"As 2025 draws to a close, I have the utmost confidence in the strength of the economy and the U.S. stock market," said Neil Hennessy, Chairman and CEO. "In the one-year period ended September 30, 2025, the Dow Jones Industrial Average gained 11.50% and the S&P 500® Index rose 17.60% (on a total return basis). Those results, in my view, reflect a resilient economy and a steady consumer that are together poised to drive growth as we approach the holiday season."
"The market will always have its skeptics, but I'll never bet against our economy or our country. There's uncertainty, of course. However, I believe the market fundamentals are sound: steady consumer spending, solid corporate earnings, and moderate inflation. As the Federal Reserve eases monetary policy in coming months, I expect lower interest rates to further support investors, consumers, and businesses alike," he added.
"I'm also proud of our Funds' historical performance. Every one of our 17 Hennessy Funds posted positive returns in the one- and three-year periods ended September 30, 2025. Among our 16 Funds with more than 10 years of operating history, all delivered positive results for both the 5-year and 10-year periods ended September 30, 2025," stated Neil Hennessy.
"While total assets under management declined from prior year, we are entering fiscal year 2026 from a strong position, nearly $4.3 billion in assets under management, more than $72 million in cash, and a pending deal in process to expand our ETF lineup," said Teresa Nilsen, President and COO.
"Our higher average assets this year helped fuel a 40% increase in net income and boosted our cash position by over $8.5 million. These results reflect both the strength of our operating model and the discipline of our team," she added. "Looking ahead, our focus remains on growth and stability. We remain committed to maintaining our quarterly dividend, and we'll continue to seek opportunities—organically and through acquisition—that align with our values and create long-term value for our shareholders."
Summary Highlights for the Fiscal Year (compared to fiscal year 2024):
Total revenue of $35.5 million, an increase of 20%.
Net income of $10.0 million, an increase of 40%.
Fully diluted earnings per share of $1.27, an increase of 38%.
Average assets under management, upon which revenue is earned, of $4.5 billion, an increase of 22%.
Total assets under management at fiscal year end of $4.2 billion, a decrease of 9%.
Cash and cash equivalents, net of gross debt, of $32.2 million, an increase of 36%.
