Businesswire | 01. Mai 2026, 11:00

WisdomTree Announces First Quarter 2026 Results

WisdomTree, Inc. (NYSE: WT), a global financial innovator,today reported financial results for the first quarter of 2026.

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($23.1) million of net loss ($40.6⁽¹⁾ million of net income, as adjusted), including a loss on extinguishment of convertible notes of $62.3 million, comprised of a loss on extinguishment of $16.9 million associated with the repurchase of $75.0 million in aggregate principal amount of our 3.25% convertible senior notes due 2026 (the “2026 Notes”) and a $45.4 million inducement expense related to the repurchase of $275.0 million in aggregate principal amount of our 3.25% convertible senior notes due 2029 (the “2029 Notes”). See “Non-GAAP Financial Measurements” for additional information.

$152.6 billion of ending AUM, an increase of 5.6% from the prior quarter arising primarily from net inflows and market appreciation.

$5.9 billion of net inflows, primarily driven by inflows into our international developed equity, fixed income and leveraged and inverse products across the United States and Europe.

0.36% average advisory fee, a 1 basis point increase from the prior quarter.

0.42% revenue yield⁽²⁾, unchanged from the prior quarter.

$159.5 million of operating revenues, an increase of 8.2% from the prior quarter due to higher average AUM and higher other revenues attributable to our European listed exchange-traded products (“ETPs”).

84.4% gross margin⁽¹⁾, a 1.2 point increase from the prior quarter primarily due to higher revenues.

37.2% operating income margin (39.3%⁽¹⁾ as adjusted), a 3.3 point decrease (2.4 point decrease, as adjusted) from the prior quarter primarily due to seasonally higher compensation expense.

$603.75 million issuance of convertible senior notes due 2031 (the “2031 Notes”), bearing interest at a rate of 4.50% and issued with a conversion price of $21.58 per share. Concurrent with the issuance of the 2031 Notes, we completed separate, privately negotiated transactions with certain holders of our outstanding 2026 Notes (conversion price of $11.04 per share) to exchange $75.0 million in aggregate principal amount of the 2026 Notes for approximately 6.81 million shares of our common stock and with certain holders of our outstanding 2029 Notes (conversion price of $11.82 per share) to exchange $275.0 million in aggregate principal amount of the 2029 Notes for approximately $302.7 million in cash and approximately 4.19 million shares of common stock.

$0.03 quarterly dividend declared, payable on May 27, 2026 to stockholders of record as of the close of business on May 13, 2026.

Update from Jarrett Lilien, WisdomTree President and COO

“This was another quarter of consistent, broad-based execution, with nearly $6 billion of net inflows and continued momentum across the business. What stands out most is the quality and breadth of those flows, with clients engaging across asset classes, geographies and use cases. That speaks to the strength of our platform and our ability to generate growth across market environments. We are not reliant on any single product or theme – our business is becoming increasingly diversified, resilient and positioned to scale.”

Update from Jonathan Steinberg, WisdomTree CEO

“We delivered another quarter of strong execution in a volatile environment, reinforcing the strength of a business that is becoming more diversified, more durable and increasingly capable of compounding growth over time. Our strategy is centered on building a high-quality growth platform – combining organic momentum with disciplined, strategic acquisitions like Ceres Partners and Atlantic House that expand our capabilities, enhance our economics and accelerate our long-term trajectory. We believe this positions WisdomTree to deliver sustained growth, margin expansion and increasing earnings power.”

OPERATING AND FINANCIAL HIGHLIGHTS

	Three Months Ended
	Mar. 31, 2026		Dec. 31, 2025		Sept. 30, 2025		June 30, 2025		Mar. 31, 2025
Consolidated Operating Highlights ($ in billions):
AUM—end of period		152.6		144.5		137.2		126.1		115.8
Net inflows/(outflows)		5.9		(0.3		2.2		3.5		3.1
Average AUM		154.7		140.7		130.8		119.2		114.6
Average advisory fee		0.36%		0.35%		0.35%		0.35%		0.35%
Revenue yield⁽²⁾		0.42%		0.42%		0.38%		0.38%		0.38%

