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Apollo Global Management, Inc. (APO) Q2 FY2026 Financial Statements: Total revenues $11.15B, Net income to common stockholders $1.34B

CIK 0001858681 · NYSE · Latest period: Q2 FY2026 (ended 2026-06-30, 10-Q accession 0001858681-26-000040) · Annual report: FY2025 10-K (filed 2026-02-25, accession 0001858681-26-000013) · Next expected filing: 10-Q ~2026-11-09

More for Apollo Global Management: Company index · 10-K and 10-Q summary · 8-K filings and events

PeriodQ2 FY2026

Published

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.

MetricAmountvs. year ago
Total revenues$11,153,000,000up 63.7%
Net income to common stockholders$1,336,000,000up 120.8%
Diluted EPS$2.15up 117.2%
Fee Related Earnings$785,000,000up 25.2%
Spread Related Earnings$877,000,000up 6.8%

Figures link to the filing they came from. Wherever the SEC filing tags a number, that number is linked: click it and the filing opens at the exact line that prints it. Figures calculated here, such as margins, free cash flow and trailing-twelve-month totals, have no line in a filing to point to and are not linked.

About this file

TickerAPO
CIK0001858681
CompanyApollo Global Management, Inc.
Business typeasset_manager_and_retirement_services
Schema templateAlternative 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 currencyUSD
Converted to USDno
Unitsactual US dollars (not millions); share counts in actual shares; per-share figures in dollars per share

APO annual income statement, balance sheet and cash flow

FY2025FY2024FY2023
Period start2025-01-012024-01-012023-01-01
Period end2025-12-312024-12-312023-12-31
Period typefiscal yearfiscal yearfiscal year
Source accession10-K10-K10-K
Income statement
Management fees2,378,000,0001,899,000,0001,772,000,000
Advisory and transaction fees net1,202,000,000822,000,000623,000,000
Asset management investment income1,143,000,0001,305,000,0001,032,000,000
Incentive fees245,000,000150,000,00080,000,000
Total asset management revenues5,000,000,0004,176,000,0003,507,000,000
Premiums2,628,000,0001,318,000,00012,749,000,000
Product charges1,137,000,0001,016,000,000848,000,000
Net investment income19,245,000,00015,718,000,00012,080,000,000
Investment related gains losses1,544,000,0002,045,000,0001,428,000,000
Revenues of consolidated variable interest entities2,470,000,0001,822,000,0001,441,000,000
Total retirement services revenues27,049,000,00021,938,000,00029,137,000,000
Total revenues32,049,000,00026,114,000,00032,644,000,000
Compensation and benefits2,993,000,0002,608,000,0002,722,000,000
Total asset management expenses4,795,000,0004,004,000,0003,739,000,000
Interest sensitive contract benefits12,089,000,0008,949,000,0006,229,000,000
Future policy and other policy benefits4,433,000,0003,054,000,00014,434,000,000
Market risk benefits remeasurement gains losses452,000,000-102,000,000404,000,000
Total retirement services expenses20,494,000,00014,978,000,00023,592,000,000
Total expenses25,289,000,00018,982,000,00027,331,000,000
Total other income loss-83,000,000303,000,000273,000,000
Income before income taxes6,677,000,0007,435,000,0005,586,000,000
Income tax benefit provision-1,276,000,000-1,062,000,000923,000,000
Net income5,401,000,0006,373,000,0006,509,000,000
Net income attributable to apollo global management3,492,000,0004,577,000,0005,047,000,000
Net income attributable to common stockholders3,395,000,0004,480,000,0005,001,000,000
Basic EPS5.587.398.32
Diluted EPS5.547.338.28
Basic shares589,450,878586,069,166581,380,268
Diluted shares593,657,223604,035,992588,846,447
Net income for diluted EPS3,287,000,0004,426,000,0004,876,000,000
Balance sheet
Total asset management assets19,548,000,00015,256,000,000
Retirement services investments321,081,000,000262,283,000,000
Retirement services investments in related parties34,979,000,00028,884,000,000
Total retirement services assets441,401,000,000362,639,000,000
Total assets460,949,000,000377,895,000,000
Asset management debt5,516,000,0004,279,000,000
Total asset management liabilities12,388,000,0009,968,000,000
Interest sensitive contract liabilities315,889,000,000253,637,000,000
Future policy benefits50,264,000,00049,902,000,000
Retirement services debt7,848,000,0006,309,000,000
Total retirement services liabilities406,046,000,000336,947,000,000
Total liabilities418,434,000,000346,915,000,000
Redeemable noncontrolling interests016,000,000
Mandatory convertible preferred stock1,398,000,0001,398,000,000
Total apollo global management stockholders equity23,341,000,00017,253,000,000
Noncontrolling interests19,174,000,00013,711,000,000
Total equity42,515,000,00030,964,000,000
Cash and cash equivalents18,344,000,00015,425,000,000
Total debt13,364,000,00010,588,000,000
Common shares outstanding578,981,398565,738,933
Cash flow
Net cash provided by operating activities7,246,000,0003,253,000,0006,322,000,000
Net cash used in investing activities-63,972,000,000-61,801,000,000-42,407,000,000
Net cash provided by financing activities60,200,000,00057,972,000,00042,638,000,000
Issuance of debt7,218,000,0007,945,000,0004,912,000,000
Repayment of debt-4,644,000,000-5,259,000,000-3,780,000,000
Repurchase of common stock-773,000,000-890,000,000-561,000,000
Common stock dividends paid-1,201,000,000-1,092,000,000-1,012,000,000
Deposits on investment type policies and contracts81,183,000,00071,323,000,00053,660,000,000
Withdrawals on investment type policies and contracts-22,657,000,000-19,119,000,000-14,125,000,000
Segment results
Fee related earnings2,528,000,0002,063,000,0001,768,000,000
Spread related earnings3,361,000,0003,224,000,0003,108,000,000
Principal investing income338,000,000271,000,00083,000,000
Segment income6,227,000,0005,558,000,0004,959,000,000
Total segment revenue20,209,000,00016,496,000,00013,579,000,000

