{"schemaVersion":1,"research":true,"symbol":"amp","name":"Ameriprise Financial","topic":"moat","path":"/stock/amp/moat","status":"published","version":4,"updatedAt":"2026-10-17T23:58:58.872Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Ameriprise has a narrow moat centered on advisor relationships and an integrated practice platform. Recurring service arrangements, client inflows and higher advisory fee rates support a current advantage, although switching friction is inferred rather than directly measured. Pricing power is mixed across businesses. The passages do not establish a company-wide cost advantage, network effect or exceptionally durable moat.","advantages":[{"mechanism":"switching_costs","claim":"Integrated technology, compliance, software and practice services create operational dependence for affiliated advisors, while personal advice relationships support client continuity. Actual client inflows and recurring service fees support this advantage; they do not demonstrate contractual lock-in or quantified switching costs.","durability":"Moderate and conditional on retaining advisors, maintaining useful platform services and sustaining client trust. The established platform and continuing inflows support a current advantage, but the evidence does not establish exceptional long-term durability.","risks":"Client relationships may depend more on individual advisors than Ameriprise. Advisor competition, investment underperformance and larger competitors' economies of scale could erode the advantage. Asset Management remains exposed to fee pressure. These disclosed risks are mostly possibilities rather than demonstrated deterioration.","invalidation":"Persistent client net outflows, advisor departures accompanied by client asset transfers, or sustained advisory fee-rate declines despite stable asset mix would undermine the relationship advantage. Evidence that advisors can replace the integrated services with little disruption would undermine the switching-cost mechanism.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: client-advisor relationships","excerpt":"Our capabilities are centered on establishing long-term personal relationships between clients and advisors."},{"id":"e2","sourceId":"filing-1","location":"Business: integrated advisor platform and support","excerpt":"We support our advisors with an integrated technology platform, training, leadership and marketing programs to assist them in serving clients and growing their practices."},{"id":"e3","sourceId":"filing-2","location":"Revenue recognition: franchise advisor services","excerpt":"The primary services include: licensing of intellectual property and software, compliance supervision, insurance coverage, technology services and support, consulting and other services."},{"id":"e4","sourceId":"filing-2","location":"Revenue recognition: control of services and advisor pricing","excerpt":"The Company controls the services provided by third parties as it has the right to direct the third parties to perform the services, is primarily responsible for performing the services and sets the prices the advisors are charged."},{"id":"e5","sourceId":"filing-2","location":"Revenue recognition: monthly fixed service fees","excerpt":"Intellectual property and software licenses, along with compliance supervision, insurance coverage, and technology services and support are primarily earned based on a monthly fixed fee."},{"id":"e6","sourceId":"filing-3","location":"2025 compensation discussion: client flows and advisor productivity","excerpt":"• Partnered with senior leadership to deliver strong Advice & Wealth Management financial performance: total client assets increased 13% to nearly $1.2 trillion, realized $31 billion in client flows, and advisor productivity increased 8%."},{"id":"e7","sourceId":"filing-2","location":"Second-quarter 2026 Advice & Wealth Management: wrap asset growth and net inflows","excerpt":"Average advisory wrap account assets increased $119.6 billion, or 21%, compared to the prior year period primarily reflecting net inflows and market appreciation."