Non-interest income supplied roughly 83% to 102% of total revenue while net interest margin held near 0.4% to 0.5%, suggesting the revenue base is fee-driven and sensitive to market-linked asset levels.
Ameriprise Financial, Inc. (AMP) annual income statement — 22-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 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Net Interest Income | 2.33B | 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 |
| NII Growth % | -117.6% | -3.7% | 16.87% | 125.9% | -15.36% | 26.68% | -15.16% | 1.96% | -1.78% | 3.24% | 21.77% | -19.19% | -11.7% | -3.87% | -4.41% | -19.87% | 22.14% | -10.55% | -1.12% | -3.53% | - | - | - |
| Net Interest Margin % | 1.22% | 1.7% | 1.86% | 1.65% | 0.8% | 0.86% | 0.72% | 0.93% | 1% | 0.95% | 0.97% | 0.77% | 0.93% | 1.08% | 1.21% | 1.27% | 1.62% | 1.53% | 2.03% | 1.8% | 1.96% | 0% | 0% |
| Interest Income | 2.65B | 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 | 327M | 326M | 330M | 324M | 198M | 192M | 163M | 216M | 258M | 225M | 261M | 422M | 365M | 342M | 317M | 362M | 334M | 135M | 109M | 112M | 116M | 0 | 0 |
| Loan Loss Provision | 9.84B | 9.06B | 8.5B | 7.45B | 6.45B | 5.52B | 6.11B | 6.42B | 6.43B | 6.2B | 6.18B | 5.84B | 4.96B | 5.57B | 5.1B | 4.82B | 4.45B | 5.82B | 2.87B | 4.68B | 2.41B | 2.92B | 2.82B |
| Non-Interest Income | 17.41B | 15.34B | 14.28B | 12.91B | 12.86B | 11.84B | 10.67B | 11.43B | 11.34B | 10.67B | 10.15B | 10.49B | 10.2B | 9.31B | 8.33B | 8.23B | 7.37B | 6.11B | 6.38B | 6.84B | 5.99B | 7.5B | 7.03B |
| Non-Interest Income % | 88.21% | 82.52% | 80.89% | 81.72% | 90.96% | 88.69% | 89.95% | 89.05% | 89.17% | 88.38% | 88.2% | 90.38% | 88.08% | 85.62% | 83.66% | 82.87% | 77.64% | 77.85% | 76.64% | 77.66% | 74.61% | 100% | 100% |
| Total Net Revenue | 19.74B | 18.59B | 17.65B | 15.8B | 14.13B | 13.35B | 11.87B | 12.83B | 12.72B | 12.07B | 11.51B | 11.6B | 11.58B | 10.87B | 9.96B | 9.93B | 9.5B | 7.85B | 8.32B | 8.8B | 8.03B | 7.5B | 7.03B |
| Revenue Growth % | 8.5% | 5.29% | 11.75% | 11.75% | 5.9% | 12.5% | -7.54% | 0.89% | 5.36% | 4.86% | -0.78% | 0.19% | 6.51% | 9.21% | 0.23% | 4.6% | 20.95% | -5.66% | -5.44% | 9.67% | 6.94% | 6.77% | - |
| Non-Interest Expense | 4.26B | 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 |
| Efficiency Ratio | 21.59% | 25.28% | 25.73% | 30.29% | 25.17% | 31.59% | 31.13% | 31.6% | 27.41% | 27.61% | 29.86% | 27.34% | 31.97% | 27% | 36.06% | 36.25% | 34.43% | 11.67% | 60.11% | 32.59% | 54.71% | 0% | 0% |
| Operating Income | 5.63B | 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 % | 28.54% | 25.99% | 26.1% | 22.52% | 29.21% | 27.07% | 17.36% | 18.35% | 22.01% | 21.04% | 16.48% | 22.32% | 25.19% | 21.76% | 12.69% | 15.24% | 18.76% | 14.24% | 5.42% | 14.28% | 15.26% | 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% | - |
| Pretax Income | 5.3B | 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 % | 26.88% | 24.23% | 24.17% | 20.47% | 27.81% | 25.1% | 15.43% | 17.39% | 19.53% | 18.34% | 13.83% | 18.46% | 21.99% | 18.12% | 12.43% | 13.94% | 17.21% | 11.72% | -4.46% | 11.54% | 10.74% | 9.93% | 15.82% |
| Income Tax | 1.14B | 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 % | 21.55% | 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 | 4.16B | 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 % | 21.09% | 19.17% | 19.27% | 16.18% | 22.28% | 20.68% | 12.93% | 14.75% | 16.49% | 12.26% | 11.41% | 13.46% | 13.98% | 12.27% | 10.33% | 10.83% | 11.55% | 9.2% | -0.46% | 9.25% | 7.86% | 7.65% | 12.31% |
| Net Income Growth % | 14.78% | 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) | 4.16B | 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 |
| EPS (Diluted) | 45.54 | 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 % | 21.88% | 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 | 91.4M | 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 |
Quick answers to the most common questions about buying AMP stock.
