Jun 2026 (Q2 FY26) — Jul 30, 2026
Affiliated Managers Group, Inc. Q2 FY26 — Record Earnings and Strong Alternative-Led Inflows
Read the full callAffiliated Managers Group (AMG) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Affiliated Managers Group earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 641 | +29.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 186 | +120.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
28 of 28 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EBITDA | $290 million to $305 million | Mar 2026 | Adjusted EBITDA of approximately $316 million and economic earnings per share of $8.29 grew 44% and 54% year-over-year, respectively, reflecting the strength of our diversified business and the ongoing execution of our strategy. | Achieved |
| Economic earnings per share | a meaningful increase | Jun 2025 | And we expect that growth rate to be approximately 40% in 2026. | Revised Up |
| Adjusted EBITDA | a meaningful increase | Sep 2025 | Adjusted EBITDA of approximately $316 million and economic earnings per share of $8.29 grew 44% and 54% year-over-year, respectively, reflecting the strength of our diversified business and the ongoing execution of our strategy. | On Track |
19 of AFFILIATED MANAGERS GROUP, INC.'s 47 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 44 more targets are in the full ledger.
Claimed
- Adjusted EBITDA reached $316 million, growing 44% year-over-year.
- Economic earnings per share increased 54% year-over-year to $8.29.
- Assets under management hit a record $942 billion, driven by net inflows and market performance.
- Net inflows totaled $13 billion in the quarter, with higher-fee alternative strategies attracting $29 billion.
- Alternatives now account for over 60% of earnings, expected to grow meaningfully over the next 12 months.
Qualified
- Differentiated long-only equity strategies experienced net outflows of $14 billion in the quarter.
- Multi-asset and fixed income saw net outflows of $2 billion, largely due to seasonal tax payment timing.
Price
$385.1 +0.35% · +$1.34
Performance +63.5% 1Y
1Y: $235.6 on 17 Oct 2025 → $385.1. High $387.26 (9 Oct 2026), low $235.6 (17 Oct 2025).
- Previous close
- $383.76
- 52-week range
- $236.68 – $387.26
- One year
- +58.41%
Overview
- Symbol
- AMG
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
28 of 28 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EBITDA | $290 million to $305 million | Mar 2026 | Adjusted EBITDA of approximately $316 million and economic earnings per share of $8.29 grew 44% and 54% year-over-year, respectively, reflecting the strength of our diversified business and the ongoing execution of our strategy. | Achieved |
| Economic earnings per share | a meaningful increase | Jun 2025 | And we expect that growth rate to be approximately 40% in 2026. | Revised Up |
| Adjusted EBITDA | a meaningful increase | Sep 2025 | Adjusted EBITDA of approximately $316 million and economic earnings per share of $8.29 grew 44% and 54% year-over-year, respectively, reflecting the strength of our diversified business and the ongoing execution of our strategy. | On Track |
Claimed
- Adjusted EBITDA reached $316 million, growing 44% year-over-year.
- Economic earnings per share increased 54% year-over-year to $8.29.
- Assets under management hit a record $942 billion, driven by net inflows and market performance.
- Net inflows totaled $13 billion in the quarter, with higher-fee alternative strategies attracting $29 billion.
- Alternatives now account for over 60% of earnings, expected to grow meaningfully over the next 12 months.
Qualified
- Differentiated long-only equity strategies experienced net outflows of $14 billion in the quarter.
- Multi-asset and fixed income saw net outflows of $2 billion, largely due to seasonal tax payment timing.
