{ "ticker": "APO", "cik": "0001858681", "company": "Apollo Global Management, Inc.", "business_type": "asset_manager_and_retirement_services", "schema_template": "Alternative asset manager with a consolidated retirement-services (annuity insurance) business: consolidated GAAP revenues and expenses split into Asset Management and Retirement Services, net income attributable to common stockholders and two-class EPS; balance sheet totals by business plus policyholder liabilities, debt and equity; operating, investing and financing cash flows including annuity deposits and withdrawals; and the company's three reportable segment earnings measures (Fee Related Earnings, Spread Related Earnings, Principal Investing Income). Revenue, cost-of-revenue, gross-profit and capital-expenditure framing does not fit this business.", "reporting_currency": "USD", "converted_to_usd": false, "units": "actual US dollars (not millions); share counts in actual shares; per-share figures in dollars per share", "units_notes_seen": { "FY2025 10-K consolidated statements of financial condition": "(In millions, except share data)", "FY2025 10-K consolidated statements of operations": "(In millions, except per share data)", "FY2025 10-K consolidated statements of cash flows": "(In millions)", "FY2025 10-K note 17, earnings per share": "(In millions, except share and per share amounts)", "FY2025 10-K segment note, reportable segment data": "(In millions)", "Q2 2026 10-Q condensed consolidated statements of financial condition": "(In millions, except share data)", "Q2 2026 10-Q condensed consolidated statements of operations": "(In millions, except per share data)", "Q2 2026 10-Q condensed consolidated statements of cash flows": "(In millions)", "Q2 2026 10-Q note 15, earnings per share": "(In millions, except share and per share amounts)", "Q2 2026 10-Q note 18, segments": "(In millions)" }, "adjustments": { "splits_applied": [], "adr_ratio": null, "fx": "none; the company reports in US dollars" }, "annual": [ { "label": "FY2025", "period_start": "2025-01-01", "period_end": "2025-12-31", "period_type": "fiscal year", "source_accession": "0001858681-26-000013", "fiscal_year": 2025, "income_statement": { "management_fees": 2378000000, "advisory_and_transaction_fees_net": 1202000000, "asset_management_investment_income": 1143000000, "incentive_fees": 245000000, "total_asset_management_revenues": 5000000000, "premiums": 2628000000, "product_charges": 1137000000, "net_investment_income": 19245000000, "investment_related_gains_losses": 1544000000, "revenues_of_consolidated_variable_interest_entities": 2470000000, "total_retirement_services_revenues": 27049000000, "total_revenues": 32049000000, 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"year_to_date": { "label": "Six months ended June 30, 2026", "period_start": "2026-01-01", "period_end": "2026-06-30", "period_type": "six months", "source_accession": "0001858681-26-000040", "income_statement": { "management_fees": 1445000000, "advisory_and_transaction_fees_net": 724000000, "asset_management_investment_income": 302000000, "incentive_fees": 123000000, "total_asset_management_revenues": 2638000000, "premiums": 387000000, "product_charges": 580000000, "net_investment_income": 10489000000, "investment_related_gains_losses": 911000000, "revenues_of_consolidated_variable_interest_entities": 1199000000, "total_retirement_services_revenues": 13574000000, "total_revenues": 16212000000, "compensation_and_benefits": 1638000000, "total_asset_management_expenses": 2721000000, "interest_sensitive_contract_benefits": 7305000000, "future_policy_and_other_policy_benefits": 1233000000, "market_risk_benefits_remeasurement_gains_losses": 235000000, "total_retirement_services_expenses": 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"spread_related_earnings": 1596000000, "principal_investing_income": 91000000, "segment_income": 3200000000, "total_segment_revenue": 11033000000 }, "prior_year_comparative": { "label": "Six months ended June 30, 2025", "period_start": "2025-01-01", "period_end": "2025-06-30", "period_type": "six