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Business Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
Management has assessed the requirements of ASC 280, Segment Reporting, and determined that, because we utilize a consolidated approach to assess performance and allocate resources, we have only one operating segment. We provide diversified investment management, research and related services globally to a broad range of clients through our three distribution channels: Institutions, Retail and Private Wealth Management.

The Chief Operating Decision Maker ("CODM") is the Chief Executive Officer of AB. The CODM evaluates the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources. Significant segment expenses are part of the CODM review and are critically important to understand the level of profitability and overall performance of the company. This assessment will determine the way in which the CODM allocates resources to our respective business operations.

Measurement of Segment Profit or Loss and How the CODM Uses the Reported Measure

The CODM regularly receives financial information and management reports that are prepared on a consolidated basis. When assessing profitability, allocating resources and evaluating the underlying performance of our business, the CODM uses condensed consolidated net income as reported on the condensed consolidated statements of income. In applying the requirements under ASC 280, the company has identified significant segment expenses and other segment items related to our one operating segment. The significant expenses considered by the CODM in evaluating the performance of our business are consistent with the financial information included on the company's condensed consolidated statements of income. The measurement of assets as evaluated by the CODM is reported as "Total assets" on the condensed consolidated statements of financial condition. As an additional measure of segment profit or loss, the CODM considers certain adjustments to condensed consolidated net income. While management uses these additional adjusted metrics in assessing and allocating resources to the business, management recognizes that US GAAP principles are the basis of our performance. The accounting policies of our one operating segment are described in Note 2, Significant Accounting Policies.

Enterprise-wide disclosures as of and for the three and six months ended June 30, 2025 and 2024 were as follows:

Services
Net revenues derived from our investment management, research and related services for the three and six months ended June 30, 2025 and 2024 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands)
Institutions(1)
$163,018 $158,779 $335,023 Outstanding as of $316,052 
Retail(1)
603,176 566,671 1,203,148 1,102,848 
Private Wealth Management(1)
297,428 287,138 596,225 565,446 
Bernstein Research Services (2)
— — — 96,222 
Other40,947 37,168 68,297 97,056 
Total revenues1,104,569 1,049,756 2,202,693 2,177,624 
Less: Broker-dealer related Interest expense15,662 21,813 33,179 45,530 
Net revenues$1,088,907 $1,027,943 $2,169,514 $2,132,094 
(1) Institutions, Retail and Private Wealth management revenues by channel include investment advisory base fees, performance-based fees, distribution revenues and shareholder servicing fees by channel.
(2) Effective April 1, 2024, AB deconsolidated the Bernstein Research Services business.
Our AllianceBernstein U.S. Growth Stock, an open-end fund incorporated in Japan, generated approximately 8% of our investment advisory and service fees and 12% of our net revenues for the three and six months ended June 30, 2025, respectively. U.S. Growth Stock generated approximately 6% of our investment advisory and service fees and 10% of our net revenues for the three and six months ended June 30, 2024, respectively.
Geographic Information
Net revenues related to our U.S. and international operations, for the three and six months ended June 30, 2025 and 2024, were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands)
Net revenues:
United States$638,219 $626,965 $1,266,588 $1,287,508 
International:
          Luxembourg265,881 259,392 530,074 505,891 
          Japan142,175 114,109 282,004 222,391 
Other International42,632 27,477 90,848 116,304 
     Total International450,688 400,978 902,926 844,586 
Total $1,088,907 $1,027,943 $2,169,514 $2,132,094 
Long-lived assets related to our U.S. and international operations, as of June 30, 2025 and December 31, 2024, were as follows:
June 30, 2025December 31, 2024
(in thousands)
Long-lived assets:
United States$4,161,790 $4,187,885 
International56,145 57,140 
Total$4,217,935 $4,245,025 

Major Customers

No single customer or individual client accounted for more than 10% of our total revenues for the three and six months ended June 30, 2025 and 2024.