# Ameriprise Financial Inc. (AMP) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/AMP/thesis · /stocks/AMP/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/AMP/fundamental

## Navigation

- Overview: /stocks/AMP
- Financials (this page): /stocks/AMP/financials
- Thesis: /stocks/AMP/thesis
- Investment Memo: /stocks/AMP/memo
- Coverage universe: /stocks