Apollo Global Management Q3 2026: Fee Earnings Hit Record Despite GAAP Loss
As seen on the 24/7 Wall St. homepage on November 3, 2026.
Adjusted EPS missed expectations and rising rates pushed Apollo to a $1.06 billion GAAP net loss on mark-to-market hits in Retirement Services. Fee related earnings still rose 23% to a record $802 million, so the loss is a rates artifact, not a franchise break. Keep an eye on the stock today.
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Apollo Global Management posted adjusted EPS of $2.07 for Q3 2026, missing the consensus estimate, while reported revenue came in ahead of analyst expectations.
The GAAP net loss of $1.06 billion reverses the net income Apollo recorded in the prior-year period, driven by unrealized mark-to-market losses in Retirement Services as rising interest rates reduced the value of certain investments.
Setting aside that accounting volatility, Fee Related Earnings reached a record $802 million, up 23% year-over-year, with record quarterly origination and total AUM climbing 18%. Capital Solutions fees and management fees also rose year-over-year.
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Apollo has generally beaten or come close to estimates over the past several quarters, with Q4 2025 delivering $2.47 against a $2.04 estimate. This quarter's miss breaks that recent pattern, with a rates-driven accounting effect behind it.
CEO Marc Rowan pointed to record pipelines heading into the close of 2026, saying the company is poised for a robust finish to the year with a strong setup for 2027. The board also declared a quarterly cash dividend of $0.5625 per share payable November 30, and the company continued repurchasing shares under its buyback program.