AMP earnings analysis
What we found in AMP'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
Ameriprise delivered a strong Q2, with net revenue up 13% year over year to $4.940B and GAAP EPS up to $11.98; adjusted operating EPS of $11.07 exceeded consensus by $0.45. Advice & Wealth Management and Asset Management posted double-digit revenue and profit growth, supported by equity appreciation and wrap inflows, while Asset Management outflows and weaker Retirement & Protection earnings remain key offsets. Liquidity and shareholder returns remain robust, but results retain meaningful sensitivity to equity markets and insurance-related market-risk benefits.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Net revenue grew 13% year over year
- Q2 total net revenues rose 13% year over year to $4.940B and increased 1% sequentially from $4.890B in Q1 2026. Management and financial-advice fees increased $466M, or 18%, to $3.066B.
- EPS accelerated versus year ago and Q1
- GAAP diluted EPS was $11.98, up from $10.73 a year earlier and $9.68 in Q1 2026. Adjusted operating EPS increased 22% to $11.07 from $9.11, exceeding the $10.62 consensus estimate by $0.45.
- Wealth flows and markets drove earnings
- Advice & Wealth Management generated $6.9B of quarterly wrap-account net inflows and $60.4B of market appreciation, lifting ending wrap assets to $731.5B. Segment adjusted operating earnings rose 16% to $939M.
- Asset Management profit outpaced revenue
- Asset Management adjusted operating earnings increased 23% to $274M as segment revenue grew 14% to $947M, supported by equity-market appreciation and strong Seligman technology-strategy performance.
- Liquidity remained strong
- Liquidity remained substantial: consolidated cash and equivalents excluding CIEs and restricted cash were $10.1B at June 30, 2026, versus $10.0B at December 31, 2025; parent-company liquidity was $2.8B.
- Buyback and dividend support capital return
- Capital return continued: Ameriprise repurchased 3.3M shares at an average $470.84 during the first six months, leaving $1.1B under the authorization. It also announced a $1.70 quarterly dividend on July 23.
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.
- Asset Management outflows persist
- Asset Management continued to experience outflows: total AUM net outflows were $6.5B in Q2 and $12.7B in the first six months, despite Q2 ending managed assets of $714.8B.
- Retirement earnings declined
- Retirement & Protection Solutions adjusted operating earnings fell 6% to $202M in Q2, driven by cumulative variable-annuity net outflows and higher sales volume. Variable-annuity net outflows were $5.2B over the year.
- Earnings retain substantial equity sensitivity
- A modeled 10% equity-price decline would reduce pretax income by an estimated $788M over 12 months, including a $410M reduction in asset-based management and distribution fees.
- Broker-dealer liquidity-rule timing risk
- No material changes were reported to the risk factors in the 2025 10-K; however, the temporary SEC no-action relief relating to daily broker-dealer reserve deposits expires June 30, 2027, which could increase short-term liquidity variability.
- Higher tax rate tempered profit conversion
- The effective tax rate increased to 22.8% in Q2 from 21.6% a year earlier, reducing the conversion of the $91M increase in pretax income into net income.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $11.98
- Segment
- Advice & Wealth Management: Q2 net revenues $3.246B, up $439M / 16% YoY; adjusted operating earnings $939M, up $127M / 16%.
- Segment
- Asset Management: Q2 net revenues $947M, up $117M / 14% YoY; adjusted operating earnings $274M, up $52M / 23%.
- Segment
- Retirement & Protection Solutions: Q2 net revenues $975M, up $39M / 4% YoY; adjusted operating earnings $202M, down $12M / 6%.
- Segment
- Corporate & Other: Q2 net revenues $114M, down $2M / 2% YoY; adjusted operating loss improved to $81M from $99M.
What they said about what is next.
The 10-Q provides no numeric revenue or EPS outlook. Management reiterates long-term targets of 12%-15% adjusted operating EPS growth and adjusted operating ROE above 30%; it also expects the mix to continue shifting away from variable annuities with living-benefit riders and expects Ameriprise Bank deposit growth.
The filing reads better than the one before it.
What came before.
- 10-Q · May 7, 2026
- Ameriprise Financial reported Q1 2026 total revenue of $4.812 billion, exceeding estimates by $121.8 million and achieving a robust EPS of $11.26, up 57% year-over-year. The strong performance was largely driven by…
- 10-K · February 19, 2026
- Ameriprise emphasizes an advice-led, integrated Wealth Management and Asset Management strategy: Advice & Wealth Management is described as the company’s “primary growth engine,” supported by a >10,000-advisor…
- 10-Q · October 31, 2025
- Ameriprise reported Q3 2025 net revenues of $4,791 million, up $394 million (≈9.0%) versus Q3 2024 ($4,397 million), and delivered diluted EPS of $9.33 versus $5.00 in Q3 2024. Pretax income rose to $1,174 million from…
- 10-Q · November 1, 2024
- Ameriprise reported Q3 (three months ended September 30, 2024) total revenues of $4,560 million (up from $4,076 million in Q3 2023) but saw net income fall to $511 million (from $872 million) and diluted EPS decline to…
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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