Filing Flows › Affiliated Managers Group (AMG) › Q4 2025
Affiliated Managers Group (AMG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 17, 2026
Affiliated Managers Group (AMG) reported revenue of $557M for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and +5% from the quarter before. Operating margin was 94.4%, net earnings $348M (62.5% of revenue).
Affiliated Managers Group, Q4 2025: revenue $557M (+6% year over year), operating margin 94.4%, net earnings $348M, operating cash flow $256M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $557M | +5% | +6% |
| Operating profit | $526M | +45% | +92% |
| Net earnings | $348M | +64% | +114% |
| Operating cash flow | $256M | -7% | +21% |
| Free cash flow | $254M | -8% | +20% |
What changed
Revenue was $556.6M in Q4 2025, up 6% year over year and up 5% from the previous quarter.
Operating profit was $525.5M, a 94.4% margin (up 42.2 points year over year). Of the extra revenue versus Q4 2024, 780% reached operating profit, above the 52% margin then. Total costs fell 88% while revenue rose 6%. Net earnings were $347.6M, up 114% year over year. The effective tax rate was 28.1%.
Operating cash flow was $256.4M (up 21% year over year), 68% of net income including minority interests. Non-cash charges added back $24.9M of share-based compensation. Working capital and other items used $146.4M. Capital expenditures of $1.9M left free cash flow of $254.5M.
Questions
What was Affiliated Managers Group's revenue in the fourth quarter 2025?
Affiliated Managers Group (AMG) reported revenue of $557M for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and +5% from the quarter before.
Was Affiliated Managers Group profitable in the fourth quarter 2025?
Operating profit was $526M (94.4% of revenue) and net earnings $348M.