Affiliated Managers Group (NYSE: AMG) Q2 EPS hits $6.95 as AUM reaches $942.4B
Rhea-AI Filing Summary
Affiliated Managers Group reported strong results for the quarter and six months ended June 30, 2026. In the second quarter, diluted EPS was $6.95, with Economic EPS of $8.29, which the company stated increased 54% year over year. Net income (controlling interest) was $185.9 million, Economic net income was $221.4 million, and Adjusted EBITDA (controlling interest) was $316.0 million, up 44% year over year. For the first half of 2026, diluted EPS was $10.76 and Economic EPS was $16.52.
Assets under management reached a record $942.4 billion as of June 30, 2026. Net client cash flows were approximately $12.9 billion in the quarter and $35.5 billion year to date, including record alternative net inflows of approximately $29 billion in the quarter and approximately $58 billion in the first half. Over the last 12 months, AUM increased by approximately $171 billion, or 22%, including approximately $69 billion from growth investments in new Affiliates and approximately $56 billion from net client cash flows.
In capital management, the company repurchased approximately $189 million of common stock in the second quarter, bringing total repurchases to approximately $375 million in the first half of 2026. The Board of Directors declared a quarterly dividend of $0.01 per share, payable on August 24, 2026 to stockholders of record as of August 10, 2026.
Positive
- Economic earnings per share rose to $8.29 in Q2 2026, which the company reported as a 54% year-over-year increase, while Adjusted EBITDA (controlling interest) grew 44%, indicating materially higher earnings versus the prior-year quarter.
- Assets under management reached a record $942.4 billion, with year-to-date net client cash flows of $35.5 billion, including record alternative net inflows of approximately $29 billion in Q2, supporting strong organic growth.
Negative
- None.
Insights
Analyzing...
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, and exhibit attachments filed with this report.
Key Figures
Diluted EPS Q2 2026: $6.95
Economic EPS Q2 2026: $8.29
Net income Q2 2026 (controlling interest): 185.9
+4 more
7 metrics
Diluted EPS Q2 2026
$6.95
Earnings per share (diluted) for the three months ended 6/30/2026
Economic EPS Q2 2026
$8.29
Economic EPS of $8.29 increased 54% year over year in Q2 2026
Net income Q2 2026 (controlling interest)
185.9
Net income (controlling interest) in millions for the three months ended 6/30/2026
Adjusted EBITDA Q2 2026 (controlling interest)
316.0
Adjusted EBITDA (controlling interest) in millions for Q2 2026, up 44% year over year
AUM at 6/30/2026
942.4
Assets under management at period end 6/30/2026, in billions
Net client cash flows Q2 2026
12.9
Net client cash flows in billions for the three months ended 6/30/2026
Share repurchases H1 2026
375
Common stock repurchases in millions during the first half of 2026
Key Terms
Adjusted EBITDA (controlling interest), Economic earnings per share, Redeemable non-controlling interests, equity method investments in Affiliates, +1 more
5 terms
Adjusted EBITDA (controlling interest) financial
"Adjusted EBITDA (controlling interest) represents our performance before our share of interest expense"
Redeemable non-controlling interests financial
"We assume the settlement of all of our Redeemable non-controlling interests using the maximum number of shares"
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.
equity method investments in Affiliates financial
"Equity method investments in Affiliates (net) | 2,870.4 | | | 2,936.8"
junior convertible securities financial
"We are required to apply the if-converted method to our formerly outstanding junior convertible securities"
Earnings Snapshot
Consolidated revenue Q2 2026: $640.7 million
quarter and six months ended June 30, 2026
Consolidated revenue Q2 2026
$640.7 million
Net income Q2 2026 (controlling interest)
$185.9 million
Diluted EPS Q2 2026
$6.95
Economic EPS Q2 2026
$8.29
Economic EPS increased 54% year over year in Q2 2026
Adjusted EBITDA Q2 2026 (controlling interest)
$316.0 million
Adjusted EBITDA (controlling interest) increased 44% year over year in Q2 2026
AUM at June 30, 2026
$942.4 billion
AUM increased approximately $171 billion, or 22%, over the last 12 months
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did net income for Affiliated Managers Group (AMG) perform in Q2 2026?
Net income (controlling interest) for Q2 2026 was $185.9 million, up from $84.3 million a year earlier. For the first half of 2026, net income (controlling interest) totaled $296.3 million, compared with $156.6 million in the prior-year period.
What was Affiliated Managers Group (AMG) assets under management as of June 30, 2026?
