Operating margins have exhibited significant instability, swinging from a low of 14.2% in 2026Q1 to a peak of 38.5% in 2025Q4 due to the variable nature of performance-based revenue.
| 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 | 2.37B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 1.61B | 2.1B | 1.13B | 1.15B | 1.26B | 1.37B | 1.14B | 1.3B | 1.39B | 1.33B | 1.26B | 1.46B | 1.48B | 1.24B | 1.02B | 986M | 763.7M | 439.26M | 641.32M | 790.5M | 697.95M | 895M | 643.29M | 478.97M | 466.57M | 397.07M | 273.67M | 292M | 232.22M | 50.1M | 48.1M |
| Gross Margin % | 68.14% | 86.04% | 55.15% | 55.9% | 54.01% | 56.6% | 56.41% | 57.89% | 58.49% | 57.53% | 57.51% | 58.64% | 58.96% | 56.71% | 56.54% | 57.84% | 56.23% | 52.18% | 55.37% | 57.71% | 59.64% | 97.65% | 97.47% | 96.76% | 96.69% | 97.27% | 59.66% | 56.29% | 97.37% | 52.57% | 95.44% |
| Gross Profit Growth % | - | 86.95% | -2.15% | -8.57% | -7.85% | 19.37% | -11.78% | -6.8% | 4.92% | 5.05% | -13.36% | -1.59% | 19.26% | 21.6% | 3.53% | 29.11% | 73.86% | -31.51% | -18.87% | 13.26% | -22.02% | 39.13% | 34.31% | 2.66% | 17.5% | 45.09% | -6.28% | 25.75% | 363.5% | 4.16% | - |
| Operating Expenses | 936.5M | 1.33B | 418.9M | 419.5M | 452.9M | 399.4M | 481M | 542.6M | 624.2M | 218.1M | 556.9M | 332.9M | 665.2M | 607.2M | 620.4M | 499.9M | 389.7M | 199.41M | 282.72M | 455.45M | 244.04M | 559.94M | 375.41M | 281.46M | 270.74M | 242.78M | 99.24M | 79.4M | 139.4M | 27.5M | 41M |
| OpEx % of Revenue | - | 54.28% | 20.53% | 20.39% | 19.44% | 16.56% | 23.72% | 24.23% | 26.24% | 9.46% | 25.38% | 13.4% | 26.49% | 27.74% | 34.36% | 29.32% | 28.69% | 23.69% | 24.41% | 33.25% | 20.85% | 61.1% | 56.88% | 56.86% | 56.11% | 59.47% | 21.63% | 15.31% | 58.45% | 28.86% | 81.35% |
| Selling, General & Admin | 313.9M | 408.6M | 376.5M | 358.2M | 385.5M | 347.1M | 321.4M | 376.8M | 417.7M | 373.1M | 398.1M | 443.8M | 485.5M | 427.2M | 366.9M | 350.8M | 284.6M | 126.78M | 209.59M | 216.79M | 207.9M | 528.04M | 350.7M | 259.05M | 250.36M | 208.68M | 68.22M | 53.3M | 119.31M | 18.9M | 32M |
| SG&A % of Revenue | - | 16.71% | 18.45% | 17.41% | 16.55% | 14.39% | 15.85% | 16.82% | 17.56% | 16.19% | 18.14% | 17.86% | 19.34% | 19.52% | 20.32% | 20.58% | 20.95% | 15.06% | 18.1% | 15.83% | 17.76% | 57.62% | 53.14% | 52.33% | 51.88% | 51.12% | 14.87% | 10.28% | 50.03% | 19.83% | 63.49% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 676M | 776.8M | 706.7M | 730.8M | 805.2M | 965.9M | 662.8M | 754M | 767M | 1.11B | 705.3M | 1.12B | 815.2M | 634.1M | 400.4M | 486.1M | 374M | 239.85M | 358.6M | 335.06M | 453.91M | 335.06M | 267.88M | 197.51M | 195.83M | 154.29M | 174.44M | 212.6M | 92.8M | 22.6M | 7.1M |
| Operating Margin % | 28.57% | 31.76% | 34.63% | 35.51% | 34.56% | 40.04% | 32.69% | 33.67% | 32.25% | 48.07% | 32.14% | 45.24% | 32.47% | 28.97% | 22.18% | 28.51% | 27.54% | 28.49% | 30.96% | 24.46% | 38.78% | 36.56% | 40.59% | 39.9% | 40.58% | 37.8% | 38.03% | 40.99% | 38.91% | 23.71% | 14.09% |
| Operating Income Growth % | - | 9.92% | -3.3% | -9.24% | -16.64% | 45.73% | -12.1% | -1.69% | -30.77% | 57.08% | -37.25% | 37.87% | 28.56% | 58.37% | -17.63% | 29.97% | 55.93% | -33.12% | 7.03% | -26.19% | 35.47% | 25.08% | 35.63% | 0.86% | 26.92% | -11.55% | -17.95% | 129.09% | 310.62% | 218.31% | - |
