Q2 26 EPS
$2.11
MISS 2.21%
Est. $2.16
Q2 26 Revenue
$11.15B
BEAT +736.68%
Est. $1.33B
vs S&P Since Q2 26
-0.9%
TRAILING MARKET
APO -0.9% vs S&P +0.0%
Market Reaction
Did APO Beat Earnings? Q2 2026 Results
Apollo Global Management delivered a mixed second quarter for 2026, posting adjusted earnings of $2.11 per share that fell just short of the $2.16 consensus estimate by 2.21%, snapping a four-quarter streak of beating EPS expectations, even as revenu… Read more Apollo Global Management delivered a mixed second quarter for 2026, posting adjusted earnings of $2.11 per share that fell just short of the $2.16 consensus estimate by 2.21%, snapping a four-quarter streak of beating EPS expectations, even as revenue surged 63.7% year-over-year to $11.15 billion, far exceeding the $1.33 billion Wall Street had projected. The quarter's most consequential driver was the continued scaling of Apollo's Retirement Services and Asset Management segments, with Spread Related Earnings reaching $877 million, up 7% year-over-year, and Fee Related Earnings climbing 25% to $785 million on record quarterly fee-related revenue of $1.34 billion. Total assets under management crossed $1.05 trillion, growing 25% from a year ago, while Fee-Generating AUM rose 34% to $858 billion, supported by $60 billion in quarterly inflows. Dry powder reached $82 billion, and the company repurchased $102 million in common stock during the quarter, with $3.03 billion remaining under its $4 billion buyback authorization.
Key Takeaways
- • Record FRE of $785 million, up 25% year-over-year, driven by record quarterly fee-related revenue and 120 basis points of margin expansion
- • Record SRE of $877 million driven by strong and diversified organic growth trends and improving net spread
- • Management fees increased 23% year-over-year driven by Athora's acquisition of PIC, increasing capital formation, Bridge acquisition, and Athene organic growth
- • Capital solutions fees grew 28% year-over-year to a record $277 million across more than 100 discrete transactions
- • Total AUM increased 25% year-over-year to $1.05 trillion, driven by $298 billion of inflows over the last twelve months
- • Fee-Generating AUM increased 34% year-over-year to $858 billion
- • Strong quarterly returns across core credit, hybrid, and private equity strategies
- • Quarterly origination activity of $74 billion driven by core credit and origination platforms
- • Record organic inflows of $60 billion with $38 billion from Asset Management and $22 billion from Retirement Services
- • Fixed income net investment income grew 15.9% year-over-year
- • 98% of Athene's fixed income portfolio invested in investment grade assets
APO YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
APO Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our strong second quarter results reflect record earnings across Asset Management and Retirement Services, highlighting the quality and growing scale of our business. We are at the forefront of modernizing how private markets operate by enhancing transparency, improving liquidity, and broadening access. In a market evolving quickly with increasing demand for capital, the breadth of our origination capabilities combined with a principal mindset positions us to help shape what comes next.”
— Marc Rowan, Q2 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $2.16 | $2.11 | -2.21% | $11.15B | +736.68% |
| 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% |