EarningsQ2 2026 Earnings Report
MX:APO1 Q2 2026 EPS Results
Actual EPS$38.36
Consensus EPS$39.23
Beat/MissMissed by -$0.87
One Year Ago EPS$34.90
MX:APO1 Q2 2026 Revenue Results
Actual Revenue$203.76B
Expected Revenue$102.69B
Beat/MissBeat by +$101.07B
YoY Revenue Growth+62.66%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeBefore Open
Conference CallTuesday, August 4, 2026
MX:APO1 Upcoming Earnings
Apollo Global Management's next earnings date is estimated for November 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:APO1 Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong, broad-based momentum across origination, fee-related and spread-related earnings, record capital formation, durable AUM growth and tangible operational progress (daily NAV, ICE IDs, market making). Management reiterated targets (20%+ FRE growth; 10% SRE growth) and provided concrete metrics (FRE +25% YoY, SRE +11% YoY, $74B origination, $60B inflows). Notable near-term challenges include lumpy monetizations/realizations, elevated retail redemptions (improving), ongoing investment-driven expense growth and competitive/regulatory pressures in the annuity market. On balance, the positive financial performance, pipeline strength, product innovation and maintained guidance materially outweigh the challenges mentioned.Company Guidance
Record Fee-Related and Spread-Related Earnings
Fee-related earnings (FRE) reached a record $785 million ($1.26/share), up 25% year-over-year and 8% quarter-over-quarter. Spread-related earnings (SRE) were a record $877 million ($1.41/share), up 11% year-over-year (adjusted) and 5% quarter-over-quarter. Combined adjusted net income was $1.3 billion ($2.11/share).
Robust Origination and High-Grade Credit Engine
Origination totaled $74 billion in Q2 (nearly $150 billion H1 and ~ $320 billion over 12 months). Debt origination was ~75% investment-grade (average rating BBB+) and 25% sub-investment grade (single B). Investment-grade origination generated ~280 bps excess spread over treasuries (~200 bps vs comparable corporates); sub-IG generated ~440 bps over treasuries (~150 bps vs comparables).
Record Capital Formation and Athene Momentum
Total inflows were a record $60 billion (asset management $38 billion; Athene $22 billion). Athene gross invested assets grew 14% year-over-year to $414 billion with $42 billion inflows YTD and is on pace for the $85 billion full-year target.
Capital Solutions and ACS Strength
Capital Solutions fees reached a record $277 million (fifth consecutive quarter >$200M) driven by over 100 transactions. ACS distributed >$30 billion of syndication opportunities in H1 (up 50% vs full-year 2025), demonstrating expanding and durable fee streams.
AUM Growth and Fee Base Durability
AUM and fee-generating AUM increased 25% and 34% respectively. Perpetual capital represents 60% of total AUM and 70% of fee-generating AUM, supporting FRE durability. Dry powder stood at $82 billion, including $62 billion of future management fee potential (≈70% in credit) with an estimated $400 million of annual management fee income once deployed.
Operational Progress — Daily NAV, ICE IDs and Market Making
Estimated daily NAV went live for fixed income investment-grade products on 7/1, with daily pricing for all credit assets targeted by 10/1. ICE JV live with >2,000 ICE IDs; secondary trading volumes exceed $30 billion and continue to double, enhancing liquidity and potential new distribution channels.
Margin Expansion and Capital Returns
FRE margin rose to 58.5%, up ~80 bps sequentially and ~120 bps year-over-year. Fee-related expenses grew 19% YoY as Apollo invests in growth, and the firm repurchased ~$100 million of shares in the quarter (returned $1.6 billion to shareholders through dividends and buybacks over last 12 months).
Strong Investment Performance & Fundraising
PE Fund X generated a 21% net IRR vs 14% industry index for 2023 vintage. Major strategies in credit up 7%-11% over the last 12 months. Fund XI has surpassed $12 billion through July; ADS delivered an annualized 8% inception-to-date return vs 4% for the high-yield index.
MX:APO1 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed