AMG tops Q3 profit estimates on record AUM, misses on revenue

AMG's third-quarter economic earnings per share of $9.50 topped the $8.87 consensus, while revenue of $595.2 million missed the $661.63 million estimate.

Shares rose 1.3% at 9:41 a.m. ET, from a $362.96 close.

The year-earlier period included $127.6 million of Affiliate transaction gains; this quarter had none.

Here's how the company did:

• Economic EPS: $9.50 vs. $6.10 a year earlier; $8.87 expected
• Diluted EPS: $6.64 vs. $6.87 a year earlier
• Revenue: $595.2 million vs. $528.0 million a year earlier; $661.63 million expected
• Adjusted EBITDA (controlling interest): $353.7 million vs. $250.9 million a year earlier
• Net income (controlling interest): $173.3 million vs. $212.4 million a year earlier

Assets and client flows

Assets under management reached $974 billion at Sept. 30, up from $804 billion a year earlier.

Net client cash flows were $20.7 billion in the quarter, against $8.9 billion a year earlier.

Alternatives drove the inflows, with record alternative net inflows of more than $31 billion.

President and Chief Executive Officer Jay C. Horgen said, “Disciplined capital allocation is fundamental to our strategy.”

Capital returns

The company repurchased about $400 million of common stock in the quarter, bringing year-to-date repurchases to $775 million.

The board declared a quarterly dividend of 1 cent per share, payable Dec. 3 to holders of record at the close of business on Nov. 19.

Costs and income

Compensation and related expenses rose to $269.7 million from $253.5 million. Interest expense climbed to $40.7 million from $33.2 million.

Equity method income, net, was $159.2 million, up from $88.5 million a year earlier. Investment and other income was $20.8 million, down from $27.6 million.

Average diluted shares outstanding were 26.1 million, down from 32.9 million a year earlier.

For the nine months ended Sept. 30, economic earnings per share were $26.00, against $16.68 a year earlier. Diluted EPS was $17.38, against $11.83.

Debt stood at $3,179.4 million at Sept. 30, up from $2,691.3 million at Dec. 31, 2025.