Key Highlights

  • Adjusted EPS excluding unlocking of USD 12.07 beat the consensus estimate of USD 11.77, while GAAP EPS was USD 12.32.
  • Total revenues of USD 5.19 billion rose 6% and topped the consensus estimate of USD 5.10 billion.
  • Assets under management, administration and advisement grew 8% to USD 1.8 trillion, and over USD 1.0 billion returned to shareholders.
  • Asset Management recorded net outflows of USD 9.3 billion even as pretax operating margin there rose to 45.7%.

Ameriprise Financial, Inc. (NYSE:AMP) reported third quarter 2026 adjusted operating earnings per diluted share, excluding unlocking, of USD 12.07, above a consensus estimate of USD 11.77 and up 22% from USD 9.92. Including the unlocking charge, adjusted operating EPS was USD 11.26, up 14%, and GAAP net income per diluted share was USD 12.32 versus USD 9.33, helped by favorable market impacts on derivatives and market risk benefits. Total revenues of USD 5.19 billion topped a consensus estimate of USD 5.10 billion and grew 6%, while adjusted operating net revenues rose 10% to USD 5.1 billion.

Segment Earnings and Asset Flows

Advice and Wealth Management posted pretax adjusted operating earnings of USD 989 million, up 12%, at a margin of 29.3%. Client assets rose 8% to USD 1.2 trillion, wrap assets rose 12% to USD 729 billion, and revenue per advisor reached a record USD 1.2 million. The company added 79 experienced advisors. Excluding Comerica, client net inflows were USD 5.3 billion.

Asset Management earnings rose 18% to USD 308 million on revenue of USD 990 million, yet net outflows were USD 9.3 billion, including USD 5.5 billion of institutional outflows tied to client allocation decisions. Retirement and Protection Solutions earned USD 132 million before tax, down 39%, or USD 198 million excluding unlocking. The annual unlocking review cut GAAP after-tax earnings by USD 72 million, or USD 0.79 per share. Adjusted operating return on equity excluding AOCI was 55.3%, or 56.2% excluding unlocking.

Capital Returns and Guidance Items

Chairman and Chief Executive Officer Jim Cracchiolo said the company increased repurchases and announced a two year, USD 5.5 billion authorization running through September 30, 2028. The quarter's capital return of over USD 1.0 billion equaled 93% of operating earnings, and diluted shares fell 7% to 91.4 million. The chief financial officer noted excess capital of USD 2 billion and holding company liquidity of USD 2.3 billion.

For 2026, the operating tax rate is projected at 20% to 22%, wealth management general and administrative expenses are projected to rise at a mid single digit rate, and Asset Management expenses are projected flat excluding Seligman and performance fee compensation. Management said it anticipates margins in Advice and Wealth Management staying near the 29% range under normal market conditions.

Data Points Behind the Next Report

The Huntington Bank transition covers 258 advisors and USD 28 billion of client assets, with about USD 32 billion of Huntington assets anticipated on the platform through mid-2027 and 29 more advisors managing nearly USD 4 billion arriving in mid-2027. Asset Management flows, at negative USD 9.3 billion, and cash sweep balances of USD 27.0 billion, down from USD 28.8 billion in the prior quarter, are two further figures. The 2026 operating tax rate band and the USD 5.5 billion repurchase pace round out the list.