What drove the growth in Economic EPS in 2025?

Economic EPS rose 22% to $26.05, supported by strong organic growth of about 4% (roughly $29 billion of net client inflows), growing alternative-strategy AUM, and share repurchases that reduced average diluted shares from 36.1 million in 2024 to 33.0 million in 2025 (adjusted diluted shares fell from 32.8 million to 29.5 million).

How should investors interpret the difference between GAAP and Economic EPS?

Economic EPS excludes intangible amortization and impairments, related deferred taxes, Affiliate transaction gains/losses (net of tax), and other economic items. For 2025, GAAP diluted EPS was $22.74 versus Economic EPS of $26.05, largely because one-time Affiliate transaction gains boosted GAAP results and are removed from Economic figures. Investors should consider both measures, as Economic EPS is management's principal benchmark.

What is the outlook for capital returns?

AMG returned about $700 million through buybacks in 2025 and authorized an additional program for up to 4.2 million shares, bringing total available capacity to roughly 6 million shares. These programs do not expire, and purchases may occur in the open market, through privately negotiated deals, Rule 10b5-1 plans, or accelerated share repurchases. The dividend remains a nominal $0.01 per quarter, so buybacks are the primary capital return channel.

What was the significance of the junior convertible securities refinancing?

AMG issued $425 million of senior notes due 2036 and used the proceeds to redeem and settle conversions of its 5.15% junior convertible trust preferred securities due 2037. The obligations were fully settled in cash in January 2026, simplifying the capital structure and removing the associated share count dilution from diluted EPS calculations going forward.

Where is AMG's growth coming from?

Growth is concentrated in alternatives. Private markets Affiliates manage about $146 billion and raised roughly $24 billion in 2025, while liquid alternatives Affiliates posted about $51 billion of net inflows and reached roughly $227 billion in AUM. AMG also committed over $1 billion to four new Affiliates in private markets and liquid alternatives and a strategic collaboration with Brown Brothers Harriman targeting the U.S. wealth channel, plus new partnerships with HighBrook and an additional investment in Garda.

AFFILIATED MANAGERS GROUP, INC. 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed February 12, 2026. Cited figures are marked; the original filing is the authoritative source.

AMG reported strong fourth-quarter and full-year 2025 results, with Economic EPS of $9.48^a in Q4 (up from $6.53 a year earlier) and $26.05 for the full year (up 22% year-over-year).

Full-year net client cash inflows were approximately $29 billion^b, including about $12 billion in Q4, driven by alternative strategies. Liquid alternatives Affiliates recorded a record roughly $51 billion of net inflows and now manage about $227 billion, while private markets Affiliates manage about $146 billion. Total AUM reached $813.3 billion at year-end, up from $707.9 billion.

Diluted GAAP EPS was $22.74^c for the year, though GAAP results were boosted by roughly $371 million of Affiliate transaction gains tied to the Comvest private credit and Montrusco Bolton sales and the Peppertree/TPG share exchange, so investors should weigh Economic EPS, which excludes these items, alongside GAAP figures. Capital allocation was active. AMG repurchased about $700 million of stock in 2025 (roughly 11% of shares outstanding), committed more than $1 billion across five new growth investments, and refinanced its 5.15% junior convertible trust preferred securities with $425 million of 2036 senior notes, removing associated dilution.

The Board declared a $0.01^d quarterly dividend payable March 9, 2026, and authorized an additional repurchase program of up to 4.2 million shares, bringing total available repurchase capacity to roughly 6 million shares. The company remains heavily tilted toward alternatives and the U.S. wealth channel, which supports its growth narrative. Key considerations include the dependence of Economic EPS on Affiliate performance and flows, the variability of Affiliate transaction gains, and the reduction in total shares outstanding (diluted average shares fell from 36.1 million to 33.0 million for the year), which lifts per-share metrics.

02—Key points

Key Highlights

Full-year Economic EPS of $26.05, up 22% year-over-year; Q4 Economic EPS of $9.48 vs. $6.53 in Q4 2024
Net client cash inflows of approximately $29 billion in 2025 (about $12 billion in Q4), with a record ~$51 billion of net inflows into liquid alternatives
Total AUM of $813.3 billion at December 31, 2025, up from $707.9 billion a year earlier; liquid alternatives AUM up 61% to ~$227 billion
Repurchased ~$700 million of common stock in 2025 (about 11% of shares outstanding); new authorization for up to 4.2 million additional shares, for ~6 million total available
Refinanced 5.15% junior convertible trust preferred securities using $425 million of 2036 senior notes, eliminating associated share dilution
Full-year GAAP diluted EPS of $22.74 included roughly $371 million of Affiliate transaction gains, and Economic net income excludes ~$284 million after-tax of these gains
Quarterly dividend of $0.01 per share payable March 9, 2026 to holders of record on February 23, 2026

03—Questions

Frequently Asked Questions

What drove the growth in Economic EPS in 2025?
Economic EPS rose 22% to $26.05, supported by strong organic growth of about 4% (roughly $29 billion of net client inflows), growing alternative-strategy AUM, and share repurchases that reduced average diluted shares from 36.1 million in 2024 to 33.0 million in 2025 (adjusted diluted shares fell from 32.8 million to 29.5 million).
How should investors interpret the difference between GAAP and Economic EPS?
Economic EPS excludes intangible amortization and impairments, related deferred taxes, Affiliate transaction gains/losses (net of tax), and other economic items. For 2025, GAAP diluted EPS was $22.74 versus Economic EPS of $26.05, largely because one-time Affiliate transaction gains boosted GAAP results and are removed from Economic figures. Investors should consider both measures, as Economic EPS is management's principal benchmark.
What is the outlook for capital returns?
AMG returned about $700 million through buybacks in 2025 and authorized an additional program for up to 4.2 million shares, bringing total available capacity to roughly 6 million shares. These programs do not expire, and purchases may occur in the open market, through privately negotiated deals, Rule 10b5-1 plans, or accelerated share repurchases. The dividend remains a nominal $0.01 per quarter, so buybacks are the primary capital return channel.
What was the significance of the junior convertible securities refinancing?
AMG issued $425 million of senior notes due 2036 and used the proceeds to redeem and settle conversions of its 5.15% junior convertible trust preferred securities due 2037. The obligations were fully settled in cash in January 2026, simplifying the capital structure and removing the associated share count dilution from diluted EPS calculations going forward.
Where is AMG's growth coming from?
Growth is concentrated in alternatives. Private markets Affiliates manage about $146 billion and raised roughly $24 billion in 2025, while liquid alternatives Affiliates posted about $51 billion of net inflows and reached roughly $227 billion in AUM. AMG also committed over $1 billion to four new Affiliates in private markets and liquid alternatives and a strategic collaboration with Brown Brothers Harriman targeting the U.S. wealth channel, plus new partnerships with HighBrook and an additional investment in Garda.

04—Continue

← View all 8-K filings