--- title: "Affiliated Managers | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 544.9 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285616446.md" datetime: "2026-05-07T20:46:09.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285616446.md) - [en](https://longbridge.com/en/news/285616446.md) - [zh-HK](https://longbridge.com/zh-HK/news/285616446.md) --- # Affiliated Managers | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 544.9 M Revenue: As of FY2026 Q1, the actual value is USD 544.9 M, missing the estimate of USD 545.26 M. EPS: As of FY2026 Q1, the actual value is USD 3.84, missing the estimate of USD 5.76. EBIT: As of FY2026 Q1, the actual value is USD 109.3 M. Affiliated Managers Group, Inc. operates as a single segment, therefore, the following financial and operational metrics are reported on a consolidated basis . #### Operating Performance Measures - **Assets Under Management (AUM)**: As of March 31, 2026, total AUM was $882.0 billion, a 24% increase from $712.2 billion as of March 31, 2025 . Average AUM also increased by 24% to $881.7 billion for the three months ended March 31, 2026, from $712.1 billion in the prior year period . - **Aggregate Fees**: Total aggregate fees for the three months ended March 31, 2026, were $1,909.9 million, a 50% increase from $1,270.4 million in the same period of 2025 . This increase was driven by a $400.5 million (31%) rise in asset-based fees and a $239.0 million (19%) increase in performance-based fees . Approximately 27% of total AUM could potentially earn performance-based fees as of March 31, 2026 . #### Assets Under Management (Changes for Three Months Ended March 31, 2026) - **Total AUM (December 31, 2025)**: $813.3 billion . - **Net Client Cash Flows**: $22.5 billion, comprising $62.7 billion in inflows and $40.2 billion in outflows . This included $4.2 billion net inflow in Private Markets, $24.6 billion net inflow in Liquid Alternatives, -$9.1 billion net outflow in Equities, and $2.8 billion net inflow in Multi-Asset & Fixed Income . - **New Investments**: $59.8 billion . - **Market Changes**: -$5.9 billion . - **Foreign Exchange**: -$3.4 billion . - **Realizations and Distributions (net)**: -$2.0 billion . - **Total AUM (March 31, 2026)**: $882.0 billion . #### Investment Strategy Performance (as of March 31, 2026) - **Private Markets**: 84% of AUM outperformed benchmarks for the latest vintage and 86% for the last three vintages . - **Liquid Alternatives**: 92% of AUM outperformed benchmarks over 3-year, 5-year, and 10-year periods . - **Equities**: 41% of AUM outperformed benchmarks over 3 years, 43% over 5 years, and 59% over 10 years . - **Multi-Asset & Fixed Income**: Not measured against a benchmark . #### Consolidated Revenue and Expenses (For the Three Months Ended March 31) - **Consolidated Revenue**: Increased by $48.3 million or 10% to $544.9 million in 2026 from $496.6 million in 2025 . - **Consolidated Expenses**: Total consolidated expenses increased by 11% to $505.9 million in 2026 from $456.9 million in 2025 . - **Compensation and related expenses**: Increased by $56.8 million or 25% to $287.1 million in 2026 . - **Selling, general and administrative**: Increased by $12.7 million or 13% to $107.4 million in 2026 . - **Intangible amortization and impairments**: Decreased by $34.1 million or 41% to $49.2 million in 2026 . - **Interest expense**: Increased by $4.3 million or 13% to $38.4 million in 2026 . - **Other expenses (net)**: Increased by $9.6 million or 82% to $21.3 million in 2026 . #### Equity Method Income (Net) (For the Three Months Ended March 31) - **Equity Method Affiliate Average AUM**: Increased by 44% to $454.2 billion in 2026 from $315.6 billion in 2025 . - **Equity Method Revenue, Net**: Increased by $591.2 million or 76% to $1,365.0 million in 2026 from $773.8 million in 2025 . - **Pre-tax equity method earnings**: Increased by $86.7 million or 87% to $186.2 million in 2026 from $99.5 million in 2025 . - **Equity method intangible amortization**: Increased by $8.0 million or 43% to -$26.6 million in 2026 from -$18.6 million in 2025 . - **Equity method intangible impairments**: Increased by $8.0 million to -$8.0 million in 2026 from $0.0 million in 2025 . - **Equity method income (net)**: Increased by 96% to $147.4 million in 2026 from $75.3 million in 2025 . #### Net Income (For the Three Months Ended March 31) - **Net Income**: Increased by 48% to $146.4 million in 2026 from $99.2 million in 2025 . - **Net Income (controlling interest)**: Increased by $38.0 million or 52% to $110.4 million in 2026 from $72.4 million in 2025 . #### Supplemental Financial Performance Measures (For the Three Months Ended March 31) - **Adjusted EBITDA (controlling interest)**: Increased by $89.1 million or 39% to $317.3 million in 2026 from $228.2 million in 2025 . - **Economic Net Income (controlling interest)**: Increased by $65.9 million or 42% to $224.6 million in 2026 from $158.7 million in 2025 . - **Economic Earnings Per Share**: Increased to $8.23 in 2026 from $5.20 in 2025 . #### Cash Flow (For the Three Months Ended March 31) - **Operating Cash Flow**: Increased to $299.3 million in 2026 from $208.9 million in 2025 . - **Investing Cash Flow**: -$229.0 million in 2026, from -$35.6 million in 2025 . - **Financing Cash Flow**: -$277.3 million in 2026, from -$316.9 million in 2025 . - **Net Decrease in Cash and Cash Equivalents**: -$209.9 million in 2026, compared to -$139.5 million in 2025 . - **Cash and Cash Equivalents at End of Period**: $376.1 million as of March 31, 2026, down from $816.5 million as of March 31, 2025 . #### Debt and Capital Resources - **Total Debt (carrying value)**: Increased to $2,953.2 million as of March 31, 2026, from $2,728.7 million as of December 31, 2025 . - **Senior Bank Debt**: $565.0 million outstanding under a $1.25 billion revolver as of March 31, 2026 . - **Senior Notes**: Total carrying value of $1,172.1 million as of March 31, 2026 . - **Junior Subordinated Notes**: Total carrying value of $1,216.1 million as of March 31, 2026 . - **Junior Convertible Securities**: Fully settled in January 2026 for an aggregate amount of $514.6 million . - **Share Repurchases**: Affiliated Managers Group, Inc. repurchased 0.6 million shares of its common stock at an average price of $307.01 per share during the three months ended March 31, 2026 . As of March 31, 2026, 5.6 million shares remained available for repurchase . - **Unfunded Commitments**: $420.9 million for co-investments in Affiliate sponsored investment products as of March 31, 2026 . - **Redeemable Non-controlling Interests**: $264.0 million as of March 31, 2026 . - **Affiliate Equity Purchases**: Net purchases of approximately $65 million of Affiliate equity are expected during the remainder of 2026 . #### Outlook and Strategy Affiliated Managers Group, Inc. aims to generate long-term value by investing in independent partner-owned firms and allocating resources to high-growth areas . The company anticipates an evolving business mix with expanded exposure to private markets and liquid alternatives, positioning it to benefit from industry growth trends . 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