Revenue stability remains evident with a consistent $4.9 billion baseline, though operating margins exhibit significant volatility, fluctuating between 13.8% and 31.9% over the last ten quarters.
| 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 |
|---|
| Sales/Revenue | 19.3B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 9.97B | 9.53B | 9.15B | 8.34B | 7.69B | 7.83B | 5.75B | 6.41B | 6.29B | 5.87B | 5.34B | 5.76B | 6.62B | 5.3B | 4.85B | 5.12B | 5.05B | 2.03B | 5.45B | 4.13B | 5.62B | 4.59B | 4.21B |
| Gross Margin % | 51.65% | 50.38% | 50.88% | 51.75% | 53.63% | 57.83% | 47.84% | 49.12% | 48.44% | 47.76% | 45.32% | 47.91% | 55.42% | 47.27% | 47.25% | 49.68% | 51.39% | 25.47% | 64.68% | 46.29% | 68.98% | 61.15% | 59.85% |
| Gross Profit Growth % | - | 4.14% | 9.67% | 8.52% | -1.83% | 36.08% | -10.23% | 1.96% | 7.05% | 10.06% | -7.39% | -12.97% | 24.88% | 9.23% | -5.1% | 1.25% | 148.38% | -62.71% | 32.19% | -26.53% | 22.38% | 9.08% | - |
| Operating Expenses | 4.68B | 4.7B | 4.54B | 4.78B | 3.56B | 4.22B | 3.69B | 4.05B | 3.49B | 3.33B | 3.44B | 3.17B | 3.7B | 2.94B | 3.59B | 3.6B | 3.27B | 916M | 5B | 2.87B | 4.39B | 0 | 0 |
| OpEx % of Revenue | - | 24.84% | 25.26% | 29.68% | 24.82% | 31.14% | 30.71% | 31.08% | 26.87% | 27.1% | 29.2% | 26.38% | 31% | 26.18% | 34.94% | 34.97% | 33.26% | 11.47% | 59.33% | 32.19% | 53.93% | - | - |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 5.29B | 4.83B | 4.61B | 3.56B | 4.13B | 3.61B | 2.06B | 2.35B | 2.8B | 2.54B | 1.9B | 2.59B | 2.92B | 2.37B | 1.26B | 1.51B | 1.78B | 1.12B | 451M | 1.26B | 1.23B | 1.13B | 1.11B |
| Operating Margin % | 27.39% | 25.54% | 25.62% | 22.07% | 28.81% | 26.68% | 17.13% | 18.05% | 21.57% | 20.65% | 16.12% | 21.54% | 24.42% | 21.09% | 12.3% | 14.7% | 18.13% | 14% | 5.35% | 14.1% | 15.05% | 15.08% | 15.85% |
| Operating Income Growth % | - | 4.84% | 29.48% | -13.83% | 14.28% | 75.39% | -12.53% | -15.89% | 10.24% | 33.83% | -26.72% | -11.24% | 23.33% | 87.18% | -16.51% | -15.04% | 59.39% | 147.89% | -64.12% | 2.61% | 8.22% | 1.62% | - |
| EBITDA | 5.35B | 5.04B | 4.8B | 3.76B | 4.32B | 3.79B | 2.27B | 2.54B | 3B | 2.77B | 2.15B | 2.84B | 3.17B | 2.6B | 1.49B | 1.7B | 1.99B | 1.33B | 655M | 1.43B | 1.39B | 1.86B | 1.87B |
| EBITDA Margin % | 27.71% | 26.66% | 26.72% | 23.33% | 30.11% | 28% | 18.85% | 19.45% | 23.1% | 22.56% | 18.23% | 23.6% | 26.55% | 23.23% | 14.49% | 16.53% | 20.22% | 16.68% | 7.77% | 16.08% | 17.08% | 24.76% | 26.66% |
| EBITDA Growth % | 31.66% | 4.93% | 27.76% | -12.86% | 13.85% | 67.23% | -10.68% | -15.34% | 8.08% | 29.26% | -24.38% | -10.53% | 21.77% | 74.95% | -12.51% | -14.39% | 49.25% | 103.36% | -54.29% | 3.02% | -25.13% | -0.85% | - |
| D&A (Non-Cash Add-back) | 61M | 212M | 198M | 203M | 187M | 178M | 207M | 183M | 198M | 234M | 248M | 248M | 254M | 239M | 225M | 188M | 206M | 214M | 204M | 176M | 166M | 726M | 760M |
| EBIT | 5.29B | 4.83B | 4.6B | 3.56B | 4.13B | 3.54B | 1.99B | 2.45B | 2.74B | 2.44B | 1.85B | 2.56B | 2.91B | 2.31B | 1.55B | 1.75B | 1.97B | 1.05B | -262M | 1.13B | 978M | 1.13B | 1.11B |
| Net Interest Income | 3.26B | 3.25B | 3.37B | 2.89B | 1.28B | 1.51B | 1.19B | 1.41B | 1.38B | 1.4B | 1.36B | 1.12B | 1.38B | 1.56B | 1.63B | 1.7B | 2.12B | 1.74B | 1.94B | 1.97B | 2.04B | 0 | 0 |
| Interest Income | 3.59B | 3.58B | 3.7B | 3.21B | 1.48B | 1.7B | 1.35B | 1.62B | 1.64B | 1.63B | 1.62B | 1.54B | 1.75B | 1.91B | 1.94B | 2.06B | 2.46B | 1.87B | 2.05B | 2.08B | 2.15B | 0 | 0 |
