance at June 30, 2026 | 81,066,833 | 70,996,433 | 1,152,924 | 8,917,476 | |||||||||||||||||||
(1) There were 418,476 and 378,968 restricted stock units outstanding at June 30, 2026 and December 31, 2025, respectively. In addition, there were 152,207 performance share units outstanding at June 30, 2026 and December 31, 2025. All 152,207 performance share units outstanding as of June 30, 2026 have met the required performance conditions for vesting, but remain outstanding subject to a qualifying retirement vesting condition. | |||||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Holdings Partnership Distributions to Limited Partners | $ | 15,790 | $ | 15,854 | $ | 21,750 | $ | 22,232 | |||||||||||||||
| Holdings Partnership Distributions to APAM | 101,451 | 100,637 | 143,320 | 143,555 | |||||||||||||||||||
| Total Holdings Partnership Distributions | $ | 117,241 | $ | 116,491 | $ | 165,070 | $ | 165,787 | |||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Management fees | |||||||||||||||||||||||
| Artisan Funds | $ | 180,634 | $ | 165,959 | $ | 357,698 | $ | 326,932 | |||||||||||||||
| Artisan Global Funds | 17,331 | 13,596 | 33,166 | 27,369 | |||||||||||||||||||
Separate accounts and other (1) | 109,744 | 103,194 | 219,653 | 205,595 | |||||||||||||||||||
| Performance fees | |||||||||||||||||||||||
Separate accounts and other (1) | 200 | — | 404 | — | |||||||||||||||||||
Total revenues (2) | $ | 307,909 | $ | 282,749 | $ | 610,921 | $ | 559,896 | |||||||||||||||
(1) Separate accounts and other revenue consists of fees earned from vehicles other than Artisan Funds or Artisan Global Funds, and therefore includes revenue earned from traditional separate accounts, Artisan-branded collective investment trusts and Artisan Private Funds, as well as from certain assets managed by the Credit team within custom, investor-driven mandates and certain strategies for which we provide model portfolios to managed account sponsors. | |||||||||||||||||||||||
(2) All fees earned from consolidated investment products were eliminated upon consolidation and therefore are omitted from this table. See Note 15, “Related Party Transactions.” | |||||||||||||||||||||||
| Customer | As of June 30, 2026 | As of December 31, 2025 | |||||||||
| Artisan Funds | $ | 10,205 | $ | 9,752 | |||||||
| Artisan Global Funds | 8,465 | 7,973 | |||||||||
| Separate accounts and other | 96,242 | 130,530 | |||||||||
| Total receivables from contracts with customers | 114,912 | 148,255 | |||||||||
| Non-customer receivables | 7,639 | 6,281 | |||||||||
| Accounts receivable | $ | 122,551 | $ | 154,536 | |||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Salaries, incentive compensation and benefits (1) | $ | 145,279 | $ | 136,533 | $ | 292,078 | $ | 270,512 | |||||||||||||||
| Long-term cash incentive compensation expense | 29,832 | 22,479 | 44,510 | 36,206 | |||||||||||||||||||
| Restricted share-based award compensation expense | 6,874 | 6,864 | 14,110 | 14,319 | |||||||||||||||||||
| Long-term incentive compensation expense | 36,706 | 29,343 | 58,620 | 50,525 | |||||||||||||||||||
| Total compensation and benefits | $ | 181,985 | $ | 165,876 | $ | 350,698 | $ | 321,037 | |||||||||||||||
(1) Excluding long-term incentive compensation expense | |||||||||||||||||||||||
| Weighted-Average Grant Date Fair Value | Restricted Stock Awards and Restricted Stock Units | ||||||||||
Unvested at January 1, 2026 | $ | 39.58 | 4,949,507 | ||||||||
| Granted | 43.97 | 472,523 | |||||||||
| Forfeited | 41.88 | (8,403) | |||||||||
| Vested | 44.21 | (366,679) | |||||||||
Unvested at June 30, 2026 | $ | 39.65 | 5,046,948 | ||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||
| Statement of Operations Section | Statement of Operations Line Item | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||
| Operating expenses (benefit) | Compensation and benefits | $ | 16,777 | $ | 9,925 | $ | 16,779 | $ | 12,437 | |||||||||||||||||
| Non-operating income (expense) | Net investment gain (loss) of nonconsolidated investment products | 28,050 | 15,919 | 21,627 | 17,996 | |||||||||||||||||||||
| Non-operating income (expense) | Net investment gain (loss) of consolidated investment products | 2,220 | 2,468 | 2,348 | 2,980 | |||||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Current: | |||||||||||||||||||||||
| Federal | $ | 11,846 | $ | 8,829 | $ | 17,824 | $ | 15,765 | |||||||||||||||
| State and local | 3,209 | 2,513 | 5,139 | 4,613 | |||||||||||||||||||
| Foreign | 179 | 193 | 368 | 348 | |||||||||||||||||||
| Total | 15,234 | 11,535 | 23,331 | 20,726 | |||||||||||||||||||
| Deferred: | |||||||||||||||||||||||
| Federal | 9,068 | 11,330 | 18,136 | 20,526 | |||||||||||||||||||
| State and local | 1,597 | 1,996 | 3,195 | 3,616 | |||||||||||||||||||
| Total | 10,665 | 13,326 | 21,331 | 24,142 | |||||||||||||||||||
| Income tax expense (benefit) | $ | 25,899 | $ | 24,861 | $ | 44,662 | $ | 44,868 | |||||||||||||||
| Deferred Tax Asset - Amortizable Basis | Amounts Payable Under TRAs | ||||||||||
| December 31, 2025 | $ | 308,015 | $ | 303,368 | |||||||
2026 Holdings Common Unit Exchanges | 2,269 | 1,928 | |||||||||
| Amortization | (24,970) | — | |||||||||
| Payments under TRAs | — | (30,322) | |||||||||
| June 30, 2026 | $ | 285,314 | $ | 274,974 | |||||||
| As of June 30, 2026 | As of December 31, 2025 | ||||||||||
| Deferred tax assets: | |||||||||||
Amortizable basis (1) | $ | 285,314 | $ | 308,015 | |||||||
Other (2) | 50,484 | 46,687 | |||||||||
| Total deferred tax assets | 335,798 | 354,702 | |||||||||
Less: valuation allowance (3) | — | — | |||||||||
| Net deferred tax assets | $ | 335,798 | $ | 354,702 | |||||||
