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AFFILIATED MANAGERS GROUP, INC.AMG

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Financial Services
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NYSE

Stock Price $AMG

Latest filings

You are here#57 of 58 in Financials by market cap

Filing record · 2016–202610-K1510-Q328-K101

AMG filed 15 annual reports (10-K), 32 quarterly reports (10-Q) and 101 current reports (8-K) between 2016 and 2026.

  1. FY2015 annual report10-K · Feb ’16Feb ’16
  2. Leadership change8-K · May ’19May ’19
  3. Material agreement8-K · Oct ’21Oct ’21
  4. Leadership change8-K · Aug ’25Aug ’25

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  10. $2.07B
YoY changeLargest recent move+19.0%in FY21Latest +1.6%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All AMG Financial Metrics55 metrics

Income Statement12

Balance Sheet24

Cash Flow14

Per Share5

02—Overview

AFFILIATED MANAGERS GROUP, INC. Financial Overview 2021–2025

Updated Aug 8, 2026

Affiliated Managers Group (AMG) generated a massive 40% jump in controlling net income to $716.6 milliona in FY2025, fueled heavily by $371.3 million in affiliate transaction gains. This windfall highlights the underlying power of the company's boutique partnership model, where targeted acquisitions and divestitures in high-margin alternative asset classes directly drive earnings generation.

The firm's total assets under management held steady through severe market cycles, shifting from $814 billionb in FY2021 to nearly the exact same level at $813.3 billion by the close of FY2025. Business momentum rapidly accelerated in the first half of 2026, with total assets surging to $942.4 billion and aggregate fees jumping 46% year-over-year to $3.57 billion. To consolidate these gains for shareholders, AMG aggressively optimized its balance sheet, executing $706.3 million in stock buybacks during FY2025 and paying down $826.1 million in debt to lock in a lean 0.9x bank leverage ratio.

Despite this successful operational pivot toward high-demand private markets and liquid alternatives, valuation remained grounded. At the close of FY2025, the market priced AMG at $288.28c per share, trading at a 12.7x multiple on its $22.74 in annual earnings per share.

Recent Developments (Q1 and Q2 2026)

AMG delivered robust profitability throughout the first half of 2026, highlighted by an 89% year-over-year surge in net income to $296.3 milliond. First-half consolidated revenue climbed 20% to $1,185.6 million, buoyed by a 76% Q1 2026 spike in affiliate equity income. The firm streamlined its executive team after President Thomas M. Wojcik departed in March 2026, leaving CEO Jay C. Horgen to absorb the role. AMG also secured a new $1.25 billion credit facility maturing in 2031 and executed $364.8 million in share repurchases.

Bulls will note that plunging intangible amortization expenses—down 41% in Q1 2026—create a powerful tailwind for margin expansion. Conversely, bears might argue that $5.02 millione in executive severance and a 25% jump in quarterly compensation costs could pressure near-term margins. Trading at 16.3x earnings as of August 7, 2026, the stock's multiple has expanded but remains reasonable against rapid bottom-line acceleration.

What to watch: impact of the recent 4.2 million share repurchase authorization on EPS; execution of the leadership transition.

