Affiliated Managers Group
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Affiliated Managers Group (AMG) investor relations material

Affiliated Managers Group Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Delivered record annual economic earnings per share of $26.05 in 2025, up 22% year-over-year, with strong organic growth, $29 billion in net inflows, and substantial expansion in alternative strategies.

  • Assets under management reached $813.3 billion as of December 31, 2025, reflecting robust growth and strategic affiliate investments.

  • Added $97 billion in alternative AUM, a 35% increase, with $74 billion from net inflows and $23 billion from new affiliate partnerships.

  • Repurchased $700 million in shares, reducing shares outstanding by approximately 11%, and committed over $1 billion to new growth investments.

  • Business transformation and growth were driven by strategic affiliate partnerships, product innovation in private markets and liquid alternatives, and a clear strategy focused on alternatives and shareholder value.

Financial highlights

  • Adjusted EBITDA for 2025 was $1,076.8 million, up from $973.1 million in 2024, with Q4 Adjusted EBITDA at $378 million, up 34% year-over-year.

  • Economic earnings per share were $26.05 for 2025, up from $21.36 in 2024, and $9.48 for Q4, growing 45% year-over-year.

  • Net income (controlling interest) for 2025 was $717 million, up from $511.6 million in 2024.

  • Net client cash inflows were $12.1 billion in Q4 and $28.7 billion for the year, representing 6% and 4% annualized organic growth rates, respectively.

  • Revenue for 2025 was $2,074.4 million, a slight increase from $2,040.9 million in 2024.

Outlook and guidance

  • Q1 2026 Adjusted EBITDA expected between $310 million and $330 million, with net performance fees of $40–$60 million.

  • Q1 2026 economic earnings per share guidance of $7.98–$8.52, representing 60% growth versus Q1 2025 at the midpoint.

  • Full-year 2026 net performance fee earnings expected at $170 million, consistent with the five-year average.

  • Targeting mid-teens annualized long-term earnings growth, driven by organic growth, affiliate performance, and disciplined capital allocation.

  • Entering 2026 with strong positioning in alternative strategies, expanding U.S. wealth market presence, and robust capital for further growth investments.

How to offset persistent equity outflows?
Capital deployment vs. share repurchase balance
Drivers of 55% Alt EBITDA share increase
Impact of equity AUM decline on future strategy
Future capital deployment priorities
Rationale for 2025 Affiliate divestitures
AQR's sustained growth drivers and competitive moat?
Capital deployment strategy post recent liquidity events?
U.S. wealth platform product innovation pipeline?
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Frequently asked questions

Affiliated Managers Group Inc is an asset management company that invests in boutique investment firms, offering a range of actively managed investment products across equities, alternatives, and fixed income strategies. The company serves institutional, retail, and high-net-worth clients globally. Affiliated Managers Group operates within the financial services sector, specializing in asset management. The company is headquartered in West Palm Beach, Florida, and its shares are listed on the NYSE.

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