AMP · Q2 2026 Earnings

Bullish

Ameriprise Financial

Reported July 23, 2026

30-second summary

Ameriprise printed $4.94B revenue (+13% YoY, +2.7% QoQ) and $11.07 adjusted operating EPS (+22% YoY), both beating consensus (revenue +2.7%, EPS +3.0%), with AUM/AUA/AUM&A reaching a record $1.81T and pretax adjusted operating margin at 27.2% (vs. 26.5% Q2 FY2025). Advice & Wealth Management revenue accelerated to $3.25B (+16% YoY) and Asset Management re-inflected to +14% YoY at $947M, suggesting the Q1 FY2026 AUM&A slippage and Comerica outflow drag did not derail underlying momentum. No transcript is available for this print, so the tone read and Q&A resolution are deferred — the print itself is the strongest quarterly revenue growth AMP has delivered in the past six quarters.

Headline numbers

EPS

Q2 FY2026

$11.07

+3.0% vs est.

Revenue

Q2 FY2026

$4.94B

+13.0% YoY

+2.7% vs est.

Operating margin

Q2 FY2026

27.2%

Key financials

Q2 FY2026

Metric	Q2 FY2026	Q2 FY2025	YoY	Q1 FY2026	QoQ
Revenue	$4.94B	$4.38B	+12.9%	$4.81B	+2.7%
EPS	$11.07	$9.11	+21.5%	$11.26	-1.7%
Operating margin	27.2%	26.5%	+70bps	27.9%	-70bps

Guidance

Company reaffirmed full-year tax rate guidance while delivering strong Q2 beats on both revenue and EPS; forward guidance remains qualitative with no new quantitative targets disclosed.

Guidance is issued for the full year only, refreshed each quarter. Prior and new below are the same FY updated this quarter.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Revenue	Q2 FY2026	—	$4.94 billion	+2.7% above estimate ($4.81B consensus)	Beat
EPS (Non-GAAP)	Q2 FY2026	—	$11.07	+3% above estimate ($10.75 consensus)	Beat

Reaffirmed unchanged this quarter: Operating effective tax rate (20 to 22 percent)

Segment performance

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Advice & Wealth Management	$3.246B	$2.807B	+15.6%
Asset Management	$0.947B	$0.83B	+14.1%
Retirement & Protection Solutions	$0.975B	$0.936B	+4.2%

Capital & returns

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Return on Equity (ex AOCI) - Adjusted Operating	55.0%	—	—
Capital Returned to Shareholders (Q2)	$932 million	—	—

Other KPIs

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Assets Under Management, Administration and Advisement	$1.81 trillion	$1.6 trillion	—
Total Client Assets (AWM)	$1.25 trillion	$1.084 trillion	—
Assets Under Management and Advisement (Asset Management)	$759 billion	—	—
Wrap Assets	$732 billion	—	—
Adjusted Operating Net Revenue per Advisor (TTM)	$1.203 million	$1.070 million	—
Pretax Adjusted Operating Margin	27.2%	26.5%	—

Management tone

No transcript was available for this quarter; tone analysis and Q&A resolution are deferred until the transcript releases. Cross-quarter narrative arc from prior briefs — Q3 FY2025 structural insulation → Q4 FY2025 declaration of victory → Q1 FY2026 disciplined acknowledgment of headwinds → Q2 FY2026 (press-release only): record platform metrics with a re-accelerating Asset Management segment.

The press-release commentary is limited but directionally consistent with prior-quarter disciplined-execution posture: management cited "excellent track record of innovation, disciplined execution and consistent value creation" and emphasized "AI capabilities" and "technology ecosystem" as competitive levers. The forward statement — "capturing additional growth opportunities" in H2 FY2026 — is materially more forward-leaning than Q1 FY2026's "lumpy" acknowledgment of the organic growth trajectory, but without the Q&A we cannot verify whether this reflects genuine confidence or standard press-release language.

Answers to last quarter's watch list

Q2 NNA print and whether Comerica outflow pacing matches the "heavier in Q1 and Q2" guide — AWM total client flows were $3.1B in Q2 FY2026 vs. $4.3B prior year (-28% YoY), and wrap net flows were $6.9B vs. $5.4B prior year (+28% YoY). Press release explicitly notes flows "reflected strong underlying organic activity, partially offset by advisor departures, including Comerica terminations." Wrap strength alongside softer total client flows is consistent with the Comerica drag continuing to weigh on headline NNA while underlying wrap momentum accelerates.

Continue monitoring

Whether the payout ratio holds at 88% or steps back up — Q2 FY2026 payout ratio was 91% of operating earnings ($932M returned on $1,028M adjusted operating earnings), slightly above the 85–90% range.

Continue monitoring

Asset Management AUM&A trajectory — Reversed decisively. AUM&A grew from $706B to $759B ($53B QoQ) and segment revenue re-accelerated to +14% YoY from Q1 FY2026's +8%.

Resolved positively

RPS quarterly earnings vs. the ~$800M annual run-rate guide — Confirmed directly. Q2 FY2026 RPS pretax adjusted operating earnings were $202M, which management calls "consistent with our target range" and which aligns with the ~$800M/year framing.

Resolved positively

AWM wrap assets recovery — Resolved decisively. Wrap assets at $731.5B in Q2 FY2026 vs. $664.2B in Q1 FY2026 — a ~$67B QoQ recovery. Signature Wealth adoption plus market recovery both contributed.

Resolved positively

Any reintroduction of the G&A or payout-ratio quantitative framework — Partially reintroduced. FY2026 guidance now includes an Asset Management G&A commitment (flat ex-Seligman and performance fee comp), in addition to the tax rate that returned in Q1 FY2026. But the consolidated G&A decline target and the explicit payout-ratio commitment that governed FY2025 remain absent.

Continue monitoring

What to watch into next quarter

Q3 FY2026 print for confirmation that Comerica outflow drag is behind the franchise — prior-quarter guidance indicated the higher pace of Comerica-related outflows would continue through Q2 and Q3; watch whether Q3 shows a residual headwind or the first "clean" AWM flow quarter, and whether AWM revenue growth holds above +15% YoY.

Sequential margin trajectory — Q2 FY2026 pretax adjusted operating margin was 27.2% (+70bps YoY vs. 26.5% Q2 FY2025). Watch whether margin holds or expands further as investment spending in bank expansion, AI transformation and automation continues.

Isolation of Asset Management performance fees — the +14% YoY re-acceleration was driven by Seligman technology strategy performance per management. Disclosed net performance fees were $0M in Q2 vs. $4M in Q1 FY2026, but Seligman AUM-linked comp is not fully broken out. Watch the Q3 print and any Q2 transcript release to isolate the run-rate.

Whether Q3 brings any consolidated G&A or payout-ratio framework back — Q1 FY2026 reintroduced tax rate, Q2 FY2026 added Asset Management G&A. The disclosure rebuild is proceeding segment-by-segment; watch whether Q3 completes it with a consolidated commitment.

AWM revenue/advisor TTM trajectory — the metric hit $1.203M, +12% YoY. Watch whether the pace holds as easier comps roll off.

Cash sweep balances — declined to $28.8B from $29.4B prior quarter per press release (described as "normal seasonal patterns"); watch whether Q3 confirms the seasonal read or reveals a structural mix shift.

Sources

Ameriprise Financial Q2 FY2026 Earnings Release, July 23, 2026 — https://www.sec.gov/Archives/edgar/data/820027/000082002726000038/q22026er.htm

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