| Interest Expense | 326M | 326M | 330M | 324M | 198M | 192M | 163M | 216M | 258M | 225M | 261M | 422M | 365M | 342M | 317M | 362M | 334M | 135M | 109M | 112M | 116M | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 4.96B | 4.5B | 4.27B | 3.23B | 3.93B | 3.35B | 1.83B | 2.23B | 2.48B | 2.21B | 1.59B | 2.14B | 2.55B | 1.97B | 1.24B | 1.39B | 1.63B | 920M | -371M | 1.02B | 862M | 745M | 1.11B |
| Pretax Margin % | 25.7% | 23.82% | 23.73% | 20.06% | 27.43% | 24.74% | 15.22% | 17.1% | 19.14% | 18% | 13.52% | 17.81% | 21.32% | 17.56% | 12.05% | 13.45% | 16.62% | 11.52% | -4.4% | 11.4% | 10.59% | 9.93% | 15.82% |
| Income Tax | 1.07B | 941M | 866M | 678M | 782M | 590M | 297M | 339M | 386M | 734M | 278M | 455M | 545M | 492M | 335M | 355M | 350M | 183M | -333M | 202M | 166M | 187M | 287M |
| Effective Tax Rate % | 21.49% | 20.89% | 20.3% | 20.96% | 19.89% | 17.61% | 16.22% | 15.19% | 15.54% | 33.15% | 17.46% | 21.24% | 21.4% | 24.97% | 27.06% | 25.63% | 21.42% | 19.89% | 89.76% | 19.88% | 19.26% | 25.1% | 25.81% |
| Net Income | 3.9B | 3.56B | 3.4B | 2.56B | 3.15B | 2.76B | 1.53B | 1.89B | 2.1B | 1.48B | 1.31B | 1.56B | 1.62B | 1.33B | 1.03B | 1.08B | 1.1B | 722M | -38M | 814M | 631M | 574M | 865M |
| Net Margin % | 20.18% | 18.84% | 18.91% | 15.86% | 21.97% | 20.38% | 12.75% | 14.51% | 16.17% | 12.03% | 11.16% | 12.99% | 13.55% | 11.89% | 10.02% | 10.45% | 11.16% | 9.04% | -0.45% | 9.13% | 7.75% | 7.65% | 12.31% |
| Net Income Growth % | 30.09% | 4.76% | 33.06% | -18.83% | 14.09% | 79.92% | -18.96% | -9.77% | 41.76% | 12.63% | -15.88% | -3.52% | 21.36% | 29.64% | -4.37% | -1.91% | 51.94% | 2000% | -104.67% | 29% | 9.93% | -33.64% | - |
| Net Income (Continuing) | 3.9B | 3.56B | 3.4B | 2.56B | 3.15B | 2.76B | 1.53B | 1.89B | 2.1B | 1.48B | 1.31B | 1.69B | 2B | 1.48B | 903M | 1.03B | 1.28B | 737M | -38M | 814M | 696M | 558M | 825M |
| 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.19B | 1.18B | 1.04B | 620M | 706M | 560M | 603M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 41.22 | 36.36 | 33.05 | 23.71 | 27.70 | 28.48 | 12.20 | 13.92 | 14.20 | 9.44 | 7.81 | 8.48 | 8.30 | 6.44 | 4.62 | 4.61 | 4.28 | 2.95 | -0.18 | 3.39 | 2.54 | 2.32 | 3.22 |
| EPS Growth % | 36.63% | 10.02% | 39.39% | -14.4% | -2.74% | 133.44% | -12.36% | -1.97% | 50.42% | 20.87% | -7.9% | 2.17% | 28.88% | 39.39% | 0.22% | 7.71% | 45.08% | 1738.89% | -105.31% | 33.46% | 9.48% | -27.95% | - |
| EPS (Basic) | - | 36.90 | 33.67 | 24.18 | 28.29 | 29.13 | 12.39 | 14.12 | 14.41 | 9.60 | 7.90 | 8.60 | 8.45 | 6.56 | 4.70 | 4.71 | 4.36 | 2.98 | -0.18 | 3.45 | 2.56 | 2.32 | 3.22 |
| Diluted Shares Outstanding | 94.5M | 96.3M | 102.9M | 107.8M | 113.7M | 120M | 125.7M | 136M | 147.7M | 156.7M | 168.2M | 184.2M | 195M | 207.1M | 222.8M | 246.3M | 262.15M | 244.4M | 226.4M | 239.9M | 248.5M | 247.2M | 246.58M |
| Basic Shares Outstanding | 93.3M | 94.8M | 101M | 105.7M | 111.3M | 119.98M | 123.8M | 134.1M | 145.6M | 154.1M | 166.3M | 181.7M | 191.6M | 203.2M | 218.7M | 241.4M | 257.34M | 242.2M | 223.6M | 236.2M | 246.5M | 247.1M | 246.58M |
| Dividend Payout Ratio | - | 84.9% | 16.88% | 21.52% | 16.96% | 18.51% | 32.4% | 26.62% | 24.12% | 33.18% | 36.45% | 29.77% | 26.31% | 30.06% | 29.64% | 19.7% | 16.68% | 28.95% | - | 16.34% | 17.12% | 13.94% | - |
Regulatory cash sweep pressure
As reported in recent quarterly filings, Ameriprise Financial has maintained a consistent revenue baseline near $4.9 billion, demonstrating resilience in its fee-based model despite the inherent volatility associated with equity market cycles and the firm's ongoing integration of the BMO Global Asset Management EMEA business.
The firm's revenue trajectory appears anchored by its recurring fee-based advisory model, which provides a buffer against the transactional volatility seen in pure-play brokerage peers. While top-line growth remains modest, the structural shift toward advisory assets suggests a durable foundation that may mitigate the impact of broader market downturns.
Based on the provided income statement data, Ameriprise Financial consistently maintains gross margins hovering around 50%, reflecting a balanced economic sharing arrangement between the corporate entity and its independent advisor network that appears to provide a competitive advantage in talent retention and long-term client asset capture.
The stability of these margins suggests that the firm successfully manages the variable costs associated with advisor compensation. Investors should monitor whether future shifts in the product mix toward lower-margin institutional asset management could exert downward pressure on these historically robust profitability levels.
According to historical financial statements, Ameriprise Financial exhibits significant quarterly swings in operating margins, which fluctuated between 13.8% and 31.9% over the last ten quarters, indicating that fixed overhead costs and actuarial adjustments often mask the underlying efficiency of the core wealth management operations.
The wide variance in operating income suggests that the firm's profitability is highly sensitive to non-cash actuarial assumptions and market-driven hedging costs within the Retirement & Protection segment. This volatility warrants caution, as it may obscure the true scalability of the Advice & Wealth Management platform.
As indicated by the provided data, EPS volatility remains a persistent feature of the firm's financial profile, with quarterly earnings per share swinging from $3.57 to $10.73, largely driven by non-operating items and accounting adjustments inherent in the firm's legacy insurance and annuity business lines.
The frequent divergence between GAAP net income and core operational performance suggests that investors should prioritize adjusted operating earnings to gauge true business health. The impact of stock-based compensation, while present, appears secondary to the larger swings caused by market-sensitive hedging and actuarial unlocking events.
Based on current industry trends, the primary challenge to the firm's income statement narrative is the potential for regulatory intervention in cash sweep programs, which could force a material compression of high-margin net interest income that currently bolsters the firm's overall profitability and capital return capacity.
Short-term margin expansion may be vulnerable if the firm is compelled to increase interest payments on client cash balances to meet evolving fiduciary standards. Such a development would likely challenge the current valuation premium, as it would directly impact the most profitable component of the wealth management revenue stream.
Quick answers to the most common questions about buying AMP stock.
Ameriprise Financial, Inc. (AMP) is profitable, generating $3.56B in net income for the fiscal year ending 2025 with a net profit margin of 18.8%.
Ameriprise Financial, Inc. (AMP) reported an operating income of $4.83B, resulting in an operating profit margin of 25.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Ameriprise Financial, Inc. (AMP) generated $9.53B in gross profit for the year, representing a gross profit margin of 50.4%. This demonstrates the company's core pricing power and production efficiency.