Affiliated Managers Group, Inc. · MGRB · FY2025 Q4 · Calendar Q1 2026
AMG’s 2025 growth centered on alternatives and record client inflows
AMG’s call described a growth mix increasingly centered on alternative assets, supported by strong liquid-alternative inflows and private-market activity. The durability of that trajectory depends on fund launches, affiliate execution and performance-fee generation.
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Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Management highlighted 2025 net client cash inflows of $29 billion, the highest since 2013, and alternative AUM of $373 billion, up 35% and contributing about 60% of EBITDA. The call also described new affiliate investments and a Brown Brothers Harriman collaboration to develop structured-credit products. Prior-quarter analysis was unavailable, limiting a direct quarter-over-quarter comparison.
Guidance delta
Management maintained Q1 2026 guidance: adjusted EBITDA of $310 million to $330 million and EPS of $7.98 to $8.52, with $170 million of performance fees anticipated.
Key takeaways
- 2025 economic EPS was $26.50, up 22% year over year; adjusted EBITDA was $1.1 billion, up 11%.
- Alternative AUM reached $373 billion and represented about 60% of EBITDA.
- Liquid alternatives generated $51 billion of net inflows and 36% organic growth, led by AQR.
- Management said 2025 net client cash inflows reached $29 billion, the highest since 2013.
- The company repurchased $700 million of shares in 2025, equivalent to 11% of outstanding shares.
Management priorities
- Build the U.S. wealth platform across RIA and wirehouse distribution.
- Launch and scale the AMG BBH Asset-Backed Credit Fund and other structured-credit products.
- Seed and scale liquid-alternative and private-market products through affiliate partnerships.
- Continue investing in affiliates, including Highbrook and Garda.
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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 · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-11T04:10:44.530866+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.