Consolidated Financial Highlights ($ in millions, except per share amounts):
Operating revenues		159.5		147.4		125.6		112.6		108.1
Net (loss)/income		(23.1		40.0		19.7		24.8		24.6
Diluted (loss)/earnings per share		(0.17		0.28		0.13		0.17		0.17
Operating income margin		37.2%		40.5%		36.3%		30.8%		31.6%

As Adjusted (Non-GAAP⁽¹⁾):
Operating revenues, as adjusted		159.5		147.4		125.6		112.6		108.1
Gross margin		84.4%		83.2%		82.2%		81.1%		80.8%
Net income, as adjusted		40.6		41.2		34.5		25.9		23.0
Diluted earnings per share, as adjusted		0.27		0.29		0.23		0.18		0.16
Operating income margin, as adjusted		39.3%		41.7%		38.3%		32.5%		31.6%

RECENT BUSINESS DEVELOPMENTS

Company News

In February 2026, WisdomTree launched 24/7 trading and instant settlement capabilities for the WisdomTree Treasury Money Market Digital Fund (WTGXX), marking the first time registered tokenized mutual fund shares have been permitted to trade and instantly settle 24/7 within the U.S. regulatory perimeter via a dealer-principal liquidity model.
Our digital money market fund (WTGXX) continues to gain traction across new applications, with third parties exploring both real-world and on-chain use cases:
- In March 2026, WTGXX was included in a first-of-its-kind payroll pilot conducted by Plume and Toku, allowing employees to elect to receive a portion of compensation in yield-bearing fund shares and demonstrating how tokenized assets may interact with payroll workflows;
- In April 2026, WTGXX was referenced as part of the reserve framework for LotusUSD within Lotus’ DeFi lending protocol, reflecting one of the early instances of a money market fund being referenced within decentralized finance infrastructure; and
- In April 2026, WTGXX was made available through Stable Sea’s platform, expanding access for businesses to access the fund within treasury and cash management workflows.
In March 2026, WisdomTree and Halo Investing, Inc. collaborated to launch a first-of-its-kind defined outcome SMA strategy, expanding access to innovative advisor solutions.
Also in March 2026, we entered into a definitive agreement to acquire Atlantic House Holdings Limited (“Atlantic House”), a London-based active manager specializing in defined outcome and derivatives-driven investment strategies; and we completed a private offering of $603.75 million in aggregate principal amount of our 2031 Notes and concurrently repurchased $75.0 million in aggregate principal amount of our 2026 Notes for approximately 6.81 million shares of our common stock and $275.0 million in aggregate principal amount of our 2029 Notes for approximately $302.7 million in cash and approximately 4.19 million shares of our common stock, and used approximately $200.0 million of the proceeds to finance the Atlantic House acquisition. On May 1, 2026, we completed the Atlantic House acquisition, expanding our global ETF lineup with defined outcome and derivatives capabilities.

