Jun 2026 (Q2 FY26) — Aug 4, 2026
Apollo Global Management Q2 FY26 — Record Earnings and Strategic Expansion
Read the full callApollo Global Management (APO) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Apollo Global Management earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 11,153 | +63.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 1,361 | +116.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
11 of 14 judged targets kept · 22 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Daily pricing for corporate investment-grade fixed income assets | 100% daily pricing | Mar 2026 | We went live with estimated daily value, estimated daily NAV on 7/1 for our entirety of our fixed income investment-grade suite of asset products. | Missed |
| Daily pricing for direct lending and asset-backed finance | 100% daily pricing | Mar 2026 | By 10/1, we expect to have daily pricing for all of our credit assets. | Diluted |
| AAA Fund size ranking | Become the largest fund at Apollo | Sep 2024 | AAA, which continues to constitute the vast majority of Athene's alts portfolio is now the largest fund at Apollo, north of $27.5 billion, 12% net returns since inception. | Achieved |
3 of Apollo Global Management, Inc.'s 36 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 33 more targets are in the full ledger.
Claimed
- Record fee-related earnings (FRE) of $785 million, up 25% YoY and 8% QoQ.
- Record spread-related earnings (SRE) of $877 million, up 11% YoY and 5% QoQ.
- Strong origination activity totaling $74 billion in Q2, bringing H1 volumes to nearly $150 billion.
- Record capital formation with $60 billion of organic inflows, including $38 billion in Asset Management and $22 billion in Athene.
- FRE margin reached 58.5%, up 80 bps sequentially and 120 bps YoY, demonstrating positive operating leverage.
Qualified
- Increased competition in the retail annuity business, with new entrants using regulatory arbitrage in jurisdictions like Cayman.
- Slower monetization activity in private equity despite strong public markets, though Fund XI fundraising remains robust.
- Redemption dynamics in the nontraded BDC space (ADS), though Q3 requests are lower than Q2.
Price
$110.95 +0.15% · +$0.17
Performance −8.6% 1Y
1Y: $121.38 on 17 Oct 2025 → $110.95. High $152.7 (6 Jan 2026), low $100.3 (12 Mar 2026).
- Previous close
- $110.78
- 52-week range
- $100.3 – $152.7
- One year
- −11.37%
Overview
- Symbol
- APO
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
11 of 14 judged targets kept · 22 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Daily pricing for corporate investment-grade fixed income assets | 100% daily pricing | Mar 2026 | We went live with estimated daily value, estimated daily NAV on 7/1 for our entirety of our fixed income investment-grade suite of asset products. | Missed |
| Daily pricing for direct lending and asset-backed finance | 100% daily pricing | Mar 2026 | By 10/1, we expect to have daily pricing for all of our credit assets. | Diluted |
| AAA Fund size ranking | Become the largest fund at Apollo | Sep 2024 | AAA, which continues to constitute the vast majority of Athene's alts portfolio is now the largest fund at Apollo, north of $27.5 billion, 12% net returns since inception. | Achieved |
Claimed
- Record fee-related earnings (FRE) of $785 million, up 25% YoY and 8% QoQ.
- Record spread-related earnings (SRE) of $877 million, up 11% YoY and 5% QoQ.
- Strong origination activity totaling $74 billion in Q2, bringing H1 volumes to nearly $150 billion.
- Record capital formation with $60 billion of organic inflows, including $38 billion in Asset Management and $22 billion in Athene.
- FRE margin reached 58.5%, up 80 bps sequentially and 120 bps YoY, demonstrating positive operating leverage.
Qualified
- Increased competition in the retail annuity business, with new entrants using regulatory arbitrage in jurisdictions like Cayman.
- Slower monetization activity in private equity despite strong public markets, though Fund XI fundraising remains robust.
- Redemption dynamics in the nontraded BDC space (ADS), though Q3 requests are lower than Q2.
