Affiliated Managers Group posts profit-to-profit growth on both reporting windows

Bottom line

For the three-month reporting period and the six-month year-to-date period, AFFILIATED MANAGERS GROUP, INC. delivered higher revenue, higher net income attributable to parent, and higher diluted earnings per share than the prior-year comparative periods, while remaining profitable on both the quarter and the half-year windows. The exact magnitudes of these gains are presented in the machine-owned financial fact lines that follow this paragraph; only the direction, sign, and qualitative comparison are stated here, in line with the authorized comparisons for this filing.

The source scope is the interim Quarterly Report on Form 10-Q filed by AFFILIATED MANAGERS GROUP, INC. for the reporting periods ending the three months ended June 30, 2026 and the six months ended June 30, 2026, with prior-year comparatives presented for the three months ended June 30, 2025 and the six months ended June 30, 2025. The filing is identified in the public record by 0001004434 and accession 0001628280-26-054930, and the common stock trades under AMG. The financial statements that anchor this section are presented in Item 1, within Part I, Item of the Quarterly Report on Form 10-Q.

Revenue from Contract with Customer, Excluding Assessed Tax rose on both reporting windows relative to the prior-year comparables, as reported in Item 1; the authorized direction for the half-year and for the quarter is higher than the prior period, with both the current and prior periods positive. Net Income (Loss) Attributable to Parent likewise increased on both windows, remaining a profit on both the current and prior sides; the authorized transition is profit to profit, with direction higher than the prior period on each window. Earnings Per Share, Diluted tracked that pattern, with a higher per-share result on the quarter and on the half-year, each a profit compared with a profit in the prior-year comparative.

Management's basis-of-presentation note, captured in Item 1, explains that the Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Rule (omitted) of Regulation S-X, and that operating results for interim periods are not necessarily indicative of results that may be expected for any other period or for the full year. The same narrative flags that the Company accounts for the majority of its interests in investments with limited liquidity one quarter in arrears, which the source narrative notes as adjusted for current period calls and distributions. No management explanation in this filing attributes the period-over-period changes to any single cause. Where a cause would otherwise be discussed, this section instead invokes The filing evidence does not attribute this change to any single cause. rather than offering a margin-pressure or driver narrative unsupported by the filing evidence.

Counter-evidence and unknowns are limited: the filing presents no peer or industry comparison, and The filing evidence contains no peer or industry comparison. applies to any read-across to other asset managers. The reference catalog available to this section covers Item 1, Item 2, Item 3, Item 4, Item 6, the cited fair-value levels (Level 1, Level 2, Level 3), and the cited notes (Note 6, Note 7, Note 8); subsequent sections will draw on those references where the underlying dimension is cash flow, capital return, fair-value measurement, or balance-sheet detail. For the headline conclusion in this opening section, the reported evidence is sufficient to state that revenue, net income, and diluted EPS each moved higher on a year-over-year basis across both the quarter and the six-month windows, with the issuer remaining profitable on every window presented.

Financial performance

's interim report under 10-Q for period-ended-2026-06-30 (accession 0001628280-26-054930) presents two reporting windows against the same prior-year windows. Across both the three-month reporting period and the six-month year-to-date period, every headline line remains a profit compared to a profit in the comparative window. - Revenue from Contract with Customer, Excluding Assessed Tax is reported at $640,700,000 for the three months ended June 30, 2026 versus $493,200,000 for the three months ended June 30, 2025, and at $1,185,600,000 for the six months ended June 30, 2026 versus $989,800,000 for the six months ended June 30, 2025.

On both windows, the authorized direction is higher than the prior-year period. - Net Income (Loss) Attributable to Parent is reported at $185,900,000 for the three months ended June 30, 2026 against $84,300,000 for the three months ended June 30, 2025, and at $296,300,000 for the six months ended June 30, 2026 against $156,600,000 for the six months ended June 30, 2025. The authorized transition is profit to profit on both windows, and the authorized direction is higher than the prior-year period in each case.

01 per diluted share for the six months ended June 30, 2025. The authorized direction is higher than the prior-year period on both windows, with the authorized transition remaining profit to profit. - The financial statements appear within the Item referenced as Item 1, where the consolidated statements of operations carry the values cited above.

The accounting policies note reminds readers that the majority of interests in investments with limited liquidity are accounted for one quarter in arrears, adjusted for current-period calls and distributions, while investments with periodic liquidity are generally redeemable on a daily, monthly, or quarterly basis — a timing convention that shapes how interim results relate to eventual cash receipts. - Investments without readily determinable fair values are summarized in a table tracked under Level 3, showing cost, cumulative unrealized gains, and carrying amount at the recent balance-sheet date versus the prior fiscal year-end.

For the three and six months then ended, the Company did not recognize any net unrealized gains or losses on the underlying investment. - Several recent FASB updates are listed as currently under evaluation by the Company, covering expense disaggregation, the accounting acquirer in variable interest entity acquisitions, internal-use software, and hedge accounting improvements. None of these standards has yet changed reported figures; they are disclosed as forward-looking evaluation items only.

- Management cautions that operating results for interim periods are not necessarily indicative of the results that may be expected for any other period or for the full year, reinforcing that quarter-to-quarter and half-year-to-half-year comparisons sit inside a longer annual cycle rather than a steady-state run rate. - Cross-checking the profit-to-profit pattern against the broader Finance Calculators Insights category, readers comparing this filing to a peer interim result may find Lizely Finance Earnings Analysis — UFP TECHNOLOGIES INC Interim Filing: Profit-to-Profit Growth on Both Windows a useful adjacent reference for how a profit-to-profit transition is presented elsewhere.

- The filing evidence does not attribute this change to any single cause. - The filing evidence contains no peer or industry comparison.

Operating drivers and segments

The filing reviewed here is the consolidated interim report of AFFILIATED MANAGERS GROUP, INC. filed on 10-Q for period-ended-2026-06-30 under accession 0001628280-26-054930, with CIK 0001004434 and ticker AMG. Across both reporting windows, the top line the catalog records is Revenue from Contract with Customer, Excluding Assessed Tax, reported on a single consolidated basis rather than broken out by reportable segment. The reported revenue is $640,700,000 USD for the three-month period the three months ended June 30, 2026, $493,200,000 USD for the prior-year three-month period the three months ended June 30, 2025, $1,185,600,000 USD for the six-month year-to-date period the six months ended June 30, 2026, and $989,800,000 USD for the comparable six-month window the six months ended June 30, 2025. Because the freeze provides only this single revenue line and does not enumerate segment-level revenue, contribution margin, or operating margin, segment mix, geographic mix, asset-class mix, and fee-versus-performance mix for AFFILIATED MANAGERS GROUP, INC. are not stated in the filing evidence available to this section. Any inference about which Affiliate, distribution channel, or strategy drove the consolidated top line would not be grounded in the catalog.

Management's own explanation, drawn from the cited notes and interim disclosures, addresses methodology rather than drivers of the period's revenue. Management states the interim statements have been prepared under U.S. GAAP for interim financial information and conform to 10-Q instructions, with prior-period reclassifications applied to match the current presentation. Management explains that the Company accounts for the majority of its interests in investments with limited liquidity one quarter in arrears, adjusted for current-period calls and distributions, and that investments with periodic liquidity are generally redeemable on a daily, monthly, or quarterly basis. Management also explains the carrying-value mechanics for the private corporation investment recorded without readily determinable fair value, notes that no net unrealized gains or losses were recognized on that investment for the three and six months referenced, and describes where contingent payment obligation movements, Affiliate equity purchase obligation accretion, and consolidated Affiliate-sponsored debt securities are reflected in the Consolidated Statements of Income. Management also flags several recently issued ASUs covering expense disaggregation, variable interest entity acquisitions, internal-use software, and hedge accounting, each of which the Company is currently evaluating for potential impact. Management's explanation for revenue direction is The filing evidence does not attribute this change to any single cause..

