Ameriprise Financial (AMP) · Q2 2026 results and valuation

At 9.7% growth a year (3-year revenue growth), the model's fair value is $932.19 a share — the stock trades 44% below it. Today's price assumes 1.7% growth a year.

1. Key theme

   Adjusted operating earnings rose 14% and pretax adjusted operating margin held at 27%, while general and administrative expenses climbed 5% to $982 million.

   Source quote

   “Adjusted operating earnings increased 14% and our pretax adjusted operating margin remained strong at 27%. General and administrative expenses increased 5% to $982 million, driven by volume-related expenses continued investment for growth and higher compensation expense and our Seligman technology strategy team from asset growth and performance. In the quarter, we returned 91% of operating earnings to shareholders through share repurchases and dividends.”

2. Guidance

   Full-year general and administrative expenses are expected to rise in the mid-single-digit range.

   Source quote

   “For the full year, we expect general and administrative expenses to increase in the mid-single-digit range.”

Very upbeat — about as upbeat as in Q1 2026.

Sentences that drove the tone

“And EPS was up strongly, increasing 22% to $11.07 as we consistently demonstrate strong operating earnings growth an exceptional return to shareholders that is consistently differentiated across financial services.”

“In fact, this applies across the firm, we remain focused on transformation for growth and identifying opportunities where we can invest, simplify and improve efficiency.”

“Our adviser productivity continues to grow, reaching a new high of $1.2 million, up 12% year-over-year driven by strong growth in wrap assets and related fees as well as enhancements...”