Executive Summary
Ameriprise Financial delivered a mixed Q3 2025. Core operating profitability was solid, with operating income of $965 million, up 49.6% year over year from $645 million in Q3 2024, signaling a healthier underlying earnings engine in the Advice & Wealth Management and Asset Management franchises. However, the quarter’s bottom line was dramatically affected by non-operating results, yielding a net income of only $3 million and basic/diluted EPS of $0.0312/$0.0307, despite a robust operating footprint. Total Other Income/Expenses net registered a negative $962 million, which effectively overwhelmed the operational strength and caused a sharp year-over-year and quarter-over-quarter earnings deterioration on net basis.
This profile underscores two core dynamics for investors: (1) a durable, fee-based operating base that can drive revenue and margin resilience, and (2) heightened earnings volatility stemming from non-operating income items. The data set shows quarterly revenue in the prior quarters around the $4.35–$4.50 billion range (Q1–Q4 2024 and Q2 2025 quarters), but Q3 2025 revenue is not disclosed in the provided figures, limiting complete top-line assessment for the quarter. Absent the non-operating item, cash flow and profitability from the core businesses imply meaningful upside if asset inflows remain positive and expense discipline is maintained.
Looking ahead, the investment thesis hinges on stabilizing or reducing the negative swing from other income while sustaining fee-based revenue growth and AUM momentum. In the near term, management commentary (if any) and subsequent filings will be critical to confirm whether the Q3 2025 non-operating headwinds are an anomaly or an ongoing risk factor. Until then, Ameriprise presents a bifurcated picture: strong operating profitability on a go-forward basis, but near-term earnings visibility impaired by non-operating items.
Key Performance Indicators
QoQ: -28.57% | YoY:49.61%
QoQ: -99.72% | YoY:-99.41%
QoQ: -99.71% | YoY:-99.39%
Key Insights
Operating Income: $965,000,000 in Q3 2025, YoY +49.61% (from $645,000,000 in Q3 2024); QoQ -28.57% (Q2 2025 operating income was $1,356,000,000).
Net Income: $3,000,000 in Q3 2025, YoY -99.41% (from $511,000,000 in Q3 2024); QoQ -99.72% (Q2 2025 net income was $1,060,000,000).
EBITDA: $965,000,000.
EBITDA Margin: Not explicitly provided; implied EBITDA managed with operating income given the negative other income line in Q3 2025.
Total Other Income/Expenses Net: -$962,000,000 in Q3 2025 (a major...
Financial Highlights
Operating Income: $965,000,000 in Q3 2025, YoY +49.61% (from $645,000,000 in Q3 2024); QoQ -28.57% (Q2 2025 operating income was $1,356,000,000).
Net Income: $3,000,000 in Q3 2025, YoY -99.41% (from $511,000,000 in Q3 2024); QoQ -99.72% (Q2 2025 net income was $1,060,000,000).
EBITDA: $965,000,000.
EBITDA Margin: Not explicitly provided; implied EBITDA managed with operating income given the negative other income line in Q3 2025.
Total Other Income/Expenses Net: -$962,000,000 in Q3 2025 (a major drag on bottom line).
Income Before Tax: $3,000,000 in Q3 2025.
Net Income Margin: Not disclosed; implied to be near zero for Q3 2025 due to negative other income.
EPS (Basic): $0.0312; EPS (Diluted): $0.0307.
Weighted Average Shares Outstanding: 96,300,000 (basic); 97,800,000 (diluted).
Note: Revenue for Q3 2025 is not disclosed in the provided data; prior quarters show quarterly revenue in the $4.35–$4.50 billion range.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Operating Income |
965.00M |
49.61% |
-28.57% |
| Net Income |
3.00M |
-99.41% |
-99.72% |
| EPS |
0.03 |
-99.39% |
-99.71% |
Management Commentary
Transcript data not provided in the user input. No management quotes or themes are available from an earnings call in this dataset. If a full transcript becomes available, a thematically grouped summary should be prepared (e.g., strategy, operations, market conditions) with direct quotes and context.
Forward Guidance
No explicit forward guidance was included in the QQ3 2025 material provided. Given the absence of updated targets, the outlook hinges on two structural factors: (i) stabilization or reduction of the negative impact from total other income/expenses, and (ii) continued strength in fee-based revenue and AUM growth. The investment view would be sensitive to: (a) net inflows into Advice & Wealth Management and Asset Management, (b) fee revenue growth, (c) expense discipline, and (d) any changes in the volatility or recognition of other income items. Investors should monitor quarterly cadence on AUM trends, net new money, and the composition of non-operating items that drove the Q3 2025 outcome.