Analyst Consensus ?
ConsensusBuy28 ratings
Bullish2382.1%
Neutral517.9%
Bearish00.0%
Apollo Global Management, Inc. · APO · FY2026 Q1 · Calendar Q2 2026
Apollo Q1 2026: Record Fee Earnings, Reaffirmed Growth Targets
Apollo delivered record Q1 fee-related earnings of 728 million, beating EPS estimates (1.94 actual vs 1.89 consensus, 2.6% surprise) while revenue slightly missed (5.06B vs 5.19B, 2.5% shortfall). Management reaffirmed 2026 targets of 20% FRE and 10% SRE growth. The quarter featured strong origination (71B in Q1, 97B target), daily pricing and market-making initiatives, and Athene 40B cash position. The stock underperformed its benchmark by roughly 2.0% on the report session with -0.9% subsequent drift. Analyst concerns center on origination durability spread compression and regulatory headwinds though management tone was confident.
Reported Before market openNYSEFinancial Services
$71.89B market cap
90quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.94
Consensus $1.89
EPS surprise
+2.6%
Reported versus consensus
Reported revenue
$5.06B
Consensus $5.19B
Revenue surprise
-2.5%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-0.6%
Event window
SPY move
+1.4%
Same window
Abnormal move
-2.0%
Stock minus SPY
Volume
1.0×
Versus trailing sessions
Subsequent drift
-0.9%
Up to 20 sessions
APOSPY benchmark
Ask FN2 about APO FY2026 Q1
Transcript, numbers and history already loaded
Why did APO fall 0.6% after beating EPS estimates in FY2026 Q1?What changed in APO's guidance and outlook in FY2026 Q1?Give me the bull and bear case for APO after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Record fee-related earnings of 728 million a new high for the firm. EPS of 1.94 beat consensus of 1.89 by 2.6%. Revenue of 5.06B missed 5.19B estimate by 2.5%. Origination reached 71B in Q1 with full-year target of 97B. 2026 guidance reaffirmed at 20% FRE and 10% SRE growth. Athene AMAPS exposure to double from 11B to approximately 22B. Daily pricing for all investment-grade credit assets implemented.
Guidance delta
Management maintained 2026 growth targets of 20% FRE and 10% SRE growth with no revision. Guidance sentiment is maintained consistent with the prior quarter.
Key takeaways
- Record FRE of 728M with reaffirmed 2026 growth targets of 20% FRE and 10% SRE
- Origination pipeline robust at 71B in Q1 targeting 97B for the year
- Transparency push with daily pricing market-making platform and ADS valuation methodology
- Athene holds 40B in cash and is doubling AMAPS exposure to approximately 22B
- Defensive yet opportunistic stance on investment-grade private credit and AI infrastructure financing
Management priorities
- Scale ACS fee generation and deepen investment-grade private credit origination
- Complete daily pricing rollout for the entire credit franchise
- Grow AMAPS assets and double Athene AMAPS exposure
- Expand market-making capabilities and ICE ID coverage
- Pursue selective strategic acquisitions only if clearly accretive
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$114.26Current
$48Low
$118.88Average
$188High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 27, 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 |
|---|---|---|---|---|
| Piper Sandler | Overweight | Overweight | Maintain | Oct 19, 2026 |
| 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 |
| 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 $114.26. 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 | +11.2% | Oct 1, 2026 |
| HSBC | Analyst unavailable | $145 | $120.47 | +26.9% | Jul 20, 2026 |
| RBC Capital | Bart Dziarski | $142 | $113.73 | +24.3% | Feb 23, 2026 |
| Goldman Sachs | Alexander Bolstein | $165 | $135.88 | +44.4% | Feb 9, 2026 |
| UBS | Michael Brown | $186 | $149.06 | +62.8% | Dec 11, 2025 |
| BMO Capital | Brennan Hawken | $136 | $130.1 | +19.0% | Nov 25, 2025 |
| Goldman Sachs | Alexander Bolstein | $155 | $130.17 | +35.7% | Nov 25, 2025 |
| Piper Sandler | John Barnidge | $188 | $184.07 | +64.5% | Dec 9, 2024 |
| BMO Capital | Etinenne Ricard | $157 | $147.62 | +37.4% | Nov 6, 2024 |
| Wells Fargo | Michael Brown | $164 | $163.67 | +43.5% | Nov 6, 2024 |
| Evercore ISI | Glenn Schorr | $174 | $147.62 | +52.3% | Nov 6, 2024 |
| Deutsche Bank | Brian Bedell | $155 | $147.62 | +35.7% | Nov 6, 2024 |
| Goldman Sachs | Alexander Blostein | $135 | $131.54 | +18.2% | Oct 3, 2024 |
