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Affiliated Managers Group cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$239M in Q2 2026 · $1.1B over twelve months

Operating cash flow$239M
Free cash flow+$239M
Cash / net income1.0×

Analysis

In Q2 2026, Affiliated Managers Group generated $239M of operating cash flow. That is $9.6M more than in Q2 2025 ($229M).

Over the twelve months to Jun 30, 2026, operating cash flow was $1.1B; the largest uses were buybacks ($794M), partners ($249M), other financing ($76.8M); besides operations, cash came from other investing ($111M); the cash balance rose by $52.2M.

Operating cash flow was $239M against net income of $237M — 1.0× profit, roughly in line with earnings. The largest differences: receivables +$37.6M, gains on investments −$17.9M, deferred taxes +$13.1M.

Free cash flow

Affiliated Managers Group: free cash flow by quarterAffiliated Managers Group: free cash flow by quarter$264MQ3 2024$211MQ4 2024$207MQ1 2025$229MQ2 2025$276MQ3 2025$254MQ4 2025$296MQ1 2026$239MQ2 2026
Operating cash flow less capital spending.
Affiliated Managers Group: operating cash flow against capital spendingAffiliated Managers Group: operating cash flow against capital spendingOperating cash flowCapital spending$265M$700KQ3 2024$212M$1.1MQ4 2024$209M$1.6MQ1 2025$231M$1.4MQ2 2025$277M$1.2MQ3 2025$256M$1.9MQ4 2025$299M$3.8MQ1 2026$239M$0Q2 2026
Latest (Q2 2026): Operating cash flow $239M, Capital spending $0.

Capital allocation, year by year

Affiliated Managers Group: where the cash came from (up) and went (down), by fiscal yearAffiliated Managers Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY2021: Operating cash flow $1.3BFY2021: Net borrowing $167MFY2021: Shares issued $3.6MFY2021: Capital spending −$8.4MFY2021: Buybacks −$595MFY2021: Dividends −$1.7M$1.4BFY2021FY2022: Operating cash flow $1.1BFY2022: Net borrowing −$60.8MFY2022: Shares issued $2.6MFY2022: Capital spending −$11.4MFY2022: Buybacks −$714MFY2022: Dividends −$1.6M$1.1BFY2022FY2023: Operating cash flow $874MFY2023: Capital spending −$12.4MFY2023: Buybacks −$342MFY2023: Dividends −$1.5M$874MFY2023FY2024: Operating cash flow $932MFY2024: Net borrowing $97.6MFY2024: Shares issued $300KFY2024: Capital spending −$3.4MFY2024: Buybacks −$710MFY2024: Dividends −$1.4M$1.0BFY2024FY2025: Operating cash flow $973MFY2025: Net borrowing $73.2MFY2025: Shares issued $2.8MFY2025: Capital spending −$6.1MFY2025: Buybacks −$706MFY2025: Dividends −$1.0M$1.0BFY2025
Over these 5 years operating cash flow totalled $5.1B; the largest uses were buybacks ($3.1B) and net borrowing ($60.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$411M
Debt$3.0B
Net debt$2.6B

Affiliated Managers Group funds itself: free cash flow was $1.1B over the last twelve months, and $411M of cash and investments stands against $3.0B of debt.

Where the cash came from and went

Affiliated Managers Group: sources (+) and uses (−) of cash, Q2 2026Affiliated Managers Group: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$239MBuybacks−$180MNet borrowing (+) / repaid (−)$85.0MPartners−$62.2MOther financing−$54.8MCash drawn (+) / kept (−)−$37.1MOther investing$9.7MExchange rates$100K
Affiliated Managers Group: sources (+) and uses (−) of cash, TTM to Q2 2026Affiliated Managers Group: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$1.1BBuybacks−$794MPartners−$249MOther investing$111MOther financing−$76.8MCash drawn (+) / kept (−)−$52.2MCapital spending−$6.9MExchange rates−$4.2M

From profit to cash

Affiliated Managers Group: net income to operating cash flow, Q2 2026Affiliated Managers Group: net income to operating cash flow, Q2 2026Net income$237MStock-based pay$10.2MDeferred taxes$13.1MGains on investments−$17.9MOther non-cash−$600KReceivables$37.6MPrepaid and other assets$8.2MOperating cash flow$239M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$239M——−$180M—$85.0M−$37.1M$239M
Q1 2026$299M−$3.8M—−$185M—$565M$210M$296M
Q4 2025$256M−$1.9M—−$353M−$200K$323M−$110M$254M
Q3 2025$277M−$1.2M−$8.9M−$75.7M−$300K−$250M−$115M$276M
Q2 2025$231M−$1.4M−$13.1M−$101M−$200K—$456M$229M
Q1 2025$209M−$1.6M−$29.8M−$176M−$300K—$140M$207M
Q4 2024$212M−$1.1M—−$120M−$400K—$60.7M$211M
Q3 2024$265M−$700K−$5.0M−$105M−$300K$97.6M−$140M$264M

Affiliated Managers Group: income statement and cash flow

Affiliated Managers Group, Q2 2026: revenue $641M (+30% year over year), operating margin 48.0%. The chart follows the revenue to costs, profit and cash.

Affiliated Managers Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.