As of June 30, 2026, AMG reported record AUM of $942.4 billion. Over the last 12 months, AUM increased by approximately $171 billion, or 22%, including about $69 billion from growth investments and $56 billion from net client cash flows.
How much net client cash flow did Affiliated Managers Group (AMG) generate in 2026 year to date?
AMG generated net client cash flows of approximately $35.5 billion in the first half of 2026. This included approximately $12.9 billion in Q2 alone and approximately $58 billion in alternative net inflows across the first six months of the year.
What capital management actions did Affiliated Managers Group (AMG) take in the first half of 2026?
AMG repurchased approximately $189 million of common stock in Q2 2026, bringing total share repurchases to about $375 million for the first half. The company also maintained a quarterly dividend of $0.01 per share on its common stock.
What dividend did Affiliated Managers Group (AMG) declare with its Q2 2026 results?
The Board authorized a quarterly dividend of $0.01 per share of common stock. It is payable on August 24, 2026 to stockholders of record as of the close of business on August 10, 2026.
How are alternative strategies contributing to Affiliated Managers Group (AMG) growth?
Alternative strategies are a key growth driver, with net inflows of approximately $29 billion in Q2 2026 and about $58 billion in the first half. Management highlighted that sustained organic growth in alternatives is increasing their contribution to AMG’s earnings profile.
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): July 30, 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 July 30, 2026, Affiliated Managers Group, Inc. (the “Company”) issued a press release setting forth its financial and operating results for the quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto, except for such portions which are filed, as noted below under Item 9.01.
| 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 August 24, 2026 to stockholders of record as of the close of business on August 10, 2026.
| ITEM 9.01 | Financial Statements and Exhibits. | ||||
(d)Exhibits.
The financial highlights table set forth on page 1 and the financial tables set forth on pages 3 through 8 in Exhibit 99.1 hereto are “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall be deemed incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended. The remaining 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 July 30, 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: July 30, 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 Second Quarter and First Half of 2026
Company reports Diluted EPS of $6.95, Economic EPS of $8.29 in the second quarter of 2026
 | Net income (controlling interest) of $186 million and Economic net income (controlling interest) of $221 million | ||||
| Economic EPS of $8.29 increased 54% year over year, reflecting the evolution of AMG's business toward greater participation in alternative strategies and its disciplined approach to capital allocation | ||||
| Record AUM of $942 billion; $13 billion in net client cash flows included record alternative net inflows of $29 billion | ||||
| Repurchased $189 million in common stock, bringing total repurchases for the first half of the year to $375 million | ||||
JUPITER, FL, July 30, 2026 — AMG, a strategic partner to leading independent investment management firms globally, today reported its financial and operating results for the second quarter and six months ended June 30, 2026.
Jay C. Horgen, President and Chief Executive Officer of AMG, said:
“AMG delivered another quarter of excellent results, with year-over-year growth in Adjusted EBITDA and Economic earnings per share of 44% and 54%, respectively. Net client cash flows of approximately $13 billion in the quarter, and more than $35 billion in the year to date, reflect the ongoing strength in alternative strategies, which generated net inflows of approximately $29 billion in the quarter and approximately $58 billion in the first half. The momentum across our business highlights the successful execution of our strategy and the evolution of our earnings profile, as sustained organic growth in alternative strategies continues to increase their contribution to AMG’s earnings.
“More broadly, over the last 12 months, our assets under management have increased by approximately $171 billion, or 22%, including approximately $69 billion from growth investments in new Affiliates and approximately $56 billion in net client cash flows. Looking ahead, we see increasing opportunities to invest in growth through both new and existing Affiliates, further expanding our participation in areas of secular demand and enhancing our long-term prospects.
“Given the strength of our business, our increasing cash flow generation, flexible capital position, and distinct competitive advantages — including our worldwide reputation as a collaborative strategic partner to the highest-quality independent firms — we are uniquely positioned to capitalize on attractive growth opportunities, drive durable earnings growth, and create meaningful long-term value for our shareholders.”
