Virtus Investment Partners earnings date
Virtus Investment Partners (VIP) Q3 2026 Earnings Report
DE:VIP Q3 2026 EPS Results
- Actual EPS
- EUR 5.32
- Consensus EPS
- EUR 5.24
- Beat/Miss
- Beat by +EUR 0.08
- One Year Ago EPS
- EUR 6.07
DE:VIP Q3 2026 Revenue Results
- Actual Revenue
- EUR 168.16M
- Expected Revenue
- EUR 164.52M
- Beat/Miss
- Beat by +EUR 3.64M
- YoY Revenue Growth
- -9.01%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/09/2026
- Time
- Before Open
- Conference Call
- Monday, November 9, 2026
Virtus Investment Partners's next earnings date is estimated for January 29, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call presented a mixed picture. Virtus reported improved operating margin, higher adjusted EPS, strong recent quality equity performance, positive fixed income and alternatives trends, ETF growth, capital returns, and meaningful liquidity. However, these positives were offset by a 7% sequential AUM decline, higher total net outflows, lower sales, a significant institutional redemption, and continuing longer-term challenges in quality-oriented equity strategies.
For modeling purposes, the third quarter fee rate of 43 basis points is reasonable, with the fee rate varying with market levels, asset mix and performance fees; performance fees will vary. For the fourth quarter, a range of 54% to 56% is a reasonable level for employment expenses as a percentage of revenues, other operating expenses are expected to be at the higher end of the $30 million to $32 million range, and an effective tax rate of approximately 11% is reasonable. Several more actively managed ETFs are expected to launch over the next few quarters, and alternatives, currently about 14% of AUM, are expected to be a slightly higher percentage of the overall book.
- Improved Recent Quality Equity PerformanceSeveral quality-oriented strategies generated strong relative performance as momentum leadership faded and AI-related stocks weakened. In the third quarter, 58% of equity assets ranked in the top half of their peer groups, up from 22% in the prior quarter; several quality strategies ranked in the top quartile, with some in the top decile. In October, equity investment performance was positive 1.5%, compared with the S&P 500 down nearly 1% and the NASDAQ down over 5%.
- Strong Fixed Income and Alternatives PerformanceFixed income strategies beat their benchmarks over the 3-, 5-, and 10-year periods at rates of 83%, 70%, and 72%, respectively. Alternatives strategies beat their benchmarks over those periods at rates of 68%, 73%, and 93%, respectively. Fixed income and alternatives also generated positive net flows over the past year.
- ETF Growth and Product ExpansionETF assets under management grew 24% over the past year, while ETFs delivered a 27% organic growth rate. ETFs generated $0.2 billion of positive net flows in the quarter, and Virtus launched three actively managed ETFs, with several more expected over the next few quarters.
- Broader Business DiversificationQuality-oriented strategies represented 31% of assets, down from 45% a year ago, while fixed income, multi-asset, alternatives, and non-quality equity strategies represented 69%. Management said the broader mix across asset classes and strategies should make earnings more resilient through different market environments.
- Expansion of Alternatives CapabilitiesVirtus broadened its alternatives capabilities through the addition of private-market strategies, and alternatives represented approximately 14% of total AUM. Alternatives flows included private markets, managed futures, and global listed real estate, while tender offer funds generated positive net flows during the quarter.
- Positive Retail Flow Trends in Certain AreasRetail product net outflows improved for the second consecutive quarter as redemptions declined in both open-end funds and retail separate accounts. Retail fixed income funds generated $0.4 billion of positive net flows, led by bank loan strategies.
- Operating Margin and Adjusted EPS IncreasedThe adjusted operating margin was 28.7%, up from 26.1% in the prior quarter; excluding a discrete employment expense item in the prior quarter, the margin improved by 50 basis points. Adjusted earnings per share increased to $5.86 from $5.54.
- Lower Employment Expenses Supported Operating IncomeAdjusted employment expenses declined 7% sequentially to $95.5 million, reflecting the prior-quarter discrete noncash expense item and lower variable incentive compensation. Adjusted operating income increased to $51.8 million from $47.9 million.
- Capital Return and Debt ReductionVirtus repurchased 64,666 common shares for $10 million and raised its quarterly common dividend by 2% to $2.45 per share. Gross debt declined to $411 million from $427 million, while $15 million was used to repay part of the revolving credit facility.
- Meaningful Liquidity and Financial FlexibilityAt September 30, Virtus had $187 million of cash and equivalents, $298 million of seed capital and other investments, and $235 million of undrawn capacity on its revolving credit facility. Net debt was $224 million, or 0.9x EBITDA.
- New CLO Issuance and Continued InvestmentThird-quarter sales included $0.4 billion from the issuance of a new CLO, and Virtus used $28 million to sponsor the CLO launch. Management said it will continue investing where it sees attractive long-term opportunities, including ETFs, alternatives, fixed income, and wealth management.
- Wealth Management Business DevelopmentVirtus's wealth management business had $9 billion in assets, and the company is expanding business development resources to grow the client base organically.
- Stable Average Fee RateAdjusted investment management fees were $161.9 million, and the average fee rate was 43 basis points, essentially unchanged sequentially. Excluding performance fees, the fee rate increased to 42.4 basis points from 41.9 basis points, partly reflecting manager reassignments.
DE:VIP Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 29, 2027 | 2026 (Q4) | 4.80- | 5.9 | ― | ― |
| Nov 09, 2026 | 2026 (Q3) | 5.245.32 | 6.07 | -12.41% (-0.75) | |
| Jul 30, 2026 | 2026 (Q2) | 5.525.03 | 5.67 | -11.36% (-0.64) | |
| May 01, 2026 | 2026 (Q1) | 5.144.88 | 5.2 | -6.11% (-0.32) | |
| Feb 06, 2026 | 2025 (Q4) | 5.855.90 | 6.8 | -13.33% (-0.91) | |
| Oct 24, 2025 | 2025 (Q3) | 6.146.07 | 6.28 | -3.32% (-0.21) | |
| Jun 30, 2025 | 2025 (Q2) | 5.635.67 | 5.92 | -4.29% (-0.25) | |
| Apr 25, 2025 | 2025 (Q1) | 4.915.20 | 4.91 | 5.91% (+0.29) | |
| Jan 31, 2025 | 2024 (Q4) | 6.746.80 | 5.54 | 22.75% (+1.26) | |
| Oct 25, 2024 | 2024 (Q3) | 6.166.28 | 5.63 | 11.43% (+0.64) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
