olivLaw · US equity research
Ameriprise Financial, Inc. AMP
Investment Advice · SIC 6282 · Vertical: Investment Advice (SIC 6282)
Ameriprise Financial is a diversified financial services company with a history of more than 130 years, offering financial planning, asset management and retirement and protection solutions through its network of advisors. Interest in the company grows as assets under management reach record levels, with total assets of 1.8 trillion USD at June 30, 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Ameriprise Financial, Inc. (AMP) stock was 527.41 USD (+4.46% on the day), with market capitalisation 45.8 bn USD, P/E 11.9 on diluted EPS of 44.47 USD over the last 12 months, dividend yield 1.00%, beta 1.07, 52-week range 430.40–570.68 USD. Latest reported quarter (Q3 2026): revenue of 5.2 bn USD (+6.1% YoY), net income of 1.1 bn USD (+23.5% YoY), diluted EPS 12.32 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 63.8
- strong (55–70)
- Bollinger (20, 2)
- 478.77 – 515.36
- above the upper band · %B 1.33 · band width 7.4%
- SMA 50 / 200
- 516.82 / 492.86
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -1.10 / -5.57
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.6% | −1.1% | +7.7 pp | — |
| 3 months | −6.0% | −0.5% | −5.5 pp | — |
| 6 months | +11.0% | +4.4% | +6.6 pp | — |
| Year to date | +7.6% | +12.3% | −4.8 pp | — |
| 1 year | +16.7% | +13.5% | +3.1 pp | −6.9% |
| 3 years | +57.1% | +76.4% | −19.3 pp | +33.4% |
| 5 years | +72.8% | +63.7% | +9.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.6 bn | 4.5 bn | 4.5 bn | 4.9 bn | 5.0 bn | 4.9 bn | 5.0 bn | 5.2 bn |
| Depreciation & amortisation | 267.0 m | -27.0 m | -27.0 m ≈ | -19.0 m ≈ | 224.0 m | -9.0 m | -5.0 m ≈ | -4.0 m ≈ |
| Pre-tax income | 1.4 bn | 687.0 m | 1.4 bn | 1.2 bn | 1.3 bn | 1.1 bn | 1.4 bn | 1.4 bn |
| Income tax | 281.0 m | 104.0 m | 291.0 m | 262.0 m | 284.0 m | 229.0 m | 329.0 m | 301.0 m |
| Net income | 1.1 bn | 583.0 m | 1.1 bn | 912.0 m | 1.0 bn | 915.0 m | 1.1 bn | 1.1 bn |
| Diluted EPS | 10.56 ≈ | 5.83 | 10.73 | 9.33 | 10.49 ≈ | 9.68 | 11.98 | 12.32 |
| Operating cash flow | 383.0 m | 1.7 bn | 1.8 bn ≈ | 2.2 bn ≈ | 2.7 bn | 459.0 m | 2.9 bn ≈ | 1.5 bn ≈ |
| Capex | 58.0 m | 36.0 m | 38.0 m ≈ | 44.0 m ≈ | 44.0 m | 29.0 m | 37.0 m ≈ | 42.0 m ≈ |
| Dividends paid | 144.0 m | 144.0 m | 152.0 m ≈ | 151.0 m ≈ | 149.0 m | 148.0 m | 152.0 m ≈ | 151.0 m ≈ |
| Share repurchases | 665.0 m | 730.0 m | 581.0 m ≈ | 701.0 m ≈ | 895.0 m | 874.0 m | 779.0 m ≈ | 915.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 39 percentile of its own 44-quarter history (min 3.8, median 12.6, max 30.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12.9 bn | 13.1 bn | 12.0 bn | 13.4 bn | 14.3 bn | 16.1 bn | 17.9 bn | 18.9 bn |
| Revenue YoY | +6.1% | +1.4% | −8.7% | +12.0% | +7.1% | +12.3% | +11.4% | +5.5% |
| Net income | 2.1 bn | 1.9 bn | 1.5 bn | 3.4 bn | 3.1 bn | 2.6 bn | 3.4 bn | 3.6 bn |
| Net income YoY | +41.8% | −9.8% | −19.0% | +122.8% | −7.8% | −18.8% | +33.1% | +4.8% |
| Diluted EPS | 14.20 | 13.92 | 12.20 | 28.48 | 27.70 | 23.71 | 33.05 | 36.28 |
| Diluted EPS YoY | +50.4% | −2.0% | −12.4% | +133.4% | −2.7% | −14.4% | +39.4% | +9.8% |
| net % | 16.2% | 14.4% | 12.8% | 25.5% | 22.0% | 15.9% | 19.0% | 18.8% |
| Free cash flow | 2.4 bn | 2.2 bn | 4.5 bn | 3.2 bn | 4.2 bn | 4.5 bn | 6.4 bn | 8.2 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 11.2 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 6.5 bn USD
- Total assets
- 190.9 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 60.5%
- ROA
- 1.9%
- FCF margin
- 43.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 12.0 bn | 13.4 bn | 14.3 bn | 16.1 bn | 17.9 bn | 18.9 bn | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 153.0 m | 144.0 m | 142.0 m | 151.0 m | 142.0 m | 151.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | 1.8 bn | 4.2 bn | 3.9 bn | 3.2 bn | 4.3 bn | 4.5 bn | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 297.0 m | 768.0 m | 782.0 m | 678.0 m | 866.0 m | 941.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | 1.5 bn | 3.4 bn | 3.1 bn | 2.6 bn | 3.4 bn | 3.6 bn | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | 12.20 | 28.48 | 27.70 | 23.71 | 33.05 | 36.28 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 125.7 m | 120.0 m | 113.7 m | 107.8 m | 102.9 m | 98.2 m | SEC (XBRL)· 19 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 8.9 bn | 9.6 bn | 8.8 bn | 8.6 bn | 9.5 bn | 11.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 602.0 m | 590.0 m | 630.0 m | 681.0 m | 733.0 m | 744.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Goodwill | 1.2 bn | 1.5 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 19 Feb 2026verified |
| Intangibles (excl. goodwill) | 108.0 m | 193.0 m | 192.0 m | 298.0 m | 262.0 m | 356.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 165.9 bn | 177.7 bn | 158.9 bn | 175.2 bn | 181.4 bn | 190.9 bn | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 160.0 bn | 172.9 bn | 155.0 bn | 170.5 bn | 176.2 bn | 184.4 bn | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 5.9 bn | 4.8 bn † | 3.8 bn † | 4.7 bn † | 5.2 bn † | 6.5 bn † | SEC (XBRL)· 19 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 4.6 bn | 3.3 bn | 4.4 bn | 4.7 bn | 6.6 bn | 8.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 147.0 m | 120.0 m | 182.0 m | 184.0 m | 176.0 m | 162.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | 4.5 bn ≈ | 3.2 bn ≈ | 4.2 bn ≈ | 4.5 bn ≈ | 6.4 bn ≈ | 8.2 bn ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -2.9 bn | -4.4 bn | -13.6 bn | -9.3 bn | -551.0 m | -1.5 bn | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | 952.0 m | 1.7 bn | 8.4 bn | 4.4 bn | -5.2 bn | -5.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Dividends paid | 497.0 m | 511.0 m | 534.0 m | 550.0 m | 574.0 m | 596.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Share repurchases | 1.4 bn | 2.0 bn | 2.0 bn | 2.1 bn | 2.4 bn | 2.9 bn | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 45.8 bn USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 42.58 – 1,266.75 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E1,131.06 – 1,266.75 (Mid 1,250.20)3 companies used · median multiple 28.1x · quartiles 25.4x – 28.5xBEN, BX, KKR
- Dividend discount (DDM)42.58 – 57.26 (Mid 48.84)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 20.7% | 60 (vs peers) | 11% |
| FCF conversion · Quality | 176.2% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 9.7% | 81 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | 9.4% | 63 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 11.9x | 80 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 16.0% | 100 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 8.9% | 100 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 8.2% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth72/100 · 2/2 factors with a value
- Quality80/100 · 2/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation89/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AMERIPRISE FINANCIAL, INC. (AMP). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 18.9 bn USD in 2025; YoY growth 5.5%; net margin 20.7%; ROE 72.0%.
The estimated value range is 586.82–662.01 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 649.52 USD, the price of 527.41 USD leaves a potential of 23.2% (value / price − 1) and a margin of safety of 18.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 176.2%
- Revenue CAGR 3Y: 9.7%
- P/E (TTM): 11.9x
- FCF yield: 16.0%
- Shareholder yield (distributions): 8.9%
- Payout ratio (FCF): 8.2%
- The price is below the estimated value range
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA.
Versus the vertical median
Investment Advice (SIC 6282) · same industry (4-digit SIC) · compared with 5 companies
Only companies with a capitalisation between 5.5 bn and 351.1 bn (within 8× of the company's); 36 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BXBlackstone Inc. | 94.3 bn | 28.1 | 40.5% | 21.8% | +9.2% | −14% / +12% |
| KKRKkr & Co. Inc. | 91.0 bn | 28.9 | 10.6% | 14.8% | −11.0% | −17% / +34% |
| APOApollo Global Management, Inc. | 72.5 bn | 43.8 | 9.3% | 5.2% | +22.7% | −7% / +33% |
| AMPAmeriprise Financial, Inc. | 45.8 bn | 11.9 | 72.0% | 20.7% | +5.5% | +17% / +57% |
| TROWPrice T Rowe Group Inc | 24.0 bn | 11.3 | 19.7% | 28.4% | +3.1% | +10% / +12% |
| BENFranklin Resources Inc | 17.2 bn | 22.8 | 6.8% | 8.7% | +3.5% | +50% / +37% |
1- and 3-year price returns: for AMP from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 353.60 Total return -33% · Per year -33% | 623.66 Total return 18% · Per year 18% | 937.39 Total return 78% · Per year 78% |
| 3 years | 379.82 Total return -28% · Per year -10% | 750.21 Total return 42% · Per year 12% | 1,232.74 Total return 134% · Per year 33% |
| 5 years | 407.98 Total return -23% · Per year -5% | 902.43 Total return 71% · Per year 11% | 1,621.16 Total return 207% · Per year 25% |
- Exit P/E± 187.55
- Net margin± 131.29
- Annual revenue growth± 102.67
- Annual dilution± 11.03
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
Ameriprise Financial is a diversified financial services company with a history of more than 130 years, offering financial planning, asset management and retirement and protection solutions through its network of advisors. Interest in the company grows as assets under management reach record levels, with total assets of 1.8 trillion USD at June 30, 2026 2.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Market exposurehigh
Revenues could fall if markets decline, since fees depend on the value of managed assets 1.
