Affiliated Managers Group (AMG) Q1 2026 earnings summary

Executive summary

• Assets under management (AUM) reached a record $882 billion as of March 31, 2026, up 24% year-over-year, driven by strong net client inflows, especially in alternatives and liquid alternatives strategies.

• Net client cash flows exceeded $22 billion for the quarter, with 12-month net flows of $52 billion and organic growth rate of 7%.

• Economic EPS rose 58% year-over-year to $8.23, and Adjusted EBITDA increased 39% to $317 million, reflecting robust organic growth and capital allocation.

• Over 60% of EBITDA now comes from high-growth areas, with alternatives contributing ~55% of EBITDA in 2025, up from ~35% in 2020.

• Completed minority investments in BBH Credit Partners, Garda Capital Partners, HighBrook Investors, Verition Fund Management, Montefiore Investment, and Qualitas Energy.

Financial highlights

• Q1 2026 net income (controlling interest) was $110.4 million, up 52% from $72.4 million in Q1 2025.

• Adjusted EBITDA (controlling interest) for Q1 2026 was $317.3 million, up from $228.2 million in Q1 2025.

• Economic earnings per share rose to $8.23 in Q1 2026 from $5.20 in Q1 2025.

• Consolidated revenue for Q1 2026 was $544.9 million, up from $496.6 million in Q1 2025.

• Aggregate fees surged 50% to $1,909.9 million, reflecting strong growth in asset- and performance-based fees.

Outlook and guidance

• Q2 2026 Adjusted EBITDA expected between $290 million and $305 million; economic EPS guidance of $7.60–$8.01, midpoint representing 45% growth versus Q2 2025.

• Business mix expected to further shift toward private markets and liquid alternatives, positioning for continued industry growth.

• Mid-teens annualized long-term earnings growth opportunity projected, supported by organic growth, affiliate performance, and share repurchases.

• Full-year share repurchases anticipated at approximately $500 million, subject to market conditions.

• Current cash, operating cash flow, and revolver capacity expected to support ongoing investments and capital needs.