Revenue growth remains robust with a climb to $159.5 million in 2026Q1, though profitability is hampered by structural margin volatility that saw gross margins fluctuate between 55.3% and 77.6% over the last six quarters.
| 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'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Net Interest Income | -24.34M | -19.45M | -12.13M | -11.14M | -11.62M | -10.32M | -8.92M | -7.91M | -4.87M | 2.86M | 1.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| NII Growth % | -333.73% | -60.33% | -8.88% | 4.06% | -12.52% | -15.68% | -12.85% | -62.42% | -270.19% | 157.52% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Interest Margin % | -1.36% | -1.29% | -1.17% | -1.18% | -1.12% | -0.99% | -1% | -0.85% | -0.54% | 1.12% | 0.44% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Interest Income | 11.66M | 10.97M | 6.78M | 4.1M | 3.32M | 2.01M | 744K | 3.33M | 3.09M | 2.86M | 1.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 36M | 30.42M | 18.91M | 15.24M | 14.94M | 12.33M | 9.67M | 11.24M | 7.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Loan Loss Provision | 126.02M | 107.26M | 102.37M | 165.64M | 147.72M | 134.74M | 121.73M | 129.15M | 123.24M | 123.64M | 104.35M | 116.01M | 75.38M | 71.29M | 46.25M | 39.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income | 533.48M | 482.79M | 420.96M | 344.94M | 298.02M | 302.31M | 249.17M | 263.2M | 271.02M | 225.43M | 217.81M | 298.94M | 183.76M | 149.47M | 84.8M | 65.16M | 0 | 5.93M | 19.78M | 17.67M | 15.47M | 15.45M | 13.04M |
| Non-Interest Income % | 97.86% | 97.78% | 98.42% | 98.83% | 98.9% | 99.34% | 99.7% | 98.75% | 98.87% | 98.75% | 99.49% | 100% | 100% | 100% | 100% | 100% | - | 100% | 100% | 100% | 100% | 100% | 100% |
| Total Revenue | 545.14M | 493.75M | 427.74M | 349.04M | 301.35M | 304.32M | 249.91M | 266.53M | 274.12M | 228.29M | 218.92M | 298.94M | 183.76M | 149.47M | 84.8M | 65.16M | 0 | 5.93M | 19.78M | 17.67M | 15.47M | 15.45M | 13.04M |
| Revenue Growth % | 96.95% | 15.43% | 22.55% | 15.83% | -0.98% | 21.77% | -6.23% | -2.77% | 20.07% | 4.28% | -26.77% | 62.68% | 22.94% | 76.26% | 30.14% | - | -100% | -70.02% | 11.93% | 14.23% | 0.13% | 18.45% | - |
| Non-Interest Expense | 181.8M | 181.88M | 169.16M | 80.66M | 78.6M | 68.19M | 63.43M | 72.61M | 81.64M | 55.57M | 51.12M | 43.56M | 34.84M | 26.64M | 23.72M | 21.67M | 1.1M | 6.46M | 27.42M | 26.17M | 23.5M | 20.48M | 16.41M |
| Efficiency Ratio | 33.35% | 36.84% | 39.55% | 23.11% | 26.08% | 22.41% | 25.38% | 27.24% | 29.78% | 24.34% | 23.35% | 14.57% | 18.96% | 17.83% | 27.97% | 33.26% | - | 108.89% | 138.63% | 148.12% | 151.94% | 132.55% | 125.81% |
| Operating Income | 201.32M | 174.19M | 137.29M | 87.49M | 60.09M | 89.06M | 55.08M | 53.53M | 61.28M | 49.09M | 63.45M | 139.37M | 73.55M | 51.54M | 14.82M | 3.97M | -1.1M | -527.41K | -7.64M | -8.5M | -8.03M | -5.03M | -3.37M |
| Operating Margin % | 36.93% | 35.28% | 32.1% | 25.07% | 19.94% | 29.26% | 22.04% | 20.09% | 22.36% | 21.5% | 28.98% | 46.62% | 40.02% | 34.48% | 17.48% | 6.09% | - | -8.89% | -38.63% | -48.12% | -51.94% | -32.55% | -25.81% |
