Affiliated Managers Group (AMG) Q3 FY2026 earnings: revenue $595 million, up 12.7% on the year

Affiliated Managers Group, Inc. (AMG) reported revenue of $595 million for Q3 FY2026, the quarter ended 30 September 2026, up 12.7% on the same quarter a year earlier. Net income was $173 million, down 18.4% on the year, and diluted earnings per share $6.64. The figures are the company's own, from the 10-Q it filed with the SEC on 9 November 2026.

Revenue

$595 million

+12.7% on the year · -7.1% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

24.1%

22.5% a year earlier

Q4 FY2024Q3 FY2026

Net income

$173 million

-18.4% on the year · -6.8% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$6.64

-3.3% on the year · -4.5% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 kept.

Economic EPS rose year over year: Economic EPS was $9.50 against $6.10 a year earlier; Economic net income (controlling interest) was $247.9 million against $179.7 million.
Adjusted EBITDA up on the year: Adjusted EBITDA (controlling interest) was $353.7 million against $250.9 million; nine-month Adjusted EBITDA was $987.0 million against $698.8 million.
Net income fell against prior-year gains: Net income (controlling interest) was $173.3 million against $212.4 million. The prior-year quarter included $127.6 million of Affiliate transaction gains, mainly from the Peppertree sale; the 2026 quarter had none.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	595	641	528	-7.1%	+12.7%
Selling, general and administrative	121	107	100	+12.4%	+20.1%
Operating income	143	154	119	-7.0%	+20.5%
Operating margin	24.1%	24.0%	22.5%
Pre-tax income	323	307	362	+5.1%	-10.8%
Income tax	78.9	70.0	71.6	+12.7%	+10.2%
Effective tax rate	24.4%	22.8%	19.8%
Net income	173	186	212	-6.8%	-18.4%
Net margin	29.1%	29.0%	40.2%
Diluted EPS	$6.64	$6.95	$6.87	-4.5%	-3.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	362	239	277	+51.3%	+30.5%
Capital expenditure	1.4	0.0	1.2		+16.7%
Free cash flow	360	239	276	+50.7%	+30.5%
Free cash flow margin	60.5%	37.3%	52.3%
Cash from investing	-39.3	9.7	271
Cash from financing	-296	-212	-430
Share-based compensation	10.9	10.2	12.5	+6.9%	-12.8%
Buybacks	403	180	75.7	+124.0%	+431.8%
Dividends paid	n/a	n/a	0.3
Dividend per share	$0.01	$0.01	$0.01	0.0%	0.0%
Diluted shares, weighted	26m	27m	33m	-3.0%	-20.7%
Shares outstanding at period end	25m	26m	28m	-4.5%	-12.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	2,805	3,038	3,343	-7.7%	-16.1%
Non-controlling interest	903	896	923	+0.8%	-2.2%
Redeemable equity	278	270	274	+2.7%	+1.5%
Debt	3,179	3,004	2,372	+5.8%	+34.1%
Other liabilities	2,441	2,196	2,017	+11.2%	+21.1%
Total liabilities and equity	9,606	9,404	8,928	+2.1%	+7.6%
Fixed assets	53.4	53.4	55.2	0.0%	-3.3%
Goodwill	2,511	2,512	2,528	-0.0%	-0.7%
Intangible assets	1,570	1,578	1,703	-0.5%	-7.8%
Cash and equivalents	436	411	476	+6.1%	-8.4%
Other assets	5,035	4,850	4,165	+3.8%	+20.9%
Total assets	9,606	9,404	8,928	+2.1%	+7.6%

Questions

What was Affiliated Managers Group's revenue in Q3 FY2026?

Affiliated Managers Group (AMG) reported revenue of $595 million for Q3 FY2026, the quarter ended 30 September 2026, up 12.7% on the same quarter a year earlier.

How much did Affiliated Managers Group earn in Q3 FY2026?

Net income for Q3 FY2026 was $173 million, down 18.4% on the year, and diluted earnings per share $6.64.

When did Affiliated Managers Group report Q3 FY2026 results?

Affiliated Managers Group filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 9 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	692	607	604	579	540	517	512	525	503	500	500	516	524	497	493	528	557	545	641	595
SG&A	96.8	89.4	93.1	93.2	110	97.1	85.2	91.1	84.8	91.7	89.4	97.0	98.4	94.7	95.7	100	118	107	107	121
Operating income	224	212	204	153	87.2	137	138	168	119	119	141	142	132	39.7	80.5	119	30.0	39.0	154	143
Operating margin	32%	35%	34%	26%	16%	26%	27%	32%	24%	24%	28%	27%	25%	8%	16%	22%	5%	7%	24%	24%
Interest expense	28.6	29.1	27.3	28.3	29.7	30.5	30.9	31.1	31.3	29.9	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	368	274	212	201	1,059	234	220	364	274	254	178	217	274	127	172	362	526	193	307	323
Tax rate	23%	20%	18%	18%	22%	19%	15%	21%	11%	22%	24%	14%	19%	22%	21%	20%	28%	24%	23%	24%
Net income	178	146	109	113	778	134	125	217	196	150	76.0	124	162	72.4	84.3	212	348	110	186	173
Net margin	26%	24%	18%	19%	144%	26%	24%	41%	39%	30%	15%	24%	31%	15%	17%	40%	62%	20%	29%	29%
Diluted EPS	$4.09	$3.44	$2.68	$2.80	$17.40	$3.47	$3.25	$5.48	$5.15	$4.14	$2.26	$3.78	n/a	$2.20	$2.80	$6.87	$11.21	$3.84	$6.95	$6.64
Operating cash flow	362	145	362	291	257	235	90.7	294	255	209	245	265	212	209	231	277	256	299	239	362
Capital expenditure	3.5	3.7	2.4	3.0	2.3	1.9	2.1	2.6	5.8	1.0	0.6	0.7	1.1	1.6	1.4	1.2	1.9	3.8	0.0	1.4
Free cash flow	358	141	359	288	255	233	88.6	291	249	208	245	264	211	207	229	276	254	296	239	360
Buybacks	102	201	78.6	73.2	361	0.0	44.3	169	128	152	332	105	120	176	101	75.7	353	185	180	403
Dividends paid	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.3	0.3	0.4	0.3	0.4	0.3	0.2	0.3	0.2	n/a	n/a	n/a
Shares outstanding	40m	39m	38m	38m	36m	36m	35m	34m	33m	32m	30m	30m	29m	28m	28m	28m	27m	26m	26m	25m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 9 November 2026: the filing.