APO quarterly income statement, balance sheet and cash flow

Q2 FY2026Q2 FY2025
Period start2026-04-012025-04-01
Period end2026-06-302025-06-30
Period typethree monthsthree months
Source accession10-Q10-Q
Fiscal quarter22
Income statement
Management fees749,000,000583,000,000
Advisory and transaction fees net418,000,000277,000,000
Asset management investment income379,000,000189,000,000
Incentive fees59,000,00058,000,000
Total asset management revenues1,627,000,0001,107,000,000
Premiums170,000,000107,000,000
Product charges299,000,000274,000,000
Net investment income5,350,000,0004,776,000,000
Investment related gains losses2,989,000,000-5,000,000
Revenues of consolidated variable interest entities714,000,000550,000,000
Total retirement services revenues9,526,000,0005,707,000,000
Total revenues11,153,000,0006,814,000,000
Compensation and benefits927,000,000602,000,000
Total asset management expenses1,494,000,0001,032,000,000
Interest sensitive contract benefits5,714,000,0003,428,000,000
Future policy and other policy benefits594,000,000527,000,000
Market risk benefits remeasurement gains losses-24,000,000-111,000,000
Total retirement services expenses7,247,000,0004,686,000,000
Total expenses8,741,000,0005,718,000,000
Total other income loss73,000,000-251,000,000
Income before income taxes2,485,000,000845,000,000
Income tax benefit provision-396,000,000-3,000,000
Net income2,089,000,000842,000,000
Net income attributable to apollo global management1,361,000,000630,000,000
Net income attributable to common stockholders1,336,000,000605,000,000
Basic EPS2.181.00
Diluted EPS2.150.99
Basic shares591,759,612586,672,682
Diluted shares610,221,778590,371,367
Net income for diluted EPS1,313,000,000584,000,000
Balance sheet
Total asset management assets21,761,000,000
Retirement services investments333,842,000,000
Retirement services investments in related parties43,300,000,000
Total retirement services assets472,287,000,000
Total assets494,048,000,000
Asset management debt5,895,000,000
Total asset management liabilities15,045,000,000
Interest sensitive contract liabilities344,593,000,000
Future policy benefits48,241,000,000
Retirement services debt7,832,000,000
Total retirement services liabilities437,521,000,000
Total liabilities452,566,000,000
Redeemable noncontrolling interests0
Mandatory convertible preferred stock1,398,000,000
Total apollo global management stockholders equity21,006,000,000
Noncontrolling interests20,476,000,000
Total equity41,482,000,000
Cash and cash equivalents25,372,000,000
Total debt13,727,000,000
Common shares outstanding575,971,752
Segment results
Fee related earnings785,000,000627,000,000
Spread related earnings877,000,000821,000,000
Principal investing income16,000,00047,000,000
Segment income1,678,000,0001,495,000,000
Total segment revenue5,571,000,0004,857,000,000

