Analyst Consensus ?
ConsensusBuy28 ratings
Bullish2382.1%
Neutral517.9%
Bearish00.0%
Apollo Global Management, Inc. · APO · FY2024 Q2 · Calendar Q3 2024
Apollo posts record fee-related earnings as credit and inflows lead growth
Apollo's latest call supports a constructive but qualified growth thesis: record fee-related earnings, deployment and inflows show demand for its credit, retirement-services and global-wealth platforms. The case depends on converting that demand into durable earnings while managing strategic-alternatives volatility, hedging costs and execution across new products and regions.
Reported Before market openNYSEFinancial Services
$65.42B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.64
Consensus $1.76
EPS surprise
-6.8%
Reported versus consensus
Reported revenue
$6.02B
Consensus $873.2M
Revenue surprise
+589.2%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-7.5%
Event window
SPY move
-1.4%
Same window
Abnormal move
-6.0%
Stock minus SPY
Volume
4.5×
Versus trailing sessions
Subsequent drift
-2.3%
Up to 20 sessions
APOSPY benchmark
Ask FN2 about APO FY2024 Q2
Transcript, numbers and history already loaded
Why did APO fall 7.5% after missing EPS estimates in FY2024 Q2?What changed in APO's guidance and outlook in FY2024 Q2?Give me the bull and bear case for APO after FY2024 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The quarter added record fee-related earnings, record deployment and record non-private-equity inflows to the growth narrative. Management also highlighted a $6 billion ADIP II raise, new global-wealth products and expansion plans, while acknowledging lumpiness in strategic alternatives and an earnings headwind from hedging costs.
Guidance delta
Maintained. Management reaffirmed its five-year plan targeting $125 billion of origination and $50 billion of fundraising in 2024.
Key takeaways
- Fee-related earnings reached a record $516 million, with fee revenue up 11% quarter over quarter and 18% year over year.
- Gross capital deployment reached a record $70 billion, including $52 billion of credit origination.
- Non-private-equity franchises generated a record $39 billion of inflows; Athene raised $6 billion for ADIP II.
- Management identified private credit for infrastructure, AI and energy-transition projects as a growth area.
- The next phase includes hybrid-product launches, broader global-wealth distribution and expansion in Asia and Europe.
Management priorities
- Scale private-credit origination and investment-grade credit offerings.
- Expand global-wealth distribution through ABC and hybrid products.
- Build retirement-services capacity through Athene and ADIP II.
- Continue geographic expansion in Asia, Europe and Australia.
- Prepare for Fund 11 while executing the five-year origination and fundraising plan.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$110.78Current
$48Low
$118.88Average
$188High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 18, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Buy | Buy | Maintain | Oct 13, 2026 |
| TD Cowen | Buy | Buy | Maintain | Oct 12, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Sep 2, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Aug 5, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 5, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 21, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Jul 13, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 13, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Apr 21, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Apr 7, 2026 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | Nov 5, 2025 |
| Citigroup | Buy | Buy | Maintain | Oct 13, 2025 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 11, 2025 |
| B of A Securities | Buy | Buy | Maintain | May 5, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | Nov 11, 2024 |
| Argus Research | Buy | Buy | Maintain | Aug 20, 2024 |
| Jefferies | Hold | Hold | Maintain | May 9, 2024 |
| Oppenheimer | Perform | Outperform | Downgrade | Oct 9, 2023 |
| JMP Securities | Market Perform | Market Perform | Maintain | May 26, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Oct 19, 2022 |
| CFRA | Buy | Buy | Maintain | Nov 25, 2020 |
| Bank of America | Buy | Neutral | Upgrade | Feb 7, 2017 |
| Argus | Buy | Buy | Maintain | Aug 12, 2016 |
| Keefe Bruyette & Woods | Outperform | Market Perform | Upgrade | Aug 4, 2016 |
| PiperJaffray | Overweight | Overweight | Maintain | Jun 3, 2015 |
| Bernstein | Outperform | Outperform | Maintain | Apr 3, 2014 |
| Sterne Agee | Buy | Buy | Maintain | Aug 6, 2013 |
| Compass Point | Buy | Buy | Maintain | Feb 13, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $110.78. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | Daniel Welden | $127 | $114.34 | +14.6% | Oct 1, 2026 |
