Investment Advisory was Federated Hermes’s largest product and service line in fiscal 2025, bringing in $1.89B of $3.60B (52%).
| Product and Service | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Investment Advisory | $1.55B | $1.74B | $1.71B | $1.89B | ||||||
| Asset Management | — | — | — | — | ||||||
| Investment Advisory Fees, Net—Affiliates | — | — | — | — | ||||||
| Investment Advisory Fees, Net—Affiliates | — | — | — | — | ||||||
| Administrative Service Fees, Net—Affiliates | $589.11M | $686.66M | $775.06M | $839.52M | ||||||
| Administrative Service Fees, Net—Affiliates | — | — | — | — | ||||||
| Separate Accounts | $477.28M | $489.90M | $480.84M | $511.52M | ||||||
| Investment Advisory Fees, Net—Other | — | — | — | — | ||||||
| Investment Advisory Fees, Net—Other | — | — | — | — | ||||||
| Other Service Fees, Net—Affiliates | — | — | — | — | ||||||
| Other Service Fees, Net—Affiliates | — | — | — | — | ||||||
| Other Service Fees, Net | $242.77M | $268.86M | $257.45M | $297.30M | ||||||
| Other Service Fees, Net—Other | — | — | — | — | ||||||
| Other Service Fees, Net—Other | — | — | — | — | ||||||
| Other | $36.49M | $32.06M | $35.94M | $66.04M | ||||||
| Total | $2.89B | $3.22B | $3.26B | $3.60B |
Federated Hermes brought in $3.60B from its five product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 10.3% from $3.26B in fiscal 2024. Investment Advisory was the largest at $1.89B (52.4%), ahead of Administrative Service Fees, Net—Affiliates at $839.52M (23.3%) and Separate Accounts at $511.52M (14.2%). The other two lines brought in $363.34M combined.
Compared with fiscal 2024, Other Service Fees, Net grew fastest, up 15.5% to $297.30M. Every line above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these lines grew from $2.89B to $3.60B, a compound annual growth rate of 7.6%. Investment Advisory's share of the total fell from 53.5% to 52.4%.
Money Market was Federated Hermes’s largest revenue line in fiscal 2025, bringing in $1.90B of $3.60B (53%).
| Asset Class | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Money Market | $1.15B | $1.51B | $1.68B | $1.90B | ||||
| Equity | $1.05B | $967.30M | $946.13M | $1.03B | ||||
| Fixed-Income | $413.59M | $378.56M | $391.60M | $394.45M | ||||
| Other | $273.60M | $365.14M | $250.56M | $284.34M | ||||
| Total | $2.89B | $3.22B | $3.26B | $3.60B |
Federated Hermes brought in $3.60B from its four revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 10.3% from $3.26B in fiscal 2024. Money Market was the largest at $1.90B (52.6%), ahead of Equity at $1.03B (28.5%) and Fixed-Income at $394.45M (11.0%). The remaining revenue line, Other, brought in $284.34M.
Compared with fiscal 2024, Other grew fastest, up 13.5% to $284.34M. Every revenue line above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these revenue lines grew from $2.89B to $3.60B, a compound annual growth rate of 7.6%. Money Market's share of the total rose from 39.8% to 52.6%.
Receivables—Affiliates was Federated Hermes’s largest revenue line in fiscal 2025, bringing in $1.89B of $2.40B (79%).
| Related and Nonrelated Parties | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Receivables—Affiliates | — | $1.74B | $1.71B | $1.89B | |
| Receivables—Affiliates & Other | $1.55B | — | — | — | |
| Receivables - Affiliates & Other | — | — | — | — | |
| Receivables, Net Of Reserve Of $21 & $21, Respectively | $477.28M | $489.90M | $480.84M | $511.52M | |
| Total | $2.02B | $2.23B | $2.20B | $2.40B |
Federated Hermes brought in $2.40B from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That is less than the $3.60B it reports by product and service, so these revenue lines do not cover all of its revenue. Receivables—Affiliates was the largest at $1.89B (78.7%), ahead of Receivables, Net Of Reserve Of $21 & $21, Respectively at $511.52M (21.3%).
Compared with fiscal 2024, Receivables—Affiliates grew 10.0% to $1.89B and Receivables, Net Of Reserve Of $21 & $21, Respectively grew 6.4% to $511.52M.
Federated Hermes began breaking out Receivables—Affiliates in fiscal 2023, when it brought in $1.74B. Federated Hermes stopped reporting Receivables—Affiliates & Other as a separate revenue line after fiscal 2022, when it brought in $1.55B.
Federated Hermes (FHI) reports its revenue by product and service, by asset class and by related and nonrelated parties. In fiscal 2025, Investment Advisory was its largest product and service line, bringing in $1.89B (52.4% of the total), followed by Administrative Service Fees, Net—Affiliates at $839.52M (23.3%).
Investment Advisory was Federated Hermes' largest product and service line in fiscal 2025, bringing in $1.89B, or 52.4% of the $3.60B total across its five product and service lines.
Money Market was Federated Hermes' largest revenue line in fiscal 2025, bringing in $1.90B, or 52.6% of the $3.60B total across its four revenue lines.
Among Federated Hermes' product and service lines that make up at least 2% of revenue, Other Service Fees, Net grew fastest in fiscal 2025, up 15.5% from $257.45M to $297.30M.
Every figure comes from Federated Hermes' annual financial filings, as reported. Each line keeps the name Federated Hermes gives it, and years follow its fiscal calendar.
Federated Hermes' revenue by product and service goes back to fiscal 2016, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.