03—Filings

Recent SEC Filings

  1. 8-KAFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (Jul 30, 2026)AMG reported strong second-quarter 2026 results, with Economic EPS of $8.29, up 54% year over year, and GAAP diluted EPS of $6.95 versus $2.80 a year earlier. Controlling-interest net income rose to $185.9 million from $84.3 million, and Adjusted EBITDA (controlling interest) grew 44% to $316.0 million. Revenue increased to $640.7 million from $493.2 million, supported by higher equity method income of $124.9 million (versus $65.6 million), though the company's results also benefited from a $14.6 million pre-tax gain tied to the June 2026 divestiture of an advisor team at myCIO Wealth Partners (about $11.0 million after tax). Management attributes the growth to the shift toward alternative strategies, which generated approximately $29 billion of net inflows in the quarter and $58 billion in the first half. AUM reached a record $942.4 billion at June 30, 2026, up roughly 22% over the last twelve months, with net client cash flows of $12.9 billion in the quarter and $35.5 billion year to date. Alternatives drove the growth, with Private Markets AUM at $153.3 billion and Liquid Alternatives at $293.2 billion. Equity AUM rose to $321.9 billion, while Multi-Asset & Fixed Income declined modestly in the quarter. Growth also came from new affiliate investments, including BBH Credit Partners and HighBrook Investors, which contributed about $59.8 billion of new AUM year to date. Capital deployment remained active, with $189 million of share repurchases in the quarter and $375 million in the first half. Diluted share count fell to 26.9 million from 31.4 million a year earlier, reflecting the buybacks and the settlement of junior convertible securities in cash in January 2026. Total debt rose to $3.0 billion from $2.7 billion at year-end 2025, and cash declined to $411 million. The Board declared a $0.01 per share quarterly dividend payable August 24, 2026, to holders of record on August 10, 2026.
  2. 8-KAFFILIATED MANAGERS GROUP, INC. 8-K Report, Material Agreement (Jun 9, 2026)Affiliated Managers Group, Inc. (AMG) announced on June 9, 2026, the execution of a Fourth Amended and Restated Credit Agreement, significantly enhancing its financial flexibility. This new agreement establishes a $1.25 billion senior unsecured multicurrency revolving credit facility with a maturity date of June 9, 2031. The facility replaces the company's previous credit agreement and provides a substantial increase in borrowing capacity, with an option to further expand commitments by up to $750 million, subject to certain conditions. This move is strategically important for managing working capital, funding strategic investments in affiliates, repaying debt, and supporting shareholder returns through stock repurchases and dividend payments. The updated credit agreement includes customary financial covenants related to leverage and interest coverage, alongside standard affirmative and negative covenants that govern actions such as priority indebtedness, asset dispositions, and fundamental corporate changes. While these covenants impose restrictions, the agreement incorporates specific thresholds and exceptions to provide operational flexibility. Investors should view this amendment as a positive step, demonstrating AMG's proactive approach to managing its capital structure and supporting its ongoing business objectives.
  3. 8-KAFFILIATED MANAGERS GROUP, INC. 8-K Report, Shareholder Vote Results (May 28, 2026)Affiliated Managers Group, Inc. (AMG) held its Annual Meeting of Stockholders on May 27, 2026, where key corporate matters were presented to and voted upon by shareholders. The meeting resulted in overwhelmingly positive outcomes for all proposals, indicating strong shareholder confidence in the company's leadership and strategic direction. The election of directors saw each nominee receive at least 97% of the votes cast, ensuring continuity and support for the existing board. Furthermore, shareholders provided robust approval for the compensation of the company's named executive officers through a non-binding advisory vote, with 98% of votes in favor. This strong endorsement suggests that investors are aligned with the company's executive remuneration policies. Finally, the selection of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the current fiscal year was ratified by 94% of the votes, reinforcing trust in the company's financial oversight and reporting integrity.
  4. 8-KAFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (May 1, 2026)AMG reported first-quarter 2026 results that point to strong momentum. Assets under management reached a record $882.0 billion, up from $712.2 billion a year earlier, and the company recorded record positive net client cash flows of $22.5 billion, driven mainly by alternative strategies (Private Markets and Liquid Alternatives). Diluted EPS rose to $3.84 from $2.20, and Economic EPS, management's principal performance benchmark, rose 58% to $8.23 from $5.20. Adjusted EBITDA (controlling interest) grew 39% to $317.3 million. Consolidated revenue increased about 10% to $544.9 million, and equity method income rose sharply to $147.4 million from $75.3 million. Capital allocation remained active. AMG repurchased about $186 million of common stock in the quarter, and total debt rose to $2.92 billion from $2.69 billion at year-end, partly reflecting the BBH Credit Partners investment completed in January. Treasury stock grew and the diluted share count fell to 27.5 million from 32.6 million, which lifted per-share results. The board declared a quarterly dividend of only $0.01 per share, payable May 26, 2026 to holders of record on May 11, 2026. Investors should note that the GAAP earnings gain is smaller than the Economic EPS gain, that Economic earnings add back intangible amortization and other items (about $40.5 million of other economic items in Q1 2026), and that the share count reduction from buybacks is a material driver of per-share growth. Cash fell to $376.1 million while receivables rose to $871.4 million, which warrants monitoring of working capital and liquidity.
  5. 8-KAFFILIATED MANAGERS GROUP, INC. 8-K Report, Executive Changes (Feb 26, 2026)Affiliated Managers Group (NYSE: AMG) filed an 8-K on February 26, 2026 to announce board and leadership changes, none of which are financially material. G. Staley Cates, former Vice Chairman of Southeastern Asset Management (and its President from 1989 to 2015), will join the Board as an independent director effective April 1, 2026. Concurrently, Karen L. Alvingham, who has served on the Board since January 2018, will retire from the Board on the same date. The company also re-appointed Jay C. Horgen as President, effective April 1, 2026, while he continues as Chief Executive Officer. The Cates appointment adds a seasoned, CFA-charted investor with roughly four decades of experience at Southeastern, a firm known for long-term value investing and disciplined capital allocation. Consistent with AMG's model of partnering with independent investment managers, this background may be relevant to the Board's oversight of capital allocation across AMG's affiliate portfolio. The filing discloses no related-person transactions, no family relationships, and no arrangements tied to his election, and he will receive standard director compensation and the company's standard indemnification agreement. Horgen's re-appointment as President alongside his existing CEO role consolidates two top executive titles under one individual, which investors may view as signaling continuity in management. The filing does not disclose any change to compensation for Horgen; it incorporates his biographical and related-party information by reference to the 2025 proxy statement. AMG's stated firm-wide assets under management were approximately $813 billion as of December 31, 2025, per the press release.
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04—See also

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