Apollo Global Management, Inc. (APO): Results of Operations and Financial Condition
Apollo Global Management, Inc. (APO) filed an SEC Form 8-K — Results of Operations and Financial Condition. Apollo Reports Second Quarter 2026 Results New York, August 4, 2026 — Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today reported results for the second quarter ended June 30, 2026. Marc Rowan, Chairman and Chief Executive Off
How this was made
The 30-second read
Why it matters
Traders can update models and positioning based on the newly reported quarterly earnings components (FRE, SRE, PII), AUM and inflows, origination, and capital return activity.
Market read
Fresh quarterly earnings and business-driver metrics are likely to drive immediate sentiment and near-term re-rating, especially around fee and spread earnings strength.
What to watch
The release highlights strong operating metrics but provides limited forward-looking guidance detail; traders may also scrutinize the components of investment income and any sensitivity in Retirement Services earnings.
Apollo Global Management, Inc. Reports Second Quarter 2026 Results
Apollo reported record FRE of $785 and record SRE of $877, while total AUM reached $1,047 billion following $60 billion of quarterly inflows. FRE grew 25% year-over-year, supported by record quarterly fee related revenue and 120 basis points of margin expansion.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total RevenuesGAAP | $11,153 (in millions) | – | – |
| Management fees, GAAP income statementGAAP | $749 (in millions) | – | – |
| Advisory and transaction fees, netGAAP | $418 (in millions) | – | – |
| Investment income (loss), Asset ManagementGAAP | $379 (in millions) | – | – |
| Incentive feesGAAP | $59 (in millions) | – | – |
| Retirement Services premiumsGAAP | $170 (in millions) | – | – |
| Retirement Services product chargesGAAP | $299 (in millions) | – | – |
| Retirement Services net investment incomeGAAP | $5,350 (in millions) | – | – |
| Investment related gains (losses)GAAP | $2,989 (in millions) | – | – |
| Revenues of consolidated variable interest entitiesGAAP | $714 (in millions) | – | – |
| Total ExpensesGAAP | $(8,741) (in millions) | – | – |
| Income (loss) before income tax (provision) benefitGAAP | $2,485 (in millions) | – | – |
| Income tax (provision) benefitGAAP | $(396) (in millions) | – | – |
| Net income (loss)GAAP | $2,089 (in millions) | – | – |
| Net income (loss) attributable to Apollo Global Management, Inc.GAAP | $1,361 (in millions) | – | – |
| Net Income Attributable to Apollo Global Management, Inc. Common StockholdersGAAP | $1,336 (in millions) | – | – |
| Net income attributable to Common Stockholders, basic EPSGAAP | $2.18 | – | – |
| Net income attributable to Common Stockholders, diluted EPSGAAP | $2.15 | – | – |
| Fee Related Earningsnon-GAAP | $785 (in millions) | – | 25.2% |
| FRE per sharenon-GAAP | $1.26 | – | 23.5% |
| FRE Marginnon-GAAP | 58.5% | – | – |
| FRE Compensation Rationon-GAAP | 25.5% | – | – |
| Spread Related Earningsnon-GAAP | $877 (in millions) | – | – |
| Fee and Spread Related Earningsnon-GAAP | $1,662 (in millions) | – | – |
| Principal Investing Incomenon-GAAP | $16 (in millions) | – | – |
| Segment Incomenon-GAAP | $1,678 (in millions) | – | – |
| Adjusted Net Incomenon-GAAP | $1,314 (in millions) | – | – |
| ANI per sharenon-GAAP | $2.11 | – | – |
| Total Assets Under Managementother | $1,047 (in billions) | – | 25% |
| Fee-Generating AUMother | $858 (in billions) | – | 34% |
| Inflowsother | $60 (in billions) | – | – |
| Originationother | $74 (in billions) | – | – |
| Gross Capital Deploymentother | $111 (in billions) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Asset ManagementManagement fees increased 23% year-over-year driven by growth at Athora stemming from its acquisition of Pension Insurance Corporation ("PIC"), increasing third-party capital formation from institutional and global wealth channels, the acquisition of Bridge Investment Group ("Bridge"), and continued organic growth from Athene. | $1,343 (in millions) Fee Related Revenues | – | 22.6% |
| Credit management feesManagement fees increased 23% year-over-year driven by several factors including third-party capital formation, acquisitions, and continued organic growth from Athene. | $722 (in millions) | – | 19.3% |
| Equity management feesManagement fees increased 23% year-over-year driven by several factors including third-party capital formation, acquisitions, and continued organic growth from Athene. | $279 (in millions) | – | 32.2% |
Capital returns
- Repurchased approximately $1.6 billion of common stock over the last twelve months, including $285 million of opportunistic share repurchases.
- Distributed more than $1 billion of common stock dividends over the last twelve months.
- Allocated approximately $485 million of strategic capital over the last twelve months to fund various investments supporting future growth.
What drove it
- Record quarterly fee related revenue and 120 basis points of FRE margin expansion drove 25% year-over-year FRE growth.
- Capital solutions fees and other, net grew 28% year-over-year to a quarterly record of $277 million, with more than 100 discrete transactions, of which two-thirds were from credit and one-third derived from equity activity.
- Record SRE of $877 million was driven by strong and diversified organic growth trends and improving net spread.
- Quarterly organic inflows of $60 billion included $38 billion in Asset Management and $22 billion in Retirement Services.
- Total AUM benefited from inflows of $60 billion in the second quarter and $298 billion over the last twelve months.
Concerns
- Principal Investing Income was $16 million in 2Q'26, versus $47 million in 2Q'25 and $75 million in 1Q'26.