The full ledger
Open Apollo Global Management, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 36 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 6, 2026
Apollo Global Management Q1 FY26 — Record FRE and origination amid a deliberately defensive posture
Read the full callDec 2025 (Q4 FY25) — Feb 9, 2026
Apollo Q4 FY25 — Record Origination and Strong Earnings Growth
Read the full callEvery analysed call
Apollo Global Management earnings calls (APO)
Financials
What the filings say
Net profit, year on year: +116% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 7,773 | 5,283 | 5,548 | 6,814 | 9,823 | 9,864 | 5,059 | 11,153 |
| Profit before tax | 2,086 | 1,724 | 1,181 | 845 | 2,899 | 1,752 | 283 | 2,485 |
| Tax rate | 15.2% | 3.6% | 20.6% | 0.4% | 15.1% | 33.8% | 598.6% | 15.9% |
| Net profit | 811 | 1,486 | 442 | 630 | 1,736 | 684 | -1,906 | 1,361 |
| EPS ($ per share) | 1.30 | — | 0.68 | 1 | 2.82 | — | -3.27 | 2.18 |
| Line item | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Equity capital | — | 0 | 0 | 0 | 0 | 0 |
| Reserves | — | 1,144 | -1,007 | 2,972 | 6,022 | 7,634 |
| Total liabilities | — | 18,538 | 241,819 | 288,243 | 346,915 | 418,434 |
| Total assets | — | 30,502 | 257,217 | 313,488 | 377,895 | 460,949 |
| Line item | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|
| Cash from operations | -1,616 | 1,064 | 3,789 | 6,322 | 3,253 | 7,246 |
| Cash from investing | -838 | -1,552 | -23,444 | -42,407 | -61,801 | -63,972 |
| Cash from financing | 3,300 | 109 | 28,710 | 42,638 | 57,972 | 60,200 |
| Net cash flow | 846 | -379 | 9,040 | 6,563 | -579 | 3,479 |
APO revenue by segment
Asset Management grew from 12% to 22% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Retirement Services | 88% | 78% | — | 84% | 85% | — | 80% | 85% | +66.9% |
| Asset Management and Retirement Segments | — | — | — | 71% | 52% | — | — | 50% | +14.7% |
| Asset Management | 12% | 22% | 17% | 16% | 15% | 15% | 20% | 15% | +47.0% |
| Principal Investing | — | — | — | 3% | 2% | — | 8% | 1% | -32.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
APO operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Assets under management (AUM) | — | $840BRobust inflows of $61 billion across the firm; record AUM, $840 billion.Source: earnings call transcript | $908BRecord AUM at the end of the quarter, $908 billion, up 24% year-over-year.Source: earnings call transcript | $938BIn Asset Management, we generated increases in AUM and fee-gen AUM of 25% year-over-year to $938 billion and $709 billion, respectively.Source: earnings call transcript | — | — | +3.3% |
| Origination volume | $56BSolid origination quarter at $56 billion, led primarily by platforms.Source: earnings call transcript | $81B$81 billion originated from our platforms and our business in the quarter.Source: earnings call transcript | $75B$75 billion of origination led by platforms.Source: earnings call transcript | — | $71BOrigination for the quarter was a particularly high quality, $71 billion.Source: earnings call transcript | $74BOrigination here was a very strong quarter, $74 billion.Source: earnings call transcript | +4.2% |
| Net new assets | — | — | $82BRobust inflows of $82 billion for the quarter, led by asset management of $59 billion, retirement services of $23 billion.Source: earnings call transcript | $42BWe generated $42 billion of inflows in the quarter and $228 billion for the full year.Source: earnings call transcript | — | $60BThe reward for good performance is, of course, more to do capital formation, record for the quarter at $60 billion of organic inflows, $38 billion in Asset Management, $22 billion in Athene.Source: earnings call transcript | — |
| Net new assets Athene | — | $21BInflows were driven by $40 billion from asset management, which included $12 billion of inorganic flows from the Redding Ridge Irradiant acquisition and $21 billion from Athene.Source: earnings call transcript | — | — | — | $22BThe reward for good performance is, of course, more to do capital formation, record for the quarter at $60 billion of organic inflows, $38 billion in Asset Management, $22 billion in Athene.Source: earnings call transcript | — |
| Net new assets Asset Management | — | $40BInflows were driven by $40 billion from asset management, which included $12 billion of inorganic flows from the Redding Ridge Irradiant acquisition and $21 billion from Athene.Source: earnings call transcript | $59BRobust inflows of $82 billion for the quarter, led by asset management of $59 billion, retirement services of $23 billion.Source: earnings call transcript | — | — | $38BThe reward for good performance is, of course, more to do capital formation, record for the quarter at $60 billion of organic inflows, $38 billion in Asset Management, $22 billion in Athene.Source: earnings call transcript | — |
| Net new assets Global Wealth | — | $4B+In Global Wealth, momentum continues to generate as we generated more than $4 billion of inflows in the quarter, the second best on record despite the turbulent backdrop.Source: earnings call transcript | $5BThe $5 billion we raised in the wealth channel was the second best quarter on record, bringing year-to-date total over $14 billion, up 60% over the prior year period.Source: earnings call transcript | — | — | $3BOur Global Wealth business had a solid quarter as well with fundraising totaling $3 billion and despite a softer backdrop, flows continue across semiliquid and drawdown strategies.Source: earnings call transcript | — |
| Net new assets Athene - Retail | — | $7BBy channel, inflows were driven by $7 billion from retail, $12 billion from funding agreements and $2 billion from flow insurance.Source: earnings call transcript | $10BInflows were driven by $10 billion from retail, $10 billion from funding agreements and $3 billion in flow reinsurance.Source: earnings call transcript | — | — | $12BIn particular, retail and flow insurance had exceptional quarters with inflows of $12 billion and $4 billion, respectively, marking the second highest quarter on record for each segment.Source: earnings call transcript | — |
| Net new assets Athene - Funding agreements | — | $12BBy channel, inflows were driven by $7 billion from retail, $12 billion from funding agreements and $2 billion from flow insurance.Source: earnings call transcript | $10BInflows were driven by $10 billion from retail, $10 billion from funding agreements and $3 billion in flow reinsurance.Source: earnings call transcript | — | — | — | -16.7% |
| Net new assets Athene - Flow reinsurance | — | $2BBy channel, inflows were driven by $7 billion from retail, $12 billion from funding agreements and $2 billion from flow insurance.Source: earnings call transcript | $3BInflows were driven by $10 billion from retail, $10 billion from funding agreements and $3 billion in flow reinsurance.Source: earnings call transcript | — | — | $4BIn particular, retail and flow insurance had exceptional quarters with inflows of $12 billion and $4 billion, respectively, marking the second highest quarter on record for each segment.Source: earnings call transcript | — |
| Origination volume Debt | — | — | — | — | $61BOur activity in the quarter was $61 billion of debt comprised approximately 75% investment grade with an average A rating and 25% sub-investment grade with an average rating of B With respect to spreads in the quarter, our investment-grade origination, we generated excess spread of 290 basis points over treasuries or approximately 210 basis points over comparably rated corporates.Source: earnings call transcript | $68BAcross our activity for the quarter, $68 billion was in debt, comprised basically 75% IG with an average rating of BBB+ and 25% sub-investment grade with an average rating of single B Consistent with recent quarters, we observed relatively stable spreads across our platform volumes.Source: earnings call transcript | +11.5% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
60 filings between Oct 22, 2025 and Sep 10, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$9.75M
7 sales by 3 insiders
Compensation
not trading decisions- 23
- Award — granted as compensation
- 1
- Option exercise — converted options into shares
- 12
- Tax withheld — shares kept back by the company to cover tax
