WisdomTree outlines ~15 ETF launches over next 18 months as it guides 152M-155M diluted shares for H2

Earnings Call Insights: WisdomTree (WT) Q2 2026

MANAGEMENT VIEW

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"Our assets under management reached $162.9 billion at quarter end, marking our sixth consecutive quarter of record AUM" (Chief Financial Officer Bryan Edmiston).

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"During the quarter, we generated $3.1 billion of net inflows, including $2.1 billion in Europe and $1 billion in the U.S." and "we also completed the acquisition of Atlantic House, adding more than $4 billion of assets under management" (Chief Financial Officer Edmiston).

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"During the quarter, we retired approximately $127 million principal amount of our convertible notes maturing in 2026 and 2029" and "we commenced open market share repurchases during the quarter and have repurchased approximately $29 million through today, representing roughly 1.7 million shares" (Chief Financial Officer Edmiston).

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"Revenues were $177.2 million during the quarter" and "adjusted net income for the quarter was $48.1 million or $0.31 per share" (Chief Financial Officer Edmiston).

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"Growth came from both the U.S. and Europe" and "no single product or market drove the quarter" (President & COO Robert Lilien).

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"We’ve invested heavily in building deeper relationships with advisers through models and SMAs, and that business continues to grow faster than the firm overall" (President & COO Lilien).

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"This was another strong quarter for WisdomTree with record average AUM" and "public markets are assigning billion-dollar valuations to companies focused on tokenized financial infrastructure, yet we believe our own platform...is largely unrecognized in our current valuation" (Founder, CEO & Director Jonathan Steinberg).

OUTLOOK

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"Our diluted share guidance for the second half of the year is 152 million to 155 million compared with previous guidance of 154 million shares" (Chief Financial Officer Edmiston).

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"We are also updating our interest income guidance to $8 million from $10 million" and "all other elements of our forward-looking guidance remain unchanged from the guidance we provided last quarter" (Chief Financial Officer Edmiston).

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"We will continue approaching capital allocation with discipline" and "we believe repurchasing our own shares remains one of the most compelling opportunities to create long-term shareholder value" (CEO Steinberg).

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"We expect that we’ll be launching ETFs, both in Europe and in the United States" and "expect something like 15 ETFs over the next 18 months between the U.S. and in Europe" (CEO Steinberg).

FINANCIAL RESULTS

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"Revenues were $177.2 million" (Chief Financial Officer Edmiston).

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"Ceres contributed $5.4 million of management fees and $6 million of performance fees" (Chief Financial Officer Edmiston).

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"Other revenues of $19.5 million reflected higher AUM in our European products and revenues from Atlantic House" (Chief Financial Officer Edmiston).

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"Year-to-date adjusted operating margin" was "41.1%" (Chief Financial Officer Edmiston).

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"Adjusted net income for the quarter was $48.1 million or $0.31 per share" (Chief Financial Officer Edmiston).

Q&A

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Christoph Kotowski, Oppenheimer: asked whether Ceres flows and incentive fees have a cadence; Chief Financial Officer Edmiston said "we’ve closed the flagship fund to new investment" and "we just launched Fund II," adding "there is some seasonality with respect to the performance fee structures," while President & COO Lilien added "the pipeline looks great" with "over 100 interested investors" representing "over $100 million of assets."

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Christoph Kotowski, Oppenheimer: asked how Atlantic House would look if included for a full quarter; Chief Financial Officer Edmiston said Atlantic House has "about $1.5 billion of assets AUA" in models that "captures 25 basis points" and said structuring fees "could ebb and flow," adding "in the 2025 year, that number was $13 million for the year," while also framing "other revenue" as a "good baseline" around current levels.

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George Sutton, Craig-Hallum: asked about future M&A priorities; CEO Steinberg said M&A "will continue to be a secondary strategy" and outlined guardrails: "We want it to be accretive" and "strategically important to the firm as opposed to just trying to buy AUM for the sake of AUM."

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George Sutton, Craig-Hallum: asked about tokenization partnerships and expansion; Head of Digital Assets William Peck said "the pipeline has never been more robust" and highlighted "the tokenized money market fund, WTGXX" plus "a very novel filing in for a tokenized ETF," which "would be the first tokenized ETF in the market" if effective; CEO Steinberg added he felt "extraordinarily confident in our tokenization strategy" and pointed to "24/7 trading of our money market fund."