months", "source_accession": "0001858681-26-000040", "income_statement": { "management_fees": 1091000000, "advisory_and_transaction_fees_net": 472000000, "asset_management_investment_income": 492000000, "incentive_fees": 98000000, "total_asset_management_revenues": 2153000000, "premiums": 234000000, "product_charges": 539000000, "net_investment_income": 9117000000, "investment_related_gains_losses": -833000000, "revenues_of_consolidated_variable_interest_entities": 1142000000, "total_retirement_services_revenues": 10209000000, "total_revenues": 12362000000, "compensation_and_benefits": 1347000000, "total_asset_management_expenses": 2145000000, "interest_sensitive_contract_benefits": 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"deposits_on_investment_type_policies_and_contracts": 45973000000, "withdrawals_on_investment_type_policies_and_contracts": -9604000000 }, "segment_results": { "fee_related_earnings": 1186000000, "spread_related_earnings": 1625000000, "principal_investing_income": 61000000, "segment_income": 2872000000, "total_segment_revenue": 9311000000 } } }, "trailing_twelve_months": { "label": "Twelve months ended June 30, 2026", "period_start": "2025-07-01", "period_end": "2026-06-30", "period_type": "trailing twelve months", "source_accession": "0001858681-26-000040", "source_accessions": [ "0001858681-26-000013", "0001858681-26-000040" ], "derivation": "FY2025 (10-K) plus six months ended June 30, 2026 less six months ended June 30, 2025 (both from the Q2 2026 10-Q)", "income_statement": { "total_revenues": 35899000000, "net_income": 4299000000, "net_income_attributable_to_apollo_global_management": 1875000000, "net_income_attributable_to_common_stockholders": 1778000000 }, "cash_flow": { "net_cash_provided_by_operating_activities": 9473000000 }, "segment_results": { "fee_related_earnings": 2855000000, "spread_related_earnings": 3332000000, "principal_investing_income": 368000000, "segment_income": 6555000000 } }, "notes": [ "Apollo Global Management combines an alternative asset manager with Athene, a retirement services (annuity and reinsurance) business, and its consolidated statements present each line separately for Asset Management and Retirement Services. This record follows that layout: revenues, expenses, assets and liabilities are given in total and by business, with policyholder liabilities, debt and equity on the balance sheet and annuity deposits and withdrawals in cash flow. A revenue / cost-of-revenue / gross-profit and capital-expenditure frame does not fit this business, so there is no gross profit or free cash flow figure; the cash flow statement prints no property-and-equipment capital expenditure line.", "Annual periods come from the FY2025 Form 10-K (accession 0001858681-26-000013): statements of operations and cash flows for 2025, 2024 and 2023, and statements of financial condition at December 31, 2025 and 2024. FY2023 therefore carries no balance sheet. The quarter ended June 30, 2026, the year-ago quarter ended June 30, 2025, the six-month periods and the June 30, 2026 balance sheet come from the Q2 2026 Form 10-Q (accession 0001858681-26-000040). The December 31, 2025 comparative column in the 10-Q agrees with the 10-K.", "The Q2 2026 10-Q prints its cash flow statement for the six months only, so the quarterly entries carry no cash flow figures; the six-month cash flows are in year_to_date and its prior-year comparative.", "Figures carry the sign the filing prints. Income tax is shown as printed on the line 'Income tax (provision) benefit': negative is a provision (expense), positive a benefit. Market risk benefits remeasurement is printed as '(gains) losses': positive is a loss, negative a gain. In cash flow, outflows (investing, debt repayment, share repurchases, dividends, policy withdrawals) are negative.", "Apollo computes earnings per share under the two-class method because vested and unvested RSUs with dividend rights and unvested restricted shares participate in earnings. Diluted EPS is therefore struck on less than net income attributable to common stockholders. net_income_for_diluted_eps is the sum of two lines in the earnings-per-share