Affiliated Managers earnings date
Affiliated Managers (AFS) Q3 2026 Earnings Report
DE:AFS Q3 2026 EPS Results
- Actual EPS
- EUR 8.56
- Consensus EPS
- EUR 7.92
- Beat/Miss
- Beat by +EUR 0.64
- One Year Ago EPS
- EUR 5.50
DE:AFS Q3 2026 Revenue Results
- Actual Revenue
- EUR 542.15M
- Expected Revenue
- EUR 590.34M
- Beat/Miss
- Missed by -EUR 48.20M
- YoY Revenue Growth
- +13.72%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/09/2026
- Time
- Before Open
- Conference Call
- Monday, November 9, 2026
Affiliated Managers's next earnings date is estimated for February 8, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive, marked by record assets, flows, earnings and alternative-strategy growth, substantial share repurchases, strong cash flow and an active investment pipeline. The primary challenges were $12 billion of long-only equity outflows, a 2% quarter-to-date decline in the market blend and acknowledged uncertainty around tax-aware strategies and policy developments, but management characterized the broader growth trends as durable and said it saw more tailwinds than headwinds.
For the fourth quarter, AMG expects adjusted EBITDA to be in the range of $405 million to $475 million based on current AUM levels, reflecting its market blend, which was down 2% quarter-to-date as of November 6; this includes recurring fee-related earnings of $335 million to $345 million, and assumes no material private market catch-up fees. Net performance fees are expected to be in the range of $70 million to $130 million, bringing full year net performance fee earnings to approximately $145 million to $205 million, while fourth quarter economic earnings per share are expected to be between $11.37 and $13.43, assuming an adjusted weighted average share count of 25.1 million for the quarter. AMG is increasing its full year 2026 repurchase guidance to more than $900 million, subject to market conditions and capital allocation activity through year-end, and expects to reduce its average economic share count by 10% this year and by approximately 30% since the start of 2024. Over the next 5 to 7 years, cumulative free cash flow is expected to approximate the entire current market capitalization, with a long-term compound annual growth rate in economic earnings per share between 15% and 20%, and growth in economic earnings per share expected to more than double to approximately 50% in 2026.
- Record Third-Quarter ResultsAMG reported record third-quarter results, with record assets under management, aggregate fees, fee-related earnings, adjusted EBITDA, economic earnings per share and organic flows into alternatives.
- Strong Year-to-Date Earnings GrowthFor the first nine months of 2026, adjusted EBITDA reached $987 million, up 41% year-over-year, while economic earnings per share reached $26, up 56% year-over-year. Nearly 95% of year-to-date economic earnings were driven by fee-related earnings.
- Record Assets Under ManagementAssets under management reached a record $974 billion, up 3% from the prior quarter and approximately 21% over the last 12 months, driven by net inflows, investment performance and the addition of new affiliates.
- Sixth Consecutive Quarter of Net InflowsAMG delivered its sixth consecutive quarter of net inflows, with $21 billion of net inflows in the third quarter and $85 billion over the last 18 months.
- Record Alternative Strategy InflowsAlternative strategies attracted more than $31 billion of net inflows in the third quarter and $150 billion over the past six quarters. Over the last 12 months, alternative strategies generated $113 billion of net inflows.
- Broad-Based Secular Growth DriversOrganic growth was driven by sustained demand for secondary solutions, infrastructure strategies, absolute return strategies and tax-aware investing. Management said these four areas continue to support alternative inflows and are expected to contribute to earnings growth.
- Private Markets Fundraising StrengthPrivate markets affiliates raised $10 billion in the third quarter and a record $30 billion over the last 12 months, representing 21% organic growth. Fundraising was broad-based across secondaries, infrastructure and specialized private market strategies.
- Liquid Alternatives GrowthLiquid alternatives generated $22 billion of net inflows in the third quarter. Liquid alternatives organic growth was nearly 40% over the past 12 months, led by tax-aware strategies, while the rest of the liquid alternatives business grew 14% on strong institutional demand.
- Growing Alternatives Earnings ContributionAMG's alternative affiliates manage approximately $500 billion and contribute approximately two-thirds of EBITDA on a run-rate basis. The alternatives share of earnings has increased from less than 35% in 2019 to nearly 70%.
