AMG earnings analysis
What we found in AMG'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
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
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.
- 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.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $8.29
- Segment
- Private markets AUM: $153.3 billion, up from $148.0 billion at March 31, 2026; net client inflows of $7.8 billion in Q2.
- Segment
- Liquid alternatives AUM: $293.2 billion, up from $261.5 billion; net client inflows of $21.1 billion in Q2.
- Segment
- Equities AUM: $321.9 billion, up from $297.8 billion; net client outflows of $14.5 billion in Q2.
- Segment
- Multi-asset and fixed income AUM: $174.0 billion, down from $174.7 billion; net client outflows of $1.5 billion in Q2.
What they said about what is next.
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.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing AMG makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever