Apollo Global Management, Inc. (APO) Earnings
Apollo Global Management, Inc. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $2.20. APO has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise +2.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $1.89 | $1.94 | +2.6% | $5.1B | -2.5% |
| May 2, 2025 | $1.84 | $1.82 | -1.1% | $5.5B | +25.9% |
| Feb 4, 2025 | $1.92 | $2.22 | +15.6% | $5.3B | +449.1% |
| Aug 1, 2024 | $1.76 | $1.64 | -6.8% | $6.0B | +589.2% |
| May 2, 2024 | $1.78 | $1.72 | -3.4% | $7.0B | +748.1% |
| Feb 8, 2024 | $1.73 | $1.91 | +10.4% | $11.0B | +1231.5% |
| Nov 1, 2023 | $1.71 | $1.71 | +0.0% | $2.6B | -26.5% |
| Aug 3, 2023 | $1.65 | $1.70 | +3.0% | $13.7B | +310.0% |
| Feb 9, 2023 | $1.47 | $1.42 | -3.4% | $11.0B | +1077.1% |
| Nov 2, 2022 | $1.19 | $1.33 | +11.8% | $3.0B | +354.6% |
| Aug 4, 2022 | $1.03 | $0.94 | -8.7% | $2.3B | +275.1% |
| May 5, 2022 | $1.01 | $1.52 | +50.5% | $875M | +51.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Strong first quarter results with record fee-related earnings, spread-related earnings, and total earnings. • Origination was of high quality, $71 billion for the quarter, with expectation of even stronger origination in Q2. • Capital formation was strong, $115 billion for the quarter. • Different business areas have defensive postures, e.g., equity business has zero exposure to software, credit business moving more toward investment grade. • Private credit market has a large opportunity in the investment-grade private credit market. • Focus on transparency in private markets, including daily pricing for credit business, market making in private markets, and addressing issues like day one markups and secondaries. • Innovation in retirement services with AMAPS and New Markets. • Apollo is leading the industry in revolutionizing capital, wealth building, and retirement solutions delivery.
Guidance
• Reaffirming 26% outlook of 20% FRE growth and 10% SRE growth. • Expecting origination in Q2 to be even stronger. • Reaffirming 10% SRE growth outlook assuming an 11% alts return. • Authority's pick acquisition to begin contributing in the second quarter at an annualized rate of approximately 20 basis points initially.
Segment performance
Asset management: AUM and Fijian AUM grew by 31% and 40% year-over-year respectively. Fee-related earnings of $728 million in the quarter reached a new high, with 30% year-on-year growth and 6% quarter-over-quarter growth. Management fees had 24% year-over-year growth. Capital solutions fees reached a new high and were the fourth consecutive quarter above $200 million. Fee-related performance fees grew 19% year-over-year. Fee-related expenses grew 27%. FRE margin reached 58% in the quarter. Retirement services: Athene's net investment assets grew 14% year-over-year to $300 billion. SRE was $719 million for the quarter. Alternative investment portfolio return for the quarter was 6%. Blended net spread across Athene's portfolio was 97 basis points versus 120 basis points in the prior quarter.
Risks & headwinds
• Geopolitical reset has the potential to cause out-of-line results. • Almost everything being done has the potential to be inflationary in the short term. • Comprehensive tech cycle has unknown political and other consequences. • Contagion concern in the insurance industry. • Transparency and liquidity issues in private markets, including potential mispricing and noise around day one markups and secondaries. • Regulatory interest and potential changes that could impact the business.
Analyst Q&A
Q: Alex Blostein of Goldman Sachs asked about expense comments on origination volumes and transaction fees, sourcing evolution, and syndicate composition.
A: Mark and Jim discussed growth in origination from Apollo ecosystem, global industrial renaissance, and being a holistic solution provider.
Q: Stephen Chuback of Wolf Research asked about private credit marketplace opacity, daily pricing, validation, and revenue opportunity.
A: Mark and Jim talked about private credit market focus on investment-grade, market making, transparency, and data standardization.
Q: Bill Katz of TD Cowen asked about capital return prioritization.
A: Mark discussed not needing acquisitions for 2029 goals, aggressive stock buying, and high bar for spending capital other than on stock.
Q: Glenn Shore of Evercore ISI asked about daily pricing in private equity and hybrid land, secondary business, and illiquidity premium.
A: Mark talked about transparency starting with investment-grade private credit, evolution of transparency, and secondary market thoughts.
Q: Patrick Davitt of Autonomous Research asked about incremental expense on PIC and revenue potential.
A: Mark said cost against revenue pull through is small and revenue potential includes 20 bps starting point.
Q: Mike Brown of UBS asked about Asuri's spread dynamics, annuities, and PRT.
A: Martin said in the middle of the spread range indicated last quarter, and talked about prepay headwinds and opportunistic positioning.
Q: Ken Worthington of J.P. Morgan asked about Athene's cash levels.
A: Mark said almost all spread widening was in media, and they are holding cash for opportunistic opportunities.
Q: Michael Cypress of Morgan Stanley asked about Apollo's positioning in technology cycle.
A: Mark talked about asset selection, underwrite customers, and internal industry changes.
Q: Brendan Hawkin of BMO Capital Markets asked about funding agreement and retail annuities volume.
A: Mark talked about funding agreement dynamics and retail annuities market competition.
Q: Crispin Love of Piper Sandler asked about direct lending opportunity, risks, and retail conversations.
A: Mark talked about direct lending pricing, industry dialogue, and asset class performance.
Q: Wilma Burtis of Raymond James asked about market opportunity in Japan.
A: Mark talked about private equity, yield product distribution, working with banks, and insurance business in Japan.
Q: Bart Ziarski of RBC Capital Markets asked about regulatory temperature.
A: Mark talked about regulatory focus on equal capital for equal risk, offshore jurisdictions, and competitive dynamic in the industry