The firm maintains structural pricing power with a 73.0% gross margin in 2026Q1, though operating margins remain volatile, contracting from 42.7% in 2025Q4 to 18.1% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Sales/Revenue | 3.18B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 2.28B | 2.23B | 1.7B | 1.46B | 1.54B | 2.02B | 1.63B | 1.54B | 1.65B | 1.23B | 698.5M | 789.7M | 444.22M | 406.97M | 362.95M | 429.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 71.78% | 71.84% | 68.69% | 69.52% | 70.01% | 73.08% | 70.91% | 70.33% | 71.39% | 67.71% | 68.6% | 68.37% | 43.83% | 42.68% | 42.52% | 40.55% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 30.98% | 16.28% | -5.29% | -23.71% | 24.06% | 5.71% | -6.35% | 33.73% | 76.26% | -11.55% | 77.77% | 9.15% | 12.13% | -15.58% | - | - | - | - | - | - | - | - |
| Operating Expenses | 1.33B | 1.25B | 1.05B | 977.4M | 1.05B | 1.2B | 1.5B | 1B | 996.7M | 788.9M | 466.4M | 472.4M | 444.22M | 406.97M | 362.95M | 409.73M | 636.19M | 567.24M | 523.82M | 612.2M | 618.72M | 431.21M | 417.95M |
| OpEx % of Revenue | - | 40.31% | 42.58% | 46.5% | 47.78% | 43.41% | 65.33% | 45.66% | 43.21% | 43.39% | 45.81% | 40.9% | 43.83% | 42.68% | 42.52% | 38.65% | 84.35% | 95.77% | 104.99% | 67.71% | 79.35% | 81.36% | 98.29% |
| Selling, General & Admin | 985.3M | 904.6M | 862.1M | 787.1M | 804.7M | 857.6M | 735.9M | 736.2M | 738.3M | 585.3M | 351.1M | 363.1M | 70.35M | 62.66M | 61.57M | 120.64M | 12.81M | 14.39M | 5.42M | 17.25M | 16.85M | 18.41M | 364.82M |
| SG&A % of Revenue | - | 29.21% | 34.86% | 37.45% | 36.52% | 30.99% | 32.02% | 33.58% | 32.01% | 32.19% | 34.48% | 31.43% | 6.94% | 6.57% | 7.21% | 11.38% | 1.7% | 2.43% | 1.09% | 1.91% | 2.16% | 3.47% | 85.79% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 950.2M | 976.8M | 645.7M | 483.7M | 489.8M | 820.9M | 128.3M | 540.9M | 649.8M | 442.3M | 232.1M | 317.3M | 195.65M | 172.48M | 127.83M | 20.18M | 118.07M | 25.06M | -24.89M | 291.92M | 161.05M | 98.77M | 7.29M |
| Operating Margin % | 29.89% | 31.54% | 26.11% | 23.01% | 22.23% | 29.67% | 5.58% | 24.67% | 28.17% | 24.32% | 22.8% | 27.47% | 19.3% | 18.09% | 14.98% | 1.9% | 15.65% | 4.23% | -4.99% | 32.29% | 20.65% | 18.64% | 1.71% |
| Operating Income Growth % | - | 51.28% | 33.49% | -1.25% | -40.33% | 539.83% | -76.28% | -16.76% | 46.91% | 90.56% | -26.85% | 62.18% | 13.43% | 34.94% | 533.31% | -82.91% | 371.08% | 200.68% | -108.53% | 81.26% | 63.06% | 1255.1% | - |
| EBITDA | 989.4M | 1.01B | 670.2M | 506.6M | 521.5M | 861.6M | 177.5M | 603.5M | 712.4M | 495.1M | 259.9M | 340.7M | 289.35M | 263.84M | 216.87M | 90.05M | 140.91M | 47.54M | -14.2M | 296.88M | 166.53M | 103.93M | 77.11M |
| EBITDA Margin % | 31.12% | 32.71% | 27.1% | 24.1% | 23.67% | 31.14% | 7.72% | 27.53% | 30.89% | 27.23% | 25.53% | 29.5% | 28.55% | 27.67% | 25.41% | 8.49% | 18.68% | 8.03% | -2.85% | 32.84% | 21.36% | 19.61% | 18.13% |
| EBITDA Growth % | 39.75% | 51.16% | 32.29% | -2.86% | -39.47% | 385.41% | -70.59% | -15.29% | 43.89% | 90.5% | -23.72% | 17.75% | 9.67% | 21.66% | 140.83% | -36.09% | 196.41% | 434.67% | -104.78% | 78.27% | 60.24% | 34.79% | - |
| D&A (Non-Cash Add-back) | 39.2M | 36.3M | 24.5M | 22.9M | 31.7M | 40.7M | 49.2M | 62.6M | 62.6M | 52.8M | 27.8M | 23.4M | 93.7M | 91.35M | 89.04M | 69.87M | 22.84M | 22.48M | 10.69M | 4.96M | 5.49M | 5.16M | 69.82M |
| EBIT | 818.7M | 528.4M | 629.9M | 539.7M | 388M | 830.5M | 216.4M | 598.6M | 677.5M | 459.3M | 218.5M | 357.6M | 228.65M | 195.57M | 146.57M | 45.03M | 141.07M | 93.79M | 10.98M | 307.78M | 176.33M | 99.8M | 7.29M |
| Net Interest Income | -24.6M | -24.2M | -18M | -12.7M | -12.6M | -12.8M | -12.9M | -15.1M | -15.7M | -11.9M | -6.6M | -20.1M | -12.14M | -9.07M | -9.37M | -26.86M | -13.43M | -14.39M | -18.01M | -15.87M | 0 | -1.03M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.25M | 11.38M | 16M | 3.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 24.6M | 24.2M | 18M | 12.7M | 12.6M | 12.8M | 12.9M | 15.1M | 15.7M | 11.9M | 6.6M | 20.1M | 17.59M | 18.63M | 21.98M | 24.84M | 13.43M | 14.39M | 18.01M | 15.87M | 0 | 1.03M | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 1.14B | 1.15B | 611.9M | 527M | 375.4M | 817.7M | 203.5M | 583.5M | 661.8M | 447.4M | 211.9M | 337.5M | 211.06M | 176.94M | 124.59M | 20.18M | 118.07M | 25.06M | -24.89M | 291.92M | 145.77M | 98.77M | 7.29M |
| Pretax Margin % | 35.88% | 37.24% | 24.74% | 25.07% | 17.04% | 29.55% | 8.85% | 26.61% | 28.69% | 24.61% | 20.81% | 29.22% | 20.82% | 18.56% | 14.6% | 1.9% | 15.65% | 4.23% | -4.99% | 32.29% | 18.69% | 18.64% | 1.71% |
| Income Tax | 242.2M | 245.7M | 166.3M | 100.3M | 100.9M | 205.3M | 52.2M | 137.8M | 162.2M | -211M | 34.6M | 6.1M | 13.54M | 164.9K | -12.44M | -32.45M | -1.39M | 1.62M | 5.56M | 29.75M | 21.75M | 19.79M | 8.06M |
| Effective Tax Rate % | 21.23% | 21.3% | 27.18% | 19.03% | 26.88% | 25.11% | 25.65% | 23.62% | 24.51% | -47.16% | 16.33% | 1.81% | 6.42% | 0.09% | -9.99% | -160.77% | -1.18% | 6.45% | -22.35% | 10.19% | 14.92% | 20.03% | 110.53% |
| Net Income | 770.2M | 798.3M | 408.9M | 392M | 372.4M | 620M | 130.3M | 427.6M | 523.8M | 655.5M | 189M | 329.8M | 402.35M | 206.29M | 171.62M | 52.79M | 120.23M | 22.31M | -30.61M | 261.97M | 119.71M | 88.1M | -422.17M |
| Net Margin % | 24.23% | 25.77% | 16.53% | 18.65% | 16.9% | 22.41% | 5.67% | 19.5% | 22.71% | 36.05% | 18.56% | 28.55% | 39.7% | 21.64% | 20.11% | 4.98% | 15.94% | 3.77% | -6.13% | 28.98% | 15.35% | 16.62% | -99.28% |
| Net Income Growth % | 93.96% | 95.23% | 4.31% | 5.26% | -39.94% | 375.82% | -69.53% | -18.37% | -20.09% | 246.83% | -42.69% | -18.03% | 95.04% | 20.2% | 225.11% | -56.09% | 438.8% | 172.91% | -111.68% | 118.84% | 35.88% | 120.87% | - |
| Net Income (Continuing) | 898.4M | 907.6M | 445.6M | 426.7M | 274.5M | 612.4M | 151.3M | 445.7M | 499.6M | 658.4M | 177.3M | 331.4M | 197.52M | 176.77M | 137.04M | 52.63M | 119.46M | 23.45M | -30.46M | 262.17M | 124.02M | 78.98M | -767.22K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 204.83M | 0 | 34.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 547M | 844.5M | 491.6M | 317.4M | 236.7M | 178.8M | 103.2M | 697.6M | 157.6M | 228.5M | 202.8M | 15.7M | 2.96M | 6.6M | 6.63M | 621.04K | 771.7K | 1.62M | 439.32K | 396.63K | 195.92K | 0 | 800.41M |
| EPS (Diluted) | 5.12 | 5.23 | 2.56 | 2.37 | 2.23 | 3.57 | 0.70 | 2.21 | 2.61 | 3.93 | 1.66 | 2.78 | 3.53 | 1.81 | 1.58 | 0.53 | 1.42 | 0.27 | -0.46 | 3.09 | 0.72 | 0.60 | -1.60 |
| EPS Growth % | 101.98% | 104.3% | 8.02% | 6.28% | -37.54% | 410% | -68.33% | -15.33% | -33.59% | 136.75% | -40.29% | -21.25% | 95.03% | 14.56% | 198.11% | -62.68% | 425.93% | 158.7% | -114.89% | 329.17% | 20% | 137.5% | - |
| EPS (Basic) | - | 5.23 | 2.57 | 2.37 | 2.23 | 3.59 | 0.70 | 2.21 | 2.62 | 3.97 | 1.69 | 2.93 | 3.70 | 1.95 | 1.66 | 0.56 | 1.53 | 0.29 | -0.46 | 3.25 | 0.74 | 0.60 | -1.60 |
| Diluted Shares Outstanding | 150.4M | 152.7M | 155.8M | 160.5M | 162M | 168.5M | 179.9M | 188.6M | 195.9M | 162.3M | 111.1M | 115.4M | 113.98M | 113.7M | 108.2M | 101.27M | 84.92M | 809.4M | 66.06M | 84.75M | 1.1B | 1.64B | 264.56M |
