Ameriprise Financial (AMP) Q3 2025 earnings summary

Executive summary

• Achieved strong Q3 2025 financial performance with adjusted operating EPS up 22% to $9.87, GAAP EPS up 87% to $9.33, and a 26–27% margin, driven by asset growth and disciplined expense management.

• Assets under management, administration, and advisement reached a record $1.7 trillion, up 8% year-over-year.

• Net income for Q3 2025 was $912 million, up 78% year-over-year, with pretax income up 82% to $1.17 billion.

• Return on equity remains best-in-class at 52.8–53%, supported by robust free cash flow and capital return.

• Recognized for outstanding customer service and high advisor engagement, with 20 advisors on Barron's Top 100 list.

Financial highlights

• Adjusted operating net revenues increased 6–9% to $4.6–$4.7 billion, with GAAP net revenues up 9% to $4.79 billion.

• Adjusted operating earnings were $965–$970 million, up 8–17%; GAAP net income was $912 million, up 78%.

• Diluted EPS for Q3 2025 was $9.33, up from $5.00 in Q3 2024; adjusted operating EPS up 12–22% to $9.87–$9.92.

• Return on equity excluding AOCI reached 52.8%, up 210 bps year-over-year.

• G&A expenses improved 2–3% year-over-year, reflecting ongoing transformation initiatives.

Outlook and guidance

• Targeting an 85% payout ratio for Q4, maintaining strong capital return pace.

• Expecting low- to mid-single-digit G&A growth for the full year, with Asset Management G&A projected to decline mid-single digits.

• Anticipate continued strong margins, stable cash balances, and positive sweep cash growth in Q4.

• Operating effective tax rate expected to be 20–22% for full year 2025.

• Management targets adjusted operating EPS growth of 12–15% and ROE over 30% on average over time.