Revenue volatility remains a primary concern, with top-line performance fluctuating significantly from a peak of $136.4M in 2024Q3 to $92.3M in 2026Q1, while the reported 100% operating margins mask underlying compensation-related cost pressures.
| 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 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 342.26M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 342.26M | 332.76M | 461.95M | 299.78M | 305.5M | 416.33M | 308.4M | 266.29M | 270.65M | 232.39M | 239.39M | 210.08M | 200.93M | 185.91M | 70.81M | -65.58M | 162.22M | 0 | 0 | 0 | 0 | -1.12B | -1.03B | -862.29M | 0 | 0 | 244.92M | 1.47B | 1.32B | 972.3M | 786.59M |
| Gross Margin % | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | - | - | - | - | -793.7% | -1370.35% | -1650.6% | - | - | 100% | 98.88% | 99.43% | 99.69% | 99.76% |
| Gross Profit Growth % | - | -27.97% | 54.1% | -1.87% | -26.62% | 34.99% | 15.81% | -1.61% | 16.46% | -2.92% | 13.95% | 4.56% | 8.08% | 162.56% | 207.97% | -140.43% | - | - | - | - | 100% | -8.87% | -19.53% | - | - | -100% | -83.39% | 12% | 35.4% | 23.61% | 24.76% |
| Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -192.51M | -278.64M | -415.26M | -359.47M | 386.59M | 426.39M | 339.71M | -183.69M | -182.02M | 0 | 1.03B | 967.76M | 824.5M | 579M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 273.45% | 566.92% | 650.27% | - | - | - | 68.94% | 73.09% | 84.54% | 73.43% |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 386.59M | 426.39M | 339.71M | 0 | 0 | 0 | 1.02B | 963.59M | 696.7M | 563.39M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 273.45% | 566.92% | 650.27% | - | - | - | 68.73% | 72.78% | 71.43% | 71.45% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 342.26M | 332.76M | 461.95M | 299.78M | 305.5M | 416.33M | 308.4M | 266.29M | 270.65M | 232.39M | 239.39M | 210.08M | 200.93M | 185.91M | 70.81M | -65.58M | 162.22M | 192.51M | 278.64M | 415.26M | 359.47M | -1.51B | -1.46B | -1.2B | 183.69M | 182.02M | 244.92M | 446.4M | 348.71M | 147.8M | 207.59M |
| Operating Margin % | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | - | - | - | - | -1067.15% | -1937.27% | -2300.86% | - | - | 100% | 29.94% | 26.34% | 15.15% | 26.33% |
| Operating Income Growth % | - | -27.97% | 54.1% | -1.87% | -26.62% | 34.99% | 15.81% | -1.61% | 16.46% | -2.92% | 13.95% | 4.56% | 8.08% | 162.56% | 207.97% | -140.43% | -15.74% | -30.91% | -32.9% | 15.52% | 123.83% | -3.54% | -21.22% | -754.34% | 0.92% | -25.68% | -45.13% | 28.01% | 135.94% | -28.8% | 24.3% |
| EBITDA | 342.26M | 332.76M | 519.93M | 299.78M | 305.5M | 416.33M | 308.4M | 266.29M | 270.65M | 264.28M | 280.45M | 259.23M | 242.44M | 227.19M | 111.07M | -27.91M | 209.61M | 213.64M | 357.75M | 510.74M | 459.84M | 275.05M | 219.97M | 100.42M | 183.69M | 182.02M | 244.92M | 599M | 478.09M | 240.6M | 284.48M |
| EBITDA Margin % | 100% | 100% | 112.55% | 100% | 100% | 100% | 100% | 100% | 100% | 113.72% | 117.15% | 123.39% | 120.66% | 122.2% | 156.86% | 42.55% | 129.22% | - | - | - | - | 194.56% | 292.47% | 192.23% | - | - | 100% | 40.17% | 36.11% | 24.67% | 36.08% |
| EBITDA Growth % | -43.85% | -36% | 73.44% | -1.87% | -26.62% | 34.99% | 15.81% | -1.61% | 2.41% | -5.77% | 8.19% | 6.93% | 6.71% | 104.55% | 498.01% | -113.31% | -1.88% | -40.28% | -29.95% | 11.07% | 67.18% | 25.04% | 119.04% | -45.33% | 0.92% | -25.68% | -59.11% | 25.29% | 98.71% | -15.43% | 21.39% |
| D&A (Non-Cash Add-back) | 0 | 0 | 57.98M | 0 | 0 | 0 | 0 | 0 | 0 | 31.89M | 41.07M | 49.15M | 41.51M | 41.28M | 40.26M | 37.67M | 47.4M | 21.13M | 79.11M | 95.48M | 100.37M | 1.78B | 1.68B | 1.3B | 0 | 0 | 0 | 152.6M | 129.37M | 92.8M | 76.89M |
