Affiliated Managers Group, Inc. · MGRB · FY2026 Q3 · Calendar Q4 2026
AMG’s alternatives-led growth strengthens, while revenue misses estimates
AMG’s Q3 analysis supports a growth case built on alternatives, private-market demand and capital returns. The evidence is not uniformly positive: revenue was below estimates, and several growth drivers remain exposed to regulatory, political and flow-related risks.
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Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
The supplied analysis describes record Q3 AUM, 41% year-over-year adjusted EBITDA growth and strong alternative-strategy inflows. Alternatives now represent roughly 70% of EBITDA, versus over 60% in the prior-quarter analysis. The scorecard shows EPS above estimates but revenue below estimates.
Guidance delta
Management lifted its full-year share-repurchase guidance to above $900 million. Q4 outlook is adjusted EBITDA of $405–$475 million and EPS of $11.37–$13.43; the supplied analysis does not give a comparable prior-quarter Q4 outlook.
Key takeaways
- Alternatives, including secondaries, infrastructure and liquid strategies, remain central to AMG’s growth narrative.
- The supplied analysis reports record Q3 AUM and adjusted EBITDA up 41% year over year.
- The scorecard indicates an EPS beat alongside a revenue miss versus estimates.
- Management raised full-year share-repurchase guidance above $900 million and provided Q4 EBITDA and EPS ranges.
Management priorities
- Expand secondary, infrastructure, absolute-return and tax-aware strategies.
- Pursue new affiliate investments and increase stakes in existing affiliates.
- Use free cash flow to support growth initiatives, partnerships and 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 · 2026-11-09T22:07:00.270743+00:00
- FN2 earnings calendar · 2026-11-11T01:23:13.633975+00:00
- Polygon adjusted daily market bars · 2026-11-11T01:50:43.182663+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.