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Affiliated Managers Group (AMG) Financials

Affiliated Managers Group logo
$301.70 +6.80 (+2.31%)
Closing price 05/20/2026 03:59 PM Eastern
Extended Trading
$301.40 -0.30 (-0.10%)
As of 07:00 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Affiliated Managers Group

Annual Income Statements for Affiliated Managers Group

This table shows Affiliated Managers Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 510 473 690 244 16 202 566 1,146 673 512 717
Consolidated Net Income / (Loss)		 827 739 1,009 532 305 427 890 1,388 906 741 904
Net Income / (Loss) Continuing Operations		 827 646 880 532 305 427 890 1,388 906 741 904
Total Pre-Tax Income 		1,091 975 1,067 714 308 508 1,141 1,746 1,091 923 1,186
Total Revenue		 2,773 2,432 2,607 2,298 1,825 2,018 2,544 3,310 2,471 2,354 2,909
Net Interest Income / (Expense)		 0.00 -92 0.00 -81 -76 0.00 -111 0.00 0.00 0.00 0.00
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 0.00 92 0.00 81 76 0.00 111 0.00 0.00 0.00 0.00
Total Non-Interest Income		 2,773 2,523 2,607 2,378 1,902 2,018 2,655 3,310 2,471 2,354 2,909
Net Realized & Unrealized Capital Gains on Investments		 289 2,523 302 2,378 -338 2,018 243 980 413 313 834
Other Non-Interest Income		 - - 2,305 - 2,240 - 2,412 2,330 2,058 2,041 2,074
Total Non-Interest Expense		 1,650 1,504 1,605 1,611 1,543 1,510 1,520 1,674 1,497 1,508 1,805
Salaries and Employee Benefits		 1,028 932 979 987 943 884 1,047 1,072 908 915 1,020
Other Operating Expenses		 488 441 519 487 434 467 421 535 528 550 615
Depreciation Expense		 19 20 - 22 21 19 17 16 13 13 10
Amortization Expense		 115 110 86 115 145 141 36 52 48 29 160
Nonoperating Income / (Expense), net		 -33 46 65 27 25 - 118 110 117 77 83
Income Tax Expense		 263 236 58 181 2.90 81 251 358 185 183 282
Net Income / (Loss) Attributable to Noncontrolling Interest		 318 266 319 289 289 225 324 242 233 229 187
Basic Earnings per Share		 $9.37 $8.73 $12.30 $4.55 $0.31 $4.34 $13.65 $29.77 $19.18 $16.45 $25.18
Weighted Average Basic Shares Outstanding		 54.30M 54.20M 56M 53.60M 50.50M 46.50M 41.50M 38.50M 35.10M 31.10M 28.50M
Diluted Earnings per Share		 $9.17 $8.57 $12.03 $4.52 $0.31 $4.33 $13.05 $25.35 $17.42 $15.13 $22.74
Weighted Average Diluted Shares Outstanding		 57.20M 57M 58.60M 53.80M 50.60M 46.70M 44.80M 49M 42.20M 36.10M 33M
Weighted Average Basic & Diluted Shares Outstanding		 53.70M 54.20M 56.10M 52.05M 47.87M 42.62M 39.78M 35.86M 32.79M 29.26M 26.68M
Cash Dividends to Common per Share		 $0.00 $0.00 $0.80 $1.20 $1.28 $0.35 $0.04 $0.04 $0.04 $0.04 $0.04