- The filing states that $71 billion of outflows were primarily driven by normal course run-off at Athene and that $32 billion reflected realization activity.
- There is no assurance that signed not yet closed origination activity will close.
- 1Q'26 included a one-time tax expense of $1.7 billion related to the revocation of ACRA's election to be subject to the Government of Bermuda's Corporate Income Tax Act 2023 and recognition of a full valuation allowance against Bermuda deferred tax assets.
What to watch
- Whether record signed not yet closed origination activity converts into closed activity.
- Sustainability of Asset Management institutional and Global Wealth capital formation.
- Retirement Services organic growth and the normal course run-off at Athene.
- Net investment spread and the continuation of FRE margin expansion.
- The contribution of Athora's acquisition of PIC and the acquisition of Bridge Investment Group to fee growth and AUM.
Balance sheet and cash flow
- Total Assets Under Management was $1,047 billion.
- Fee-Generating AUM was $858 billion.
- Inflows were $60 billion in 2Q'26 and $298 billion over the last twelve months.
- Origination was $74 billion in 2Q'26 and $317 billion over the last twelve months.
- Gross Capital Deployment was $111 billion in 2Q'26 and $427 billion over the last twelve months.
Analysis
Apollo reported strong second-quarter operating results across its Asset Management and Retirement Services earnings streams. Fee Related Earnings reached a record $785 million, up 25.2% year-over-year, while Spread Related Earnings reached a record $877 million. Fee and Spread Related Earnings were $1,662 million, and Adjusted Net Income was $1,314 million, or $2.11 per share. GAAP net income attributable to Apollo Global Management, Inc. common stockholders was $1,336 million, or $2.18 per basic share and $2.15 per diluted share.
Asset Management fee generation was the principal operating driver. Fee Related Revenues were $1,343 million, up 22.6% year-over-year, including $1,001 million of management fees and a quarterly-record $277 million of capital solutions fees and other, net. Management fees benefited from Athora's acquisition of PIC, third-party capital formation from institutional and Global Wealth channels, the Bridge acquisition, and continued organic growth from Athene. FRE margin was 58.5%, compared with 57.3% in 2Q'25, and the company attributed the expansion to record quarterly fee related revenue and positive operating leverage.
Scale and capital formation remained prominent. Total AUM was $1,047 billion and Fee-Generating AUM was $858 billion. Apollo stated that total AUM increased $208 billion, or 25% year-over-year, while FGAUM increased $220 billion, or 34% year-over-year. Quarterly inflows were $60 billion, comprising $38 billion in Asset Management and $22 billion in Retirement Services. Quarterly origination was $74 billion and gross capital deployment was $111 billion. The AUM narrative also identifies normal course run-off at Athene and realization activity as offsets to inflows and market appreciation.
GAAP results included substantial investment-related volatility. Investment related gains were $2,989 million in 2Q'26 after a $(2,078) million loss in 1Q'26. Total revenue was $11,153 million and total expenses were $(8,741) million. The $396 million income-tax provision compares with a $(1,694) million provision in 1Q'26, which included the disclosed one-time $1.7 billion tax expense tied to ACRA's Bermuda tax election and a valuation allowance. Principal Investing Income was $16 million, below both $47 million in 2Q'25 and $75 million in 1Q'26, making the recurring FRE and SRE streams the clearer source of reported earnings strength.
Capital allocation continued to combine growth investment and shareholder distributions. Apollo allocated approximately $485 million of strategic capital over the last twelve months, repurchased approximately $1.6 billion of common stock including $285 million of opportunistic repurchases, and distributed more than $1 billion of common stock dividends. The filing provided no forward financial guidance, so the key reported operating markers for subsequent periods are conversion of signed not yet closed origination activity, continued capital formation, net spread, and fee-related margin performance.
Not in the filing
stated, not guessed- Forward guidance was not provided.
- Previous-release outlook was not provided.
- Operating cash flow was not provided.
- Free cash flow was not provided.
- Cash balance was not provided.
- Debt balance was not provided.
- Gross margin was not provided.
- GAAP operating income was not provided.
- GAAP operating margin was not provided.
- Named executive quotes were not provided in the supplied filing text.
- A complete segment revenue presentation for Retirement Services was not provided in the supplied filing text.
- Prior-year and prior-quarter percentage changes were not printed for most GAAP income-statement metrics.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is Apollo Global Management’s SEC Form 8-K for Item 2.02, attaching its 2Q26 results presentation and financial tables.
Ticker impact
Apollo reported 2Q26 results in an 8-K, including GAAP net income of $1.3B and Adjusted Net Income of $1.3B, plus AUM of $1.05T.
Likely supportive for the stock versus prior expectations if investors focus on record FRE/SRE, strong inflows, and continued capital returns.
The article is a primary-source earnings release with multiple quantified positives (record FRE and SRE, AUM growth, $60B quarterly inflows, $1.6B buybacks over 12 months). It does not include explicit forward guidance, limiting conviction on magnitude/direction beyond the earnings-day reaction.
Market effects
Reinforces strength in alternative asset managers via reported inflows, origination, and spread/fee earnings, which can affect sentiment across credit and private markets peers.
Primarily US-listed financials sentiment; limited direct regional spillover beyond US alternative asset management.
Global credit/private markets sentiment may benefit modestly if investors generalize Apollo’s inflow and spread trends to the sector.
Counterpoint
GAAP earnings are volatile (including prior-quarter tax effects), so investors may discount headline GAAP profitability and focus on sustainability of FRE/SRE and investment income.
Key entities
- public_companyApollo Global Management, Inc.
Alternative asset manager reporting 2Q26 results, including FRE/SRE, AUM, inflows, origination, and capital deployment/buybacks.