Independent analysis in this section cannot add a driver story on top of management's framing, because the filing evidence does not pair the revenue line with volume, AUM, performance fee, or market-level data that would let an outside reader attribute the change. The catalog records only the consolidated revenue figure for each window, and authorized year-over-year comparison is limited to the qualitative direction that revenue for the three-month period the three months ended June 30, 2026 was higher than the prior-year three-month period the three months ended June 30, 2025, and revenue for the six-month year-to-date period the six months ended June 30, 2026 was higher than the comparable prior-year window the six months ended June 30, 2025. The filing evidence does not separate fee income from performance fees, does not quantify the contribution of any Affiliate, and does not address market movements, asset flows, or competitive dynamics during the window, so a counter-narrative against management's explanation cannot be supported with catalog data. Peer or industry comparison is The filing evidence contains no peer or industry comparison., and a detailed driver walk is The filing evidence does not attribute this change to any single cause.. Readers evaluating this window alongside other issuers, for example the prior Lizely coverage of REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing, should treat the directional observation here as a standalone consolidated revenue read pending additional segment disclosure.

Cash flow and capital

The consolidated cash flow statement for AFFILIATED MANAGERS GROUP, INC., as filed for 10-Q covering period-ended-2026-06-30, shows operating, investing, and financing activity moving in opposite directions from each other, and the balance sheet figures shown on the same statement date round out the working-capital picture. Reported facts below are taken directly from the cash flow and balance sheet lines, while direction comparisons are limited to the authorized year-over-year relations the catalog permits.

- Operating cash generation: Net Cash Provided by (Used in) Operating Activities was $538,300,000 USD for the six months ended the six months ended June 30, 2026, compared with $439,700,000 USD for the six months ended June 30, 2025. Both periods are positive; the authorized comparison indicates the current period is higher than the prior period. The filing evidence does not break this aggregate into drivers, so any read-through to fees, incentive realizations, or working-capital movements is The filing evidence does not attribute this change to any single cause.. - Investing outflows: Net Cash Provided by (Used in) Investing Activities was -$219,300,000 USD for the six months ended June 30, 2026, compared with -$529,300,000 USD for the six months ended June 30, 2025. Both periods are negative, and the authorized comparison again indicates the current period is higher than the prior period — that is, less cash absorbed by investing activity than in the prior-year window. Capital intensity is reflected inside this line: Payments to Acquire Property, Plant, and Equipment were $3,800,000 USD for the six months ended June 30, 2026 versus $3,000,000 USD for the six months ended June 30, 2025, with the authorized comparison reading higher in the current period. The remainder of the investing outflow sits in items the filing does not break out in the quoted narrative, including investment activity at the Affiliates. - Financing outflows: Net Cash Provided by (Used in) Financing Activities was -$489,000,000 USD for the six months ended June 30, 2026, compared with -$518,400,000 USD for the six months ended June 30, 2025. Both periods are negative, and the authorized comparison indicates the current period is higher than the prior period — a smaller financing outflow. Capital return sits inside this line: Payments for Repurchase of Common Stock were $364,800,000 USD for the six months ended June 30, 2026 versus $277,500,000 USD for the six months ended June 30, 2025, with the authorized comparison higher in the current period. The other financing components — debt service, distributions to non-controlling interests, and related cash items — are not separately enumerated in the quoted material. - Working-capital posture at period end: Cash and Cash Equivalents, at Carrying Value, stood at $411,000,000 USD as of the balance sheet date of June 30, 2026. The accompanying short-term items were Accounts Receivable, after Allowance for Credit Loss, of $846,900,000 USD and Accounts Payable and Accrued Liabilities of $1,015,900,000 USD. The narrative in the filing notes that the carrying amount of cash, receivables, payables, and certain other short-term liabilities approximates fair value because of their short-term nature, and that the revolver under the cited note carries at a value approximating fair value given its variable short-term rate. Segment-level color on working capital is not provided in the quoted material, so any attribution is The filing evidence does not disclose segment-level detail for this dimension..

Putting the three cash flow statements together: operations generated cash, investing absorbed cash (including higher capex versus the prior period), and financing returned cash to shareholders (with higher buyback outflows versus the prior period), while the period-end cash balance, receivables, and payables are reported above. The filing evidence contains no peer or industry comparison, so any read across to other asset managers is The filing evidence contains no peer or industry comparison., and any single-driver story behind the year-over-year shifts is The filing evidence does not attribute this change to any single cause..

Peer and historical context

- Revenue, net income, and operating cash flow for AFFILIATED MANAGERS GROUP, INC. (AMG, 0001004434) are visible only for the issuer itself; there is no named industry peer or composite benchmark inside 10-Q for period-ended-2026-06-30, so any read-across to rival asset managers has to come from the issuer's own multi-period disclosures in the cited statements. - Because the issuer reports on a half-year cumulative window as well as a discrete three-month window, the cleaner historical picture is the year-on-year move on the half-year window, where both revenue and net income are higher than the prior period and both cash flow lines (operating) and operating cash generation are higher than the prior period, consistent with a profit-to-profit trajectory across the six-month block. - For the standalone quarter, the same direction holds: revenue is higher than the prior-year quarter and net income is higher than the prior-year quarter on a profit-to-profit basis, so the half-year lift does not appear to be carried solely by an early-period surge; both reporting slices move the same way. - The disclosures around contingent payment obligations and Affiliate equity purchase obligations referenced in Note 6 and the lower fair-value tier discussions around Level 1, Level 2 and Level 3 suggest sensitivity to discount rates, volatility assumptions and transaction-price inputs, which is consistent with a multi-Affiliate model whose reported figures can be reshaped by non-operating marks; readers comparing windows should not infer a clean operating trend from revenue and net income alone.

- The cited statements permit the authorized direction read on revenue, net income and operating cash flow, but they do not disclose segment-level revenue, segment-level net income, or fee mix on a quarter or half-year basis, so a like-for-like check against a specific competitor (for example, a comparable peer covered in REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in period-ended-2026-06-30 Filing or the profit-to-profit pattern discussed for UFP TECHNOLOGIES INC Interim Filing: Profit-to-Profit Growth on Both Windows) cannot be made from this single filing. - Higher revenue and higher net income on both windows could simply reflect market-driven asset levels rather than share gains; The filing evidence does not attribute this change to any single cause.. - The cash-flow direction (operating cash higher than the prior period) does not, by itself, validate quality of earnings, because the cited note families leave room for working-capital and contingent-consideration swings within the period; the half-year cash uplift should be cross-checked against the investing and financing cash flow trajectories authorized by the catalog before being treated as evidence of underlying strength. - The filing evidence contains no peer or industry comparison..

Scenario analysis

- Reported facts: Revenue from Contract with Customer, Excluding Assessed Tax for the three-month reporting period was $640,700,000 USD, versus $493,200,000 USD in the prior-year comparative. Revenue for the six-month year-to-date period was $1,185,600,000 USD, versus $989,800,000 USD in the prior-year comparative. Net Income (Loss) Attributable to Parent for the three-month reporting period was $185,900,000 USD, versus $84,300,000 USD in the prior-year comparative. Net Income for the six-month year-to-date period was $296,300,000 USD, versus $156,600,000 USD in the prior-year comparative. Both revenue and earnings remained profitable on a year-over-year basis under the authorized comparisons for the quarter and half-year windows. - Management explanations: The filing does not include a forward-looking commentary section that can be quoted here. The narrative provided covers fair-value methodology, Affiliate consolidation, and VRE/VIE classification rather than scenario guidance. - Analyst inference: Under a base case, the year-to-date revenue base of $1,185,600,000 USD and earnings base of $296,300,000 USD represent the central reference points against which the upside and downside paths diverge. - Counter-evidence: No counter-evidence is offered in this section. - Unknowns: Whether base-case assumptions regarding market levels, fee rates, or Affiliate distributions hold is not stated by management. The filing evidence does not attribute this change to any single cause.

- Reported facts: An upside case requires the authorized year-over-year growth comparisons to extend further. Revenue from Contract with Customer, Excluding Assessed Tax is authorized as higher in the current three-month reporting period than the three months ended June 30, 2025, and higher in the current six-month year-to-date period than the six months ended June 30, 2025. Net Income (Loss) Attributable to Parent is authorized as higher in the current three-month reporting period than the three months ended June 30, 2025, and higher in the current six-month year-to-date period than the six months ended June 30, 2025. Earnings Per Share, Diluted is authorized as higher in both windows, transitioning from profit to profit. - Management explanations: The filing does not present an explicit upside scenario. - Analyst inference: An upside path would imply revenue and earnings extend above the current $640,700,000, $1,185,600,000, $185,900,000, and $296,300,000 levels relative to the prior-year comparatives, while keeping both periods profitable on a year-over-year basis. The fair-value discussion in the source narrative notes that lower discount rates or higher assumed growth rates would result in higher fair values for Affiliate equity purchase obligations, illustrating one direction in which measured items could lift. - Counter-evidence: The filing does not quantify an upside case. - Unknowns: The magnitude by which an upside case could exceed the reported base is not stated. The filing evidence does not attribute this change to any single cause.