For fiscal year 2025, Ameriprise Financial, Inc. (AMP) reported total revenue of $18.59B. This represents a 164.4% increase compared to $7.03B in 2004.
Ameriprise Financial, Inc. (AMP) is profitable, generating $3.56B in net income for the fiscal year ending 2025 with a net profit margin of 19.2%.
Ameriprise Financial, Inc. (AMP) reported an operating income of $4.83B, resulting in an operating profit margin of 26.0%. 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 51.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cash sweep yield compression
Metrics are mathematically derived from official filings.
Net Interest Income Turning Lower Recently
Based on reported figures, AMP's net interest income held near $790M to $850M across the period, with the latest quarter's figure appearing anomalous and warranting verification before drawing trend conclusions from it.
The reported NII series is relatively flat through 2024 to 2026 before the 2026Q3 entry shows a negative value of -$83.0M, which appears inconsistent with the surrounding quarters and may reflect a reporting or classification effect rather than an underlying collapse. Taken at face value, the earlier stability suggests cash sweep and deposit spreads have been holding up despite rate cycle pressure. Investors should monitor whether the latest quarter reflects a genuine compression in cash sweep economics, which would be material given the high-margin nature of this revenue stream.
Net Interest Margin Stable at Low Levels
As reported in financial statements, AMP's net interest margin ran between roughly 0.4% and 0.5% across the ten quarters, a level that is thin in absolute terms and appears to reflect a balance sheet dominated by client cash rather than lending.
A margin this low is characteristic of a bank whose deposit base is primarily a pass-through of client cash rather than a lending franchise, so NIM movements matter less to earnings than fee-based economics. The modest drift down from 0.5% toward 0.4% suggests funding cost pressure has partly offset asset yield gains. Because the margin is so compressed, even small changes in deposit pricing could meaningfully move net interest income.
Efficiency Ratio Volatile Across Quarters
Based on AMP's reported figures, the efficiency ratio swung between roughly 15% and 38% over the period, a range wide enough to suggest expense timing and revenue recognition effects are shaping quarterly results more than underlying operating leverage.
Efficiency ratios in this range are unusually low by banking standards, which reflects the fee-heavy revenue mix where non-interest income dominates total revenue and the expense base scales with advisor production. The large quarter-to-quarter swings, particularly the spike to 37.7% in 2025Q1 and 37.4% in 2024Q3, appear linked to lumpy compensation and insurance-related items rather than a structural shift. Operating leverage looks favorable on average but is less reliable on a single-quarter basis.
Fee Income Drives Nearly All Revenue
As reported in financial statements, non-interest income accounted for roughly 80% to 100% of total revenue in each quarter, with the fee share climbing to 101.6% in the latest period, indicating how heavily earnings depend on advisory and asset-based fees.
A fee share approaching or exceeding total revenue indicates that the net interest contribution is near zero or negative in the most recent period, which reinforces that the wealth franchise carries the earnings base. This concentration supports earnings quality because asset-based fees are recurring, yet it also ties profitability closely to equity market levels. Investors should monitor whether fee growth can sustain earnings if market-driven AUM weakens.
Cash Sweep Regulation Could Erode Earnings
Based on reported figures, AMP's earnings quality rests partly on cash sweep economics, and regulatory pressure to raise client cash rates could compress a high-margin revenue stream that is already running at a thin NIM of roughly 0.4%.
The bull case assumes the captive advisor model and cash balances remain durable, but a regulatory push for higher client cash yields would directly reduce the spread the firm retains. Because the margin is already thin, the downside sensitivity to a repricing could be disproportionate to the revenue at stake. Investors should monitor any regulatory developments on cash sweep programs and the firm's disclosure of sweep balances and pricing.