note, 'Dividends declared on common stock' and 'Undistributed income (loss) attributable to common stockholders: Diluted'. For FY2025 that is $1,143 million plus $2,144 million, or $3,287 million, which over 593,657,223 weighted diluted shares gives the reported $5.54. Basic and diluted share counts are the exact weighted-average counts from the same note; the statements of operations print them rounded to millions.", "For the six months ended June 30, 2026 the company reports a net loss attributable to common stockholders of $594 million and diluted EPS of -$1.06, although the second quarter alone shows net income attributable to common stockholders of $1,336 million. The six-month income tax provision was $2,090 million, against $396 million in the second quarter. Because of the six-month loss, weighted diluted shares equal basic shares (593,298,193) for that period.", "total_debt is the sum of the two debt lines on the statement of financial condition, Asset Management debt and Retirement Services debt; the filing prints no combined total. cash_and_cash_equivalents is consolidated cash and cash equivalents, excluding restricted cash and cash held at consolidated variable interest entities. It is taken from the reconciliation at the foot of the cash flow statement and equals the Asset Management and Retirement Services cash lines on the statement of financial condition added together. common_shares_outstanding is the issued-and-outstanding count printed in the common stock caption of the statement of financial condition.", "The 6.75% Series A Mandatory Convertible Preferred Stock (28,749,227 shares outstanding and carried at $1,398 million at June 30, 2026) converted automatically into common stock on July 31, 2026 at 0.5074 common shares per preferred share, according to the Q2 2026 10-Q. The 10-Q cover reports 590,543,159 common shares outstanding as of August 5, 2026, against 575,971,752 at June 30, 2026.", "Apollo completed its all-stock acquisition of Bridge on September 2, 2025, and Bridge's results are consolidated from that date. The line 'Property management, development and other fees', which is part of Asset Management revenues, first appears in 2025, so 2025 and 2026 Asset Management figures are not fully comparable with earlier periods.", "segment_results gives the company's reportable segment measures from the segment note: Fee Related Earnings (Asset Management), Spread Related Earnings (Retirement Services), Principal Investing Income (Principal Investing), and their sum, Segment Income. They are the measures management uses to assess performance and are not net income under U.S. GAAP. Total segment revenue excludes the consolidated funds and VIEs and includes intersegment management fees paid by Retirement Services to Asset Management ($386 million in Q2 2026 and $358 million in Q2 2025). It is not comparable with GAAP total revenues.", "trailing_twelve_months covers July 1, 2025 to June 30, 2026 and is derived, not filed: FY2025 from the 10-K, plus the six months ended June 30, 2026, minus the six months ended June 30, 2025, both from the Q2 2026 10-Q. Only additive totals are derived this way. No trailing per-share figure is given, because two-class EPS cannot be summed across periods.", "The Q2 2026 10-Q does not present the first quarter of 2026 as a separate column, so no Q1 2026 entry is included here.", "No stock split, ADR adjustment or currency conversion applies. Apollo reports in US dollars, and its common stock trades directly on the NYSE." ], "uncertainties": [ "The Q2 2026 10-Q states that certain reclassifications were made to previously reported amounts to conform to the current presentation. The Q2 2025 and six-month 2025 figures here are as presented in the Q2 2026 10-Q and may differ from the amounts the company originally reported for those periods.", "No three-month cash flow figures are given for Q2 2026 or Q2 2025. The 10-Q prints only six-month cash flows, and splitting them into quarters would need the Q1 10-Qs, which are not among the filings behind this record.", "total_debt and net_income_for_diluted_eps are