$MGR

AFFILIATED MANAGERS GROUP, INC.

CIK:0001004434|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Consolidated revenue	$ 640.7	$ 493.2	$ 1,185.6	$ 989.8
Consolidated expenses:
Compensation and related expenses	316.1	263.7	603.2	494.1
Selling, general and administrative	107.4	95.7	214.7	190.4
Intangible amortization and impairments	7.2	6.3	56.5	89.6
Interest expense	40.5	34.5	78.9	68.6
Depreciation and other amortization	2.2	2.5	4.7	5.3
Other expenses (net)	13.3	10.0	34.6	21.6
Total consolidated expenses	486.7	412.7	992.6	869.6
Equity method income (net)	124.9	65.6	272.2	140.9
Affiliate transaction gains (Note 8)	14.6	0.0	14.6	0.0
Investment and other income	13.9	25.5	20.4	37.1
Income before income taxes	307.4	171.6	500.2	298.2
Income tax expense	70.0	35.7	116.5	63.1
Net income	237.4	135.9	383.7	235.1
Net income (non-controlling interests)	(51.5)	(51.6)	(87.4)	(78.5)
Net income (controlling interest)	$ 185.9	$ 84.3	$ 296.3	$ 156.6
Average shares outstanding (basic) (in shares)	26.4	28.5	26.6	28.9
Average shares outstanding (diluted) (in shares)	26.9	31.4	27.3	32.3
Earnings per share (basic) (in dollars per share)	$ 7.05	$ 2.96	$ 11.16	$ 5.43
Earnings per share (diluted) (in dollars per share)	$ 6.95	$ 2.80	$ 10.76	$ 5.01

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flow from (used in) operating activities:
Net income	$ 383.7	$ 235.1
Adjustments to reconcile Net income to cash flow from (used in) operating activities:
Intangible amortization and impairments	56.5	89.6
Depreciation and other amortization	4.7	5.3
Deferred income tax expense (benefit)	(32.6)	26.8
Equity method income (net)	(272.2)	(140.9)
Distributions received from equity method investments	464.5	295.9
Affiliate transaction gains	(14.6)	0.0
Share-based compensation and Affiliate equity expense	83.8	92.3
Net realized and unrealized gains on investment securities	(14.0)	(20.5)
Other non-cash items	9.2	(3.9)
Changes in assets and liabilities:
Purchases of securities by consolidated Affiliate-sponsored investment products	(64.6)	(35.1)
Sales of securities by consolidated Affiliate-sponsored investment products	47.7	30.5
Increase in receivables	(355.9)	(126.9)
(Increase) decrease in other assets	9.8	(13.0)
Increase in payables, accrued liabilities, and other liabilities	232.3	4.5
Cash flow from operating activities	538.3	439.7
Cash flow from (used in) investing activities:
Investments in Affiliates	(242.3)	(510.1)
Proceeds from Affiliate transactions	36.2	0.0
Return of capital from equity method investments in Affiliates	2.5	0.0
Purchases of fixed assets	(3.8)	(3.0)
Purchases of investment securities	(69.1)	(56.4)
Maturities and sales of investment securities	57.2	40.2
Cash flow used in investing activities	(219.3)	(529.3)
Cash flow from (used in) financing activities:
Borrowings of senior bank debt	820.0	0.0
Repayments of senior bank debt	(170.0)	0.0
Repayments of junior convertible securities	(340.6)	0.0
Conversion payments on junior convertible securities	(174.0)	0.0
Repurchases of common stock, net	(364.8)	(277.5)
Distributions to non-controlling interests	(146.3)	(149.7)
Affiliate equity purchases, net	(56.7)	(41.1)
Other financing items	(56.6)	(50.1)
Cash flow used in financing activities	(489.0)	(518.4)
Effect of foreign currency exchange rate changes on cash and cash equivalents	(2.8)	13.0
Net decrease in cash and cash equivalents	(172.8)	(595.0)
Cash and cash equivalents at beginning of period	586.0	950.0
Effect of consolidation (deconsolidation) of Affiliate-sponsored investment products	(2.2)	6.0
Cash and cash equivalents at end of period	$ 411.0	$ 361.0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 411.0	$ 586.0
Receivables	846.9	496.2
Investments	757.9	711.6
Goodwill	2,511.6	2,531.2
Acquired client relationships (net)	1,577.6	1,639.3
Equity method investments in Affiliates (net)	2,936.8	2,870.4
Fixed assets (net)	53.4	54.4
Other assets	308.3	318.3
Total assets	9,403.5	9,207.4
Liabilities and Equity
Payables and accrued liabilities	1,015.9	806.9
Debt	3,004.0	2,691.3
Deferred tax liability (net)	486.8	533.1
Other liabilities	692.9	754.0
Total liabilities	5,199.6	4,785.3
Commitments and contingencies (Note 7)
Redeemable non-controlling interests	270.2	246.8
Equity:
Common stock ($0.01 par value, 153.0 shares authorized; 58.5 shares issued as of December 31, 2025 and June 30, 2026)	0.6	0.6
Additional paid-in capital	530.2	616.1
Accumulated other comprehensive loss	(129.0)	(106.8)
Retained earnings	7,911.2	7,615.4
Total stockholders' equity before treasury stock	8,313.0	8,125.3
Less: Treasury stock, at cost (31.5 shares and 32.5 shares as of December 31, 2025 and June 30, 2026, respectively)	(5,275.0)	(4,886.9)
Total stockholders' equity	3,038.0	3,238.4
Non-controlling interests	895.7	936.9
Total equity	3,933.7	4,175.3
Total liabilities and equity	$ 9,403.5	$ 9,207.4