Quarterly Income Statements for Affiliated Managers Group

This table shows Affiliated Managers Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 217 196 150 76 124 162 72 84 212 348 110
Consolidated Net Income / (Loss)		 286 244 199 135 186 221 99 136 291 378 146
Net Income / (Loss) Continuing Operations		 286 244 199 135 186 221 99 136 291 378 146
Total Pre-Tax Income 		364 274 254 178 217 274 127 172 363 526 193
Total Revenue		 698 659 617 518 569 679 572 559 744 1,034 692
Net Interest Income / (Expense)		 0.00 31 0.00 0.00 0.00 30 0.00 0.00 0.00 - 0.00
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 0.00 -31 0.00 0.00 0.00 -30 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 698 629 617 518 569 649 572 559 744 1,034 692
Net Realized & Unrealized Capital Gains on Investments		 173 -387 118 18 53 -376 75 66 216 477 147
Other Non-Interest Income		 525 - 500 500 516 - 497 493 528 557 545
Total Non-Interest Expense		 357 415 381 359 375 422 457 413 409 527 506
Salaries and Employee Benefits		 212 245 240 215 221 239 230 264 254 272 287
Other Operating Expenses		 130 156 131 134 143 172 141 140 147 187 167
Depreciation Expense		 3.00 3.00 3.00 3.10 3.30 4.00 2.80 2.50 2.60 2.50 2.50
Amortization Expense		 13 11 7.30 7.30 7.30 7.10 83 6.30 6.30 64 49
Nonoperating Income / (Expense), net		 23 30 18 19 23 17 12 26 28 18 6.50
Income Tax Expense		 78 30 55 43 31 53 27 36 72 148 47
Net Income / (Loss) Attributable to Noncontrolling Interest		 69 48 49 59 62 59 27 52 79 31 36
Basic Earnings per Share		 $6.22 $5.73 $4.56 $2.42 $4.11 $5.36 $2.48 $2.96 $7.47 $12.27 $4.12
Weighted Average Basic Shares Outstanding		 34.90M 35.10M 32.80M 31.50M 30.10M 31.10M 29.20M 28.50M 28.40M 28.50M 26.80M
Diluted Earnings per Share		 $5.48 $5.22 $4.14 $2.26 $3.78 $4.95 $2.20 $2.80 $6.87 $10.87 $3.84
Weighted Average Diluted Shares Outstanding		 43.40M 42.20M 40.10M 35.30M 35M 36.10M 32.60M 31.40M 32.90M 33M 27.50M
Weighted Average Basic & Diluted Shares Outstanding		 33.81M 32.79M 31.86M 29.81M 30.23M 29.26M 28.43M 28.41M 28.13M 26.68M 26.41M
Cash Dividends to Common per Share		 $0.01 - $0.01 $0.01 $0.01 - $0.01 $0.01 $0.01 - $0.01

Annual Cash Flow Statements for Affiliated Managers Group

This table details how cash moves in and out of Affiliated Managers Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 13 -131 8.70 129 -21 502 -124 -481 387 131 -370
Net Cash From Operating Activities		 1,213 1,050 1,170 1,141 929 1,009 1,259 1,055 874 932 973
Net Cash From Continuing Operating Activities		 1,213 1,050 1,170 1,141 929 1,009 1,259 1,055 874 932 973
Net Income / (Loss) Continuing Operations		 827 739 1,009 532 305 427 890 1,388 906 741 904
Consolidated Net Income / (Loss)		 827 739 1,009 532 305 427 890 1,388 906 741 904
Depreciation Expense		 19 20 20 22 21 19 17 16 13 13 10
Amortization Expense		 115 110 86 115 145 141 36 52 48 29 160
Non-Cash Adjustments to Reconcile Net Income		 223 138 64 424 582 413 197 -539 136 206 -155
Changes in Operating Assets and Liabilities, net		 29 44 -8.90 48 -123 10 120 139 -229 -57 54
Net Cash From Investing Activities		 -325 -1,332 14 -18 -24 -54 -584 -110 265 379 -206
Net Cash From Continuing Investing Activities		 -325 -1,332 14 -18 -24 -54 -584 -110 265 379 -206
Purchase of Property, Leasehold Improvements and Equipment		 -38 -20 -19 -19 -9.60 -8.50 -8.40 -11 -12 -3.40 -6.10
Purchase of Investment Securities		 -311 -1,377 -68 -48 -205 -92 -636 -603 -1,026 -516 -880
Divestitures		 - - 0.00 0.00 - - 0.00 224 294 0.00 404
Sale and/or Maturity of Investments		 25 65 100 49 73 47 56 280 1,009 898 266
Other Investing Activities, net		 - - - - 118 0.00 4.40 0.80 0.20 0.70 9.80
Net Cash From Financing Activities		 -858 201 -1,190 -983 -935 -455 -798 -1,403 -758 -1,176 -1,149
Net Cash From Continuing Financing Activities		 -858 201 -1,190 -983 -935 -455 -798 -1,403 -758 -1,176 -1,149
Issuance of Debt		 1,253 1,350 545 1,150 471 875 200 0.00 25 848 899
Repayment of Debt		 -1,256 -1,125 -805 -1,181 -510 -350 -33 -61 -25 -750 -826
Repurchase of Common Equity		 -414 -33 -351 -496 -356 -335 -595 -714 -342 -710 -706
Payment of Dividends		 -431 -354 -397 -435 -413 -323 -336 -344 -273 -259 -253
Other Financing Activities, Net		 -68 -102 -181 -22 -126 -322 117 -223 -144 -304 -262
Effect of Exchange Rate Changes		 -18 -50 14 -10 8.70 2.10 -0.80 -23 6.90 -4.20 12
Cash Interest Paid		 76 85 82 77 84 88 103 109 110 138 138
Cash Income Taxes Paid		 90 152 165 160 103 -12 87 120 315 143 111

