APO earnings analysis
What we found in APO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.11
What they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing APO makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever