Apollo Global Management, Inc. · APOS · FY2026 Q2 · Calendar Q3 2026

Apollo posts record Q2 earnings as credit origination stays strong

Apollo’s Q2 call supports a constructive operating picture: record fee-related and spread earnings coincided with strong origination and capital formation. The thesis for continued growth depends on sustaining fee growth and margins while integrating acquisitions and navigating competition and regulatory change.

Reported Before market openNYSEFinancial Services $67.13B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $2.11 Consensus $2.16
EPS surprise -2.3% Reported versus consensus
Reported revenue $11.07B Consensus $5.65B
Revenue surprise +96.0% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +0.2% Event window
SPY move +1.8% Same window
Abnormal move -1.6% Stock minus SPY
Volume 0.4× Versus trailing sessions
Subsequent drift -2.2% Up to 20 sessions
APOSSPY benchmark

Ask FN2 about APOS FY2026 Q2

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Why did APOS rise 0.2% after missing EPS estimates in FY2026 Q2?What changed in APOS's guidance and outlook in FY2026 Q2?Give me the bull and bear case for APOS after FY2026 Q2 earnings.

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Transcript intelligence

What changed

Compared with the prior-quarter analysis, Apollo reported record fee-related earnings of $785 million and record spread earnings of $877 million. Origination was $74 billion in Q2 and capital formation generated $60 billion of inflows. Management also highlighted daily NAV pricing and ICE identifier initiatives; the prior-quarter call emphasized launching daily pricing and broadening market-making and transparency efforts.

Guidance delta

Management maintained its growth outlook, including SRE growth guidance, and cited a full-year Athene inflow target of $85 billion. No change to guidance was identified in the supplied analysis.

Key takeaways

  • Record fee-related and spread earnings indicate strong operating momentum in the supplied Q2 analysis.
  • Origination and capital formation remained substantial, supporting the current-period growth narrative.
  • Daily NAV pricing and ICE identifiers are intended to improve transparency and broaden investor access; execution and adoption remain to be demonstrated.

Management priorities

  • Build the origination pipeline and capital formation into 2027.
  • Continue daily NAV pricing and expand ICE identifier coverage across the product suite.
  • Pursue the Athene inflow target and maintain SRE growth guidance.
  • Invest in technology, market making, and talent, including the Austin office.

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Earnings History

Estimate Beat Miss Match
APOS EPS earnings history estimate and actual scatter chart 6 reported fiscal quarters and 4 future estimate-only quarters. Q2 '25 estimate $1.84 Q2 '25 actual $1.02, miss Q3 '25 estimate $1.90 Q3 '25 actual $2.86, beat Q4 '25 estimate $2.04 Q4 '25 actual $2.47, beat Q1 '26 estimate $2.14 Q1 '26 actual $-3.24, miss Q2 '26 estimate $2.16 Q2 '26 actual $2.11, miss Q3 '26 estimate $2.19 Q3 '26 actual $2.07, miss Q4 '26 estimate $2.50 Q1 '27 estimate $2.54 Q2 '27 estimate $2.65 Q3 '27 estimate $2.79

Company context

Snapshot as of publication

Apollo 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 earnings
-0.5%FY2026 Q3 · Calendar Q4 2026

Financial Services peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
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
APO Apollo Global Management, Inc. FY2026 Q3 · Calendar Q4 2026 — -4.4% Apollo posts record Q3 earnings; maintains 2027 growth outlook
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

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Sources

  1. Earnings call transcript and parsed analysis · 2026-08-04T20:07:35.020180+00:00
  2. FN2 earnings calendar · 2026-09-09T01:23:14.388487+00:00
  3. Polygon adjusted daily market bars · 2026-11-04T02:30:40.727503+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.