Quarterly Cash Flow Statements for Affiliated Managers Group

This table details how cash moves in and out of Affiliated Managers Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 216 -186 -20 72 140 -61 -140 -456 115 110 -210
Net Cash From Operating Activities		 294 255 209 245 265 213 209 231 277 256 299
Net Cash From Continuing Operating Activities		 294 255 209 245 265 213 209 231 277 256 299
Net Income / (Loss) Continuing Operations		 286 244 199 135 186 221 99 136 291 378 146
Consolidated Net Income / (Loss)		 286 244 199 135 186 221 99 136 291 378 146
Depreciation Expense		 3.00 3.00 3.00 3.10 3.30 4.00 2.80 2.50 2.60 2.50 2.50
Amortization Expense		 13 11 7.30 7.20 7.30 7.20 83 6.30 6.40 64 49
Non-Cash Adjustments to Reconcile Net Income		 -108 -29 153 73 43 -63 155 90 -102 -299 165
Changes in Operating Assets and Liabilities, net		 101 26 -153 27 26 43 -131 -4.00 79 111 -63
Net Cash From Investing Activities		 187 -213 75 240 56 8.50 -36 -494 271 53 -229
Net Cash From Continuing Investing Activities		 187 -213 75 240 56 8.50 -36 -494 271 53 -229
Purchase of Property, Leasehold Improvements and Equipment		 -2.60 -5.80 -1.00 -0.60 -0.70 -1.10 -1.60 -1.40 -1.20 -1.90 -3.80
Purchase of Investment Securities		 -356 -454 -359 -79 -64 -14 -58 -509 -21 -292 -261
Sale and/or Maturity of Investments		 252 247 435 320 121 23 24 17 189 37 36
Net Cash From Financing Activities		 -259 -234 -302 -414 -188 -272 -317 -202 -430 -200 -277
Net Cash From Continuing Financing Activities		 -259 -234 -302 -414 -188 -272 -317 -202 -430 -200 -277
Issuance of Debt		 - - 450 - 398 - 0.00 - 100 799 625
Repayment of Debt		 - - -450 8.60 -300 - 0.00 - -350 -476 -60
Repurchase of Common Equity		 -169 -128 -153 -332 -105 -120 -176 -101 -76 -353 -185
Payment of Dividends		 -60 -55 -82 -66 -59 -52 -87 -63 -56 -47 -84
Other Financing Activities, Net		 -9.20 -12 -35 25 -117 -47 -54 -25 -40 -173 -573
Effect of Exchange Rate Changes		 -6.30 7.10 -1.60 0.10 7.20 -9.90 4.10 8.90 -2.50 1.10 -2.90

Annual Balance Sheets for Affiliated Managers Group

This table presents Affiliated Managers Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 7,769 8,749 8,702 8,219 7,654 7,889 8,876 8,881 9,060 8,831 9,207
Cash and Due from Banks		 564 431 440 566 540 1,040 909 429 814 950 586
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 114 110 111 104 92 80 74 69 67 58 54
Goodwill		 2,668 2,628 2,663 2,633 2,652 2,661 2,689 2,649 2,524 2,505 2,531
Intangible Assets		 1,686 1,497 1,450 1,310 1,182 1,049 1,966 1,876 1,812 1,778 1,639
Other Assets		 2,537 3,960 3,962 3,487 3,129 2,985 3,160 3,142 3,843 3,541 4,397
Total Liabilities & Shareholders' Equity		 7,769 8,749 8,702 8,219 7,654 7,889 8,876 8,881 9,060 8,831 9,207
Total Liabilities		 3,388 3,649 3,312 3,251 3,238 3,900 4,492 4,240 4,096 4,182 4,785
Other Short-Term Payables		 729 729 807 747 635 - 789 778 - 639 807
Long-Term Debt		 1,879 2,110 1,855 1,830 1,794 2,312 2,490 2,535 2,538 2,620 2,691
Other Long-Term Liabilities		 779 810 650 674 809 1,588 1,212 926 1,559 923 1,287
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 613 674 812 834 917 672 674 465 393 351 247
Total Equity & Noncontrolling Interests		 3,769 4,427 4,579 4,135 3,499 3,317 3,711 4,176 4,570 4,298 4,175
Total Preferred & Common Equity		 2,837 3,620 3,822 3,457 2,938 2,780 2,786 3,230 3,588 3,345 3,238
Total Common Equity		 2,837 3,620 3,822 3,457 2,938 2,780 2,786 3,230 3,588 3,345 3,238
Common Stock		 696 1,074 809 836 708 730 652 696 742 734 617
Retained Earnings		 2,582 3,054 3,699 3,877 3,820 4,006 4,570 5,718 6,390 6,900 7,615
Treasury Stock		 -422 -386 -664 -1,147 -1,481 -1,857 -2,347 -2,981 -3,376 -4,125 -4,887
Accumulated Other Comprehensive Income / (Loss)		 -18 -123 -22 -109 -109 -98 -88 -203 -168 -164 -107
Noncontrolling Interest		 932 807 756 678 562 538 924 945 982 953 937

