Janus Henderson Group Ltd.

janushenderson.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2026 10-Q, filed May 8, 2026. Its latest SEC filing is a N-PX from Aug 31, 2026.

The sections below describe the company as of the FY2025 annual report.

What Did They Do?

Manages active investment products across major asset classes for institutional and retail investors.

How Did They Make Money?

Clients pay management fees over time, generally as a percentage of assets managed; some products also generate performance fees when investment hurdles are met, with fees earned monthly, quarterly or annually depending on the agreement.

revenue

Segment	Share	How money arrives
Investment Advice Recurring	70% FY2022: 82%	Recurring
Investment Performance Recurring	15% FY2022: −0.5%	Recurring
Distribution and Shareholder Service Recurring	8.3%	Recurring
Product and Service, Other	6.8% FY2022: 8.7%

Who Were Their Customers?

Financial intermediaries distribute the company’s funds through banks, broker-dealers, advisers and fund platforms; institutions receive distribution directly or through consultants, while individuals invest through mutual fund supermarkets or directly.

Did Revenues Turn Into Profits?

Yes. It kept 26 cents of every revenue dollar as net income in FY2025 and turned 23 cents into free cash flow.

Operating income, FY2025

32% of revenue

▲ +51% vs FY2024 ($645.7M, 26%)

Net income, FY2025

26% of revenue

▲ +100% vs FY2024 ($408.9M, 17%)

Free cash flow, FY2025

23% of revenue

▲ +4% vs FY2024 ($684.5M, 28%)

How Were They Changing?

Since the FY2025 annual report

Latest quarter: Q1 FY2026, the three months to Mar 31, 2026

Revenue: ▲ +11%; vs $621.4M in Q1 FY2025
Net income: ▼ −25%; vs $120.7M in Q1 FY2025

Investment Advice share of revenue vs 82.6% in Q1 FY2025

Jun 30, 2026 Janus Henderson completed its take-private transaction Shares not already owned or controlled by Trian converted into a right to receive $52.00 cash per share, and the ordinary shares were delisted from the NYSE.
Jun 18, 2026 Required approvals and client consents for the transaction were secured The company said the required regulatory approvals and client consents had been secured ahead of the expected closing.
Mar 24, 2026 The merger agreement increased the cash offer for shareholders The cash consideration rose from $49.00 to $52.00 per share.

Grew. Revenue grew 12% in 4 years, from $2.8B in FY2021 to $3.1B in FY2025, about 3% a year.

Private credit The older report described private credit as an area for diversification; the latest report lists it among the Alternatives strategies.

Revenue over time

Investment Advice Investment Performance Distribution and Shareholder Service Product and Service, Other Shareholder Service

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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