AllianceBernstein (AB) Q1 2026 Earnings
Reported Apr 28, 2026 at 6:29 AM ET · SEC Source
Q1 26 EPS
$0.83
MISS 0.50%
Est. $0.83
Q1 26 Revenue
$871.1M
MISS 2.63%
Est. $894.7M
vs S&P Since Q1 26
-6.6%
TRAILING MARKET
AB -1.0% vs S&P +5.6%
Market Reaction
Did AB Beat Earnings? Q1 2026 Results
AllianceBernstein delivered a mixed first quarter for 2026, falling short on both top and bottom lines as sequential pressure from lower performance fees and investment advisory base fees weighed on results. Adjusted earnings per unit came in at $0.8… Read more AllianceBernstein delivered a mixed first quarter for 2026, falling short on both top and bottom lines as sequential pressure from lower performance fees and investment advisory base fees weighed on results. Adjusted earnings per unit came in at $0.83, missing the $0.83 consensus by a slim 0.50%, while adjusted net revenues of $871.13 million trailed the $894.70 million estimate by 2.63%, though the year-over-year revenue comparison was dramatically skewed by prior-period investment losses now swinging to gains, producing a reported 952.7% increase. On a GAAP basis, the picture was more constructive, with net income per unit rising 37.3% to $0.92 and operating income climbing 38.3% to $326.80 million. Total AUM slipped 3% sequentially to $838.60 billion amid $7.10 billion in net outflows, led by $10.90 billion leaving active equity strategies, though April data showing AUM recovering to $881 billion on market appreciation offered some reassurance. Looking ahead, management pointed to a record institutional pipeline of $27.50 billion as a catalyst for future funded mandates across private markets, active ETFs, and insurance channels.
Key Takeaways
- • Higher investment advisory base fees grew 3.8% year-over-year
- • Performance fees increased 77.3% year-over-year to $66 million
- • Investment gains of $31.1 million vs losses of $20.5 million in the prior year
- • Average AUM grew 8% year-over-year to $865.0 billion
- • Municipal bond franchise generated $3.3 billion net inflows
- • Alternatives/multi-asset strategies attracted $3.4 billion net inflows
- • Institutional pipeline AUM increased to $27.5 billion from $19.7 billion
- • Bernstein Private Wealth net new assets growing at 5% annualized rate
AB Forward Guidance & Outlook
Management noted that market volatility is elevated as investors recalibrate risk exposure against a backdrop of slower growth, unsettled inflationary pressures, and ongoing geopolitical instability. The firm's institutional pipeline reached $27.5 billion, described as the highest on record, suggesting potential future funded mandates. Management is focused on executing strategic priorities across structurally growing areas including private markets, active ETFs, SMAs, insurance, and wealth management. No specific numeric forward guidance was provided.
AB YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
“The first quarter of 2026 unfolded against a difficult geopolitical backdrop associated with market volatility. Firmwide net active outflows totaled $6.3 billion, reflecting a more risk-averse environment, despite continued momentum across structurally growing areas—including private markets, active ETFs, SMAs, insurance, and wealth management. Active equity outflows remained elevated at $10.9 billion across channels, primarily within growth-oriented US strategies. Our market‑leading municipal franchise continued to demonstrate its income‑oriented appeal, supported by strong high-net-worth demand, generating $3.3 billion net inflows in the quarter. Taxable fixed income demand diverged by channel and region, with institutional net inflows more than offset by APAC retail net outflows, resulting in $1.7 billion net outflows. Alternatives/multi-asset strategies recorded $3.4 billion net inflows, reflecting continued institutional deployments into private markets and customized retirement solutions, along with multi-asset retail inflows. Compared to prior year, average AUM and advisory base fees grew 8% and 5%, respectively. Adjusted operating income increased 3% and adjusted earnings per Unit and distributions to Unitholders rose 4%.”
— Seth Bernstein, Q1 2026 Earnings Press Release
AB Earnings Trends
AB vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AB EPS Trend
Earnings per share: estimate vs actual
AB Revenue Trend
Quarterly revenue: estimate vs actual
AB Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.83 | $0.83 | -0.50% | $871.1M | -2.63% |
| Q4 25 BEAT FY | $0.92 | $0.96 | +4.37% | $89.8M | -90.61% |
| FY Full Year | — | $3.33 | — | $332.8M | — |
| Q3 25 BEAT | $0.85 | $0.86 | +0.96% | $884.7M | -1.44% |
| Q2 25 BEAT | $0.75 | $0.76 | +1.28% | $1.09B | +30.80% |