| EBIT | 342.26M | 332.76M | 461.95M | 299.78M | 305.5M | 416.33M | 308.4M | 266.29M | 270.65M | 232.39M | 239.39M | 210.08M | 200.93M | 185.91M | 70.81M | -65.58M | 162.22M | 192.51M | 278.64M | 415.26M | 359.47M | -1.51B | -1.46B | -1.2B | 183.69M | 182.02M | 244.92M | 446.4M | 348.71M | 147.8M | 207.59M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -16.7M | -7.59M | -3M | -1.92M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.7M | 7.59M | 3M | 1.92M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 342.26M | 332.76M | 461.95M | 299.78M | 305.5M | 416.33M | 308.4M | 266.29M | 270.65M | 232.39M | 239.39M | 210.08M | 200.93M | 185.91M | 70.81M | -65.58M | 162.22M | 192.51M | 278.64M | 415.26M | 359.47M | 275.05M | 219.97M | 100.42M | 183.69M | 182.02M | 244.92M | 446.4M | 348.71M | 147.8M | 207.59M |
| Pretax Margin % | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | - | - | - | - | 194.56% | 292.47% | 192.23% | - | - | 100% | 29.94% | 26.34% | 15.15% | 26.33% |
| Income Tax | 31.22M | 32.92M | 38.58M | 35.6M | 31.34M | 30.48M | 29.02M | 27.73M | 28.25M | 24.97M | 22.8M | 24.32M | 22.46M | 20.41M | 19.72M | 27.69M | 28.06M | 25.32M | 33.91M | 39.1M | 34.47M | 26.99M | 24.8M | 21.82M | 21.65M | 22.73M | 20.95M | 63.6M | 55.8M | 18.8M | 14.24M |
| Effective Tax Rate % | 9.12% | 9.89% | 8.35% | 11.87% | 10.26% | 7.32% | 9.41% | 10.41% | 10.44% | 10.75% | 9.53% | 11.58% | 11.18% | 10.98% | 27.85% | -42.22% | 17.3% | 13.15% | 12.17% | 9.42% | 9.59% | 9.81% | 11.27% | 21.73% | 11.79% | 12.49% | 8.55% | 14.25% | 16% | 12.72% | 6.86% |
| Net Income | 311.04M | 299.84M | 423.37M | 264.18M | 274.17M | 385.84M | 279.38M | 238.56M | 242.4M | 207.42M | 216.59M | 185.76M | 178.47M | 165.5M | 51.09M | -93.27M | 134.16M | 167.19M | 244.73M | 376.15M | 325M | 248.06M | 195.17M | 78.61M | 162.04M | 159.29M | 223.97M | 382.8M | 292.92M | 129M | 193.35M |
| Net Margin % | 90.88% | 90.11% | 91.65% | 88.13% | 89.74% | 92.68% | 90.59% | 89.59% | 89.56% | 89.25% | 90.47% | 88.42% | 88.82% | 89.02% | 72.15% | 142.22% | 82.7% | - | - | - | - | 175.47% | 259.5% | 150.47% | - | - | 91.45% | 25.67% | 22.12% | 13.23% | 24.52% |
| Net Income Growth % | -25.98% | -29.18% | 60.26% | -3.64% | -28.94% | 38.11% | 17.11% | -1.58% | 16.86% | -4.23% | 16.59% | 4.09% | 7.83% | 223.97% | 154.77% | -169.52% | -19.76% | -31.68% | -34.94% | 15.74% | 31.01% | 27.1% | 148.3% | -51.49% | 1.73% | -28.88% | -41.49% | 30.69% | 127.07% | -33.28% | 24.43% |
| Net Income (Continuing) | 311.04M | 299.84M | 423.37M | 264.18M | 274.17M | 385.84M | 279.38M | 238.56M | 242.4M | 207.42M | 216.59M | 185.76M | 178.47M | 165.5M | 51.09M | -93.27M | 134.16M | 167.19M | 244.73M | 376.15M | 325M | 248.06M | 195.17M | 78.61M | 162.04M | 159.29M | 223.97M | 382.8M | 292.92M | 129M | 193.35M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 1.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.88M | 4.2M | 14.69M |
| EPS (Diluted) | 3.36 | 2.97 | 3.71 | 2.34 | 2.69 | 3.88 | 2.88 | 2.49 | 2.49 | 2.19 | 2.23 | 1.86 | 1.84 | 1.71 | 0.51 | -0.90 | 1.31 | 1.80 | 2.78 | 4.26 | 3.75 | 2.98 | 2.40 | 0.99 | 2.04 | 1.99 | 2.93 | 2.53 | 1.66 | 0.74 | 1.14 |
| EPS Growth % | -12.16% | -19.95% | 58.55% | -13.01% | -30.67% | 34.72% | 15.66% | 0% | 13.7% | -1.79% | 19.89% | 1.09% | 7.6% | 235.29% | 156.67% | -168.7% | -27.22% | -35.25% | -34.74% | 13.6% | 25.84% | 24.17% | 142.42% | -51.47% | 2.51% | -32.08% | 15.81% | 52.41% | 124.32% | -35.09% | 20% |
| EPS (Basic) | - | 2.97 | 3.71 | 2.34 | 2.69 | 3.88 | 2.88 | 2.49 | 2.50 | 2.19 | 2.24 | 1.87 | 1.84 | 1.72 | 0.51 | -0.90 | 1.33 | 1.80 | 2.79 | 4.35 | 3.85 | 3.04 | 2.45 | 1.02 | 2.14 | 2.15 | 3.10 | 2.61 | 1.71 | 0.76 | 1.14 |
| Diluted Shares Outstanding | 92.5M | 101.07M | 114.04M | 112.95M | 101.76M | 99.56M | 96.9M | 95.93M | 97.29M | 95.16M | 97.39M | 100.51M | 97.95M | 97.42M | 101.07M | 103.29M | 102.8M | 93.15M | 88.1M | 88.27M | 86.57M | 83.2M | 81.37M | 79.64M | 79.61M | 80.07M | 79.03M | 151.3M | 176.46M | 174.32M | 158.13M |