Quarterly Balance Sheets for Affiliated Managers Group

This table presents Affiliated Managers Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 8,430 8,896 8,966 9,004 9,025 8,845 8,903 8,714 8,808 8,928 9,396
Cash and Due from Banks		 623 833 786 999 793 866 1,011 817 361 476 376
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 70 67 66 64 66 63 61 57 57 55 70
Goodwill		 2,628 2,649 2,660 2,509 2,518 2,516 2,532 2,513 2,538 2,528 2,524
Intangible Assets		 1,864 1,866 1,863 1,810 1,802 1,796 1,807 1,704 1,716 1,703 1,586
Other Assets		 3,062 3,023 3,147 3,160 3,497 3,438 3,426 3,624 4,136 4,165 4,841
Total Liabilities & Shareholders' Equity		 8,430 8,896 8,966 9,004 9,025 8,845 8,903 8,714 8,808 8,928 9,396
Total Liabilities		 4,288 4,143 4,097 4,107 4,111 4,191 4,232 4,249 4,333 4,388 5,148
Other Short-Term Payables		 569 645 603 636 634 637 626 666 692 880 1,098
Long-Term Debt		 2,535 2,536 2,536 2,537 2,525 2,525 2,620 2,621 2,621 2,372 2,919
Other Long-Term Liabilities		 1,184 962 958 934 952 1,029 987 963 1,019 1,137 1,132
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 487 533 501 432 393 391 397 366 336 274 264
Total Equity & Noncontrolling Interests		 3,655 4,219 4,368 4,464 4,521 4,263 4,274 4,099 4,139 4,267 3,984
Total Preferred & Common Equity		 2,766 3,272 3,398 3,495 3,590 3,331 3,316 3,188 3,239 3,343 3,090
Total Common Equity		 2,766 3,272 3,398 3,495 3,590 3,331 3,316 3,188 3,239 3,343 3,090
Common Stock		 710 565 653 723 713 713 712 668 702 715 555
Retained Earnings		 4,941 5,852 5,977 6,194 6,539 6,615 6,738 6,972 7,056 7,268 7,726
Treasury Stock		 -2,671 -2,967 -3,071 -3,242 -3,504 -3,834 -3,995 -4,276 -4,394 -4,531 -5,073
Accumulated Other Comprehensive Income / (Loss)		 -214 -178 -161 -180 -158 -164 -139 -176 -125 -109 -118
Noncontrolling Interest		 889 948 970 969 930 932 958 911 900 923 894

Annual Metrics And Ratios for Affiliated Managers Group

This table displays calculated financial ratios and metrics derived from Affiliated Managers Group's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $9.49 $8.73 $12.30 $4.55 $0.31 $4.34 $13.65 $29.77 $19.18 $16.45 $25.18
Adjusted Weighted Average Basic Shares Outstanding		 54.30M 54.20M 56M 53.60M 50.50M 46.50M 41.50M 38.50M 35.10M 31.10M 28.50M
Adjusted Diluted Earnings per Share		 $9.28 $8.57 $12.03 $4.52 $0.31 $4.33 $13.05 $25.35 $17.42 $15.13 $22.74
Adjusted Weighted Average Diluted Shares Outstanding		 57.20M 57M 58.60M 53.80M 50.60M 46.70M 44.80M 49M 42.20M 36.10M 33M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.31 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 53.99M 56.70M 54.50M 52.05M 47.87M 42.62M 39.78M 35.86M 32.79M 29.26M 26.68M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Affiliated Managers Group

