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 net income of $912 million, up 78% year-over-year, 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.

• Return on equity excluding AOCI was 52.8%, with a firmwide margin of 27% and strong client satisfaction.

• Capital return to shareholders increased to $842 million in Q3, representing 87% of adjusted operating earnings, supported by robust free cash flow and $2.2 billion in excess capital.

• Recognized for outstanding customer service and employee satisfaction by J.D. Power, Newsweek, Forbes, and Fortune.

Financial highlights

• Adjusted operating EPS excluding unlocking rose 12% to $9.92; adjusted operating net revenues increased 6% to $4.6 billion; GAAP net income for Q3 was $912 million, up 78% year-over-year.

• Revenues grew 7% to $4.89 billion, with management and financial advice fees up 9% and premiums, policy and contract charges up 21%.

• Free cash flow generation exceeded 90% of earnings across segments.

• Capital return increased to $842 million in the quarter, with $3.1 billion returned to shareholders over the last 12 months.

• Adjusted operating ROE, ex. AOCI, was 52.8% for the trailing 12 months.

Outlook and guidance

• Targeting an 85% capital payout ratio for Q4 2025.

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

• Focus remains on delivering excellent client experience, disciplined expense management, and positioning for continued shareholder value.

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

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