Affiliated Managers Group, Inc. (AMG) is a global asset management company headquartered in West Palm Beach, Florida. The firm operates through a unique partnership model, acquiring equity stakes in independent boutique investment management firms known as "Affiliates." AMG provides strategic, operational, and global distribution support while allowing its Affiliates to maintain their operational autonomy and distinct investment cultures.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
2,074,400
2,040,900
2,057,800
2,329,600
Cost of Sales
1,019,800
915,300
907,500
1,071,500
Gross Profit
1,054,600
1,125,600
1,150,300
1,258,100
Selling, General & Administrative Expenses
408,600
376,500
358,200
385,500
Depreciation & Amortization Expenses
170,700
42,400
61,300
67,400
Other Operating Expenses
69,800
40,300
45,800
34,700
Operating Profit
405,500
666,400
685,000
770,500
Interest and Investment Income
546,000
390,100
397,100
448,400
Interest Expense
(136,500)
(133,300)
(123,800)
(114,400)
Non-Operating Income
371,300
—
133,100
641,900
Total Non-Operating Income
780,800
256,800
406,400
975,900
Income Before Provision for Income Taxes
1,186,300
923,200
1,091,400
1,746,400
Provision for Income Taxes
282,300
182,600
185,300
358,300
Consolidated Net Income
904,000
740,600
906,100
1,388,100
Net Income Attributable to Minority Interests and Other
187,400
229,000
233,200
242,200
Net Income Attributable to Common Shareholders
716,600
511,600
672,900
1,145,900
Basic EPS
25.18
16.45
19.18
29.77
Diluted EPS
22.74
15.13
17.42
25.35
Basic Weighted Average Shares Outstanding
28,500
31,100
35,100
38,492
Diluted Weighted Average Shares Outstanding
33,000
36,100
42,200
45,203
Shares Outstanding
27,000
29,600
33,200
35,800
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
586,000
950,000
813,600
429,200
Short-Term Investments
—
—
—
716,900
Total Cash and Cash Equivalents
586,000
950,000
813,600
1,146,100
Accounts Receivable
496,200
409,700
368,400
316,000
Total Current Assets
1,082,200
1,359,700
1,182,000
1,462,100
Net Property, Plant & Equipment
—
—
67,300
68,500
Net Intangible Assets
1,639,300
1,777,800
1,812,400
1,876,000
Goodwill
2,531,200
2,504,900
2,523,600
2,648,700
Long-Term Investments
3,582,000
2,842,200
3,230,400
2,561,100
Other Long-Term Assets
318,300
288,700
243,900
264,600
Total Assets
9,207,400
8,830,900
9,059,600
8,881,000
Accounts Payable
806,900
639,100
628,500
778,300
Total Current Liabilities
806,900
639,100
628,500
778,300
Long-Term Debt
2,691,300
2,620,200
2,537,500
2,535,300
Other Long-Term Liabilities
1,287,100
922,900
930,100
926,400
Total Long-Term Liabilities
3,978,400
3,543,100
3,467,600
3,461,700
Total Liabilities
4,785,300
4,182,200
4,096,100
4,240,000
Common Stock
600
600
600
600
Treasury Stock
(4,886,900)
(4,124,600)
(3,376,100)
(2,980,600)
Additional Paid-in Capital
616,100
733,100
741,400
695,500
Accumulated Other Comprehensive Income
(106,800)
(163,600)
(167,600)
(203,400)
Retained Earnings
7,615,400
6,899,800
6,389,600
5,718,200
Total Common Shareholders' Equity
3,238,400
3,345,300
3,587,900
3,230,300
Minority Interests and Other
1,183,700
1,303,400
1,375,600
1,410,700
Total Shareholders' Equity
4,422,100
4,648,700
4,963,500
4,641,000
Total Liabilities and Shareholders' Equity
9,207,400
8,830,900
9,059,600
8,881,000
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
904,000
740,600
906,100
1,388,100
Depreciation & Amortization
170,700
42,400
61,300
67,400
Share-Based Compensation Expense
202,800
111,600
112,100
113,800
Other Adjustments
(330,200)
108,600
14,100
(640,200)
Changes in Trading Assets
(27,900)
(14,300)
9,300
(12,900)
Changes in Trade Receivables
(49,800)
(44,200)
(48,400)
87,000
Changes in Accounts Payable
131,700
(19,200)
(189,400)
9,900
Changes in Other Operating Activities
103,600
(12,600)
(180,200)
51,500
Cash from Operating Activities
973,200
932,100
874,300
1,054,700
Capital Expenditure
(6,100)
(3,400)
(12,400)
(11,400)
Purchases of Investments
(103,800)
(510,400)
(731,100)
(312,000)
Proceeds from Sale of Investments
276,000
898,800
1,008,700
281,000
Payments for Business Acquisitions
(776,000)
(5,900)
(294,700)
(291,100)
Other Investing Activities
419,600
6,000
291,200
225,800
Cash from Investing Activities
(206,100)
379,100
264,500
(109,900)
Issuance of Long-Term Debt
899,300
847,600
25,000
25,000
Repayments of Long-Term Debt
(826,100)
(750,000)
(25,000)
(60,800)
Net Issuance / (Repayments) of Long-Term Debt
73,200
97,600
0
(35,800)
Repurchases of Common Shares
(706,300)
(709,800)
(341,900)
(713,800)
Net Issuance / (Repurchases) of Common Shares
(706,300)
(709,800)
(341,900)
(713,800)
Common Share Dividends Paid
(1,000)
(1,400)
(1,500)
(1,600)
Other Financing Activities
(514,600)
(562,300)
(414,900)
(626,700)
Cash from Financing Activities
(1,148,700)
(1,175,900)
(758,300)
(1,402,900)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
11,600
(4,200)
6,900
(22,600)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash