Affiliated Managers Group Q3 profit falls to $173M
AMG recorded $20.7 billion in quarterly net client cash flows and repurchased approximately $400 million of common stock.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Affiliated Managers Group, Inc. (AMG) reported third-quarter 2026 consolidated revenue of $595.2 million, compared with $528.0 million a year earlier. Net income attributable to controlling interest was $173.3 million, versus $212.4 million, and diluted earnings per share were $6.64, versus $6.87. Supplemental measures were Adjusted EBITDA (controlling interest) of $353.7 million, up 41%, and Economic earnings per share of $9.50, up 56% year over year. For the nine months ended September 30, 2026, consolidated revenue was $1,780.8 million, net income attributable to controlling interest was $469.6 million, and diluted earnings per share were $17.38.
Assets under management were $973.9 billion as of September 30, 2026, and third-quarter net client cash flows were $20.7 billion, alongside record alternative net inflows of more than $31 billion. AMG repurchased approximately $400 million of common stock during the quarter, bringing year-to-date repurchases to approximately $775 million. The board declared a quarterly cash dividend of $0.01 per common share, payable December 3, 2026, to stockholders of record as of the close of business on November 19, 2026.
3 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue was $595.2 million, versus $528.0 million a year earlier.
- Moderate pointThird-quarter Adjusted EBITDA reached $353.7 million, up 41% year over year.
- Moderate pointEconomic EPS reached $9.50, up 56% year over year.
Negative
- Moderate pointNet income attributable to controlling interest fell to $173.3 million from $212.4 million.
Filing Explained
At September 30, AMG reported $3,179.4 million of debt, with no junior convertible securities outstanding.
AMG reports that its former junior convertible securities were fully settled in cash in
Under the filing’s diluted-EPS method, shares from those securities were included for periods when they were outstanding; AMG’s 2026 reconciliation lists no assumed issuance from them.
8-K Event Classification
3 items: 2.02, 8.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Consolidated revenue: $595.2 million
Net income (controlling interest): $173.3 million
Earnings per share (diluted): $6.64
+5 more
8 metrics
Consolidated revenue
$595.2 million
Three months ended September 30, 2026; $528.0 million in the same period of 2025
Net income (controlling interest)
$173.3 million
Three months ended September 30, 2026; $212.4 million in the same period of 2025
Earnings per share (diluted)
$6.64
Three months ended September 30, 2026; $6.87 in the same period of 2025
Adjusted EBITDA (controlling interest)
$353.7 million
Three months ended September 30, 2026; increased 41% year over year
Economic earnings per share
$9.50
Three months ended September 30, 2026; increased 56% year over year
Assets under management
$973.9 billion
As of September 30, 2026
Net client cash flows
$20.7 billion
Three months ended September 30, 2026
Common stock repurchases
Approximately $400 million
Third quarter of 2026
Key Terms
Adjusted EBITDA (controlling interest), Economic earnings per share, Equity method income (net), Redeemable non-controlling interests
4 terms
Adjusted EBITDA (controlling interest) financial
"Adjusted EBITDA (controlling interest)"
Equity method income (net) financial
"Equity method income (net)"
Redeemable non-controlling interests financial
"settlement of Redeemable non-controlling interests"
Redeemable non-controlling interests are ownership stakes in a company’s unit held by outside investors that can be forced to be bought back by the parent company for cash or a set value. Think of it like a part-owner who has the contractual right to ‘cash out’ their share; for investors this matters because it can create a future cash obligation, change reported equity versus debt, and affect earnings and ownership percentages.
Earnings Snapshot
Consolidated revenue: $595.2 million
Three months ended September 30, 2026
Consolidated revenue
$595.2 million
$528.0 million in the three months ended September 30, 2025
Net income (controlling interest)
$173.3 million
$212.4 million in the three months ended September 30, 2025
Earnings per share (diluted)
$6.64
$6.87 in the three months ended September 30, 2025
Adjusted EBITDA (controlling interest)
$353.7 million
Increased 41% year over year
Economic earnings per share
$9.50
Increased 56% year over year
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were AMG's third-quarter 2026 earnings?
AMG reported third-quarter net income attributable to controlling interest of $173.3 million and diluted earnings per share of $6.64. Supplemental Economic earnings per share was $9.50, up 56% year over year, and Adjusted EBITDA (controlling interest) was $353.7 million, up 41%.
