Revenue exhibits significant volatility, peaking at $800.4M in 2025Q4 before retreating to $544.9M in 2026Q1, while operating margins remain inconsistent due to the impact of stock-based compensation charges like the $68.6M recorded in 2025Q2.
Affiliated Managers Group, Inc. (MGR) annual income statement — 24-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 | Dec'03 | Dec'02 |
|---|
| Net Interest Income | 43.4M | 93.5M | 75.7M | 0 | -110.3M | -105.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| NII Growth % | -321.71% | 23.51% | - | 100% | -4.85% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Interest Margin % | 0.46% | 1.02% | 0.86% | 0% | -1.24% | -1.19% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Interest Income | 81.8M | 93.5M | 75.7M | 0 | 4.1M | 6.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 38.4M | 0 | 0 | 0 | 114.4M | 111.4M | 0 | 0 | 80.6M | 85.3M | 89.4M | 88.9M | 76.6M | 87.3M | 83M | 73.8M | 66.18M | 78.13M | 73.89M | 76.92M | 58.8M | 37.43M | 31.73M | 22.98M | 25.22M |
| Loan Loss Provision | 899.3M | 880.9M | 915.3M | 907.5M | 957.1M | 935.7M | 883.7M | 943M | 906.6M | 893.7M | 843M | 938.8M | 953.9M | 860.2M | 701.7M | -37.4M | -35.19M | -51.18M | -47.38M | -58.1M | -34.92M | -15.93M | -15.02M | -6.92M | 5.28M |
| Non-Interest Income | 2.57B | 2.22B | 1.97B | 2.06B | 2.33B | 2.41B | 2.03B | 2.24B | 2.39B | 2.31B | 2.19B | 2.49B | 2.51B | 2.19B | 1.81B | 1.7B | 1.36B | 841.84M | 1.16B | 1.37B | 1.17B | 916.49M | 660M | 495.03M | 482.54M |
| Non-Interest Income % | 98.34% | 95.97% | 96.29% | 100% | 104.98% | 104.57% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Total Net Revenue | 2.62B | 2.32B | 2.04B | 2.06B | 2.22B | 2.3B | 2.03B | 2.24B | 2.39B | 2.31B | 2.19B | 2.49B | 2.51B | 2.19B | 1.81B | 1.7B | 1.36B | 841.84M | 1.16B | 1.37B | 1.17B | 916.49M | 660M | 495.03M | 482.54M |
| Revenue Growth % | 28.35% | 13.59% | -0.82% | -7.11% | -3.73% | 13.49% | -9.47% | -6.11% | 3.48% | 5.03% | -11.98% | -0.7% | 14.72% | 21.23% | 5.91% | 25.52% | 61.34% | -27.32% | -15.45% | 17.05% | 27.7% | 38.86% | 33.32% | 2.59% | - |
| Non-Interest Expense | 1.02B | 649.4M | 376.5M | 358.2M | 385.5M | 347.1M | 321.4M | 376.8M | 624.4M | 373.1M | 398.1M | 443.8M | 402.3M | 427.2M | 414.9M | 350.8M | 284.6M | 131.54M | 200.07M | 197.97M | 184.02M | 162.08M | 109.07M | 84.06M | 84.45M |
| Efficiency Ratio | 39.05% | 28.01% | 18.45% | 17.41% | 17.4% | 15.08% | 15.85% | 16.82% | 26.18% | 16.19% | 18.14% | 17.8% | 16.02% | 19.52% | 22.98% | 20.58% | 20.95% | 15.63% | 17.27% | 14.45% | 15.72% | 17.68% | 16.53% | 16.98% | 17.5% |
| Operating Income | 694.7M | 787.9M | 749.1M | 792.1M | 872.6M | 1.02B | 822.4M | 919.8M | 973.5M | 952.9M | 705.3M | 795.3M | 815.2M | 634.1M | 502.6M | 486.1M | 374.03M | 235.09M | 368.12M | 531.62M | 453.91M | 335.06M | 267.88M | 197.51M | 195.83M |
| Operating Margin % | 26.56% | 33.99% | 36.7% | 38.49% | 39.39% | 44.25% | 40.56% | 41.07% | 40.81% | 41.34% | 32.14% | 31.9% | 32.47% | 28.97% | 27.84% | 28.51% | 27.54% | 27.93% | 31.78% | 38.81% | 38.78% | 36.56% | 40.59% | 39.9% | 40.58% |