| FINANCIAL HIGHLIGHTS | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||
| (in millions, except as noted and per share data) | 6/30/2025 | 6/30/2026 | 6/30/2025 | 6/30/2026 | ||||||||||||||||||||||||||||||||||
| Operating Performance Measures | ||||||||||||||||||||||||||||||||||||||
| AUM (at period end, in billions) | $ | 771.0 | $ | 942.4 | $ | 771.0 | $ | 942.4 | ||||||||||||||||||||||||||||||
| Average AUM (in billions) | 736.6 | 920.9 | 724.3 | 901.3 | ||||||||||||||||||||||||||||||||||
| Net client cash flows (in billions) | 8.1 | 12.9 | 7.7 | 35.5 | ||||||||||||||||||||||||||||||||||
| Aggregate fees | 1,173.5 | 1,661.5 | 2,443.9 | 3,571.4 | ||||||||||||||||||||||||||||||||||
| Financial Performance Measures | ||||||||||||||||||||||||||||||||||||||
| Net income (controlling interest) | $ | 84.3 | $ | 185.9 | $ | 156.6 | $ | 296.3 | ||||||||||||||||||||||||||||||
Earnings per share (diluted)(1) | 2.80 | 6.95 | 5.01 | 10.76 | ||||||||||||||||||||||||||||||||||
Supplemental Performance Measures(2) | ||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA (controlling interest) | $ | 219.7 | $ | 316.0 | $ | 447.9 | $ | 633.3 | ||||||||||||||||||||||||||||||
| Economic net income (controlling interest) | 159.2 | 221.4 | 317.9 | 446.1 | ||||||||||||||||||||||||||||||||||
| Economic earnings per share | 5.39 | 8.29 | 10.58 | 16.52 | ||||||||||||||||||||||||||||||||||
For additional information on our Supplemental Performance Measures, including reconciliations to GAAP, see the Financial Tables and Notes.
- 1 -
Capital Management
During the second quarter of 2026, the Company repurchased approximately $189 million in common stock, bringing total share repurchases to approximately $375 million in the first half of the year. Subsequently, the Company announced a second-quarter cash dividend of $0.01 per share of common stock, payable August 24, 2026 to stockholders of record as of the close of business on August 10, 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 June 30, 2026, AMG’s aggregate assets under management were approximately $942 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 13761085. 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, March 31, 2026 | $ | 148.0 | $ | 261.5 | $ | 297.8 | $ | 174.7 | $ | 882.0 | ||||||||||
| Client cash inflows and commitments | 8.0 | 30.8 | 10.3 | 13.5 | 62.6 | |||||||||||||||
| Client cash outflows | (0.2) | (9.7) | (24.8) | (15.0) | (49.7) | |||||||||||||||
| Net client cash flows | 7.8 | 21.1 | (14.5) | (1.5) | 12.9 | |||||||||||||||
Affiliate transactions(i) | — | — | — | (5.6) | (5.6) | |||||||||||||||
| Market changes | 0.2 | 10.0 | 39.1 | 6.6 | 55.9 | |||||||||||||||
| Foreign exchange | (0.2) | 0.2 | (0.4) | (0.2) | (0.6) | |||||||||||||||
| Realizations and distributions (net) | (2.8) | (0.0) | (0.1) | (0.1) | (3.0) | |||||||||||||||
| Other | 0.3 | 0.4 | 0.0 | 0.1 | 0.8 | |||||||||||||||
| AUM, June 30, 2026 | $ | 153.3 | $ | 293.2 | $ | 321.9 | $ | 174.0 | $ | 942.4 | ||||||||||
| 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 | 12.3 | 61.8 | 25.2 | 26.1 | 125.4 | |||||||||||||||
| Client cash outflows | (0.3) | (16.0) | (48.8) | (24.8) | (89.9) | |||||||||||||||
| Net client cash flows | 12.0 | 45.8 | (23.6) | 1.3 | 35.5 | |||||||||||||||
New investments(ii) | 2.6 | 10.1 | — | 47.1 | 59.8 | |||||||||||||||
Affiliate transactions(i) | — | — | — | (5.6) | (5.6) | |||||||||||||||
| Market changes | (0.2) | 9.0 | 35.7 | 5.5 | 50.0 | |||||||||||||||
| Foreign exchange | (0.5) | (0.9) | (2.1) | (0.5) | (4.0) | |||||||||||||||
| Realizations and distributions (net) | (4.6) | (0.0) | (0.2) | (0.2) | (5.0) | |||||||||||||||
| Other | (2.0) | 2.0 | (0.0) | (1.6) | (1.6) | |||||||||||||||
| AUM, June 30, 2026 | $ | 153.3 | $ | 293.2 | $ | 321.9 | $ | 174.0 | $ | 942.4 | ||||||||||
(i) Attributable to the myCIO Transaction as of the closing date.
(ii) Attributable to BBH Credit Partners and HighBrook Investors as of their respective closing dates.
- 3 -
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||
| Three Months Ended | |||||||||||||||||
| (in millions, except per share data) | 6/30/2025 | 6/30/2026 | |||||||||||||||
| Consolidated revenue | $ | 493.2 | $ | 640.7 | |||||||||||||
| Consolidated expenses: | |||||||||||||||||
| Compensation and related expenses | 263.7 | 316.1 | |||||||||||||||
| Selling, general and administrative | 95.7 | 107.4 | |||||||||||||||
| Intangible amortization and impairments | 6.3 | 7.2 | |||||||||||||||
| Interest expense | 34.5 | 40.5 | |||||||||||||||
| Depreciation and other amortization | 2.5 | 2.2 | |||||||||||||||
| Other expenses (net) | 10.0 | 13.3 | |||||||||||||||
| Total consolidated expenses | 412.7 | 486.7 | |||||||||||||||
Equity method income (net)(3) | 65.6 | 124.9 | |||||||||||||||
Affiliate transaction gains(4) | — | 14.6 | |||||||||||||||
| Investment and other income | 25.5 | 13.9 | |||||||||||||||
| Income before income taxes | 171.6 | 307.4 | |||||||||||||||
| Income tax expense | 35.7 | 70.0 | |||||||||||||||
| Net income | 135.9 | 237.4 | |||||||||||||||
| Net income (non-controlling interests) | (51.6) | (51.5) | |||||||||||||||
| Net income (controlling interest) | $ | 84.3 | $ | 185.9 | |||||||||||||
| Average shares outstanding (basic) | 28.5 | 26.4 | |||||||||||||||
| Average shares outstanding (diluted) | 31.4 | 26.9 | |||||||||||||||
| Earnings per share (basic) | $ | 2.96 | $ | 7.05 | |||||||||||||
Earnings per share (diluted)(1) | $ | 2.80 | $ | 6.95 | |||||||||||||
RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES(2) | ||||||||||||||
| Three Months Ended | |||||||||||||||||
| (in millions, except per share data) | 6/30/2025 | 6/30/2026 | |||||||||||||||
| Net income (controlling interest) | $ | 84.3 | $ | 185.9 | |||||||||||||
| Intangible amortization and impairments | 31.0 | 33.9 | |||||||||||||||
| Intangible-related deferred taxes | 14.6 | 13.3 | |||||||||||||||
Affiliate transactions(4) | — | (11.0) | |||||||||||||||
Other economic items(5) | 29.3 | (0.7) | |||||||||||||||
| Economic net income (controlling interest) | $ | 159.2 | $ | 221.4 | |||||||||||||
| Average shares outstanding (adjusted diluted) | 29.5 | 26.7 | |||||||||||||||
| Economic earnings per share | $ | 5.39 | $ | 8.29 | |||||||||||||
| Net income (controlling interest) | $ | 84.3 | $ | 185.9 | |||||||||||||
| Interest expense | 34.4 | 40.5 | |||||||||||||||
| Income taxes | 35.1 | 68.6 | |||||||||||||||
| Intangible amortization and impairments | 31.0 | 33.9 | |||||||||||||||
Affiliate transactions(4) | — | (14.6) | |||||||||||||||
Other items(5) | 34.9 | 1.7 | |||||||||||||||
| Adjusted EBITDA (controlling interest) | $ | 219.7 | $ | 316.0 | |||||||||||||
See Notes for additional information.
