Affiliated Managers Group, Inc. (MGRB) Income Statement

30Y historyFree accessUpdated daily

Operating margins exhibit significant cyclicality, fluctuating between 14.2% and 38.5% over the last ten quarters due to the variable nature of performance-based fee revenue.

Annual statement

MGRB Income Statement

Affiliated Managers Group, Inc. (MGRB) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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

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
NII Growth %	61.77%	59.94%	-7.67%	-8.22%	-2.69%	-20.69%	-21.13%	5.46%	8.2%	4.25%	-88.68%	54.45%	10.34%	-109.14%	43.72%	-48.25%	-28.12%	34.63%	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Interest Margin %	-1.23%	-0.58%	-1.51%	-1.37%	-1.29%	-1.26%	-1.17%	-1%	-0.98%	-1.01%	-1.05%	-0.63%	-1.39%	-1.88%	-0.92%	-1.94%	-1.29%	-1.57%	-2.51%	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
Loan Loss Provision	613.2M	204.9M	782M	783.7M	957.1M	935.7M	791.4M	866.8M	906.6M	891.2M	840.7M	938.8M	923.8M	828.5M	701.7M	617.7M	503.4M	324.45M	435.47M	502.45M	413.6M	-15.93M	-15.02M	-6.92M	-9.25M	11.14M	185.04M	226.7M	6.28M	45.2M	2.3M
Non-Interest Income	2.34B	2.36B	2.04B	2.06B	2.33B	2.41B	2.03B	2.24B	2.38B	2.31B	2.19B	2.44B	2.51B	2.19B	1.78B	1.7B	1.34B	816.94M	1.16B	1.37B	1.17B	916.49M	660M	495.03M	482.54M	408.21M	458.71M	518.7M	238.49M	95.3M	50.4M
Non-Interest Income %	105.2%	102.31%	106.99%	106.4%	105.16%	104.84%	104.77%	103.52%	103.51%	103.96%	104.36%	102.03%	104.44%	105.75%	103.3%	106.3%	105.38%	106.97%	107.56%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%
Total Net Revenue	2.23B	2.31B	1.91B	1.93B	2.22B	2.3B	1.94B	2.16B	2.3B	2.22B	2.1B	2.4B	2.4B	2.07B	1.72B	1.6B	1.27B	763.71M	1.08B	1.37B	1.17B	916.49M	660M	495.03M	482.54M	408.21M	458.71M	518.7M	238.49M	95.3M	50.4M
Revenue Growth %	17.14%	21.05%	-1.36%	-12.69%	-3.73%	18.9%	-10.55%	-5.85%	3.64%	5.44%	-12.22%	-0.36%	16.16%	20.16%	7.41%	26.56%	65.91%	-29.08%	-21.39%	17.05%	27.7%	38.86%	33.32%	2.59%	18.21%	-11.01%	-11.57%	117.49%	150.26%	89.09%	-
Non-Interest Expense	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
Efficiency Ratio	42.08%	57.49%	21.96%	21.69%	20.45%	17.36%	24.86%	25.08%	27.17%	9.84%	26.48%	13.9%	27.67%	29.34%	36.02%	31.17%	30.76%	26.11%	26.26%	33.25%	20.85%	61.1%	56.88%	56.86%	56.11%	59.47%	21.63%	15.31%	58.45%	28.86%	81.35%
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 %	30.37%	33.64%	37.05%	37.79%	36.35%	41.98%	34.25%	34.85%	33.38%	49.97%	33.54%	46.92%	33.91%	30.64%	23.25%	30.31%	29.52%	31.41%	33.3%	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%	-
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 %	56.28%	51.37%	48.4%	56.43%	78.84%	49.59%	26.27%	14.24%	31.06%	48.13%	46.35%	45.53%	42.16%	41.73%	28.75%	28.23%	29.9%	32.17%	13.33%	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 %	33.91%	31.03%	26.82%	34.79%	51.73%	24.58%	10.45%	0.73%	10.6%	31.1%	22.48%	21.27%	18.05%	17.42%	10.1%	10.28%	10.94%	7.79%	-0.12%	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
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

Key Metrics

Growth RegimeMixed

ProfitabilityModerate

Balance SheetHealthy

Cash FlowStable

Top Statement Risk

Active management fee compression

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q1)

Volatility in Core Profitability Metrics

As reported in recent financial statements, MGRB's gross margin experienced significant fluctuations, peaking at 83.3% in 2025Q4 before retreating, suggesting that the firm's reliance on performance-based fees introduces inherent cyclicality that complicates the assessment of underlying structural profitability across its diverse boutique affiliate portfolio.

The wide variance in gross margins, ranging from 46.5% to 83.3% over the last ten quarters, indicates that the company's profitability is highly sensitive to market-driven performance fees rather than just stable management fees. Investors should monitor whether the recent margin expansion reflects a sustainable shift toward higher-fee alternative strategies or merely a temporary spike in investment success.

Operating Leverage Remains Highly Variable

Based on the provided income statement data, operating margins have fluctuated between 14.2% and 38.5% over the last ten quarters, indicating that the company struggles to maintain consistent operating leverage as revenue scales, likely due to the variable nature of affiliate-level compensation and profit-sharing arrangements.

The lack of a clear, linear relationship between revenue growth and operating income suggests that the firm's cost structure is heavily weighted toward variable compensation. This structure protects the parent company during market downturns but limits the potential for significant margin expansion during periods of strong AUM growth.

Stock-Based Compensation Distorts Earnings Clarity

According to the quarterly income statement data, stock-based compensation reached a high of $68.6 million in 2025Q2, which significantly impacts the quality of reported net income and complicates the reconciliation between GAAP earnings and the actual cash available for distribution to shareholders.

The substantial and inconsistent levels of stock-based compensation suggest that GAAP net income may not be the most reliable metric for evaluating the company's true economic performance. Analysts should focus on adjusted earnings metrics that account for these non-cash charges to better understand the underlying cash-generating capacity of the partnership model.

Structural Risks to Fee Sustainability

While the partnership model provides unique access to alpha-generating boutiques, the persistent volatility in quarterly net income, which swung from $72.4 million to $347.6 million in 2025, warrants investigation into whether the firm's traditional equity strategies are facing long-term structural decline due to passive migration.

Short-term earnings spikes may mask a broader trend of fee compression within the active management industry. If the company cannot successfully pivot its AUM mix toward less sensitive alternative assets, the current valuation may be vulnerable to a downward re-rating as the market discounts the durability of its traditional equity fee streams.

MGRB — Frequently Asked Questions

Quick answers to the most common questions about buying MGRB stock.

What was Affiliated Managers Group, Inc.'s (MGRB) revenue in 2025?

For fiscal year 2025, Affiliated Managers Group, Inc. (MGRB) reported total revenue of $2.31B. This represents a 4481.7% increase compared to $50.4M in 1996.

Is Affiliated Managers Group, Inc. (MGRB) profitable?

Affiliated Managers Group, Inc. (MGRB) is profitable, generating $716.6M in net income for the fiscal year ending 2025 with a net profit margin of 29.3%.

What is Affiliated Managers Group, Inc.'s operating profit margin?

Affiliated Managers Group, Inc. (MGRB) 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.

What is Affiliated Managers Group, Inc.'s gross profit and gross margin?

Affiliated Managers Group, Inc. (MGRB) 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.