- Reported facts: A downside case involves the same authorized year-over-year comparisons deteriorating from the reported base. The current six-month revenue of $1,185,600,000 USD against $989,800,000 USD, and the current six-month earnings of $296,300,000 USD against $156,600,000 USD, are the reference points. Both revenue and earnings remain positive in the prior-year comparatives and positive in the current period, but a downside path would narrow those gaps. - Management explanations: The filing does not present an explicit downside scenario. - Analyst inference: A downside path would imply revenue and earnings fall short of the reported $640,700,000, $1,185,600,000, $185,900,000, and $296,300,000 levels, while still remaining positive on a year-over-year basis given the authorized transitions of profit to profit. The fair-value discussion indicates that higher discount rates would result in lower fair values for contingent payment obligations and Affiliate equity purchase obligations, illustrating a direction in which measured items could decline. - Counter-evidence: The filing does not quantify a downside case. - Unknowns: The magnitude by which a downside case could trail the reported base is not stated. The filing evidence does not attribute this change to any single cause.

Readers tracking other interim results against this filing can cross-reference REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing for an adjacent profit-to-profit pattern, and apply the methodology outlined in How to Calculate a Discounted Payback Period to size scenario timing.

Risks and what to watch

- Reported facts (this filing): For the three-month reporting period, Revenue from Contract with Customer, Excluding Assessed Tax was $640,700,000 USD, and Net Income (Loss) Attributable to Parent was $185,900,000 USD. For the six-month year-to-date period, Revenue from Contract with Customer, Excluding Assessed Tax was $1,185,600,000 USD, and Net Income (Loss) Attributable to Parent was $296,300,000 USD. Prior-year comparatives appear in the cited note at $493,200,000 USD, $84,300,000 USD, $989,800,000 USD, and $156,600,000 USD.

- Management explanation (quoted): When the Company uses a Monte Carlo valuation technique for Affiliate equity purchase obligations, changes to assumed volatility and discount rates change the obligation's fair value. Higher volatility raises the fair value, while higher discount rates lower it. Senior notes and Junior subordinated notes are reported under the cited note hierarchy, with carrying value and fair value shown at the period-end dates referenced in Level 2. The Company also describes how it evaluates Affiliate investments as voting rights entities or variable interest entities, and when consolidation or equity-method accounting applies.

- Analyst inference (what the filings allow me to say): The authorized comparisons for both Net Income (Loss) Attributable to Parent and Revenue from Contract with Customer, Excluding Assessed Tax are profit-to-profit increases on the three-month and six-month windows, so neither line crossed into a loss. Models tied to assumed volatility sit at the upper end of model sensitivity, meaning a small shift in market turbulence could swing reported obligations materially even when operating economics are flat.

- Counter-evidence and softening items: Most balance-sheet line items that would matter for verifying liquidity, leverage, and capital allocation are not in this section's FACT catalog. Peer or industry framing for the firm cannot be drawn from the filing, so any competitive read has to come from outside sources rather than the evidence above. Investors looking for cross-checks can compare the revenue and net-income directionality with another issuer's pattern, such as REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in period-ended-2026-06-30 Filing, to see how same-quarter results read elsewhere.

- Unknowns: The filing evidence contains no peer or industry comparison.. Segment-level mix behind Revenue from Contract with Customer, Excluding Assessed Tax is not disclosed here, so The filing evidence does not disclose segment-level detail for this dimension.. For any movement the filing does not attribute, including the gap between revenue growth and the change in net income, The filing evidence does not attribute this change to any single cause..

- Metrics to watch next period: the next print of Revenue from Contract with Customer, Excluding Assessed Tax and Net Income (Loss) Attributable to Parent relative to their prior-year comparatives; the carrying value to fair-value spread on Senior notes and Junior subordinated notes referenced at Level 2; reclassifications of any Affiliate investment between voting rights entity and variable interest entity treatment under Note 7 or Note 8; controls-and-procedures language under Item 3 and Item 4; and any incremental capital-return activity disclosed under Item 2 or Item 6 alongside the financial statements presented in Item 1.