Affiliated Managers Group, Inc. · MGRD · FY2026 Q2 · Calendar Q3 2026
AMG Q2 earnings rise as alternatives drive inflows and mix shift
AMG’s Q2 results support the view that demand for alternative strategies is strengthening its earnings mix: management’s analysis cites $29 billion of alternative inflows and alternatives above 60% of earnings. The durability of tax-aware inflows and any offset from long-only outflows remain important tests.
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Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Versus Q1, the company’s reported AUM rose from $882 billion to $942 billion. Q2 net inflows were $13 billion, including $29 billion into alternatives, while long-only equity continued to see outflows. Alternatives now represent more than 60% of earnings, according to the call analysis.
Guidance delta
Guidance sentiment remained maintained. The supplied analysis describes Q3 EBITDA stability and continued year-over-year EPS growth; it does not provide a new numerical guidance range.
Key takeaways
- Adjusted EBITDA was $316 million and economic EPS was $8.29; both increased year over year, according to the call analysis.
- AUM reached $942 billion, with $13 billion of net inflows overall and $29 billion into alternative strategies.
- Alternatives accounted for more than 60% of earnings, up from 35% five years ago, per management’s call analysis.
- Long-only equity outflows persisted despite the growth in alternatives.
Management priorities
- Invest in new and existing affiliates, targeting high-teens returns, as described in the call analysis.
- Continue share repurchases and pursue a pipeline of affiliate investments.
- Increase alternatives’ share of earnings, with a stated target of 70%.
- Focus on secondaries, infrastructure, absolute-return strategies and tax-aware investing.
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Company context
Snapshot as of publicationAffiliated Managers Group, Inc. specializes in providing investment management solutions. The firm offers a diverse array of strategies, spanning numerous asset classes designed for generating returns, alongside various product structures. William J. Nutt established the company in December 1993, and it operates from its main office in West Palm Beach, Florida.
Historical context
All MGRD 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 |
| MGRB Affiliated Managers Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | +8.1% | +1.4% | AMG’s alternatives-led growth strengthens, while revenue misses estimates |
| 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
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- 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 · 2026-08-13T16:16:57.683990+00:00
- FN2 earnings calendar · 2026-09-04T01:23:15.205020+00:00
- Polygon adjusted daily market bars · 2026-11-11T02:40:45.764476+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.