APO year-to-date income statement and cash flow

Six months ended June 30, 2026Six months ended June 30, 2025
Period start2026-01-012025-01-01
Period end2026-06-302025-06-30
Period typesix monthssix months
Source accession10-Q10-Q
Income statement
Management fees1,445,000,0001,091,000,000
Advisory and transaction fees net724,000,000472,000,000
Asset management investment income302,000,000492,000,000
Incentive fees123,000,00098,000,000
Total asset management revenues2,638,000,0002,153,000,000
Premiums387,000,000234,000,000
Product charges580,000,000539,000,000
Net investment income10,489,000,0009,117,000,000
Investment related gains losses911,000,000-833,000,000
Revenues of consolidated variable interest entities1,199,000,0001,142,000,000
Total retirement services revenues13,574,000,00010,209,000,000
Total revenues16,212,000,00012,362,000,000
Compensation and benefits1,638,000,0001,347,000,000
Total asset management expenses2,721,000,0002,145,000,000
Interest sensitive contract benefits7,305,000,0004,922,000,000
Future policy and other policy benefits1,233,000,0001,068,000,000
Market risk benefits remeasurement gains losses235,000,000274,000,000
Total retirement services expenses10,699,000,0007,915,000,000
Total expenses13,420,000,00010,060,000,000
Total other income loss-24,000,000-276,000,000
Income before income taxes2,768,000,0002,026,000,000
Income tax benefit provision-2,090,000,000-246,000,000
Net income678,000,0001,780,000,000
Net income attributable to apollo global management-545,000,0001,072,000,000
Net income attributable to common stockholders-594,000,0001,023,000,000
Basic EPS-1.061.68
Diluted EPS-1.061.67
Basic shares593,298,193586,964,167
Diluted shares593,298,193591,677,049
Net income for diluted EPS-629,000,000986,000,000
Cash flow
Net cash provided by operating activities4,501,000,0002,274,000,000
Net cash used in investing activities-23,871,000,000-36,517,000,000
Net cash provided by financing activities27,198,000,00032,089,000,000
Issuance of debt5,769,000,0002,632,000,000
Repayment of debt-4,804,000,000-1,285,000,000
Repurchase of common stock-729,000,000-193,000,000
Common stock dividends paid-654,000,000-584,000,000
Deposits on investment type policies and contracts41,617,000,00045,973,000,000
Withdrawals on investment type policies and contracts-14,741,000,000-9,604,000,000
Segment results
Fee related earnings1,513,000,0001,186,000,000
Spread related earnings1,596,000,0001,625,000,000
Principal investing income91,000,00061,000,000
Segment income3,200,000,0002,872,000,000
Total segment revenue11,033,000,0009,311,000,000

APO trailing twelve month income statement and cash flow

Twelve months ended June 30, 2026
Period start2025-07-01
Period end2026-06-30
Period typetrailing twelve months
Source accession10-Q
Source accessions10-K, 10-Q
Income statement
Total revenues35,899,000,000
Net income4,299,000,000
Net income attributable to apollo global management1,875,000,000
Net income attributable to common stockholders1,778,000,000
Cash flow
Net cash provided by operating activities9,473,000,000
Segment results
Fee related earnings2,855,000,000
Spread related earnings3,332,000,000
Principal investing income368,000,000
Segment income6,555,000,000
  • 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)

Adjustments

Splits appliednone
ADR ration/a
FXnone; the company reports in US dollars

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.

Company details

NameApollo Global Management, Inc.
TickerAPO
CIK0001858681
ExchangeNYSE
StateNew York
IncorporationDelaware
SIC6282
OfficeFinance
IndustryInvestment Advice

Fiscal period

Fiscal year2026
Fiscal periodQ2
TagFY26Q2
Period end2026-06-30
Form10-Q
Accession0001858681-26-000040
Fiscal year end1231
Sourcefacts

Source filings

RoleCurrentFormFiscal yearFiscal periodTagPeriod endFiledAccessionSource
annualno10-K2025FYFY252025-12-312026-02-250001858681-26-000013reported
quarterlyyes10-Q2026Q2FY26Q22026-06-302026-08-100001858681-26-000040facts

FAQ · Apollo Global Management financial statements

How much did Apollo Global Management earn in Q2 FY2026?

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%.

What was Apollo Global Management's diluted EPS in Q2 FY2026?

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.

What were Apollo Global Management's total revenues in Q2 FY2026?

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.

What were Apollo's Fee Related Earnings and Spread Related Earnings in Q2 FY2026?

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.

Where can I get Apollo Global Management, Inc. (APO) financial data in machine-readable form?

Ticker Scout publishes Apollo Global Management, Inc.'s financial statements as JSON at https://tickerscout.ai/apo/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/apo/narrative.md and https://tickerscout.ai/apo/events.md. Apollo Global Management, Inc.'s SEC CIK is 0001858681. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.

When does Apollo Global Management, Inc. (APO) next file with the SEC?

Apollo Global Management, Inc. (APO) is expected to file its next Form 10-Q with the SEC on or around November 9, 2026. That date is a projection rather than a company-announced date: it is derived from Apollo Global Management, Inc.'s own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q2 FY2026, the period ended 2026-06-30, SEC accession 0001858681-26-000040.

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