Artisan Partners Asset Management Inc
NYSE: APAM · FINANCIAL SERVICES · ASSET MANAGEMENT
Updated 2026-06-05
Artisan Partners Asset Management Inc (APAM) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $357.02M | $296.18M | $382.29M | $455.09M | $505.58M | $685.84M | $828.70M | $805.47M | $720.86M | $795.62M | $828.63M | $798.95M | $899.57M | $1.23B | $993.28M | $975.13M | $1.11B | $1.20B |
| Revenue growth (YoY) | — | -17.0% | +29.1% | +19.0% | +11.1% | +35.7% | +20.8% | -2.8% | -10.5% | +10.4% | +4.1% | -3.6% | +12.6% | +36.4% | -19.1% | -1.8% | +14.0% | +7.6% |
| Cost of revenue | $357.02M | — | $263.28M | $233.23M | $383.09M | $856.36M | $414.97M | $414.24M | $383.90M | $402.88M | $413.17M | $399.94M | $435.82M | $563.05M | $510.40M | $529.39M | $594.13M | $649.58M |
| Gross profit | — | $296.18M | $119.01M | $221.86M | $122.48M | $-170.52M | $413.74M | $391.23M | $336.96M | $392.74M | $415.47M | $399.01M | $463.75M | $664.18M | $482.88M | $445.74M | $517.68M | $547.10M |
| Gross margin | 0.0% | 100.0% | 31.1% | 48.8% | 24.2% | -24.9% | 49.9% | 48.6% | 46.7% | 49.4% | 50.1% | 49.9% | 51.6% | 54.1% | 48.6% | 45.7% | 46.6% | 45.7% |
| R&D | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| SG&A | — | $205.30M | $30.79M | $41.39M | $46.41M | $52.29M | $57.70M | $65.20M | $70.19M | $76.71M | $83.97M | $91.80M | $81.11M | $91.97M | $114.19M | $118.52M | $125.29M | $112.30M |
| Operating income | $182.37M | $73.10M | $65.20M | $154.29M | $47.09M | $-261.20M | $306.90M | $282.38M | $234.23M | $286.41M | $304.94M | $283.45M | $358.32M | $540.49M | $344.10M | $303.59M | $366.63M | $399.63M |
| Operating margin | 51.1% | 24.7% | 17.1% | 33.9% | 9.3% | -38.1% | 37.0% | 35.1% | 32.5% | 36.0% | 36.8% | 35.5% | 39.8% | 44.0% | 34.6% | 31.1% | 33.0% | 33.4% |
| EBITDA | $184.46M | $75.56M | $69.06M | $151.88M | $57.47M | $-192.65M | $306.37M | $275.20M | $239.51M | $587.99M | $318.68M | $286.55M | $386.73M | $569.29M | $329.54M | $401.61M | $459.02M | $488.89M |
| EBITDA margin | 51.7% | 25.5% | 18.1% | 33.4% | 11.4% | -28.1% | 37.0% | 34.2% | 33.2% | 73.9% | 38.5% | 35.9% | 43.0% | 46.4% | 33.2% | 41.2% | 41.3% | 40.9% |
| EBIT | $182.37M | $73.17M | $66.77M | $149.52M | $55.07M | $-195.87M | $303.12M | $270.68M | $234.23M | $582.69M | $313.01M | $280.32M | $380.10M | $562.35M | $321.75M | $392.26M | $449.16M | $479.59M |
| Interest expense | — | $24.94M | $22.96M | $18.39M | $11.44M | $11.87M | $11.57M | $11.71M | $11.65M | $11.45M | $11.22M | $11.10M | $10.80M | $10.80M | $9.91M | $8.57M | $8.61M | $8.55M |
| Income tax | — | $69647.00 | $1.28M | $1.16M | $1.05M | $26.39M | $48.83M | $46.77M | $51.48M | $420.51M | $47.60M | $27.81M | $60.80M | $107.03M | $63.45M | $71.89M | $90.90M | $111.34M |
| Effective tax rate | 0.0% | 0.1% | 2.9% | 0.9% | 3.0% | 51.5% | 41.2% | 36.4% | 41.3% | 89.4% | 23.1% | 15.1% | 22.2% | 24.1% | 23.5% | 24.4% | 25.9% | 27.7% |
| Net income | $183.32M | $48.23M | $42.53M | $133.07M | $33.76M | $24.81M | $69.63M | $81.80M | $73.03M | $49.60M | $158.31M | $156.54M | $212.62M | $336.52M | $206.75M | $222.29M | $259.75M | $290.32M |
| Net income growth (YoY) | — | -73.7% | -11.8% | +212.9% | -74.6% | -26.5% | +180.7% | +17.5% | -10.7% | -32.1% | +219.2% | -1.1% | +35.8% | +58.3% | -38.6% | +7.5% | +16.9% | +11.8% |
| Profit margin | 51.3% | 16.3% | 11.1% | 29.2% | 6.7% | 3.6% | 8.4% | 10.2% | 10.1% | 6.2% | 19.1% | 19.6% | 23.6% | 27.4% | 20.8% | 22.8% | 23.4% | 24.3% |
Frequently asked questions
What is Artisan Partners Asset Management Inc's revenue?
Artisan Partners Asset Management Inc's trailing twelve-month revenue is $1.22B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is APAM?
In its most recent fiscal year, APAM ran a gross margin of 45.72%, an operating margin of 33.39%, and a net margin of 24.26%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does APAM generate?
APAM produced $171.31M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is APAM's balance sheet healthy?
APAM holds $255.51M in cash and equivalents against $189.14M in long-term debt, on $438.83M of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.