Affiliated Managers Group, Inc. (MGRE) Income Statement

30Y historyFree accessUpdated daily

Profitability remains highly sensitive to market cycles, with gross margins fluctuating significantly from a peak of 83.3% in 2025Q4 to 81.0% in 2026Q1.

Annual statement

MGRE Income Statement

Affiliated Managers Group, Inc. (MGRE) 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

Market beta sensitivity

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q1)

Volatility in Underlying Margin Structure

As reported in recent financial statements, MGRE's gross margin experienced significant fluctuations, peaking at 83.3% in 2025Q4 before retreating, which suggests that the firm's profitability is highly sensitive to the specific mix of affiliate performance fees and market-driven asset valuations across its diverse boutique investment portfolio.

The wide variance in gross margins, ranging from 46.5% to 83.3% over the last ten quarters, indicates that the firm's profitability is not purely recurring but heavily reliant on performance-based revenue. Investors should monitor whether this margin instability reflects a structural shift in the affiliate base or merely the cyclical nature of performance fee recognition.

Operating Leverage Remains Inconsistent Historically

Based on the provided income statement data, MGRE's operating margin has fluctuated between 14.2% and 38.5%, suggesting that the firm struggles to maintain consistent operating leverage as SG&A expenses do not always scale proportionally with the volatility observed in the firm's quarterly gross profit generation.

While the firm maintains a lean corporate structure, the lack of a clear, upward trend in operating margins despite revenue growth suggests that affiliate support costs and compensation structures may be absorbing potential efficiency gains. This inconsistency warrants further investigation into the fixed versus variable nature of the firm's overhead.

Stock-Based Compensation Distorts Earnings Clarity

According to the quarterly income statement data, MGRE's net income is frequently impacted by significant stock-based compensation charges, which reached $68.6M in 2025Q2, potentially obscuring the underlying cash-generative capacity of the firm's multi-affiliate business model for investors evaluating true economic performance and shareholder dilution.

The substantial quarterly variation in stock-based compensation suggests that management's incentive alignment is highly sensitive to short-term performance metrics. Analysts should be cautious of relying on GAAP net income, as these non-cash charges significantly alter the reported EPS and may mask the true cost of retaining key boutique talent.

Cyclicality Risks to Fee Sustainability

As indicated by the historical income statement trends, MGRE's revenue remains susceptible to market-driven cycles, with recent quarterly performance showing that the firm's reliance on active management fees may be increasingly vulnerable to the broader industry shift toward lower-cost passive investment vehicles and fee compression.

Short-sellers may focus on the firm's inability to consistently grow revenue during periods of market volatility, which suggests that the boutique model may not be as insulated from secular industry headwinds as previously assumed. The firm's long-term viability appears contingent on its ability to pivot toward higher-margin, stickier alternative assets.

MGRE — Frequently Asked Questions

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

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

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

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

Affiliated Managers Group, Inc. (MGRE) 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. (MGRE) 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. (MGRE) 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.