ALLIANCEBERNSTEIN L.P.

What Do They Do?

Provides investment management and related services to institutional investors, individual investors and private wealth clients, including pension plans, funds and insurance companies.

How Do They Make Money?

Investment clients pay advisory fees, generally calculated as a percentage of the assets AB manages, over the period it manages them; certain clients also pay fees tied to investment results. Distribution fees are paid by sponsored funds, often monthly based on fund assets, and may also depend on fund sales or servicing.

revenue

Segment	Share	How money arrives
Investment Advice Recurring	81%	Recurring
Bernstein research services Sold outright	0.0% FY2022: 10%	Sold outright
Distribution revenues	19%

Who Are Their Customers?

Institutional clients such as pension plans, foundations, insurers and governments, as well as individual and private wealth investors, use AB’s investment services. Retail products are generally distributed through financial intermediaries such as broker-dealers, banks, advisers and financial planners.

Do Revenues Turn Into Profits?

Yes. It kept 21 cents of every revenue dollar as net income in FY2025 and turned 22 cents into free cash flow.

Operating income, FY2025

23% of revenue

▼ −7% vs FY2024 ($1.1B, 25%)

Net income, FY2025

21% of revenue

▼ −16% vs FY2024 ($1.2B, 26%)

Free cash flow, FY2025

22% of revenue

▼ −23% vs FY2024 ($1.3B, 28%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +7%; vs $1.1B in Q2 FY2025
Net income: ▲ +21%; vs $210.5M in Q2 FY2025

Investment advisory and services fees share of revenue vs 81.0% in Q2 FY2025

Flat. Revenue was $4.6B in FY2025, about the same as the $4.4B of FY2021.

Bernstein Research Services The older report describes research and related services as a sell-side business alongside asset management. The latest report describes investment management and related services through three distribution channels, while the research business was contributed to a joint venture.

Revenue over time

Investment Advice Bernstein research services Distribution revenues Retail Private Wealth Management Other Institutions

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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