AMP Capital Markets
Ameriprise Financial, Inc.
Ameriprise is a financial planning and wealth management firm: more than 10,000 financial advisors serve mainly U.S. households with $500,000 to $5 million to invest, and its Columbia Threadneedle Investments arm manages money for individuals and institutions worldwide. It also sells RiverSource annuities and life insurance through its advisors and runs Ameriprise Bank. At year-end 2025 it had $1.7 trillion of assets under management, administration, and advisement; FY2025 net income was $3.6 billion and diluted EPS $36.28.
Last updated
Analysis last edited: October 7, 2026 · Financial data fetched: October 7, 2026 11:59 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
Company profile
- Legal name
- AMERIPRISE FINANCIAL INC
- Headquarters
- MINNEAPOLIS, MN
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: AMP
- Industry
- Capital Markets
- CIK
- 820027
- IR page
- https://ir.ameriprise.com/ ↗
Workforce (as of FY2025 year-end)
Employees
13,600
Source: Form 10-K (FY2025) cover page and business description
02
Earnings calendar
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q3 FY2026
Quarter end: September 2026. In past years, Q3 results were released 23–30 days after quarter end (Oct 30, 2025; Oct 23, 2024; Oct 25, 2023). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 22–30 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q2 FY2026 | Jun 30, 2026 | Jul 23, 2026 (+23 days) | Aug 4, 2026 10-Q (+35 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 23, 2026 (+23 days) | May 7, 2026 10-Q (+37 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 29, 2026 (+29 days) | Feb 19, 2026 10-K (+50 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 30, 2025 (+30 days) | Oct 31, 2025 10-Q (+31 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 24, 2025 (+24 days) | Aug 5, 2025 10-Q (+36 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 24, 2025 (+24 days) | May 2, 2025 10-Q (+32 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 29, 2025 (+29 days) | Feb 20, 2025 10-K (+51 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 23, 2024 (+23 days) | Nov 1, 2024 10-Q (+32 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 24, 2024 (+24 days) | Aug 6, 2024 10-Q (+37 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 22, 2024 (+22 days) | May 6, 2024 10-Q (+36 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 24, 2024 (+24 days) | Feb 22, 2024 10-K (+53 days) |
| Q3 FY2023 | Sep 30, 2023 | Oct 25, 2023 (+25 days) | Nov 2, 2023 10-Q (+33 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. Fiscal years are labeled by the calendar year in which they end.
03
Flagship products & services
Advice & Wealth Management
Financial planning and brokerage
Examples: Managed accounts, brokerage, Ameriprise Bank
Through more than 10,000 advisors.
Asset Management
Columbia Threadneedle Investments
Examples: Mutual funds, institutional strategies, alternatives
Global asset management.
Retirement & Protection Solutions
RiverSource
Examples: Variable annuities, life and disability income insurance
Sold through Ameriprise advisors.
Descriptions are from the FY2025 Form 10-K's Item 1.
04
Recent strategic focus
FY2025 developments from the 10-K, and 2026 events from 8-Ks.
Record client assets
Assets under management, administration, and advisement reached $1.7 trillion at year-end 2025.
Source: Form 10-K (FY2025) Item 1
New notes
In June 2026 Ameriprise issued $750M of senior notes due 2031 and 2036.
Source: 8-K filed 2026-06-09
Leadership retirements
The President of Advice & Wealth Management Products & Service Delivery retired in April 2026 and the Global Chief Investment Officer in June 2026.
Source: 8-Ks filed 2026-02-12 and 2026-05-20
Capex ÷ D&A (FY2025)
1.07x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$162M ÷ $151M = 1.07x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (5-year total)
$542M
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $120M in FY2021 to $162M in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
05
Key figures at a glance
FY2021–FY2025, 5 years.
Total revenue (FY2025)
$18.91B
As reported in the 10-K
Revenue CAGR (4 years)
+9.0%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($18,911M ÷ $13,389M) ^ (1÷4) − 1 = 9.0%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
60.5%▲favorable
5-year average: 66.5%
As reported in the 10-K
- ▲
Revenue grew +9.0% a year over 4 years (strong growth)
From $13.39B in FY2021 to $18.91B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Free cash flow was positive in 5 of 5 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 66.5% over 5 years (latest: 60.5%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
06
Business model
Advice & Wealth Management
Financial planning, brokerage, managed accounts, and banking delivered through more than 10,000 employee and franchise advisors — the company's primary growth engine.
01 what it draws on
Inputs & resources
- More than 10,000 advisors (about 8,500 of them non-employee franchise advisors)
- Integrated technology platform
- Ameriprise Bank
02 what it does
Activities
- Financial planning and advice
- Brokerage and wrap accounts
- Cash sweep and banking
03 who it serves
Customers
- Mainly U.S. households with $500,000 to $5 million of investable assets
04 how money comes in
How it earns
- Advisory and asset-based fees
- Distribution fees
- Net interest on client cash
Advice & Wealth Management: how it makes money
- Net revenues $11.74B and adjusted operating earnings $3.41B in FY2025.
- Wealth management AUM rose 17% to $666B.
Asset Management (Columbia Threadneedle)
Global investment management for retail, institutional, and high-net-worth investors, mostly distributed through third parties, built through acquisitions such as Threadneedle, Columbia Management, and BMO's European asset management business.
01 what it draws on
Inputs & resources
- Investment teams in the U.S., U.K., and elsewhere
02 what it does
Activities
- Managing mutual funds, institutional mandates, and alternatives
03 who it serves
Customers
- Individual, institutional, and high-net-worth investors
04 how money comes in
How it earns
- Management fees based on assets
Asset Management (Columbia Threadneedle): how it makes money
- Net revenues $3.62B and adjusted operating earnings $1.02B in FY2025.
- Asset Management AUM $678B, up 5%.
Retirement & Protection Solutions
Variable annuities, life insurance, and disability income insurance under the RiverSource brand, sold through Ameriprise advisors.
01 what it draws on
Inputs & resources
- Insurance company capital and investments
02 what it does
Activities
- Underwriting annuities and insurance
03 who it serves
Customers
- Ameriprise advisory clients
04 how money comes in
How it earns
- Premiums, policy and contract charges
- Investment income
Retirement & Protection Solutions: how it makes money
- Net revenues $3.96B and adjusted operating earnings $846M in FY2025.
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Advice & Wealth Management
11,741 (61%)profit 3,411 · margin 29.1%
Asset Management
3,621 (19%)profit 1,016 · margin 28.1%
Retirement & Protection Solutions
3,955 (20%)profit 846 · margin 21.4%
Source: Form 10-K (FY2025) — MD&A, segment results Profit is adjusted operating earnings before taxes, a non-GAAP segment measure. Corporate & Other (an adjusted operating loss of $396M) and eliminations aren't shown.
07
Contract structure
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Most revenue is fees tied to client assets — advisory, management, and distribution fees — so it rises and falls with markets and client flows; Ameriprise also earns net interest on client cash and premiums and charges on insurance and annuities.
Asset-based advisory and management fees
Most of Advice & Wealth Management and Asset Management revenue
Typical term: Charged as a percentage of assets
Total AUM was $1.3 trillion at year-end 2025.
- Multi-year / recurring
Annuity and insurance contracts
Retirement & Protection Solutions: $4.0B
Typical term: Long-duration life, disability, and annuity contracts
08
Customers & suppliers
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Individual investors (mainly mass-affluent U.S. households), institutional and high-net-worth asset management clients, and insurance and annuity policyholders.
Named by the company
No customer is named.
What the filings disclose
- The primary target market is households with $500,000 to $5,000,000 in investable assets. (Form 10-K (FY2025), Item 1)
Suppliers
Third-party distributors for Columbia Threadneedle products and third-party product providers offered on the advisor platform.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- About 8,500 advisors are non-employee franchisees affiliated through the franchise advisor group. (Form 10-K (FY2025), Item 1)
09
Competitors & peers
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Ameriprise's 10-K says it competes with registered investment advisers, securities brokers, asset managers, banks, insurance companies, discount and online brokers, and financial technology companies; each segment faces its own set of competitors. No company is named.
Competitors named in the 10-K
Ameriprise's 10-K doesn't name competitors.
Peer group the company chose
Peer group (2025), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Companies across Ameriprise's three businesses — asset management, advice and wealth management, and retirement and protection — reflecting the markets where it competes for executive talent; unchanged for 2025.
- BlackRocksite ↗
- The Carlyle Groupsite ↗
- Jefferies Financial Groupsite ↗
- Invescosite ↗
- T. Rowe Pricesite ↗
- BNY (Bank of New York Mellon)site ↗
- Charles Schwabsite ↗
- Morgan Stanleysite ↗
- Raymond James Financialsite ↗
- State Streetsite ↗
- U.S. Bancorpsite ↗
- Aflacsite ↗
- Principal Financial Groupsite ↗
- Prudential Financialsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
10
M&A history
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
Ameriprise has grown through acquisitions such as Threadneedle, Columbia Management, and BMO's European asset management business, alongside organic growth.
Cash spent on acquisitions, FY2021–FY2024: $542M (years not reported separately are excluded)
Most recent (per the 10-K)
BMO Financial Group's European-based asset management business
Not disclosed in the FY2025 10-K
European asset management.
- Stated purpose (company)
- Listed by Ameriprise among acquisitions that enhanced the scale, performance, and product offerings of its asset management business.
Source: Form 10-K (FY2025) — Item 1, History and Development
Earlier acquisitions included Threadneedle, H&R Block Financial Advisors, J. & W. Seligman, Columbia Management, and Investment Professionals, Inc.
11
Five years of financials
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Total revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
| Line item | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|
| Income statement ($M) | |||||
| Revenue | 13,389 | 14,334 | 16,096 | 17,926 | 18,911 |
| Pretax income | 4,185 | 3,931 | 3,234 | 4,267 | 4,504 |
| Net income (attributable) | 3,417 | 3,149 | 2,556 | 3,401 | 3,563 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 7.1% | 12.3% | 11.4% | 5.5% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 25.5% | 22.0% | 15.9% | 19.0% | 18.8% |
| Balance sheet ($M) | |||||
| Total assets | 177,735 | 158,852 | 175,191 | 181,403 | 190,904 |
| Total equity | 4,837 | 3,803 | 4,729 | 5,228 | 6,549 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | — | — | — | 3,043 | 3,277 |
| Equity ratio | 2.7% | 2.4% | 2.7% | 2.9% | 3.4% |
| ROE | 70.6% | 72.9% | 59.9% | 68.3% | 60.5% |
| Cash flow ($M) | |||||
| Operating CF | 3,325 | 4,407 | 4,685 | 6,595 | 8,323 |
| Investing CF | -4,380 | -13,583 | -9,262 | -551 | -1,528 |
| Financing CF | 1,723 | 8,430 | 4,411 | -5,165 | -5,157 |
| Free cash flowcalccash flow from operations − capital expenditures | 3,205 | 4,225 | 4,501 | 6,419 | 8,161 |
| Cash and equivalents | 9,569 | 8,755 | 8,620 | 9,489 | 11,158 |
| Per share & other | |||||
| EPS ($) | 28.48 | 27.70 | 23.71 | 33.05 | 36.28 |
| BVPS ($) | 43.63 | 36.12 | 47.21 | 54.36 | 71.76 |
| P/E (x) | 10.6 | 11.2 | 16.0 | 16.1 | 13.5 |
| P/B (x)calcP/E × EPS ÷ BVPS (= period-end share price ÷ book value per share) | 6.91 | 8.62 | 8.05 | 9.79 | 6.84 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (five-year selected financial data and the consolidated financial statements), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
12
Is ROIC above WACC?
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.
13
What the price implies (DCF)
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.
14
Earnings quality
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.
15
Strengths & weaknesses
Strengths
1. Large advisor network
More than 10,000 advisors, among the largest branded advisor platforms in the industry, with strong advisor retention according to the 10-K.
Evidence: Form 10-K (FY2025) Item 1
2. Growing client assets
Assets under management, administration, and advisement rose to $1.7 trillion from $1.5 trillion during 2025.
Evidence: Form 10-K (FY2025) Item 1
3. Steady earnings growth
Diluted EPS rose from $28.48 (FY2021) to $36.28 (FY2025), while the share count fell from 111M to 91M.
Evidence: SEC EDGAR XBRL
4. Cash generation
Operating cash flow was $8.3B in FY2025.
Evidence: SEC EDGAR XBRL
Weaknesses
1. Market sensitivity
Asset-based fees fall when markets fall, and the stock's beta is about 1.05.
Evidence: Form 10-K (FY2025) Item 1A; this site's beta calculation
2. Thin book equity
Shareholders' equity of $6.5B is small against $191B of total assets.
Evidence: SEC EDGAR XBRL
3. Slower growth in Asset Management
Asset Management competes globally against many firms on investment performance and fees, and its AUM grew only 5% in 2025 versus 17% in wealth management.
Evidence: Form 10-K (FY2025) Item 1 and MD&A
16
What draws investors to it
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
13.5x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
1. Capital-light growth with buybacks
Diluted EPS grew about 27% over FY2021–FY2025 while share count fell about 18%.
- What has to hold
- Markets and client flows stay supportive.
- The other side
- Earnings depend heavily on market levels, which can reverse.
Evidence: SEC EDGAR XBRL
2. Demographic tailwind
The 10-K points to baby boomers retiring and younger generations building wealth as drivers of demand for advice.
- What has to hold
- Clients keep paying for human advice.
- The other side
- Lower-cost online and fintech competitors are growing.
Evidence: Form 10-K (FY2025) Item 1
Annual dividends per share aren't shown because Ameriprise's 10-K and XBRL report only quarterly dividend amounts (quarterly dividends paid totaled $614M in 2025). FCF yield isn't shown for financial companies.
17
Resilience
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Net income | -18.8% in FY2023 ($3.15B → $2.56B) | Yes, by FY2024 |
Covers only the 5 fiscal years on record (FY2021–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Diversified business mix
Earnings come from wealth management, asset management, and insurance, which respond differently to markets and rates.
Source: Form 10-K (FY2025), Item 1
Holding company dependence on subsidiaries
The parent relies on dividends and returns of capital from subsidiaries, which regulators can restrict.
Source: Form 10-K (FY2025), Item 1A
Cash generation
Operating cash flow of $8.3B in 2025.
Source: SEC EDGAR XBRL
Market dependence
Fee revenue tied to asset levels falls in market downturns.
Source: Form 10-K (FY2025), Item 1A
18
Risks (including geopolitical)
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring).
- 1Demand & macro
Market declines
- Company disclosure (summarized from the 10-K)
- Fees are tied to asset levels, so falling equity and bond markets reduce revenue and earnings.
- Company’s stated mitigation
- Diversified businesses across advice, asset management, and insurance.
- This site’s assessment
- Impact High / Likelihood Med
- 2FX & interest rates
Interest rates
- Company disclosure (summarized from the 10-K)
- Insurance, annuity, investment, wrap-fee, and banking products are sensitive to interest rates; declining or prolonged low rates reduce investment income and could narrow or reverse spreads on long-term products.
- Company’s stated mitigation
- Not stated.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Competition & technology shift
Competition for advisors and clients
- Company disclosure (summarized from the 10-K)
- Ameriprise competes with broker-dealers, registered investment advisers, banks, insurers, discount and online brokers, and financial technology companies.
- Company’s stated mitigation
- Brand, advisor support, and integrated technology.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Law & regulation
Regulation
- Company disclosure (summarized from the 10-K)
- As a financial holding company and savings and loan holding company, Ameriprise is supervised by the Federal Reserve and other regulators.
- Company’s stated mitigation
- Compliance programs.
- This site’s assessment
- Impact Med / Likelihood Med
19
What to watch going forward
- Client asset flows and advisor recruiting.
- Asset Management flows and fee rates.
- Net interest income as rates change.
- Leadership changes, including the Global CIO's retirement in June 2026.
20
Source documents
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 7, 2026 · Financial data fetched: October 7, 2026 11:59 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Ameriprise Financial, Inc.’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.