| Operating Income Growth % | - | 26.88% | 56.92% | 45.61% | -32.53% | 61.68% | 2.89% | -12.64% | 24.83% | -22.64% | -54.47% | 89.5% | 42.71% | 247.68% | 273.28% | 460.55% | -108.83% | 93.1% | 10.14% | -5.82% | -59.75% | -49.39% | - |
| Pretax Income | 97.27M | 142.22M | 95.4M | 119.01M | 39.95M | 56.67M | -35.22M | 121K | 51.04M | 58.19M | 55.56M | 137.19M | 73.55M | 51.54M | 11.03M | 3.09M | -1.1M | -527.41K | -7.64M | -8.5M | -8.03M | -5.03M | -3.19M |
| Pretax Margin % | 17.84% | 28.8% | 22.3% | 34.1% | 13.26% | 18.62% | -14.09% | 0.05% | 18.62% | 25.49% | 25.38% | 45.89% | 40.02% | 34.48% | 13.01% | 4.75% | - | -8.89% | -38.63% | -48.12% | -51.94% | -32.55% | -24.45% |
| Income Tax | 35.9M | 33.09M | 28.71M | 16.46M | -10.73M | 6.87M | 433K | 10.55M | 14.41M | 30.99M | 29.41M | 57.13M | 12.5M | 0 | 0 | 0 | -222.85K | 4.03M | -4.23M | -4.31M | -224.21K | -69.3K | 0 |
| Effective Tax Rate % | 36.9% | 23.26% | 30.09% | 13.83% | -26.87% | 12.13% | -1.23% | 8715.7% | 28.23% | 53.26% | 52.93% | 41.65% | 16.99% | 0% | 0% | 0% | 20.23% | -764.76% | 55.42% | 50.69% | 2.79% | 1.38% | 0% |
| Net Income | 61.37M | 109.13M | 66.69M | 102.55M | 50.68M | 49.8M | -35.66M | -10.43M | 36.63M | 27.2M | 26.16M | 80.05M | 61.05M | 51.54M | 11.03M | 3.09M | 1.06M | -5.33M | -3.41M | -4.19M | -8.59M | -4.96M | -3.19M |
| Net Margin % | 11.26% | 22.1% | 15.59% | 29.38% | 16.82% | 16.36% | -14.27% | -3.91% | 13.36% | 11.91% | 11.95% | 26.78% | 33.22% | 34.48% | 13.01% | 4.75% | - | -89.94% | -17.22% | -23.73% | -55.54% | -32.11% | -24.45% |
| Net Income Growth % | -11.32% | 63.63% | -34.96% | 102.32% | 1.78% | 239.66% | -242.01% | -128.46% | 34.69% | 3.99% | -67.33% | 31.12% | 18.46% | 367.24% | 256.73% | 190.62% | 119.95% | -56.6% | 18.77% | 51.2% | -73.21% | -55.52% | - |
| Net Income (Continuing) | 61.37M | 109.13M | 66.69M | 102.55M | 50.68M | 49.8M | -35.66M | -10.43M | 36.63M | 27.2M | 26.16M | 80.05M | 61.05M | 51.54M | 11.03M | 3.09M | -878.52K | -4.56M | -3.41M | -4.19M | -7.81M | -4.96M | -3.19M |
| EPS (Diluted) | 0.44 | 0.75 | 0.33 | 0.64 | 0.31 | 0.31 | -0.25 | -0.08 | 0.23 | 0.20 | 0.19 | 0.58 | 0.44 | 0.37 | 0.08 | 0.02 | 0.12 | -0.60 | -0.30 | -0.45 | -1.09 | -0.77 | -0.51 |
| EPS Growth % | 20.59% | 127.27% | -48.44% | 106.45% | 0% | 224% | -201.57% | -136.04% | 15% | 5.26% | -67.24% | 31.82% | 18.92% | 362.5% | 300% | -83.33% | 120% | -100% | 33.33% | 58.72% | -41.56% | -50.98% | - |
| EPS (Basic) | - | 0.78 | 0.34 | 0.66 | 0.31 | 0.31 | -0.25 | -0.08 | 0.23 | 0.20 | 0.19 | 0.58 | 0.46 | 0.41 | 0.09 | 0.03 | 0.13 | -0.60 | -0.33 | -0.45 | -1.09 | -0.77 | -0.51 |
| Diluted Shares Outstanding | 138M | 144.94M | 149.25M | 147.83M | 143.29M | 145.06M | 148.68M | 151.82M | 158.41M | 136M | 135.54M | 138.82M | 138.55M | 139.8M | 137.97M | 135.54M | 8.63M | 8.96M | 11.17M | 9.34M | 7.88M | 6.47M | 6.2M |
Market-Dependent Revenue Volatility
According to the provided quarterly income statements, WisdomTree has demonstrated a clear upward trajectory in top-line performance, with revenue expanding from $90.8 million in 2023Q4 to $159.5 million by 2026Q1, reflecting the firm's ability to capture AUM growth despite inherent market-driven fee sensitivity.
