Apollo Global Management, Inc. · APOS · FY2026 Q1 · Calendar Q2 2026
Apollo Q1: Fee earnings reach a high as 2026 outlook holds
Apollo’s reported fee-related earnings growth, origination activity and reaffirmed 2026 guidance support a constructive operating picture. The call also highlights execution, credit-market, pricing and regulatory risks that could challenge that trajectory.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Management reported record fee-related earnings and higher origination, and described the completion of the Pension Investment Corporation acquisition. The call also highlighted expanded daily pricing and market-making initiatives; management reaffirmed its 2026 growth outlook.
Guidance delta
Management maintained its 2026 outlook, including approximately 20% growth in fee-related earnings and 10% growth in spread-related earnings.
Key takeaways
- Fee-related earnings reached $728 million, up 30% year over year, according to the call analysis.
- Origination volume rose 25% year over year to $71 billion; management described a strong pipeline.
- Capital formation was $115 billion, including $65 billion associated with the Pension Investment Corporation transaction.
- Management emphasized greater daily pricing coverage and expanded market-making capabilities.
Management priorities
- Expand AMAPS exposure from its current level by year-end.
- Extend daily pricing coverage across the credit franchise.
- Use the Athora platform to grow UK assets and pursue additional equity commitments.
- Continue expansion in Japan and broader Asia-Pacific markets, while remaining selective on acquisitions.
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Company context
Snapshot as of publicationApollo Global Management specializes in providing novel financing options to various businesses. Additionally, it offers a comprehensive portfolio of retirement savings products, primarily through its subsidiary, Athene, which focuses on retirement services.
Historical context
All APOS earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| APO Apollo Global Management, Inc. | FY2026 Q3 · Calendar Q4 2026 | -5.5% | -4.9% | Apollo Posts Record Q3 Earnings, Reaffirms 2027 Growth Targets |
| EQH Equitable Holdings, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +1.8% | EQH reports Q3 EPS growth and strong retirement inflows as merger work advances |
| PS Pershing Square Inc. | FY2026 Q3 · Calendar Q4 2026 | -1.5% | +0.1% | Pershing Square emphasizes insurance buildout and new fund plans |
| EQH-PA Equitable Holdings, Inc. | FY2026 Q3 · Calendar Q4 2026 | +14.5% | — | Equitable Holdings: EPS Growth, Corebridge Synergies in Focus |
| CRBG Corebridge Financial, Inc. | FY2026 Q3 · Calendar Q4 2026 | -0.8% | +2.5% | Corebridge’s operating earnings grew, while revenue fell short of consensus |
Latest beats and misses
Who reports nextBeat on EPS
- ANETFY2026 Q3 · November 3, 2026+11.1% EPS+9.9% move
- FTSFY2026 Q3 · November 3, 2026+4.8% EPS+0.7% move
- MPLXFY2026 Q3 · November 3, 2026+1.8% EPS-2.4% move
- AMEFY2026 Q3 · November 3, 2026+4.7% EPS+2.8% move
- BALLFY2026 Q3 · November 3, 2026+2.8% EPS-7.1% move
- RACEFY2026 Q3 · November 3, 2026+5.6% EPS+2.9% move
Missed on EPS
- TLNFY2026 Q3 · November 3, 2026-65.4% EPS+7.3% move
- APOSFY2026 Q3 · November 3, 2026-5.5% EPS-0.5% move
- TRIFY2026 Q3 · November 3, 2026-9.0% EPS-9.9% move
- APOFY2026 Q3 · November 3, 2026-5.5% EPS-4.9% move
- FMSFY2026 Q3 · November 3, 2026-1.7% EPS-3.9% move
- PSFY2026 Q3 · November 2, 2026-1.5% EPS+0.1% 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 · 2026-11-04T12:50:44.244529+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.
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 2026-11-04. For educational purposes only; not investment advice.