10-Q · May 7, 2026
Apollo Global Management reported strong Q1 2026 earnings, with a revenue of $5.06 billion, significantly surpassing the consensus estimate of $1.22 billion, resulting in a revenue surprise of 3.16%. EPS also beat…
Earnings analysis · 10-Q
APO earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Apollo reported Q2 EPS of $2.11 and revenue of $11.153 billion based on the supplied earnings data; EPS was below the $2.17 consensus estimate, while revenue was materially above the $1.346 billion estimate. The…
Read full summary
Apollo reported Q2 EPS of $2.11 and revenue of $11.153 billion based on the supplied earnings data; EPS was below the $2.17 consensus estimate, while revenue was materially above the $1.346 billion estimate. The available filing excerpt does not provide complete quarterly income-statement, balance-sheet, cash-flow, or segment-revenue data, so margin, working-capital, free-cash-flow, and segment-growth conclusions are unavailable. Athene’s rate sensitivity increased, with a modeled $4.9 billion pretax-income impact from a 100-basis-point rate increase versus $4.2 billion at December 31, 2025, while management reported no material changes to the 2025 Annual Report’s risk factors.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.11
What stood out
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Revenue beat, EPS modestly missed
Quarterly EPS was $2.11, versus the $2.17 consensus estimate, while reported revenue was $11.153 billion versus the $1.346 billion estimate provided in the earnings data.
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AUM exceeded $1 trillion
Apollo’s AUM reached approximately $1.05 trillion, according to the company’s Q2 earnings release referenced in the supplied materials.
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Meaningful share repurchases
The company repurchased 781,696 common shares during the quarter and had approximately $3.031 billion remaining under its repurchase authorization at June 30, 2026.
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Floating-rate exposure provides upside
Athene estimated that a persistent 25-basis-point increase in rates would increase spread-related earnings by approximately $10 million over 12 months; a 25-basis-point decrease would generally have a similar negative effect.
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Controls remained effective
Management concluded that disclosure controls were effective at the reasonable assurance level as of June 30, 2026, and reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls.
What to watch
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Higher interest-rate sensitivity
Athene estimated that an immediate parallel 100-basis-point increase in interest rates would reduce point-in-time pretax income by $4.9 billion as of June 30, 2026, up from $4.2 billion based on December 31, 2025 exposures. The increase was primarily driven by purchases of longer-maturity assets and 2026 derivative activity.
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Market-risk benefit volatility
Athene estimated that a parallel 25-basis-point rate increase would increase spread-related earnings from market-risk benefits by approximately $30 million to $50 million over 12 months, while a similar decrease would generally reduce earnings by the same amount.
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Capital-allocation flexibility
The company repurchased 781,696 shares at an aggregate remaining authorization of approximately $3.031 billion; the program does not require repurchases at any specific time and may be suspended, modified, or discontinued.
Management's outlook
The supplied 10-Q text contains no quantitative revenue or EPS outlook, and no change to prior guidance. The filing states that there were no material changes to market-risk exposures except the disclosed interest-rate sensitivities.
Earlier filings 4
10-K · February 25, 2026
Apollo positions itself as a diversified alternative asset manager combined with a retirement services relationship (Athene) and measures performance by AUM, gross capital deployment and dry powder. The 10-K emphasizes…
10-Q · November 10, 2025
Apollo reported quarterly results for the period ended September 30, 2025 with revenue of $9,823,000,000 and diluted EPS of $2.17, both beating consensus. The 10-Q (filed 2025-11-10) reiterates forward-looking language…
10-Q · May 7, 2025
Apollo reported total revenue of $5,548,000,000 for the quarter (10-Q filed May 7, 2025) which materially beat consensus, while diluted EPS of $1.82 missed consensus. The 10‑Q contains standard forward‑looking language…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.