- Interest rates and annuity guaranteeshigh
Rate changes can alter the value of minimum guarantees and hedging costs, affecting profitability 1.
- Client and advisor departuresmedium
Advisor departures and asset withdrawals can reduce recurring fee revenue 3.
- Capital access and credit ratingsmedium
A downgrade in financial strength ratings could affect the cost of capital and market access 1.
- Technology and AI executionlow
Investment in technology and AI could cost more than expected if implementation is delayed 3.
Investment thesis
What would need to be true (bull case)
- If managed assets keep growing through wrap flows and market appreciation, revenue and earnings growth could remain solid 2.
- High return on equity and disciplined capital return could support long-term investor confidence 3.
- An ageing population could create sustained demand for advice, supporting the company's client base 1.
What would break the thesis
- A market correction could quickly reduce assets and fee-based revenues, especially if net flows stay negative 1.
- Interest rates and guarantees on variable products could bring higher hedging costs than expected 1.
- Competition from passive products and alternative platforms could erode margins and market share over time 1.
What to watch
- Trend in net client flows and managed assetsQ3 2026
- Adjusted operating margin of the Advice & Wealth Management segmentQ3 2026
- Net flows of the Asset Management segmentQ3 2026
- Full-year 2026 operating effective tax rate2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
The business
Ameriprise Financial, Inc. is a Delaware holding company operating through subsidiaries, focused on financial advice and the management of assets for individual and institutional clients 1. Its strategy rests on two go-to-market approaches, Wealth Management and Asset Management, supported by a network of more than 10,000 financial advisors 1. The company targets adjusted operating EPS growth of 12% to 15% and adjusted operating return on equity of over 30% over the long term 1.
Segments
Advice & Wealth Management
The main growth segment, providing planning and brokerage services to more than 3.5 million retail clients through advisors 1. In the second quarter of 2026, adjusted operating net revenues rose 16% to 3.2 billion USD and pretax adjusted operating earnings were 939 million USD 3.
Market context
Demand for financial advice is supported by baby boomers moving into retirement and younger generations building wealth, with the primary segment targeting households holding between 500,000 and 5,000,000 USD in investable assets 1. Asset values, however, depend on financial market performance, so revenues are sensitive to swings in equity markets and interest rates 1.
In the second quarter of 2026, net client flows were positive in Advice & Wealth Management, while Asset Management recorded net outflows, pointing to differentiated demand across segments 3. Year-on-year asset growth was driven mainly by market appreciation and wrap flows 3.
Trends
- Ageing population and wealth transfertailwind
The move of baby boomers into retirement increases demand for advice and income solutions, which could support long-term growth in managed assets 1.
- Adoption of artificial intelligencemixed
The company is accelerating AI use in advisors' workflows while keeping human relationships central, which could raise productivity but involves investment and implementation risk 3.
- Market and interest rate volatilityheadwind
Rate changes and market declines can reduce asset-based fee revenue and raise hedging costs on variable annuity guarantees if these conditions persist 1.
- Demand for wrap and banking productstailwind
Wrap flows and growth in bank assets support recurring revenue in the advice segment, but depend on client behaviour and market conditions 3.
Competitive position
Ameriprise competes with other advisor platforms in the US and with global asset managers, while clients may move funds to accounts with different fee structures or to passive products 1. The company points to its brand and advisor platform as advantages, but competitive pressure remains high 1.
- Independent and regional advisor platforms
Competitors in the advisor channel that can attract advisors and client assets in the same market segments 1.
- Global asset managers
Firms competing through funds and managed accounts in the same product categories, including in international markets 1.
- ETF and passive fund providers
Lower-cost investment vehicles that may lead clients to shift away from actively managed assets 1.
- Insurers and annuity providers
Companies offering similar retirement and protection products and competing for the same clients 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Ameriprise Stock: Is AMP Outperforming the Financial Sector?Yahoo Finance — News · 09 Sept 2026 · EN
- Ameriprise Financial Stock: Analyst Estimates & RatingsYahoo Finance — News · 27 Aug 2026 · EN
The latest news item in our archive is from 09 Sept 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report30 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report23 Jul 2026Results of operations · Financial statements and exhibits
- Current report09 Jun 2026Other events · Financial statements and exhibits
- Current report20 May 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report30 Apr 2026Shareholder vote · Financial statements and exhibits
- Current report23 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement20 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ameriprise Financial, Inc. · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ameriprise Financial, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Ameriprise Financial, Inc. · 23 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.