Ameriprise Financial (NYSE: AMP) Posts 22% Adjusted EPS Jump in Q2 2026, Assets Hit Record $1.8 Trillion

Ameriprise Financial (NYSE: AMP) reported second-quarter 2026 adjusted operating EPS of $11.07, a 22% increase from $9.11 a year ago and ahead of the $10.83 Wall Street consensus. Adjusted operating net revenues rose 13% to $4.9 billion, driven by asset growth and client engagement across both its Advice & Wealth Management and Asset Management segments.

Q2 2026 Results

• Adjusted operating EPS: $11.07 vs. $9.11 in Q2 2025, a 22% year-over-year increase, beating the $10.83 consensus estimate by approximately 2.2%.
• GAAP net income per diluted share: $11.98 vs. $10.73 in Q2 2025, a 12% year-over-year increase; GAAP net income rose 5% to $1.113 billion.
• Assets under management, administration, and advisement: grew 14% to a record $1.8 trillion firm-wide.
• Capital returns: $932 million returned to shareholders in the quarter, representing 91% of operating earnings, via dividends and buybacks.
• Adjusted operating return on equity (ex. AOCI): 55.0%, up from 51.5% a year ago.

What Drove the Results

Adjusted operating EPS of $11.07 beat the $10.83 consensus by $0.24. Adjusted operating net revenues of $4.9 billion grew 13%, with the Advice & Wealth Management segment contributing $3.246 billion in adjusted operating net revenues, up 16% year over year, and producing pretax adjusted operating earnings of $939 million at a 28.9% pretax margin. The Asset Management segment generated adjusted operating net revenues of $947 million, up 14%, with pretax adjusted operating earnings rising 23% to $274 million; the net pretax adjusted operating margin expanded 370 basis points to 42.7%.

GAAP net income rose only 5% to $1.113 billion versus the 14% increase in adjusted operating earnings, reflecting less favorable market impacts on derivative valuations and market risk benefits compared to the prior-year quarter. The company noted that both periods included favorable market impacts, but Q2 2025's impact was more favorable, creating a comparison headwind on the GAAP line.

Advisor productivity reached a new record, with adjusted operating net revenue per advisor on a trailing twelve-month basis rising 12% to $1.2 million. However, total client net flows of $3.1 billion were 28% below the $4.3 billion recorded in Q2 2025, partially offset by wrap net flows of $6.9 billion, up 28% year over year. The company added 79 experienced advisors in the quarter but acknowledged that client flows were pressured by advisor departures, including terminations tied to the Comerica relationship.

Wall Street View

Ameriprise's Q2 2026 results included a beat on both adjusted EPS and revenue relative to consensus. The company provided one piece of forward-looking cost guidance: full-year general and administrative expenses are expected to be flat, excluding Seligman and other performance fee compensation. Shares closed at $520.11 on Thursday, July 23, 2026, down -1.27%, while the S&P 500 declined -1.23% on the same session.

Investor Takeaway

The 23% jump in Asset Management pretax earnings, fueled in part by strong performance in Seligman technology strategies, and a 370-basis-point margin expansion in that segment to 42.7% stand out as quality signals beyond the headline EPS beat. The gap between advisor departures and the company's stated recruiting momentum in a competitive market is a structural variable investors will need to track, as it directly constrains organic flow growth despite the record asset base.