- Third-Quarter Profitability ExpansionThird-quarter adjusted EBITDA was $354 million, up 41% year-over-year. Underlying fee-related earnings increased 35%, driven by organic growth, investment performance and margin expansion at certain affiliates. AMG also recognized $14 million of net performance fees and $15 million of incremental fees, primarily from private-market catch-up fees.
- Record Quarterly Economic Earnings Per ShareThird-quarter economic earnings per share grew 56% year-over-year to a quarterly record of $9.50, reflecting higher adjusted EBITDA and the benefit of share repurchases.
- Significant Share RepurchasesAMG repurchased approximately $400 million of common stock during the quarter, bringing year-to-date repurchases to approximately $775 million. Full-year 2026 repurchase guidance was increased to more than $900 million, subject to market conditions and capital allocation activity through year-end.
- Reduced Share CountShare repurchases reduced the average economic share count by approximately 11% compared with the prior-year period. AMG expects to reduce its average economic share count by 10% in 2026 and by approximately 30% since the start of 2024.
- Positive Fourth-Quarter GuidanceAMG expects fourth-quarter adjusted EBITDA of $405 million to $475 million, including recurring fee-related earnings of $335 million to $345 million, up from $325 million in the third quarter. Fourth-quarter economic earnings per share are expected to be between $11.37 and $13.43.
- Strong Balance Sheet and Cash FlowLeverage remained below historical average levels despite substantial capital returns and growth investments earlier in the year. Recurring annual after-tax cash flow increased to more than $1 billion, supported by growth in fee-related earnings, while AMG cited its long-dated debt maturity profile and access to capital markets as sources of financial flexibility.
- Active Investment PipelineFollowing investments in BBH Credit Partners, HighBrook Investors and an incremental minority investment in Garda Capital Partners, management said its investment pipeline remains strong and that it expects to form additional partnerships and invest in existing affiliates.
- Long-Term Earnings Growth ObjectiveAMG expects to continue generating a long-term compound annual growth rate in economic earnings per share of between 15% and 20%, consistent with the past five years. Economic earnings per share growth exceeded 20% in 2025, and management expects growth to reach approximately 50% in 2026.
- Capital Deployment CapacityManagement expects cumulative free cash flow over the next five to seven years to approximate AMG's entire current market capitalization, providing capital for new affiliates, investments in existing affiliates, seed products, resources platforms and share repurchases.
- Durable Tax-Aware Strategy OpportunityManagement said tax-aware investing is in a broad adoption phase, with multiple managers, products and channels serving the advisory community. AMG expects the strategy to remain a positive contributor to flows because of strong pretax returns, anticipated low turnover and continued contributions from existing clients.
- Higher Fee and Margin MixManagement said the shift toward alternatives is moving AMG toward higher management-fee products, longer locked-up strategies and businesses where AMG owns the underlying margin. These factors are driving overall margin growth at approximately twice the organic flow rate.
DE:AFS Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 08, 2027 | 2026 (Q4) | 11.08- | 8.54 | ― | ― |
| Nov 09, 2026 | 2026 (Q3) | 7.928.56 | 5.5 | 55.74% (+3.06) | |
| Jul 30, 2026 | 2026 (Q2) | 7.127.47 | 4.86 | 53.80% (+2.61) | |
| May 01, 2026 | 2026 (Q1) | 7.297.42 | 4.69 | 58.27% (+2.73) | |
| Feb 12, 2026 | 2025 (Q4) | 7.998.54 | 5.88 | 45.18% (+2.66) | |
| Nov 05, 2025 | 2025 (Q3) | 5.315.50 | 4.34 | 26.56% (+1.15) | |
| Jul 31, 2025 | 2025 (Q2) | 4.774.86 | 4.21 | 15.42% (+0.65) | |
| May 08, 2025 | 2025 (Q1) | 4.604.69 | 4.84 | -3.17% (-0.15) | |
| Feb 06, 2025 | 2024 (Q4) | 5.425.88 | 6.18 | -4.81% (-0.30) | |
| Nov 04, 2024 | 2024 (Q3) | 4.364.34 | 3.68 | 18.14% (+0.67) |
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.
