Affiliated Managers Group, Inc. · MGRB · FY2026 Q2 · Calendar Q3 2026
AMG Posts Record Q2 Results as Alternatives Drive Growth
Record second-quarter results, net inflows, and the growing contribution of alternative strategies support a constructive view of AMG’s operating momentum. Continued progress depends on sustaining demand and managing capacity and outflows in other businesses.
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Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
AMG reported record Q2 2026 results, including $316 million of adjusted EBITDA and $8.29 of EPS. Net inflows were $13 billion and AUM reached $942 billion; alternatives represented more than 60% of earnings. Management reaffirmed Q3 EBITDA and EPS guidance, without a change identified in the supplied analysis.
Guidance delta
Management reaffirmed Q3 EBITDA and EPS guidance. The supplied analysis does not provide the guidance ranges or a numerical change.
Key takeaways
- Alternative strategies were the primary growth engine, with $13 billion of net inflows in Q2 and alternatives contributing more than 60% of earnings.
- AMG reported record second-quarter adjusted EBITDA of $316 million, EPS of $8.29, and AUM of $942 billion.
- Management reaffirmed Q3 guidance and cited a pipeline of affiliate investments as part of its expansion plans.
Management priorities
- Expand the alternative mix, with management targeting alternatives to reach 70% of earnings.
- Broaden tax-aware and liquid-alternative offerings across institutional and wealth clients.
- Invest in affiliate opportunities and continue share repurchases.
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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 · 2026-08-13T16:15:49.310736+00:00
- FN2 earnings calendar · 2026-09-04T01:23:15.205020+00:00
- Polygon adjusted daily market bars · 2026-11-11T03:00:48.394290+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.