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Apollo Global Q1 Earnings Miss Estimates, AUM Surpasses $1T
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Key Takeaways
Apollo Global Q1 ANI of $1.94 missed estimates despite growth from prior year results.
APO AUM climbed to $1.03T, driven by strong inflows and capital formation activity.
Expenses jumped 27%, while outflows and Athene run-off partially offset growth.
Apollo Global Management, LLC’s (APO - Free Report) first-quarter 2026 adjusted net income (ANI) per share of $1.94 missed the Zacks Consensus Estimate of $1.98. The metric increased from the year-ago adjusted net income of $1.82.
Results were adversely affected by rising expenses. However, record fee-related earnings and an increased assets under management (AUM) balance were positive.
The results include certain items. After considering those, the net loss attributable to Apollo Global (GAAP basis) was $1.93 billion against net income of $418 million in the prior-year quarter.
APO’s Quarterly Revenues & Expenses Rise
Total segment revenues were $1.26 billion, surpassing the Zacks Consensus Estimate by 3.39%. The metric rose from $978 million in the year-ago quarter.
Total expenses for combined segments rose 27.4% year over year to $534 million in the reported quarter.
Apollo Global’s AUM Balance Rises
Fee-generating AUM increased 40% on a year-over-year basis to $836 billion. The rise was driven by strong capital formation across institutional and global wealth channels, $65 billion from Athora’s acquisition of Pension Insurance Corporation and $42 billion from a fee basis adjustment related to Redding Ridge, partially offset by outflows and realization activity.
As of March 31, 2026, total AUM was $1.03 trillion, up 31% on a year-over-year basis. Total AUM benefited from $222 billion of inflows from Asset Management and $78 billion of gross inflows from Retirement Services, as well as mark-to-market appreciation. This was partially offset by $64 billion of outflows, primarily driven by normal course run-off at Athene, and $26 billion of realization activity.
APO’s Capital & Liquidity Position
As of March 31, 2026, Apollo Global had cash and cash equivalents of $3.56 billion, and debt of $6.26 billion.
APO’s Capital Distribution Update
The company announced a quarterly cash dividend of 56.25 cents per share with its earnings release. This dividend will be paid out on May 29, 2026, to shareholders of record as of May 19.
Apollo Global repurchased $866 million of shares in the first quarter, including shares bought to substantially offset dilution from seasonally elevated share issuances under equity incentive plans and opportunistic share repurchases. Over the last 12 months, the company repurchased $1.5 billion of common stock and distributed more than $1 billion of common stock dividends.
Our Viewpoint on APO
Apollo Global’s solid organic growth and rising AUM balance look encouraging. Its quarterly origination volume was robust, driven by a diverse array of investing activity across debt origination platforms, core credit, high-grade capital solutions and equity origination. The acquisition of Bridge Investment Group Holdings Inc. expands Apollo Global’s real estate expertise and strengthens its wealth business, supporting its financials.
Apollo Global Management Inc. Price, Consensus and EPS Surprise
BlackRock’s (BLK - Free Report) first-quarter 2026 adjusted earnings of $12.53 per share handily surpassed the Zacks Consensus Estimate of $11.96. The figure reflects a 10.9% rise from the year-ago quarter.
Results benefited from a rise in revenues. The AUM balance witnessed robust year-over-year growth, driven by net inflows. However, higher expenses created a headwind for BlackRock.
SEI Investments Co.’s (SEIC - Free Report) first-quarter 2026 adjusted earnings per share of $1.44 surpassed the Zacks Consensus Estimate of $1.29. Moreover, the bottom line reflected a rise of 21% from the prior-year quarter.
SEI Investments’ results were driven by higher revenues, a rise in AUM and the first full-quarter contribution from the Stratos acquisition. However, higher expenses acted as a spoilsport.
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Apollo Global Q1 Earnings Miss Estimates, AUM Surpasses $1T
Key Takeaways
Apollo Global Management, LLC’s (APO - Free Report) first-quarter 2026 adjusted net income (ANI) per share of $1.94 missed the Zacks Consensus Estimate of $1.98. The metric increased from the year-ago adjusted net income of $1.82.
Results were adversely affected by rising expenses. However, record fee-related earnings and an increased assets under management (AUM) balance were positive.
The results include certain items. After considering those, the net loss attributable to Apollo Global (GAAP basis) was $1.93 billion against net income of $418 million in the prior-year quarter.
APO’s Quarterly Revenues & Expenses Rise
Total segment revenues were $1.26 billion, surpassing the Zacks Consensus Estimate by 3.39%. The metric rose from $978 million in the year-ago quarter.
Total expenses for combined segments rose 27.4% year over year to $534 million in the reported quarter.
Apollo Global’s AUM Balance Rises
Fee-generating AUM increased 40% on a year-over-year basis to $836 billion. The rise was driven by strong capital formation across institutional and global wealth channels, $65 billion from Athora’s acquisition of Pension Insurance Corporation and $42 billion from a fee basis adjustment related to Redding Ridge, partially offset by outflows and realization activity.
As of March 31, 2026, total AUM was $1.03 trillion, up 31% on a year-over-year basis. Total AUM benefited from $222 billion of inflows from Asset Management and $78 billion of gross inflows from Retirement Services, as well as mark-to-market appreciation. This was partially offset by $64 billion of outflows, primarily driven by normal course run-off at Athene, and $26 billion of realization activity.
APO’s Capital & Liquidity Position
As of March 31, 2026, Apollo Global had cash and cash equivalents of $3.56 billion, and debt of $6.26 billion.
APO’s Capital Distribution Update
The company announced a quarterly cash dividend of 56.25 cents per share with its earnings release. This dividend will be paid out on May 29, 2026, to shareholders of record as of May 19.
Apollo Global repurchased $866 million of shares in the first quarter, including shares bought to substantially offset dilution from seasonally elevated share issuances under equity incentive plans and opportunistic share repurchases. Over the last 12 months, the company repurchased $1.5 billion of common stock and distributed more than $1 billion of common stock dividends.
Our Viewpoint on APO
Apollo Global’s solid organic growth and rising AUM balance look encouraging. Its quarterly origination volume was robust, driven by a diverse array of investing activity across debt origination platforms, core credit, high-grade capital solutions and equity origination. The acquisition of Bridge Investment Group Holdings Inc. expands Apollo Global’s real estate expertise and strengthens its wealth business, supporting its financials.
Apollo Global Management Inc. Price, Consensus and EPS Surprise
Apollo Global Management Inc. price-consensus-eps-surprise-chart | Apollo Global Management Inc. Quote
Currently, Apollo Global carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of APO’s Peers
BlackRock’s (BLK - Free Report) first-quarter 2026 adjusted earnings of $12.53 per share handily surpassed the Zacks Consensus Estimate of $11.96. The figure reflects a 10.9% rise from the year-ago quarter.
Results benefited from a rise in revenues. The AUM balance witnessed robust year-over-year growth, driven by net inflows. However, higher expenses created a headwind for BlackRock.
SEI Investments Co.’s (SEIC - Free Report) first-quarter 2026 adjusted earnings per share of $1.44 surpassed the Zacks Consensus Estimate of $1.29. Moreover, the bottom line reflected a rise of 21% from the prior-year quarter.
SEI Investments’ results were driven by higher revenues, a rise in AUM and the first full-quarter contribution from the Stratos acquisition. However, higher expenses acted as a spoilsport.