},{"id":"e8","sourceId":"filing-2","location":"Forward-looking risk factors: competition, advisor retention and distribution","excerpt":"and global market conditions, client behavior and volatility in the markets for our products; •changes in interest rates; •adverse capital and credit market conditions or any downgrade in our credit ratings; •effects of competition and our larger competitors’ economies of scale; •declines in our investment management performance; •our ability to compete in attracting and retaining talent, including financial advisors; •impairment, negative performance or default by financial institutions or other counterparties; •the ability to maintain our unaffiliated third-party distribution channels and the impacts of sales of unaffiliated products; •changes in valuation of securities and investments included in our assets; •the determination of the amount of allowances taken on loans and investments; 98 Index AMERIPRISE FINANCIAL, INC."},{"id":"e9","sourceId":"filing-1","location":"Risk factors: potential redemptions and relationship terminations following underperformance","excerpt":"Any drop or perceived drop in investment performance as compared to our competitors could cause a decline in sales of our investment products, an increase in redemptions and the termination of asset management relationships."},{"id":"e10","sourceId":"filing-3","location":"2025 compensation discussion: Asset Management earnings and fee pressure","excerpt":"• In conjunction with Global Asset Management senior leadership, profitably grew the Asset Management business during a challenging environment, with earnings increasing 10% while continuing to enhance the business model to mitigate fee pressure and position the segment for future growth."},{"id":"e11","sourceId":"filing-2","location":"Second-quarter 2026 Advice & Wealth Management: advisory fee growth and average fee rate","excerpt":"Net Revenues Management and financial advice fees increased $353 million, or 20%, for the three months ended June 30, 2026 compared to the prior year period primarily due to growth in average wrap account assets and a higher average advisory fee rate."},{"id":"e12","sourceId":"filing-2","location":"Second-quarter 2026 Advice & Wealth Management: distribution fees and brokerage cash yield","excerpt":"Distribution fees increased $81 million, or 13%, for the three months ended June 30, 2026 compared to the prior year period from strong transactional activity and market appreciation, while brokerage cash revenue decreased $5 million due to a lower off-balance sheet brokerage cash yield."},{"id":"e13","sourceId":"filing-2","location":"Second-quarter 2026 Advice & Wealth Management: comparative adjusted operating margin","excerpt":"Pretax adjusted operating margin was 28.9% for the three months ended June 30, 2026 compared to 28.9% for the prior year period."},{"id":"e14","sourceId":"filing-2","location":"Second-quarter 2026 Advice & Wealth Management: revenue, expenses and earnings","excerpt":"The following table presents the results of operations of our Advice & Wealth Management segment on an adjusted operating basis: Three Months Ended June 30, Change 2026 2025 (in millions) Revenues Management and financial advice fees $ 2,090 $ 1,737 $ 353 20 % Distribution fees 684 603 81 13 Net investment income 455 496 (41) (8) Other revenues 90 86 4 5 Total revenues 3,319 2,922 397 14 Banking and deposit interest expense 73 115 (42) (37) Total net revenues 3,246 2,807 439 16 Expenses Distribution expenses 1,829 1,546 283 18 Interest and debt expense 15 14 1 7 General and administrative expense 463 435 28 6 Total expenses 2,307 1,995 312 16 Adjusted operating earnings $ 939 $ 812 $ 127 16 % Our Advice & Wealth Management segment pretax adjusted operating earnings, which exclude net realized investment gains or losses, increased $127 million, or 16%, for the three months ended June 30, 2026 compared to the prior year period."},{"id":"e15","sourceId":"filing-1","location":"Long-term care risk factors: implemented rate increases and benefit options","excerpt":"We have sought to moderate these uncertainties to some extent by partially reinsuring LTC policies at the time the policies were underwritten and limiting our present stand-alone LTC insurance offerings to policies underwritten fully by unaffiliated third-party insurers, and we have also implemented rate increases and provided reduced benefit options on certain in force policies."},{"id":"e16","sourceId":"filing-1","location":"Insurance risk factors: regulatory approval of pricing changes","excerpt":"Additionally, some of these pricing changes require regulatory approval, which may not be forthcoming."