10-QPeriod: Q2 FY2026

Apollo Global Management, Inc. Quarterly Report for Q2 Ended Jun 30, 2026

Filed August 10, 2026For Securities:APOAPOSAPO-PA

Summary

Apollo Global Management, Inc. (APO) reported strong financial results for the quarter and six months ended June 30, 2026. Total revenues surged by 63.7% year-over-year for the quarter to $11.15 billion and by 31.1% for the six months to $16.21 billion, largely driven by significant growth in the Retirement Services segment, particularly from investment-related gains and net investment income. The Asset Management segment also demonstrated robust growth, with revenues increasing by 47.0% year-over-year for the quarter, fueled by higher management fees, advisory fees, and investment income. Net income attributable to Apollo Global Management, Inc. common stockholders was $1.34 billion for the quarter, a substantial increase from $605 million in the prior year. For the six-month period, the company reported a net loss of $594 million compared to a net income of $1.02 billion in the prior year, impacted by significant tax provisions and adjustments. The company's Fee Related Earnings (FRE) for the Asset Management segment saw a healthy increase of 25.2% for the quarter and 27.6% for the six months, indicating continued strength in its core fee-generating business. The Retirement Services segment's Spread Related Earnings (SRE) showed a more modest increase of 6.8% for the quarter but a slight decrease of 1.8% for the six months, reflecting the impact of higher funding costs and interest expenses. Total Assets Under Management (AUM) reached $1.05 trillion as of June 30, 2026, up from $839.6 billion in the prior year, highlighting the company's continued success in capital deployment and fundraising across its credit and equity strategies. The company also successfully managed its liquidity, ending the quarter with $25.4 billion in unrestricted cash and cash equivalents and substantial credit facilities available.

Key Highlights

  • 1Total revenues increased significantly to $11.15 billion for the quarter and $16.21 billion for the six months ended June 30, 2026, driven by strong performance in both Asset Management and Retirement Services segments.
  • 2Retirement Services segment's investment-related gains (losses) improved dramatically, contributing $3.0 billion for the quarter compared to a loss of $5 million in the prior year, largely due to favorable changes in hedging derivatives and equity index performance.
  • 3Asset Management segment's Fee Related Earnings (FRE) grew by 25.2% year-over-year for the quarter to $785 million and by 27.6% for the six months to $1.51 billion, reflecting strong growth in management and capital solutions fees.
  • 4Total AUM across the company grew to $1.05 trillion as of June 30, 2026, up from $839.6 billion in the prior year, indicating successful capital raising and deployment.
  • 5Net income attributable to common stockholders for the quarter was $1.34 billion, a significant increase from $605 million in the prior year, though the six-month period reported a net loss of $594 million, impacted by tax provisions.
  • 6The company reported substantial equity-based compensation expenses, totaling $456 million for the six months, reflecting investments in talent and incentive programs.

Frequently Asked Questions

Total revenues increased to $11.15 billion for the quarter ended June 30, 2026, up 63.7% from $6.81 billion in the prior year. This growth was primarily driven by the Retirement Services segment, which saw a substantial increase in investment-related gains (losses) to $3.0 billion from a loss of $5 million, and a rise in net investment income by $574 million. The Asset Management segment also contributed positively with a 47.0% increase in revenues to $1.63 billion, fueled by higher management fees and advisory fees.

The acquisition of Bridge, completed in September 2025, contributed to the growth in revenues, particularly in the Asset Management segment where property management, development and other fees increased by $22 million for the quarter and $44 million for the six months. The acquisition also contributed to increased compensation and benefits, general, administrative and other expenses due to increased headcount and integration costs.

Fee Related Earnings (FRE) for the Asset Management segment showed strong growth, increasing by 25.2% year-over-year for the quarter to $785 million and by 27.6% for the six months to $1.51 billion. This growth was primarily driven by increases in management fees and capital solutions fees, demonstrating the segment's ability to generate consistent, recurring revenue streams.

Net investment income in the Retirement Services segment increased by 12.0% for the quarter to $5.4 billion and by 15.0% for the six months to $10.5 billion, primarily due to growth in Athene's investment portfolio from strong net flows and higher deployment rates in the current interest rate environment. However, the net investment spread slightly decreased by 11 basis points to 1.47% for the quarter and by 21 basis points to 1.41% for the six months, primarily due to increased cost of funds and interest expenses, which offset the gains in net investment income.

Total Assets Under Management (AUM) across Apollo's investing strategies reached $1.05 trillion as of June 30, 2026, an increase of 25.1% from $839.6 billion in the prior year. The credit strategy saw AUM grow to $849 billion, while the equity strategy AUM increased to $198 billion, indicating successful capital raising and deployment.