Horizon Kinetics Holding Corp

hkholdingco.com

What Do They Do?

Provides investment management and independent research for institutions, individuals and financial professionals.

How Do They Make Money?

Investors pay management and advisory fees for account and fund management, generally based on assets; account fees may be charged before or after the fee period, while some investors pay performance fees after returns meet agreed terms. Research clients subscribe monthly, annually or for multiple years.

revenue

Segment	Share	Revenue	How money arrives
Management and Advisory Fees Recurring	99%		Recurring
Other Income and Fees Recurring	0.6%		Recurring

Who Are Their Customers?

Institutions, individuals and financial professionals access investment strategies through mutual funds, ETFs, separate accounts and private funds; individual and institutional research clients subscribe to reports.

Do Revenues Turn Into Profits?

Yes. It kept 7 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$43.4M.

Operating income, FY2025

15% of revenue

▲ Now profitable vs FY2024 (−$15.1M, −27%)

Net income, FY2025

7% of revenue

▼ −94% vs FY2024 ($92.5M, 166%)

Free cash flow, FY2025

−60% of revenue

▼ Now a loss vs FY2024 ($11.8M, 21%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +1%; vs $18.9M in Q2 FY2025
Net income: ▲ +75% (Loss); vs −$10.5M in Q2 FY2025

Management and Advisory Fees share of revenue vs 99.5% in Q2 FY2025

Growing. Revenue grew 2.4x in 4 years, from $29.7M in FY2021 to $72.8M in FY2025, about 25% a year.

From consumer products to investment services The business has shifted from selling household and health and beauty care products to providing investment advisory services and independent research.

Revenue over time

Management and Advisory Fees Other Income and Fees

$100M$50M$0

FY2023 FY2024 FY2025

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