},{"id":"e17","sourceId":"filing-3","location":"Proxy appendix: 2024–2025 GAAP and adjusted operating results reconciliation","excerpt":"​ ​ Ameriprise Financial 2026 Proxy Statement | A-1 ​ Table of Contents Pretax Operating Margin ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Full Year ​ ​ ​ ​ Full Year ($ in millions) ​ 2024 ​ ​ 2025 ​ Total net revenues ​ $ 17,264 ​ ​ $ 18,480 Adjustments: ​ ​ ​ ​ ​ ​ Net realized investment gains (losses) ​ (21) ​ ​ (8) ​ Market impact on non-traditional long-duration products ​ 3 ​ ​ 12 ​ Revenues attributable to the CIEs ​ 203 ​ ​ 183 ​ Adjusted operating total net revenues ​ $ 17,079 ​ ​ $ 18,293 ​ Annual unlocking ​ (5) ​ ​ 120 ​ Adjusted operating total net revenues excluding unlocking ​ $ 17,084 ​ ​ $ 18,173 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pretax income ​ $ 4,267 ​ ​ $ 4,504 ​ Adjustments: ​ ​ ​ ​ ​ ​ Net realized investment gains (losses) ​ (21) ​ ​ (8) ​ Market impact on non-traditional long-duration products ​ (153) ​ ​ (366) ​ Mean reversion related impacts ​ 1 ​ ​ 1 ​ Pretax income (loss) attributable to the CIEs ​ 4 ​ ​ — ​ Pretax adjusted operating earnings ​ $ 4,436 ​ ​ $ 4,877 ​ Annual unlocking ​ (94) ​ ​ (6) ​ Pretax adjusted operating earnings excluding unlocking ​ $ 4,530 ​ ​ $ 4,883 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pretax operating margin ​ 26.0 % ​ 26.7 % Pretax adjusted operating margin excluding unlocking ​ 26.5 % ​ 26.9 % ​ ​ ​ ​ A-2 | Ameriprise Financial 2026 Proxy Statement ​ Table of Contents Adjusted Operating Return on Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended ​ ​ ​ ​ Twelve Months Ended ($ in millions) ​ December 31, 2024 ​ ​ December 31, 2025 Net Income ​ $ 3,401 ​ ​ $ 3,563 ​ Less: Adjustments(1) ​ (134) ​ ​ (295) ​ Adjusted operating earnings ​ $ 3,535 ​ ​ $ 3,858 ​ Less: Annual unlocking/loss recognition, net of tax(2) ​ (74) ​ ​ (5) ​ Adjusted operating earnings excluding unlocking ​ $ 3,609 ​ ​ $ 3,863 ​ Total Ameriprise Financial, Inc."},{"id":"e18","sourceId":"filing-1","location":"Parent-company cash flows: operating cash, capital returns and debt financing","excerpt":"Schedule I — Condensed Financial Information of Registrant Condensed Statements of Cash Flows (Parent Company Only) Years Ended December 31, 2024 2023 2022 (in millions) Cash Flows from Operating Activities Net income $ 3,401 $ 2,556 $ 3,149 Equity in earnings of subsidiaries (4,046) (3,141) (3,647) Dividends received from subsidiaries 3,731 3,025 2,512 Other operating activities, primarily with subsidiaries 422 453 226 Net cash provided by (used in) operating activities 3,508 2,893 2,240 Cash Flows from Investing Activities Available-for-Sale securities: Proceeds from sales — 4 — Maturities, sinking fund payments and calls 55 43 153 Purchases (128) (38) (124) Proceeds from sales of other investments — — 7 Purchase of other investments — (10) (1) Purchase of land, buildings, equipment and software (59) (87) (70) Contributions to subsidiaries (145) (324) (743) Return of capital from subsidiaries 351 — 207 Repayment of loans to subsidiaries 3,406 1,992 1,960 Issuance of loans to subsidiaries (3,260) (2,232) (1,726) Other, net (1) 2 — Net cash provided by (used in) investing activities 219 (650) (337) Cash Flows from Financing Activities Dividends paid to shareholders (574) (550) (534) Repurchase of common shares (2,448) (2,127) (1,978) Issuance of long-term debt, net of issuance costs — 1,335 495 Repayments of long-term debt (561) (760) (510) Borrowings from subsidiaries 726 1,003 1,210 Repayments of borrowings from subsidiaries (586) (951) (1,034) Other, net 41 (35) (18) Net cash provided by (used in) financing activities (3,402) (2,085) (2,369) Net increase (decrease) in cash and cash equivalents 325 158 (466) Cash and cash equivalents at beginning of period 519 361 827 Cash and cash equivalents at end of period $ 844 $ 519 $ 361 Supplemental Disclosures: Interest paid on debt $ 148 $ 129 $ 98 Income taxes paid, net 179 233 91 Non-cash dividends from subsidiaries — 77 — See Notes to Condensed Financial Information of Registrant."},{"id":"e19","sourceId":"filing-2","location":"Unaudited equity statements: earnings, dividends, repurchases and share compensation","excerpt":"CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) Number of Outstanding Shares Common Shares Additional Paid-In Capital Retained Earnings Treasury Shares Accumulated Other Comprehensive Income (Loss) Total (in millions, except share amounts) Balances at April 1, 2026 90,080,319 $ 3 $ 10,437 $ 28,425 $ (31,448) $ (1,205) $ 6,212 Net income — — — 1,113 — — 1,113 Other comprehensive income (loss), net of tax — — — — — (71) (71) Dividends to shareholders — — — (158) — — (158) Repurchase of common shares (1,728,659) — — — (800) — (800) Share-based compensation plans 97,172 — 50 — 20 — 70 Balances at June 30, 2026 88,448,832 $ 3 $ 10,487 $ 29,380 $ (32,228) $ (1,276) $ 6,366 Balances at April 1, 2025 