WTMEDIUM SIGNALOPERATIONAL10-K

WisdomTree significantly expanded its business scope through the acquisition of Ceres Partners farmland investments while enhancing its digital asset platform capabilities.

The company is diversifying beyond its core ETP business into private markets through farmland investments and expanding its blockchain-based offerings including tokenized assets and stablecoins. This strategic evolution positions WisdomTree as a broader financial services platform rather than just an ETF provider, though execution risk increases with this expanded scope.

Comparing 2026-02-25 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

WisdomTree delivered solid financial performance with revenue growing 15.4% and operating income expanding 26.9%, while net income grew substantially higher. The balance sheet expanded meaningfully with total assets increasing 46.4% and liabilities rising 73.5%, likely reflecting the Ceres acquisition and business expansion. Operating cash flow grew a healthy 30.4%, and the company increased share buybacks substantially, indicating strong cash generation and capital allocation confidence.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
+73.5%
$633.6M→$1.1B

Liabilities grew 73.5% — significant increase in debt or obligations, assess impact on financial flexibility.

Net Income
P&L
+63.6%
$66.7M→$109.1M

Net income grew 63.6% — bottom-line growth signals improving overall business health.

Share Buybacks
Cash Flow
+63.4%
$62.9M→$102.7M

Share repurchases increased 63.4% — management returning capital, signals confidence in intrinsic value.

Current Assets
Balance Sheet
+54.6%
$318.4M→$492.4M

Current assets grew 54.6% — improving short-term liquidity or inventory/receivables build.

Capital Expenditure
Cash Flow
+52.5%
$141K→$215K

Capital expenditure jumped 52.5% — major investment cycle underway; assess returns on deployment.

Total Assets
Balance Sheet
+46.4%
$1.0B→$1.5B

Asset base grew 46.4% — expansion through organic growth, acquisitions, or capital deployment.

Accounts Receivable
Balance Sheet
+43.7%
$44.9M→$64.5M

Receivables surged 43.7% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Operating Cash Flow
Cash Flow
+30.4%
$113.5M→$147.9M

Operating cash flow surged 30.4% — exceptional cash generation, highest quality earnings signal.

Operating Income
P&L
+26.9%
$137.3M→$174.2M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Revenue
P&L
+15.4%
$427.7M→$493.8M

Revenue growing 15.4% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-26
ADDED
At February 23, 2026, there were 141,616,698 shares of the registrant s Common Stock outstanding.
markets; the effect of laws and regulations that apply to our business; the potential benefits arising from our acquisition of Ceres Partners, LLC, or Ceres, including financial or strategic outcomes; and our ability to successfully implement our strategic goals relating to the acquisition and integrate the acquired business.
BUSINESS Our Company We are a global financial innovator, offering a diverse suite of ETPs, models and solutions, private market investments and digital asset-related products.
Building on our heritage of innovation, we continue to broaden our capabilities beyond our core ETP business.
We offer next-generation digital products and services related to tokenized real world assets and stablecoins, including tokenized mutual funds ( Digital Funds ), as well as our institutional platform, WisdomTree Connect, and blockchain-native digital wallet, WisdomTree Prime.
We also have expanded into private assets through our acquisition of Ceres, a leading U.S.-based alternative asset manager specializing in farmland investments.
As of December 31, 2025, we managed approximately $144.5 billion in assets under management, or AUM.
Our products span a broad range of strategies including equities, commodities, fixed income, leveraged-and-inverse, cryptocurrency, currency, alternatives, and private assets.
As pioneers in tokenization and blockchain technology, we view this as the next phase in the evolution of financial services.
The chart below sets forth the asset mix of our products at December 31, 2023, 2024 and 2025: Our Operating and Financial Results We operate as an ETP sponsor and asset manager, providing investment advisory services globally through our subsidiaries in the U.S.
REMOVED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
At February 24, 2025, there were 147,047,857 shares of the registrant s Common Stock outstanding.
markets; the effect of laws and regulations that apply to our business; and actions of activist stockholders.
BUSINESS Our Company We are a global financial innovator, offering a diverse suite of ETPs, models, solutions and products leveraging blockchain technology.
Building on our heritage of innovation, we have introduced next-generation digital products and services, including blockchain-enabled mutual funds ( Digital Funds ), tokenized assets and our blockchain-native digital wallet, WisdomTree Prime , which is currently available in 45 U.S.
Our institutional platform, WisdomTree Connect , further expands access to our tokenized assets.
As of December 31, 2024, we managed approximately $109.8 billion in assets under management, or AUM.
Our ETPs span a broad range of strategies including equities, fixed income, commodities, leveraged-and-inverse, currency, alternatives and cryptocurrency exposures.
As pioneers in blockchain-enabled financial services, we view the tokenization of real-world assets to be the next phase in the evolution of our industry.
Assets Under Management WisdomTree ETPs We offer ETPs covering equity, fixed income, commodities, leveraged-and-inverse, currency, alternatives and cryptocurrency.
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