(1) Represents the unamortized step-up of tax basis and other tax attributes from the merger and partnership unit sales and exchanges described above. These future tax benefits are subject to the TRA agreements. | |||||||||||
(2) Represents the net deferred tax assets associated with Artisan’s investment in Holdings, related primarily to incentive compensation plan deduction timing differences. These future tax benefits are not subject to the TRA agreements. | |||||||||||
(3) Artisan assessed whether the deferred tax assets would be realizable and determined based on its history of taxable income that the benefits would more likely than not be realized. Accordingly, no valuation allowance is required. | |||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| Basic and Diluted Earnings Per Share | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Numerator: | |||||||||||||||||||||||
| Net income attributable to APAM | $ | 80,828 | $ | 67,555 | $ | 138,869 | $ | 128,694 | |||||||||||||||
| Less: Allocation to participating securities | 6,953 | 5,974 | 13,051 | 11,886 | |||||||||||||||||||
| Net income available to common stockholders | $ | 73,875 | $ | 61,581 | $ | 125,818 | $ | 116,808 | |||||||||||||||
| Denominator: | |||||||||||||||||||||||
| Basic weighted average shares outstanding | 66,355,850 | 65,645,108 | 66,241,557 | 65,509,947 | |||||||||||||||||||
| Dilutive effect of nonparticipating share-based awards | — | — | — | — | |||||||||||||||||||
| Diluted weighted average shares outstanding | 66,355,850 | 65,645,108 | 66,241,557 | 65,509,947 | |||||||||||||||||||
| Earnings per share - Basic | $ | 1.11 | $ | 0.94 | $ | 1.90 | $ | 1.78 | |||||||||||||||
| Earnings per share - Diluted | $ | 1.11 | $ | 0.94 | $ | 1.90 | $ | 1.78 | |||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| Anti-Dilutive Weighted Average Shares Outstanding | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Holdings limited partnership units | 10,064,323 | 10,235,519 | 10,098,500 | 10,254,947 | |||||||||||||||||||
| Unvested restricted share-based awards | 5,212,541 | 5,366,155 | 5,150,928 | 5,379,080 | |||||||||||||||||||
| Total | 15,276,864 | 15,601,674 | 15,249,428 | 15,634,027 | |||||||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| S&P 500 Index | 15.2 | % | 10.9 | % | 10.2 | % | 6.2 | % | |||||||||||||||
| MSCI All Country World Index | 14.9 | % | 11.5 | % | 11.2 | % | 10.0 | % | |||||||||||||||
| MSCI EAFE Index | 10.8 | % | 11.8 | % | 9.4 | % | 19.4 | % | |||||||||||||||
Russell® Midcap Index | 13.8 | % | 8.5 | % | 15.3 | % | 4.8 | % | |||||||||||||||
| MSCI Emerging Markets Index | 24.1 | % | 12.0 | % | 23.8 | % | 15.3 | % | |||||||||||||||
ICE BofA US High Yield Index | 2.5 | % | 3.6 | % | 1.9 | % | 4.5 | % | |||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (unaudited; dollars in millions) | |||||||||||||||||||||||
| Assets under management at period end | $ | 183,389 | $ | 175,545 | $ | 183,389 | $ | 175,545 | |||||||||||||||
Average assets under management (1) | $ | 181,874 | $ | 166,774 | $ | 182,187 | $ | 166,782 | |||||||||||||||
Net client cash flows (2) | $ | (10,499) | $ | (1,863) | $ | (13,616) | $ | (4,703) | |||||||||||||||
| Total revenues | $ | 307.9 | $ | 282.8 | $ | 610.9 | $ | 559.9 | |||||||||||||||
Weighted average fee (3) | 67.9 | bps | 68.1 | bps | 67.7 | bps | 67.8 | bps | |||||||||||||||
| Operating margin | 27.5 | % | 28.2 | % | 29.3 | % | 29.7 | % | |||||||||||||||
Adjusted operating margin (4) | 32.9 | % | 31.7 | % | 32.0 | % | 31.9 | % | |||||||||||||||
(1) We compute average AUM by averaging day-end AUM for the applicable period. | |||||||||||||||||||||||
(2) Net client cash flows excludes Artisan Funds’ income and capital gain distributions that were not reinvested by fund shareholders as well as realizations, which represent the distribution of realized proceeds from the disposition of assets. | |||||||||||||||||||||||
(3) We compute our weighted average fee by dividing annualized investment advisory fees, including performance fees, by average AUM for the applicable period. AUM within our consolidated investment products, and investment advisory fees earned thereon, are excluded from our weighted average fee calculations and total revenues, since any such revenues are eliminated upon consolidation. | |||||||||||||||||||||||
(4) Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in “Supplemental Non-GAAP Financial Information” below. | |||||||||||||||||||||||
Average Annual Value-Added (3) Since Inception (bps) | |||||||||||||||||||||||||||||||||||
| Composite Inception | Strategy AUM (1) | Average Annual Total Returns (Gross) (%) (2) | |||||||||||||||||||||||||||||||||
| Investment Team and Strategy | Date | (in $MM) | 1 YR | 3 YR | 5 YR | 10 YR | Inception | ||||||||||||||||||||||||||||
| Growth Team | |||||||||||||||||||||||||||||||||||
| Global Opportunities Strategy | 2/1/2007 | $ | 13,441 | 11.23% | 14.02% | 5.37% | 13.21% | 11.14% | 323 | ||||||||||||||||||||||||||
| MSCI All Country World Index | 23.67% | 19.68% | 10.98% | 12.78% | 7.91% | ||||||||||||||||||||||||||||||
| Global Discovery Strategy | 9/1/2017 | $ | 1,885 | 18.04% | 16.81% | 6.24% | --- | 14.15% | 486 | ||||||||||||||||||||||||||
| MSCI All Country World Small Mid Cap Index | 23.24% | 16.58% | 7.22% | --- | 9.29% | ||||||||||||||||||||||||||||||
| U.S. Mid-Cap Growth Strategy | 4/1/1997 | $ | 10,359 | 21.83% | 16.06% | 3.97% | 13.55% | 14.51% | 449 | ||||||||||||||||||||||||||
| Russell® Midcap Index | 21.63% | 16.50% | 8.49% | 11.99% | 10.67% | ||||||||||||||||||||||||||||||
| Russell® Midcap Growth Index | 6.17% | 15.59% | 6.02% | 13.04% | 10.02% | ||||||||||||||||||||||||||||||
