AAMI earnings analysis
What we found in AAMI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.05
- Gross margin
- 100.0%
- Operating margin
- 25.1%
- Segment
- Quant & Solutions
What they said about what is next.
Management reiterated a focus on organic growth and disciplined expense management, though specific numeric guidance was not provided.
The filing reads better than the one before it.
What came before.
- 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,…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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