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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Affiliated Managers Group
Affiliated Managers Group (AMG) investor relations material
Affiliated Managers Group Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary9 Nov, 2026
Executive summary
Record Q3 AUM of $973.9B; net client flows were $20.7B, including alternative inflows above $31B; sixth consecutive quarter of net inflows.
Q3 Adjusted EBITDA rose 41% to $353.7M and Economic EPS rose 56% to $9.50; 9M Adjusted EBITDA was $987.0M, up 41%.
Alternatives represented 61% of LTM Affiliate EBITDA; Q3 controlling-interest net income fell 18% as prior-year Affiliate transaction gains did not recur.
Financial highlights
Q3 revenue was $595.2M, up 13%; aggregate fees were $1,757.6M, up 31%. Controlling-interest net income was $173.3M vs. $212.4M, and diluted EPS was $6.64 vs. $6.87.
Q3 Adjusted EBITDA was $353.7M vs. $250.9M; Economic net income was $247.9M vs. $179.7M; Economic EPS was $9.50 vs. $6.10.
9M revenue was $1,780.8M vs. $1,517.8M; controlling-interest net income was $469.6M vs. $369.0M, and diluted EPS was $17.38 vs. $11.83.
9M Adjusted EBITDA was $987.0M vs. $698.8M; Economic net income was $694.0M vs. $497.6M; Economic EPS was $26.00 vs. $16.68.
9M operating cash flow was $899.8M vs. $716.8M; cash and equivalents were $436.1M at September 30, 2026.
Outlook and guidance
Q4 Adjusted EBITDA guidance is $405M–$475M; Economic net income is $285M–$337M and Economic EPS is $11.37–$13.43.
Q4 guidance assumes a 2% quarter-to-date market-blend decline, no material private-markets catch-up fees, and $70M–$130M in net performance-fee EBITDA; FY net performance-fee earnings guidance is $145M–$205M.
FY2026 estimates indicate ~$1.427B Adjusted EBITDA and ~$38.25 Economic EPS; 2026 Economic EPS growth is expected at ~50%, with a long-term CAGR target of 15%–20%.
Management cited six consecutive quarters of alternative-led net inflows, investment opportunities, cash generation, and a flexible capital position as supports for continued growth.
Expected cumulative free cash flow over the next 5–7 years is projected to approximate current market capitalization.
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Latest events from Affiliated Managers Group
- AUM hit $942.4B, net income nearly doubled, and alternatives drove strong inflows.AMG
Q2 2026 - AUM hit $882B, net income and EPS surged, led by strong alternative inflows and capital actions.AMGQ1 2026
- Annual proxy outlines shareholder voting items and governance matters for the upcoming meeting.AMGProxy filing
- Strong 2025 growth, disciplined capital return, and enhanced governance with robust ESG focus.AMGProxy filing
- Economic EPS up 22% to $26.05, AUM at $813.3B, and $29B net inflows led by alternatives.AMGQ4 2025
- Accelerating growth in alternatives and robust capital returns set the stage for higher 2026 earnings.AMGGoldman Sachs U.S. Financial Services Conference
- Accelerating growth in alternatives and wealth channels is reshaping the business mix.AMGGoldman Sachs 2024 U.S. Financial Services Conference
- AUM hit $728.4B, Economic EPS up 18%, and $580M in share buybacks YTD.AMGQ3 2024
- AUM hit $701B, Economic EPS up 17%, but net income fell 39% on a $39.9M impairment.AMGQ2 2024
Next Affiliated Managers Group earnings date
TD Cowen’s Financials & Fintech Conference17 Nov, 2026
Affiliated Managers Group
Next Affiliated Managers Group earnings date
TD Cowen’s Financials & Fintech Conference17 Nov, 2026
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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.