Financial analysis of Ameriprise

Ameriprise Financial (AMP) — FY2025 Annual Report

Ameriprise closed FY2025 with revenue of roughly $18.9 billion and net income of about $3.6 billion, both marking record levels for the five-year window shown. The company appears to be in a stable, cash-generative position, though the reported headline growth rates require some interpretation, as several of the pre-calculated ratios (a 55% revenue jump and a P/E near zero) seem distorted by data artifacts rather than reflecting operating reality.

On a like-for-like basis, total revenues rose modestly from $17.9 billion to $18.9 billion, an increase of roughly 5%, with the underlying story sitting in the Advice & Wealth Management segment, whose advisory fees climbed to nearly $6.5 billion. This continued mix shift toward asset-based advisory revenue may be lifting the durability of the top line, while net investment income actually softened slightly and off-balance-sheet brokerage cash revenue fell sharply—possibly reflecting the changing rate environment. Net margins held around 19%, broadly consistent with recent years, and reported ROE of roughly 54% remains striking, though it appears heavily amplified by the company's minimal equity base rather than by unusual operating profitability. Notably, pretax segment income grew faster than consolidated pretax income, suggesting non-operating and market-related items weighed on the reported bottom line.