Affiliated Managers Group (AMG) Q4 2025 earnings summary

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.