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Ameriprise's Q3 earnings of $11.26 per share missed estimates but rose 14% y/y.
AMP's adjusted revenues rose 7% to $5.08B, while operating expenses climbed 8%.
Ameriprise's AUM grew 8% y/y to $1.37T, and the company announced a $5.5B buyback plan.
Ameriprise Financial’s (AMP - Free Report) third-quarter 2026 adjusted operating earnings were $11.26 per share, which missed the Zacks Consensus Estimate of $11.60. However, the bottom line reflected a rise of 14% from the year-ago quarter. Excluding unlocking, adjusted operating earnings were $12.07 per share, up 22% year over year.
Results benefited from higher revenues and an improvement in assets under management (AUM), assets under administration (AUA) and assets under advisement balances. However, an increase in expenses was a headwind.
After considering significant items, net income (GAAP basis) was $1.13 billion or $12.32 per share, up from $912 million or $9.33 per share in the prior-year quarter.
AMP’s Adjusted Revenues Improve, Expenses Rise
Adjusted operating total net revenues in the reported quarter were $5.08 billion, increasing 7% year over year. The top line beat the Zacks Consensus Estimate of $5.03 billion. Excluding unlocking, adjusted operating net revenues were $5.07 billion, up 10% year over year. Total GAAP net revenues were $5.12 billion, up 7% year over year.
The rise in revenues was primarily driven by asset growth and strong client engagement. Management and financial advice fees increased 15% year over year to $3.23 billion, while distribution fees rose 5% to $568 million. Net investment income declined 1% to $908 million.
Adjusted operating expenses totaled $3.77 billion, rising 8% year over year. Excluding unlocking, adjusted operating expenses were $3.68 billion, up 9% year over year.
As of Sept. 30, 2026, total AUM, AUA and assets under advisement were $1.78 trillion, up 8% year over year. AUM increased 8% to $1.37 trillion, while AUA rose 4% to $363 billion.
The adjusted operating return on equity, excluding accumulated other comprehensive income (AOCI), was 55.3%, up from 52.8% in the prior-year quarter. Excluding unlocking, the ratio was 56.2%, up from 52.8%.
Update on AMP’s Share Repurchases
The company repurchased 1.6 million shares for $871 million in the reported quarter.
Also, Ameriprise announced a share repurchase authorization of $5.5 billion through Sept. 30, 2028.
Our Take on AMP
Ameriprise is well-positioned for top-line growth on the back of its robust asset balances, strong client engagement and investments in the client and advisor experience. However, elevated expenses due to volume-related costs and investments for growth will likely remain a headwind.
Ameriprise Financial, Inc. Price, Consensus and EPS Surprise
BlackRock’s (BLK - Free Report) third-quarter 2026 adjusted earnings of $15.93 per share surpassed the Zacks Consensus Estimate of $13.97. The figure reflects a 38% rise from the year-ago quarter’s actual.
BLK’s results benefited from higher revenues, robust asset inflows and improved operating performance. However, higher expenses weighed on BlackRock’s results to an extent.
Blackstone’s (BX - Free Report) third-quarter 2026 distributable earnings of $1.32 per share outpaced the Zacks Consensus Estimate of $1.26. However, the bottom line declined 13% from the prior-year quarter.
BX’s results benefited from a rise in the AUM balance to record levels and higher fee-related earnings. However, a decline in segment revenues was the undermining factor.
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Ameriprise Q3 Earnings Miss Estimates Despite Y/Y Revenue & AUM Growth
Key Takeaways
Ameriprise Financial’s (AMP - Free Report) third-quarter 2026 adjusted operating earnings were $11.26 per share, which missed the Zacks Consensus Estimate of $11.60. However, the bottom line reflected a rise of 14% from the year-ago quarter. Excluding unlocking, adjusted operating earnings were $12.07 per share, up 22% year over year.
Results benefited from higher revenues and an improvement in assets under management (AUM), assets under administration (AUA) and assets under advisement balances. However, an increase in expenses was a headwind.
After considering significant items, net income (GAAP basis) was $1.13 billion or $12.32 per share, up from $912 million or $9.33 per share in the prior-year quarter.
AMP’s Adjusted Revenues Improve, Expenses Rise
Adjusted operating total net revenues in the reported quarter were $5.08 billion, increasing 7% year over year. The top line beat the Zacks Consensus Estimate of $5.03 billion. Excluding unlocking, adjusted operating net revenues were $5.07 billion, up 10% year over year. Total GAAP net revenues were $5.12 billion, up 7% year over year.
The rise in revenues was primarily driven by asset growth and strong client engagement. Management and financial advice fees increased 15% year over year to $3.23 billion, while distribution fees rose 5% to $568 million. Net investment income declined 1% to $908 million.
Adjusted operating expenses totaled $3.77 billion, rising 8% year over year. Excluding unlocking, adjusted operating expenses were $3.68 billion, up 9% year over year.
As of Sept. 30, 2026, total AUM, AUA and assets under advisement were $1.78 trillion, up 8% year over year. AUM increased 8% to $1.37 trillion, while AUA rose 4% to $363 billion.
The adjusted operating return on equity, excluding accumulated other comprehensive income (AOCI), was 55.3%, up from 52.8% in the prior-year quarter. Excluding unlocking, the ratio was 56.2%, up from 52.8%.
Update on AMP’s Share Repurchases
The company repurchased 1.6 million shares for $871 million in the reported quarter.
Also, Ameriprise announced a share repurchase authorization of $5.5 billion through Sept. 30, 2028.
Our Take on AMP
Ameriprise is well-positioned for top-line growth on the back of its robust asset balances, strong client engagement and investments in the client and advisor experience. However, elevated expenses due to volume-related costs and investments for growth will likely remain a headwind.
Ameriprise Financial, Inc. Price, Consensus and EPS Surprise
Ameriprise Financial, Inc. price-consensus-eps-surprise-chart | Ameriprise Financial, Inc. Quote
AMP currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Asset Managers
BlackRock’s (BLK - Free Report) third-quarter 2026 adjusted earnings of $15.93 per share surpassed the Zacks Consensus Estimate of $13.97. The figure reflects a 38% rise from the year-ago quarter’s actual.
BLK’s results benefited from higher revenues, robust asset inflows and improved operating performance. However, higher expenses weighed on BlackRock’s results to an extent.
Blackstone’s (BX - Free Report) third-quarter 2026 distributable earnings of $1.32 per share outpaced the Zacks Consensus Estimate of $1.26. However, the bottom line declined 13% from the prior-year quarter.
BX’s results benefited from a rise in the AUM balance to record levels and higher fee-related earnings. However, a decline in segment revenues was the undermining factor.