EarningsQ2 2026 Earnings Report
DE:AFS Q2 2026 EPS Results
Actual EPS€7.40
Consensus EPS€7.05
Beat/MissBeat by +€0.34
One Year Ago EPS€4.81
DE:AFS Q2 2026 Revenue Results
Actual Revenue€575.24M
Expected Revenue€527.35M
Beat/MissBeat by +€47.89M
YoY Revenue Growth+29.00%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
DE:AFS Upcoming Earnings
Affiliated Managers's next earnings date is estimated for November 9, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:AFS Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveys a strongly positive tone driven by record earnings, double-digit organic growth in alternatives, a record $942 billion AUM, large alternative inflows ($29B in Q2; ~$100B LTM), robust cash generation (~$1B after-tax), active capital deployment and sizeable share repurchases. Headwinds are concentrated in differentiated long-only equity outflows ($14B) and seasonal fixed-income flows ($2B), alongside some short‑term market sensitivity (market blend down ~2% QTD) that could limit variable fee upside. Overall, the positive operational momentum, growing contribution from higher‑fee alternatives, strong balance sheet and confident guidance materially outweigh the limited flow and seasonality headwinds.Company Guidance
Record Quarterly Earnings and Strong YoY Growth
Adjusted EBITDA of approximately $316 million, up 44% year-over-year; economic earnings per share of $8.29, up 54% year-over-year. Fee-related earnings grew 39% year-over-year. Net performance fee earnings were $10 million (up $5 million YoY) with ~ $7 million of incremental catch-up fees.
All-time High Assets Under Management
AUM reached a record $942 billion, a 7% increase from the prior quarter and ~22% growth over the last 12 months (approximately $171 billion increase). Investment performance contributed ~6% to AUM growth and net inflows represented ~1.5% of beginning AUM.
Exceptional Alternative Strategies Momentum
Alternatives generated $29 billion of net inflows in Q2 and approximately $100 billion of net inflows over the past 12 months. Alternatives now account for more than 60% of AMG's earnings (up from ~50% 18 months ago and ~35% five years ago), supporting higher fee rates and margin expansion.
Strong Organic Flows and Fundraising
Affiliates produced headline net inflows of $13 billion in Q2 (company also referenced $56 billion LTM at one point), private market Affiliates raised $8 billion in the quarter, and liquid alternatives delivered $21 billion of net inflows in Q2 (including $16 billion from wealth clients into tax-aware strategies).
Active Capital Deployment and Share Repurchases
Repurchased ~$189 million of shares in Q2 and ~$375 million year-to-date; company expects ~ $600 million repurchases for the full year. AMG has repurchased >10% of shares outstanding in the past 12 months and nearly 25% since the beginning of 2024. Nearly $800 million of capital allocated in first six months to growth investments and returns.
Confident Near-Term Guidance
Third-quarter adjusted EBITDA guidance of $315 million to $325 million. Recurring fee-related earnings expected at ~$315 million (up from $299 million in Q2). Third-quarter economic EPS guidance of $8.43 to $8.71 (midpoint implying ~40% growth vs. Q3 2025).
Solid Balance Sheet and Cash Flow Generation
After-tax recurring cash flow of approximately $1 billion annually, low leverage and extended $1.25 billion revolver maturity to June 2031 with improved terms. Management projects cumulative free cash flow over the next 5–7 years approximating current market capitalization.
Robust Acquisition/Investment Pipeline
Active pipeline with recent investments completed (BBH Credit Partners, HighBrook Investors, incremental minority in Garda) and an increased opportunity set for $100M–$500M check sizes; management targets high‑teens returns on new investments.
DE:AFS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed