$APO · Apollo Global Management, Inc.
Apollo reported Q3 2026 results on November 3, 2026. Total revenue was $4.739B, with record Fee Related Earnings of $802M (+23% YoY) and record Spread Related Earnings excluding notable items of $909M. Adjusted Net Income was $1.293B ($2.07/share), while GAAP net loss attributable to common stockholders was $1.1B ($1.78/share) driven by unrealized mark-to-market losses in Retirement Services from higher interest rates. AUM reached $1.07T on $53B of Q3 inflows and record $114B origination. The company declared a $0.5625/share dividend payable November 30, 2026.
- Record FRE of $802M, up 23% year-over-year.
- Record SRE excluding notable items of $909M.
- GAAP net loss of $1.1B ($1.78/share) from rate-driven mark-to-market losses.
- AUM hit $1.07T on $53B Q3 inflows and record $114B origination.
- Declared $0.5625/share dividend payable November 30, 2026.
Markets closed—no regular-session reaction yet; extended-hours move not captured here. The stock last traded at $119.46, up 3.12% on the day.
Apollo's core earnings engine hit records even as GAAP swung to a loss, highlighting the divergence between its fee-based growth and rate-sensitive insurance book.
Apollo's record origination and AUM growth underscore the alternative asset manager's shift toward credit and retirement services, contrasting with peers more exposed to traditional private equity.
Higher interest rates drove $1.1B in unrealized mark-to-market losses in Retirement Services, and a one-time $1.7B Bermuda tax charge hit YTD results.