What dividend did AMG declare, and when is it payable?
AMG declared a quarterly cash dividend of $0.01 per common share, payable December 3, 2026. The record date is November 19, 2026, with stockholders determined as of the close of business that day.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): November 9, 2026
(Exact Name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation)
| (Commission File Number) | (IRS Employer Identification No.) | ||||||||||
(Address of principal executive offices)
(800 ) 345-1100
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| ITEM 2.02 | Results of Operations and Financial Condition. | ||||
On November 9, 2026, Affiliated Managers Group, Inc. (the “Company”) issued a press release setting forth its financial and operating results for the quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto.
| ITEM 8.01 | Other Events. | ||||
The press release announced that the Company’s Board of Directors authorized and declared a quarterly dividend of $0.01 per share of common stock, payable December 3, 2026 to stockholders of record as of the close of business on November 19, 2026.
| ITEM 9.01 | Financial Statements and Exhibits. | ||||
(d)Exhibits.
The information in Exhibit 99.1 is being “furnished” to the Securities and Exchange Commission as provided pursuant to General Instruction B.2 of Form 8-K.
| Exhibit No. | Description | ||||||||||
| 99.1 | Earnings Press Release issued by the Company on November 9, 2026 | ||||||||||
| 104 | Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document). | ||||||||||
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AFFILIATED MANAGERS GROUP, INC. | ||||||||||||||||||||||||||
| Date: November 9, 2026 | By: | /s/ Kavita Padiyar | ||||||||||||||||||||||||
| Name: | Kavita Padiyar | |||||||||||||||||||||||||
| Title: | General Counsel and Corporate Secretary | |||||||||||||||||||||||||
3
 | Exhibit 99.1 | |||||||||||||
| Investor and Media Relations: | Patricia Figueroa +1 (617) 747-3300 ir@amg.com pr@amg.com | |||||||||||||
AMG Reports Financial and Operating Results for the Third Quarter and Nine Months Ended 2026
Company reports Diluted EPS of $6.64, Economic EPS of $9.50 in the third quarter of 2026
 | Net income (controlling interest) of $173 million and Economic net income (controlling interest) of $248 million | ||||
| Adjusted EBITDA (controlling interest) of $354 million and Economic EPS of $9.50 increased 41% and 56% year over year, respectively | ||||
| Record AUM of $974 billion; $21 billion in net client cash flows during Q3, including record alternative net inflows of more than $31 billion | ||||
| Repurchased $400 million in common stock, bringing year-to-date repurchases to $775 million | ||||
JUPITER, FL, November 9, 2026 — AMG, a strategic partner to leading independent investment management firms globally, today reported its financial and operating results for the third quarter and nine months ended September 30, 2026.
Jay C. Horgen, President and Chief Executive Officer of AMG, said:
“AMG continues to deliver outstanding results in 2026, with year-over-year growth in Economic earnings per share of 56% for both the quarter and the year-to-date period. Net client cash flows of approximately $21 billion in the quarter, and approximately $56 billion in the year to date, reflect ongoing strength in alternative strategies, which generated record net inflows in the quarter and the last nine months of more than $31 billion and $89 billion, respectively. AMG's focus on investing in areas of secular demand has enhanced the long-term growth prospects of our business; with six consecutive quarters of alternative-led inflows to date, and increasing exposure to structural growth areas, AMG is well-positioned for sustained organic growth and earnings momentum.
“Disciplined capital allocation is fundamental to our strategy; we seek to create meaningful incremental value over time by investing our capital in the areas of highest growth and return. In the quarter, we deployed $400 million into share repurchases, bringing year-to-date repurchases to $775 million, highlighting both our capital allocation discipline and our conviction in the long-term value of our business. And, as AMG's unique partnership approach and proven track record as a collaborative strategic partner continue to resonate with high-quality independent firms, our opportunities to invest in growth are expanding. With our competitive advantages, increasing cash flow generation, and flexible capital position, we are confident in our ability to drive further earnings growth and create meaningful additional value for our shareholders over time."
| FINANCIAL HIGHLIGHTS | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||
| (in millions, except as noted and per share data) | 9/30/2025 | 9/30/2026 | 9/30/2025 | 9/30/2026 | ||||||||||||||||||||||||||||||||||
| Operating Performance Measures | ||||||||||||||||||||||||||||||||||||||
| AUM (at period end, in billions) | $ | 803.6 | $ | 973.9 | $ | 803.6 | $ | 973.9 | ||||||||||||||||||||||||||||||
| Average AUM (in billions) | 786.9 | 956.9 | 745.2 | 919.8 | ||||||||||||||||||||||||||||||||||
| Net client cash flows (in billions) | 8.9 | 20.7 | 16.6 | 56.2 | ||||||||||||||||||||||||||||||||||
| Aggregate fees | 1,346.0 | 1,757.6 | 3,789.8 | 5,329.0 | ||||||||||||||||||||||||||||||||||
| Financial Performance Measures | ||||||||||||||||||||||||||||||||||||||
| Net income (controlling interest) | $ | 212.4 | $ | 173.3 | $ | 369.0 | $ | 469.6 | ||||||||||||||||||||||||||||||
Earnings per share (diluted)(1) | 6.87 | 6.64 | 11.83 | 17.38 | ||||||||||||||||||||||||||||||||||
Supplemental Performance Measures(2) | ||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA (controlling interest) | $ | 250.9 | $ | 353.7 | $ | 698.8 | $ | 987.0 | ||||||||||||||||||||||||||||||
| Economic net income (controlling interest) | 179.7 | 247.9 | 497.6 | 694.0 | ||||||||||||||||||||||||||||||||||
| Economic earnings per share | 6.10 | 9.50 | 16.68 | 26.00 | ||||||||||||||||||||||||||||||||||
For additional information on our Supplemental Performance Measures, including reconciliations to GAAP, see the Financial Tables and Notes.
- 1 -
Capital Management
During the third quarter of 2026, the Company repurchased approximately $400 million in common stock, bringing total year-to-date share repurchases to approximately $775 million. Subsequently, the Company announced a third-quarter cash dividend of $0.01 per share of common stock, payable December 3, 2026 to stockholders of record as of the close of business on November 19, 2026.
About AMG
AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long‐term value by investing in high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG's unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates' existing advantages and actively supports their independence and ownership culture. As of September 30, 2026, AMG’s aggregate assets under management were approximately $974 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. For more information, please visit the Company’s website at www.amg.com.
Conference Call, Replay, and Presentation Information
A conference call will be held with AMG’s management at 8:30 a.m. Eastern time today. Parties interested in listening to the conference call should dial 1-877-407-8291 (U.S. calls) or 1-201-689-8345 (non-U.S. calls) shortly before the call begins.
The conference call will also be available for replay beginning approximately one hour after the conclusion of the call. To hear a replay of the call, please dial 1-877-660-6853 (U.S. calls) or 1-201-612-7415 (non-U.S. calls) and provide conference ID 13762760. The live call and replay of the session and a presentation highlighting the Company's performance can also be accessed via AMG’s website at https://ir.amg.com/.