| U.S. Small-Cap Growth Strategy | 4/1/1995 | $ | 2,981 | 39.55% | 16.74% | 2.89% | 13.91% | 11.12% | 261 | ||||||||||||||||||||||||||
| Russell® 2000 Index | 40.78% | 18.58% | 6.98% | 11.62% | 9.62% | ||||||||||||||||||||||||||||||
| Russell® 2000 Growth Index | 38.74% | 18.42% | 5.56% | 11.96% | 8.51% | ||||||||||||||||||||||||||||||
| Franchise Strategy | 10/1/2024 | $ | 1,112 | 6.18% | --- | --- | --- | 10.59% | (802) | ||||||||||||||||||||||||||
| MSCI All Country World Index | 23.67% | --- | --- | --- | 18.61% | ||||||||||||||||||||||||||||||
| Global Equity Team | |||||||||||||||||||||||||||||||||||
| Global Equity Strategy | 4/1/2010 | $ | 420 | 22.67% | 27.67% | 11.49% | 15.50% | 13.85% | 352 | ||||||||||||||||||||||||||
| MSCI All Country World Index | 23.67% | 19.68% | 10.98% | 12.78% | 10.33% | ||||||||||||||||||||||||||||||
| Non-U.S. Growth Strategy | 1/1/1996 | $ | 16,465 | 22.38% | 22.62% | 11.22% | 11.46% | 10.51% | 463 | ||||||||||||||||||||||||||
| MSCI EAFE Index | 20.23% | 16.42% | 9.04% | 9.65% | 5.88% | ||||||||||||||||||||||||||||||
| U.S. Value Team | |||||||||||||||||||||||||||||||||||
| Value Equity Strategy | 7/1/2005 | $ | 473 | 11.32% | 13.87% | 10.35% | 12.58% | 9.89% | 95 | ||||||||||||||||||||||||||
| Russell® 1000 Index | 22.01% | 20.44% | 12.65% | 15.29% | 11.22% | ||||||||||||||||||||||||||||||
| Russell® 1000 Value Index | 27.09% | 17.76% | 11.16% | 11.51% | 8.94% | ||||||||||||||||||||||||||||||
| U.S. Mid-Cap Value Strategy | 4/1/1999 | $ | 1,298 | 8.58% | 7.40% | 5.00% | 8.60% | 11.46% | 142 | ||||||||||||||||||||||||||
| Russell® Midcap Index | 21.63% | 16.50% | 8.49% | 11.99% | 10.06% | ||||||||||||||||||||||||||||||
| Russell® Midcap Value Index | 26.62% | 16.49% | 9.47% | 10.62% | 10.04% | ||||||||||||||||||||||||||||||
| Value Income Strategy | 3/1/2022 | $ | 8 | 14.36% | 12.71% | --- | --- | 7.76% | (713) | ||||||||||||||||||||||||||
| S&P 500 Index | 22.33% | 20.59% | --- | --- | 14.89% | ||||||||||||||||||||||||||||||
| International Value Group | |||||||||||||||||||||||||||||||||||
| International Value Strategy | 7/1/2002 | $ | 57,099 | 24.61% | 17.59% | 12.36% | 12.64% | 12.33% | 519 | ||||||||||||||||||||||||||
| MSCI EAFE Index | 20.23% | 16.42% | 9.04% | 9.65% | 7.14% | ||||||||||||||||||||||||||||||
| International Explorer Strategy | 11/1/2020 | $ | 1,230 | 21.86% | 18.78% | 10.76% | --- | 17.43% | 590 | ||||||||||||||||||||||||||
| MSCI All Country World Index Ex USA Small Cap | 19.83% | 16.40% | 6.30% | --- | 11.53% | ||||||||||||||||||||||||||||||
| Global Special Situations Strategy | 4/1/2025 | $ | 39 | 15.57% | --- | --- | --- | 14.65% | 636 | ||||||||||||||||||||||||||
| ICE BofA Global High Yield Index | 5.43% | --- | --- | --- | 8.29% | ||||||||||||||||||||||||||||||
| Global Value Team | |||||||||||||||||||||||||||||||||||
| Global Value Strategy | 7/1/2007 | $ | 38,967 | 25.16% | 22.19% | 13.47% | 13.42% | 10.48% | 287 | ||||||||||||||||||||||||||
| MSCI All Country World Index | 23.67% | 19.68% | 10.98% | 12.78% | 7.61% | ||||||||||||||||||||||||||||||
| Select Equity Strategy | 3/1/2020 | $ | 1,068 | 29.17% | 22.97% | 13.21% | --- | 16.60% | (98) | ||||||||||||||||||||||||||
| S&P 500 Index | 22.33% | 20.59% | 13.40% | --- | 17.58% | ||||||||||||||||||||||||||||||
Sustainable Emerging Markets (“SEM”) Team | |||||||||||||||||||||||||||||||||||
| Sustainable Emerging Markets Strategy | 7/1/2006 | $ | 3,508 | 38.12% | 23.63% | 7.58% | 11.69% | 7.61% | 86 | ||||||||||||||||||||||||||
| MSCI Emerging Markets Index | 43.51% | 23.00% | 7.19% | 10.07% | 6.75% | ||||||||||||||||||||||||||||||
| Credit Team | |||||||||||||||||||||||||||||||||||
| High Income Strategy | 4/1/2014 | $ | 14,288 | 5.40% | 9.74% | 5.61% | 7.55% | 7.15% | 221 | ||||||||||||||||||||||||||
| ICE BofA US High Yield Index | 5.74% | 8.78% | 4.13% | 5.70% | 4.94% | ||||||||||||||||||||||||||||||
| Credit Opportunities Strategy | 7/1/2017 | $ | 417 | 8.32% | 15.28% | 11.48% | --- | 13.09% | 1,037 | ||||||||||||||||||||||||||
| ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index | 4.07% | 4.83% | 3.60% | --- | 2.72% | ||||||||||||||||||||||||||||||
| Floating Rate Strategy | 1/1/2022 | $ | 290 | 6.00% | 8.64% | --- | --- | 7.09% | 91 | ||||||||||||||||||||||||||
| S&P UBS Leveraged Loan Index | 4.29% | 7.57% | --- | --- | 6.18% | ||||||||||||||||||||||||||||||
Custom Credit Solutions (4) | 7/1/2025 | $ | 1,515 | --- | --- | --- | --- | --- | --- | ||||||||||||||||||||||||||
| Developing World Team | |||||||||||||||||||||||||||||||||||
| Developing World Strategy | 7/1/2015 | $ | 3,292 | (8.87)% | 13.14% | (1.69)% | 12.18% | 10.59% | 274 | ||||||||||||||||||||||||||
| MSCI Emerging Markets Index | 43.51% | 23.00% | 7.19% | 10.07% | 7.85% | ||||||||||||||||||||||||||||||
| Antero Peak Group | |||||||||||||||||||||||||||||||||||
| Antero Peak Strategy | 5/1/2017 | $ | 2,562 | 20.58% | 25.33% | 13.91% | --- | 19.92% | 473 | ||||||||||||||||||||||||||
| S&P 500 Index | 22.33% | 20.59% | 13.40% | --- | 15.19% | ||||||||||||||||||||||||||||||
| Antero Peak Hedge Strategy | 11/1/2017 | $ | 254 | 16.89% | 22.45% | 11.82% | --- | 14.86% | (12) | ||||||||||||||||||||||||||
| S&P 500 Index | 22.33% | 20.59% | 13.40% | --- | 14.98% | ||||||||||||||||||||||||||||||
| International Small-Mid Team | |||||||||||||||||||||||||||||||||||
| Non-U.S. Small-Mid Growth Strategy | 1/1/2019 | $ | 4,309 | 10.60% | 9.67% | 1.81% | --- | 10.96% | 58 | ||||||||||||||||||||||||||
| MSCI All Country World Index Ex USA Small Mid Cap | 20.64% | 17.08% | 6.72% | --- | 10.38% | ||||||||||||||||||||||||||||||
| EMsights Capital Group | |||||||||||||||||||||||||||||||||||