- 4 -
| CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||
| Six Months Ended | |||||||||||||||||
| (in millions, except per share data) | 6/30/2025 | 6/30/2026 | |||||||||||||||
| Consolidated revenue | $ | 989.8 | $ | 1,185.6 | |||||||||||||
| Consolidated expenses: | |||||||||||||||||
| Compensation and related expenses | 494.1 | 603.2 | |||||||||||||||
| Selling, general and administrative | 190.4 | 214.7 | |||||||||||||||
| Intangible amortization and impairments | 89.6 | 56.5 | |||||||||||||||
| Interest expense | 68.6 | 78.9 | |||||||||||||||
| Depreciation and other amortization | 5.3 | 4.7 | |||||||||||||||
| Other expenses (net) | 21.6 | 34.6 | |||||||||||||||
| Total consolidated expenses | 869.6 | 992.6 | |||||||||||||||
Equity method income (net)(3) | 140.9 | 272.2 | |||||||||||||||
Affiliate transaction gains(4) | — | 14.6 | |||||||||||||||
| Investment and other income | 37.1 | 20.4 | |||||||||||||||
| Income before income taxes | 298.2 | 500.2 | |||||||||||||||
| Income tax expense | 63.1 | 116.5 | |||||||||||||||
| Net income | 235.1 | 383.7 | |||||||||||||||
| Net income (non-controlling interests) | (78.5) | (87.4) | |||||||||||||||
| Net income (controlling interest) | $ | 156.6 | $ | 296.3 | |||||||||||||
| Average shares outstanding (basic) | 28.9 | 26.6 | |||||||||||||||
| Average shares outstanding (diluted) | 32.3 | 27.3 | |||||||||||||||
| Earnings per share (basic) | $ | 5.43 | $ | 11.16 | |||||||||||||
Earnings per share (diluted)(1) | $ | 5.01 | $ | 10.76 | |||||||||||||
RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES(2) | ||||||||||||||
| Six Months Ended | |||||||||||||||||
| (in millions, except per share data) | 6/30/2025 | 6/30/2026 | |||||||||||||||
| Net income (controlling interest) | $ | 156.6 | $ | 296.3 | |||||||||||||
| Intangible amortization and impairments | 116.8 | 103.1 | |||||||||||||||
| Intangible-related deferred taxes | 13.9 | 17.9 | |||||||||||||||
Affiliate transactions(4) | — | (11.0) | |||||||||||||||
Other economic items(5) | 30.6 | 39.8 | |||||||||||||||
| Economic net income (controlling interest) | $ | 317.9 | $ | 446.1 | |||||||||||||
| Average shares outstanding (adjusted diluted) | 30.0 | 27.0 | |||||||||||||||
| Economic earnings per share | $ | 10.58 | $ | 16.52 | |||||||||||||
| Net income (controlling interest) | $ | 156.6 | $ | 296.3 | |||||||||||||
| Interest expense | 68.5 | 78.8 | |||||||||||||||
| Income taxes | 65.4 | 118.5 | |||||||||||||||
| Intangible amortization and impairments | 116.8 | 103.1 | |||||||||||||||
Affiliate transactions(4) | — | (14.6) | |||||||||||||||
Other items(5) | 40.6 | 51.2 | |||||||||||||||
| Adjusted EBITDA (controlling interest) | $ | 447.9 | $ | 633.3 | |||||||||||||
See Notes for additional information.
- 5 -
| CONSOLIDATED BALANCE SHEETS | ||||||||||||||
| Period Ended | |||||||||||||||||
| (in millions) | 12/31/2025 | 6/30/2026 | |||||||||||||||
| Assets | |||||||||||||||||
| Cash and cash equivalents | $ | 586.0 | $ | 411.0 | |||||||||||||
| Receivables | 496.2 | 846.9 | |||||||||||||||
| Investments | 711.6 | 757.9 | |||||||||||||||
| Goodwill | 2,531.2 | 2,511.6 | |||||||||||||||
| Acquired client relationships (net) | 1,639.3 | 1,577.6 | |||||||||||||||
| Equity method investments in Affiliates (net) | 2,870.4 | 2,936.8 | |||||||||||||||
| Fixed assets (net) | 54.4 | 72.2 | |||||||||||||||
| Other assets | 318.3 | 289.5 | |||||||||||||||
| Total assets | $ | 9,207.4 | $ | 9,403.5 | |||||||||||||
| Liabilities and Equity | |||||||||||||||||
| Payables and accrued liabilities | $ | 806.9 | $ | 1,015.9 | |||||||||||||
| Debt | 2,691.3 | 3,004.0 | |||||||||||||||
| Deferred tax liability (net) | 533.1 | 486.8 | |||||||||||||||
| Other liabilities | 754.0 | 692.9 | |||||||||||||||
| Total liabilities | 4,785.3 | 5,199.6 | |||||||||||||||
| Redeemable non-controlling interests | 246.8 | 270.2 | |||||||||||||||
| Equity: | |||||||||||||||||
| Common stock | 0.6 | 0.6 | |||||||||||||||
| Additional paid-in capital | 616.1 | 530.2 | |||||||||||||||
