Affiliated Managers Group, Inc. (MGR) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 0 | 267.3M | 299.3M | 230.8M | 212.8M | 212.5M | 267.6M | 265.3M | 200.4M | 254.9M | 290.8M | 90.1M | 232.2M | 483.8M | 290.9M | 361.5M | 145M | 368.9M | 346.4M | 358.7M |
| Operating CF Margin % | - | 33.4% | 56.69% | 46.8% | 42.85% | 40.53% | 51.82% | 53.03% | 40.09% | 50.72% | 55.37% | 17.58% | 44.88% | 89.64% | 50.28% | 59.84% | 23.88% | 53.32% | 60.22% | 61.18% |
| Operating CF Growth % | -100% | 25.79% | 11.85% | -13% | 6.19% | -16.63% | -7.98% | 194.45% | -13.7% | -47.31% | -0.03% | -75.08% | 60.14% | 31.15% | -16.02% | 0.78% | -23.24% | -3.56% | 35.95% | 23.05% |
| Net Income | 146.4M | 347.6M | 212.4M | 135.9M | 72.4M | 162.1M | 123.6M | 76M | 149.8M | 196.1M | 217M | 125.3M | 134.5M | 777.8M | 112.6M | 109.4M | 146M | 178.5M | 128.4M | 109M |
| Depreciation & Amortization | 49.2M | 66.7M | 8.9M | 3.5M | 86.1M | 11.2M | 10.6M | 10.4M | 10.3M | 13.8M | 15.5M | 15.8M | 16.2M | 16.2M | 18.2M | 17.1M | 16M | 14.5M | 13M | 13M |
| Stock-Based Compensation | 53.5M | 0 | 0 | 68.6M | 23.7M | 38.6M | 0 | 0 | 0 | 28.7M | 0 | 0 | 0 | 0 | 24.2M | 25.8M | 30.9M | 0 | 32.9M | 0 |
| Deferred Taxes | -45.7M | 0 | 0 | 18.9M | 7.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -203.4M | -257.5M | -700K | -127.5M | 154.1M | -24.5M | 107.5M | 152.3M | 192.8M | -37.6M | -42.4M | 73.2M | 312.6M | -596.1M | 117M | 145.3M | 6.1M | 77.5M | -77.7M | 162.6M |
| Working Capital Changes | 0 | 110.5M | 78.7M | 131.4M | -131.4M | 25.1M | 25.9M | 26.6M | -152.5M | 53.9M | 100.7M | -124.2M | -231.1M | 285.9M | 18.9M | 63.9M | -54M | 98.4M | 249.8M | 74.1M |
| Change in Receivables | 0 | 182M | -104.9M | 161.1M | -161.1M | 32.3M | 14.2M | 68.8M | -159.5M | 68M | 47.4M | -71.6M | -92.2M | 77.5M | 9M | 52.7M | -52.2M | 112.7M | 212.3M | -206.7M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -229M | 41.6M | 248.5M | -493.7M | -39.5M | 8.5M | 53.4M | 220.2M | 83.3M | -213.4M | 189.9M | 3.7M | 290.6M | -69.8M | -94.6M | -14.6M | -157.4M | -412.9M | -7.1M | -143.3M |
| Capital Expenditures | -3.8M | -1.9M | -1.2M | -1.4M | -1.6M | -1.1M | -700K | -600K | -1M | -5.8M | -2.6M | -2.1M | -1.9M | -2.3M | -3M | -2.4M | -3.7M | -3.5M | -2.8M | -1.4M |
| CapEx % of Revenue | 0.7% | 0.24% | 0.23% | 0.28% | 0.32% | 0.21% | 0.14% | 0.12% | 0.2% | 1.15% | 0.5% | 0.41% | 0.37% | 0.43% | 0.52% | 0.4% | 0.61% | 0.51% | 0.49% | 0.24% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 2.97B | 3.58B | 3.19B | 3.26B | 2.73B | 32.3M | 2.75B | 2.86B | 3.09B | 461M | 2.96B | 2.85B | 2.8B | 3.28B | 2.58B | 2.56B | 2.67B | 2.59B | 2.52B | 2.49B |