| Global Unconstrained Strategy | 4/1/2022 | $ | 1,825 | 12.43% | 10.86% | --- | --- | 11.07% | 693 | ||||||||||||||||||||||||||
| ICE BofA 3-month Treasury Bill Index | 3.84% | 4.63% | --- | --- | 4.14% | ||||||||||||||||||||||||||||||
| Emerging Markets Debt Opportunities Strategy | 5/1/2022 | $ | 1,506 | 16.00% | 13.27% | --- | --- | 13.76% | 669 | ||||||||||||||||||||||||||
| J.P. Morgan EMB Hard Currency/Local Currency 50-50 | 8.59% | 8.26% | --- | --- | 7.07% | ||||||||||||||||||||||||||||||
| Emerging Markets Local Opportunities Strategy | 8/1/2022 | $ | 1,941 | 13.99% | 10.95% | --- | --- | 12.55% | 414 | ||||||||||||||||||||||||||
| J.P. Morgan GBI-EM Global Diversified Index | 7.85% | 7.30% | --- | --- | 8.41% | ||||||||||||||||||||||||||||||
Grandview Property Partners (5) | |||||||||||||||||||||||||||||||||||
| Grandview Property Partners | --- | $ | 837 | --- | --- | --- | --- | --- | --- | ||||||||||||||||||||||||||
| Total Assets Under Management | $ | 183,389 | |||||||||||||||||||||||||||||||||
(1) AUM includes $381.8 million in the aggregate for which Artisan Partners provides model portfolios to managed account sponsors (generally reported on a lag not exceeding one quarter). | |||||||||||||||||||||||||||||||||||
(2) We measure investment performance based upon the results of our “composites”, which represent the aggregate performance of all discretionary client accounts, including pooled investment vehicles, invested in the same strategy except those accounts with respect to which we believe client-imposed restrictions may have a material impact on portfolio construction and those accounts managed in a currency other than U.S. dollars (the results of these accounts, which represented approximately 19% of our assets under management at June 30, 2026, are maintained in separate composites, which are not presented in these materials). Returns for periods less than one year are not annualized. | |||||||||||||||||||||||||||||||||||
(3) Value-added is the amount, in basis points, by which the average annual gross composite return of each of our strategies has outperformed or underperformed its respective benchmark. The benchmark used is generally the market index most commonly used by our clients to compare the performance of the relevant strategy. For certain strategies that are managed for absolute return, the benchmark used is the index used by the Company’s management to evaluate the performance of the strategy. Value-added for periods less than one year is not annualized. | |||||||||||||||||||||||||||||||||||
(4) Custom Credit Solutions represents assets managed by the Credit team within custom, investor-driven mandates for which there is no combined performance track record. A portion of these assets under management was previously reported under the High Income strategy. | |||||||||||||||||||||||||||||||||||
(5) Grandview Property Partners’ AUM reflects assets managed across Grandview’s flagship fund and co-investment program. Performance information for the Grandview Funds is not reported. | |||||||||||||||||||||||||||||||||||
| By Investment Team | |||||||||||||||||||||||||||||||||||||||||
| Six Months Ended | Growth | Global Equity | U.S. Value | Int’l Value Group | Global Value | SEM | Credit | Developing World | Antero Peak Group | Int’l Small-Mid | EMsights Capital Group | Grandview | Total | ||||||||||||||||||||||||||||
| June 30, 2026 | (unaudited; in millions) | ||||||||||||||||||||||||||||||||||||||||
| Beginning AUM | $ | 31,259 | $ | 15,907 | $ | 7,880 | $ | 54,010 | $ | 37,264 | $ | 2,537 | $ | 15,051 | $ | 4,283 | $ | 2,446 | $ | 4,913 | $ | 4,378 | $ | — | $ | 179,928 | |||||||||||||||
| Gross client cash inflows | 3,728 | 1,040 | 307 | 4,714 | 2,162 | 865 | 2,651 | 524 | 652 | 305 | 1,037 | — | 17,985 | ||||||||||||||||||||||||||||
| Gross client cash outflows | (8,025) | (2,112) | (6,730) | (6,796) | (2,901) | (377) | (1,202) | (1,324) | (675) | (1,129) | (330) | — | (31,601) | ||||||||||||||||||||||||||||
Net client cash flows (1) | (4,297) | (1,072) | (6,423) | (2,082) | (739) | 488 | 1,449 | (800) | (23) | (824) | 707 | — | (13,616) | ||||||||||||||||||||||||||||
Acquisitions (2) | — | — | — | — | — | — | — | — | — | — | — | 880 | 880 | ||||||||||||||||||||||||||||
Realizations (3) | — | — | — | — | — | — | — | — | — | — | — | (58) | (58) | ||||||||||||||||||||||||||||
Artisan Funds’ distributions not reinvested (4) | — | — | — | (144) | — | — | (211) | — | — | — | (10) | — | (365) | ||||||||||||||||||||||||||||
Investment returns and other (5) | 2,816 | 2,050 | 322 | 6,584 | 3,510 | 483 | 221 | (191) | 393 | 220 | 197 | 15 | 16,620 | ||||||||||||||||||||||||||||
| Ending AUM | $ | 29,778 | $ | 16,885 | $ | 1,779 | $ | 58,368 | $ | 40,035 | $ | 3,508 | $ | 16,510 | $ | 3,292 | $ | 2,816 | $ | 4,309 | $ | 5,272 | $ | 837 | $ | 183,389 | |||||||||||||||
Average AUM (6) | $ | 29,442 | $ | 16,988 | $ | 6,767 | $ | 55,570 | $ | 38,265 | $ | 3,076 | $ | 15,755 | $ | 3,599 | $ | 2,557 | $ | 4,452 | $ | 4,847 | $ | 880 | $ | 182,187 | |||||||||||||||
| June 30, 2025 | |||||||||||||||||||||||||||||||||||||||||
| Beginning AUM | $ | 38,445 | $ | 12,934 | $ | 7,597 | $ | 44,295 | $ | 28,679 | $ | 1,552 | $ | 11,942 | $ | 4,100 | $ | 2,211 | $ | 6,544 | $ | 2,909 | $ | — | $ | 161,208 | |||||||||||||||
| Gross client cash inflows | 2,055 | 401 | 130 | 5,205 | 1,493 | 291 | 2,050 | 414 | 244 | 264 | 700 | — | 13,247 | ||||||||||||||||||||||||||||
| Gross client cash outflows | (5,623) | (1,597) | (337) | (3,869) | (2,543) | (130) | (1,304) | (412) | (294) | (1,717) | (124) | — | (17,950) | ||||||||||||||||||||||||||||
