10-QPeriod: Q1 FY2026

Apollo Global Management, Inc. Quarterly Report for Q1 Ended Mar 31, 2026

Filed May 7, 2026For Securities:APOAPOSAPO-PA

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
Beta

Revenue

$5.06B

Net Income

-$1.93B

-38.1% Net Margin

EPS (Diluted)

$-3.27

Total Assets

$467.53B

Cash & Equivalents

$23.75B

Free Cash Flow

$1.62B

Financial Statements
Beta
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.

Frequently Asked Questions

The net loss was primarily driven by significant investment-related losses totaling $(2,078) million in the Retirement Services segment. These losses were mainly due to unfavorable changes in the fair value of mortgage loans, reinsurance assets, trading securities, and indexed annuity hedging derivatives, influenced by rising interest rates and equity market performance.

The Asset Management segment showed strong performance, with management fees increasing by 37% to $696 million and Fee Related Earnings (FRE) growing by 30.2% to $728 million. This growth was fueled by an increase in Assets Under Management (AUM), including contributions from the Bridge acquisition and strong performance in credit and equity strategies.

Apollo Global Management maintained a strong liquidity position, with $21.4 billion in unrestricted cash and cash equivalents as of March 31, 2026. Additionally, the company had access to $1.25 billion under the AGM credit facility, $1.25 billion under the AHL credit facility, and $2.6 billion under the AHL liquidity facility.

The company has a $4.0 billion share repurchase program authorized as of February 9, 2026, aimed at reducing share count and offsetting dilution from equity issuances. They also declared a cash dividend of $0.51 per common share for the quarter, payable in May 2026, and a dividend on its Mandatory Convertible Preferred Stock. The acquisition of Bridge is expected to contribute to future growth.