Summary
Apollo Global Management, Inc. (APO) reported a net loss attributable to common stockholders of $(1,930) million, or $(3.27) per diluted share, for the three months ended March 31, 2026, a significant decrease from a net income of $418 million, or $0.68 per diluted share, in the prior year period. This downturn was largely driven by a substantial $(2,078) million in investment-related losses in the Retirement Services segment, primarily due to unfavorable fair value changes in mortgage loans, reinsurance assets, trading securities, and indexed annuity hedging derivatives, impacted by rising interest rates and equity market performance. Despite the net loss, the Asset Management segment showed robust growth, with management fees increasing by 37% and Fee Related Earnings (FRE) growing by 30.2% to $728 million, driven by higher AUM and strong performance across credit and equity strategies, including the acquisition of Bridge. The Retirement Services segment's net investment income increased by 18.4%, but this was overshadowed by significant investment-related losses. The company ended the quarter with total assets of $467.5 billion, an increase from $460.9 billion at the end of 2025, and maintained strong liquidity with $21.4 billion in unrestricted cash and cash equivalents.
Financial Highlights
34 data points| Revenue | $5.06B |
| Operating Expenses | $4.68B |
| Interest Expense | $179.00M |
| Net Income | -$1.93B |
| EPS (Basic) | $-3.27 |
| EPS (Diluted) | $-3.27 |
| Shares Outstanding (Basic) | 594.85M |
| Shares Outstanding (Diluted) | 594.85M |
Key Highlights
- 1Net loss attributable to common stockholders of $(1,930) million for the quarter, a significant decline from net income of $418 million in the prior year period.
- 2Asset Management segment demonstrated strong growth, with management fees up 37% and Fee Related Earnings (FRE) increasing 30.2% to $728 million, driven by higher AUM.
- 3Retirement Services segment recorded substantial investment-related losses of $(2,078) million, primarily due to adverse fair value movements in mortgage loans, reinsurance assets, trading securities, and hedging derivatives.
- 4Total Assets grew to $467.5 billion from $460.9 billion at year-end 2025.
- 5Unrestricted cash and cash equivalents stood at $21.4 billion, providing a solid liquidity position.
- 6The company completed the acquisition of Bridge on September 2, 2025, adding to its consolidated results.
- 7Effective February 9, 2026, a new $4.0 billion share repurchase program was approved.