Affiliated Managers Group (AMG) Q3 2026 earnings summary

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.