The Boston Behemoth's business grew dramatically again last year by several measures.

Abigail Pierrepont "Abby" Johnson FMR (dba Fidelity Investments) Chair, President, CEO

Yesterday, the Fidelity Investments [profile] team released the 2025 Fidelity Investments Annual Report. The giant fund firm's 14-page update features comments from Abby Johnson, chairman and CEO (and plurality owner) of Fidelity, and Kevin Barry, chief financial officer.

The entirety of Fidelity (including a host of non-asset management business lines, like 401(k) recordkeeping and RIA custody) now has more than 80,000 employees (Fidelity calls them associates), up by 3,000 (3.9 percent) year-over-year from 2024. The company ended 2025 with $7.1 trillion in AUM, up by $1.2 trillion (20.3 percent) Y/Y. AUM growth slightly outpaced AUA, which climbed by $2.9 trillion (19.2 percent) Y/Y to end last year at $18 trillion.

"Our Asset Management team had another strong year of performance across our equity, high income, investment grade, and money market funds," Johnson writes in her chairman's letter in the report. "While we have become a broadly diversified financial services company, Fidelity was founded as an asset management company, and a long-term investor mindset continues to help drive our growth."

In the report, the Fidelity folks offer a host of specific 2025 updates. On the asset management side, they highlight the growth of their ETF and ETP business, which reached $148 billion in AUM on December 31, 2025. (That translates into 2.1 percent of Fidelity's total AUM.) New 2025 offerings mentioned included:

the Fidelity Managed Futures ETF (FFUT);

the Fidelity Municipal Bond Opportunities ETF (FMUB);

the Fidelity Systematic Municipal Bond Index ETF (FMUN); and

the Fidelity Solana Fund (FSOL, which they note is the fund firm's "first staking-enabled" ETP).

Fidelity's profits grew even faster than both its AUM and AUA, though revenue rose a bit more slowly and costs grew even more slowly. The Boston Behemoth earned $12.7 billion in operating income last year, up by $2.4 billion (23.3 percent) Y/Y. Revenue reached $37.7 billion in 2025 (up by $5 billion, or 15.3 percent, Y/Y), while operating expenses rose to $24.9 billion (up by $2.5 billion, or 11.2 percent, Y/Y).

"Over the past decade, Fidelity has had tremendous gains in revenue, headcount, assets under administration, and customers. This strong financial and operating performance gives us the ability to continually reinvest at high levels in our business," Johnson writes. "Our financial strength also gives us the resources to deliver exceptional service to every customer and to fortify our leadership positions across our key markets. We are well positioned for continued organic growth." 

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