| Accumulated other comprehensive loss | (106.8) | (129.0) | |||||||||||||||
| Retained earnings | 7,615.4 | 7,911.2 | |||||||||||||||
| 8,125.3 | 8,313.0 | ||||||||||||||||
| Less: treasury stock, at cost | (4,886.9) | (5,275.0) | |||||||||||||||
| Total stockholders’ equity | 3,238.4 | 3,038.0 | |||||||||||||||
| Non-controlling interests | 936.9 | 895.7 | |||||||||||||||
| Total equity | 4,175.3 | 3,933.7 | |||||||||||||||
| Total liabilities and equity | $ | 9,207.4 | $ | 9,403.5 | |||||||||||||
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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 | Six Months Ended | ||||||||||||||||||||||||||||
| (in millions) | 6/30/2025 | 6/30/2026 | 6/30/2025 | 6/30/2026 | |||||||||||||||||||||||||
| Numerator | |||||||||||||||||||||||||||||
| Net income (controlling interest) | $ | 84.3 | $ | 185.9 | $ | 156.6 | $ | 296.3 | |||||||||||||||||||||
| Income (loss) from hypothetical settlement of Redeemable non-controlling interests, net of taxes | 0.3 | 1.2 | (1.5) | (2.8) | |||||||||||||||||||||||||
| Interest expense on junior convertible securities, net of taxes | 3.4 | — | 6.7 | — | |||||||||||||||||||||||||
| Net income (controlling interest), as adjusted | $ | 88.0 | $ | 187.1 | $ | 161.8 | $ | 293.5 | |||||||||||||||||||||
| Denominator | |||||||||||||||||||||||||||||
| Average shares outstanding (basic) | 28.5 | 26.4 | 28.9 | 26.6 | |||||||||||||||||||||||||
| Effect of dilutive instruments: | |||||||||||||||||||||||||||||
| Stock options and restricted stock units | 1.0 | 0.3 | 1.1 | 0.4 | |||||||||||||||||||||||||
| Hypothetical issuance of shares to settle Redeemable non-controlling interests | 0.2 | 0.2 | 0.6 | 0.3 | |||||||||||||||||||||||||
| Assumed issuance of junior convertible securities shares | 1.7 | — | 1.7 | — | |||||||||||||||||||||||||
| Average shares outstanding (diluted) | 31.4 | 26.9 | 32.3 | 27.3 | |||||||||||||||||||||||||
(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 | Six Months Ended | ||||||||||||||||||||||||||||
| (in millions) | 6/30/2025 | 6/30/2026 | 6/30/2025 | 6/30/2026 | |||||||||||||||||||||||||
| Average shares outstanding (diluted) | 31.4 | 26.9 | 32.3 | 27.3 | |||||||||||||||||||||||||
| Hypothetical issuance of shares to settle Redeemable non-controlling interests | (0.2) | (0.2) | (0.6) | (0.3) | |||||||||||||||||||||||||
| Assumed issuance of junior convertible securities shares | (1.7) | — | (1.7) | — | |||||||||||||||||||||||||
| Dilutive impact of junior convertible securities shares | — | — | — | — | |||||||||||||||||||||||||
| Average shares outstanding (adjusted diluted) | 29.5 | 26.7 | 30.0 | 27.0 | |||||||||||||||||||||||||
(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 | Six Months Ended | ||||||||||||||||||||||||||||
| (in millions) | 6/30/2025 | 6/30/2026 | 6/30/2025 | 6/30/2026 | |||||||||||||||||||||||||
| Pre-tax equity method earnings | $ | 94.1 | $ | 156.7 | $ | 193.6 | $ | 343.0 | |||||||||||||||||||||
| Equity method intangible amortization and impairments | (27.0) | (29.2) | (45.6) | (63.9) | |||||||||||||||||||||||||
| Equity method income tax | (1.5) | (2.6) | (7.1) | (6.9) | |||||||||||||||||||||||||
| Equity method income (net) | $ | 65.6 | $ | 124.9 | $ | 140.9 | $ | 272.2 | |||||||||||||||||||||
(4) The following table presents the impact of the divestiture of an advisor team at myCIO Wealth Partners, LLC (“myCIO”) in June 2026 (the "myCIO Transaction"):
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
| (in millions) | 6/30/2025 | 6/30/2026 | 6/30/2025 | 6/30/2026 | |||||||||||||||||||||||||
| Affiliate transactions, pre-tax | $ | — | $ | 14.6 | $ | — | $ | 14.6 | |||||||||||||||||||||
| Income taxes | — | (3.6) | — | (3.6) | |||||||||||||||||||||||||
| Affiliate transactions, after-tax | $ | — | $ | 11.0 | $ | — | $ | 11.0 | |||||||||||||||||||||
(5) For the three and six months ended June 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.
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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