Net client cash flows (1) | (3,568) | (1,196) | (207) | 1,336 | (1,050) | 161 | 746 | 2 | (50) | (1,453) | 576 | — | (4,703) | ||||||||||||||||||||||||||||
Artisan Funds’ distributions not reinvested (4) | — | — | — | (125) | — | — | (182) | — | — | — | (3) | — | (310) | ||||||||||||||||||||||||||||
Investment returns and other (5) | 1,871 | 3,423 | 375 | 5,365 | 5,277 | 334 | 590 | 682 | 379 | 765 | 289 | — | 19,350 | ||||||||||||||||||||||||||||
| Ending AUM | $ | 36,748 | $ | 15,161 | $ | 7,765 | $ | 50,871 | $ | 32,906 | $ | 2,047 | $ | 13,096 | $ | 4,784 | $ | 2,540 | $ | 5,856 | $ | 3,771 | $ | — | $ | 175,545 | |||||||||||||||
| Average AUM | $ | 36,731 | $ | 13,994 | $ | 7,535 | $ | 47,765 | $ | 30,793 | $ | 1,692 | $ | 12,406 | $ | 4,371 | $ | 2,261 | $ | 5,890 | $ | 3,344 | $ | — | $ | 166,782 | |||||||||||||||
(1) Net client cash flows excludes Artisan Funds’ income and capital gain distributions that were not reinvested by fund shareholders, as well as realizations. | |||||||||||||||||||||||||||||||||||||||||
(2) Represents assets acquired upon the closing of the Grandview Property Partners acquisition. | |||||||||||||||||||||||||||||||||||||||||
(3) Represents the distribution of realized proceeds from the disposition of assets. | |||||||||||||||||||||||||||||||||||||||||
(4) Artisan Funds’ distributions not reinvested represents the amount of income and capital gain distributions that were not reinvested in the Artisan Funds. | |||||||||||||||||||||||||||||||||||||||||
(5) Includes the impact of translating the value of AUM denominated in non-USD currencies into U.S. dollars. The impact was immaterial for the periods presented. | |||||||||||||||||||||||||||||||||||||||||
(6) For Grandview Property Partners, average assets under management is for the period beginning January 2, 2026, when the team was acquired. | |||||||||||||||||||||||||||||||||||||||||
| Six Months Ended | Artisan Funds & Artisan Global Funds | Separate Accounts and Other (1) | Total | ||||||||||||||
| June 30, 2026 | (unaudited; in millions) | ||||||||||||||||
| Beginning assets under management | $ | 87,875 | $ | 92,053 | $ | 179,928 | |||||||||||
| Gross client cash inflows | 12,184 | 5,801 | 17,985 | ||||||||||||||
| Gross client cash outflows | (14,282) | (17,319) | (31,601) | ||||||||||||||
Net client cash flows (2) | (2,098) | (11,518) | (13,616) | ||||||||||||||
Acquisitions (3) | — | 880 | 880 | ||||||||||||||
Realizations (4) | — | (58) | (58) | ||||||||||||||
Artisan Funds’ distributions not reinvested (5) | (365) | — | (365) | ||||||||||||||
Investment returns and other (6) | 8,063 | 8,557 | 16,620 | ||||||||||||||
Net transfers (7) | (28) | 28 | — | ||||||||||||||
| Ending assets under management | $ | 93,447 | $ | 89,942 | $ | 183,389 | |||||||||||
| Average assets under management | $ | 89,853 | $ | 92,334 | $ | 182,187 | |||||||||||
| June 30, 2025 | |||||||||||||||||
| Beginning assets under management | $ | 77,614 | $ | 83,594 | $ | 161,208 | |||||||||||
| Gross client cash inflows | 9,486 | 3,761 | 13,247 | ||||||||||||||
| Gross client cash outflows | (10,236) | (7,714) | (17,950) | ||||||||||||||
Net client cash flows (2) | (750) | (3,953) | (4,703) | ||||||||||||||
Artisan Funds’ distributions not reinvested (5) | (310) | — | (310) | ||||||||||||||
Investment returns and other (6) | 9,099 | 10,251 | 19,350 | ||||||||||||||
Net transfers (7) | (27) | 27 | — | ||||||||||||||
| Ending assets under management | $ | 85,626 | $ | 89,919 | $ | 175,545 | |||||||||||
| Average assets under management | $ | 80,938 | $ | 85,844 | $ | 166,782 | |||||||||||
(1) Separate accounts and other consists of AUM we manage in or through vehicles other than Artisan Funds or Artisan Global Funds, and therefore includes assets we manage in traditional separate accounts, Artisan-branded collective investment trusts and Artisan Private Funds, as well as certain assets managed by the Credit team within custom, investor-driven mandates and assets under advisement for certain strategies for which we provide model portfolios to managed account sponsors. | |||||||||||||||||
(2) Net client cash flows excludes Artisan Funds’ income and capital gain distributions that were not reinvested by fund shareholders, as well as realizations. | |||||||||||||||||
(3) Represents assets acquired upon the closing of the Grandview Property Partners acquisition. | |||||||||||||||||
(4) Represents the distribution of realized proceeds from the disposition of assets. | |||||||||||||||||
(5) Artisan Funds’ distributions not reinvested represents the amount of income and capital gain distributions that were not reinvested in the Artisan Funds. | |||||||||||||||||
(6) Includes the impact of translating the value of AUM denominated in non-USD currencies into U.S. dollars. The impact was immaterial for the periods presented. | |||||||||||||||||
(7) Net transfers represent certain amounts that we have identified as having been transferred out of one investment strategy, investment vehicle or account and into another strategy, vehicle or account. | |||||||||||||||||
| Six Months Ended | Equity (1) | Credit (1) | Alternative (1) | Total | |||||||||||||||||||
| June 30, 2026 | (unaudited; in millions) | ||||||||||||||||||||||
| Beginning assets under management | $ | 158,018 | $ | 17,877 | $ | 4,033 | $ | 179,928 | |||||||||||||||
| Gross client cash inflows | 13,644 | 2,827 | 1,514 | 17,985 | |||||||||||||||||||
| Gross client cash outflows | (29,394) | (1,311) | (896) | (31,601) | |||||||||||||||||||
Net client cash flows (2) | (15,750) | 1,516 | 618 | (13,616) | |||||||||||||||||||
Acquisitions (3) | — | — | 880 | 880 | |||||||||||||||||||
Realizations (4) | — | — | (58) | (58) | |||||||||||||||||||