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George Sutton, Craig-Hallum: asked about AI data center opportunity within farmland assets; Global Chief Investment Officer Jeremy Schwartz said Ceres is "looking at these things very closely" and described "continued exploration across the portfolio," adding "these things are not overnight things" and emphasizing "optionality on the best use case of their land."

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Wilma Jackson Burdis, Raymond James: asked about incorporating private farmland into ETFs; Global CIO Schwartz said "we don’t have an exact time line today" but "we’re absolutely looking to do it" and said the firm would be "thoughtful" about liquidity.

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Wilma Jackson Burdis, Raymond James: asked about digital asset outflows and expectations; Head of Digital Assets Peck said "AUM goes up and down" and said management is "incredibly excited about the pipeline" while adding it is "feeling very optimistic" on market growth.

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Mike Grondahl, Northland: asked priorities for Atlantic House; CEO Steinberg said the firm "expect[s] that we’ll be launching ETFs" using Atlantic House strategies and reiterated "15 ETFs over the next 18 months" plus taking the solutions business "to the rest of the world."

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Mike Grondahl, Northland: asked what’s next for model portfolios; President & COO Lilien said "we currently have $9 billion in model AUA" and that "model flows are stickier," describing the focus as increasing "the number of users" and "the assets per user."

SENTIMENT ANALYSIS

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Analyst tone was slightly positive and heavily modeling-focused, including questions on Ceres cadence, Atlantic House revenue run-rates, and expansion plans; one exchange praised profitability directly: "First, 41% margins, just outstanding" (George Sutton, Craig-Hallum).

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Management tone was positive in prepared remarks and assertive in Q&A, using high-conviction language on strategy and valuation, including "the pipeline has never been more robust" (Head of Digital Assets Peck) and "we are highly confident" about closing a valuation gap (CEO Steinberg).

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Versus Q1, management shifted from emphasizing acquisition close and elevated market volatility to emphasizing active share repurchases and tokenization acceleration; in Q2, Chief Financial Officer Edmiston tied guidance changes to repurchases (interest income and share count), while Q1 centered on Atlantic House financing and guidance adds.

QUARTER-OVER-QUARTER COMPARISON

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Guidance changes centered on capital allocation mechanics: in Q2, Chief Financial Officer Edmiston said "diluted share guidance" moved to "152 million to 155 million" and "interest income guidance" moved to "$8 million from $10 million," while stating other items were unchanged; in Q1, management discussed broader guidance items such as gross margin, discretionary spending, and interest expense.

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Strategic emphasis shifted from closing and describing Atlantic House economics in Q1 to operationalizing it in Q2; CEO Steinberg moved from describing defined outcome product expansion in Q1 to stating "expect something like 15 ETFs over the next 18 months" in Q2.

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Analyst focus broadened in Q2 to include tokenization regulation timing, private farmland development optionality (including AI data centers), and Atlantic House quarterly revenue mechanics; Q1 questions were more concentrated on tokenized money market differentiation, other revenues, and digital platform priorities.

RISKS AND CONCERNS

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"The structuring fee stuff, that could ebb and flow each quarter" (Chief Financial Officer Edmiston).

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"Markets aren’t as volatile as they once were in our European products" and "that might be a partial offset" to Atlantic House’s full-quarter inclusion (Chief Financial Officer Edmiston).

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"AUM goes up and down" in digital assets, with management framing results as part of "ups and downs along a broader uptrend" (Head of Digital Assets Peck).

FINAL TAKEAWAY

WisdomTree’s management highlighted record AUM, organic inflows, and a higher earnings profile alongside a new phase of capital returns, with Chief Financial Officer Bryan Edmiston linking updated share and interest-income guidance to active repurchases. Executives emphasized Atlantic House integration and a defined outcome product buildout, while positioning tokenization as a major strategic growth lever, including William Peck’s disclosure of a pending tokenized ETF filing and Jonathan Steinberg’s assertion of confidence in closing what he called a valuation gap.

Read the full Earnings Call Transcript [https://seekingalpha.com/symbol/wt/earnings/transcripts]

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