Business Segment Information

12 Months Ended

Dec. 31, 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 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 consolidated net income as reported on the 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 consolidated statements of income. The measurement of assets as evaluated by the CODM is reported as "Total assets" on the consolidated statements of financial condition. As an additional measure of segment profit or loss, the CODM considers certain adjustments to 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 years ended December 31, 2025, 2024 and 2023 were as follows:

Services

Net revenues derived from our investment management and related services were as follows:

	Years Ended December 31
	2025			2024			2023
	(in thousands)
Institutions(1)		$	683,543		$	700,796		$	666,670
Retail(1)		2,470,403			2,311,317			1,926,020
Private Wealth Management(1)		1,278,760			1,245,891			1,052,843
Bernstein Research Services (2)		—			96,222			386,142
Other		160,942			205,426			231,189
Total revenues		4,593,648			4,559,652			4,262,864
Less: Broker-dealer related Interest expense		62,996			84,513			107,541
Net revenues		$	4,530,652		$	4,475,139		$	4,155,323

(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)On April 1, 2024 AB and Societe Generale, a leading European bank, completed their transaction to form a jointly owned equity research provider and cash equity trading partner for institutional investors. AB has deconsolidated the Bernstein Research Services business and contributed the business to the joint ventures.

Our AllianceBernstein U.S. Growth Stock, an open-end fund incorporated in Japan, generated approximately 15%, 13%, and 11% of our investment advisory and service fees and 12%, 10%, and 8% of our net revenues during 2025, 2024 and 2023, respectively.

Geographic Information

Net revenues and long-lived assets, related to our U.S. and international operations, as of and for the years ended December 31, were as follows:

	2025			2024			2023
	(in thousands)
Net revenues1:
United States		$	2,635,169		$	2,641,634		$	2,527,498
International:
Luxembourg		1,065,243			1,046,793			886,256
Japan		579,892			487,409			375,222
Other International		250,348			299,303			366,347
Total International		1,895,483			1,833,505			1,627,825
Total		$	4,530,652		$	4,475,139		$	4,155,323
Long-lived assets:
United States		$	4,126,410		$	4,187,885		$	4,073,198
International		51,926			57,140			53,670
Total		$	4,178,336		$	4,245,025		$	4,126,868

(1)Locations comprising greater than 10% of total net revenues are disclosed separately in the current period. Prior periods have been recast to agree to current periods presentation.

Major Customers

No single customer or individual client accounted for more than 10% of our total revenues for the years ended December 31, 2025, 2024 and 2023.