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AMG's Q3 Earnings Beat Estimates on Higher Revenues & Record AUM
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Key Takeaways
Affiliated Managers' Q3 2026 earnings jumped 55.7% to $9.50 per share, beating the $8.70 consensus estimate.
AMG's revenues rose 12.7% to $595.2 million, while total AUM surged 21.2% to a record $973.9 billion.
AMG recorded $20.7 billion in net client inflows and repurchased $400M in shares despite rising expenses.
Affiliated Managers Group Inc.’s (AMG - Free Report) third-quarter 2026 economic earnings of $9.50 per share handily outpaced the Zacks Consensus Estimate of $8.70. The bottom line jumped 55.7% from the prior-year quarter.
Results benefited from a record assets under management (AUM) balance and higher revenues. The company also had a robust liquidity position. A rise in expenses was the undermining factor.
Economic net income was $247.9 million, up 38% year over year. Our estimate for the metric was $222.2 million.
AMG’s Revenues Rise, Expenses Up
Quarterly total revenues grew 12.7% year over year to $595.2 million. The top line lagged the Zacks Consensus Estimate of $625.7 million.
Adjusted EBITDA was $353.7 million, up 41%. We had projected the metric to be $315.5 million.
Total consolidated expenses rose 10.5% to $452 million. We had estimated total expenses to be $477.1 million.
Affiliated Managers’ AUM Jumps
As of Sept. 30, 2026, total AUM was a record $973.9 billion, which surged 21.2%. Our estimate for total AUM was $991.2 billion.
Average AUM totaled $956.9 billion, up 21.6% year over year.
Net client cash inflows were $20.7 billion in the reported quarter, reflecting ongoing momentum in alternative strategies.
AMG’s Capital & Liquidity Position Remains Decent
As of Sept. 30, 2026, Affiliated Managers had $436.1 million in cash and cash equivalents compared with $586 million as of Dec. 31, 2025. The company had $3.2 billion of debt, up from $2.69 billion as of Dec. 31, 2025.
Stockholders’ equity as of Sept. 30, 2026, was $2.8 billion, down from $3.24 billion as of Dec. 31, 2025.
Update on AMG Share Repurchases
During the third quarter, Affiliated Managers repurchased shares worth $400 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) third-quarter 2026 adjusted earnings of 72 cents per share missed the Zacks Consensus Estimate of 75 cents. However, the bottom line increased 18% from the prior-year quarter.
The results primarily benefited from an increase in adjusted revenues and substantial growth in Invesco’s AUM balance. Continued net long-term inflows also supported the quarterly performance. However, an increase in adjusted expenses was a headwind.
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.
View the Zacks #1 Rank List
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AMG's Q3 Earnings Beat Estimates on Higher Revenues & Record AUM
Key Takeaways
Affiliated Managers Group Inc.’s (AMG - Free Report) third-quarter 2026 economic earnings of $9.50 per share handily outpaced the Zacks Consensus Estimate of $8.70. The bottom line jumped 55.7% from the prior-year quarter.
Results benefited from a record assets under management (AUM) balance and higher revenues. The company also had a robust liquidity position. A rise in expenses was the undermining factor.
Economic net income was $247.9 million, up 38% year over year. Our estimate for the metric was $222.2 million.
AMG’s Revenues Rise, Expenses Up
Quarterly total revenues grew 12.7% year over year to $595.2 million. The top line lagged the Zacks Consensus Estimate of $625.7 million.
Adjusted EBITDA was $353.7 million, up 41%. We had projected the metric to be $315.5 million.
Total consolidated expenses rose 10.5% to $452 million. We had estimated total expenses to be $477.1 million.
Affiliated Managers’ AUM Jumps
As of Sept. 30, 2026, total AUM was a record $973.9 billion, which surged 21.2%. Our estimate for total AUM was $991.2 billion.
Average AUM totaled $956.9 billion, up 21.6% year over year.
Net client cash inflows were $20.7 billion in the reported quarter, reflecting ongoing momentum in alternative strategies.
AMG’s Capital & Liquidity Position Remains Decent
As of Sept. 30, 2026, Affiliated Managers had $436.1 million in cash and cash equivalents compared with $586 million as of Dec. 31, 2025. The company had $3.2 billion of debt, up from $2.69 billion as of Dec. 31, 2025.
Stockholders’ equity as of Sept. 30, 2026, was $2.8 billion, down from $3.24 billion as of Dec. 31, 2025.
Update on AMG Share Repurchases
During the third quarter, Affiliated Managers repurchased shares worth $400 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) third-quarter 2026 adjusted earnings of 72 cents per share missed the Zacks Consensus Estimate of 75 cents. However, the bottom line increased 18% from the prior-year quarter.
The results primarily benefited from an increase in adjusted revenues and substantial growth in Invesco’s AUM balance. Continued net long-term inflows also supported the quarterly performance. However, an increase in adjusted expenses was a headwind.
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.