JANUS HENDERSON GROUP PLC Segments Disclosure
Note 21 — Geographic and Segment Information
Geographic Information
The following table provides our operating revenues by principal geographic area for the years ended December 31, 2025, 2024 and 2023 (in millions):
| Year ended December 31, | ||||||||||||
| Operating revenues: | 2025 | 2024 | 2023 | |||||||||
| U.S. | $ | 2,137.8 | $ | 1,582.2 | $ | 1,304.3 | ||||||
| UK | 402.8 | 391.2 | 350.4 | |||||||||
| Luxembourg | 505.4 | 452.2 | 400.6 | |||||||||
| Australia and other | 51.3 | 47.6 | 46.5 | |||||||||
| Total | $ | 3,097.3 | $ | 2,473.2 | $ | 2,101.8 | ||||||
Operating revenues are attributed to countries based on the location in which revenues are earned.
The following table provides our long-lived assets by principal geographic area as of December 31, 2025 and 2024 (in millions):
| December 31, | ||||||||
| Long-lived assets: | 2025 | 2024 | ||||||
| U.S. | $ | 2,168.6 | $ | 2,143.6 | ||||
| UK | 355.1 | 334.1 | ||||||
| Australia and other | 36.5 | 35.0 | ||||||
| Total | $ | 2,560.2 | $ | 2,512.7 | ||||
Long-lived assets include property, equipment, software and intangible assets. As of December 31, 2025, intangible assets in the U.S., UK and Australia were $2,153.9 million, $339.4 million and $33.8 million, respectively. As of December 31, 2024, intangible assets in the U.S., UK and Australia were $2,125.5 million, $316.0 million and $31.8 million, respectively.
Segment Information
We are a global asset manager and manage a range of investment products, operating across various product lines, distribution channels and geographic regions. However, information is reported to the chief operating decision-maker (“CODM”), our CEO, on an aggregated basis. Strategic and financial management decisions are determined centrally by our CEO, and, on this basis, we operate as a single-segment investment management business.
Our investment management segment primarily derives revenues from management fees. Clients pay a management fee, which is usually calculated as a percentage of AUM. Certain investment products are also subject to performance fees, which vary based on when performance hurdles or other specified criteria are achieved. The level of assets subject to such fees can positively or negatively affect our revenue. Management and performance fees are generated from a diverse group of funds and other investment products and are the primary drivers of our revenue.
The accounting policies of the investment management segment are the same as those described in Note 2 — Summary of Significant Accounting Policies. The CODM assesses performance for the investment management segment and decides how to allocate resources based on net income attributable to JHG on the Consolidated Statements of Comprehensive Income. Refer to the Consolidated Statements of Comprehensive Income for information on our significant segment expenses. All of our revenue is earned from external customers.
The measure of assets is reported on the Consolidated Balance Sheets as total assets. Segment assets are identical to the total assets on our Consolidated Balance Sheets. Significant noncash items include depreciation and amortization, stock-based compensation plan expense and investment gains and losses. Refer to our Consolidated Statements of Cash Flows for a comprehensive listing of our noncash adjustments.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2018 | Feb 26, 2019 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.