Earnings Analysis November 1, 2026

Silvercrest Asset Management Group Inc ($SAMG) Q3 2026 Earnings Analysis: Adjusted EPS of $0.16 Beats Estimates, Shares Rise 8.0%

Earnings Report

Revenue: $32.7 million (up 4.5% YoY, beating the $31.8 million estimate) ✅ Beat

EPS (Earnings Per Share): $0.16 adjusted (beating the $0.11 estimate), $0.08 GAAP

Guidance: Not provided (did not announce outlook for next quarter or full-year earnings and revenue)

Stock Reaction: +8.0% (based on BMO closing price on the day)

The Good

Revenue Growth: Q3 revenue of $32.7 million, a 4.5% increase year-over-year

New Account Inflows: New client accounts reached $182.2 million, the highest among quarters in 2026

Adjusted EPS Beat: Adjusted EPS of $0.16 exceeded the $0.11 estimate

Revenue increased even in a quarter where assets under management declined. This was the result of an increase in average annual management fees, while personnel expenses decreased to $21.2 million due to lower bonus accruals. In the Global Value strategy, $373 million in follow-on investments from existing clients supported a net inflow of $58.3 million.

The Bad

Decrease in Adjusted Profit: Adjusted EBITDA of $4.4 million, a 2.8% decrease from $4.53 million a year ago

Shrinking Assets Under Management: Total AUM of $36.2 billion, a 3.7% decrease from $37.6 billion a year ago

Cost Burden: General and administrative expenses increased 16.0% year-over-year to $9.6 million

Profitability metrics moved backward. Adjusted net income was $1.912 million, a 20.5% decrease from $2.406 million a year ago, and the nine-month cumulative adjusted EBITDA margin fell from 18.0% to 12.2%. A $939.2 million decrease in discretionary assets under management due to the Q3 market downturn narrowed the revenue base.

What the Company Said

Management characterized this quarter as the final stage of the largest investment cycle in the company's history. They explained that legal and administrative costs will decrease following the MiFID authorization from the Central Bank of Ireland and the opening of the Dublin office, with revenue contributions expected to begin from 2027.

Market Reaction and Future Key Points

With earnings per share exceeding expectations and the confirmation of record-high new account inflows this year, the stock price rose 8.0% on the day of the announcement.

It is necessary to confirm whether new client account inflows continue at the level of $182.2 million in the fourth quarter.

Following the reorganization of non-discretionary assets under management scheduled for the end of the first quarter next year, the reporting structure connecting total assets and revenue must be monitored.

The speed at which the Dublin hub and Irish licenses convert into actual fee income will be the key to 2027 performance.

Earnings Call Summary

Once the earnings call concludes and the company script is released, the key takeaways from the call will be added here. We will select and summarize only the most important points, such as how management explained performance and outlook, and what analysts asked.