{"id":985363,"date":"2026-07-28T06:18:17","date_gmt":"2026-07-28T10:18:17","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/alliancebernstein-holding-l-p-announces-second-quarter-results-2\/"},"modified":"2026-07-28T06:18:17","modified_gmt":"2026-07-28T10:18:17","slug":"alliancebernstein-holding-l-p-announces-second-quarter-results-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/alliancebernstein-holding-l-p-announces-second-quarter-results-2\/","title":{"rendered":"ALLIANCEBERNSTEIN HOLDING L.P. ANNOUNCES SECOND QUARTER RESULTS"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n GAAP Net Income of $0.77 per Unit
<\/b>
\n Adjusted Net Income of $0.82 per Unit
<\/b>
\n Cash Distribution of $0.82 per Unit<\/b>\n <\/p>\n

\n NASHVILLE, Tenn.<\/span>, July 28, 2026<\/span> \/PRNewswire\/ — AllianceBernstein L.P. (“AB”) and AllianceBernstein Holding L.P. (“AB Holding”) (NYSE: AB) today reported financial and operating results for the quarter ended June\u00a030, 2026.<\/p>\n

“Markets recovered through the second quarter as resilient economic growth and strong corporate earnings supported asset prices despite an uncertain geopolitical backdrop. On the back of that recovery, our asset under management exceeded a record $905 billion as of quarter-end, reflecting strong sales momentum and positive organic growth driven by key strategic areas of our business, including ultra-high-net-worth, SMAs, active ETFs, insurance and private markets,” said Seth Bernstein, Chief Executive Officer of AllianceBernstein. “We returned to organic growth in the second quarter, generating $0.8 billion net inflows on our strongest sales quarter in five years, rebounding from outflows over the last four quarters. Activity was headlined by fixed income, including a passive $9 billion retail sub-advisory mandate coupled with continued market share gains in tax-exempt, totaling roughly $3 billion of net inflows. Alternatives\/MAS generated over $4 billion of net inflows, marking our sixth consecutive quarter of organic growth for the asset class, as institutional deployments into private markets accelerated despite the headlines. Active equity and taxable outflows of roughly $11 billion and $5 billion, respectively, were driven by retail redemptions concentrated in the APAC region. Compared to prior year, base fees and adjusted operating income grew 7%, while adjusted operating margin of 33.0% expanded by 70bps. Adjusted earnings per Unit and distributions to Unitholders rose 8%.”<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n (US $ Thousands except per Unit amounts)<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2Q 2026<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2Q 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n % Change<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1Q 2026<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n % Change<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n U.S. GAAP Financial Measures<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a01,171,004<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a01,088,907<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.5\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a01,201,726<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2.6\u00a0%)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating income<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 \u00a0 \u00a0289,152<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 \u00a0 \u00a0222,094<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 30.2\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 \u00a0 \u00a0326,800<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (11.5\u00a0%)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating margin<\/span>\n <\/p>\n<\/td>\n

\n

\n 23.2\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 20.7\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 250 bps<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 26.1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (290) bps<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n AB Holding EPU <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.77<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.64<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 20.3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.92<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (16.3\u00a0%)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Adjusted Financial Measures <\/u>
\n (1)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0887,547<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0844,434<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5.1\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 \u00a0 \u00a0871,135<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.9\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating income<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0292,980<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0272,964<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 \u00a0 \u00a0291,180<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.6\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating margin<\/span>\n <\/p>\n<\/td>\n

\n

\n 33.0\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 32.3\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 70 bps<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 33.4\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (40 bps)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n AB Holding EPU <\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0.82<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0.76<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.83<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.2\u00a0%)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n AB Holding cash distribution per Unit<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0.82<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 0.76<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.9\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a00.83<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.2\u00a0%)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n (US $ Billions)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Assets Under Management (“AUM”)<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Ending AUM<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0905.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0829.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9.2\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0838.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.0\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Average AUM<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0881.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0799.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10.2\u00a0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0865.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.9\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n
\n

\n
\n (1)<\/sup> The adjusted financial measures represent non-GAAP financial measures. See page 10 for reconciliations of GAAP Financial Results to Adjusted Financial Results and pages 11-13 for notes describing the adjustments.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

Bernstein further elaborated, “Retail generated $31 billion in record gross sales and $0.9 billion of net inflows, reflecting durable demand for tax-efficient income through our market-leading SMA platform. Combined with the passive fixed income mandate mentioned earlier, these gains more than offset ongoing redemptions in active equity and taxable fixed income strategies. Our institutional channel also returned to organic growth with $0.6 billion of net inflows, driven by robust deployments into our private market strategies, coupled with a deceleration in active equity outflows within the channel. Importantly, we entered the second half of 2026 with nearly $26 billion institutional pipeline AUM, including approximately $12 billion in commercial mortgage loans onboarded earlier this month, positioning the channel with encouraging momentum for the balance of the year. Within Bernstein Private Wealth, seasonal tax-related activity weighed on second quarter net flows, but we continued to attract net new assets and expand our ultra-high-net-worth client base, underscoring the value of Bernstein’s advice-led model and the growing demand for sophisticated wealth solutions.”<\/p>\n

In conclusion, Bernstein remarked, “While the macroeconomic and geopolitical environment remains uncertain, we enter the second half of the year from a position of strength. Our diversified asset and wealth management platform continues to expand its presence in structurally growing areas such as private markets, insurance, retirement, wealth, active ETFs and SMAs. We remain focused on executing our strategic priorities and delivering long-term value for our clients and unitholders. As always, I would like to thank our colleagues around the world for their dedication, partnership and unwavering commitment to serving clients.”<\/p>\n

The firm’s cash distribution per Unit of $0.82 is payable on August\u00a027, 2026, to holders of record of AB Holding Units at the close of business on August\u00a012, 2026.<\/p>\n

\n Market Performance<\/b>\n <\/p>\n

Global equity and fixed income markets were up in the second quarter of 2026.<\/p>\n

\n\n\n\n\n\n\n
\n \n <\/td>\n\n

\n
\n 2Q 2026<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n S&P 500 Total Return<\/span>\n <\/p>\n<\/td>\n

\n

\n 15.2\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n MSCI EAFE Total Return<\/span>\n <\/p>\n<\/td>\n

\n

\n 11.1<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Bloomberg Barclays US Aggregate Return<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Bloomberg Barclays Global High Yield Index – Hedged<\/span>\n <\/p>\n<\/td>\n

\n

\n 3.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n Assets Under Management<\/b>\n <\/p>\n

\n ($ Billions)<\/b>\n <\/p>\n

Total assets under management as of June\u00a030, 2026 were $905.5 billion, up $66.9 billion, or 8%, from March\u00a031, 2026 and up $76.4 billion, or 9%, from June\u00a030, 2025.<\/p>\n

\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Institutional<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Retail<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Private
Wealth<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Assets Under Management 6\/30\/2026<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $371.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $367.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $167.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $905.5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net Flows for Three Months Ended 6\/30\/2026:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Active<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $0.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($7.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($1.8)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($8.6)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Passive<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $0.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $0.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n ($0.7)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $0.8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

Total net inflows were $0.8 billion in the second quarter, compared to net outflows of $7.1 billion in the first quarter of 2026 and net outflows of $6.7 billion in the prior year second quarter.<\/p>\n

Institutional channel second quarter net inflows of $0.6 billion compared to net outflows of $1.9 billion in the first quarter of 2026. Institutional gross sales of $8.3 billion increased sequentially from $5.6 billion. The pipeline of awarded but unfunded Institutional mandates decreased sequentially to $25.8 billion at June\u00a030, 2026 compared to $27.5 billion at March\u00a031, 2026.<\/p>\n

Retail channel second quarter net inflows of $0.9 billion compared to net outflows of $5.8 billion in the first quarter of 2026. Retail gross sales of $31.0 billion increased sequentially from $23.1 billion.<\/p>\n

Private Wealth channel second quarter net outflows of $0.7 billion compared to net inflows of $0.6 billion in the first quarter of 2026. Private Wealth gross sales of $5.5 billion decreased sequentially from $6.9 billion.<\/p>\n

\n Second Quarter Financial Results<\/b>\n <\/p>\n

We are presenting both earnings information derived in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and non-GAAP, adjusted earnings information in this release. Management principally uses these non-GAAP financial measures in evaluating performance because we believe they present a clearer picture of our operating performance and allow management to see long-term trends without the distortion caused by incentive compensation-related mark-to-market adjustments, acquisition-related expenses, interest expense and other adjustment items. Similarly, we believe that non-GAAP earnings information helps investors better understand the underlying trends in our results and, accordingly, provides a valuable perspective for investors. Please note, however, that these non-GAAP measures are provided in addition to, and not as a substitute for, any measures derived in accordance with US GAAP and they may not be comparable to non-GAAP measures presented by other companies. Management uses both US GAAP and non-GAAP measures in evaluating our financial performance. The non-GAAP measures alone may pose limitations because they do not include all of our revenues and expenses.<\/p>\n

AB Holding is required to distribute all of its Available Cash Flow, as defined in the AB Holding Partnership Agreement, to its Unitholders (including the General Partner). Typically, Available Cash Flow has been the adjusted net income per Unit for the quarter multiplied by the number of general and limited partnership interests at the end of the quarter. Management anticipates that Available Cash Flow will continue to be based on adjusted net income per Unit. If management determines, with the concurrence of the Board of Directors, that certain adjustments to Available Cash Flow are necessary or unnecessary, such adjustments will be made in future periods.<\/p>\n

\n US GAAP Earnings<\/b>\n <\/p>\n

\n
\n Revenues<\/u>
\n <\/i>\n <\/p>\n

Second quarter net revenues of $1.2 billion increased 8% from $1.1 billion in the second quarter of 2025. The increase was primarily due to higher investment advisory base fees, investment gains as compared to losses in the prior year and higher performance-based fees.<\/p>\n

Sequentially, net revenues of $1.2 billion decreased 3% from the first quarter of 2026. The decrease was primarily due to lower performance-based fees, lower investment gains and lower other revenues, partially offset by higher investment advisory base fees.<\/p>\n

\n
\n Expenses<\/u>
\n <\/i>\n <\/p>\n

Second quarter operating expenses of $882 million increased 2% from $867 million in the second quarter of 2025. The increase is primarily due to higher employee compensation and benefits expense, partially offset by lower general and administrative (“G&A”) expense and lower promotion and servicing expense. Employee compensation and benefits expense increased primarily due to higher incentive compensation, commissions and base compensation. The decrease in G&A expenses is primarily driven by a $14.3 million AB Funds reimbursement expense related to a disputed billing practice of a third-party service provider in the prior year quarter, a favorable foreign exchange impact and lower portfolio services and related expenses, partially offset by higher technology and related expenses and office-related expenses. Promotion and servicing expense decreased primarily due to lower distribution-related payments.<\/p>\n

Sequentially, operating expenses of $882 million increased 1% from $875 million, driven primarily by higher G&A expense and higher employee compensation and benefits expense, partially offset by lower promotion and servicing expense. G&A expense increased primarily due to higher technology and related expenses and professional fees, partially offset by a favorable foreign exchange impact and lower portfolio services and related expense. Employee compensation and benefits expense increased primarily due to higher commissions and base compensation, partially offset by lower fringe benefits. Promotion and servicing expense decreased primarily due to lower distribution-related payments and travel and entertainment expense, partially offset by higher transfer fees and marketing and communications expense.<\/p>\n

\n
\n Operating Income, Margin and Net Income Per Unit<\/u>
\n <\/i>\n <\/p>\n

Second quarter operating income of $289 million increased 30% from $222 million in the second quarter of 2025 and the operating margin of 23.2% in the second quarter of 2026 increased 250 basis points from 20.7% in the second quarter of 2025.<\/p>\n

Sequentially, operating income of $289 million decreased 12% from $327 million in the first quarter of 2026 and the operating margin of 23.2% decreased 290 basis points from 26.1% in the first quarter of 2026.<\/p>\n

Second quarter net income per Unit was $0.77 compared to $0.64 in the second quarter of 2025 and decreased from $0.92 in the first quarter of 2026.<\/p>\n

\n Non-GAAP Earnings
<\/b>This section discusses our second quarter 2026 non-GAAP financial results, compared to the second quarter of 2025 and the first quarter of 2026. The phrases “adjusted net revenues”, “adjusted operating expenses”, “adjusted operating income”, “adjusted operating margin” and “adjusted net income per Unit” are used in the following earnings discussion to identify non-GAAP information.<\/p>\n

\n
\n Adjusted Revenues<\/u>
\n <\/i>\n <\/p>\n

Second quarter adjusted net revenues of $888 million increased 5% from $844 million in the second quarter of 2025. The increase was primarily due to higher investment advisory base fees, partially offset by lower performance-based fees and lower investment gains.<\/p>\n

Sequentially, adjusted net revenues of $888 million increased 2% from $871 million. The increase was primarily due to higher investment advisory base fees, investment gains as compared to losses in the prior quarter and higher performance-based fees, partially offset by lower other revenues.<\/p>\n

\n
\n Adjusted Expenses<\/u>
\n <\/i>\n <\/p>\n

Second quarter adjusted operating expenses of $595 million increased 4% from $571 million in the second quarter of 2025 primarily due to higher employee compensation and benefits expense and higher G&A expense. Employee compensation and benefits expense increased primarily due to higher incentive compensation, commissions and base compensation. G&A expense increased primarily due to higher technology and related expenses and office-related expenses, partially offset by a favorable foreign exchange impact.<\/p>\n