| HSBC | Analyst unavailable | $145 | $120.47 | +30.9% | Jul 20, 2026 |
| RBC Capital | Bart Dziarski | $142 | $113.73 | +28.2% | Feb 23, 2026 |
| Goldman Sachs | Alexander Bolstein | $165 | $135.88 | +48.9% | Feb 9, 2026 |
| UBS | Michael Brown | $186 | $149.06 | +67.9% | Dec 11, 2025 |
| BMO Capital | Brennan Hawken | $136 | $130.1 | +22.8% | Nov 25, 2025 |
| Goldman Sachs | Alexander Bolstein | $155 | $130.17 | +39.9% | Nov 25, 2025 |
| Piper Sandler | John Barnidge | $188 | $184.07 | +69.7% | Dec 9, 2024 |
| BMO Capital | Etinenne Ricard | $157 | $147.62 | +41.7% | Nov 6, 2024 |
| Wells Fargo | Michael Brown | $164 | $163.67 | +48.0% | Nov 6, 2024 |
| Evercore ISI | Glenn Schorr | $174 | $147.62 | +57.1% | Nov 6, 2024 |
| Deutsche Bank | Brian Bedell | $155 | $147.62 | +39.9% | Nov 6, 2024 |
| Goldman Sachs | Alexander Blostein | $135 | $131.54 | +21.9% | Oct 3, 2024 |
| Evercore ISI | Glenn Schorr | $150 | $132.01 | +35.4% | Oct 2, 2024 |
| Wells Fargo | Michael Brown | $148 | $132.01 | +33.6% | Oct 2, 2024 |
| Wolfe Research | Steven Chubak | $139 | $125.13 | +25.5% | Sep 24, 2024 |
| Wells Fargo | Michael Brown | $132 | $108.67 | +19.2% | Sep 11, 2024 |
| Citigroup | Chris Allen | $135 | $105.58 | +21.9% | Sep 11, 2024 |
| Argus Research | Stephen Biggar | $125 | $111.61 | +12.8% | Aug 20, 2024 |
| Bank of America Securities | Craig Siegenthaler | $123 | $105.04 | +11.0% | Aug 6, 2024 |
| Jefferies | Daniel Fannon | $117 | $113.32 | +5.6% | May 9, 2024 |
| Barclays | Benjamin Budish | $133 | $114.67 | +20.1% | Apr 8, 2024 |
| BMO Capital | Etinenne Ricard | $122 | $111.08 | +10.1% | Apr 5, 2024 |
| Deutsche Bank | Brian Bedell | $123 | $111.08 | +11.0% | Apr 5, 2024 |
| Loop Capital Markets | Rufus Hone | $103 | $91.26 | -7.0% | Sep 15, 2023 |
| Barclays | Analyst unavailable | $85 | $68.24 | -23.3% | Jan 12, 2023 |
| Wells Fargo | Analyst unavailable | $74 | $66.52 | -33.2% | Jan 11, 2023 |
| Barclays | Analyst unavailable | $78 | $62.51 | -29.6% | Dec 19, 2022 |
| Deutsche Bank | Analyst unavailable | $83 | $64.88 | -25.1% | Nov 15, 2022 |
| Deutsche Bank | Brian Bedell | $91 | $58.2 | -17.9% | Aug 23, 2022 |
| Morgan Stanley | Analyst unavailable | $61 | $60.59 | -44.9% | Aug 15, 2022 |
| Oppenheimer | Analyst unavailable | $61 | $57.53 | -44.9% | Aug 8, 2022 |
| Deutsche Bank | Analyst unavailable | $88 | $50.3 | -20.6% | Jul 13, 2022 |
| Wells Fargo | Analyst unavailable | $66 | $49.16 | -40.4% | Jul 13, 2022 |
| Deutsche Bank | Brian Bedell | $90 | $54.48 | -18.8% | May 22, 2022 |
| Citigroup | Ronald Josey | $50 | $60 | -54.9% | Apr 21, 2022 |
| Morgan Stanley | Analyst unavailable | $81 | $59.52 | -26.9% | Apr 20, 2022 |
| Rosenblatt Securities | Barton Crockett | $48 | $59.44 | -56.7% | Apr 20, 2022 |
| Wells Fargo | Analyst unavailable | $71 | $58.1 | -35.9% | Apr 19, 2022 |
| Citigroup | William Katz | $87.5 | $57.49 | -21.0% | Apr 16, 2022 |
| Deutsche Bank | Brian Bedell | $95 | $56.87 | -14.2% | Apr 11, 2022 |
| Morgan Stanley | Michael Cyprys | $88 | $61.58 | -20.6% | Mar 17, 2022 |
| BMO Capital | Rufus Hone | $100 | $67.58 | -9.7% | Feb 15, 2022 |
| Argus Research | Stephen Biggar | $90 | $75.34 | -18.8% | Nov 9, 2021 |
| Jefferies | Gerald O'Hara | $80 | $77 | -27.8% | Nov 3, 2021 |
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Start freeCompany context
Snapshot as of publicationApollo Global Management, Inc. operates as a prominent investment management firm, primarily concentrating its efforts across credit, private equity, and real estate asset classes. Within its private equity division, Apollo engages in a broad spectrum of transactions, ranging from traditional management buyouts, recapitalizations, and distressed acquisitions to corporate carve-outs, growth capital infusions, turnaround financing, bridge loans, strategic acquisitions, and industry consolidation initiatives. This also includes debt investments in real estate and corporate partnerships, along with investments in distressed assets and special situations within the middle market. Its client base is diverse, encompassing sovereign wealth and endowment funds, as well as various other institutional and private investors. The firm constructs and oversees bespoke portfolios for clients and actively manages a suite of investment vehicles, including hedge funds, real estate funds, and private equity funds.…
Historical context
All APO earningsFinancial Services peers this season
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Latest beats and misses
Who reports nextBeat on EPS
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-10-17T05:10:49.140638+00:00
- Polygon adjusted daily market bars · 2026-10-18T22:10:43.727423+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-18T22:10:43.724657+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-18. For educational purposes only; not investment advice.