Artisan Funds’ distributions not reinvested (5) | (144) | (213) | (8) | (365) | |||||||||||||||||||
Investment returns and other (6) | 15,791 | 360 | 469 | 16,620 | |||||||||||||||||||
| Ending assets under management | $ | 157,915 | $ | 19,540 | $ | 5,934 | $ | 183,389 | |||||||||||||||
| Average assets under management | $ | 158,122 | $ | 18,684 | $ | 5,381 | $ | 182,187 | |||||||||||||||
| June 30, 2025 | |||||||||||||||||||||||
| Beginning assets under management | $ | 143,969 | $ | 13,877 | $ | 3,362 | $ | 161,208 | |||||||||||||||
| Gross client cash inflows | 10,226 | 2,432 | 589 | 13,247 | |||||||||||||||||||
| Gross client cash outflows | (16,044) | (1,383) | (523) | (17,950) | |||||||||||||||||||
Net client cash flows (2) | (5,818) | 1,049 | 66 | (4,703) | |||||||||||||||||||
Artisan Funds’ distributions not reinvested (5) | (125) | (183) | (2) | (310) | |||||||||||||||||||
Investment returns and other (6) | 18,091 | 840 | 419 | 19,350 | |||||||||||||||||||
| Ending assets under management | $ | 156,117 | $ | 15,583 | $ | 3,845 | $ | 175,545 | |||||||||||||||
| Average assets under management | $ | 148,618 | $ | 14,590 | $ | 3,574 | $ | 166,782 | |||||||||||||||
(1) Equity includes the following investment strategies: U.S. Mid-Cap Growth, U.S. Small-Cap Growth, U.S. Mid-Cap Value, Non-U.S. Growth, International Value, Global Opportunities, Global Equity, Value Equity, Global Value, Sustainable Emerging Markets, Global Discovery, Developing World, Non-U.S. Small-Mid Growth, International Explorer, Select Equity, Value Income and Franchise. Credit includes the following investment strategies: High Income, Floating Rate, Custom Credit Solutions, Emerging Markets Debt Opportunities and Emerging Markets Local Opportunities. Alternative includes the following investment strategies: Antero Peak, Antero Peak Hedge, Credit Opportunities, Global Unconstrained, Global Special Situations and Grandview Property Partners. | |||||||||||||||||||||||
(2) Net client cash flows excludes Artisan Funds’ income and capital gain distributions that were not reinvested by fund shareholders, as well as realizations. | |||||||||||||||||||||||
(3) Represents assets acquired upon the closing of the Grandview Property Partners acquisition. | |||||||||||||||||||||||
(4) Realizations represents the distribution of realized proceeds from the disposition of assets. | |||||||||||||||||||||||
(5) Artisan Funds’ distributions not reinvested represents the amount of income and capital gain distributions that were not reinvested in the Artisan Funds. | |||||||||||||||||||||||
(6) Includes the impact of translating the value of AUM denominated in non-USD currencies into U.S. dollars. The impact was immaterial for the periods presented. | |||||||||||||||||||||||
| For the Three Months Ended June 30, | For the Period-to-Period | ||||||||||||||||||||||
| 2026 | 2025 | $ | % | ||||||||||||||||||||
| Statements of operations data: | (unaudited; in millions, except share and per-share data) | ||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Management fees | $ | 307.7 | $ | 282.8 | $ | 24.9 | 9 | % | |||||||||||||||
| Performance fees | 0.2 | — | 0.2 | — | % | ||||||||||||||||||
| Total revenues | 307.9 | 282.8 | 25.1 | 9 | % | ||||||||||||||||||
| Operating Expenses | |||||||||||||||||||||||
| Total compensation and benefits | 182.0 | 165.8 | 16.2 | 10 | % | ||||||||||||||||||
| Other operating expenses | 41.3 | 37.2 | 4.1 | 11 | % | ||||||||||||||||||
| Total operating expenses | 223.3 | 203.0 | 20.3 | 10 | % | ||||||||||||||||||
| Total operating income | 84.6 | 79.8 | 4.8 | 6 | % | ||||||||||||||||||
| Non-operating income (expense) | |||||||||||||||||||||||
| Interest expense | (2.2) | (2.1) | (0.1) | (5) | % | ||||||||||||||||||
| Other non-operating income (expense) | 44.3 | 43.2 | 1.1 | 3 | % | ||||||||||||||||||
| Total non-operating income (expense) | 42.1 | 41.1 | 1.0 | 2 | % | ||||||||||||||||||
| Income before income taxes | 126.7 | 120.9 | 5.8 | 5 | % | ||||||||||||||||||
| Provision for income taxes | 25.9 | 24.9 | 1.0 | 4 | % | ||||||||||||||||||
| Net income before noncontrolling interests | 100.8 | 96.0 | 4.8 | 5 | % | ||||||||||||||||||
| Less: Noncontrolling interests - Artisan Partners Holdings | 15.1 | 13.4 | 1.7 | 13 | % | ||||||||||||||||||
| Less: Noncontrolling interests - consolidated investment products | 4.8 | 15.0 | (10.2) | (68) | % | ||||||||||||||||||
| Net income attributable to Artisan Partners Asset Management Inc. | $ | 80.9 | $ | 67.6 | $ | 13.3 | 20 | % | |||||||||||||||
| Share Data | |||||||||||||||||||||||
Basic earnings per share | $ | 1.11 | $ | 0.94 | |||||||||||||||||||
Diluted earnings per share | $ | 1.11 | $ | 0.94 | |||||||||||||||||||
| Basic weighted average number of common shares outstanding | 66,355,850 | 65,645,108 | |||||||||||||||||||||
| Diluted weighted average number of common shares outstanding | 66,355,850 | 65,645,108 | |||||||||||||||||||||
| For the Three Months Ended June 30, | Period-to-Period | ||||||||||||||||||||||
| 2026 | 2025 | $ | % | ||||||||||||||||||||
| (unaudited; in millions) | |||||||||||||||||||||||
Salaries, incentive compensation and benefits (1) | $ | 145.3 | $ | 136.5 | $ | 8.8 | 6 | % | |||||||||||||||
| Long-term incentive compensation awards | 36.7 | 29.3 | 7.4 | 25 | % | ||||||||||||||||||
| Total compensation and benefits | $ | 182.0 | $ | 165.8 | $ | 16.2 | 10 | % | |||||||||||||||
(1) Excluding long-term incentive compensation awards | |||||||||||||||||||||||
For the Three Months Ended June 30, | Period-to-Period | ||||||||||||||||||||||
| 2026 | 2025 | $ | % | ||||||||||||||||||||
| (unaudited; in millions) | |||||||||||||||||||||||
