Ameriprise Financial (AMP) Q1 2026 earnings summary

Executive summary

• Adjusted operating earnings per diluted share rose 19% year-over-year to $11.26, with ROE exceeding 54% and GAAP net income up 57% to $915 million, driven by asset growth and strong client engagement.

• Assets under management, administration, and advisement grew 12% to $1.7 trillion, supported by net inflows and positive equity markets.

• Advisor productivity reached a record $1.2 million, up 10% year-over-year, and client satisfaction remains high.

• 88% of operating earnings ($936 million) were returned to shareholders through buybacks and dividends, with a 6% dividend increase approved.

• The firm continues to invest in technology, AI, and new banking products, supporting advisor efficiency and client engagement.

Financial highlights

• Adjusted operating net revenues increased 11% year-over-year to $4.8 billion; adjusted operating earnings were $1.06 billion, up 12%.

• GAAP net income was $915 million, up 57% year-over-year; diluted EPS was $9.68 GAAP and $11.26 adjusted.

• Operating margin was 28%; asset management margin reached 44%.

• Return on equity excluding AOCI was 54.3% on an adjusted operating basis.

• Retirement and protection pre-tax adjusted operating earnings were $190 million.

Outlook and guidance

• Huntington Bank onboarding in Q4 is expected to add 260 advisors and $28 billion in assets.

• Comerica outflows of $18 billion will be completed by end of Q3; financial impact is immaterial due to a make-whole payment.

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

• Operating effective tax rate expected to be 20–22% for full year 2026.

• Core organic growth remains solid, but net flows are impacted by competitive recruiting and attrition.