| EBITDA | 812.2M | 947.5M | 749.1M | 792.1M | 872.6M | 1.02B | 822.4M | 919.8M | 903.8M | 1.21B | 835M | 1.26B | 954.3M | 776.3M | 614.5M | 598.8M | 448.1M | 285.53M | 405.23M | 380.4M | 492.92M | 369.98M | 296.23M | 223.21M | 219.79M | 192.75M | 205.46M | 238.7M | 112.9M | 31.2M | 16.1M |
| EBITDA Margin % | 34.32% | 38.74% | 36.7% | 38.49% | 37.46% | 42.21% | 40.56% | 41.07% | 38% | 52.69% | 38.05% | 50.64% | 38.01% | 35.47% | 34.03% | 35.12% | 32.99% | 33.92% | 34.99% | 27.77% | 42.12% | 40.37% | 44.88% | 45.09% | 45.55% | 47.22% | 44.79% | 46.02% | 47.34% | 32.74% | 31.94% |
| EBITDA Growth % | 7.88% | 26.49% | -5.43% | -9.23% | -14.3% | 23.81% | -10.59% | 1.77% | -25.59% | 45.46% | -33.63% | 31.83% | 22.93% | 26.33% | 2.62% | 33.63% | 56.94% | -29.54% | 6.53% | -22.83% | 33.23% | 24.89% | 32.72% | 1.56% | 14.03% | -6.18% | -13.93% | 111.43% | 261.86% | 93.79% | - |
| D&A (Non-Cash Add-back) | 136.2M | 170.7M | 42.4M | 61.3M | 67.4M | 52.3M | 159.6M | 165.8M | 136.8M | 106.7M | 129.7M | 134.2M | 139.1M | 142.2M | 214.1M | 112.7M | 74.1M | 45.68M | 46.62M | 45.35M | 39M | 34.92M | 28.35M | 25.69M | 23.96M | 38.46M | 31.02M | 26.1M | 20.1M | 8.6M | 9M |
| EBIT | 1.39B | 1.32B | 1.06B | 1.22B | 1.86B | 1.25B | 600.7M | 384.2M | 794.2M | 1.15B | 1.07B | 1.18B | 1.12B | 982.7M | 578.2M | 553.8M | 469.9M | 323.81M | 224.95M | 335.06M | 453.91M | 335.06M | 267.88M | 197.51M | 195.83M | 154.29M | 174.44M | 212.6M | 92.8M | 22.6M | 7.1M |
| Net Interest Income | -115.8M | -53.4M | -133.3M | -123.8M | -114.4M | -111.4M | -92.3M | -76.2M | -80.6M | -87.8M | -91.7M | -48.6M | -106.7M | -119M | -56.9M | -101.1M | -68.19M | -53.23M | -81.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 25M | 83.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40.3M | 0 | 0 | 26.1M | 0 | 22.91M | 24.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 140.8M | 136.5M | 133.3M | 123.8M | 114.4M | 111.4M | 92.3M | 76.2M | 80.6M | 87.8M | 91.7M | 88.9M | 106.7M | 119M | 83M | 101.1M | 91.1M | 78.13M | 81.42M | 76.92M | 58.8M | 37.43M | 31.73M | 22.98M | 25.22M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 1.25B | 1.19B | 923.2M | 1.09B | 1.75B | 1.14B | 508.4M | 308M | 713.6M | 1.07B | 974.6M | 1.09B | 1.01B | 863.7M | 495.2M | 452.7M | 378.8M | 245.68M | 143.53M | 288.83M | 237.89M | 189.65M | 129.09M | 101.83M | 93.24M | 83.31M | 95.61M | 128.9M | 42.6M | 3M | -1.2M |
| Pretax Margin % | 52.93% | 48.51% | 45.23% | 53.04% | 74.97% | 47.3% | 25.08% | 13.75% | 30% | 46.29% | 44.41% | 43.9% | 40.36% | 39.46% | 27.43% | 26.55% | 27.89% | 29.18% | 12.39% | 21.08% | 20.33% | 20.69% | 19.56% | 20.57% | 19.32% | 20.41% | 20.84% | 24.85% | 17.86% | 3.15% | -2.38% |
| Income Tax | 301.4M | 282.3M | 182.6M | 185.3M | 358.3M | 251M | 81.4M | 2.9M | 181.3M | 58.4M | 235.6M | 263.4M | 227.9M | 194.1M | 83.8M | 93.1M | 91.5M | 32.76M | 11.63M | 106.87M | 86.61M | 70.58M | 51.95M | 41.3M | 37.3M | 33.33M | 38.95M | 56.7M | 17M | 1.4M | 200K |
| Effective Tax Rate % | 24.06% | 23.8% | 19.78% | 16.98% | 20.52% | 22% | 16.01% | 0.94% | 25.41% | 5.47% | 24.17% | 24.15% | 22.49% | 22.47% | 16.92% | 20.57% | 24.16% | 13.33% | 8.1% | 37% | 36.41% | 37.22% | 40.24% | 40.56% | 40% | 40% | 40.74% | 43.99% | 39.91% | 46.67% | -16.67% |
| Net Income | 754.7M | 716.6M | 511.6M | 672.9M | 1.15B | 565.7M | 202.2M | 15.7M | 243.6M | 689.5M | 472.8M | 509.5M | 433.9M | 360.5M | 174M | 164.9M | 138.6M | 59.47M | -1.32M | 181.96M | 151.28M | 119.07M | 77.15M | 60.53M | 55.94M | 49.99M | 56.66M | 72.2M | 25.6M | -8.4M | -2.4M |
| Net Margin % | 31.89% | 29.3% | 25.07% | 32.7% | 49.19% | 23.45% | 9.97% | 0.7% | 10.24% | 29.91% | 21.54% | 20.51% | 17.28% | 16.47% | 9.64% | 9.67% | 10.2% | 7.06% | -0.11% | 13.28% | 12.93% | 12.99% | 11.69% | 12.23% | 11.59% | 12.25% | 12.35% | 13.92% | 10.73% | -8.81% | -4.76% |
| Net Income Growth % | 73.85% | 40.07% | -23.97% | -41.28% | 102.56% | 179.77% | 1187.9% | -93.55% | -64.67% | 45.83% | -7.2% | 17.42% | 20.36% | 107.18% | 5.52% | 18.98% | 133.05% | 4588.53% | -100.73% | 20.28% | 27.05% | 54.34% | 27.46% | 8.2% | 11.91% | -11.77% | -21.53% | 182.03% | 404.76% | -250% | - |
| Net Income (Continuing) | 951.3M | 904M | 740.6M | 906.1M | 1.39B | 890.1M | 427M | 305.1M | 532.3M | 1.01B | 739M | 827.2M | 767.4M | 669.6M | 411.4M | 359.6M | 287.3M | 212.92M | -61.83M | 181.96M | 151.28M | 119.07M | 77.15M | 60.53M | 55.94M | 49.99M | 56.66M | 72.2M | 25.6M | 1.6M | -1.4M |
| 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 | 1.16B | 1.18B | 1.3B | 1.38B | 1.41B | 1.6B | 1.21B | 1.48B | 1.51B | 1.57B | 1.48B | 1.54B | 1.66B | 1.65B | 1.43B | 1.09B | 981.6M | 372.03M | 210.91M | 322.03M | 270.23M | 145.16M | 87.38M | 40.79M | 30.5M | 35.08M | 26.68M | 58.8M | 24.15M | 16.5M | 3.5M |
| EPS (Diluted) | 27.44 | 22.74 | 15.13 | 17.42 | 25.35 | 13.05 | 4.33 | 0.31 | 4.52 | 12.03 | 8.57 | 9.28 | 8.01 | 6.55 | 3.28 | 3.11 | 2.81 | 1.38 | -0.03 | 4.55 | 3.74 | 2.81 | 2.02 | 1.05 | 1.65 | 1.47 | 1.66 | 2.12 | 0.55 | -0.60 | -0.16 |
| EPS Growth % | 94.03% | 50.3% | -13.15% | -31.28% | 94.25% | 201.39% | 1296.77% | -93.14% | -62.43% | 40.37% | -7.65% | 15.86% | 22.29% | 99.7% | 5.47% | 10.68% | 103.62% | 4700% | -100.66% | 21.66% | 33.1% | 39.11% | 92.38% | -36.36% | 12.24% | -11.45% | -21.7% | 285.45% | 191.67% | -275% | - |
| EPS (Basic) | - | 25.18 | 16.45 | 19.18 | 29.77 | 13.65 | 4.34 | 0.31 | 4.54 | 12.30 | 8.73 | 9.49 | 8.22 | 6.79 | 3.36 | 3.18 | 2.92 | 1.44 | -0.03 | 6.18 | 4.83 | 3.54 | 2.57 | 1.27 | 1.69 | 1.51 | 1.69 | 2.17 | 0.97 | -0.60 | -0.16 |
| Diluted Shares Outstanding | 27.5M | 33M | 36.1M | 42.2M | 49M | 44.8M | 46.7M | 50.6M | 53.8M | 58.6M | 57M | 57.2M | 58.4M | 56.7M | 53M | 53M | 49.4M | 43.33M | 38.21M | 42.4M | 45.16M | 44.69M | 39.64M | 60.17M | 33.87M | 34.1M | 34.12M | 34.04M | 46.61M | 14.06M | 14.99M |
| Basic Shares Outstanding | 26.8M | 28.5M | 31.1M | 35.1M | 38.5M | 41.5M | 46.5M | 50.5M | 53.6M | 56M | 54.2M | 54.3M | 55M | 53.1M | 51.7M | 51.8M | 47.43M | 41.39M | 38.21M | 29.46M | 31.29M | 33.67M | 29.99M | 47.8M | 33.03M | 33.2M | 33.46M | 33.27M | 26.37M | 14.06M | 14.99M |
| Dividend Payout Ratio | - | 0.14% | 0.27% | 0.22% | 0.14% | 0.3% | 8.31% | 415.92% | 26.44% | 6.51% | - | - | - | - | - | - | 72.91% | 201.02% | - | - | - | - | - | - | - | - | - | - | - | - | - |
Performance fee volatility
As reported in the quarterly income statements, AMG's revenue reached a peak of $800.4 million in 2025Q4 before retreating to $544.9 million in 2026Q1, highlighting the inherent instability of a business model heavily reliant on performance-based fee realizations and market-sensitive asset management flows.
The significant revenue spike in late 2025 suggests a period of high performance fee crystallization, which likely obscures the more stable, recurring management fee base. Investors should monitor whether the subsequent decline in 2026Q1 represents a normalization of these fees or a broader deterioration in the firm's ability to capture alpha across its boutique affiliates.