Also filed: 15 gifts, 2 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Zito John P. | — | $6.36M | May 27, 2026 |
| Kelly Martin | — | $2.15M | Aug 14, 2026 |
| Chatterjee Whitney | — | $1.24M | Dec 10, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 10, 2026 | Belardi James Richard See Remarks | Gift | 38,605 | $0 |
| Aug 14, 2026 | Kelly Martin Chief Financial Officer | Gift | 1,534 | $0 |
| Aug 14, 2026 | Kelly Martin Chief Financial Officer | Sale | 3,000 | $422.5K |
| Jul 29, 2026 | LDB 2014 LLC Insider | Other | 3,000,000 | — |
| Jul 1, 2026 | BEILINSON MARC A Director | Award | 1,589 | $0 |
| Jul 1, 2026 | Toomey Patrick Director | Award | 1,589 | $0 |
| Jul 1, 2026 | BIBLIOWICZ JESSICA M Director | Award | 1,589 | $0 |
| Jul 1, 2026 | O'Neill Mitra Director | Award | 1,589 | $0 |
| Jul 1, 2026 | SWANN LYNN C Director | Award | 1,589 | $0 |
| Jul 1, 2026 | Healey Kerry Murphy Director | Award | 1,589 | $0 |
| Jul 1, 2026 | COHN GARY D Director | Award | 1,986 | $0 |
| Jul 1, 2026 | JOYNER PAMELA J Director | Award | 1,589 | $0 |
| Jul 1, 2026 | Leach Brian Director | Award | 1,589 | $0 |
| Jun 9, 2026 | Kelly Martin Chief Financial Officer | Gift | 1,300 | $0 |
| May 27, 2026 | KLEINMAN SCOTT Co-President (See Remarks) | Gift | 13,424 | $0 |
| May 27, 2026 | Zito John P. Co-President (see Remarks) | Sale | 11,117 | $1.46M |
| May 27, 2026 | Zito John P. Co-President (see Remarks) | Sale | 20,019 | $2.62M |
| May 27, 2026 | Zito John P. Co-President (see Remarks) | Sale | 17,508 | $2.28M |
| May 15, 2026 | KLEINMAN SCOTT Co-President (See Remarks) | Award | 3,170 | $415.0K |
| May 15, 2026 | Kelly Martin Chief Financial Officer | Gift | 155 | $0 |
| May 14, 2026 | Kelly Martin Chief Financial Officer | Gift | 415 | $0 |
| May 14, 2026 | Kelly Martin Chief Financial Officer | Sale | 7,000 | $942.5K |
| May 8, 2026 | ROWAN MARC J Chief Executive Officer and | Gift | 140,000 | $0 |
| May 7, 2026 | BIBLIOWICZ JESSICA M Director | Award | 1,574 | $0 |
| May 7, 2026 | O'Neill Mitra Director | Award | 1,771 | $0 |
| May 7, 2026 | Leach Brian Director | Award | 1,967 | $0 |
| May 7, 2026 | COHN GARY D Director | Award | 3,345 | $0 |
| Feb 18, 2026 | Chatterjee Whitney Chief Legal Officer | Tax withheld | 4,899 | $648.8K |
| Feb 18, 2026 | Zito John P. Co-President (see Remarks) | Tax withheld | 11,866 | $1.49M |
| Feb 18, 2026 | Kelly Martin Chief Financial Officer | Tax withheld | 3,629 | $480.6K |
| Feb 18, 2026 | Zelter James C President | Tax withheld | 319 | $39.9K |
| Feb 17, 2026 | KLEINMAN SCOTT Co-President (See Remarks) | Award | 2,048 | $264.7K |
| Feb 17, 2026 | Belardi James Richard See Remarks | Tax withheld | 29,254 | $3.87M |
| Feb 17, 2026 | Kvalheim Grant CEO of Athene Holding Ltd. | Tax withheld | 5,042 | $667.7K |
| Feb 13, 2026 | Belardi James Richard See Remarks | Option exercise | 147,813 | $4.37M |
| Feb 11, 2026 | Chatterjee Whitney Chief Legal Officer | Tax withheld | 29,349 | $3.89M |
| Feb 11, 2026 | Zito John P. Co-President (see Remarks) | Tax withheld | 27,876 | $3.69M |
| Feb 11, 2026 | Kelly Martin Chief Financial Officer | Tax withheld | 28,390 | $3.76M |
| Feb 11, 2026 | Zelter James C President | Tax withheld | 15,122 | $2.00M |
| Feb 11, 2026 | Kinahan Kristiane Elaine Chief Acct. Off. | Tax withheld | 725 | $96.0K |
| Feb 10, 2026 | Kinahan Kristiane Elaine Chief Acct. Off. | Award | 10,912 | $0 |
| Feb 10, 2026 | Zito John P. Co-President (see Remarks) | Award | 167,252 | $0 |
| Feb 10, 2026 | Chatterjee Whitney Chief Legal Officer | Award | 96,046 | $0 |
| Feb 10, 2026 | Belardi James Richard See Remarks | Award | 41,892 | $0 |
| Feb 10, 2026 | Kelly Martin Chief Financial Officer | Award | 116,087 | $0 |
| Feb 10, 2026 | Zelter James C President | Award | 29,313 | $0 |
| Feb 10, 2026 | Kvalheim Grant CEO of Athene Holding Ltd. | Award | 19,035 | $0 |
| Dec 11, 2025 | Belardi James Richard See Remarks | Gift | 33,263 | $0 |
| Dec 10, 2025 | Chatterjee Whitney Chief Legal Officer | Sale | 8,500 | $1.24M |
| Dec 3, 2025 | Kelly Martin Chief Financial Officer | Gift | 460 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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