| Operating Income Growth % | - | 5.18% | -5.43% | -9.23% | -14.3% | 23.81% | -10.59% | -5.52% | 2.16% | 35.11% | -11.32% | -2.44% | 28.56% | 26.16% | 3.39% | 29.96% | 59.1% | -36.14% | -30.75% | 17.12% | 35.47% | 25.08% | 35.63% | 0.86% | - |
| Pretax Income | 1.25B | 1.19B | 923.2M | 1.09B | 1.75B | 1.14B | 508.4M | 308M | 914.5M | 847.4M | 765M | 1.09B | 1.01B | 863.7M | 495.2M | 452.7M | 378.85M | 240.92M | 44.1M | 288.83M | 237.89M | 189.65M | 129.09M | 101.83M | 93.24M |
| Pretax Margin % | 47.9% | 51.18% | 45.23% | 53.04% | 78.84% | 49.59% | 25.08% | 13.75% | 38.34% | 36.76% | 34.86% | 43.74% | 40.36% | 39.46% | 27.43% | 26.55% | 27.89% | 28.62% | 3.81% | 21.08% | 20.33% | 20.69% | 19.56% | 20.57% | 19.32% |
| Income Tax | 301.4M | 282.3M | 182.6M | 185.3M | 358.3M | 251M | 81.4M | 2.9M | 777.7M | 740.7M | 635.3M | 263.4M | 246.1M | 194.1M | 83.8M | 93.1M | 91.52M | 28M | 20.93M | 106.87M | 86.61M | 70.58M | 51.95M | 41.3M | 37.3M |
| Effective Tax Rate % | 24.06% | 23.79% | 19.78% | 16.98% | 20.52% | 22% | 16.01% | 0.94% | 85.04% | 87.41% | 83.05% | 24.15% | 24.28% | 22.47% | 16.92% | 20.57% | 24.16% | 11.62% | 47.47% | 37% | 36.41% | 37.22% | 40.24% | 40.56% | 40% |
| Net Income | 754.7M | 716.7M | 511.6M | 672.9M | 1.15B | 565.7M | 202.2M | 15.7M | 713.6M | 1.07B | 974.6M | 509.5M | 433.9M | 360.5M | 174M | 359.6M | 287.33M | 212.92M | 23.17M | 181.96M | 151.28M | 119.07M | 77.15M | 60.53M | 55.94M |
| Net Margin % | 28.86% | 30.92% | 25.07% | 32.7% | 51.73% | 24.58% | 9.97% | 0.7% | 29.92% | 46.3% | 44.41% | 20.43% | 17.28% | 16.47% | 9.64% | 21.09% | 21.15% | 25.29% | 2% | 13.28% | 12.93% | 12.99% | 11.69% | 12.23% | 11.59% |
| Net Income Growth % | 73.85% | 40.09% | -23.97% | -41.28% | 102.56% | 179.77% | 1187.9% | -97.8% | -33.13% | 9.49% | 91.29% | 17.42% | 20.36% | 107.18% | -51.61% | 25.15% | 34.95% | 818.93% | -87.27% | 20.28% | 27.05% | 54.34% | 27.46% | 8.2% | - |
| Net Income (Continuing) | 951.3M | 904.1M | 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 | 287.33M | 212.92M | 156.39M | 462.04M | 367.16M | 263.33M | 192.67M | 60.53M | 55.94M |
| EPS (Diluted) | 27.44 | 23.09 | 15.11 | 15.95 | 25.36 | 13.04 | 4.33 | 0.31 | 4.53 | 12.03 | 8.57 | 8.91 | 7.43 | 6.36 | 3.28 | 3.11 | 2.81 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EPS Growth % | 94.11% | 52.81% | -5.27% | -37.11% | 94.48% | 201.15% | 1295.42% | -93.15% | -62.36% | 40.44% | -3.85% | 19.92% | 16.82% | 93.9% | 5.42% | 10.82% | - | - | - | - | - | - | - | - | - |
| EPS (Basic) | - | 24.11 | 16.45 | 19.17 | 29.76 | 13.63 | 4.35 | 0.31 | 4.54 | 12.31 | 8.72 | 9.38 | 7.69 | 6.54 | 3.28 | 3.18 | 2.92 | 0.01 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 27.5M | 31.01M | 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 | 43.33B | 40.87B | 44.92B | 45.16B | 44.69B | 39.64B | 21.8B | 22.58B |
Quick answers to the most common questions about buying MGR stock.
For fiscal year 2025, Affiliated Managers Group, Inc. (MGR) reported total revenue of $2.32B. This represents a 380.4% increase compared to $482.5M in 2002.
Affiliated Managers Group, Inc. (MGR) is profitable, generating $716.7M in net income for the fiscal year ending 2025 with a net profit margin of 30.9%.
Affiliated Managers Group, Inc. (MGR) reported an operating income of $787.9M, resulting in an operating profit margin of 34.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Affiliated Managers Group, Inc. (MGR) generated $1.44B in gross profit for the year, representing a gross profit margin of 62.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Market Beta Sensitivity
Metrics are mathematically derived from official filings.
Revenue Volatility Amid Market Shifts
Based on the provided quarterly data, MGR's revenue trajectory exhibits significant fluctuations, peaking at $800.4M in 2025Q4 before retreating to $544.9M in 2026Q1, suggesting that top-line performance remains heavily tethered to market-driven asset valuations rather than consistent, organic growth across its diverse affiliate boutique base.
The sharp revenue variance between 2025Q4 and 2026Q1 highlights the inherent cyclicality of an asset management model reliant on performance-based fees and market beta. Investors should monitor whether the recent revenue contraction reflects a broader secular decline in active management demand or merely the timing of performance fee realizations.
Structural Margin Variability and Efficiency
As reported in the income statement, MGR's gross margin has fluctuated significantly, ranging from a low of 46.5% in 2025Q2 to a high of 100% in 2026Q1, indicating that the firm's cost structure is highly sensitive to the specific mix of affiliate revenue and performance fee recognition.
The extreme margin volatility suggests that MGR's profitability is not purely driven by operational scale but by the lumpy nature of its affiliate revenue streams. This inconsistency warrants further investigation into the underlying fee structures of the newer, alternative-focused boutiques compared to the legacy equity-based affiliates.
Earnings Quality Impacted by SBC
According to recent financial filings, MGR's net income is frequently impacted by significant stock-based compensation charges, such as the $68.6M recorded in 2025Q2, which creates a notable disconnect between GAAP net income and the underlying cash-generating capability of the firm's diverse investment boutique portfolio.
The periodic spikes in stock-based compensation suggest that management may be utilizing equity-based incentives to retain key talent within its decentralized boutique structure. Analysts should focus on Economic Net Income to strip away these non-cash distortions and better assess the true recurring profitability of the firm.
Sustainability of Decentralized Boutique Model
While MGR maintains a lean corporate center, the historical income statement data reveals that operating margins have struggled to maintain a consistent upward trend, with operating income scaling inconsistently relative to revenue, which may indicate that the firm's decentralized model faces inherent challenges in achieving permanent operating leverage.
Short-sellers might argue that the lack of centralized control over affiliate costs limits MGR's ability to defend margins during market downturns. The reliance on independent boutiques creates a risk where the corporate entity may be unable to effectively pivot the cost base when affiliate performance inevitably faces cyclical headwinds.