Financial Tables Follow
- 2 -
ASSETS UNDER MANAGEMENT BY STRATEGY - STATEMENT OF CHANGES (in billions) | ||||||||||||||
| Alternatives | Differentiated Long-Only | |||||||||||||||||||
| BY STRATEGY - QUARTER TO DATE | Private Markets | Liquid Alternatives | Equities | Multi-Asset & Fixed Income | Total | |||||||||||||||
| AUM, June 30, 2026 | $ | 153.3 | $ | 293.2 | $ | 321.9 | $ | 174.0 | $ | 942.4 | ||||||||||
| Client cash inflows and commitments | 9.8 | 33.4 | 9.8 | 9.3 | 62.3 | |||||||||||||||
| Client cash outflows | (0.2) | (11.5) | (21.7) | (8.2) | (41.6) | |||||||||||||||
| Net client cash flows | 9.6 | 21.9 | (11.9) | 1.1 | 20.7 | |||||||||||||||
Affiliate transactions(i) | (1.3) | — | — | — | (1.3) | |||||||||||||||
| Market changes | 0.1 | 17.0 | (0.6) | (3.5) | 13.0 | |||||||||||||||
| Foreign exchange | (0.2) | (0.0) | (0.1) | (0.0) | (0.3) | |||||||||||||||
| Realizations and distributions (net) | (0.4) | (0.0) | (0.0) | (0.2) | (0.6) | |||||||||||||||
Other(ii) | — | 5.7 | (5.7) | (0.0) | (0.0) | |||||||||||||||
| AUM, September 30, 2026 | $ | 161.1 | $ | 337.8 | $ | 303.6 | $ | 171.4 | $ | 973.9 | ||||||||||
| Alternatives | Differentiated Long-Only | |||||||||||||||||||
| BY STRATEGY - YEAR TO DATE | Private Markets | Liquid Alternatives | Equities | Multi-Asset & Fixed Income | Total | |||||||||||||||
| AUM, December 31, 2025 | $ | 146.0 | $ | 227.2 | $ | 312.1 | $ | 128.0 | $ | 813.3 | ||||||||||
| Client cash inflows and commitments | 22.2 | 95.2 | 35.0 | 35.3 | 187.7 | |||||||||||||||
| Client cash outflows | (0.5) | (27.5) | (70.6) | (32.9) | (131.5) | |||||||||||||||
| Net client cash flows | 21.7 | 67.7 | (35.6) | 2.4 | 56.2 | |||||||||||||||
New investments(iii) | 2.6 | 10.1 | — | 47.1 | 59.8 | |||||||||||||||
Affiliate transactions(iv) | (1.3) | — | — | (5.6) | (6.9) | |||||||||||||||
| Market changes | (0.2) | 26.1 | 35.1 | 2.0 | 63.0 | |||||||||||||||
| Foreign exchange | (0.7) | (0.9) | (2.1) | (0.6) | (4.3) | |||||||||||||||
| Realizations and distributions (net) | (5.0) | (0.1) | (0.2) | (0.3) | (5.6) | |||||||||||||||
Other(ii) | (2.0) | 7.7 | (5.7) | (1.6) | (1.6) | |||||||||||||||
| AUM, September 30, 2026 | $ | 161.1 | $ | 337.8 | $ | 303.6 | $ | 171.4 | $ | 973.9 | ||||||||||
(i)Attributable to the divestment of our equity interest in Vesterra Capital Partners, LP, formerly Comvest Private Equity, in the third quarter of 2026 (the "Vesterra Transaction").
(ii)Other includes product transitions predominantly resulting from changes in product mandates at a single Affiliate.
(iii)Attributable to BBH Credit Partners and HighBrook Investors as of their respective closing dates.
(iv)Attributable to the myCIO and Vesterra Transactions.
- 3 -
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||
| Three Months Ended | |||||||||||||||||
| (in millions, except per share data) | 9/30/2025 | 9/30/2026 | |||||||||||||||
| Consolidated revenue | $ | 528.0 | $ | 595.2 | |||||||||||||
| Consolidated expenses: | |||||||||||||||||
| Compensation and related expenses | 253.5 | 269.7 | |||||||||||||||
| Selling, general and administrative | 100.5 | 120.7 | |||||||||||||||
| Intangible amortization and impairments | 6.3 | 7.5 | |||||||||||||||
| Interest expense | 33.2 | 40.7 | |||||||||||||||
| Depreciation and other amortization | 2.6 | 1.5 | |||||||||||||||
| Other expenses (net) | 13.1 | 11.9 | |||||||||||||||
| Total consolidated expenses | 409.2 | 452.0 | |||||||||||||||
Equity method income (net)(3) | 88.5 | 159.2 | |||||||||||||||
Affiliate transaction gains(4) | 127.6 | — | |||||||||||||||
| Investment and other income | 27.6 | 20.8 | |||||||||||||||
| Income before income taxes | 362.5 | 323.2 | |||||||||||||||
| Income tax expense | 71.6 | 78.9 | |||||||||||||||
| Net income | 290.9 | 244.3 | |||||||||||||||
| Net income (non-controlling interests) | (78.5) | (71.0) | |||||||||||||||
| Net income (controlling interest) | $ | 212.4 | $ | 173.3 | |||||||||||||
| Average shares outstanding (basic) | 28.4 | 25.7 | |||||||||||||||
| Average shares outstanding (diluted) | 32.9 | 26.1 | |||||||||||||||
| Earnings per share (basic) | $ | 7.47 | $ | 6.74 | |||||||||||||
Earnings per share (diluted)(1) | $ | 6.87 | $ | 6.64 | |||||||||||||
RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES(2) | ||||||||||||||
| Three Months Ended | |||||||||||||||||
| (in millions, except per share data) | 9/30/2025 | 9/30/2026 | |||||||||||||||
| Net income (controlling interest) | $ | 212.4 | $ | 173.3 | |||||||||||||
| Intangible amortization and impairments | 28.7 | 32.8 | |||||||||||||||
| Intangible-related deferred taxes | 15.6 | 15.0 | |||||||||||||||
Affiliate transactions(4) | (101.1) | — | |||||||||||||||
Other economic items(5) | 24.1 | 26.8 | |||||||||||||||
| Economic net income (controlling interest) | $ | 179.7 | $ | 247.9 | |||||||||||||
| Average shares outstanding (adjusted diluted) | 29.4 | 26.1 | |||||||||||||||
| Economic earnings per share | $ | 6.10 | $ | 9.50 | |||||||||||||
| Net income (controlling interest) | $ | 212.4 | $ | 173.3 | |||||||||||||
| Interest expense | 33.2 | 40.7 | |||||||||||||||
| Income taxes | 73.7 | 78.0 | |||||||||||||||
| Intangible amortization and impairments | 28.7 | 32.8 | |||||||||||||||
Affiliate transactions(4) | (133.8) | — | |||||||||||||||
Other items(5) | 36.7 | 28.9 | |||||||||||||||
| Adjusted EBITDA (controlling interest) | $ | 250.9 | $ | 353.7 | |||||||||||||
See Notes for additional information.
- 4 -
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||
| Nine Months Ended | |||||||||||||||||
| (in millions, except per share data) | 9/30/2025 | 9/30/2026 | |||||||||||||||
| Consolidated revenue | $ | 1,517.8 | $ | 1,780.8 | |||||||||||||
| Consolidated expenses: | |||||||||||||||||
| Compensation and related expenses | 747.6 | 872.9 | |||||||||||||||
| Selling, general and administrative | 290.8 | 335.5 | |||||||||||||||
| Intangible amortization and impairments | 96.0 | 63.9 | |||||||||||||||
| Interest expense | 101.8 | 119.6 | |||||||||||||||
| Depreciation and other amortization | 7.9 | 6.2 | |||||||||||||||
| Other expenses (net) | 34.7 | 46.6 | |||||||||||||||
| Total consolidated expenses | 1,278.8 | 1,444.7 | |||||||||||||||
Equity method income (net)(3) | 229.5 | 431.5 | |||||||||||||||
Affiliate transaction gains(4) | 127.6 | 14.6 | |||||||||||||||
| Investment and other income | 64.7 | 41.2 | |||||||||||||||
| Income before income taxes | 660.8 | 823.4 | |||||||||||||||
| Income tax expense | 134.7 | 195.4 | |||||||||||||||
| Net income | 526.1 | 628.0 | |||||||||||||||
| Net income (non-controlling interests) | (157.1) | (158.4) | |||||||||||||||
| Net income (controlling interest) | $ | 369.0 | $ | 469.6 | |||||||||||||
| Average shares outstanding (basic) | 28.7 | 26.3 | |||||||||||||||
| Average shares outstanding (diluted) | 33.0 | 26.8 | |||||||||||||||
| Earnings per share (basic) | $ | 12.85 | $ | 17.88 | |||||||||||||
Earnings per share (diluted)(1) | $ | 11.83 | $ | 17.38 | |||||||||||||
RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES(2) | ||||||||||||||
| Nine Months Ended | |||||||||||||||||
| (in millions, except per share data) | 9/30/2025 | 9/30/2026 | |||||||||||||||
| Net income (controlling interest) | $ | 369.0 | $ | 469.6 | |||||||||||||
| Intangible amortization and impairments | 145.5 | 135.9 | |||||||||||||||
| Intangible-related deferred taxes | 29.5 | 33.0 | |||||||||||||||
Affiliate transactions(4) | (101.1) | (11.0) | |||||||||||||||
Other economic items(5) | 54.7 | 66.5 | |||||||||||||||
| Economic net income (controlling interest) | $ | 497.6 | $ | 694.0 | |||||||||||||
| Average shares outstanding (adjusted diluted) | 29.8 | 26.7 | |||||||||||||||
| Economic earnings per share | $ | 16.68 | $ | 26.00 | |||||||||||||
| Net income (controlling interest) | $ | 369.0 | $ | 469.6 | |||||||||||||
| Interest expense | 101.7 | 119.5 | |||||||||||||||
| Income taxes | 139.1 | 196.6 | |||||||||||||||
| Intangible amortization and impairments | 145.5 | 135.9 | |||||||||||||||
Affiliate transactions(4) | (133.8) | (14.6) | |||||||||||||||
Other items(5) | 77.3 | 80.0 | |||||||||||||||
| Adjusted EBITDA (controlling interest) | $ | 698.8 | $ | 987.0 | |||||||||||||
See Notes for additional information.
- 5 -
| CONSOLIDATED BALANCE SHEETS | ||||||||||||||
| Period Ended | |||||||||||||||||
| (in millions) | 12/31/2025 | 9/30/2026 | |||||||||||||||
| Assets | |||||||||||||||||
| Cash and cash equivalents | $ | 586.0 | $ | 436.1 | |||||||||||||
| Receivables | 496.2 | 941.0 | |||||||||||||||
| Investments | 711.6 | 787.7 | |||||||||||||||
| Goodwill | 2,531.2 | 2,511.2 | |||||||||||||||
| Acquired client relationships (net) | 1,639.3 | 1,570.2 | |||||||||||||||
| Equity method investments in Affiliates (net) | 2,870.4 | 2,980.4 | |||||||||||||||
| Fixed assets (net) | 54.4 | 53.4 | |||||||||||||||
| Other assets | 318.3 | 325.6 | |||||||||||||||
| Total assets | $ | 9,207.4 | $ | 9,605.6 | |||||||||||||
| Liabilities and Equity | |||||||||||||||||
| Payables and accrued liabilities | $ | 806.9 | $ | 1,149.8 | |||||||||||||
| Debt | 2,691.3 | 3,179.4 | |||||||||||||||
| Deferred tax liability (net) | 533.1 | 502.7 | |||||||||||||||
| Other liabilities | 754.0 | 788.6 | |||||||||||||||
| Total liabilities | 4,785.3 | 5,620.5 | |||||||||||||||
| Redeemable non-controlling interests | 246.8 | 277.5 | |||||||||||||||
| Equity: | |||||||||||||||||
| Common stock | 0.6 | 0.6 | |||||||||||||||
| Additional paid-in capital | 616.1 | 530.6 | |||||||||||||||
| Accumulated other comprehensive loss | (106.8) | (132.5) | |||||||||||||||
| Retained earnings | 7,615.4 | 8,084.2 | |||||||||||||||
| 8,125.3 | 8,482.9 | ||||||||||||||||
| Less: treasury stock, at cost | (4,886.9) | (5,678.1) | |||||||||||||||
| Total stockholders’ equity | 3,238.4 | 2,804.8 | |||||||||||||||
| Non-controlling interests | 936.9 | 902.8 | |||||||||||||||
| Total equity | 4,175.3 | 3,707.6 | |||||||||||||||
| Total liabilities and equity | $ | 9,207.4 | $ | 9,605.6 | |||||||||||||
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Notes
(1) Earnings per share (diluted) adjusts for the dilutive effect of the potential issuance of incremental shares of our common stock.
We assume the settlement of all of our Redeemable non-controlling interests using the maximum number of shares permitted under our arrangements. The issuance of shares and the related income acquired are excluded from the calculation if an assumed purchase of Redeemable non-controlling interests would be anti-dilutive to diluted earnings per share.
We are required to apply the if-converted method to our formerly outstanding junior convertible securities when calculating Earnings per share (diluted) for the period in which they were outstanding. Under the if-converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are contractually convertible into our common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive securities is added back to Net income (controlling interest), reflecting the assumption that the securities have been converted. Issuable shares for these securities and related interest expense are excluded from the calculation if an assumed conversion would be anti-dilutive to diluted earnings per share. Our obligations under the junior convertible securities were fully settled in cash in January 2026, following which there were no longer any junior convertible securities outstanding.
