Affiliated Managers Group (AMG) Q2 2026 earnings summary

Executive summary

• Assets under management reached $942.4 billion as of June 30, 2026, up 22% year-over-year, driven by net client inflows, market appreciation, and new Affiliate investments.

• Net income (controlling interest) for Q2 2026 was $185.9 million, up from $84.3 million in Q2 2025; for the six months ended June 30, 2026, it was $296.3 million, up 89% year-over-year.

• Alternatives now account for 60% of earnings, with $29 billion in net inflows to absolute return strategies this quarter and $100 billion over the past year.

• Strategic focus on high-growth alternative asset classes, with $293.2B in liquid alternatives, $153.3B in private markets, and $321.9B in multi-asset & equities.

• Multi-faceted growth strategy includes organic growth, disciplined capital allocation, and share repurchases, supporting mid-teens annualized long-term earnings growth.

Financial highlights

• Adjusted EBITDA for Q2 2026 was $316.0 million, up 44% year-over-year; for the first half, $633.3 million, up from $447.9 million.

• Economic earnings per share for Q2 2026 was $8.29, up from $5.39 in Q2 2025; for the first half, $16.52, up from $10.58.

• Consolidated revenue for Q2 2026 was $640.7 million, up from $493.2 million in Q2 2025.

• Economic net income (controlling interest) for Q2 2026 was $221.4 million, up 39% year-over-year; for the six months, $446.1 million, up 40%.

• Earnings per share (diluted) for Q2 2026 was $6.95, up from $2.80 in Q2 2025.

Outlook and guidance

• Management expects continued growth and diversification of assets under management, with a focus on expanding exposure to private markets and liquid alternatives.

• Q3 adjusted EBITDA expected between $315 million and $325 million; economic EPS guidance of $8.43–$8.71, representing ~40% growth versus Q3 2025.

• Long-term target for economic EPS CAGR remains 15–20%, with 2025 growth over 20% and 2026 expected at ~40%.

• Expects net purchases of approximately $35 million of Affiliate equity during the remainder of 2026.

• Current cash, operating cash flow, and revolver capacity are expected to be sufficient for foreseeable capital needs.