Affiliated Managers Group, Inc. (AMG) Income Statement
AMG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAMG revenue and net income
Where AMG's revenue goes
2025Each bar shows an amount and its share of revenue. AMG kept 29.3% of revenue as net income.
AMG profit margins
AMG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +19.8% | +1.6% | +3.8% | −0.2% |
| Gross profit | +86.9% | +18.7% | +13.0% | +3.7% |
| Operating income | +9.9% | −1.2% | +3.2% | −3.6% |
| Net income | +40.1% | −14.5% | +28.8% | +3.5% |
| EPS (diluted) | +22.3% | +9.1% | +14.3% | +7.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AMG quarterly EPS vs estimates
Affiliated Managers beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 2, 2026 (estimate $8.70).
AMG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.45B | $2.04B | $2.06B | $2.33B | $2.41B | $2.03B | $2.24B | $2.38B | $2.31B | $2.19B |
| Cost of revenue | $341.4M | $915.3M | $907.5M | $1.07B | $1.05B | $883.7M | $943.0M | $987.2M | $979.0M | $932.4M |
| Gross profit | $2.10B | $1.13B | $1.15B | $1.26B | $1.37B | $1.14B | $1.30B | $1.39B | $1.33B | $1.26B |
| Research & development | — | — | $1 | $1 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $1.43B | $376.5M | $358.2M | $1.46B | $1.39B | $321.0M | $376.8M | $417.7M | $373.1M | $398.1M |
| Total operating expenses | $1.33B | $418.9M | $419.5M | $452.9M | $399.4M | $481.0M | $542.6M | $624.2M | $218.1M | $556.9M |
| Operating income | $776.8M | $706.7M | $730.8M | $805.2M | $965.9M | $662.8M | $754.0M | $767.0M | $1.11B | $705.3M |
| Interest income | $409.5M | $256.8M | $273.3M | $334.0M | $248.7M | $101.6M | $389.0M | $53.4M | $278.9M | $283.5M |
| Interest expense | $136.5M | $133.3M | $123.8M | $114.4M | $111.4M | $92.3M | $76.2M | $80.6M | $87.8M | $91.7M |
| Income before taxes | $1.19B | $923.2M | $1.09B | $1.75B | $1.14B | $508.4M | $308.0M | $713.6M | $1.07B | $974.6M |
| Income taxes | $282.3M | $182.6M | $185.3M | $358.3M | $251.0M | $81.4M | $2.9M | $181.3M | $58.4M | $235.6M |
| Net income | $716.6M | $511.6M | $672.9M | $1.15B | $565.7M | $202.2M | $15.7M | $243.6M | $689.5M | $472.8M |
| EBITDA | $1.49B | $1.10B | $1.28B | $1.93B | $1.30B | $760.3M | $550.0M | $931.0M | $1.26B | $1.20B |
| EPS (diluted) | $26.17 | $21.39 | $19.57 | $20.17 | $18.41 | $13.39 | $14.27 | $14.51 | $14.63 | $12.82 |
| Gross margin | 86.0% | 55.2% | 55.9% | 54.0% | 56.6% | 56.4% | 57.9% | 58.5% | 57.5% | 57.5% |
| Operating margin | 31.8% | 34.6% | 35.5% | 34.6% | 40.0% | 32.7% | 33.7% | 32.2% | 48.1% | 32.1% |
| Net margin | 29.3% | 25.1% | 32.7% | 49.2% | 23.4% | 10.0% | 0.7% | 10.2% | 29.9% | 21.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $655.3M | $544.9M | $800.4M | $528.0M | $493.2M | $496.6M | $524.3M | $516.4M | $500.3M | $499.9M | $502.6M | $525.2M |
| Cost of revenue | $18.8M | $103.4M | $133.4M | $253.5M | $263.7M | $230.3M | $238.8M | $220.8M | $215.3M | $240.4M | $244.5M | $211.8M |
| Gross profit | $636.5M | $441.5M | $667.0M | $274.5M | $229.5M | $266.3M | $285.5M | $295.6M | $285.0M | $259.5M | $258.1M | $313.4M |
| Sales, general & admin | $107.4M | $107.4M | $389.9M | $100.5M | $359.4M | $94.7M | $98.4M | $97.0M | $89.4M | $91.7M | $84.8M | $302.9M |
| Total operating expenses | $427.4M | $364.1M | $358.5M | $109.4M | $104.5M | $180.8M | $109.6M | $107.6M | $99.8M | $102.0M | $98.6M | $106.6M |