The following table provides a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share:
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| (in millions) | 9/30/2025 | 9/30/2026 | 9/30/2025 | 9/30/2026 | |||||||||||||||||||||||||
| Numerator | |||||||||||||||||||||||||||||
| Net income (controlling interest) | $ | 212.4 | $ | 173.3 | $ | 369.0 | $ | 469.6 | |||||||||||||||||||||
| Income (loss) from hypothetical settlement of Redeemable non-controlling interests, net of taxes | 10.1 | — | 11.5 | (3.1) | |||||||||||||||||||||||||
| Interest expense on junior convertible securities, net of taxes | 3.4 | — | 10.1 | — | |||||||||||||||||||||||||
| Net income (controlling interest), as adjusted | $ | 225.9 | $ | 173.3 | $ | 390.6 | $ | 466.5 | |||||||||||||||||||||
| Denominator | |||||||||||||||||||||||||||||
| Average shares outstanding (basic) | 28.4 | 25.7 | 28.7 | 26.3 | |||||||||||||||||||||||||
| Effect of dilutive instruments: | |||||||||||||||||||||||||||||
| Stock options and restricted stock units | 0.8 | 0.4 | 1.0 | 0.4 | |||||||||||||||||||||||||
| Hypothetical issuance of shares to settle Redeemable non-controlling interests | 2.0 | — | 1.6 | 0.1 | |||||||||||||||||||||||||
| Assumed issuance of junior convertible securities shares | 1.7 | — | 1.7 | — | |||||||||||||||||||||||||
| Average shares outstanding (diluted) | 32.9 | 26.1 | 33.0 | 26.8 | |||||||||||||||||||||||||
(2) As supplemental information, we provide non-GAAP performance measures of Adjusted EBITDA (controlling interest), Economic net income (controlling interest), and Economic earnings per share. We believe that many investors use our Adjusted EBITDA (controlling interest) when comparing our financial performance to other companies in the investment management industry. Management utilizes these non-GAAP performance measures to assess our performance before our share of certain non-cash GAAP expenses primarily related to the acquisition of interests in Affiliates and to improve comparability between periods. Economic net income (controlling interest) and Economic earnings per share are used by management and our Board of Directors as our principal performance benchmarks, including as one of the measures for determining executive compensation. These non-GAAP performance measures are provided in addition to, but not as a substitute for, Net income (controlling interest), Earnings per share, or other GAAP performance measures. For additional information on our non-GAAP measures, see our most recent Annual and Quarterly Reports on Form 10-K and 10-Q, respectively, which are accessible on the SEC's website at www.sec.gov.
Adjusted EBITDA (controlling interest) represents our performance before our share of interest expense, income and certain non-income based taxes, depreciation, amortization, impairments, gains and losses related to Affiliate transactions, and non-cash items such as certain Affiliate equity-related activities, gains and losses on our contingent payment obligations, and unrealized gains and losses on seed capital, general partner commitments, and other strategic investments. Adjusted EBITDA (controlling interest) is also adjusted to include realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.
Under our Economic net income (controlling interest) definition, we adjust Net income (controlling interest) for our share of pre-tax intangible amortization and impairments related to intangible assets (including the portion attributable to equity method investments in Affiliates) because these expenses do not correspond to the changes in the value of these assets, which do not diminish predictably over time. We also adjust for deferred taxes attributable to intangible assets because we believe it is unlikely these accruals will be used to settle material tax obligations. Further, we adjust for gains and losses related to Affiliate transactions, net of tax, and other economic items. Other economic items include certain Affiliate equity-related activities, gains and losses related to contingent payment obligations, tax windfalls and shortfalls from share-based compensation, unrealized gains and losses on seed capital, general partner commitments, and other strategic investments, and realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.
Economic earnings per share represents Economic net income (controlling interest) divided by the Average shares outstanding (adjusted diluted). In this calculation, we exclude the potential shares issued upon settlement of Redeemable non-controlling interests from Average shares outstanding (adjusted diluted) because we intend to settle those obligations without issuing shares,
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Notes (continued)
consistent with all prior Affiliate equity purchase transactions. The potential share issuance in connection with our former junior convertible securities is measured using a “treasury stock” method. Under this method, only the net number of shares of common stock equal to the value of the junior convertible securities in excess of par, if any, are deemed to be outstanding. We believe the inclusion of net shares under a treasury stock method best reflects the benefit of the increase in available capital resources (which could be used to repurchase shares of our common stock) that occurs when these securities are converted and we are relieved of our debt obligation.
