Affiliated Managers Group, Inc. · MGRE · FY2025 Q4 · Calendar Q1 2026
AMG cites record 2025 earnings as alternatives drive growth
Management’s account supports a growth case centered on alternative strategies: record 2025 economic EPS, alternative AUM growth, and strong contributions from AQR and Pantheon. That case depends on sustaining inflows and performance-related earnings amid equity outflows and execution risks.
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Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Management highlighted record Q4 liquid-alternative net inflows and continued expansion through new affiliate relationships, product launches, and investment in existing affiliates. The call also noted substantial 2025 share repurchases and growth investments.
Guidance delta
Guidance sentiment was described as maintained. Management expected Q1 2026 adjusted EBITDA of $310M–$330M and EPS of $7.98–$8.52; the analysis also describes 2026 guidance as reaffirmed.
Key takeaways
- The transcript analysis reports 2025 economic EPS of $26.50, up 22% year over year, and $97B of alternative AUM added.
- AQR and Pantheon together were described as contributing more than 30% of EBITDA; liquid alternatives recorded $15B of Q4 net inflows.
- The scorecard shows EPS above consensus and revenue below consensus; the call analysis cites $12B of Q4 equity outflows.
Management priorities
- Develop structured-credit products with Brown Brothers Harriman and scale liquid-alternative funds.
- Expand product development for the U.S. wealth channel and invest in selected affiliates.
- Maintain a share-repurchase program of at least $400M in 2026, as described in the analysis.
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Company context
Snapshot as of publicationAffiliated Managers Group, Inc. (AMG) operates as a prominent asset management firm, delivering comprehensive investment solutions through its diverse network of subsidiary companies. Primarily serving the United States, AMG provides investment management expertise to a broad spectrum of clients, including individual investors with substantial wealth, institutional entities, and various mutual funds. The company extends its services by offering specialized advisory and sub-advisory expertise for mutual funds. These investment vehicles reach both individual retail investors and institutional clients, either through direct engagement or via an extensive network of financial intermediaries. This network comprises independent investment advisors, sponsors of retirement plans, broker-dealers, significant fund platforms, and bank trust departments. For its institutional distribution channel, AMG presents a wide array of investment strategies.…
Historical context
All MGRE 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 |
| MGRD Affiliated Managers Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | +8.1% | +1.4% | AMG’s Q3 Growth Centers on Alternatives, Inflows and Buybacks |
| 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
- 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 · 2026-11-11T04:30:45.054019+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.