The headline EPS miss due to the annual unlocking charge may pressure the stock near term, but the strong underlying operating results (22% EPS growth ex-unlocking) and the $5.5B buyback authorization provide a floor. Watch for management's commentary on the Q3 call regarding the sustainability of the unlocking impact and the pace of share repurchases under the new authorization.
Price Chart
Executive Summary
Ameriprise Financial reported Q3 2026 adjusted operating EPS of $11.26, a 4.3% miss versus the $11.77 consensus, though revenue of $5.08B was in line with the $5.08B estimate. The miss was driven by a $0.81/share unfavorable unlocking charge from annual insurance assumption reviews. Underlying results excluding unlocking were strong, with adjusted operating EPS of $12.07 (up 22% YoY), and the company announced a new $5.5B share repurchase authorization through 2028.
Key Financial Metrics
Key Facts
- Q3 2026 adjusted operating EPS of $11.26 missed consensus of $11.77 by 4.3%
- Adjusted operating EPS excluding unlocking was $12.07, up 22% YoY
- GAAP net income of $1.126B, up 23% YoY; GAAP diluted EPS of $12.32
- Adjusted operating net revenues of $5.075B, up 10% YoY, in line with $5.08B consensus
- Unfavorable unlocking impact of $0.81/share on adjusted operating basis from annual assumption review
- New $5.5B share repurchase authorization announced through September 2028
- Total capital returned to shareholders of $1.026B in Q3, 93% of operating earnings
- Assets under management, administration and advisement of $1.78 trillion, up 8% YoY
- Advice Wealth Management pretax adjusted operating earnings up 12% to $989M
- Asset Management pretax adjusted operating earnings up 18% to $308M, net margin 45.7%
- Retirement Protection Solutions pretax adjusted operating earnings down 39% to $132M, or down 1% excluding unlocking to $198M
- Huntington Bank advisor transition completed with 258 advisors and $28B in client assets
Financial Impact
Adjusted operating EPS of $11.26 vs $11.77 consensus, a $0.51 miss; revenue of $5.08B in line with consensus
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Advice Wealth Management | $3.4B | +13.0% |
| Asset Management | $990.0M | +9.0% |
| Retirement Protection Solutions | $997.0M | -10.0% |
Risk Factors
- Unfavorable unlocking charges from insurance assumption reviews could recur in future periods
- Asset Management net outflows of $9.3B in the quarter, worsening from $3.4B a year ago
- Retirement Protection Solutions segment earnings declined 39% on a reported basis
- Comerica advisor transition caused $1.5B in cash sweep outflows and negative client flows
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000820027-26-000050 |
| Document: amp-20261029.htm | 0000820027-26-000050 |
| Document: 0000820027-26-000050-index-headers.html | 0000820027-26-000050 |
| Document: 0000820027-26-000050-index.html | 0000820027-26-000050 |
| Document: 0000820027-26-000050.txt | 0000820027-26-000050 |
| 8-K Data (Synthetic) | 0000820027-26-000050 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $497.90 $490.83 | ▲ +1.42% | ▼ −0.35% | $490.83 (+1.42%) |
Oct 23, 2026 9d ago | Institutional Cluster | $492.19 $493.60 | ▲ +0.29% | ▼ −0.42% | $490.83 (−0.28%) |
Aug 14, 2026 11w ago | 13F-HR | $569.54 $561.63 | ▼ −1.39% | ▼ −0.92% | $490.83 (−13.82%) |
Aug 12, 2026 11w ago | Insider Cluster | $570.68 $569.54 | ▼ −0.20% | ▼ −0.00% | $490.83 (−13.99%) |
Jul 30, 2026 13w ago | Insider Cluster | $545.84 $552.07 | ▲ +1.14% | ▼ −0.28% | $490.83 (−10.08%) |
Jul 23, 2026 14w ago | 8-K | $520.11 $528.90 | ▲ +1.69% | ▲ +1.59% | $490.83 (−5.63%) |
Jun 9, 2026 20w ago | 8-K | $449.19 $450.62 | ▲ +0.32% | ▲ +1.89% | $490.83 (+9.27%) |
Jun 4, 2026 21w ago | 424B5 | $455.15 $454.47 | ▼ −0.15% | ▲ +2.45% | $490.83 (+7.84%) |
May 20, 2026 23w ago | 8-K | $450.15 $453.18 | ▲ +0.67% | ▲ +0.23% | $490.83 (+9.04%) |
Apr 23, 2026 27w ago | 8-K | $461.97 $477.03 | ▲ +3.26% | ▲ +3.10% | $490.83 (+6.25%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers