WisdomTree, Inc. Segments Disclosure
25. Segment Information
The Company, through its subsidiaries in the U.S. and Europe, offers a diverse suite of ETPs, models and solutions, private market investments and digital asset-related products and services. The Company conducts business as a single operating segment as an ETP sponsor and asset manager, which is based upon the Company’s current organizational and management structure, as well as information used by the CODM to allocate resources and assess performance and other factors. The accounting policies of the segment are the same as those described in Note 2.
The key measures of segment profit or loss that the CODM uses to allocate resources and assess performance are the Company’s consolidated net income, as reported on the Consolidated Statements of Operations, as well as adjusted operating income and adjusted operating income margin, which are exclusive of items that are non-recurring or not core to the Company’s operating business.
The table below discloses these key measures and is inclusive of a reconciliation of the Company’s operating income and operating income margin as computed under U.S. GAAP to the Company’s Non-GAAP adjusted operating income and adjusted operating income margin utilized by the CODM:
| 2025 | 2024 | 2023 | ||||||||||
| Net income | $ | 109,133 | $ | 66,693 | $ | 102,546 | ||||||
| 2025 | 2024 | 2023 | ||||||||||
| Operating revenues | $ | 493,753 | $ | 427,737 | $ | 349,035 | ||||||
| Less: Legal expenses covered by insurance | (4,306 | ) | ||||||||||
| Operating revenues, as adjusted | $ | 493,753 | $ | 423,431 | $ | 349,035 | ||||||
| Operating income | $ | 174,195 | $ | 137,293 | $ | 87,492 | ||||||
| Add back: Acquisition-related costs | 4,693 | |||||||||||
| Add back: Ceres intangible amortization | 1,435 | |||||||||||
| Add back: Expenses incurred in response to an activist campaign | 4,966 | 5,880 | ||||||||||
| Adjusted operating income | $ | 180,323 | $ | 142,259 | $ | 93,372 | ||||||
| Operating income margin | 35.3% | 32.1% | 25.1% | |||||||||
| Adjusted operating income margin | 36.5% | 33.6% | 26.8% | |||||||||
Acquisition-related costs for the year ended December 31, 2025 of $4,693 related to the Ceres Acquisition. Expenses incurred in response to an activist campaign for the years ended December 31, 2024 and 2023 were comprised of professional fees of $4,857 and $5,734, respectively, and other expenses of $109 and $146, respectively.
All expense categories on the Consolidated Statements of Operations are significant and there are no other significant segment expenses that would require disclosure. Assets provided to the CODM are consistent with those reported on the Consolidated Balance Sheets with particular emphasis on the Company’s available liquidity, including its cash, cash equivalents and restricted cash, financial instruments owned, accounts receivable and securities held-to-maturity, reduced by current liabilities, seed capital and regulatory capital requirements.
There are no intra-entity sales or transfers and no significant expense categories regularly provided to the CODM beyond those disclosed in the Consolidated Statements of Operations. The CODM manages the business using consolidated expense information, adjusted for items that are non-recurring or not core to the Company’s operating business as disclosed in the table above, as well as regularly provided budgeted or forecasted expense information for the single operating segment.
Information related to the Company’s products and services and geographical distribution of revenues is disclosed in Note 16.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 1, 2017 | |
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.