AB NYSE Earnings call
Alliancebernstein Holding L.p (AB) · Q2 2026 results and valuation
Share price: $33.88 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 28 Jul 2026 and 28 Apr 2026
Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
—
No financial figures for this pair
Guidance cut
2 · How management spoke
Upbeat
More upbeat than 81% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Key theme
AB posted solid base fee growth and disciplined expense management, driving continued operating leverage that strengthens the platform and expands…
Valuation
Is Alliancebernstein Holding L.p undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (the standard assumption), the model's fair value is $73.31 a share — the stock trades 54% below it. Today's price assumes −1.1% growth a year.
Current price
$33.88
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
-1.1% for 10 yrs
Fair value / share
$73.31
Buy below
$54.98
Price vs fair value
Undervalued 54%
Price vs buy-below price
Undervalued 38%
Read between the lines
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Guidance
Alliancebernstein's full year private markets performance fee outlook remains unchanged at $70 million to $80 million.
Source quote
“Our full year private markets performance fee outlook remains unchanged at $70 million to $80 million. Performance fees totaled approximately $23 million, down $16 million year-over-year, reflecting lower realizations from private market strategies. Importantly, we are increasing our full year combined performance fee outlook to $95 million to $115 million, reflecting stronger-than-expected contributions from public market strategies.”
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Guidance
Compensation is expected to stay at 40.5% of net revenue in Q3, with flexibility to adjust as market conditions evolve.
Source quote
“We expect to continue accruing at a 40.5% comp to net revenue ratio in the third quarter, while retaining flexibility to adjust as market conditions evolve.”
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Guidance ↓
AB lowered its guidance by $5 million to $10 million this quarter, signaling a weaker outlook.
Source quote
“And this quarter, we did reduce our guidance $5 million to $10 million.”
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Figure
AllianceBernstein returned to positive organic growth and posted its strongest sales quarter in 5 years, reaching its objective and reviving revenue momentum.
Source quote
“Against this backdrop, AllianceBernstein generated its strongest sales quarter in 5 years returned to positive organic growth and reached its objective...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Product innovation also supported organic growth, including strong capital raise for our newly launched high-muni strategies designed to address increasingly tax management needs of high net worth investors.”
“Fundraising momentum is accelerating, deployment activity increasing and asset growth continuing to compound, we believe private markets will continue to be a key driver of growth.”
“Exceeding $905 billion This milestone reflects both market appreciation and more importantly, the returns on years of investment and strategic initiatives that are now driving organic growth across insurance, private...”
Full figures
USD · ROIC.AI fundamentals (NYSE:AB, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | — | 92.3M | 78.8M | ||
| Net income | — | 85.2M | 70.2M | ||
| EPS | — | 0.92 | 0.64 | ||
| P/E | — | — | — | — | — |
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Latest announcements
Official filings, newest first.
- Director or officer change; Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
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- Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K