Artisan Partners Asset Management Inc.APAM

Artisan Partners Asset Management Inc. Revenue Disclosure

10-KFiled Feb 20, 20262 min read
Note 9. Revenue From Contracts with Customers
The following table presents a disaggregation of investment advisory revenue by type and vehicle for the years ended December 31, 2025, 2024 and 2023:
 For the Years Ended December 31,
202520242023
Management fees
Artisan Funds$683,510 $636,153 $562,803 
Artisan Global Funds58,312 52,604 43,464 
Separate accounts and other(1)
425,742 408,178 364,545 
Performance fees
Separate accounts and other(1)
29,124 14,867 4,319 
Total revenues(2)
$1,196,688 $1,111,802 $975,131 
(1) Separate accounts and other revenue consists of fees earned from vehicles other than Artisan Funds or Artisan Global Funds.
(2) All fees earned from consolidated investment products were eliminated upon consolidation and therefore are omitted from this table. See Note 17, “Related Party Transactions”.
The following table presents the balances of receivables related to contracts with customers:
CustomerAs of December 31, 2025As of December 31, 2024
Artisan Funds$9,752 $8,699 
Artisan Global Funds7,973 6,859 
Separate accounts and other130,530 98,144 
Total receivables from contracts with customers148,255 113,702 
Non-customer receivables6,281 4,965 
Accounts receivable$154,536 $118,667 
Artisan Funds and Artisan Global Funds are billed on the last day of each month. Artisan Funds and Artisan Global Funds make payments on the same day the invoice is received for the majority of the invoiced amount. The remainder of the invoice is generally paid in the month following receipt of the invoice. Separate accounts and other clients are generally billed on a monthly or quarterly basis, with payments due within 30 days of billing.
Artisan had no other contract assets or liabilities from contracts with customers as of December 31, 2025 and 2024.
Non-customer receivables include state tax payments made on behalf of certain limited partners, which are then netted from subsequent distributions or payments to the limited partners, as well as redemptions of investments that have not yet been collected.

Historical Timeline

Fiscal YearFiled
2025Feb 20, 2026Showing above
2024Feb 25, 2025
2023Feb 22, 2024
2022Feb 27, 2023
2021Feb 22, 2022
2020Feb 23, 2021
2019Feb 18, 2020
2018Feb 20, 2019

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Other Available Disclosures

Income TaxesEarnings Per ShareFair ValuePP&ELeasesSegmentsDebtCommitmentsNew StandardsPay vs Performance