The following table provides a reconciliation of Average shares outstanding (adjusted diluted):
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| (in millions) | 9/30/2025 | 9/30/2026 | 9/30/2025 | 9/30/2026 | |||||||||||||||||||||||||
| Average shares outstanding (diluted) | 32.9 | 26.1 | 33.0 | 26.8 | |||||||||||||||||||||||||
| Hypothetical issuance of shares to settle Redeemable non-controlling interests | (2.0) | — | (1.6) | (0.1) | |||||||||||||||||||||||||
| Assumed issuance of junior convertible securities shares | (1.7) | — | (1.7) | — | |||||||||||||||||||||||||
| Dilutive impact of junior convertible securities shares | 0.2 | — | 0.1 | — | |||||||||||||||||||||||||
| Average shares outstanding (adjusted diluted) | 29.4 | 26.1 | 29.8 | 26.7 | |||||||||||||||||||||||||
(3) The following table presents pre-tax equity method earnings, equity method intangible amortization and impairments, and equity method income tax, which in aggregate form Equity method income (net):
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| (in millions) | 9/30/2025 | 9/30/2026 | 9/30/2025 | 9/30/2026 | |||||||||||||||||||||||||
| Pre-tax equity method earnings | $ | 118.2 | $ | 190.3 | $ | 311.9 | $ | 533.4 | |||||||||||||||||||||
| Equity method intangible amortization and impairments | (24.6) | (27.9) | (70.2) | (91.8) | |||||||||||||||||||||||||
| Equity method income tax | (5.1) | (3.2) | (12.2) | (10.1) | |||||||||||||||||||||||||
| Equity method income (net) | $ | 88.5 | $ | 159.2 | $ | 229.5 | $ | 431.5 | |||||||||||||||||||||
(4) The following table presents the impact of (i) the sale of our equity interest in Peppertree Capital Management, Inc. ("Peppertree") as part of the acquisition of Peppertree by TPG Inc. ("TPG"), a public company listed on the Nasdaq Global Select Market, in the third quarter of 2025, pursuant to which we received TPG Class A common shares, all of which the Company has since sold; and (ii) the divestiture of an advisor team at myCIO Wealth Partners, LLC in the second quarter of 2026 (the "myCIO Transaction"):
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| (in millions) | 9/30/2025 | 9/30/2026 | 9/30/2025 | 9/30/2026 | |||||||||||||||||||||||||
| Affiliate transaction gains | $ | 127.6 | $ | — | $ | 127.6 | $ | 14.6 | |||||||||||||||||||||
| Investment and other income - Realized gains on TPG shares | 6.2 | — | 6.2 | — | |||||||||||||||||||||||||
| Affiliate transactions, pre-tax | 133.8 | — | 133.8 | 14.6 | |||||||||||||||||||||||||
| Income taxes | (32.7) | — | (32.7) | (3.6) | |||||||||||||||||||||||||
| Affiliate transactions, after-tax | $ | 101.1 | $ | — | $ | 101.1 | $ | 11.0 | |||||||||||||||||||||
(5) For the three and nine months ended September 30, 2025 and 2026, other economic items and other items were predominantly the result of Affiliate equity-related activities.
Forward-Looking Statements and Other Matters
Certain matters discussed in this press release issued by Affiliated Managers Group, Inc. (“AMG” or the “Company”) may constitute forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “preliminary,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “projects,” “positioned,” “prospects,” “intends,” “plans,” “estimates,” “pending investments,” “anticipates,” or the negative version of these words or other comparable words. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, legal or regulatory changes, global trade tensions and changes in trade policies, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, uncertainties relating to closing of pending investments or transactions and potential changes in the anticipated benefits thereof, the investment performance and growth rates of our Affiliates and their ability to effectively market their investment strategies, the mix of Affiliate contributions to our earnings, and other risks, uncertainties, and assumptions, including those described under the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors may be updated from time to time in our periodic filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by applicable law.
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Forward-Looking Statements and Other Matters (continued)
This press release does not constitute an offer of any products, investment vehicles, or services of any AMG Affiliate.
From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.
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