Sequentially, adjusted operating expenses of $595 million increased 3% from $580 million. The increase was driven primarily by higher employee compensation and benefits expense, G&A expense and promotion and servicing expense. Employee compensation and benefits expense increased primarily due to higher incentive compensation, commissions and base compensation, partially offset by lower fringe benefits. G&A expense increased primarily due to higher technology and related expenses and professional fees, partially offset by lower portfolio services and related expense. Promotion and servicing expense increased primarily due to higher transfer fees and marketing and communication expense, partially offset by lower travel and entertainment expense.<\/p>\n

\n
\n Adjusted operating Income, Margin and Net Income Per Unit<\/u>
\n <\/i>\n <\/p>\n

Second quarter adjusted operating income of $293 million increased 7% from $273 million in the second quarter of 2025, and the adjusted operating margin of 33.0% increased 70 basis points from 32.3%.<\/p>\n

Sequentially, adjusted operating income of $293 million increased 1% from $291 million and the adjusted operating margin of 33.0% decreased 40 basis points from 33.4%.<\/p>\n

Second quarter adjusted net income per Unit was $0.82 compared to $0.76 in the second quarter of 2025 and $0.83 in the first quarter of 2026.<\/p>\n

\n Headcount<\/b>\n <\/p>\n

As of June\u00a030, 2026, we had 4,400 employees, compared to 4,380 employees as of June\u00a030, 2025 and 4,454 employees as of March 31, 2026.<\/p>\n

\n Unit Repurchases <\/b>\n <\/p>\n

\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Three Months Ended<\/b>
\n <\/span>\n <\/p>\n

\n
\n June 30,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Six Months Ended<\/b>
\n <\/span>\n <\/p>\n

\n
\n June 30,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n 2026<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2026<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (in millions)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total amount of AB Holding Units Purchased\/Retained (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total Cash Paid for AB Holding Units Purchased\/Retained (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a019.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a013.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a028.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a043.7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Open Market Purchases of AB Holding Units Purchased (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 0.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1.0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total Cash Paid for Open Market Purchases of AB Holding Units (1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a016.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a021.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a038.4<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n
\n

\n
\n (1)<\/sup> Purchased on a trade date basis. The difference between open-market purchases and units retained reflects the retention of AB Holding Units from employees to fulfill statutory tax withholding requirements at the time of delivery of long-term incentive compensation awards.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n Second Quarter 2026 Earnings Conference Call Information<\/b>\n <\/p>\n

Management will review second quarter 2026 financial and operating results during a conference call beginning at 9:00 a.m. (CT) on\u00a0Tuesday, July\u00a028, 2026. The conference call will be hosted by Seth Bernstein, Chief Executive Officer; Tom Simeone, Chief Financial Officer; and Onur Erzan, President.<\/p>\n

Parties may access the conference call by live webcast on AB’s Investor Relations website at https:\/\/www.alliancebernstein.com\/corporate\/en\/investor-relations.html<\/a>.\u00a0<\/p>\n

The presentation management will review during the conference call will be available on AB’s Investor Relations website shortly after the release of our\u00a0second quarter 2026 financial\u00a0and operating results on\u00a0July\u00a028, 2026.<\/p>\n

A replay of the webcast will be made available beginning approximately one hour after the conclusion of the conference call.<\/p>\n

\n Cautions Regarding Forward-Looking Statements<\/b>\n <\/p>\n

Certain statements provided by management in this news release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. The most significant of these factors include, but are not limited to, the following: the performance of financial markets, the investment performance of sponsored investment products and separately-managed accounts, general economic conditions, industry trends, future acquisitions, integration of acquired companies, competitive conditions, and government regulations, including changes in tax regulations and rates and the manner in which the earnings of publicly-traded partnerships are taxed. AB cautions readers to carefully consider such factors. Further, such forward-looking statements speak only as of the date on which such statements are made; AB undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. For further information regarding these forward-looking statements and the factors that could cause actual results to differ, see “Risk Factors” and “Cautions Regarding Forward-Looking Statements” in AB’s Form 10-K for the year ended December\u00a031, 2025 and subsequent Forms 10-Q. Any or all of the forward-looking statements made in this news release, Form 10-K, Forms 10-Q, other documents AB files with or furnishes to the SEC, and any other public statements issued by AB, may turn out to be wrong. It is important to remember that other factors besides those listed in “Risk Factors” and “Cautions Regarding Forward-Looking Statements”, and those listed below, could also adversely affect AB’s revenues, financial condition, results of operations and business prospects.<\/p>\n

The forward-looking statements referred to in the preceding paragraph include statements regarding:<\/p>\n