Revenue grew 17.5% YoY in 2026Q2, with non-interest income surging 82.2% to $189.5M, driving operating margin to 27.4%, though provision volatility (from -$201.4M to $4.6M) masks core earnings.
Acadian Asset Management (AAMI) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Net Interest Income | -14.1M | -18.1M | -15.9M | -13.5M | -19.7M | -24.6M | -27.9M | -30M | -21.7M | -23.7M | -10.9M | -2.9M | -186M |
| NII Growth % | 32.52% | -13.84% | -17.78% | 31.47% | 19.92% | 11.83% | 7% | -38.25% | 8.44% | -117.43% | -275.86% | 98.44% | - |
| Net Interest Margin % | -1.65% | -2.67% | -2.26% | -2.21% | -3.8% | -3.44% | -2.02% | -2.11% | -1.4% | -1.59% | -0.84% | -0.29% | -2.39% |
| Interest Income | 4.5M | 3.6M | 3.5M | 6.1M | 800K | 200K | 600K | 2.2M | 3.2M | 800K | 400K | 200K | 200K |
| Interest Expense | 18.6M | 21.7M | 19.4M | 19.6M | 20.5M | 24.8M | 28.5M | 32.2M | 24.9M | 24.5M | 11.3M | 3.1M | 186.2M |
| Loan Loss Provision | -107M | 20.6M | 247M | 201.1M | 139.1M | 259.8M | 214.8M | 216.7M | 672.4M | 660.7M | 386.3M | 409.7M | 500.9M |
| Non-Interest Income | 701.9M | 590.7M | 502.1M | 420.5M | 416.4M | 523.6M | 498.9M | 592.4M | 925M | 886.6M | 663.1M | 699.1M | 1.06B |
| Non-Interest Income % | 102.05% | 103.16% | 103.27% | 103.32% | 104.97% | 104.93% | 105.92% | 105.33% | 102.4% | 102.75% | 101.67% | 100.42% | 121.38% |
| Total Net Revenue | 687.8M | 572.6M | 486.2M | 407M | 396.7M | 499M | 471M | 562.4M | 903.3M | 862.9M | 652.2M | 696.2M | 870.1M |
| Revenue Growth % | 32.52% | 17.77% | 19.46% | 2.6% | -20.5% | 5.94% | -16.25% | -37.74% | 4.68% | 32.31% | -6.32% | -19.99% | - |
| Non-Interest Expense | 598.6M | 389.3M | 103.7M | 99.9M | 89.7M | 93.4M | 124.5M | 123.5M | 147.1M | 131.2M | 110.3M | 95.3M | 436.4M |
| Efficiency Ratio | 87.03% | 67.99% | 21.33% | 24.55% | 22.61% | 18.72% | 26.43% | 21.96% | 16.28% | 15.2% | 16.91% | 13.69% | 50.16% |
| Operating Income | 196.2M | 162.7M | 135.5M | 106M | 167.9M | 145.8M | 131.7M | 222.2M | 83.8M | 71M | 155.6M | 191.2M | -67.2M |
| Operating Margin % | 28.53% | 28.41% | 27.87% | 26.04% | 42.32% | 29.22% | 27.96% | 39.51% | 9.28% | 8.23% | 23.86% | 27.46% | -7.72% |
| Operating Income Growth % | - | 20.07% | 27.83% | -36.87% | 15.16% | 10.71% | -40.73% | 165.16% | 18.03% | -54.37% | -18.62% | 384.52% | - |
| Pretax Income | 163.9M | 143.2M | 125.7M | 96.5M | 144.8M | 178.1M | 344.8M | 213.2M | 135.2M | 142M | 160.8M | 201.3M | -32.2M |
| Pretax Margin % | 23.83% | 25.01% | 25.85% | 23.71% | 36.5% | 35.69% | 73.21% | 37.91% | 14.97% | 16.46% | 24.66% | 28.91% | -3.7% |
| Income Tax | 46.4M | 36.6M | 38.9M | 29.4M | 44.2M | 50M | 97.1M | 10.5M | 5M | 132.8M | 40.8M | 46.6M | 12.8M |
| Effective Tax Rate % | 28.31% | 25.56% | 30.95% | 30.47% | 30.52% | 28.07% | 28.16% | 4.92% | 3.7% | 93.52% | 25.37% | 23.15% | -39.75% |
| Net Income | 101.4M | 80M | 85M | 65.8M | 100.6M | 828.4M | 286.7M | 223.9M | 136.4M | 4.2M | 126.4M | 155.5M | 51.7M |
| Net Margin % | 14.74% | 13.97% | 17.48% | 16.17% | 25.36% | 166.01% | 60.87% | 39.81% | 15.1% | 0.49% | 19.38% | 22.34% | 5.94% |
| Net Income Growth % | 13.17% | -5.88% | 29.18% | -34.59% | -87.86% | 188.94% | 28.05% | 64.15% | 3147.62% | -96.68% | -18.71% | 200.77% | - |
| Net Income (Continuing) | 117.5M | 106.6M | 86.8M | 67.1M | 100.6M | 128.1M | 247.7M | 202.7M | 130.2M | 9.2M | 120M | 154.7M | -45M |
| EPS (Diluted) | 2.84 | 2.21 | 2.22 | 1.55 | 2.33 | 10.29 | 3.50 | 2.45 | 1.26 | 0.04 | 1.05 | 1.29 | 0.43 |
| EPS Growth % | 17.92% | -0.45% | 43.23% | -33.48% | -77.36% | 194% | 42.86% | 94.44% | 3409.75% | -96.58% | -18.6% | 200% | - |
| EPS (Basic) | - | 2.21 | 2.25 | 1.59 | 2.39 | 10.73 | 3.53 | 2.45 | 1.27 | 0.04 | 1.05 | 1.29 | 0.43 |
| Diluted Shares Outstanding | 35.7M | 36.2M | 38.33M | 42.54M | 43.16M | 80.49M | 82M | 91.3M | 107.6M | 111.4M | 119.5M | 120.5M | 120M |
Quick answers to the most common questions about buying AAMI stock.
For fiscal year 2025, Acadian Asset Management (AAMI) reported total revenue of $572.6M. This represents a 34.2% decline compared to $870.1M in 2014.
Acadian Asset Management (AAMI) is profitable, generating $80.0M in net income for the fiscal year ending 2025 with a net profit margin of 13.5%.
Acadian Asset Management (AAMI) reported an operating income of $162.7M, resulting in an operating profit margin of 27.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Acadian Asset Management (AAMI) generated $552.0M in gross profit for the year, representing a gross profit margin of 92.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
LLM disruption to data moat
Fee Revenue Surge Drives Growth
Total revenue grew 17.5% YoY in 2026Q2, driven by a 82.2% surge in non-interest income, reflecting strong asset-based fees and performance fees, per the latest quarterly report.
The 82.2% YoY growth in non-interest income to $189.5M in 2026Q2 is the primary driver of the 17.5% total revenue growth, indicating robust asset gathering and favorable market conditions. This acceleration is consistent with the firm's expansion into Solutions and emerging market strategies, which likely command higher fees. However, the negative NII (net interest income) is negligible, as the firm is not a traditional lender, and the focus remains on fee-based revenue.
Operating Leverage at Cycle High
Operating margin expanded to 27.4% in 2026Q2, up from 20.4% a year earlier, as revenue growth outpaced expense growth, according to the latest income statement.
The 700 basis point improvement in operating margin to 27.4% in 2026Q2 reflects strong operating leverage, with revenue growing 17.5% while operating expenses grew at a slower pace. This suggests the firm is efficiently scaling its high-margin Solutions segment, which likely has lower incremental costs. The efficiency ratio of 75.1% in 2026Q2 is elevated due to the one-time negative provision, but excluding that, the underlying efficiency is strong, as seen in the 19.1% ratio in 2025Q3.
Provision Volatility Masks Core Earnings
Provision for loan losses swung from a negative $201.4M in 2025Q4 to a positive $4.6M in 2026Q2, creating significant earnings volatility, as reported in the quarterly data.
The provision line is highly volatile, with a large negative provision in 2025Q4 (a credit) and positive provisions in other quarters, which appears to be related to seed capital investments or other non-core items rather than traditional loan losses. This volatility obscures the underlying profitability, as seen in the net margin of 13.5% in 2026Q2, which is lower than the operating margin due to these swings. Investors should adjust for these items to assess the true earnings power of the asset management business.
Fee Income Dominates Revenue Mix
Non-interest income constituted 98.5% of total revenue in 2026Q2, underscoring the firm's reliance on asset-based fees and performance fees, based on the latest financials.
The near-total dependence on fee income (98.5% in 2026Q2) highlights the asset management business model, where revenue is tied to AUM levels and performance. This creates sensitivity to market valuations and client flows, as a downturn could compress fees. The growth in fee income, particularly in the Solutions segment, suggests a shift towards more customized mandates that may offer higher fee rates and better retention, but also introduces concentration risk if a few large clients dominate.
2025Q4 Provision Reversal Distorts Trend
The negative provision of $201.4M in 2025Q4 created a one-time boost to operating income, inflating the quarter's results, as per the income statement data.
The 2025Q4 quarter stands out with a negative provision of $201.4M, which reversed prior provisions and inflated operating income to $88.0M, the highest in the period. This is likely a non-recurring event, possibly related to the release of reserves or a change in accounting estimates. Excluding this, the underlying operating income trend is more moderate, with 2026Q2's $39.6M being more representative. This inflection point warrants careful analysis to avoid overstating the firm's earnings power.
LLM Threat to Data Moat
The rapid evolution of large language models could erode Acadian's data-cleaning advantage in emerging markets, posing a structural risk to its fee premium, as noted in recent context.
Acadian's moat relies on proprietary data-cleaning infrastructure for non-U.S. and emerging markets, but the rise of LLMs may enable competitors to replicate this at lower cost, potentially compressing fees. The firm's high operating margin of 27.4% and net margin of 13.5% could be at risk if competition intensifies. Additionally, the skipped guidance in the latest earnings event reduces visibility into management's expectations, making it harder to assess the sustainability of growth. Investors should monitor the firm's ability to maintain its data edge and client retention in the face of technological disruption.