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Affiliated Managers' Q2 Earnings Beat on Higher Revenues & Record AUM
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Key Takeaways
AMG's Q2 economic EPS rose 58.3% to $8.29, beating the $7.85 consensus estimate.
Record AUM reached $942.4B as net client cash inflows hit $12.9B, led by alternative strategies.
AMG's revenues climbed 29.9% to $640.7M, while expenses rose 17.9% and debt increased to $3B.
Affiliated Managers Group Inc.’s (AMG - Free Report) second-quarter 2026 economic earnings of $8.29 per share handily outpaced the Zacks Consensus Estimate of $7.85. The bottom line jumped 58.3% from the prior-year quarter.
Results benefited from record assets under management (AUM) balance and higher revenues. Also, the company had a robust liquidity position. A rise in expenses was the undermining factor.
Economic net income was $221.4 million, up 39.1% year over year. Our estimate for the metric was $203 million.
AMG’s Revenues Rise, Expenses Up
Quarterly total revenues soared 29.9% year over year to $640.7 million. The top line beat the Zacks Consensus Estimate of $557.91 million.
Adjusted EBITDA was $316 million, up 43.8%. We had projected the metric to be $294.1 million.
Total consolidated expenses rose 17.9% to $486.7 million. We had estimated total expenses to be $466.5 million.
Affiliated Managers’ AUM Jumps
As of June 30, 2026, total AUM was a record $942.4 billion, which surged 22.2%. Our estimate for total AUM was $910.2 billion.
Average AUM totaled $920.9 billion, up 25% year over year.
Net client cash inflows were $12.9 billion in the reported quarter, reflecting ongoing momentum in alternative strategies.
AMG’s Capital & Liquidity Position Decent
As of June 30, 2026, Affiliated Managers had $411 million in cash and cash equivalents compared with $586 million as of Dec. 31, 2025. The company had $3 billion of debt, up from $2.69 billion as of Dec. 31, 2025.
Stockholders’ equity as of June 30, 2026, was $3.04 billion, down from $3.24 billion as of Dec. 31, 2025.
Update on AMG Share Repurchases
During the second quarter, Affiliated Managers repurchased shares worth $189 million.
Our View on Affiliated Managers
AMG is well-positioned for growth given the successful partnerships, focus on alternative strategies, global distribution capability and a diverse product mix. Substantial intangible assets on the company's balance sheet and elevated expense levels remain major concerns.
Affiliated Managers Group, Inc. Price, Consensus and EPS Surprise
Invesco’s (IVZ - Free Report) second-quarter 2026 adjusted earnings of 71 cents per share surpassed the Zacks Consensus Estimate of 67 cents. The bottom line increased 97.2% from the prior-year quarter.
Invesco’s results primarily benefited from an increase in adjusted revenues and substantial growth in AUM balance. Record net long-term inflows also supported the quarter. However, an increase in adjusted expenses was a headwind.
Ameriprise Financial’s (AMP - Free Report) second-quarter 2026 adjusted operating earnings were $11.07 per share, which handily surpassed the Zacks Consensus Estimate of $10.72. The bottom line reflected a rise of 22% from the year-ago quarter.
Results benefited from higher revenues and an improvement in AUM and assets under administration (AUA) balances to record levels. However, an increase in expenses was a headwind for Ameriprise.
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Affiliated Managers' Q2 Earnings Beat on Higher Revenues & Record AUM
Key Takeaways
Affiliated Managers Group Inc.’s (AMG - Free Report) second-quarter 2026 economic earnings of $8.29 per share handily outpaced the Zacks Consensus Estimate of $7.85. The bottom line jumped 58.3% from the prior-year quarter.
Results benefited from record assets under management (AUM) balance and higher revenues. Also, the company had a robust liquidity position. A rise in expenses was the undermining factor.
Economic net income was $221.4 million, up 39.1% year over year. Our estimate for the metric was $203 million.
AMG’s Revenues Rise, Expenses Up
Quarterly total revenues soared 29.9% year over year to $640.7 million. The top line beat the Zacks Consensus Estimate of $557.91 million.
Adjusted EBITDA was $316 million, up 43.8%. We had projected the metric to be $294.1 million.
Total consolidated expenses rose 17.9% to $486.7 million. We had estimated total expenses to be $466.5 million.
Affiliated Managers’ AUM Jumps
As of June 30, 2026, total AUM was a record $942.4 billion, which surged 22.2%. Our estimate for total AUM was $910.2 billion.
Average AUM totaled $920.9 billion, up 25% year over year.
Net client cash inflows were $12.9 billion in the reported quarter, reflecting ongoing momentum in alternative strategies.
AMG’s Capital & Liquidity Position Decent
As of June 30, 2026, Affiliated Managers had $411 million in cash and cash equivalents compared with $586 million as of Dec. 31, 2025. The company had $3 billion of debt, up from $2.69 billion as of Dec. 31, 2025.
Stockholders’ equity as of June 30, 2026, was $3.04 billion, down from $3.24 billion as of Dec. 31, 2025.
Update on AMG Share Repurchases
During the second quarter, Affiliated Managers repurchased shares worth $189 million.
Our View on Affiliated Managers
AMG is well-positioned for growth given the successful partnerships, focus on alternative strategies, global distribution capability and a diverse product mix. Substantial intangible assets on the company's balance sheet and elevated expense levels remain major concerns.
Affiliated Managers Group, Inc. Price, Consensus and EPS Surprise
Affiliated Managers Group, Inc. price-consensus-eps-surprise-chart | Affiliated Managers Group, Inc. Quote
Affiliated Managers currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of AMG’s Peers
Invesco’s (IVZ - Free Report) second-quarter 2026 adjusted earnings of 71 cents per share surpassed the Zacks Consensus Estimate of 67 cents. The bottom line increased 97.2% from the prior-year quarter.
Invesco’s results primarily benefited from an increase in adjusted revenues and substantial growth in AUM balance. Record net long-term inflows also supported the quarter. However, an increase in adjusted expenses was a headwind.
Ameriprise Financial’s (AMP - Free Report) second-quarter 2026 adjusted operating earnings were $11.07 per share, which handily surpassed the Zacks Consensus Estimate of $10.72. The bottom line reflected a rise of 22% from the year-ago quarter.
Results benefited from higher revenues and an improvement in AUM and assets under administration (AUA) balances to record levels. However, an increase in expenses was a headwind for Ameriprise.