The accelerating shift to alternatives is driving a structural re-rating — monitor the Q3 earnings call for updates on new affiliate investments and organic growth momentum. The aggressive buyback ($375M in H1, ~4% of market cap) provides a floor, but the primary catalyst is the earnings mix shift toward higher-fee alternatives.
Price Chart
Executive Summary
AMG reported Q2 2026 Economic EPS of $8.29, a 54% YoY increase and a 4.7% beat vs the $7.92 consensus, driven by record AUM of $942B and strong alternative strategy inflows of $29B. The company also repurchased $189M in stock during the quarter, continuing its aggressive capital return program. The combination of accelerating earnings growth, robust organic inflows, and disciplined capital allocation makes this a strong bullish signal for the stock.
Key Financial Metrics
Key Facts
- Economic EPS of $8.29 beat consensus of $7.92 by 4.7% and grew 54% YoY from $5.39
- Record AUM of $942.4B, up 22% YoY, driven by $69B in new investments and $56B in net client cash flows
- Net client cash flows of $12.9B in Q2, including record alternative net inflows of $29B
- Repurchased $189M in common stock in Q2, bringing H1 total to $375M
- Adjusted EBITDA grew 44% YoY to $316M
- Consolidated revenue of $640.7M, up 30% YoY from $493.2M
- Net income (controlling interest) of $185.9M, up 120% YoY from $84.3M
Financial Impact
Economic EPS of $8.29 vs $7.92 consensus (+4.7% beat); revenue of $640.7M vs $590.9M consensus (+8.4% beat)
Risk Factors
- Market downturn could reverse AUM growth and fee income
- Integration risks from new affiliate investments
- Key-personnel risk at affiliate firms
- Competition for alternative asset acquisitions could compress returns
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-050793 |
| Document: amg-20260730.htm | 0001628280-26-050793 |
| Document: 0001628280-26-050793-index-headers.html | 0001628280-26-050793 |
| Document: 0001628280-26-050793-index.html | 0001628280-26-050793 |
| Document: 0001628280-26-050793.txt | 0001628280-26-050793 |
| 8-K Data (Synthetic) | 0001628280-26-050793 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 30, 2026 9w ago | 8-K | $365.46 $370.48 | ▲ +1.37% | ▼ −2.59% | $371.43 (+1.63%) |
Jul 30, 2026 9w ago | Press Release | $365.46 $370.48 | ▲ +1.37% | ▼ −2.59% | $371.43 (+1.63%) |
Jul 24, 2026 10w ago | Press Release | $363.80 $358.94 | ▼ −1.34% | ▼ −4.63% | $371.43 (+2.10%) |
Jul 23, 2026 10w ago | Institutional Cluster | $347.77 $352.61 | ▲ +1.39% | ▼ −1.92% | $371.43 (+6.80%) |
Jun 8, 2026 16w ago | Insider Cluster | $342.12 $359.72 | ▲ +5.14% | ▲ +3.70% | $371.43 (+8.57%) |
May 6, 2026 21w ago | Insider Cluster | $306.01 $311.61 | ▲ +1.83% | ▼ −0.95% | $371.43 (+21.38%) |
May 1, 2026 22w ago | Press Release | $291.06 $302.45 | ▲ +3.91% | ▼ −1.37% | $371.43 (+27.61%) |
US Market Status
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