| Operating income | $209.1M | $77.4M | $308.5M | $165.1M | $125.0M | $85.5M | $175.9M | $188.0M | $185.2M | $157.5M | $159.5M | $206.8M |
| Interest income | — | — | $217.2M | $82.9M | $56.6M | $52.8M | $106.6M | $40.7M | — | — | — | $31.7M |
| Interest expense | $40.5M | $38.4M | $34.7M | $33.2M | $34.5M | $34.1M | $35.2M | $34.7M | $33.5M | $29.9M | $31.4M | $31.1M |
| Income before taxes | $307.4M | $192.9M | $525.7M | $362.5M | $171.6M | $126.6M | $273.7M | $217.1M | $178.3M | $254.1M | $274.1M | $363.7M |
| Income taxes | $70.0M | $46.5M | $147.6M | $71.6M | $35.7M | $27.4M | $52.6M | $31.3M | $43.3M | $55.4M | $29.9M | $77.7M |
| Net income | $185.9M | $110.4M | $347.6M | $212.4M | $84.3M | $72.4M | $162.1M | $123.6M | $76.0M | $149.8M | $196.1M | $217.0M |
| EBITDA | $357.3M | $283.0M | $627.2M | $404.7M | $214.9M | $246.8M | $320.1M | $262.4M | $222.1M | $294.3M | $319.3M | $410.3M |
| EPS (diluted) | $8.29 | $8.23 | $9.48 | $6.10 | $5.39 | $5.20 | $6.53 | $4.82 | $4.67 | $5.37 | $6.86 | $4.08 |
| Gross margin | 97.1% | 81.0% | 83.3% | 52.0% | 46.5% | 53.6% | 54.5% | 57.2% | 57.0% | 51.9% | 51.4% | 59.7% |
| Operating margin | 31.9% | 14.2% | 38.5% | 31.3% | 25.3% | 17.2% | 33.5% | 36.4% | 37.0% | 31.5% | 31.7% | 39.4% |
| Net margin | 28.4% | 20.3% | 43.4% | 40.2% | 17.1% | 14.6% | 30.9% | 23.9% | 15.2% | 30.0% | 39.0% | 41.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AMG's financial statements (latest annual report filed February 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AMG financial results
In fiscal year 2025 (ended December 31, 2025), Affiliated Managers reported revenue of $2.4 billion, up 19.8% from the year before. It had net income of $716.6 million (up 40.1%), a net profit margin of 29.3%. Diluted earnings per share came to $26.17. Over five years revenue grew at an average rate of 3.8% a year.
See the AMG stock overview for the latest quote and news, or the AMG chart for price history and technical indicators.
AMG income statement FAQ
What is Affiliated Managers's annual revenue?
Affiliated Managers reported total revenue of $2.4 billion for fiscal year 2025, which ended on December 31, 2025. That was up 19.8% from $2.0 billion the previous year.
Is Affiliated Managers profitable?
Yes. Affiliated Managers reported net income of $716.6 million in fiscal 2025, a net profit margin of 29.3%; its operating margin was 31.8%.
What is Affiliated Managers's gross margin?
Affiliated Managers's gross margin was 86.0% in fiscal 2025: for every $100 of revenue, Affiliated Managers kept $86 after the direct cost of its products and services.
How fast is Affiliated Managers growing?
Revenue grew 3.8% a year on average over the last five fiscal years, from $2.0 billion to $2.4 billion.
What are Affiliated Managers's earnings per share?
Affiliated Managers earned $26.17 per diluted share in fiscal 2025, compared with $21.39 a year earlier.
When will Affiliated Managers report its next earnings?
Affiliated Managers is expected to report results for the quarter ending September 30, 2026 on November 2, 2026 before the market opens.
When does Affiliated Managers's fiscal year end?
Affiliated Managers's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 17, 2026.