Product News

From February 2026 through April 2026, we launched the following products:
- In Europe, we launched WisdomTree Physical AI, Humanoids and Drones UCITS ETF (WPAI), WisdomTree India Earnings UCITS ETF (EPI), WisdomTree Europe Infrastructure UCITS ETF (WBLD), WisdomTree Tech Megatrends UCITS ETF (TMGT), WisdomTree Asia Defence UCITS ETF (WDAF), WisdomTree Global Defence UCITS ETF (WDGF) and WisdomTree True Emerging Markets UCITS ETF (WEM) on the London Stock Exchange, Börse Xetra, and Borsa Italiana; and
- During the same period, in the U.S. we launched WisdomTree U.S. Adaptive Moving Average Fund (WAMA) and International Adaptive Moving Average Fund (WIMA), both listed on the NASDAQ; and WisdomTree Efficient U.S. Plus International Equity Fund (NTSD) on the New York Stock Exchange (NYSE).
From February through March 2026, we cross-listed the following products:
- WisdomTree Physical Bitcoin (WBTC), WisdomTree Physical Ethereum (WETH), WisdomTree Physical XRP (WXRP), WisdomTree Physical Solana (SOLW), WisdomTree Physical Stellar Lumens (WXLM), WisdomTree Physical Lido Staked Ether (LSTE), WisdomTree Physical Crypto Altcoins (ALTC) and WisdomTree Physical CoinDesk 20 (WCRX) on Borsa Italiana;
- WisdomTree Global Ex-USA Quality Dividend Growth UCITS ETF (XUSA), WisdomTree Broad Commodities UCITS ETF (PCOM), WisdomTree Strategic Metals and Rare Earths Miners UCITS ETF (RARE), WisdomTree Megatrends UCITS ETF (WMGT), WisdomTree Blockchain UCITS ETF (WBLK) and WisdomTree Strategic Metals UCITS ETF (WENU) on Euronext Paris; and
- WisdomTree Quantum Computing UCITS ETF (WQTM), WisdomTree Uranium and Nuclear Energy UCITS ETF (NCLR), WisdomTree Core Physical Gold (WGLD), WisdomTree Core Physical Silver (WSLV), WisdomTree Global Value UCITS ETF (WTVG), WisdomTree US Value UCITS ETF (WTVU) and WisdomTree Europe Value UCITS ETF (WTVE) in Mexico.
We also completed the Norway registration of our UCITS ETF range.
In February and March 2026, WisdomTree won the following awards:
- WisdomTree Emerging Markets Equity Income UCITS ETF(DEMS) won in the ETF Equity Emerging Markets category at the 2026 Mountain View Fund Awards;
- WisdomTree Physical AI, Humanoids and Drones UCITS ETF (WPAI) won innovative Newcomer ETF Award at the XENIX ETF awards France 2026;
- WisdomTree USD Floating Rate Treasury Bond UCITS ETF (USFR) won at the Lipper Fund Awards in the Bond USD Government Short Term passive category; and
- WisdomTree won Best ESG Fixed Income ETF Issuer ($100m-$1bn), Best Crypto Linked ETF Issuer ($1bn+), Best Bitcoin ETF Issuer ($100m+) at the 2026 ETF Express European awards.

WISDOMTREE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited)

	Three Months Ended
	Mar. 31, 2026		Dec. 31, 2025		Sept. 30, 2025			June 30, 2025		Mar. 31, 2025
Operating Revenues:
Advisory fees		134,880		122,712		114,485			103,241		99,549
Management fees		5,231		4,908		—			—		—
Performance fees		2,955		7,105		—			—		—
Other revenues		16,404		12,709		11,131			9,380		8,533
Total revenues		159,470		147,434		125,616			112,621		108,082
Operating Expenses:
Compensation and benefits		47,517		37,273		33,791			32,827		33,788
Fund management and administration		24,880		24,830		22,353			21,252		20,714
Marketing and advertising		5,392		5,613		4,788			5,330		4,813
Sales and business development		4,197		4,045		3,943			4,232		4,137
Professional fees		3,308		3,596		3,505			3,177		2,782
Occupancy, communications and equipment		1,935		1,892		1,601			1,559		1,482
Depreciation and amortization		2,096		2,043		615			580		540
Third-party distribution fees		5,795		4,772		3,977			4,083		3,112
Acquisition-related costs		1,933		317		2,409			1,967		—
Other		3,067		3,306		2,980			2,982		2,552
Total operating expenses		100,120		87,687		79,962			77,989		73,920
Operating income		59,350		59,747		45,654			34,632		34,162
Other Income/(Expenses):
Interest expense		(11,023		(11,023		(8,466			(5,490		(5,441
Interest income		2,592		2,965		4,015			2,090		1,897
Loss on extinguishment of convertible notes		(62,302		(833		(13,011			—		—
Remeasurement of contingent consideration		(2,562		(710		—			—		—
Other losses and gains, net		(637		317		1,325			638		(250
(Loss)/income before income taxes		(14,582		50,463		29,517			31,870		30,368
Income tax expense		8,549		10,437		9,816			7,093		5,739
Net (loss)/income		(23,131		40,026		19,701			24,777		24,629
(Loss)/earnings per share—basic		(0.17		0.29		0.14	⁽³⁾		0.17		0.17
(Loss)/earnings per share—diluted		(0.17		0.28		0.13	⁽³⁾		0.17		0.17
Weighted average common shares—basic		138,005		136,340		139,584			143,076		142,580
Weighted average common shares—diluted		138,005		143,314		150,675			146,640		146,545

