Affiliated Managers Group, Inc. (AMG) Earnings
Affiliated Managers Group, Inc. is expected to report next earnings on July 30, 2026 (in NaN days), with a consensus EPS estimate of $7.76. AMG has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +3.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 1, 2026 | $8.10 | $8.23 | +1.6% | $545M | +0.2% |
| Feb 12, 2026 | $8.75 | $9.48 | +8.3% | $800M | +44.2% |
| Jul 31, 2025 | $5.26 | $5.39 | +2.5% | $493M | -8.8% |
| May 8, 2025 | $5.10 | $5.20 | +2.0% | $497M | -3.1% |
| Feb 6, 2025 | $6.02 | $6.53 | +8.5% | $521M | -1.8% |
| Jul 26, 2023 | $4.23 | $4.45 | +5.2% | $513M | -4.4% |
| May 1, 2023 | $4.16 | $4.18 | +0.5% | $517M | -4.2% |
| Feb 6, 2023 | $7.03 | $7.28 | +3.6% | $583M | -3.7% |
| May 2, 2022 | $4.34 | $4.65 | +7.1% | $607M | -8.4% |
| Feb 7, 2022 | $5.81 | $6.10 | +5.0% | $692M | +10.5% |
| Jul 28, 2021 | $3.82 | $4.03 | +5.5% | $586M | -0.8% |
| May 3, 2021 | $4.24 | $4.28 | +0.9% | $559M | +0.6% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 1, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
AMG reported record first quarter results with adjusted EBITDA of $317 million (+39% YOY), economic earnings per share of $8.23 (+58% YOY). Record quarterly net client cash flows of more than $22 billion, bringing net flows over last 12 months to $52 billion (7% organic growth). Repurchased shares at elevated pace, deploying approx $186 million over quarter. Private markets affiliates manage $148 billion in assets with growth in infrastructure, real estate, secondary solutions. Liquid alternatives affiliates manage over $261 billion in assets with growth in institutional absolute return strategies and tax-aware long-short strategies. 2025 economic earnings per share grew >20%, expect >30% growth this year. First quarter AUM $882 billion, highest ever; net client cash inflows >$22 billion, fourth consecutive quarter of positive and increasing net flows. Private markets affiliates raised $4 billion, liquid alternatives affiliates had $25 billion net inflows, multi-asset and fixed income had $3 billion net inflows, equities had net outflows but differentiated long-only business had pockets of strength.
Guidance
Second quarter adjusted EBITDA expected to be in the range of $290 million to $305 million, based on current AUM levels reflecting 5% quarter to date as of April 30th and including seasonably lower net performance fees of up to $10 million. Expected second quarter economic earnings per share to be between $7.60 and $8.01, midpoint represents approx 45% growth versus Q2 2025. Expect to repurchase approximately $500 million of shares for the full year, subject to market conditions and capital allocation activity.
Segment performance
AMG reported record results for the first quarter, with adjusted EBITDA of approximately $317 million and economic earnings per share of $8.23, representing year-over-year growth of 39% and 58% respectively. AMG's AUM was $882 billion, the highest level in its history. In private markets, affiliates manage $148 billion in assets with strongest momentum in infrastructure, real estate, and secondary solutions. In liquid alternatives, affiliates manage more than $261 billion in assets, benefiting from institutional demand for absolute return strategies and tax-aware long-short strategies. Absolute return strategies account for approximately $180 billion in assets. Tax-aware long-short strategies account for approximately $69 billion of AUM in liquid alternative strategies for about 8% of AMG's business.