Solid long-term investment performance, with 66%, 67%, and 68% of assets under management (“AUM”) outperforming relevant benchmarks on a three-, five-, and 10-year basis, respectively, as of March 31, 2026 AUM of US$480 billion as of March 31, 2026, an increase of 29% year over year First quarter 2026 net
Business Wire
Friday 08 May 2026 10:04 pm
Janus Henderson Group plc (NYSE: JHG; “JHG,” “Janus Henderson,” or the “Company”) published its first quarter 2026 results for the period ended March 31, 2026. First quarter 2026 operating income was US$113.9 million compared to US$487.4 million in the fourth quarter 2025 and US$153.6 million in the first quarter 2025. Adjusted operating income, adjusted for one-time, acquisition and transaction related costs, was US$170.8 million in the first quarter 2026 compared to US$383.7 million in the fourth quarter 2025 and US$156.6 million in the first quarter 2025.
First quarter 2026 diluted earnings per share of US$0.59 compared to US$2.62 in the fourth quarter 2025 and US$0.77 in the first quarter 2025. Adjusted diluted earnings per share of US$0.90 in the first quarter 2026 compared to US$2.01 in the fourth quarter 2025 and compared to US$0.79 in the first quarter 2025. As previously disclosed, fourth quarter 2025 results were impacted by extraordinary annual performance fee revenue.
Ali Dibadj, Chief Executive Officer, stated:
“Our first quarter results are solid, reflecting our resilience in a challenging market. We achieved year-over-year improvements in net flows and, on an adjusted basis, operating revenues, operating income, and EPS, while continuing to execute our strategy to Protect and Grow, Amplify, and Diversify our business. Our diversified and truly global platform positions us well to serve our clients, and we remain committed to the strategic priorities that are driving meaningful and sustained improvement in our financial results.
“We are pleased with the progress made toward the closing of the previously announced take-private transaction with Trian Fund Management, L.P. and its affiliated funds (“Trian”) and General Catalyst Group Management, LLC and its affiliated funds (“General Catalyst”). The overwhelming shareholder approval of the transaction in April marks a key milestone towards completion. The transaction with Trian and General Catalyst is expected to close in mid-2026, subject to customary closing conditions, including receipt of applicable regulatory approvals and client consents.
“I want to thank our valued employees for their hard work and dedication. As we navigate this exciting path forward, our focus remains on delivering differentiated insights, disciplined investment excellence, and world-class service to our clients—the commitment that defines Janus Henderson and drives everything we do.”
SUMMARY OF FINANCIAL RESULTS (unaudited) (in US$ millions, except per share data or as noted)
The Company presents its financial results in US$ and in accordance with accounting principles generally accepted in the United States of America (“GAAP”). However, JHG management evaluates the profitability of the Company and its ongoing operations using additional non-GAAP financial measures. Management uses these performance measures to evaluate the business, and adjusted values are consistent with internal management reporting. See “Reconciliation of non-GAAP financial information” below for additional information.
Three months ended
31 Mar
31 Dec
31 Mar
2026
2025
2025
GAAP basis:
Revenue
690.0
1,142.3
621.4
Operating expenses
576.1
654.9
467.8
Operating income
113.9
487.4
153.6
Operating margin
16.5
%
42.7
%
24.7
%
Net income attributable to JHG
90.9
403.2
120.7
Diluted earnings per share
0.59
2.62
0.77
Adjusted basis:
Revenue
541.6
996.6
486.5
Operating expenses
370.8
612.9
329.9
Operating income
170.8
383.7
156.6
Operating margin
31.5
%
38.5
%
32.2
%
Net income attributable to JHG
138.8
309.2
124.6
Diluted earnings per share
0.90
2.01
0.79
PROPOSED MERGER
As previously announced, the Company has entered into a definitive merger agreement to be acquired by Trian and General Catalyst (the “Proposed Transaction”). While the Proposed Transaction remains pending, the Company will not hold conference calls or live webcasts to discuss its financial results.
AUM AND FLOWS (in US$ billions)
FX reflects movement in AUM resulting from changes in foreign currency rates as non-US$ denominated AUM is translated into US$. Redemptions include impact of client transfers.
Total comparative AUM and flows
Three months ended
31 Mar
31 Dec
31 Mar
2026
2025
2025
Opening AUM
493.2
483.8
378.7
Sales
30.7
32.5
22.9
Redemptions
(27.8
)
(32.5
)
(20.9
)
Net sales / (redemptions)
2.9
—
2.0
Market / FX
(16.5
)
9.4
(7.5
)
Closing AUM
479.6
493.2
373.2
Quarterly AUM and flows by capability
Fixed
Equities
Income
Multi-Asset
Alternatives
Total
AUM 31 Mar 2025
217.4
89.5
51.6
14.7
373.2
Sales
8.2
60.5
1.1
2.0
71.8
Redemptions
(10.8
)
(10.8
)
(2.2
)
(1.3
)
(25.1
)
Net sales / (redemptions)
(2.6
)
49.7
(1.1
)
0.7
46.7
Market / FX
28.8
3.0
5.1
0.5
37.4
AUM 30 Jun 2025
243.6
142.2
55.6
15.9
457.3
Sales
7.8
17.8
2.0
2.3
29.9
Redemptions
(11.1
)
(8.1
)
(2.0
)
(0.9
)
(22.1
)
Net sales / (redemptions)
(3.3
)
9.7
—
1.4
7.8
Market / FX
13.9
1.2
2.4
1.2
18.7
AUM 30 Sep 2025
254.2
153.1
58.0
18.5