The full ledger
Open AFFILIATED MANAGERS GROUP, INC.’s full ledger
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Call summaries
Every analysed call
Affiliated Managers Group earnings calls (AMG)
Financials
What the filings say
Net profit, year on year: +121% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 516 | 524 | 497 | 493 | 528 | 557 | 545 | 641 |
| Profit before tax | 217 | 274 | 127 | 172 | 363 | 526 | 193 | 307 |
| Tax rate | 14.4% | 19.2% | 21.6% | 20.8% | 19.8% | 28.1% | 24.1% | 22.8% |
| Net profit | 124 | 162 | 72 | 84 | 212 | 348 | 110 | 186 |
| EPS ($ per share) | 4.11 | — | 2.48 | 2.96 | 7.47 | — | 4.12 | 7.05 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 3,877 | 3,820 | 4,006 | 4,570 | 5,718 | 6,390 | 6,900 | 7,615 |
| Total liabilities | 3,251 | 3,238 | 3,900 | 4,492 | 4,240 | 4,096 | 4,182 | 4,785 |
| Fixed assets | 104 | 92 | 80 | 74 | 69 | 67 | 58 | 54 |
| Total assets | 8,219 | 7,654 | 7,889 | 8,876 | 8,881 | 9,060 | 8,831 | 9,207 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,141 | 929 | 1,009 | 1,259 | 1,055 | 874 | 932 | 973 |
| Cash from investing | -18 | -24 | -54 | -584 | -110 | 265 | 379 | -206 |
| Cash from financing | -983 | -935 | -455 | -798 | -1,403 | -758 | -1,176 | -1,149 |
| Net cash flow | 129 | -21 | 502 | -124 | -481 | 387 | 131 | -370 |
| Capital expenditure | -19 | -10 | -8 | -8 | -11 | -12 | -3 | -6 |
| Free cash flow | 1,122 | 920 | 1,001 | 1,251 | 1,043 | 862 | 929 | 967 |
Insider filings
37 filings between Nov 7, 2025 and Aug 15, 2026.
Open market
decisions to buy or sellPurchases
$687.4K
2 purchases by 2 insiders
Sales
$10.16M
5 sales by 5 insiders
Compensation
not trading decisions- 3
- Award — granted as compensation
- 17
- Option exercise — converted options into shares
- 8
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Horgen Jay C. | — | $5.92M | Jun 8, 2026 |
| Wojcik Thomas M | — | $2.29M | Mar 6, 2026 |
| Ryan David Christopher | — | $1.04M | May 6, 2026 |
| Padiyar Kavita | — | $612.1K | Mar 9, 2026 |
| Cates G. Staley | $458.7K | — | May 6, 2026 |
| Matos Rodriguez Felix V. | — | $300.2K | May 8, 2026 |
| Franqui Annette | $228.7K | — | Jun 1, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 15, 2026 | Matos Rodriguez Felix V. Director | Option exercise | 848 | $0 |
| Aug 15, 2026 | STARR LOREN M Director | Option exercise | 716 | $0 |
| Aug 15, 2026 | Franqui Annette Director | Option exercise | 477 | $0 |
| Aug 15, 2026 | Palandjian Tracy P. Director | Option exercise | 848 | $0 |
| Jun 12, 2026 | Palandjian Tracy P. Director | Option exercise | 2,958 | $242.8K |
| Jun 12, 2026 | Palandjian Tracy P. Director | Tax withheld | 685 | $242.9K |
| Jun 8, 2026 | Horgen Jay C. President and CEO | Sale | 17,500 | $5.92M |
| Jun 8, 2026 | Horgen Jay C. President and CEO | Option exercise | 75,000 | $5.59M |
| Jun 8, 2026 | Horgen Jay C. President and CEO | Tax withheld | 39,671 | $13.35M |
| Jun 1, 2026 | Franqui Annette Director | Purchase | 750 | $228.7K |
| May 8, 2026 | Matos Rodriguez Felix V. Director | Sale | 1,000 | $300.2K |
| May 6, 2026 | Ryan David Christopher Director | Sale | 3,402 | $1.04M |
| May 6, 2026 | Cates G. Staley Director | Purchase | 1,500 | $458.7K |
| Mar 9, 2026 | Padiyar Kavita General Counsel & Corp. Sec. | Sale | 2,200 | $612.1K |
| Mar 6, 2026 | Wojcik Thomas M President and COO | Sale | 8,000 | $2.29M |
| Mar 5, 2026 | Wojcik Thomas M President and COO | Option exercise | 7,272 | $0 |
| Mar 5, 2026 | Wojcik Thomas M President and COO | Award | 10,619 | $0 |
| Mar 5, 2026 | Wojcik Thomas M President and COO | Tax withheld | 9,136 | $2.73M |
| Mar 5, 2026 | Horgen Jay C. Chief Executive Officer | Award | 27,260 | $0 |
| Mar 5, 2026 | Franqui Annette Director | Option exercise | 548 | $0 |
| Mar 5, 2026 | Palandjian Tracy P. Director | Option exercise | 867 | $0 |
| Mar 5, 2026 | Matos Rodriguez Felix V. Director | Option exercise | 867 | $0 |
| Mar 5, 2026 | STARR LOREN M Director | Option exercise | 652 | $0 |
| Mar 5, 2026 | Ryan David Christopher Director | Option exercise | 867 | $0 |
| Mar 5, 2026 | Alvingham Karen L. Director | Option exercise | 867 | $0 |
| Mar 5, 2026 | Alvingham Karen L. Director | Tax withheld | 67 | $20.0K |
| Mar 5, 2026 | Ritchea Dava Chief Financial Officer | Option exercise | 601 | $0 |
| Mar 5, 2026 | Ritchea Dava Chief Financial Officer | Tax withheld | 292 | $87.4K |
| Mar 5, 2026 | Horgen Jay C. Chief Executive Officer | Option exercise | 17,563 | $0 |
| Mar 5, 2026 | Horgen Jay C. Chief Executive Officer | Tax withheld | 18,333 | $5.48M |
| Mar 5, 2026 | Padiyar Kavita General Counsel & Corp. Sec. | Option exercise | 2,288 | $0 |
| Mar 5, 2026 | Padiyar Kavita General Counsel & Corp. Sec. | Award | 2,426 | $0 |
| Mar 5, 2026 | Padiyar Kavita General Counsel & Corp. Sec. | Tax withheld | 2,282 | $682.7K |
| Dec 23, 2025 | Horgen Jay C. Chief Executive Officer | Gift | 4,000 | $0 |
| Nov 25, 2025 | Palandjian Tracy P. Director | Gift | 3,499 | $0 |
| Nov 7, 2025 | Alvingham Karen L. Director | Tax withheld | 182 | $47.2K |
| Nov 7, 2025 | Alvingham Karen L. Director | Option exercise | 560 | $39.0K |
| Sep 9, 2025 | Wojcik Thomas M President and COO | Sale | 16,000 | $3.70M |
| Sep 8, 2025 | Wojcik Thomas M President and COO | Tax withheld | 114,008 | $26.36M |
| Sep 8, 2025 | Wojcik Thomas M President and COO | Option exercise | 169,303 | $12.61M |
| Sep 2, 2025 | Horgen Jay C. Chief Executive Officer | Tax withheld | 44,935 | $10.33M |
| Sep 2, 2025 | Padiyar Kavita General Counsel & Corp. Sec. | Tax withheld | 30,991 | $7.13M |
| Sep 2, 2025 | Padiyar Kavita General Counsel & Corp. Sec. | Option exercise | 47,731 | $3.52M |
| Sep 2, 2025 | Horgen Jay C. Chief Executive Officer | Option exercise | 75,000 | $5.59M |
| Aug 15, 2025 | Franqui Annette Director | Option exercise | 664 | $0 |
| Aug 15, 2025 | Palandjian Tracy P. Director | Option exercise | 1,117 | $0 |
| Aug 15, 2025 | Matos Rodriguez Felix V. Director | Option exercise | 1,102 | $0 |
| Aug 15, 2025 | Alvingham Karen L. Director | Option exercise | 1,092 | $0 |
| Aug 15, 2025 | Alvingham Karen L. Director | Tax withheld | 84 | $18.4K |
| Aug 15, 2025 | STARR LOREN M Director | Option exercise | 544 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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