| Other Investing | -238.3M | -99.8M | 99.8M | -509.4M | -49.5M | 9.6M | 0 | 0 | 0 | 86.4M | 0 | 0 | 0 | 0 | -91.6M | -12.2M | -153.7M | 0 | -4.3M | 0 |
| Cash from Financing | -277.3M | -200.1M | -430.2M | -201.5M | -316.9M | -271.8M | -188M | -413.8M | -302.3M | -234.3M | -258.8M | -148.3M | -116.9M | -623.8M | -162.9M | -227.3M | -388.9M | -172.8M | 16.5M | -201.1M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | -353.1M | -75.7M | -101.3M | -176.2M | -172.7M | -104.9M | -332.1M | -152.5M | -167.4M | -169.3M | -44.3M | 0 | -360.7M | -75.9M | -104M | -201.3M | -102.3M | -101.1M | -82.1M |
| Dividends Paid | 0 | -200K | -300K | -200K | -300K | -400K | -300K | -400K | -300K | -300K | -400K | -400K | -400K | -400K | -400K | -400K | -400K | -400K | -400K | -400K |
| Share Repurchases | -185.1M | -353.1M | -75.7M | -101.3M | -176.2M | -172.7M | -104.9M | -332.1M | -152.5M | -167.4M | -169.3M | -44.3M | 0 | -360.7M | -75.9M | -104M | -201.3M | -102.3M | -101.1M | -82.1M |
| Other Financing | -277.3M | -170M | -4.2M | -100M | -140.4M | -98.7M | -180.4M | -81.3M | -149.5M | -66.6M | -89.1M | -103.6M | -116.5M | -262.7M | -83.8M | -81.4M | -170.7M | -63.2M | 121.3M | -110.8M |
| Net Change in Cash | -209.9M | 109.9M | 115.1M | -455.5M | -133.5M | -60.7M | 145.2M | 72.1M | -20.2M | -185.6M | 213.7M | -47.3M | 403.6M | -193.7M | 16.1M | 105.8M | -407.5M | -219.5M | 350.1M | 11.7M |
| Free Cash Flow | -3.8M | 265.4M | 298.1M | 229.4M | 211.2M | 211.4M | 266.9M | 264.7M | 199.4M | 249.1M | 288.2M | 88M | 230.3M | 481.5M | 287.9M | 359.1M | 141.3M | 365.4M | 343.6M | 357.3M |
| FCF Margin % | -0.7% | 33.16% | 56.46% | 46.51% | 42.53% | 40.32% | 51.68% | 52.91% | 39.89% | 49.56% | 54.87% | 17.17% | 44.51% | 89.22% | 49.76% | 59.44% | 23.27% | 52.82% | 59.74% | 60.94% |
| FCF Growth % | -101.8% | 25.54% | 11.69% | -13.34% | 5.92% | -15.13% | -7.39% | 200.8% | -13.42% | -48.27% | 0.1% | -75.49% | 62.99% | 31.77% | -16.21% | 0.5% | -24.92% | -4.04% | 36.08% | 23.38% |
| FCF per Share | -0.14 | 8.56 | 9.03 | 7.31 | 6.48 | 5.87 | 7.63 | 7.50 | 4.97 | 6.03 | 6.64 | 2.09 | 5.77 | 10.47 | 6.62 | 8.07 | 3.01 | 8.32 | 7.76 | 8.01 |
| FCF Conversion (FCF/Net Income) | - | 0.77x | 1.41x | 2.74x | 2.94x | 1.31x | 2.17x | 3.49x | 1.34x | 1.30x | 1.34x | 0.72x | 1.73x | 0.62x | 2.58x | 3.30x | 0.99x | 2.07x | 2.70x | 3.29x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 138.2M | 0 | 0 | 0 | 110.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |