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Sentiment · FY2026 Q2
Ameriprise posted record Q1 EPS of $11.26 growing 19% with return on equity exceeding 54% as client assets grew 12% and wrap assets surged 16%. The Comerica trust banking relationship early termination drove accelerated outflows in the asset management segment though underlying organic growth remained healthy. Adjusted operating revenues grew 11% to $4.8 billion on strong advisory fee momentum.
Demand | Competitive Dynamics | Margin | Revenue Growth | Cost Pressure | M&A | Product Launch | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 1 | 6 | 4 | 2 | 2 | 1 | |
| 2025Q1 | 6 | 6 | 4 | 3 | 1 | 1 | 3 | 1 |
| 2025Q2 | 4 | 7 | 2 | 6 | 1 | 2 | 1 | 1 |
| 2025Q3 | 8 | 11 | 8 | 4 | 3 | 2 | 1 | |
| 2025Q4 | 6 | 4 | 5 | 3 | 4 | 2 | 1 | 2 |
| 2026Q1 | 4 | 4 | 3 | 2 | 3 | 6 | 2 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 5 | 6 | 4 | 8 | 6 | 4 |
| Competitive Dynamics | 1 | 6 | 7 | 11 | 4 | 4 |
| Margin | 6 | 4 | 2 | 8 | 5 | 3 |
| Revenue Growth | 4 | 3 | 6 | 3 | 2 | |
| Cost Pressure | 2 | 1 | 1 | 4 | 4 | 3 |
| M&A | 1 | 2 | 3 | 2 | 6 | |
| Product Launch | 2 | 3 | 1 | 2 | 1 | 2 |
| Innovation & R&D | 1 | 1 | 1 | 1 | 2 | 2 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $4.66B | +11.3% | $10.58 | +196.4% | 30.9% | 23.0% |
| FY2025 Q1 | $4.48B | +3.5% | $5.83 | -38.3% | 17.1% | 13.0% |
| FY2025 Q2 | $4.49B | +2.1% | $10.73 | +33.8% | 31.9% | 23.6% |
| FY2025 Q3 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Suneet Kamath | Jefferies | 14 (7%) |
| Wilma Burdis | Raymond James | 13 (8%) |
| Tom Gallagher | Evercore ISI |
| $4.87B |
| +6.3% |
| $9.33 |
| +86.6% |
| 25.8% |
| 18.7% |
| FY2025 Q4 | $5.05B | +8.3% | $10.47 | -1.0% | 27.2% | 20.0% |
| FY2026 Q1 | $4.89B | +9.0% | $9.68 | +66.0% | 25.1% | 18.7% |
| FY2026 Q2 | $4.94B | +12.9% | $11.98 | +11.7% | 20.8% | 22.5% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| John Barnidge | Piper Sandler | 10 (10%) |
| Steve Chubak | Wolfe Research | 10 (20%) |
| Brennan Hawken | BMO Capital Markets | 7 (14%) |
| Craig Siegenthaler | Bank of America | 7 (14%) |
| Ryan Krueger | KBW | 6 (0%) |
| Kenneth Lee | RBC Capital Markets | 6 (0%) |
| Alex Blostein | Goldman Sachs | 5 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Jefferies | 1 | 14 (7%) |
| Piper Sandler | 2 | 13 (8%) |
| Raymond James | 1 | 13 (8%) |
| Evercore ISI | 1 | 12 (8%) |
| Wolfe Research | 2 | 12 (17%) |
| BMO Capital Markets | 2 | 9 (11%) |
| Bank of America | 1 | 7 (14%) |
| KBW | 1 | 6 (0%) |
What AMP and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“the opportunity compared to someone like a Morgan Stanley and others, there's a lot more opportunity for us there that we are focused on.”
Ameriprise frames its pledge-lending/bank penetration runway as larger relative to a peer like Morgan Stanley; a competitive benchmark against Morgan Stanley's wealth-lending base.
“Fifth Third has taken over the activity.”
Fifth Third acquired Comerica and is keeping the wealth-management program in-house, which is why Ameriprise is losing the Comerica relationship; a read-through on Fifth Third's Comerica integration.
“In the quarter, Comerica exercised their option for early termination of their relationship with us. This resulted in a onetime $25 million make-whole payment for onboarding costs and future earnings”
Comerica terminated its retail-investment-program relationship with Ameriprise (after being acquired), driving ~$18B of adviser/asset outflows through Q3; a negative read-through on that lost bank-channel relationship.
“we signed a multiyear agreement to become the retail investment program provider the Huntington Bank. This relationship is expected to add approximately 260 advisers and $28 billion in assets with onboarding beginning later this year.”
Ameriprise won a multiyear deal to run Huntington Bank's retail investment program (~260 advisers, $28B assets), a read-through on Huntington outsourcing its wealth platform to AMP.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
AMP Ameriprise Financial | 8 | +9.0% | |
| ARES Ares Management Corporation | 9 | +40.8% | |
| BEN Franklin Resources | 8 | +8.7% | |
| BLK BlackRock | 9 | +26.9% | |
| BNY BNY Mellon | 9 | +2.2% | |
| BX Blackstone Inc. | 8 | +39.3% | |
| IVZ Invesco | 8 | +14.1% | |
| KKR KKR | 7 | +31.0% | |
| NTRS Northern Trust | 9 | +7.8% | |
| STT State Street Corporation | 9 | +2.2% | |
| TROW T. Rowe Price | 6 | +5.3% |