This table displays calculated financial ratios and metrics derived from Affiliated Managers Group's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 26,684,730.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 26,684,730.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 5.49
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 17.31% -55.07% 7.70% -8.78% -18.49% 2.99% -7.37% 7.79% 30.77% - 21.05%
EBITDA Growth		 64.75% -72.70% 16.39% -19.19% -42.48% 3.64% -18.38% -8.51% 67.84% - 18.40%
EBIT Growth		 72.07% -73.71% 20.77% -17.91% -42.97% 4.91% -51.29% -8.11% 72.36% - 62.09%
NOPAT Growth		 65.62% -73.79% 16.98% -26.97% -37.93% -4.91% -51.19% -3.89% 61.62% - 56.99%
Net Income Growth		 74.07% -70.62% 5.41% -27.96% -35.04% -9.46% -50.08% 0.67% 56.57% - 47.58%
EPS Growth		 95.71% -68.23% 19.31% -30.46% -31.02% -5.17% -46.86% 23.89% 81.75% - 74.55%
Operating Cash Flow Growth		 1.03% -0.93% -10.90% 170.34% -9.77% -16.63% -0.14% -5.87% 4.49% - 43.27%
Free Cash Flow Firm Growth		 -553.04% -120.18% 110.83% 167.42% 163.21% 510.95% 1,174.93% -42.80% 109.77% - -86.27%
Invested Capital Growth		 11.33% 4.52% 2.06% -3.06% -1.92% -3.09% -4.74% -1.15% -5.20% - 1.14%
Revenue Q/Q Growth		 22.84% -5.60% 3.74% -11.76% 9.76% 19.28% -15.74% -2.29% 33.16% - -33.03%
EBITDA Q/Q Growth		 70.02% -27.51% -4.57% -31.29% 21.03% 30.60% -24.85% -22.97% 122.01% - -58.52%
EBIT Q/Q Growth		 75.89% -28.27% -3.40% -32.66% 22.20% 31.96% -55.15% 27.04% 129.23% - -63.25%
NOPAT Q/Q Growth		 62.52% -18.70% -15.24% -34.79% 38.13% 24.56% -56.49% 28.40% 132.27% - -61.22%
Net Income Q/Q Growth		 52.61% -14.62% -18.63% -32.06% 37.63% 19.00% -55.13% 37.00% 114.05% - -61.27%
EPS Q/Q Growth		 68.62% -4.74% -20.69% -45.41% 67.26% 30.95% -55.56% 27.27% 145.36% - -64.67%
Operating Cash Flow Q/Q Growth		 224.04% -13.27% -17.93% 17.21% 8.16% -19.87% -1.69% 10.48% 20.06% - 16.73%
Free Cash Flow Firm Q/Q Growth		 5.10% 78.13% 132.49% 899.83% -11.03% 42.20% 0.79% -55.14% 226.25% - -88.32%
Invested Capital Q/Q Growth		 0.37% 0.91% -0.83% -3.49% 1.56% -0.30% -2.52% 0.14% -2.60% - 0.75%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 51.02% 39.18% 41.94% 32.66% 36.01% 39.43% 35.16% 27.72% 46.22% - 34.39%
EBIT Margin		 48.80% 37.09% 40.19% 30.67% 34.15% 37.78% 20.11% 26.15% 45.01% - 26.92%
Profit (Net Income) Margin		 40.97% 37.06% 33.82% 26.04% 32.65% 32.58% 17.35% 24.32% 39.09% - 21.15%
Tax Burden Percent		 78.64% 89.12% 78.20% 75.72% 85.58% 80.78% 78.36% 79.20% 80.25% - 75.89%
Interest Burden Percent		 106.75% 112.11% 107.62% 112.14% 111.73% 106.75% 110.09% 117.45% 108.24% - 103.49%
Effective Tax Rate		 21.36% 10.88% 21.80% 24.28% 14.42% 19.22% 21.64% 20.80% 19.75% - 24.11%
Return on Invested Capital (ROIC)		 17.21% 11.13% 10.20% 7.45% 8.77% 9.73% 5.01% 6.81% 12.84% - 8.69%
ROIC Less NNEP Spread (ROIC-NNEP)		 17.93% 12.17% 10.75% 8.03% 9.53% 10.27% 5.36% 7.60% 13.72% - 8.86%
Return on Net Nonoperating Assets (RNNOA)		 10.06% 6.43% 5.63% 4.27% 5.14% 5.51% 2.94% 4.28% 7.44% - 5.64%
Return on Equity (ROE)		 27.27% 17.56% 15.83% 11.72% 13.91% 15.24% 7.95% 11.10% 20.27% - 14.32%
Cash Return on Invested Capital (CROIC)		 10.44% 6.60% 9.32% 13.96% 11.30% 12.33% 12.90% 9.28% 14.94% - 11.38%
Operating Return on Assets (OROA)		 17.72% 10.22% 10.72% 8.06% 8.43% 9.94% 5.23% 6.96% 12.74% - 9.01%
Return on Assets (ROA)		 14.87% 10.21% 9.02% 6.84% 8.06% 8.57% 4.51% 6.47% 11.07% - 7.07%
Return on Common Equity (ROCE)		 18.89% 12.46% 11.23% 8.28% 9.90% 10.99% 5.75% 7.99% 14.66% - 10.32%
Return on Equity Simple (ROE_SIMPLE)		 42.72% 0.00% 25.52% 25.94% 23.03% 0.00% 20.11% 19.82% 22.35% - 30.79%
Net Operating Profit after Tax (NOPAT)		 268 218 185 120 166 207 90 116 269 - 141
NOPAT Margin		 38.38% 33.05% 31.43% 23.22% 29.22% 30.52% 15.76% 20.71% 36.12% - 20.43%
Net Nonoperating Expense Percent (NNEP)		 -0.71% -1.04% -0.56% -0.58% -0.76% -0.54% -0.35% -0.78% -0.89% - -0.18%
SG&A Expenses to Revenue		 30.34% 37.10% 40.92% 41.53% 38.80% 35.18% 40.27% 47.19% 34.07% - 41.47%
Operating Expenses to Revenue		 51.20% 62.91% 59.81% 69.33% 65.85% 62.22% 79.89% 73.85% 54.99% - 73.08%
Earnings before Interest and Taxes (EBIT)		 341 244 236 159 194 256 115 146 335 - 186
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 356 258 246 169 205 268 201 155 344 - 238
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.31 1.43 1.58 1.49 1.60 1.67 1.54 1.73 2.03 - 2.39
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Price to Revenue (P/Rev)		 1.44 2.07 2.37 2.13 2.40 2.37 2.13 2.38 2.68 - 2.44
Price to Earnings (P/E)		 3.64 7.61 8.23 7.79 9.72 10.93 11.32 12.64 12.75 - 9.78
Dividend Yield		 0.03% 0.03% 0.02% 0.03% 0.02% 0.02% 0.02% 0.02% 0.02% - 0.01%
Earnings Yield		 27.47% 13.15% 12.16% 12.83% 10.29% 9.15% 8.83% 7.91% 7.84% - 10.22%
Enterprise Value to Invested Capital (EV/IC)		 1.01 1.10 1.17 1.11 1.13 1.18 1.13 1.28 1.43 - 1.55
Enterprise Value to Revenue (EV/Rev)		 2.37 3.33 3.65 3.40 3.74 3.64 3.46 3.87 3.91 - 3.66
Enterprise Value to EBITDA (EV/EBITDA)		 4.36 7.94 8.14 7.73 9.40 9.64 9.49 10.97 10.20 - 8.46
Enterprise Value to EBIT (EV/EBIT)		 4.52 8.43 8.59 8.12 9.91 10.12 11.04 12.77 11.57 - 9.44
Enterprise Value to NOPAT (EV/NOPAT)		 5.03 10.16 10.42 10.06 11.99 12.62 13.70 15.70 14.48 - 12.43
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.56 9.40 10.27 7.94 8.48 9.19 8.58 9.91 10.62 - 10.42
Enterprise Value to Free Cash Flow (EV/FCFF)		 10.19 16.97 12.70 7.82 9.93 9.40 8.54 13.73 9.30 - 13.66
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.52 0.51 0.51 0.54 0.56 0.56 0.59 0.59 0.52 - 0.69
Long-Term Debt to Equity		 0.52 0.51 0.51 0.54 0.56 0.56 0.59 0.59 0.52 - 0.69
Financial Leverage		 0.56 0.53 0.52 0.53 0.54 0.54 0.55 0.56 0.54 - 0.64
Leverage Ratio		 1.93 1.87 1.85 1.87 1.87 1.86 1.89 1.93 1.94 - 2.08
Compound Leverage Factor		 2.06 2.09 2.00 2.10 2.09 1.99 2.08 2.27 2.10 - 2.15
Debt to Total Capital		 34.13% 33.83% 33.94% 35.18% 35.93% 36.05% 36.99% 36.94% 34.31% - 40.73%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital		 34.13% 33.83% 33.94% 35.18% 35.93% 36.05% 36.99% 36.94% 34.31% - 40.73%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 18.85% 18.34% 17.79% 18.43% 18.58% 17.93% 18.02% 17.42% 17.31% - 16.16%
Common Equity to Total Capital		 47.02% 47.83% 48.27% 46.40% 45.49% 46.02% 44.99% 45.64% 48.37% - 43.11%
Debt to EBITDA		 1.47 2.45 2.36 2.45 2.98 2.95 3.11 3.16 2.45 - 2.23
Net Debt to EBITDA		 0.89 1.66 1.62 1.61 1.83 1.88 2.14 2.73 1.96 - 1.94
Long-Term Debt to EBITDA		 1.47 2.45 2.36 2.45 2.98 2.95 3.11 3.16 2.45 - 2.23
Debt to NOPAT		 1.70 3.14 3.02 3.19 3.80 3.86 4.49 4.53 3.48 - 3.27
Net Debt to NOPAT		 1.03 2.13 2.07 2.10 2.33 2.46 3.09 3.90 2.78 - 2.85
Long-Term Debt to NOPAT		 1.70 3.14 3.02 3.19 3.80 3.86 4.49 4.53 3.48 - 3.27
Noncontrolling Interest Sharing Ratio		 30.73% 29.01% 29.01% 29.34% 28.81% 27.87% 27.72% 28.03% 27.70% - 27.95%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -489 -107 35 347 309 439 443 199 648 - 61
Operating Cash Flow to CapEx		 11,303.85% 4,394.83% 20,920.00% 40,866.67% 37,885.71% 19,318.18% 13,056.25% 16,485.71% 23,091.67% - 7,876.32%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 1.16 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 7.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 6.96 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.36 0.28 0.27 0.26 0.25 0.26 0.26 0.27 0.28 - 0.33
Fixed Asset Turnover		 47.26 36.39 36.01 36.24 35.42 37.69 37.68 39.31 43.44 - 47.85
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 7,433 7,501 7,438 7,179 7,291 7,269 7,086 7,096 6,912 - 7,167
Invested Capital Turnover		 0.45 0.34 0.32 0.32 0.30 0.32 0.32 0.33 0.36 - 0.43
Increase / (Decrease) in Invested Capital		 757 325 150 -227 -143 -232 -353 -83 -379 - 81
Enterprise Value (EV)		 7,506 8,218 8,716 7,960 8,265 8,563 7,997 9,090 9,866 - 11,084
Market Capitalization		 4,567 5,118 5,661 4,978 5,301 5,589 4,916 5,594 6,774 - 7,384
Book Value per Share		 $99.72 $106.12 $109.46 $104.53 $111.23 $110.68 $108.97 $113.92 $117.68 - $115.79
Tangible Book Value per Share		 ($23.50) ($22.13) ($22.24) ($30.78) ($34.31) ($31.01) ($35.14) ($35.70) ($31.26) - ($38.22)
Total Capital		 7,433 7,501 7,438 7,179 7,291 7,269 7,086 7,096 6,912 - 7,167
Total Debt		 2,537 2,538 2,525 2,525 2,620 2,620 2,621 2,621 2,372 - 2,919
Total Long-Term Debt		 2,537 2,538 2,525 2,525 2,620 2,620 2,621 2,621 2,372 - 2,919
Net Debt		 1,538 1,724 1,732 1,660 1,609 1,670 1,804 2,260 1,896 - 2,543
Capital Expenditures (CapEx)		 2.60 5.80 1.00 0.60 0.70 1.10 1.60 1.40 1.20 - 3.80
Net Nonoperating Expense (NNE)		 -18 -26 -14 -15 -20 -14 -9.09 -20 -22 - -4.93
Net Nonoperating Obligations (NNO)		 2,537 2,538 2,525 2,525 2,620 2,620 2,621 2,621 2,372 - 2,919
Total Depreciation and Amortization (D&A)		 16 14 10 10 11 11 86 8.80 9.00 - 52
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $6.22 $5.73 $4.56 $2.42 $4.11 $5.36 $2.48 $2.96 $7.47 $12.27 $4.12
Adjusted Weighted Average Basic Shares Outstanding		 34.90M 35.10M 32.80M 31.50M 30.10M 31.10M 29.20M 28.50M 28.40M 28.50M 26.80M
Adjusted Diluted Earnings per Share		 $5.48 $5.22 $4.14 $2.26 $3.78 $4.95 $2.20 $2.80 $6.87 $10.87 $3.84
Adjusted Weighted Average Diluted Shares Outstanding		 43.40M 42.20M 40.10M 35.30M 35M 36.10M 32.60M 31.40M 32.90M 33M 27.50M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 33.81M 32.79M 31.86M 29.81M 30.23M 29.26M 28.43M 28.41M 28.13M 26.68M 26.41M
Normalized Net Operating Profit after Tax (NOPAT)		 268 218 185 120 166 207 90 116 269 - 141
Normalized NOPAT Margin		 38.38% 33.05% 31.43% 23.22% 29.22% 30.52% 15.76% 20.71% 36.12% - 20.43%
Pre Tax Income Margin		 52.10% 41.58% 43.25% 34.39% 38.15% 40.33% 22.14% 30.71% 48.72% - 27.86%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 7.90 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 6.17 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 7.86 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 6.14 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 18.88% 30.11% 30.01% 30.55% 34.40% 35.03% 41.27% 40.70% 34.56% - 26.32%
Augmented Payout Ratio		 57.35% 67.84% 83.97% 121.09% 128.39% 130.87% 155.69% 119.00% 97.94% - 101.51%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from Affiliated Managers Group (AMG) based on the latest quarterly statements (Q4 2025) and recent history. The focus is on trends from the last four years and notable year-over-year or quarter-to-quarter movements.

