10-K · February 27, 2026
Acadian (AAMI) presents itself as a research- and data-driven systematic investment manager with Total AUM of $177.5 billion as of December 31, 2025 and a product set including Emerging, Non‑U.S., Global, Small Cap,…
Earnings analysis · 10-Q
AAMI earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Acadian Asset Management (AAMI) demonstrated strong growth in Q1 2026 with a significant increase in revenues and earnings compared to both the prior period and prior year, bolstered by robust asset management fees and…
Read full summary
Acadian Asset Management (AAMI) demonstrated strong growth in Q1 2026 with a significant increase in revenues and earnings compared to both the prior period and prior year, bolstered by robust asset management fees and a 60.5% rise in assets under management. The company reported revenues of $167 million, up 39.1% year-over-year, and diluted EPS of $1.05, a notable increase from $0.54 in the same quarter last year.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.05
- Segment
- Quant & Solutions
What stood out
-
Revenue Growth Exceeds Estimates
AAMI reported revenues of $167 million, exceeding the $156.1 million estimate, marking a 39.1% increase from $119.9 million in Q1 2025.
-
Significant EPS Beat
The diluted EPS of $1.05 surpassed analyst expectations of $0.88, showing a robust increase from $0.54 in Q1 2025.
-
Strong AUM Growth
Assets under management grew to $195.7 billion, up 60.5% from $121.9 billion a year ago, fueled by strong net client cash flows of $21.4 billion.
-
Improved Operating Margin
Operating margin improved to 25.1%, although slightly down from 26.6% a year prior, indicating solid operational efficiency.
-
Increased Management Fees
Management fees contributed $159.3 million, up 41.1% year-over-year from $112.9 million, driven by higher average assets under management.
-
Strong Net Client Cash Flows
Net client cash flows reached $21.4 billion for the quarter, a significant rise from $3.8 billion in the same period last year.
What to watch
-
Higher Compensation Expenses
Compensation and benefits expenses surged to $96 million from $60.8 million, representing a 57.9% increase, impacting margins.
-
Increased Cash Burn from Operations
Cash used in operating activities improved slightly but remained negative at $(44.3) million, compared to $(48.7) million in Q1 2025.
-
Market Conditions Affecting Performance Fees
Performance fees increased modestly to $5.7 million, a 7.5% rise, indicating vulnerability to market fluctuations and client performance metrics.
Management's outlook
Management reiterated a focus on organic growth and disciplined expense management, though specific numeric guidance was not provided.
Earlier filings 4
10-Q · November 6, 2025
Acadian reported Q3 revenue of $144.2 million (up $21.1M or 17.1% vs. Q3 2024) and consolidated net income of $27.0 million (vs. $19.0M a year earlier). Diluted EPS attributable to controlling interests was $0.42 (vs.…
10-K · February 28, 2024
BrightSphere (through majority-owned Acadian) is a diversified asset manager with scale (approximately $104 billion AUM as of December 31, 2023) and a recurring-fee, research-driven systematic investing franchise.…
10-Q · August 8, 2023
BrightSphere reported Q2 revenue of $96.3 million, up slightly from $95.5 million in Q2 2022, but operating income fell to $20.4 million from $46.7 million a year earlier as operating expenses rose to $75.9 million.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.