Based on the provided financial data, gross margins have fluctuated significantly, ranging from a low of 46.5% in 2025Q2 to a high of 83.3% in 2025Q4, reflecting the variable nature of affiliate profit-sharing arrangements and the impact of performance-based revenue components on the firm's profitability.
The wide variance in gross margins indicates that AMG's profitability is highly sensitive to the specific investment strategies driving revenue in any given quarter. This volatility suggests that the firm's margin profile is less a function of operational efficiency and more a reflection of the cyclical success of its underlying boutique managers.
According to the income statement history, operating margins have swung from 14.2% to 38.5% over the last ten quarters, demonstrating that AMG's cost structure does not provide the consistent operating leverage typically expected from a scaled asset management platform with a fixed-cost base.
The lack of consistent operating margin expansion suggests that SG&A expenses are not scaling efficiently relative to revenue growth. This may imply that the firm's partnership model necessitates high levels of variable compensation that effectively cap the potential for significant margin expansion during periods of strong market performance.
As evidenced by the quarterly filings, stock-based compensation reached a high of $68.6 million in 2025Q2, representing a substantial non-cash expense that significantly impacts the quality of reported net income and complicates the assessment of true economic profitability for AMG shareholders.
The recurring nature of these equity-based awards suggests that GAAP earnings may consistently understate the true cost of talent retention within the boutique structure. Analysts should prioritize Economic Net Income (ENI) to strip away these distortions and better evaluate the cash-generating capacity of the firm's diverse affiliate portfolio.
Based on the reported figures, the sharp 149.1% EPS growth observed in 2025Q4 appears largely driven by non-recurring performance fee realizations, which warrants skepticism regarding the sustainability of such earnings levels in the absence of consistent, high-alpha performance across the firm's alternative investment boutiques.
Short-term earnings spikes driven by performance fees can create a misleading narrative of growth that may not be repeatable in subsequent periods. Investors should be wary of valuing the company based on peak earnings, as the underlying organic growth in management fees appears far more muted and subject to competitive pressures.
Quick answers to the most common questions about buying AMG stock.
Affiliated Managers Group, Inc. (AMG) is profitable, generating $716.6M in net income for the fiscal year ending 2025 with a net profit margin of 29.3%.
Affiliated Managers Group, Inc. (AMG) reported an operating income of $776.8M, resulting in an operating profit margin of 31.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Affiliated Managers Group, Inc. (AMG) generated $2.10B in gross profit for the year, representing a gross profit margin of 86.0%. This demonstrates the company's core pricing power and production efficiency.