  • Revenue jumped to $1.0338B in Q4 2025, up from $0.7441B in Q3 2025, signaling stronger quarterly performance and a broader revenue base beyond core management fees.
  • Net income to common shareholders rose to $347.5M in Q4 2025, from $212.4M in Q3 2025, with basic EPS of $12.27 and diluted EPS of $10.87, indicating meaningful quarterly earnings improvement.
  • Net realized & unrealized capital gains on investments surged to $477.2M in Q4 2025, up from $216.1M in Q3 2025, driving a large portion of non-interest income growth.
  • Total non-interest income rose to $1.0338B in Q4 2025, supporting higher revenue and earnings from non-fee sources.
  • Balance sheet remains solid, with total assets around $8.93B and total equity about $4.2675B, while liabilities stay near $4.39B—indicating a healthy capitalization profile.
  • Operating cash flow remained positive, with net cash from continuing operating activities about $256.4M in Q4 2025, though slightly below Q3 2025's $277.1M.
  • Net change in cash and equivalents was +$109.9M in Q4 2025, reflecting quarterly liquidity generation despite financing activity.
  • Debt issuance of $799.3M in Q4 2025 provided funding for activities, even though net cash from financing activities was negative at -$200.1M for the quarter.
  • Net cash from continuing investing activities dropped to $52.5M in Q4 2025, down from $270.7M in Q3 2025, signaling a shift in investment timing or strategy.
  • Net cash from financing activities was negative in Q4 2025 (-$200.1M) despite higher debt issuance, signaling cash outflows related to financing rather than reinvestment in operations.

Notes: - The quarter-to-quarter cash flow mix shows solid operating cash generation, but investing and financing activities can swing liquidity depending on asset sales, debt actions, and share-related moves. - Capital gains on investments can be a meaningful driver of AMG's quarterly results, but such gains can be volatile from period to period.

05/21/26 07:13 AM ETAI Generated. May Contain Errors.

Affiliated Managers Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Affiliated Managers Group's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Affiliated Managers Group's net income appears to be on an upward trend, with a most recent value of $904 million in 2025, rising from $827.20 million in 2015. The previous period was $740.60 million in 2024. Check out Affiliated Managers Group's forecast to explore projected trends and price targets.

Over the last 10 years, Affiliated Managers Group's total revenue changed from $2.77 billion in 2015 to $2.91 billion in 2025, a change of 4.9%.

Affiliated Managers Group's total liabilities were at $4.79 billion at the end of 2025, a 14.4% increase from 2024, and a 41.3% increase since 2015.

In the past 10 years, Affiliated Managers Group's cash and equivalents has ranged from $429.20 million in 2022 to $1.04 billion in 2020, and is currently $586 million as of their latest financial filing in 2025.


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Financial statements for NYSE:AMG last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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