Affiliated Managers (AMG) financial statements
Affiliated Managers reported revenue of $2.1B in fiscal 2025, down 0.6% a year over 9 years.
Net income was $717M.
Free cash flow was $967M, and the company returned $1M in dividends and $706M in net buybacks.
The diluted share count fell 42% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Affiliated Managers's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.2B | $2.3B | $2.4B | $2.2B | $2.0B | $2.4B | $2.3B | $2.1B | $2.0B | $2.1B |
| Selling, general and admin | $398M | $373M | $418M | $377M | $321M | $347M | $386M | $358M | $376M | $409M |
| Operating income | $1.0B | $1.1B | — | — | — | — | — | — | — | — |
| Interest expense | $92M | $88M | $81M | $76M | $92M | $111M | $114M | $124M | — | — |
| Pre-tax income | $975M | $1.1B | $714M | $308M | $508M | $1.1B | $1.7B | $1.1B | $923M | $1.2B |
| Income tax | $236M | $58M | $181M | $3M | $81M | $251M | $358M | $185M | $183M | $282M |
| Net income | $473M | $690M | $244M | $16M | $202M | $566M | $1.1B | $673M | $512M | $717M |
| EPS (diluted) | $8.57 | $12.03 | $4.52 | $0.31 | $4.33 | $13.05 | $25.35 | $17.42 | $15.13 | $22.74 |
| Diluted shares | 57M | 59M | 54M | 51M | 47M | 45M | 49M | 42M | 36M | 33M |
| Operating margin | 47.1% | 48.1% | — | — | — | — | — | — | — | — |
| Net margin | 21.5% | 29.9% | 10.2% | 0.7% | 10.0% | 23.4% | 49.2% | 32.7% | 25.1% | 34.5% |
Balance sheet
Fiscal years, from Affiliated Managers's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $431M | $440M | $566M | $540M | $1.0B | $908M | $429M | $814M | $950M | $586M |
| Property, plant and equipment | $110M | $111M | $104M | $92M | $80M | $74M | $68M | $67M | $58M | $54M |
| Goodwill | $2.6B | $2.7B | $2.6B | $2.7B | $2.7B | $2.7B | $2.6B | $2.5B | $2.5B | $2.5B |
| Total assets | $8.7B | $8.7B | $8.2B | $7.7B | $7.9B | $8.9B | $8.9B | $9.1B | $8.8B | $9.2B |
| Total liabilities | $3.6B | $3.3B | $3.3B | $3.2B | $3.9B | $4.5B | $4.2B | $4.1B | $4.2B | $4.8B |
| Shareholders' equity | $3.6B | $3.8B | $3.5B | $2.9B | $2.8B | $2.8B | $3.2B | $3.6B | $3.3B | $3.2B |
| Net debt | -$431M | -$440M | -$566M | -$540M | -$1.0B | -$908M | -$429M | -$814M | -$950M | -$586M |
Cash flow
Fiscal years, from Affiliated Managers's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.1B | $1.2B | $1.1B | $929M | $1.0B | $1.3B | $1.1B | $874M | $932M | $973M |
| Capital spending | $20M | $18M | $19M | $10M | $8M | $8M | $11M | $12M | $3M | $6M |
| Free cash flow | $1.0B | $1.2B | $1.1B | $920M | $1.0B | $1.3B | $1.0B | $862M | $929M | $967M |
| Stock-based compensation | $39M | $40M | $45M | $90M | $119M | $127M | $114M | $112M | $112M | $59M |
| Dividends paid | $0 | $45M | $64M | $65M | $17M | $2M | $2M | $2M | $1M | $1M |
| Share buybacks (net) | -$33M | -$351M | -$496M | -$356M | -$335M | -$595M | -$714M | -$342M | -$710M | -$706M |
| Net borrowing | $225M | -$260M | -$31M | -$39M | $525M | $167M | -$61M | $0 | $98M | $73M |
| Free cash flow margin | 46.9% | 50.0% | 47.2% | 41.1% | 49.4% | 51.8% | 44.8% | 41.9% | 45.5% | 46.6% |
| Dividends per share | — | $0.77 | $1.20 | $1.29 | $0.36 | $0.04 | $0.03 | $0.04 | $0.04 | $0.03 |
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Open AMG in InvestinglyQuestions
What was Affiliated Managers's revenue in 2025?
$2.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Affiliated Managers generate?
$967M in fiscal 2025 (operating cash flow minus capital spending).
From Affiliated Managers's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.