95,537,187 $ 3 $ 10,188 $ 25,148 $ (28,394) $ (1,519) $ 5,426 Net income — — — 1,060 — — 1,060 Other comprehensive income (loss), net of tax — — — — — 283 283 Dividends to shareholders — — — (158) — — (158) Repurchase of common shares (1,196,366) — — — (592) — (592) Share-based compensation plans 68,116 — 63 — — — 63 Balances at June 30, 2025 94,408,937 $ 3 $ 10,251 $ 26,050 $ (28,986) $ (1,236) $ 6,082 Balances at January 1, 2026 91,263,880 $ 3 $ 10,377 $ 27,662 $ (30,601) $ (892) $ 6,549 Net income — — — 2,028 — — 2,028 Other comprehensive income (loss), net of tax — — — — — (384) (384) Dividends to shareholders — — — (310) — — (310) Repurchase of common shares (3,564,660) — — — (1,686) — (1,686) Share-based compensation plans 749,612 — 110 — 59 — 169 Balances at June 30, 2026 88,448,832 $ 3 $ 10,487 $ 29,380 $ (32,228) $ (1,276) $ 6,366 Balances at January 1, 2025 96,166,693 $ 3 $ 10,141 $ 24,713 $ (27,721) $ (1,908) $ 5,228 Net income — — — 1,643 — — 1,643 Other comprehensive income (loss), net of tax — — — — — 672 672 Dividends to shareholders — — — (306) — — (306) Repurchase of common shares (2,600,960) — — — (1,336) — (1,336) Share-based compensation plans 843,204 — 110 — 71 — 181 Balances at June 30, 2025 94,408,937 $ 3 $ 10,251 $ 26,050 $ (28,986) $ (1,236) $ 6,082 See Notes to Consolidated Financial Statements."},{"id":"e20","sourceId":"filing-3","location":"2025 compensation discussion: strategic business investment","excerpt":"• Drove investment of more than $270 million to support strategic business growth that advanced our capabilities and elevated our value proposition to meet the needs of clients and shareholders in a rapidly evolving regulatory environment."},{"id":"e21","sourceId":"filing-3","location":"2025 compensation discussion: reported operational savings","excerpt":"• Led firm-wide transformation and operational efficiency efforts to improve operating processes and prudently manage expenses, delivering over $170 million in savings, roughly $80 million of that driven from Asset Management."},{"id":"e22","sourceId":"filing-3","location":"2025 compensation decisions: CFO cash and long-term incentive compensation","excerpt":"Berman Executive Vice President, Chief Financial Officer 2025 Compensation Decisions ($ in thousands) ​ Base Salary $675 ​ ​ Annual Cash Incentive $3,200 ​ ​ Long-Term Incentive Award $5,500 ​ ​ Total Direct Compensation $9,375 ​ ​ ​ ​ Business and Strategic Performance • Provided outstanding leadership and stewardship of the firm as CFO and continued to fortify the Company’s excellent financial foundation and drive sustained client and shareholder value."},{"id":"e23","sourceId":"filing-3","location":"Compensation policies: adopted accounting-restatement clawback","excerpt":"Clawback Policy In order to comply with New York Stock Exchange listing rules, the Company adopted a clawback policy that provides if Ameriprise is required to prepare an accounting restatement due to material noncompliance with any financial reporting requirement, Ameriprise must (with limited exceptions) recover from any current or former Section 16 officer’s incentive-based compensation that was erroneously granted, earned or vested during the three years before the date such restatement was required."},{"id":"e24","sourceId":"filing-3","location":"Compensation policies: executive misconduct clawback authority","excerpt":"​ ​ 58 | Ameriprise Financial 2026 Proxy Statement ​ Table of Contents In addition, the Company maintains a clawback policy that covers the entire Executive Leadership Team and gives the Committee the authority to recoup incentive compensation if the executive is found to have engaged in certain types of material misconduct, in addition to certain cases involving an accounting restatement."},{"id":"e25","sourceId":"filing-3","location":"Governance: independent director executive sessions","excerpt":"Executive Sessions of Independent Directors The independent directors customarily meet in executive session without management present at each regularly scheduled meeting of the Board."},{"id":"e26","sourceId":"filing-3","location":"Governance: board committee charters","excerpt":"​ ​ ​ 30 | Ameriprise Financial 2026 Proxy Statement ​ Table of Contents Corporate Governance Documents and Policies Committee Charters The Board’s Audit and Risk, Compensation and Benefits, and Nominating and Governance Committees each operate under a written charter approved by the Board of Directors."