| Basic Shares Outstanding | 149.6M | 152M | 155.4M | 160.4M | 161.7M | 167.9M | 179.4M | 188M | 195M | 160.7M | 109.1M | 118.63M | 108.52M | 105.88M | 103.4M | 95.41M | 78.84M | 75.93M | 66.06M | 80.46M | 1.09B | 1.64B | 264.56M |
| Dividend Payout Ratio | - | 31.22% | 61.16% | 65.99% | 69.66% | 41.29% | 201.77% | 63.7% | 52.52% | 39.05% | 83.33% | 48.82% | 35.94% | 62.83% | 73.07% | 205.59% | 62.9% | 350% | - | 200.45% | 42.88% | - | - |
Persistent Net Outflow Pressure
As reported in financial statements, JHG maintained a gross margin of 73.0% in 2026Q1, demonstrating the firm's ability to preserve pricing power despite the broader industry trend of fee compression that has plagued many active asset management peers over the last ten fiscal quarters.
The stability of these margins suggests that the firm's specialized investment boutiques continue to command premium pricing relative to passive alternatives. However, investors should monitor whether this resilience is sustainable if net outflows continue to force a shift toward lower-fee product mixes.
According to recent SEC filings, JHG's operating margin fluctuated significantly, reaching a peak of 42.7% in 2025Q4 before contracting to 18.1% in 2026Q1, which highlights the firm's difficulty in scaling its high fixed-cost base in response to volatile quarterly revenue streams.
The sharp decline in operating income suggests that middle- and back-office expenses remain rigid even when top-line growth stalls. This lack of operating leverage warrants further investigation into whether management can rationalize its global office footprint to protect profitability during market downturns.
Based on JHG's reported figures, net income volatility—evidenced by the drop from $394.0M in 2025Q4 to $90.9M in 2026Q1—appears heavily influenced by non-operating factors, including investment gains on seed capital and the timing of performance fee crystallization, rather than core operational performance.
The significant variance in quarterly EPS suggests that headline earnings may not accurately reflect the underlying cash-generating power of the asset management franchise. Analysts should adjust for these non-cash items to better understand the true trajectory of the firm's recurring management fee revenue.
As indicated by the income statement data, the persistent reliance on high-conviction active strategies faces a structural challenge, as evidenced by the inconsistent revenue growth and the potential for margin compression if the firm fails to successfully pivot toward private markets and ETFs.
Short-sellers may focus on the firm's inability to consistently grow organic AUM, which suggests that the brand's historical alpha advantage may be eroding. The current valuation discount relative to peers may be a rational reflection of these long-term secular headwinds rather than a temporary market mispricing.
Quick answers to the most common questions about buying JHG stock.
Janus Henderson Group plc (JHG) is profitable, generating $798.3M in net income for the fiscal year ending 2025 with a net profit margin of 25.8%.
Janus Henderson Group plc (JHG) reported an operating income of $976.8M, resulting in an operating profit margin of 31.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Janus Henderson Group plc (JHG) generated $2.23B in gross profit for the year, representing a gross profit margin of 71.8%. This demonstrates the company's core pricing power and production efficiency.