The strong beat and margin expansion reinforce Acadian's organic growth story. Monitor for continued inflows and any update on VC ratio guidance (implied 38%-42% full year). The stock may re-rate higher given consistent outperformance, but watch for potential slowdown in flow momentum from the record Q1 pace.
Price Chart
Executive Summary
Acadian Asset Management reported Q2 2026 results with record quarterly management fees of $176.5M (+44% YoY), driving ENI diluted EPS of $1.33, which beat consensus of $1.02 by 30%. AUM reached $232.7B (+54% YoY) with net inflows of $4.3B, marking the tenth consecutive quarter of positive flows. ENI operating margin expanded 959 bps to 40.3%, reflecting strong operating leverage.
Key Financial Metrics
Key Facts
- Record quarterly management fees of $176.5M, up 44% YoY
- ENI diluted EPS of $1.33, up 108% YoY and 30% above consensus of $1.02
- ENI operating margin expanded 959 bps to 40.3%
- AUM of $232.7B, up 54% from Q2 2025
- Net inflows of $4.3B, tenth consecutive quarter of positive net flows
- Repurchased 0.2M shares for $10.6M in Q2 2026
- Seasonal revolver borrowings repaid; leverage ratio (net) at 0.5x
Financial Impact
EPS beat consensus by 30% and revenue beat by 6%; management fees grew 44% YoY
Risk Factors
- Net inflows slowed sequentially from $21.4B in Q1 to $4.3B in Q2
- 1-year revenue-weighted performance slipped to 77% (85% a year ago)
- Leverage ratio increased to 0.8x from 1.0x due to term loan; cash balance declined to $64.6M
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-050801 |
| Document: aami-20260730.htm | 0001628280-26-050801 |
| Document: 0001628280-26-050801-index-headers.html | 0001628280-26-050801 |
| Document: 0001628280-26-050801-index.html | 0001628280-26-050801 |
| Document: 0001628280-26-050801.txt | 0001628280-26-050801 |
| 8-K Data (Synthetic) | 0001628280-26-050801 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 12, 2026 7w ago | Institutional Cluster | $92.19 $92.05 | ▼ −0.15% | ▲ +1.75% | $94.17 (+2.15%) |
Jul 30, 2026 9w ago | 8-K | $83.95 $97.31 | ▲ +15.91% | ▲ +11.95% | $94.17 (+12.18%) |
Jun 18, 2026 15w ago | 144 | $75.15 $83.27 | ▼ −10.81% | ▼ −10.27% | $94.17 (−25.31%) |
May 19, 2026 19w ago | 8-K | $68.11 $82.72 | ▲ +21.45% | ▲ +20.47% | $94.17 (+38.27%) |
US Market Status
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