| Basic Shares Outstanding | 92.5M | 101.07M | 114.04M | 112.95M | 101.76M | 99.55M | 96.87M | 95.88M | 97.04M | 94.73M | 96.83M | 99.47M | 96.8M | 96.46M | 101.07M | 103.29M | 101.16M | 92.91M | 87.57M | 86.46M | 84.33M | 81.49M | 79.73M | 77.25M | 75.85M | 74.18M | 72.29M | 146.67M | 171.3M | 169.74M | 154.47M |
| Dividend Payout Ratio | - | 117.55% | 80.6% | 112.1% | 131.68% | 92.64% | 96.96% | 93.26% | 115.81% | 97.57% | 78.37% | 103.52% | 102.38% | 86.37% | 172.94% | - | 112.82% | 79.59% | 123.15% | 108.66% | 91.83% | 91.4% | 48.9% | 192.73% | 107.8% | 131.87% | 102.35% | 68.1% | 93.69% | 169.46% | 90.79% |
Active to passive migration
As reported in financial statements, AB's revenue trajectory exhibits significant quarterly fluctuations, peaking at $136.4M in 2024Q3 before contracting to $92.3M by 2026Q1, suggesting that the firm's top-line performance remains highly sensitive to market-driven AUM valuations rather than consistent organic growth in its core asset management segments.
The observed revenue volatility implies that the firm's fee-based model is susceptible to cyclical market downturns, which may disproportionately impact performance-linked fee realizations. Investors should monitor whether the recent revenue recovery in 2026Q1 represents a sustainable trend or merely a temporary rebound from the preceding period of contraction.
According to recent SEC filings, AB consistently reports 100% gross and operating margins, a figure that reflects the firm's unique MLP holding company structure rather than the underlying operational efficiency of its asset management business, which likely faces significant compensation-related cost pressures in a competitive talent market.
The reported 100% margins should be interpreted as an accounting artifact that obscures the true cost of human capital and operational overhead. Analysts must look past these headline figures to evaluate the firm's actual ability to maintain profitability when faced with potential fee compression and rising fixed-cost burdens.
Based on the reported figures, AB maintains a high net margin profile, consistently hovering around 90% throughout the observed ten-quarter period, which suggests that the firm's net income is largely insulated from non-operating volatility, though this stability warrants further investigation into the underlying tax and partnership distribution mechanics.
The consistency in net margins appears to be a function of the firm's distribution-focused capital allocation strategy rather than purely operational performance. Investors should remain cautious, as the lack of transparency in GAAP expenses relative to distributable earnings may mask underlying shifts in the firm's long-term earnings quality.
As indicated by the broader industry data, the accelerated migration from active to passive investment strategies poses a fundamental risk to AB's research-heavy model, potentially leading to sustained fee compression that could undermine the firm's ability to maintain its historical distribution levels over the long term.
While the firm's high-touch research brand provides a unique differentiator, the persistent shift toward low-cost passive alternatives may eventually erode the pricing power of its institutional and retail segments. The market may be underestimating the long-term impact of this secular transition on the firm's core revenue-generating capabilities.
Quick answers to the most common questions about buying AB stock.
AllianceBernstein Holding L.P. (AB) is profitable, generating $299.8M in net income for the fiscal year ending 2025 with a net profit margin of 90.1%.
AllianceBernstein Holding L.P. (AB) reported an operating income of $332.8M, resulting in an operating profit margin of 100.0%. This margin reflects the operational efficiency of the business before interest and taxes.
AllianceBernstein Holding L.P. (AB) generated $332.8M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.