Filing Flows › Affiliated Managers Group (AMG) › Q3 2025
Affiliated Managers Group (AMG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Affiliated Managers Group (AMG) reported revenue of $528M for the third quarter 2025 (Q3 2025), +2% from a year earlier and +7% from the quarter before. Operating margin was 68.7%, net earnings $212M (40.2% of revenue).
Affiliated Managers Group, Q3 2025: revenue $528M (+2% year over year), operating margin 68.7%, net earnings $212M, operating cash flow $277M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $528M | +7% | +2% |
| Operating profit | $362M | +111% | +67% |
| Net earnings | $212M | +152% | +72% |
| Operating cash flow | $277M | +20% | +4% |
| Free cash flow | $276M | +20% | +4% |
What changed
Revenue was $528.0M in Q3 2025, up 2% year over year and up 7% from the previous quarter.
Operating profit was $362.5M, a 68.7% margin (up 26.6 points year over year). Of the extra revenue versus a year earlier, 1253% reached operating profit, above the 42% margin then. Total costs fell 45% while revenue rose 2%. Net earnings were $212.4M, up 72% year over year. The effective tax rate was 19.8%.
Operating cash flow was $277.1M (up 4% year over year), 95% of net income including minority interests. Non-cash charges added back $56.3M of share-based compensation. Working capital and other items used $70.1M. Capital expenditures of $1.2M left free cash flow of $275.9M.
Questions
What was Affiliated Managers Group's revenue in the third quarter 2025?
Affiliated Managers Group (AMG) reported revenue of $528M for the third quarter 2025 (Q3 2025), +2% from a year earlier and +7% from the quarter before.
Was Affiliated Managers Group profitable in the third quarter 2025?
Operating profit was $362M (68.7% of revenue) and net earnings $212M.