10-Q · May 7, 2026
AMG reported Q1 2026 financial results showing a strong quarter with revenue of $544.9 million, slightly exceeding estimates of $544.8 million, and an EPS of $8.23, outperforming the expected $8.08. There was a…
Earnings analysis · 10-Q
AMG earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
AMG delivered a strong Q2 2026, with revenue of $640.7 million up 30% year over year and economic EPS of $8.29 versus $5.39 in the prior-year quarter. Growth was led by 22% AUM expansion, 42% higher aggregate fees, and…
Read full summary
AMG delivered a strong Q2 2026, with revenue of $640.7 million up 30% year over year and economic EPS of $8.29 versus $5.39 in the prior-year quarter. Growth was led by 22% AUM expansion, 42% higher aggregate fees, and strong inflows into liquid alternatives and private markets, although equity outflows remained significant at $14.5 billion. Liquidity remains adequate, but debt rose to $3,004.0 million and interest expense increased 17% year over year. No numeric revenue or EPS guidance was provided; management expects cash flow, existing cash, and revolver capacity to fund foreseeable needs.
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.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
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
- $8.29
What stood out
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Revenue accelerated sharply
Revenue was $640.7 million, up $95.7 million, or 17.6%, from $545.0 million in Q1 2026 and up $147.5 million, or 30%, year over year. The increase was driven by an $86.3 million increase in asset-based fees and a $61.2 million increase in performance-based fees.
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EPS and earnings rebounded
Economic EPS was $8.29 versus $5.39 in Q1 2026 and $5.39 in Q2 2025, while economic net income rose 39% year over year to $221.4 million. Adjusted EBITDA increased 44% year over year to $316.0 million.
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AUM and fees surged
Assets under management reached $942.4 billion, up 22% year over year and $60.4 billion, or 7%, during the quarter. Aggregate fees increased 42% year over year to $1,661.5 million, supported by higher average AUM and demand for alternative strategies.
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Alternatives attracted capital
Alternative strategies generated strong net inflows: private markets had $7.8 billion of net inflows and liquid alternatives had $21.1 billion. Liquid alternatives had 92% of AUM ahead of benchmark over three years, while private markets had 65% of AUM ahead of benchmark for the latest vintage.
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Operating cash flow improved
Six-month operating cash flow was $538.3 million, up from $439.7 million in the prior-year period. Cash generation included $464.5 million of distributions from equity-method investments and $383.7 million of net income.
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Liquidity runway extended
The revolver maturity was extended to June 9, 2031, and the company retained $600.0 million of undrawn capacity on its $1.25 billion revolver after $650.0 million of borrowings. The company maintained investment-grade ratings of A3 from Moody’s and BBB+ from S&P.
What to watch
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Equity client outflows persisted
Equity strategies recorded $14.5 billion of net client outflows in Q2, including $24.8 billion of outflows, partially offset by $10.3 billion of inflows. Management said these outflows were consistent with broader industry trends.
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Higher leverage and interest cost
Debt increased to $3,004.0 million at June 30, 2026 from $2,691.3 million at December 31, 2025, including $650.0 million of senior bank debt versus zero at year-end. Quarterly interest expense rose 17% year over year to $40.5 million.
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Fee volatility and client attrition
Equity-method performance-based fees declined $10.7 million, or 2%, year over year in Q2, primarily in liquid alternatives. Consolidated intangible amortization also increased $0.9 million due to higher actual and expected client attrition for certain acquired client relationships.
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Capital deployment consumed cash
Six-month investing cash flow was negative $219.3 million, including $242.3 million of Affiliate investments and $69.1 million of investment-securities purchases. Six-month financing cash flow was negative $489.0 million after $514.6 million of junior-convertible settlement payments and $364.8 million of net share repurchases.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management expects investments in new and existing Affiliates, share repurchases, dividends, debt repayment, Affiliate distributions, taxes, and working capital to remain primary cash uses for the foreseeable future. Management anticipates that cash on hand, operating cash flow, and revolver borrowings will be sufficient for foreseeable cash needs; it expects approximately $35 million of net Affiliate equity purchases during the remainder of 2026.
Earlier filings 4
10-K · February 17, 2026
AMG emphasizes a partnership strategy that has shifted the business toward alternatives, reporting Affiliates managed approximately $813 billion as of December 31, 2025, including $146 billion in private markets and…
10-Q · May 8, 2025
AMG reported Q1 2025 consolidated revenue of $496.6M, down 1% from $499.9M a year ago, while diluted EPS fell to $2.20 from $4.14 a year ago. Operating (controlling) margin contracted to ~14.9% from 29.7% a year ago,…
10-K · February 14, 2025
AMG positions itself as a strategic, long-term partner to independent, partner-owned investment firms and is deliberately shifting toward alternatives to improve organic growth and cash-flow stability. As of December…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.