},{"id":"e27","sourceId":"filing-3","location":"Proxy letter: combined chairman and CEO roles","excerpt":"Sincerely, James M. Cracchiolo Chairman and CEO Please join us for our Annual Meeting of Shareholders April 29, 2026 ​ ​ ​ ​ ​ Table of Contents Notice of 2026 Annual Meeting of Shareholders ​ ​ ​ ​ ​ ​ ​ ​ Date & Time Wednesday, April 29, 2026 11:00 a.m."},{"id":"e28","sourceId":"filing-3","location":"Compensation committee report: actual 2025 shareholder advisory vote","excerpt":"Shareholders owning approximately 89% of the shares voted approved our program at the 2025 Annual Meeting."},{"id":"e29","sourceId":"filing-2","location":"Second-quarter 2026 earnings drivers: markets, client inflows and transactional revenue","excerpt":"This reflected the benefit from market appreciation, increased advisor productivity through the cumulative impact of client net inflows and higher transactional revenue."}],"changes":["No comparable previous version."],"limitations":["The supplied sources were filed on February 20, 2025, March 20, 2026 and August 4, 2026; these dates retain dateKind=filed. Operating observations refer to their disclosed reporting periods.","No competing company is identified as a competitor in the supplied passages. Other named entities appear as historical affiliations, service providers or biographical references; competitor arrays therefore remain empty.","Platform capabilities and relationship positioning are issuer descriptions. Financial statements, contractual revenue disclosures and reported operating outcomes provide stronger support, but do not quantify switching costs or establish causation.","Client and advisor retention rates, advisor portability terms and transfer costs are absent. Net inflows and recurring services provide indirect retention evidence.","Higher average advisory fee rates are observed, but the passages do not separate repricing from client, product or account mix. Franchise service pricing discretion does not establish equivalent discretion across all businesses.","The proxy provides actual compensation decisions, clawback policies and governance practices, but executive ownership, detailed incentive thresholds, realized vesting outcomes and the full board-independence assessment are not supplied.","Reported savings and strategic investment outcomes appear in management's compensation narrative. Market appreciation also contributed to operating growth; neither margins nor asset growth alone establish a moat."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Integrated advisor services and recurring fixed fees support operational dependence, reinforced by client inflows. Replacement costs and superiority over competing platforms are not measured.","evidenceIds":["e2","e3","e5","e6","e7"]},{"criterion":"durability","grade":2,"rationale":"Relationship-based advice and recurring platform services support continuity. Durability remains conditional because advisors compete for clients and investment underperformance can trigger redemptions; the disclosures do not demonstrate enduring lock-in.","evidenceIds":["e1","e5","e7","e8","e9"]},{"criterion":"customer_dependency","grade":2,"rationale":"Advisors use operationally important compliance, technology and software services. Client inflows support continued demand indirectly, but client dependence on Ameriprise rather than the individual advisor is unestablished.","evidenceIds":["e1","e3","e5","e6","e7"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Recent inflows, higher average advisory fee rates and earnings growth support resilience. Asset Management fee pressure and disclosed scale and advisor competition constrain the assessment; risk factors are not treated as realized losses.","evidenceIds":["e7","e8","e10","e11","e14"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"The second quarter of 2026 had a higher average advisory fee rate, and certain legacy insurance rate increases were implemented. Lower brokerage cash yield and Asset Management fee pressure make pricing mixed. Advisory rate changes are not isolated from mix effects.","evidenceIds":["e11","e12","e15","e10"]},{"criterion":"retention","grade":2,"rationale":"Reported 2025 client flows and second-quarter 2026 wrap net inflows support continued demand alongside recurring advisor services. This is indirect operating evidence, not a measured retention rate; net flows can conceal departures.","evidenceIds":["e5","e6","e7"]},{"criterion":"margin_resilience","grade":3,"rationale":"Advice & Wealth Management maintained its 28.9% adjusted operating margin while revenue and earnings grew in the second quarter of 2026. Full-year 2025 GAAP and adjusted margins also