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Revenue by Segment
Shows revenue distribution across various segments, indicating which areas are most lucrative and where the company might focus future growth efforts.Retirement Services has become the dominant, highly lumpy revenue driver—quarter-to-quarter swings track Athene monetizations, annuity realizations and timing of big financings—while Asset Management provides steadier, fee-based revenue with improving FRE margins. Management’s Q2 commentary (record FRE, outsized capital formation and rising fee-AUM) supports durable fee growth, but near-term results will remain driven by lumpiness in Retirement monetizations, elevated retail redemption dynamics and annuity regulatory/competitive pressure, making quarterly headlines and earnings volatility the primary risk/reward lever.
Date | Asset Management | Retirement Services |
|---|---|---|
Jun 30, 2026 | $1.63B | $9.53B |
Mar 31, 2026 | $1.01B | $4.05B |
Dec 31, 2025 | $1.36B | $8.50B |
Sep 30, 2025 | $1.49B | $8.34B |
Jun 30, 2025 | $1.11B | $5.71B |
Mar 31, 2025 | $1.05B | $4.50B |
Dec 31, 2024 | $1.17B | $4.12B |
Sep 30, 2024 | $922.00M | $6.85B |
Jun 30, 2024 | $1.05B | $4.96B |
Mar 31, 2024 | $1.03B | $6.00B |