Affiliated Managers Group, Inc. · MGRE · FY2026 Q2 · Calendar Q3 2026
AMG Q2 FY2026: Record Alternative Inflows Lift Earnings Mix
The quarter supports the view that AMG’s diversified affiliate model and alternatives franchise are driving growth: alternative strategies generated record inflows and now contribute more than 60% of earnings. Whether this momentum persists depends on flows, investment capacity, and execution of the affiliate pipeline.
Research this report with FN2. Free to start; review your question before sending.
Earnings scorecard
Reported versus consensusMarket reaction
prior-close to event-session closeAsk FN2 about MGRE FY2026 Q2
Choose a question to continue your researchFree to start. Your question opens in chat for you to review and send. FN2 can look up the transcript, financials and prior quarters.
Transcript intelligence
What changed
AMG reported record Q2 FY2026 results, with $942 billion of AUM, $13 billion in net inflows, and $29 billion of alternative-strategy inflows. Alternatives now represent more than 60% of earnings, compared with about 35% five years ago, according to the supplied analysis.
Guidance delta
Management maintained and reaffirmed Q3 EBITDA and EPS guidance. The supplied analysis does not provide the exact Q3 guidance ranges.
Key takeaways
- Adjusted EBITDA was $316 million and economic EPS was $8.29; both increased year over year, according to the transcript analysis.
- Alternative strategies produced record Q2 net inflows of $29 billion and now account for more than 60% of earnings.
- Reported earnings and revenue exceeded the supplied consensus estimates; management reaffirmed Q3 guidance.
Management priorities
- Deploy $100 million–$500 million checks into new and existing affiliates over the next 12–24 months.
- Expand partnerships that preserve affiliate independence while providing capital and scale.
Follow MGRE with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
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
Get the MGRE recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-13T16:17:31.348896+00:00
- FN2 earnings calendar · 2026-09-04T01:23:15.205020+00:00
- Polygon adjusted daily market bars · 2026-11-11T02:30:45.853502+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.