sums of lines the filing prints rather than figures the filing prints itself; see notes." ], "headline": { "period": "Q2 FY2026", "period_end_words": "June 30, 2026", "metrics": [ { "label": "Total revenues", "format": "usd", "value": 11153000000, "text": "$11.15 billion", "exact": "$11,153,000,000", "compact": "$11.15B", "abs": "$11.15 billion", "prior_value": 6814000000, "prior": "$6.81 billion", "priorabs": "$6.81 billion", "yoy": "up 63.7%", "source": { "array": "quarterly", "field": "income_statement.total_revenues", "index": 0, "period_label": "Q2 FY2026", "period_end": "2026-06-30", "period_start": "2026-04-01", "span_days": 90, "source_accession": "0001858681-26-000040", "prior_index": 1, "prior_period_label": "Q2 FY2025", "prior_period_end": "2025-06-30", "prior_period_start": "2025-04-01", "prior_span_days": 90, "prior_source_accession": "0001858681-26-000040", "gap_days": 365 } }, { "label": "Net income to common stockholders", "format": "usd", "value": 1336000000, "text": "$1.34 billion", "exact": "$1,336,000,000", "compact": "$1.34B", "abs": "$1.34 billion", "prior_value": 605000000, "prior": "$605 million", "priorabs": "$605 million", "yoy": "up 120.8%", "source": { "array": "quarterly", "field": "income_statement.net_income_attributable_to_common_stockholders", "index": 0, "period_label": "Q2 FY2026", "period_end": "2026-06-30", "period_start": "2026-04-01", "span_days": 90, "source_accession": "0001858681-26-000040", "prior_index": 1, "prior_period_label": "Q2 FY2025", "prior_period_end": "2025-06-30", "prior_period_start": "2025-04-01", "prior_span_days": 90, "prior_source_accession": "0001858681-26-000040", "gap_days": 365 } }, { "label": "Diluted EPS", "format": "eps", "value": 2.15, "text": "$2.15", "exact": "$2.15", "compact": "$2.15", "abs": "$2.15", "prior_value": 0.99, "prior": "$0.99", "priorabs": "$0.99", "yoy": "up 117.2%", "source": { "array": "quarterly", "field": "income_statement.diluted_eps", "index": 0, "period_label": "Q2 FY2026", "period_end": "2026-06-30", "period_start": "2026-04-01", "span_days": 90, "source_accession": "0001858681-26-000040", "prior_index": 1, "prior_period_label": "Q2 FY2025", "prior_period_end": "2025-06-30", "prior_period_start": "2025-04-01", "prior_span_days": 90, "prior_source_accession": "0001858681-26-000040", "gap_days": 365 } }, { "label": "Fee Related Earnings", "format": "usd", "value": 785000000, "text": "$785 million", "exact": "$785,000,000", "compact": "$785.00M", "abs": "$785 million", "prior_value": 627000000, "prior": "$627 million", "priorabs": "$627 million", "yoy": "up 25.2%", "source": { "array": "quarterly", "field": "segment_results.fee_related_earnings", "index": 0, "period_label": "Q2 FY2026", "period_end": "2026-06-30", "period_start": "2026-04-01", "span_days": 90, "source_accession": "0001858681-26-000040", "prior_index": 1, "prior_period_label": "Q2 FY2025", "prior_period_end": "2025-06-30", "prior_period_start": "2025-04-01", "prior_span_days": 90, "prior_source_accession": "0001858681-26-000040", "gap_days": 365 } }, { "label": "Spread Related Earnings", "format": "usd", "value": 877000000, "text": "$877 million", "exact": "$877,000,000", "compact": "$877.00M", "abs": "$877 million", "prior_value": 821000000, "prior": "$821 million", "priorabs": "$821 million", "yoy": "up 6.8%", "source": { "array": "quarterly", "field": "segment_results.spread_related_earnings", "index": 0, "period_label": "Q2 FY2026", "period_end": "2026-06-30", "period_start": "2026-04-01", "span_days": 90, "source_accession": "0001858681-26-000040", "prior_index": 1, "prior_period_label": "Q2 FY2025", "prior_period_end": "2025-06-30", "prior_period_start": "2025-04-01", "prior_span_days": 90, "prior_source_accession": "0001858681-26-000040", "gap_days": 365 } } ], "summary": "Apollo Global Management reported net income attributable to common stockholders of $1.34 billion for Q2 FY2026, the quarter ended June 30, 2026, up 120.8% from a year earlier, or $2.15 per diluted share against $0.99. Total revenues were $11.15 billion, up 63.7%, lifted mostly by investment-related gains in its Athene retirement