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Business Segment Information
 9 Months Ended
Sep. 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 nine months ended September 30, 2025 and 2024 were as follows:

Services
Net revenues derived from our investment management, research and related services for the three and nine months ended September 30, 2025 and 2024 were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)
Institutions(1)
$161,090 $167,376 $496,113 $483,428 
Retail(1)
631,769 593,323 1,834,917 1,696,171 
Private Wealth Management(1)
313,191 293,527 909,416 858,973 
Bernstein Research Services (2)
— — — 96,222 
Other46,300 52,477 114,597 149,532 
Total revenues1,152,350 1,106,703 3,355,043 3,284,326 
Less: Broker-dealer related Interest expense15,203 21,214 48,382 66,743 
Net revenues$1,137,147 $1,085,489 $3,306,661 $3,217,583 
(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 for the three and nine months ended September 30, 2025 and 13% and 12% of our net revenues for the three and nine months ended September 30, 2025, respectively. U.S. Growth Stock generated approximately 7% of our investment advisory and service fees or the three and nine months ended September 30, 2024 and 11% and 10% of our net revenues for the three and nine months ended September 30, 2024, respectively.
Geographic Information
Net revenues related to our U.S. and international operations, for the three and nine months ended September 30, 2025 and 2024, were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)
Net revenues:
United States$662,818 $635,390 $1,929,406 $1,922,898 
International:
          Luxembourg268,907 264,543 788,140 770,414 
          Japan152,549 129,926 434,553 352,317 
Other International 52,873 55,630 154,562 171,954 
     Total International474,329 450,099 1,377,255 1,294,685 
Total $1,137,147 $1,085,489 $3,306,661 $3,217,583 
Long-lived assets related to our U.S. and international operations, as of September 30, 2025 and December 31, 2024, were as follows:
September 30, 2025December 31, 2024
(in thousands)
Long-lived assets:
United States$4,142,891 $4,187,885 
International54,652 57,140 
Total$4,197,543 $4,245,025 

Major Customers

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