improved. These demonstrate recent resilience, although market appreciation contributed and a full adverse cycle is not shown.","evidenceIds":["e13","e14","e17","e29"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Ameriprise explicitly sets franchise advisor service prices and earns monthly fixed fees. Some insurance pricing changes require regulatory approval. The evidence establishes meaningful but business-specific discretion, without broad unilateral repricing rights.","evidenceIds":["e4","e5","e16"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":3,"rationale":"Parent-company operating cash generation increased across 2022–2024; in 2024, capital returns accompanied debt repayment and a higher ending cash balance. First-half 2026 repurchases more than offset share compensation issuance. These are demonstrated financing and dilution outcomes, although repurchase value creation is unproven. Strategic spending and savings are additionally reported by management.","evidenceIds":["e18","e19","e20","e21"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual 2025 CFO compensation includes substantial long-term incentives, and adopted policies allow recovery for accounting restatements and misconduct. This supports alignment mechanisms, but executive ownership, award performance thresholds and realized vesting outcomes are missing. The 2026 advisory proposal is not treated as approved.","evidenceIds":["e22","e23","e24","e28"]},{"criterion":"execution","grade":3,"rationale":"Reported client inflows, advisor productivity gains, improved 2025 GAAP results and continued second-quarter 2026 wealth earnings growth support strong execution. Operational savings are management-reported, and market appreciation contributed; the results cannot be attributed entirely to management.","evidenceIds":["e6","e14","e17","e21","e29"]},{"criterion":"governance","grade":2,"rationale":"Independent director sessions, formal committee charters, adopted clawback policies and the actual 2025 advisory vote establish functioning governance mechanisms. Combined chairman and CEO roles concentrate authority, while the supplied passages do not establish the full board's independence or oversight effectiveness.","evidenceIds":["e23","e24","e25","e26","e27","e28"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"73a8a5e9081cda9b3378d8d23790a81c9ac565a729a185cccb2f0e5d03a07bb4","updatedAt":"2026-10-17T23:58:58.872Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/amp-20241231.htm","publishedAt":"2025-02-20","sha256":"1693446ad885083124a8a003c19c629c015a5ffa2719b77f679243b293f2fb5b","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/820027/000082002726000043/amp-20260630.htm","publishedAt":"2026-08-04","sha256":"43ea86e63249f8b8eeed4eb75fd2ca81b4c48bd64a4e8caf45ddf5e620e235e6","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/820027/000110465926032725/amp-20260429xdef14a.htm","publishedAt":"2026-03-20","sha256":"4f925c5f2d737528b96bec73249048dc39e64f659b4394b3159dafcb232c97ea","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:e35670392f59e95c725332bd11243a4858698cb4790f2801117d08a25d23e1bd","usage":{"input_tokens":55555,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3595,"reasoning_output_tokens":164},"basisSupplement":{"previousHash":"55bf4fb9bcc20df59b755dbc13660a7e0355c5e4c28c2d45d4eb08cf40f4b57a","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":23.84140444841181,"sbc_revenue":1.1306999925611843},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":29.47537323845403,"sbc_revenue":1.1859913492395702},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":27.963469184890656,"sbc_revenue":1.161779324055666},"issues":{"ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":35.80832310610287,"sbc_revenue":1.0766484436014727},"issues":{"ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":43.154777642641854,"sbc_revenue":1.0893130981968167},"issues":{"ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/820027/000082002725000013/amp-20241231.htm","publishedAt":"2025-02-20","sha256":"1693446ad885083124a8a003c19c629c015a5ffa2719b77f679243b293f2fb5b","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/820027/000082002726000043/amp-20260630.htm","publishedAt":"2026-08-04","sha256":"43ea86e63249f8b8eeed4eb75fd2ca81b4c48bd64a4e8caf45ddf5e620e235e6","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/820027/000110465926032725/amp-20260429xdef14a.htm","publishedAt":"2026-03-20","sha256":"4f925c5f2d737528b96bec73249048dc39e64f659b4394b3159dafcb232c97ea","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}