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Ameriprise Financial (AMP) FY2025 results: revenue $18.5 billion, up 7.0% on the year

Ameriprise Financial Inc. (AMP) reported revenue of $18.5 billion for fiscal 2025, the year ended 31 December 2025, up 7.0% on the year before. Net income was $3.6 billion, up 4.8%, and diluted earnings per share $36.28. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue
$18.5 billion
+7.0% on the year
FY2018FY2025
Operating margin
24.4%
24.7% a year earlier
FY2018FY2025
Net income
$3.6 billion
+4.8% on the year
FY2018FY2025
Diluted EPS
$36.28
+9.8% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • Adjusted EPS rose 16 percent: Adjusted operating EPS rose 16 percent to $10.83 from $9.36 a year earlier. GAAP EPS was $10.47, against $10.58 a year earlier.
  • Adjusted revenue rose 10 percent: Adjusted operating net revenues rose 10 percent to $4.9 billion, driven mainly by asset growth and client engagement.
  • Segment pretax earnings rose 13 percent: Pretax adjusted operating earnings were $926 million, up 13 percent, with a pretax margin of 29.3 percent, against 29.0 percent a year earlier.
  • Client net flows of $13.3 billion: Total client net flows were $13.3 billion, a 4.7 percent annualized rate. Wrap net inflows were $12.1 billion, a 7.4 percent annualized rate.
  • Segment pretax earnings rose 17 percent: Pretax adjusted operating earnings were $293 million, up 17 percent. Net pretax adjusted operating margin rose 140 basis points to 40 percent.
Read the Q4 FY2025 earnings call summary

From this 10-K

Ameriprise Financial is a holding company incorporated in Delaware that engages in business through its subsidiaries, selling financial planning and advice, brokerage, banking, asset management, annuities and insurance. It goes to market in two ways, Wealth Management and Asset Management, and reports four operating segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other. Assets under management, administration and advisement were $1.7 trillion as of 31 December 2025 against $1.5 trillion a year earlier, and those are client assets rather than the firm's own. The company says it has provided solutions to help clients achieve their financial objectives for more than 130 years.

Ameriprise Financial Inc., the 10-K for 2025

Ameriprise Financial is a holding company incorporated in Delaware that engages in business through its subsidiaries, selling financial planning and advice, brokerage, banking, asset management, annuities and insurance. It goes to market in two ways, Wealth Management and Asset Management, and reports four operating segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other. Assets under management, administration and advisement were $1.7 trillion as of 31 December 2025 against $1.5 trillion a year earlier, and those are client assets rather than the firm's own. The company says it has provided solutions to help clients achieve their financial objectives for more than 130 years.

Advice & Wealth Management

Financial planning and advice, along with full-service brokerage, reach more than 3.5 million retail clients through the firm's financial advisors, with banking, lending and cash management solutions alongside. The advisor network numbers more than 10,000, and the filing describes Ameriprise as one of the top branded advisor platforms in the U.S. market, with four channels through which an advisor can affiliate. The primary target market is households with $500,000 to $5,000,000 in investable assets, and products and services are also built for higher-net-worth households. Advisors can sell both the firm's own products and other providers' products.

Much of the segment's income is fee-based and driven by the level of client assets, which moves with markets and net flows. Beyond that it earns net investment income on assets owned by Ameriprise Certificate Company and Ameriprise Bank, both wholly owned, along with financial planning fees, transaction and other fees, and distribution fees for providing non-affiliated products. Life and disability income insurance and annuity products are distributed through the advisor channel under the RiverSource brand.

Asset Management

Columbia Threadneedle provides investment management, advice and products to retail, high net worth and institutional clients on a global scale, and the segment held $721 billion in managed and advised assets as of 31 December 2025. It is paid mainly on managed asset balances, which move with markets, net asset flows, asset allocation and product mix, and it may also earn performance fees from certain strategies where investment performance meets or exceeds pre-identified targets. Managed assets include both external client assets and the firm's own.

The Columbia Threadneedle brands cover Columbia Management Investment Advisers and other U.S.-based entities together with Threadneedle, whose foreign operations run primarily through Columbia Threadneedle Investments UK International Limited, TAM UK International Holdings Limited and Ameriprise Asset Management Holdings Singapore. The segment also provides asset management services to other Ameriprise subsidiaries, charged through intersegment transfer pricing.

Retirement & Protection Solutions

The RiverSource Life companies, being RiverSource Life Insurance Company and RiverSource Life Insurance Co. of New York, make available annuity, insurance and disability income products. The advisor network is the only distributor of new RiverSource annuity products, though advisors also offer fixed, variable and structured annuities from selected unaffiliated insurers. The segment focuses on accumulation products such as the structured annuity, a registered index-linked annuity.

Income on variable annuity products comes mainly as fees based on a contractholder's benefit base, contract value or separate account values, with net investment income on general account assets supporting reserves for non-life contingent payout annuities, structured variable annuities, certain guaranteed benefits and fixed investment options, and further fees on separate account assets that cover administrative costs and part of the management fees from the underlying investment accounts. Payout annuities with a life contingent feature are earned as premium. On the protection side, life and disability income insurance is offered exclusively through the advisor network, which also sells products of unaffiliated carriers, and that business is paid in the premiums, fees and charges it receives for assuming insurance-related risk.

From Ameriprise Financial's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue18,48017,26415,535+7.0%
Operating income4,5044,2673,234+5.6%
Operating margin24.4%24.7%20.8%
Pre-tax income4,5044,2673,234+5.6%
Income tax941866678+8.7%
Effective tax rate20.9%20.3%21.0%
Net income3,5633,4012,556+4.8%
Net margin19.3%19.7%16.5%
Diluted EPS$36.28$33.05$23.71+9.8%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow8,3236,5954,685+26.2%
Capital expenditure162176184-8.0%
Free cash flow8,1616,4194,501+27.1%
Free cash flow margin44.2%37.2%29.0%
Cash from investing-1,528-551-9,262
Cash from financing-5,157-5,1654,411
Depreciation and amortisation151142151+6.3%
Share-based compensation206193187+6.7%
Buybacks2,9072,4482,127+18.8%
Dividends paid596574550+3.8%
Diluted shares, weighted98m103m108m-4.6%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity6,5495,2284,729+25.3%
Deposits33,75035,82637,321-5.8%
Debt5,8625,4725,755+7.1%
Other liabilities144,743134,877127,386+7.3%
Total liabilities and equity190,904181,403175,191+5.2%
Fixed assets744733681+1.5%
Goodwill1,4401,4011,410+2.8%
Intangible assets356262298+35.9%
Securities borrowed202218146-7.3%
Cash and equivalents11,1589,4898,620+17.6%
Other assets177,004169,300164,036+4.6%
Total assets190,904181,403175,191+5.2%

10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.