$APO · Apollo Global Management, Inc.
Apollo Global Management reported Q3 FY2026 revenue of $4.739B, down 51.8% year over year, and a net loss attributable to common stockholders of $(1.057)B, or $(1.78) per diluted share. The loss was driven by $(3.418)B in investment-related losses in the Retirement Services segment versus $2.254B of gains a year earlier. Total other comprehensive loss was $(4.849)B, including an $(8.147)B unrealized loss on available-for-sale securities.
- Revenue fell 51.8% YoY to $4.739B in Q3 FY2026.
- Net loss attributable to common stockholders was $(1.057)B, or $(1.78) diluted EPS.
- Retirement Services investment-related losses were $(3.418)B versus $2.254B gains a year ago.
- Unrealized loss on available-for-sale securities was $(8.147)B in the quarter.
- Asset management fees rose 25.1% YoY to $758M; advisory and transaction fees rose 67.5% to $633M.
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
A swing from $1.7B profit to a $1.06B loss shows how sharply market moves hit Apollo's insurance-heavy earnings.
The swing reflects mark-to-market pressure on Athene's investment portfolio, a recurring volatility source for alternative asset managers with large insurance balance sheets.
Investment-related losses and unrealized AFS losses expose earnings to interest-rate and credit-market swings; historical fund IRRs are explicitly flagged as unreliable indicators of future performance.