What changed
Adjusted EPS of $0.12 missed estimates by $0.03 (20% below consensus). Adjusted net revenue of $786M beat expectations, up 2% YoY, driven by record AUM and best first-half net inflows in nearly 20 years. The market may miss that Q2 earnings were depressed by an anomalous elevated tax rate (not indicative of full-year), masking underlying operating momentum in Asset Management and improving Financial Advisory pipeline.
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Jul 28, 2026 11:52 PM ET