AFFILIATED MANAGERS GROUP, INC.AMG
AFFILIATED MANAGERS GROUP, INC. Financial Overview 2021–2025
Updated Aug 8, 2026Affiliated Managers Group (AMG) generated a massive 40% jump in controlling net income to $716.6 million 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 billion 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 $288.28 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 million. 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 million 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.
Rev
$2.07B
FY2025
NI
$716.6M
FY2025
EPS$AMG
$25.18
FY2025
OCF
$973.2M
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All AMG Financial Metrics(55)
Income Statement
Balance Sheet
- Cash & ST Investments
- Total Assets
- Current Assets
- Cash
- Short-Term Investments
- Receivables
- Prepaid & Other
- PP&E
- Goodwill
- Intangibles
- Other Non-current
- Total Liabilities
- Current Liabilities
- Accounts Payable
- Accrued Liabilities
- Long-Term Debt
- Other Non-current Liab.
- Equity
- Retained Earnings
- Accumulated OCI
- APIC
- Treasury Stock
- Total L&E
- Shares Outstanding
Cash Flow
Recent SEC Filings
AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (Jul 30, 2026)
Affiliated Managers Group, Inc. (AMG) has filed an 8-K report on July 30, 2026, primarily to announce its financial and operating results for the quarter ended June 30, 2026, through a press release furnished as Exhibit 99.1. While the full details of the financial performance are within the press release, the 8-K itself focuses on the official disclosure of these results and a related event. Investors should refer to the furnished press release for comprehensive earnings data and operational commentary. In addition to the financial results, the report also disclosed a significant corporate action: the Board of Directors has authorized and declared a quarterly dividend of $0.01 per share of common stock. This dividend is set to be paid on August 24, 2026, to stockholders of record as of August 10, 2026. This indicates the company's continued commitment to returning capital to its shareholders, though the per-share amount is modest.
AFFILIATED 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.
AFFILIATED 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.
AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (May 1, 2026)
Affiliated Managers Group, Inc. (AMG) has filed an 8-K report on May 1, 2026, primarily announcing its financial and operating results for the quarter ended March 31, 2026, via an attached press release (Exhibit 99.1). Investors should note that key financial highlights and tables within this press release are considered "filed" under Section 18 of the Securities Exchange Act, meaning they are subject to liability under that section. The remainder of the press release is "furnished," carrying less regulatory weight. Beyond the earnings announcement, the report also disclosed that AMG's Board of Directors has authorized and declared a quarterly dividend of $0.01 per share. This dividend will be payable on May 26, 2026, to shareholders of record as of May 11, 2026. This information provides clarity on the company's capital return policy to its shareholders.
AFFILIATED MANAGERS GROUP, INC. 8-K Report, Executive Changes (Feb 26, 2026)
Affiliated Managers Group, Inc. (AMG) has announced a key change to its Board of Directors and a leadership update. Effective April 1, 2026, G. Staley Cates will join the Board as an independent director. Mr. Cates brings extensive experience from his long tenure at Southeastern Asset Management, Inc., where he held significant leadership roles including Vice Chairman and President, and possesses a Chartered Financial Analyst designation. His appointment is expected to enhance the Board's expertise, particularly given his background in investment management. In addition to Mr. Cates' appointment, the Company also announced the re-appointment of Jay C. Horgen as President, a role he will continue to hold alongside his position as Chief Executive Officer, effective April 1, 2026. Concurrently, Karen L. Alvingham will retire from the Board of Directors on the same date. These changes are being communicated via a press release filed with the SEC, highlighting the company's ongoing governance and leadership evolution.
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