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 .<h4>Operating Performance Measures</h4><ul><li>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 .</li><li>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 .</li></ul><h4>Assets Under Management (Changes for Three Months Ended March 31, 2026)</h4><ul><li>Total AUM (December 31, 2025): $813.3 billion .</li><li>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 &amp; Fixed Income .</li><li>New Investments: $59.8 billion .</li><li>Market Changes: -$5.9 billion .</li><li>Foreign Exchange: -$3.4 billion .</li><li>Realizations and Distributions (net): -$2.0 billion .</li><li>Total AUM (March 31, 2026): $882.0 billion .</li></ul><h4>Investment Strategy Performance (as of March 31, 2026)</h4><ul><li>Private Markets: 84% of AUM outperformed benchmarks for the latest vintage and 86% for the last three vintages .</li><li>Liquid Alternatives: 92% of AUM outperformed benchmarks over 3-year, 5-year, and 10-year periods .</li><li>Equities: 41% of AUM outperformed benchmarks over 3 years, 43% over 5 years, and 59% over 10 years .</li><li>Multi-Asset &amp; Fixed Income: Not measured against a benchmark .</li></ul><h4>Consolidated Revenue and Expenses (For the Three Months Ended March 31)</h4><ul><li>Consolidated Revenue: Increased by $48.3 million or 10% to $544.9 million in 2026 from $496.6 million in 2025 .</li><li>Consolidated Expenses: Total consolidated expenses increased by 11% to $505.9 million in 2026 from $456.9 million in 2025 .<ul><li>Compensation and related expenses: Increased by $56.8 million or 25% to $287.1 million in 2026 .</li><li>Selling, general and administrative: Increased by $12.7 million or 13% to $107.4 million in 2026 .</li><li>Intangible amortization and impairments: Decreased by $34.1 million or 41% to $49.2 million in 2026 .</li><li>Interest expense: Increased by $4.3 million or 13% to $38.4 million in 2026 .</li><li>Other expenses (net): Increased by $9.6 million or 82% to $21.3 million in 2026 .</li></ul></li></ul><h4>Equity Method Income (Net) (For the Three Months Ended March 31)</h4><ul><li>Equity Method Affiliate Average AUM: Increased by 44% to $454.2 billion in 2026 from $315.6 billion in 2025 .</li><li>Equity Method Revenue, Net: Increased by $591.2 million or 76% to $1,365.0 million in 2026 from $773.8 million in 2025 .</li><li>Pre-tax equity method earnings: Increased by $86.7 million or 87% to $186.2 million in 2026 from $99.5 million in 2025 .</li><li>Equity method intangible amortization: Increased by $8.0 million or 43% to -$26.6 million in 2026 from -$18.6 million in 2025 .</li><li>Equity method intangible impairments: Increased by $8.0 million to -$8.0 million in 2026 from $0.0 million in 2025 .</li><li>Equity method income (net): Increased by 96% to $147.4 million in 2026 from $75.3 million in 2025 .</li></ul><h4>Net Income (For the Three Months Ended March 31)</h4><ul><li>Net Income: Increased by 48% to $146.4 million in 2026 from $99.2 million in 2025 .</li><li>Net Income (controlling interest): Increased by $38.0 million or 52% to $110.4 million in 2026 from $72.4 million in 2025 .</li></ul><h4>Supplemental Financial Performance Measures (For the Three Months Ended March 31)</h4><ul><li>Adjusted EBITDA (controlling interest): Increased by $89.1 million or 39% to $317.3 million in 2026 from $228.2 million in 2025 .</li><li>Economic Net Income (controlling interest): Increased by $65.9 million or 42% to $224.6 million in 2026 from $158.7 million in 2025 .</li><li>Economic Earnings Per Share: Increased to $8.23 in 2026 from $5.20 in 2025 .</li></ul><h4>Cash Flow (For the Three Months Ended March 31)</h4><ul><li>Operating Cash Flow: Increased to $299.3 million in 2026 from $208.9 million in 2025 .</li><li>Investing Cash Flow: -$229.0 million in 2026, from -$35.6 million in 2025 .</li><li>Financing Cash Flow: -$277.3 million in 2026, from -$316.9 million in 2025 .</li><li>Net Decrease in Cash and Cash Equivalents: -$209.9 million in 2026, compared to -$139.5 million in 2025 .</li><li>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 .</li></ul><h4>Debt and Capital Resources</h4><ul><li>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 .</li><li>Senior Bank Debt: $565.0 million outstanding under a $1.25 billion revolver as of March 31, 2026 .</li><li>Senior Notes: Total carrying value of $1,172.1 million as of March 31, 2026 .</li><li>Junior Subordinated Notes: Total carrying value of $1,216.1 million as of March 31, 2026 .</li><li>Junior Convertible Securities: Fully settled in January 2026 for an aggregate amount of $514.6 million .</li><li>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 .</li><li>Unfunded Commitments: $420.9 million for co-investments in Affiliate sponsored investment products as of March 31, 2026 .</li><li>Redeemable Non-controlling Interests: $264.0 million as of March 31, 2026 .</li><li>Affiliate Equity Purchases: Net purchases of approximately $65 million of Affiliate equity are expected during the remainder of 2026 .</li></ul><h4>Outlook and Strategy</h4>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 . Its current cash balance, operating cash flows, and revolver borrowings are expected to sufficiently support future cash uses .

Affiliated Managers | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 544.9 M