As Adjusted (Non-GAAP⁽¹⁾)
Total revenues		159,470		147,434		125,616			112,621		108,082
Total operating expenses		96,752		85,936		77,553			76,022		73,920
Operating income		62,718		61,498		48,063			36,599		34,162
Income before income taxes		54,654		53,840		45,318			33,798		30,947
Income tax expense		14,061		12,605		10,842			7,935		7,933
Net income		40,593		41,235		34,476			25,863		23,014
Earnings per share—diluted		0.27		0.29		0.23			0.18		0.16
Weighted average common shares—diluted		152,372		143,314		150,675			146,640		146,545

QUARTERLY HIGHLIGHTS

Operating Revenues

Operating revenues increased 8.2% from the fourth quarter of 2025, driven by higher average AUM, a higher average advisory fee and increased other revenues attributable to our European listed ETPs, partly offset by lower performance fees. Operating revenues increased 47.5% from the first quarter of 2025, driven by higher average AUM, a higher average advisory fee, revenues arising from our acquisition of Ceres Partners, LLC (the “Ceres Acquisition”) and increased other revenues from our European listed ETPs.
Our average advisory fee was 0.36% for the first quarter of 2026, compared to 0.35% for both the first and fourth quarters of 2025.

Operating Expenses

Operating expenses increased 14.2% from the fourth quarter of 2025 primarily due to higher seasonal compensation expenses related to payroll taxes, benefits and other costs associated with year-end bonus payments, as well as acquisition-related costs associated with our acquisition of Atlantic House and higher third-party distribution fees.
Operating expenses increased 35.4% from the first quarter of 2025, primarily due to higher incentive compensation and headcount, as well as increases in fund management and administration expenses, acquisition-related costs, third-party distribution fees and amortization of intangible assets.

Other Income/(Expenses)

Interest expense was essentially unchanged from the fourth quarter of 2025 and increased 102.6% from the first quarter of 2025 due to a higher level of debt outstanding.
Interest income decreased 12.6% from the fourth quarter of 2025 and increased 36.6% from the first quarter of 2025, primarily due to changes in interest rates and the level of interest-earning assets.
During the first quarter of 2026, we recognized a $62.3 million loss related to transactions involving our convertible notes, comprised of a loss on extinguishment of $16.9 million associated with the repurchase of $75.0 million in aggregate principal amount of our 2026 Notes and a $45.4 million inducement expense related to the repurchase of $275.0 million in aggregate principal amount of our 2029 Notes.
Contingent consideration related to the Ceres Acquisition increased from $11.8 million on December 31, 2025 to $14.4 million at March 31, 2026, resulting in a $2.6 million loss on remeasurement recognized during the first quarter of 2026.
Other losses and gains, net, was a loss of $0.6 million for the first quarter of 2026. This included net losses of $0.9 million on our financial instruments owned and net losses of $0.5 million on our investments. Gains and losses also generally arise from the sale of gold and cryptocurrency earned from advisory fees paid by our physically-backed gold and crypto ETPs, foreign exchange fluctuations and miscellaneous items.

Income Taxes

Our effective income tax rate for the first quarter of 2026 was negative 58.6%, resulting in income tax expense of $8.5 million. Despite a pre-tax loss for the quarter, we recorded income tax expense primarily due to certain non-deductible amounts associated with the extinguishment of convertible notes, which caused our effective tax rate to differ from the U.S. federal statutory rate of 21.0%. Other items impacting our effective tax rate included non-deductible executive compensation, partly offset by state and local taxes and tax windfalls associated with the vesting of stock-based compensation awards.
Our adjusted effective income tax rate for the first quarter of 2026 was 25.7%⁽¹⁾.

CONFERENCE CALL DIAL-IN AND WEBCAST DETAILS

WisdomTree will discuss its results and operational highlights during a live webcast on Friday, May 1, 2026 at 11:00 a.m. ET, which, together with all earnings materials, can be accessed via WisdomTree’s investor relations website at https://ir.wisdomtree.com. A replay of the webcast will be available shortly after the call.

Participants also can dial in using the following numbers: (877) 407-9210 or (201) 689-8049. Click here to access the participant international toll-free access numbers.

