Ameriprise Financial Inc.

AMP
Financial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
Latest Q Revenue
$4.9B
Q1 2026 · Beat consensus by 3.5%
TTM ROIC
59.6%
FY2025 · Adjusted Operating Earnings / Average GAAP Equity (management non-GAAP primary metric) · WACC ~9.25% · Moat spread +50.35pp

Financial Snapshot

ticker: AMP step: 04 generated: 2026-05-13 source: quick-research

Ameriprise Financial, Inc. (AMP) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue ~$14.26B $15.535B $17.264B +11.1%
Pretax Operating Margin (W&M) ~27% ~28% ~29% expanding
GAAP Net Income positive growing growing
GAAP EPS Diluted ~$26 ~$30 $33.05 +10%
Adj. Operating EPS ~$26 ~$30 ~$35 +13%

FY2025: Revenue $18.2B (+6% YoY); adj. EPS $39.34 (+12% YoY); AUM/admin/advisement $1.7T (+11%); ROE 59.6%. Advice & Wealth Management: adj. net revenue $3.162B (+12%), pretax margin 29.3%. Asset Management: adj. net revenue $1,039M (+12%), $721B AUM, pretax margin ~28%. Q1 2026: Revenue $4.77B; EPS $11.26 (beat consensus of $10.21 by 10.3%) — continuing streak of earnings beats.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Earnings ~$4.0–4.5B (adj.)
Returned to Shareholders ~80% of operating earnings annually
Cash & Equivalents ~$4–5B
Total Assets ~$150B (insurance + banking)
Total Equity ~$5–7B (leverage from capital structure, drives high ROE)

Ameriprise's 59.6% ROE is among the highest in financial services — driven by the capital-light wealth management model and aggressive share repurchases that reduce the equity denominator. The company targets returning ~80% of operating earnings to shareholders, split between dividends (~25%) and buybacks (~55%). Insurance and annuities balance sheet is hedged; the core wealth management business requires minimal capital.

Key Ratios (approximate)

  • P/E: ~13x (trailing, adj.) | P/Revenue: ~2.5x | ROE: 59.6%
  • EPS Growth (3-year CAGR): ~15% | Advisor Productivity: ~$800K revenue/advisor
  • AUM/Admin/Advisement: $1.7T (+11% YoY)

Growth Profile

Ameriprise compounds EPS at 12–15% annually through: (1) equity market appreciation (AUM grows with markets, fees follow); (2) new advisor recruitment (2024–2025: Huntington Bank, Pinnacle, and others); (3) organic client flows; (4) advisor productivity improvements; (5) buybacks reducing share count by 5–8% annually. Revenue grew from $14.26B (FY2022) to $18.2B (FY2025) — 1.28x in 3 years — with operating margins expanding to 29%+.

Forward Estimates

  • FY2026: Revenue ~$19–20B; adj. EPS ~$44–47 (+12–15% YoY)
  • Q1 2026 extrapolated: $11.26 EPS × 4 = ~$45 run-rate EPS
  • AUM target: $2T+ as equity markets and advisor count grow
  • Analyst median PT: ~$530 (range $434–$620; 22 analysts; neutral/Hold dominant)
  • RBC $605, Jefferies $620 (bulls); Morgan Stanley $452 (bear)

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $AMP.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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Ameriprise Financial Inc. (AMP) — Financial Analysis | Margin of Insight