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Earnings by Segment
Highlights profitability across different business units, helping investors understand which segments drive the company's earnings and where potential growth or risk lies.Fee‑related earnings have trended materially higher over several years, driven by ramping origination, record capital formation and expanding fee‑AUM (management cites strong inflows and dry powder supporting future fees); spread‑related earnings jumped after 2022 and remain a large, credit‑sensitive earnings driver. Principal investing income is volatile and lumpy, reflecting timing of realizations. Management’s Q2 call corroborates durable FRE/SRE momentum and margin expansion but warns that uneven monetizations, elevated retail redemptions and ongoing expense investment could produce short‑term noise despite solid forward pipeline.
Date | Fee Related | Spread Related | Principal Investing Income |
|---|---|---|---|
Jun 30, 2026 | $627.00M | ― | $47.00M |
Mar 31, 2026 | $728.00M | $719.00M | $75.00M |
Dec 31, 2025 | $690.00M | $865.00M | $227.00M |
Sep 30, 2025 | $652.00M | $871.00M | $50.00M |
Jun 30, 2025 | $627.00M | $821.00M | $47.00M |
Mar 31, 2025 | $559.00M | $804.00M | $14.00M |
Dec 31, 2024 | $554.00M | $841.00M | $139.00M |
Sep 30, 2024 | $531.00M | $856.00M | $78.00M |
Jun 30, 2024 | $516.00M | $710.00M | $33.00M |
Mar 31, 2024 | $462.00M | $817.00M | $21.00M |