To avoid delays, we encourage participants to log in or dial into the conference call 10 minutes ahead of the scheduled start time.

About WisdomTree

WisdomTree is a global financial innovator, offering a diverse suite of exchange-traded products (ETPs), models and solutions, private market investments and digital asset-related products. Our offerings empower investors to shape their financial future and equip financial professionals to grow their businesses. Leveraging the latest financial infrastructure, we create products that emphasize access, transparency and provide an enhanced user experience. Building on our heritage of innovation, we offer next-generation digital products and services related to tokenized real world assets and stablecoins, as well as our institutional platform, WisdomTree Connect™ and blockchain-native digital wallet, WisdomTree Prime^®*, and have expanded into private markets through the acquisition of Ceres Partners’ U.S. farmland platform.

* The WisdomTree Connect institutional platform and WisdomTree Prime digital wallet and digital asset services are made available through WisdomTree Digital Movement, Inc., a federally registered money services business, state-licensed money transmitter and financial technology company (NMLS ID: 2372500) or WisdomTree Digital Trust Company, LLC, and may be limited where prohibited by law. WisdomTree Digital Trust Company, LLC is chartered as a limited purpose trust company by the New York State Department of Financial Services to engage in virtual currency business. Visit https://wisdomtreeconnect.com, https://www.wisdomtreeprime.com or the WisdomTree Prime mobile app for more information.

WisdomTree currently has approximately $163.19 billion in assets under management globally, inclusive of assets managed by Ceres Partners, LLC as of the last reportable period.

For more information about WisdomTree, WisdomTree Connect and WisdomTree Prime, visit: https://www.wisdomtree.com.

Please visit us on X at @WisdomTreeNews.

WisdomTree^® is the marketing name for WisdomTree, Inc. and its subsidiaries worldwide.

PRODUCTS AND SERVICES AVAILABLE VIA WISDOMTREE CONNECT AND WISDOMTREE PRIME:

The products and services available through WisdomTree Connect and the WisdomTree Prime app are not endorsed, indemnified or guaranteed by any regulatory agency.

References to third-party platforms, protocols, or use cases are provided for informational purposes only and do not constitute an endorsement, recommendation, or solicitation by WisdomTree or its affiliates. WisdomTree and its affiliates do not control or operate such third-party platforms or protocols and are not responsible for their operation or performance.

____________________
(1)		See “Non-GAAP Financial Measurements.”
(2)		Revenue yield is computed by dividing our annualized adjusted operating revenues as reported in the GAAP to Non-GAAP Reconciliation herein by our average AUM during the period.
(3)		Earnings per share (“EPS”) is calculated pursuant to the two-class method as it results in a lower EPS amount as compared to the treasury stock method. In addition, the three months ended September 30, 2025 includes $718 of stock repurchase excise taxes, which is excluded from net income, but is required to be added to net income to arrive at income available to common stockholders in the calculation of EPS. This item is excluded from our EPS when computed on a non-GAAP basis.

WISDOMTREE, INC. AND SUBSIDIARIES

KEY OPERATING STATISTICS

(Unaudited)

Three Months Ended

Mar. 31,

2026

Dec. 31,

2025

Sept. 30,

2025

June 30,

2025

Mar. 31,

2025

GLOBAL PRODUCTS ($ in millions)

Beginning of period assets

144,525

137,175

126,070

115,787

109,779

Add: Digital Assets—Jan. 1, 2025

—

32

Add: Assets acquired—Ceres Acquisition

—

1,812

—

Inflows/(outflows)

5,934

(283

2,241

3,529

3,052

Market appreciation

2,097

5,821

8,864

6,754

2,924

End of period assets

152,556

144,525

137,175

126,070

115,787

Average assets during the period

154,663

140,686

130,760

119,185

114,622

Average ETP advisory fee during the period

0.36%

0.35%

Total revenue yield

0.42%

0.38%

Revenue days

90

92

91

90

Number of products—end of the period

416

405

397

383

375

⁽¹⁾

ETPs AND TOKENIZED PRODUCTS

U.S. LISTED ETFs ($ in millions)

Beginning of period assets

88,521

88,293

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