Key Highlights

  • Adjusted Net Income of USD 2.07 per share trailed the consensus estimate of USD 2.19; GAAP loss was USD 1.78.
  • Total revenues of USD 4.74 billion missed the USD 5.79 billion consensus estimate, versus USD 9.82 billion a year ago.
  • Fee related Earnings reached a record USD 802 million, up 23%, with Margin expanding 160 basis points to 58.4%.
  • Quarterly origination hit a record USD 114 billion, while total Assets under management rose 18% to USD 1.07 trillion.

Apollo Global Management, Inc. (NYSE:APO) reported third quarter 2026 adjusted net income of USD 1.293 billion, or USD 2.07 per share, below a consensus estimate of USD 2.19 and down from USD 2.17 a year earlier. Total revenues were USD 4.739 billion against a consensus estimate of USD 5.79 billion and USD 9.823 billion a year earlier. GAAP net loss attributable to common stockholders was USD 1.057 billion, or USD 1.78 per share, which the company attributed mainly to unrealized mark-to-market losses on certain Retirement Services investments after higher interest rates. Investment related gains and losses in Retirement Services swung to a loss of USD 3.418 billion from a gain of USD 2.254 billion.

Record Fee Earnings Contrast With a GAAP Loss

Fee related earnings rose 23% to a record USD 802 million, helped by management fees of USD 1.017 billion, up 18%, and Capital solutions fees of USD 290 million, up 37% and a fourth consecutive quarterly record. Spread related earnings were USD 844 million against USD 871 million a year earlier, or USD 909 million excluding notable items, up 7%. Athene alternative investments returned 10% in the quarter against the company long term assumption of 11%, a gap worth USD 54 million of net investment income. Chairman and Chief Executive Officer Marc Rowan credited a model that starts with originating more good assets, and cited record pipelines and momentum across the business. Total assets under management reached USD 1.074 trillion and fee generating assets reached USD 880 billion, up 28%.

Capital Returns and Risks the Company Cites

Inflows were USD 53 billion in the quarter and USD 270 billion over twelve months, with USD 35 billion from Asset Management and USD 19 billion from Retirement Services. Over the last twelve months the company repurchased about USD 1.4 billion of common stock, including USD 178 million of opportunistic repurchases, and paid more than USD 1.3 billion of common dividends. The board declared a quarterly Dividend of USD 0.5625 per share, payable on November 30, 2026 to holders of record on November 18. Risks the company lists include Interest Rate fluctuations, market conditions, fund performance, leverage, regulatory change and the ability of Athene to maintain or improve its financial strength ratings.

Per Share Earnings and Fee Margin Against Prior Periods

Adjusted net income per share of USD 2.07 compares with USD 2.11 in the second quarter and USD 2.17 a year earlier, while the figure excluding notable items was USD 2.15. Fee related earnings margin of 58.4% compares with 58.5% in the second quarter and 56.8% a year earlier. Spread related earnings of USD 844 million compare with USD 877 million in the second quarter, with net investment spread of USD 1.098 billion against USD 1.129 billion. Origination of USD 114 billion compares with USD 356 billion over twelve months, and gross capital deployment was USD 117 billion. Fee generating assets of USD 880 billion compare with USD 685 billion a year earlier.