Affiliated Managers Group, Inc. · MGRB · FY2025 Q2 · Calendar Q3 2025
AMG lifts Q3 outlook as alternatives expand, despite Q2 consensus miss
The supplied Q2 analysis supports a growth case tied to alternative-asset inflows, new partnerships, and a larger alternatives contribution to EBITDA. However, reported EPS and revenue were below supplied consensus, and continued inflows, affiliate performance, and product capacity remain important tests.
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Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Compared with the supplied Q1 analysis, which cited $14 billion of alternative-strategy net inflows, the Q2 analysis reports $8 billion of net client cash flows and $55 billion of added alternative AUM. The Q2 analysis also says management raised guidance; the supplied scorecard shows EPS and revenue below consensus.
Guidance delta
Management raised guidance. The supplied Q2 analysis gives Q3 adjusted EBITDA guidance of $230–$240 million and EPS guidance of $5.62–$5.87.
Key takeaways
- Alternatives represented more than 55% of EBITDA, with management targeting approximately 66% in the near term, according to the supplied analysis.
- The quarter included $8 billion of net client cash flows and $55 billion of added alternative AUM, as reported in the supplied analysis.
- The supplied scorecard reports EPS of 2.61 versus an estimate of 5.29 and revenue of 493200000 versus an estimate of 506463667. Both were below estimates.
Management priorities
- Expand tax-aware liquid-alternative products, including the Fusion series.
- Finalize partnerships with Qualitas Energy and Montefiere before year-end, according to the supplied analysis.
- Launch additional active ETFs and the GW&K Muni Income ETF, while maintaining targeted share repurchases and flexibility for growth capital.
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Company context
Snapshot as of publicationAffiliated Managers Group, Inc. specializes in providing investment management solutions. The company offers a comprehensive suite of strategies that encompass diverse asset classes focused on generating returns, in addition to various investment product types. William J. Nutt founded the firm in December 1993, and its corporate headquarters are located in West Palm Beach, Florida.
Historical context
All MGRB earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| BAP Credicorp Ltd. | FY2026 Q3 · Calendar Q4 2026 | -2.6% | +3.3% | Credicorp maintains 2026 guidance as lending and fee growth meet El Niño risks |
| CIB Grupo Cibest S.A. | FY2026 Q3 · Calendar Q4 2026 | -10.1% | -4.0% | Grupo Cibest raises loan-growth outlook as commercial lending and Nequi underpin Q3 |
| MGRE Affiliated Managers Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | +8.1% | +0.6% | AMG: Alternatives drive record Q3 as firm maintains Q4 outlook |
| MGRD Affiliated Managers Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | +8.1% | +1.4% | AMG’s Q3 Growth Centers on Alternatives, Inflows and Buybacks |
| AMG Affiliated Managers Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | +8.1% | +5.6% | AMG posts record Q3, with alternatives driving inflows and earnings |
| KKR KKR & Co. Inc. | FY2026 Q3 · Calendar Q4 2026 | +12.7% | +1.7% | KKR’s record quarter pairs fee growth with deployment and liquidity |
Latest beats and misses
Who reports nextBeat on EPS
- VGFY2026 Q3 · November 10, 2026+92.7% EPS+1.7% move
- TDGFY2026 Q4 · November 10, 2026+1.9% EPS+0.5% move
- ONONFY2026 Q3 · November 10, 2026+39.9% EPS-7.5% move
- CRWVFY2026 Q3 · November 10, 20260.0% EPS-0.5% move
- OXYFY2026 Q3 · November 9, 2026+30.8% EPS+2.0% move
- MGREFY2026 Q3 · November 9, 2026+8.1% EPS+0.6% move
Missed on EPS
- EMBJFY2026 Q3 · November 10, 2026-49.4% EPS+7.0% move
- VODFY2027 Q2 · November 10, 2026-72.8% EPS-1.2% move
- SEFY2026 Q3 · November 10, 2026-5.1% EPS-1.5% move
- BAPFY2026 Q3 · November 9, 2026-2.6% EPS+3.3% move
- JBSFY2026 Q3 · November 9, 2026-28.6% EPS-5.5% move
- CIBFY2026 Q3 · November 9, 2026-10.1% EPS-4.0% move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:55.686058+00:00
- Polygon adjusted daily market bars · 2026-11-11T12:40:52.893902+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-11. For educational purposes only; not investment advice.