Apollo Global Management, Inc. Earnings Recaps
Q1 2026
May 9, 2026
Apollo's shares fell 1.9% following Q1 results amid cautious investor reception despite management's optimistic tone, reflecting concerns around the defensive stance and potential market uncertainties rather than outright operational weakness.
Key takeaways
- Fee-Related Earnings (FRE) reached $728 million, up 30% year-over-year and 6% quarter-over-quarter.
- Spread-Related Earnings (SRE) totaled $719 million, reflecting 2% quarter-over-quarter and 6% year-over-year organic growth, though below the long-term AltReturn target of 11%.
- Origination volume was $71 billion with a high-quality profile, averaging 350 basis points over treasuries and BBB rating, with pipeline suggesting possible further growth in Q2.
- Capital formation totaled $115 billion, including $65 billion from the Pension Investment Corp. transaction on Athora.
- Management reaffirmed 2026 guidance for 20% FRE growth and 10% SRE growth but highlighted increased uncertainty due to geopolitical risks, inflationary pressures, and structural economic shifts, signaling a defensive positioning moving forward.
Q3 2025
Nov 4, 2025
Apollo Global Management delivered strong third quarter results, with adjusted net income rising 17% year-over-year to $1.4 billion, driven by robust origination and inflows.
Key takeaways
- Record fee-related earnings (FRE) of $652 million, up 23% year-over-year, reflecting strong management fee growth of 22%.
- Total assets under management (AUM) reached a record $908 billion, a 24% increase from the prior year, supported by $82 billion in inflows during the quarter.
- Anticipated strong performance in Q4 with estimated spread-related earnings (SRE) of approximately $880 million, resulting in estimated full-year SRE growth of 8%.
- Ongoing demand for private assets across various markets, bolstered by strong fundamentals in infrastructure, retirement solutions, and the private asset sector.
- The company continues to capitalize on multiple secular trends enhancing its growth potential in the asset management industry.