Affiliated Managers
AMG · NYSEInvestment Advice · Fiscal year ends Dec 31
Affiliated Managers reported revenue of $2.1B in the fiscal year ended Dec 2025, up 1.6% from the year before. Net income was $717M. Operating cash flow of $973M less capital expenditure of $6M left free cash flow of $967M. Net debt was $2.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.4B | $2.3B | $2.1B | $2B | $2.1B |
| Selling, general & admin | $347M | $386M | $358M | $377M | $409M |
| Interest expense | $111M | $114M | $124M | – | – |
| Pre-tax income | $1.1B | $1.7B | $1.1B | $923M | $1.2B |
| Income tax | $251M | $358M | $185M | $183M | $282M |
| Net income | $566M | $1.1B | $673M | $512M | $717M |
| Diluted EPS | 13.05 | 25.35 | 17.42 | 15.13 | 22.74 |
| Diluted shares | 45M | 49M | 42M | 36M | 33M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $909M | $429M | $814M | $950M | $586M |
| Net PP&E | $74M | $69M | $67M | $58M | $54M |
| Goodwill | $2.7B | $2.6B | $2.5B | $2.5B | $2.5B |
| Total assets | $8.9B | $8.9B | $9.1B | $8.8B | $9.2B |
| Long-term debt | $2.5B | $2.5B | $2.5B | $2.6B | $2.7B |
| Total liabilities | $4.5B | $4.2B | $4.1B | $4.2B | $4.8B |
| Shareholders' equity | $2.8B | $3.2B | $3.6B | $3.3B | $3.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.3B | $1.1B | $874M | $932M | $973M |
| Capital expenditure | $8M | $11M | $12M | $3M | $6M |
| Free cash flow | $1.3B | $1B | $862M | $929M | $967M |
| Stock-based compensation | $127M | $114M | $112M | $112M | $59M |
| Share buybacks | $595M | $714M | $342M | $710M | $706M |
| Dividends paid | $2M | $2M | $2M | $1M | $1M |
| Dividend per share | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −3.4% | −11.7% | −0.8% | 1.6% |
| EPS growth (YoY) | – | 94.3% | −31.3% | −13.1% | 50.3% |
| Net margin | 23.4% | 49.2% | 32.7% | 25.1% | 34.5% |
| Return on equityBlank when equity is negative | 20.3% | 35.5% | 18.8% | 15.3% | 22.1% |
| Free cash flow margin | 51.8% | 44.8% | 41.9% | 45.5% | 46.6% |
| Cash conversion (CFO ÷ net income) | 2.23x | 0.92x | 1.30x | 1.82x | 1.36x |
| Debt ÷ equity | 0.89x | 0.78x | 0.71x | 0.78x | 0.83x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $1.6B | $2.1B | $1.7B | $1.7B | $2.1B |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.