Asset management company Affiliated Managers Group (NYSE: AMG) missed Wall Street’s revenue expectations in Q3 2026, with revenue falling 22.9% year on year to $595.2 million. Its non-GAAP profit of $9.50 per share was 8.1% above analysts’ consensus estimates.
For more on Affiliated Managers Group, read our free full research report.
Affiliated Managers Group (AMG) Q3 2026 highlights:
- Assets under management $973.9 billion vs analysts’ consensus estimates of $947.9 billion (21.2% year-on-year growth, 2.7% beat)
- Revenue $595.2 million vs S&P analyst consensus of $813.4 million (22.9% year-on-year decline, 26.8% miss)
- Pre-tax profit $323.2 million (54.3% margin)
- Adjusted EPS $9.50 vs S&P analyst consensus of $8.79 (8.1% beat)
- Market capitalization $9.39 billion
Revenue growth
A company’s long-term revenue performance is one signal of its overall quality. Any business can put up a good quarter or two, but many enduring ones grow for years. Affiliated Managers Group’s revenue grew at a sluggish 4.2% compounded annual growth rate over the last five years, an underwhelming pace compared with the rest of the financials sector. Still, there are things to like about Affiliated Managers Group.
Long-term growth matters most, but within financials, a half-decade historical view may miss recent interest rate changes, market returns and industry trends. Affiliated Managers Group’s annualized revenue growth of 13.8% over the last two years is above its five-year trend, suggesting its demand recently accelerated. 
This quarter, Affiliated Managers Group missed Wall Street’s consensus estimates and reported an uninspiring 22.9% year-on-year revenue decline, generating $595.2 million of revenue.
Assets under management (AUM)
Assets under management, or AUM, represents the total value of investments that a financial institution manages for its clients. These assets generate steady income through management fees, creating predictable revenue streams that remain stable so long as clients remain invested with the firm.
Affiliated Managers Group’s AUM has grown at an annual rate of 4.1% over the last five years, lagging the broader financials industry and mirroring its total revenue growth. Over the last two years, AUM growth accelerated to 13.5% annually. This performance aligned with its total revenue growth.
In Q3, Affiliated Managers Group’s AUM was $973.9 billion, beating analysts’ consensus estimates by 2.7%. AUM rose 21.2% from the same quarter last year.
Key takeaways from Affiliated Managers Group’s Q3 results
Affiliated Managers Group topped analysts’ consensus expectations for assets under management and Wall Street’s EPS estimates, but revenue fell short. Those beats left some positives, but the revenue miss made for a quarter that could have been better. Shares remained flat at $363.09 immediately after the release.
Is Affiliated Managers Group a buy at its current price? The latest quarter is only one part of its longer-term business quality picture. Quality, combined with valuation, can help determine whether the stock is a buy. For more analysis, read the full research report here (it’s free).