services business, while the segment earnings measures management uses grew more modestly: Fee Related Earnings from asset management rose to $785 million (up 25.2%) and Spread Related Earnings from retirement services to $877 million (up 6.8%). Despite the quarter's profit, Apollo reported a net loss attributable to common stockholders for the first six months of 2026, mainly because of a first-quarter valuation allowance against its Bermuda deferred tax assets.", "qa": [ { "q": "How much did Apollo Global Management earn in Q2 FY2026?", "a": "Apollo Global Management reported net income attributable to common stockholders of $1.34 billion for Q2 FY2026, the quarter ended June 30, 2026, compared with $605 million in the same quarter a year earlier, up 120.8%." }, { "q": "What was Apollo Global Management's diluted EPS in Q2 FY2026?", "a": "Apollo Global Management earned $2.15 per diluted share in Q2 FY2026, the quarter ended June 30, 2026, against $0.99 in the same quarter a year earlier." }, { "q": "What were Apollo Global Management's total revenues in Q2 FY2026?", "a": "Apollo Global Management reported total revenues of $11.15 billion for Q2 FY2026, up 63.7% from $6.81 billion a year earlier. Most of the increase came from investment-related gains in its Athene retirement services business." }, { "q": "What were Apollo's Fee Related Earnings and Spread Related Earnings in Q2 FY2026?", "a": "In Q2 FY2026, Apollo Global Management's Fee Related Earnings from asset management were $785 million, up 25.2% from a year earlier, and Spread Related Earnings from its Athene retirement services business were $877 million, up 6.8%. Both are segment measures management uses to assess performance, not net income under U.S. GAAP." } ] }, "company_details": { "Name": "Apollo Global Management, Inc.", "Ticker": "APO", "CIK": "0001858681", "Exchange": "NYSE", "State": "New York", "Incorporation": "Delaware", "SIC": "6282", "Office": "Finance", "Industry": "Investment Advice" }, "next_filing": { "predicted_date": "2026-11-09", "predicted_type": "10-Q" }, "fiscal_period": { "fiscal_year": 2026, "fiscal_period": "Q2", "tag": "FY26Q2", "period_end": "2026-06-30", "form": "10-Q", "accession": "0001858681-26-000040", "fiscal_year_end": "1231", "source": "facts" }, "source_filings": [ { "role": "annual", "current": false, "form": "10-K", "fiscal_year": 2025, "fiscal_period": "FY", "tag": "FY25", "period_end": "2025-12-31", "filed": "2026-02-25", "accession": "0001858681-26-000013", "url": "https://www.sec.gov/Archives/edgar/data/1858681/000185868126000013/apo-20251231.htm", "source": "reported" }, { "role": "quarterly", "current": true, "form": "10-Q", "fiscal_year": 2026, "fiscal_period": "Q2", "tag": "FY26Q2", "period_end": "2026-06-30", "filed": "2026-08-10", "accession": "0001858681-26-000040", "url": "https://www.sec.gov/Archives/edgar/data/1858681/000185868126000040/apo-20260630.htm", "source": "facts" } ], "figure_sources": { "about": "Where each figure in this file is printed in its SEC filing. 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A figure with no entry is not printed in a tagged filing, either because it was calculated (margins, free cash flow, trailing twelve months, a quarter derived by subtraction) or because it comes from an untagged earnings release.", "documents": { "d1": "https://www.sec.gov/Archives/edgar/data/1858681/000185868126000013/apo-20251231.htm", "d2": "https://www.sec.gov/Archives/edgar/data/1858681/000185868126000040/apo-20260630.htm" }, "annual": [ { "period_end": "2025-12-31", "income_statement": { "management_fees": "d1#f-171", "advisory_and_transaction_fees_net": "d1#f-174", "asset_management_investment_income": "d1#f-5748", "incentive_fees": "d1#f-180", "total_asset_management_revenues": "d1#f-186", "premiums": "d1#f-3955", "product_charges": "d1#f-192", "net_investment_income": "d1#f-195", "investment_related_gains_losses": "d1#f-1385", "revenues_of_consolidated_variable_interest_entities": "d1#f-1958", "total_retirement_services_revenues": "d1#f-207", "total_revenues": "d1#f-210", 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