| Net investment gain (loss) of consolidated investment products | $ | 12.7 | $ | 22.7 | $ | (10.0) | (44) | % | |||||||||||||||
| Net investment gain (loss) on nonconsolidated seed investments | 1.4 | 2.7 | (1.3) | (48) | % | ||||||||||||||||||
| Net investment gain (loss) on nonconsolidated franchise capital investments | 28.1 | 15.9 | 12.2 | 77 | % | ||||||||||||||||||
| Total net investment gain (loss) | $ | 42.2 | $ | 41.3 | $ | 0.9 | 2 | % | |||||||||||||||
| Interest expense | (2.2) | (2.1) | (0.1) | (5) | % | ||||||||||||||||||
| Interest income on cash and cash equivalents and other | 2.3 | 1.9 | 0.4 | 21 | % | ||||||||||||||||||
| Change in fair value of contingent consideration | (0.2) | — | (0.2) | — | % | ||||||||||||||||||
| Total non-operating income (expense) | $ | 42.1 | $ | 41.1 | $ | 1.0 | 2 | % | |||||||||||||||
| For the Six Months Ended June 30, | Period-to-Period | ||||||||||||||||||||||
| 2026 | 2025 | $ | % | ||||||||||||||||||||
| Statements of operations data: | (unaudited; in millions, except share and per share data) | ||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Management fees | $ | 610.5 | $ | 559.9 | $ | 50.6 | 9 | % | |||||||||||||||
| Performance fees | 0.4 | — | 0.4 | — | % | ||||||||||||||||||
| Total revenues | 610.9 | 559.9 | 51.0 | 9 | % | ||||||||||||||||||
| Operating Expenses | |||||||||||||||||||||||
| Total compensation and benefits | 350.7 | 321.0 | 29.7 | 9 | % | ||||||||||||||||||
| Other operating expenses | 81.4 | 72.6 | 8.8 | 12 | % | ||||||||||||||||||
| Total operating expenses | 432.1 | 393.6 | 38.5 | 10 | % | ||||||||||||||||||
| Total operating income | 178.8 | 166.3 | 12.5 | 8 | % | ||||||||||||||||||
| Non-operating income (expense) | |||||||||||||||||||||||
| Interest expense | (4.3) | (4.2) | (0.1) | (2) | % | ||||||||||||||||||
| Other non-operating income (expense) | 38.6 | 56.1 | (17.5) | (31) | % | ||||||||||||||||||
| Total non-operating income (expense) | 34.3 | 51.9 | (17.6) | (34) | % | ||||||||||||||||||
| Income before income taxes | 213.1 | 218.2 | (5.1) | (2) | % | ||||||||||||||||||
| Provision for income taxes | 44.7 | 44.9 | (0.2) | — | % | ||||||||||||||||||
| Net income before noncontrolling interests | 168.4 | 173.3 | (4.9) | (3) | % | ||||||||||||||||||
| Less: Noncontrolling interests - Artisan Partners Holdings | 26.2 | 25.3 | 0.9 | 4 | % | ||||||||||||||||||
| Less: Noncontrolling interests - consolidated investment products | 3.3 | 19.3 | (16.0) | (83) | % | ||||||||||||||||||
| Net income attributable to Artisan Partners Asset Management Inc. | $ | 138.9 | $ | 128.7 | $ | 10.2 | 8 | % | |||||||||||||||
| Share Data | |||||||||||||||||||||||
Basic earnings per share | $ | 1.90 | $ | 1.78 | |||||||||||||||||||
Diluted earnings per share | $ | 1.90 | $ | 1.78 | |||||||||||||||||||
| Basic weighted average number of common shares outstanding | 66,241,557 | 65,509,947 | |||||||||||||||||||||
| Diluted weighted average number of common shares outstanding | 66,241,557 | 65,509,947 | |||||||||||||||||||||
| For the Six Months Ended June 30, | Period-to-Period | ||||||||||||||||||||||
| 2026 | 2025 | $ | % | ||||||||||||||||||||
| (unaudited; in millions) | |||||||||||||||||||||||
Salaries, incentive compensation and benefits (1) | $ | 292.1 | $ | 270.5 | $ | 21.6 | 8 | % | |||||||||||||||
| Long-term incentive compensation awards | 58.6 | 50.5 | 8.1 | 16 | % | ||||||||||||||||||
| Total compensation and benefits | $ | 350.7 | $ | 321.0 | $ | 29.7 | 9 | % | |||||||||||||||
(1) Excluding long-term incentive compensation awards | |||||||||||||||||||||||
| For the Six Months Ended June 30, | Period-to-Period | ||||||||||||||||||||||
| 2026 | 2025 | $ | % | ||||||||||||||||||||
| (unaudited; in millions) | |||||||||||||||||||||||
| Net investment gain (loss) of consolidated investment products | $ | 10.2 | $ | 29.8 | $ | (19.6) | (66) | % | |||||||||||||||
| Net investment gain (loss) on nonconsolidated seed investments | 2.7 | 4.4 | (1.7) | (39) | % | ||||||||||||||||||
| Net investment gain (loss) on nonconsolidated franchise capital investments | 21.7 | 18.0 | 3.7 | 21 | % | ||||||||||||||||||
| Total net investment gain (loss) | $ | 34.6 | $ | 52.2 | $ | (17.6) | (34) | % | |||||||||||||||
| Interest expense | (4.3) | (4.2) | (0.1) | (2) | % | ||||||||||||||||||
| Interest income on cash and cash equivalents and other | 4.2 | 3.9 | 0.3 | 8 | % | ||||||||||||||||||
| Change in fair value of contingent consideration | (0.2) | — | (0.2) | — | % | ||||||||||||||||||
| Total non-operating income (expense) | $ | 34.3 | $ | 51.9 | $ | (17.6) | (34) | % | |||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Reconciliation of non-GAAP financial measures: | (unaudited; in millions, except per share data) | ||||||||||||||||||||||
| Net income attributable to Artisan Partners Asset Management Inc. (GAAP) | $ | 80.9 | $ | 67.6 | $ | 138.9 | $ | 128.7 | |||||||||||||||
Add back: Net income attributable to noncontrolling interests - Artisan Partners Holdings | 15.1 | 13.4 | 26.2 | 25.3 | |||||||||||||||||||
| Add back: Provision for income taxes | 25.9 | 24.9 | 44.7 | 44.9 | |||||||||||||||||||
Add back: Compensation expense (reversal) related to market valuation changes in compensation plans | 16.8 | 9.8 | 16.8 | 12.3 | |||||||||||||||||||
| Add back: Change in fair value of contingent consideration | 0.2 | — | 0.2 | — | |||||||||||||||||||
| Add back: Net investment (gain) loss of investment products attributable to APAM | (37.3) | (26.1) | (31.2) | (32.6) | |||||||||||||||||||
| Less: Adjusted provision for income taxes | 25.1 | 22.1 | 48.3 | 44.1 | |||||||||||||||||||