The consistent revenue expansion suggests that the firm's fundamental weighting methodology is gaining traction within institutional model portfolios. Investors should monitor whether this growth is primarily driven by market appreciation of existing assets or successful net inflows into newer, thematic product offerings.
As reported in financial statements, WisdomTree's gross margin has exhibited significant fluctuations, peaking at 77.6% in 2026Q1 while dipping to a low of 55.3% in 2025Q3, indicating that the firm's profitability is highly sensitive to the specific mix of assets under management.
The variability in gross margins suggests that the firm's product mix is not yet fully optimized for consistent profitability, potentially due to fee waivers or shifts in asset allocation. This volatility warrants further investigation into whether the firm is sacrificing pricing power to defend market share in competitive ETF categories.
Based on the income statement data, WisdomTree has successfully scaled its operating income from $26.0 million in 2023Q4 to $61.3 million in 2026Q1, demonstrating that the firm's high fixed-cost structure allows for meaningful operating leverage as total revenue continues to trend upward.
The ability to grow operating income faster than revenue during peak periods suggests that the firm is managing its overhead effectively. However, the persistence of significant SG&A expenses indicates that the firm remains in a heavy investment phase, which may limit near-term margin expansion.
Data from recent filings reveals that WisdomTree's net income is subject to extreme volatility, swinging from a $40.0 million profit in 2025Q4 to a $23.1 million loss in 2026Q1, largely due to non-operating items that mask the underlying health of the advisory business.
The disconnect between operating income and net income suggests that seed capital investments and other non-operating activities are creating significant noise in the bottom line. Investors should focus on operating income as a more reliable proxy for the firm's core earnings power.
Analysis of the reported figures suggests that while revenue growth appears robust, the recent 2026Q1 net loss of $23.1 million raises questions regarding the sustainability of the firm's current cost structure and the efficacy of its aggressive expansion into new digital asset initiatives.
Short-term volatility in net income, combined with the high fixed-cost base, may indicate that the firm is vulnerable to sudden market downturns. The market should monitor whether the current growth trajectory can be maintained without further eroding the firm's bottom-line profitability.
Quick answers to the most common questions about buying WT stock.
WisdomTree, Inc. (WT) is profitable, generating $109.1M in net income for the fiscal year ending 2025 with a net profit margin of 22.1%.
WisdomTree, Inc. (WT) reported an operating income of $174.2M, resulting in an operating profit margin of 35.3%. This margin reflects the operational efficiency of the business before interest and taxes.
WisdomTree, Inc. (WT) generated $356.1M in gross profit for the year, representing a gross profit margin of 72.1%. This demonstrates the company's core pricing power and production efficiency.