AFFILIATED MANAGERS GROUP, INC.

Listed Company

MGRBCIK 0001004434NYSELarge AcceleratedInvestment AdviceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.07B

Net Income

$716.60M

Total Assets

$9.21B

Equity

$3.24B

Shares Out

26.68M

Op. Cash Flow

$973.20M

Business

AFFILIATED MANAGERS GROUP, INC. partners with and invests in independent, partner-owned investment firms to generate long-term value through a strategic partnership model. It provides growth capital, product development and seeding, capital formation, distribution support, succession planning and strategic advisory while preserving Affiliate management autonomy and equity ownership. The company’s activities span Affiliates focused on alternatives (private markets and liquid alternatives) and differentiated long‑only strategies (equities, multi‑asset and fixed income) organized under bespoke partnership structures. AMG distributes Affiliate products through institutional and wealth channels across the U.S., Europe, the UK, the Middle East and Asia.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Consolidated revenue	2,074	2,041	2,058	2,330	2,412
Compensation and related expenses	1,020	915	908	1,072	1,047
Selling, general and administrative	409	377	358	386	347
Intangible amortization and impairments	160	29	48	52	36
Interest expense	137	133	124	114	—
Depreciation and other amortization	10	13	13	16	17
Other expenses (net)	70	40	46	35	—
Total consolidated expenses	1,805	1,508	1,497	1,674	1,631
Equity method income (net)	463	313	280	338	243
Affiliate transaction gains	371	0	133	642	—
Investment and other income	83	77	117	110	118
Income before income taxes	1,186	923	1,091	1,746	1,141
Income tax expense	282	183	185	358	251
Net income	904	741	906	1,388	890
Net income (non-controlling interests)	−187	−229	−233	−242	−324
Net income (controlling interest)	717	512	673	1,146	566
Average shares outstanding (basic) (in shares)	29	31	35	39	42
Average shares outstanding (diluted) (in shares)	33	36	42	49	45
Earnings per share (basic) (in dollars per share)	25.18	16.45	19.18	29.77	13.65
Earnings per share (diluted) (in dollars per share)	22.74	15.13	17.42	25.35	13.05

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	586	950	814	429	909
Receivables	496	410	368	316	419
Investments	712	596	942	—	—
Goodwill	2,531	2,505	2,524	2,649	2,689
Acquired client relationships (net)	1,639	1,778	1,812	1,876	1,966
Equity method investments in Affiliates (net)	2,870	2,247	2,289	2,140	2,134
Fixed assets (net)	54	58	67	69	74
Other assets	318	289	244	265	—
Total assets	9,207	8,831	9,060	8,881	8,876
Payables and accrued liabilities	807	639	629	778	789
Debt	2,691	2,620	2,538	2,535	2,490
Deferred tax liability (net)	533	521	464	465	503
Other liabilities	754	402	466	462	709
Total liabilities	4,785	4,182	4,096	4,240	4,492
Commitments and contingencies (Note 6)	—	—	—	—	—
Redeemable non-controlling interests	247	351	393	465	674
Common stock ($0.01 par value, 153.0 shares authorized; 58.5 shares issued as of December 31, 2024 and 2025)	600,000	600,000	600,000	600,000	600,000
Additional paid-in capital	616	733	741	696	652
Accumulated other comprehensive loss	−107	−164	−168	−203	−88
Retained earnings	7,615	6,900	6,390	5,718	4,570
Total stockholders' equity before treasury stock	8,125	7,470	6,964	6,211	5,134
Less: Treasury stock, at cost (28.9 shares in 2024 and 31.5 shares in 2025)	−4,887	−4,125	−3,376	−2,981	—
Total stockholders' equity	3,238	3,345	3,588	3,230	2,786
Non-controlling interests	937	953	982	945	924
Total equity	4,175	4,298	4,570	4,176	3,711
Total liabilities and equity	9,207	8,831	9,060	8,881	8,876

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income tax expense	84	61	31	32	91
Distributions received from equity method investments	468	404	491	394	338
Share-based compensation and Affiliate equity expense	203	112	112	—	—
Net realized and unrealized gains on investment securities	−56	−39	−84	−104	—
Other non-cash items	8	−4	−11	18	44
Purchases of securities by consolidated Affiliate sponsored investment products	−101	−77	−45	−47	—
Sales of securities by consolidated Affiliate sponsored investment products	73	62	54	34	—
Increase in receivables	−50	−44	−48	87	32
Decrease (increase) in other assets	−28	7	9	42	24
(Decrease) increase in payables, accrued liabilities, and other liabilities	132	−19	−189	10	65
Cash flow from operating activities	973	932	874	1,055	1,259
Investments in Affiliates	−776	−6	−295	−291	−563
Proceeds from Affiliate transactions	404	0	294	224	0
Return of capital from equity method investments in Affiliates	10	700,000	200,000	800,000	4
Purchases of fixed assets	−6	−3	−12	−11	−8
Purchases of investment securities	−104	−510	−731	−312	−74
Maturities and sales of investment securities	266	898	1,009	280	56
Cash flow from (used in) investing activities	−206	379	265	−110	−584
Borrowings of senior bank debt, senior notes, and junior subordinated notes	899	848	25	0	200
Repayments of senior bank debt, junior convertible securities, and senior notes	−826	−750	−25	−61	−33
Repurchases of common stock, net	−706	−710	−342	−714	−595
Dividends paid on common stock	−1	−1	−2	−2	−2
Distributions to non-controlling interests	−252	−258	−271	−342	−334
Affiliate equity purchases	−177	−107	−67	—	—
Affiliate equity issuances	6	6	13	15	118
(Redemptions) subscriptions to consolidated Affiliate sponsored investment products, net	21	−6	−13	13	41
Settlement of deferred payments, net	0	−99	−22	−201	−22
Taxes paid on shares withheld on share-based awards	−108	−87	−31	—	—
Other financing items	−5	−12	−24	−51	−20
Cash flow used in financing activities	−1,149	−1,176	−758	−1,403	−798
Effect of foreign currency exchange rate changes on cash and cash equivalents	12	−4	7	−23	−800,000
Net increase (decrease) in cash and cash equivalents	−370	131	387	−481	−124
Income taxes paid, net	111	143	315	120	87
Interest paid	138	138	110	109	103
Operating lease liabilities paid	35	39	38	42	39
Shares received from Affiliate transactions	154	0	0	515	0
Conversion premium obligations on junior convertible securities	165	0	0	—	—
Stock issued upon vesting of restricted stock units and exercise of stock options	138	114	55	41	83
Payables recorded for Affiliate equity purchases	131	35	43	27	11
Stock received for tax withholdings on share-based payments	108	87	31	19	—
Stock received for the exercise of stock options	103	114	600,000	2	—
Payables recorded for investments in Affiliates and contingent payment obligations	84	7	58	31	288
Right-of-use assets obtained in exchange for new operating leases	13	9	18	69	26

Filings

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