Ameriprise Financial (AMP) Q4 2025 earnings summary

Executive summary

• Achieved record fourth quarter and full year 2025 results, with all-time highs in revenue, earnings, EPS, and assets under management, administration, and advisement reaching $1.7 trillion, up 11% year-over-year, driven by strong client flows, market performance, and strategic investments.

• Adjusted operating earnings per diluted share rose 16% to $10.83 in Q4 and 14% for the year, with a robust margin of 27%.

• Adjusted operating net revenues increased 10% to $4.9 billion in Q4, and adjusted operating earnings grew 10% to over $1 billion.

• Recognized for best-in-class service and industry accolades, including listings by TIME, Wall Street Journal, and Forbes.

• Capital return to shareholders exceeded 100% of adjusted operating earnings in Q4, supported by strong balance sheet fundamentals and liquidity.

Financial highlights

• Q4 adjusted operating EPS rose 16% to $10.83; full year adjusted operating EPS up 14% to $39.29.

• Adjusted operating net revenues for Q4 2025 were $4.92 billion, up 10%; adjusted operating earnings were $1.04 billion, up 10%.

• Return on equity reached a record 53.2% for Q4 and full year, up from 51.6% prior year.

• Total client assets in Advice & Wealth Management (AWM) hit $1.2 trillion, up 13%; RAP assets up 17% to $670 billion.

• Net client inflows were $13.3 billion, up 18% year-over-year.

Outlook and guidance

• Expect continued strong organic growth and advisor recruiting, with a robust pipeline for Q1 2026.

• Anticipate expense growth in the low single digits, balancing ongoing investments with productivity improvements.

• Capital return to shareholders expected to remain in the 85%-90% range of operating earnings.

• AWM organic growth target of 4%-5% remains appropriate on a rolling annual basis.

• Guidance indicates sustainable net investment income in a lower rate environment.