Q1 26 EPS
$1.94
BEAT +2.92%
Est. $1.88
Q1 26 Revenue
$5.06B
BEAT +315.77%
Est. $1.22B
vs S&P Since Q1 26
+430.8%
BEATING MARKET
APO +432.5% vs S&P +1.8%
Market Reaction
Did APO Beat Earnings? Q1 2026 Results
Apollo Global Management delivered a tale of two bottom lines in Q1 2026, posting adjusted earnings per share of $1.94 while revenue of $5.06 billion slipped 3.0% year-over-year, as a staggering $1.70 billion one-time tax charge tied to the revocatio… Read more Apollo Global Management delivered a tale of two bottom lines in Q1 2026, posting adjusted earnings per share of $1.94 while revenue of $5.06 billion slipped 3.0% year-over-year, as a staggering $1.70 billion one-time tax charge tied to the revocation of ACRA's Bermuda corporate income tax election triggered a GAAP net loss of $1.93 billion, or $3.27 per diluted share. Strip away that accounting distortion, however, and the operational picture looked considerably stronger: the Asset Management segment generated record fee-related earnings of $728 million, up 30% year-over-year, anchored by a 24% rise in management fees to $952 million and a 60% surge in capital solutions fees to $246 million. Total assets under management crossed $1.03 trillion, a 31% increase, powered by record quarterly inflows of $115 billion. Apollo also moved aggressively on capital return, repurchasing $866 million in shares during the quarter, even as a pending securities class action lawsuit alleging misleading statements tied to the Jeffrey Epstein controversy continues to shadow the firm's public profile.
Key Takeaways
- • Record FRE of $728 million, up 30% year-over-year driven by record quarterly fee-related revenue and margin expansion
- • Total AUM surpassed $1 trillion, reaching $1.03 trillion, up 31% year-over-year
- • Record quarterly inflows of $115 billion, including $65 billion from Athora's acquisition of PIC
- • Capital solutions fees grew 60% year-over-year to record $246 million
- • Management fees increased 24% year-over-year driven by institutional and global wealth capital formation
- • Fee-Generating AUM increased 40% year-over-year to $836 billion
- • 60% of total AUM and 70% of FGAUM comprised of perpetual capital
- • SRE decreased 11% year-over-year due to lower alternative net investment income
APO YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
APO Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our first quarter results set a strong tone for the year, with record fee-related earnings and assets under management surpassing $1 trillion – a testament to the trust our clients place in us and a reminder of the value we create at scale. Whether we're originating investment grade credit, delivering retirement solutions, or developing new products and capabilities, innovation and discipline continue to drive us forward.”
— Marc Rowan, Q1 2026 Earnings Press Release
APO Earnings Trends
APO vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
APO EPS Trend
Earnings per share: estimate vs actual
APO Revenue Trend
Quarterly revenue: estimate vs actual
APO Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.88 | $1.94 | +2.92% | $5.06B | +315.77% |
| Q4 25 BEAT FY | $2.04 | $2.47 | +21.28% | $9.86B | +723.23% |
| FY Full Year | $7.95 | $8.38 | +5.39% | $32.05B | +625.22% |
| Q3 25 BEAT | $1.90 | $2.17 | +14.20% | $9.82B | +793.26% |
| Q2 25 BEAT | $1.84 | $1.92 | +4.16% | $6.81B | +574.71% |
| Q1 25 MISS | $1.84 | $1.82 | -1.31% | $5.55B | +475.20% |