Affiliated Managers Group (AMG) reported first‑quarter 2026 results that showed year‑over‑year growth in key profitability metrics, with Adjusted EBITDA rising 39% to $317.3 million and Economic earnings per share increasing 58% to $8.23. Revenue for the quarter was $544.9 million, a 9.7% increase from $496.6 million in Q1 2025, and net client cash flows exceeded $22 billion, a turnaround from the $0.4 billion outflow recorded in the same period last year.
AMG’s Economic EPS beat the consensus estimate of $8.07 by $0.16, a 1.9% over‑performance. The beat was driven by strong demand for the firm’s liquid alternative and private‑markets affiliates, which generated record net client cash inflows, and by disciplined cost management that preserved margin expansion. Revenue, while slightly below some analysts’ forecasts of $547.32 million and $555.1 million, surpassed the $543 million estimate, reflecting robust inflows in core segments offset by outflows in equity‑strategy affiliates.
Net client cash flows of more than $22 billion marked a record for AMG and represented a cumulative $52 billion in net inflows over the last 12 months, underscoring sustained client confidence in the firm’s alternative‑asset focus. The record AUM of $882 billion, up 23% from $712.2 billion a year earlier, reflects the growing share of alternatives, which now account for 58% of the company’s EBITDA contribution.
Strategic investments continued to expand AMG’s affiliate portfolio. A $1 billion investment in BBH Credit Partners was completed in January 2026, and new partnerships were announced with HighBrook Investors and Garda Capital Partners in February 2026, further diversifying the firm’s alternative‑strategy exposure.
Capital allocation remained disciplined: AMG repurchased $186 million of common stock in the quarter and declared a cash dividend of $0.01 per share, payable May 26 2026. The share‑repurchase program, which has totaled over $700 million in the past 12 months, reflects management’s confidence in the firm’s long‑term growth prospects.
Management guidance for Q2 2026 projects Adjusted EBITDA in the range of $290 million to $305 million, indicating continued confidence in the firm’s earnings trajectory. The guidance reflects expectations of sustained demand for liquid alternatives and private‑markets strategies, while acknowledging the sequential decline in Economic EPS from $9.48 in Q4 2025 to $8.23 in Q1 2026.
Headwinds included a $9 billion outflow from equity‑strategy affiliates and a 10.7% year‑over‑year rise in consolidated expenses, but the firm’s margin expansion and disciplined cost control mitigated these pressures.
"AMG generated excellent results in the first quarter, with year‑over‑year growth in Adjusted EBITDA and Economic earnings per share of 39% and 58%, respectively," said President and CEO Jay C. Horgen. "Broad‑based demand for our Affiliates' liquid alternative and private markets strategies generated record net client cash flows of more than $22 billion."
"We continue to deploy our capital and resources toward firms and initiatives aligned with long‑term growth trends to further accelerate the evolution of our business," Horgen added.
"AMG reported record results for the first quarter, with Adjusted EBITDA of approximately $317 million and Economic earnings per share of $8.23, representing year‑over‑year growth of 39% and 58% respectively," he noted.
"Rising demand for liquid alternative strategies and ongoing strength in private markets fundraising generated record quarterly net client cash flows of more than $22 billion, bringing net flows over the last 12 months to $52 billion, an organic growth rate of 7% over the period," Horgen said.
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