| Evercore ISI | Glenn Schorr | $150 | $132.01 | +31.3% | Oct 2, 2024 |
| Wells Fargo | Michael Brown | $148 | $132.01 | +29.5% | Oct 2, 2024 |
| Wolfe Research | Steven Chubak | $139 | $125.13 | +21.7% | Sep 24, 2024 |
| Wells Fargo | Michael Brown | $132 | $108.67 | +15.5% | Sep 11, 2024 |
| Citigroup | Chris Allen | $135 | $105.58 | +18.2% | Sep 11, 2024 |
| Argus Research | Stephen Biggar | $125 | $111.61 | +9.4% | Aug 20, 2024 |
| Bank of America Securities | Craig Siegenthaler | $123 | $105.04 | +7.6% | Aug 6, 2024 |
| Jefferies | Daniel Fannon | $117 | $113.32 | +2.4% | May 9, 2024 |
| Barclays | Benjamin Budish | $133 | $114.67 | +16.4% | Apr 8, 2024 |
| BMO Capital | Etinenne Ricard | $122 | $111.08 | +6.8% | Apr 5, 2024 |
| Deutsche Bank | Brian Bedell | $123 | $111.08 | +7.6% | Apr 5, 2024 |
| Loop Capital Markets | Rufus Hone | $103 | $91.26 | -9.9% | Sep 15, 2023 |
| Barclays | Analyst unavailable | $85 | $68.24 | -25.6% | Jan 12, 2023 |
| Wells Fargo | Analyst unavailable | $74 | $66.52 | -35.2% | Jan 11, 2023 |
| Barclays | Analyst unavailable | $78 | $62.51 | -31.7% | Dec 19, 2022 |
| Deutsche Bank | Analyst unavailable | $83 | $64.88 | -27.4% | Nov 15, 2022 |
| Deutsche Bank | Brian Bedell | $91 | $58.2 | -20.4% | Aug 23, 2022 |
| Morgan Stanley | Analyst unavailable | $61 | $60.59 | -46.6% | Aug 15, 2022 |
| Oppenheimer | Analyst unavailable | $61 | $57.53 | -46.6% | Aug 8, 2022 |
| Deutsche Bank | Analyst unavailable | $88 | $50.3 | -23.0% | Jul 13, 2022 |
| Wells Fargo | Analyst unavailable | $66 | $49.16 | -42.2% | Jul 13, 2022 |
| Deutsche Bank | Brian Bedell | $90 | $54.48 | -21.2% | May 22, 2022 |
| Citigroup | Ronald Josey | $50 | $60 | -56.2% | Apr 21, 2022 |
| Morgan Stanley | Analyst unavailable | $81 | $59.52 | -29.1% | Apr 20, 2022 |
| Rosenblatt Securities | Barton Crockett | $48 | $59.44 | -58.0% | Apr 20, 2022 |
| Wells Fargo | Analyst unavailable | $71 | $58.1 | -37.9% | Apr 19, 2022 |
| Citigroup | William Katz | $87.5 | $57.49 | -23.4% | Apr 16, 2022 |
| Deutsche Bank | Brian Bedell | $95 | $56.87 | -16.9% | Apr 11, 2022 |
| Morgan Stanley | Michael Cyprys | $88 | $61.58 | -23.0% | Mar 17, 2022 |
| BMO Capital | Rufus Hone | $100 | $67.58 | -12.5% | Feb 15, 2022 |
| Argus Research | Stephen Biggar | $90 | $75.34 | -21.2% | Nov 9, 2021 |
| Jefferies | Gerald O'Hara | $80 | $77 | -30.0% | Nov 3, 2021 |
Track every rating change on APO the moment it posts. Free to start.
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
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| CINF Cincinnati Financial Corporation | FY2026 Q3 · Calendar Q4 2026 | +39.5% | +2.3% | Cincinnati Financial: steady underwriting, higher catastrophe losses |
| ARCC Ares Capital Corporation | FY2026 Q3 · Calendar Q4 2026 | — | -0.3% | ARCC: MFIC Deal Expands Scale as Origination Slows |
| IVZ Invesco Ltd. | FY2026 Q3 · Calendar Q4 2026 | — | +0.1% | Invesco posts strong inflows as margin expands to 40.7% |
| SHG Shinhan Financial Group Co., Ltd. | FY2026 Q3 · Calendar Q4 2026 | — | -1.2% | Shinhan’s Q3 profit fell as noninterest income weakened |
| PFG Principal Financial Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | -8.6% | +0.3% | Principal Financial: Retirement Growth Offsets Flow Pressure |
| HSBC HSBC Holdings plc | FY2026 Q3 · Calendar Q4 2026 | — | — | HSBC Q3: Deposit Growth Supports Results; Guidance Maintained |
Latest beats and misses
Who reports nextBeat on EPS
- CLSFY2026 Q3 · October 26, 2026+12.6% EPS+12.1% move
- CINFFY2026 Q3 · October 26, 2026+39.5% EPS+2.3% move
- VZFY2026 Q3 · October 26, 2026+3.1% EPS-3.5% move
- CXFY2026 Q3 · October 26, 2026+12.0% EPS-0.1% move
- CDNSFY2026 Q3 · October 26, 2026+2.9% EPS+1.8% move
- BAHFY2027 Q2 · October 23, 2026+18.9% EPS-0.3% move
Missed on EPS
- PSA-POFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSA-PKFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSA-PGFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSAFY2026 Q3 · October 26, 2026-32.1% EPS+1.8% move
- SUIFY2026 Q3 · October 26, 2026-20.0% EPS-4.1% move
- PSA-PIFY2026 Q3 · October 26, 2026-32.1% EPS— move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T13:11:47.193573+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T13:11:47.190840+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 2026-07-29. For educational purposes only; not investment advice.