| Adjusted net income (Non-GAAP) | $ | 76.5 | $ | 67.5 | $ | 147.3 | $ | 134.5 | |||||||||||||||
| Average shares outstanding | |||||||||||||||||||||||
| Class A common shares | 66.4 | 65.6 | 66.2 | 65.5 | |||||||||||||||||||
| Assumed vesting or exchange of: | |||||||||||||||||||||||
| Unvested Class A restricted share-based awards | 5.2 | 5.4 | 5.2 | 5.4 | |||||||||||||||||||
| Artisan Partners Holdings units outstanding (noncontrolling interests) | 10.1 | 10.2 | 10.1 | 10.3 | |||||||||||||||||||
| Adjusted shares | 81.7 | 81.2 | 81.5 | 81.2 | |||||||||||||||||||
| Basic earnings per share (GAAP) | $ | 1.11 | $ | 0.94 | $ | 1.90 | $ | 1.78 | |||||||||||||||
| Diluted earnings per share (GAAP) | $ | 1.11 | $ | 0.94 | $ | 1.90 | $ | 1.78 | |||||||||||||||
| Adjusted net income per adjusted share (Non-GAAP) | $ | 0.94 | $ | 0.83 | $ | 1.81 | $ | 1.66 | |||||||||||||||
| Operating income (GAAP) | $ | 84.6 | $ | 79.8 | $ | 178.8 | $ | 166.3 | |||||||||||||||
Add back: Compensation expense (reversal) related to market valuation changes in compensation plans | 16.8 | 9.8 | 16.8 | 12.3 | |||||||||||||||||||
| Adjusted operating income (Non-GAAP) | $ | 101.4 | $ | 89.6 | $ | 195.6 | $ | 178.6 | |||||||||||||||
| Operating margin (GAAP) | 27.5 | % | 28.2 | % | 29.3 | % | 29.7 | % | |||||||||||||||
| Adjusted operating margin (Non-GAAP) | 32.9 | % | 31.7 | % | 32.0 | % | 31.9 | % | |||||||||||||||
| Net income attributable to Artisan Partners Asset Management Inc. (GAAP) | $ | 80.9 | $ | 67.6 | $ | 138.9 | $ | 128.7 | |||||||||||||||
Add back: Net income attributable to noncontrolling interests - Artisan Partners Holdings | 15.1 | 13.4 | 26.2 | 25.3 | |||||||||||||||||||
Add back: Compensation expense (reversal) related to market valuation changes in compensation plans | 16.8 | 9.8 | 16.8 | 12.3 | |||||||||||||||||||
| Add back: Change in fair value of contingent consideration | 0.2 | — | 0.2 | — | |||||||||||||||||||
| Add back: Net investment (gain) loss of investment products attributable to APAM | (37.3) | (26.1) | (31.2) | (32.6) | |||||||||||||||||||
| Add back: Interest expense | 2.2 | 2.1 | 4.3 | 4.2 | |||||||||||||||||||
| Add back: Provision for income taxes | 25.9 | 24.9 | 44.7 | 44.9 | |||||||||||||||||||
| Add back: Depreciation and amortization | 2.2 | 2.5 | 4.5 | 5.0 | |||||||||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 106.0 | $ | 94.2 | $ | 204.4 | $ | 187.8 | |||||||||||||||
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (unaudited, in millions) | |||||||||||||||||||||||
| Holdings Partnership Distributions to Limited Partners | $ | 15.8 | $ | 15.8 | $ | 21.8 | $ | 22.2 | |||||||||||||||
| Holdings Partnership Distributions to APAM | 101.4 | 100.7 | 143.3 | 143.6 | |||||||||||||||||||
| Total Holdings Partnership Distributions | $ | 117.2 | $ | 116.5 | $ | 165.1 | $ | 165.8 | |||||||||||||||
| For the Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| (unaudited; in millions) | |||||||||||
| Cash and cash equivalents as of January 1 | $ | 255.5 | $ | 268.2 | |||||||
| Net cash provided by operating activities | 297.6 | 208.8 | |||||||||
| Net cash provided by (used in) investing activities | 22.8 | (5.5) | |||||||||
| Net cash used in financing activities | (195.6) | (122.9) | |||||||||
| Net cash impact of deconsolidation of consolidated investment products | (29.7) | (37.0) | |||||||||
| Cash and cash equivalents as of June 30 | $ | 350.6 | $ | 311.6 | |||||||
| Exhibit No. | Description | Form | File No. | Exhibit | Filing Date | Filed or Furnished Herewith | ||||||||||||||||||||||||||||||||
| 31.1 | X | |||||||||||||||||||||||||||||||||||||
| 31.2 | X | |||||||||||||||||||||||||||||||||||||
| 32.1 | X | |||||||||||||||||||||||||||||||||||||
| 32.2 | X | |||||||||||||||||||||||||||||||||||||
| 101 | The following Extensible Business Reporting Language (XBRL) documents are collectively included herewith as Exhibit 101: (i) the Unaudited Condensed Consolidated Statements of Financial Condition as of June 30, 2026 and December 31, 2025; (ii) the Unaudited Consolidated Statements of Operations for the six months ended June 30, 2026 and 2025; (iii) the Unaudited Consolidated Statements of Comprehensive Income for the six months ended June 30, 2026 and 2025; (iv) the Unaudited Consolidated Statements of Changes in Stockholders’ Equity for the six months ended June 30, 2026 and 2025; (v) the Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 and (vi) the Notes to Unaudited Consolidated Financial Statements as of and for the six months ended June 30, 2026 and 2025. | X | ||||||||||||||||||||||||||||||||||||
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | X | ||||||||||||||||||||||||||||||||||||
| By: | /s/ Jason A. Gottlieb | ||||
| Jason A. Gottlieb Chief Executive Officer and President (principal executive officer) | |||||
| /s/ Charles J. Daley, Jr. | |||||
| Charles J. Daley, Jr. Executive Vice President, Chief Financial Officer and Treasurer (principal financial officer) | |||||
| /s/ Ryan G. Von Hoff | |||||
| Ryan G. Von Hoff Vice President, Chief Accounting Officer and Assistant Treasurer (principal accounting officer) | |||||
| /s/ Jason A. Gottlieb | ||
| Jason A. Gottlieb Chief Executive Officer and President (principal executive officer) | ||
/s/ Charles J. Daley, Jr. | ||
Charles J. Daley, Jr. Executive Vice President, Chief Financial Officer and Treasurer (principal financial officer) | ||
| /s/ Jason A. Gottlieb | ||
| Jason A. Gottlieb Chief Executive Officer and President (principal executive officer) | ||
/s/ Charles J. Daley, Jr. | ||
Charles J. Daley, Jr. Executive Vice President, Chief Financial Officer and Treasurer (principal financial officer) | ||