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AFFILIATED MANAGERS GROUP, INC. 8-K Report, Financial Results (May 1, 2026)

Reports
Earnings & Results·Other Events·Exhibits & Filings
Filing Date
Filed May 1, 2026
Period End
May 1, 2026
In the 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. Material agreement8-K · Mar ’19Mar ’19
  2. Leadership change8-K · Jul ’21Jul ’21
  3. Leadership change8-K · Jun ’25Jun ’25

01—Abstract

Summary

Summary of the 8-K filed May 1, 2026. Cited figures are marked; the original filing is the authoritative source.

AMG reported first-quarter 2026 results that point to strong momentum.

Assets under management reached a record $882.0 billiona, 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 millionb 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 $0.01c 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 milliond 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.

02—Key points

Key Highlights

  1. Record AUM of $882.0 billion, up from $712.2 billion a year earlier, with record net client cash flows of $22.5 billion versus a $0.4 billion outflow in Q1 2025.
  2. Economic EPS of $8.23, up 58% from $5.20; GAAP diluted EPS of $3.84, up from $2.20.
  3. Adjusted EBITDA (controlling interest) of $317.3 million, up 39% from $228.2 million.
  4. Equity method income (net) rose to $147.4 million from $75.3 million, and consolidated revenue increased to $544.9 million from $496.6 million.
  5. Repurchased about $186 million of common stock in the quarter; average diluted share count fell to 27.5 million from 32.6 million.
  6. Completed the BBH Credit Partners investment in January 2026 and added HighBrook Investors in February, plus an additional investment in Garda Capital Partners.
  7. Quarterly dividend declared at $0.01 per share, payable May 26, 2026 to holders of record as of May 11, 2026.

03—Questions

Frequently Asked Questions

  1. What drove the large increase in Economic EPS?

    Economic net income rose to $224.6 million from $158.7 million, driven by strong organic growth, higher equity method income, and growth in Adjusted EBITDA. A roughly 10% lower average diluted share count (27.3 million versus 30.5 million on an adjusted basis) also amplified per-share growth.

  2. Is the GAAP earnings growth as strong as the Economic earnings growth?

    Less so. Net income (controlling interest) rose about 52% to $110.4 million, while Economic net income rose about 42%. The gap reflects adjustments that add back intangible amortization and impairments, and $40.5 million of other economic items, primarily Affiliate equity-related activities. Investors should weigh GAAP results alongside these non-GAAP measures.

  3. What were the net client cash flows and what sustained them?

    Net client cash flows were a record positive $22.5 billion, compared with a $0.4 billion outflow a year earlier. Private Markets contributed $4.2 billion and Liquid Alternatives $24.6 billion, while Equities saw $9.1 billion of net outflows and Multi-Asset and Fixed Income $2.8 billion of inflows.

  4. How is AMG managing its capital and balance sheet?

    AMG bought back about $186 million of stock and completed the BBH Credit Partners investment. Debt increased to $2.92 billion from $2.69 billion, and cash declined to $376.1 million from $586.0 million, while receivables rose to $871.4 million. Investors should watch leverage and liquidity as capital deployment continues.

  5. Why is the quarterly dividend only $0.01 per share?

    The filing does not explain the rationale. The small dividend indicates that AMG prioritizes share repurchases and capital deployment into affiliates and new investments over cash payouts to shareholders. Income-focused investors should factor this into their return expectations.

04—Continue

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