Apollo Global Management, Inc. Q3 2026 Earnings Recap

Apollo’s shares fell 4.9% after earnings. Despite record quarterly earnings and management reaffirming its 2026 growth targets, investors may have focused on the cautious investment outlook: Apollo cited high valuations, tight spreads and rising risks, and said it is shifting toward lower-risk, more defensive positions.

Key Takeaways

• Fee-related earnings reached a record $802 million, up 23% year over year and 2% quarter over quarter; management fees rose 18% year over year.
• Spread-related earnings, excluding notable items, were $909 million. Adjusted net income was $1.3 billion, or $2.07 per share ($2.15 excluding notable items).
• Origination totaled a record $114 billion for the quarter; $98 billion was debt, with more than 80% investment grade and an average rating of BBB+.
• Capital formation was $53 billion: $35 billion in Asset Management and $19 billion at Athene.
• Management said it remains on track for 2026 FRE growth above 20% and SRE growth of 10%, while emphasizing a defensive stance amid high valuations, tight spreads and rising risks.