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How Apollo Global Management (APO) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 08/04/2026
Apollo Global Management, Inc. is an American asset management firm that primarily invests in alternative assets. · Wikipedia
More about the company
As of 2025, the company had $840 billion of assets under management, including $392 billion invested in credit, including mezzanine capital, hedge funds, non-performing loans, and collateralized loan obligations, $99 billion invested in private equity, and $46.2 billion invested in real assets, which includes real estate and infrastructure. The company invests money on behalf of pension funds, financial endowments, and sovereign wealth funds, as well as other institutional and individual investors.
Key growth driver: Retirement Services — the fastest-growing revenue line: $9,526, +67% y/y. · by the Q2 2026 report
How does Apollo Global Management make money?
Apollo Global Management brought in $11.2 billion of revenue in Q2 2026, up 63.7% year over year. The largest source was Retirement Services: $9.53 billion, or 85% of the total, followed by Asset Management ($1.63B, 15%). Net income for the quarter was $1.34 billion, up 121% year over year.
Revenue by source, Q2 2026
- Retirement Services$9.53B · 85% · +66.9%
- Asset Management$1.63B · 15% · +47.0%
Shares of $11.2B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is APO’s next earnings date?
Tuesday, November 3, 2026confirmed · before market open
Apollo Global Management (APO) is scheduled to report results for the quarter ending Sep 2026 on Nov 3, 2026. Consensus EPS forecast: $2.12 (9 analysts), vs $1.90 in the same quarter last year.
Last report: Aug 4, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$11,153
+63.7%
Net income
$1,336
+121%
EPS $2.15 vs $0.99
Verdict: a strong quarter — record fee related earnings ($785M, +25%) and spread related earnings ($877M), while GAAP net income to common more than doubled to $1,336M ($2.15 per share), helped by $2,989M of investment-related gains at Athene that swing from quarter to quarter.
Adjusted net income $1,314M ($2.11 per share) · FRE $785M · SRE $877M · AUM $1,047B (+25% y/y), inflows $60B in the quarter · buybacks ~$1.6B over the last twelve months · dividend $0.5625 per share, payable 08/31/2026.
Source and notation
* marks non-cash / ≈ estimated. GAAP view consolidates Asset Management and Retirement Services (Athene). Source: Apollo press release, 8-K EX-99.2, and 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
APO earnings history: past report dates
| Aug 4, 2026 Tue | 6:30 ambefore market open | Jun 30, 2026 | $11.2B+64% y/y | $2.15+117% y/y |
| May 6, 2026 Wed | 6:31 ambefore market open | Mar 31, 2026 | $5.1B−9% y/y | −$3.27 |
| Feb 9, 2026 Mon | 6:31 ambefore market open | Dec 31, 2025 | ≈$9.9B+87% y/y | ≈$1.09−55% y/y |
| Nov 4, 2025 Tue | 6:30 ambefore market open | Sep 30, 2025 | $9.8B+26% y/y | $2.78+116% y/y |
| Aug 5, 2025 Tue | 6:31 ambefore market open | Jun 30, 2025 | $6.8B+13% y/y | $0.99−27% y/y |
| May 2, 2025 Fri | 6:31 ambefore market open | Mar 31, 2025 | $5.5B−21% y/y | $0.68−70% y/y |
| Feb 4, 2025 Tue | 6:32 ambefore market open | Dec 31, 2024 | ≈$5.3B−52% y/y | ≈$2.41−47% y/y |
| Nov 5, 2024 Tue | 6:30 ambefore market open | Sep 30, 2024 | $7.8B+200% y/y | $1.29+17% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Apollo Global Management: 5-year financials
| 2025 | 32,049 | 3,492 | 1,201 |
| 2024 | 26,114 | 4,577 | 1,092 |
| 2023 | 32,644 | 5,047 | 1,012 |
| 2022 | 10,968 | −1,961 | 962 |
| 2021 | 5,951 | 1,839 | 517 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Apollo Global Management (APO) earnings: FAQ
How does Apollo Global Management make money?
Apollo Global Management brought in $11.2 billion of revenue in Q2 2026, up 63.7% year over year. The largest source was Retirement Services: $9.53 billion, or 85% of the total, followed by Asset Management ($1.63B, 15%). Net income for the quarter was $1.34 billion, up 121% year over year.
When is APO's next earnings date?
Apollo Global Management (APO) is scheduled to report on Nov 3, 2026, before market open.
When did APO last report earnings?
Apollo Global Management reported Q2 2026 results on Aug 4, 2026.
What is the EPS estimate for APO's next earnings?
The consensus EPS forecast is $2.12 (9 analysts), vs $1.90 in the same quarter last year.
Where can I find Apollo Global Management's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to APO's filings; this page breaks the latest report down in a Sankey chart.
What was APO's net income in Q2 2026?
Apollo Global Management reported net income of $1,336M for Q2 2026 (+121% year over year), under US GAAP.
Does Apollo Global Management pay dividends?
Yes. In 2025, Apollo Global Management paid $1,201M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 10/01/2026. How we make the breakdowns · Report an error
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