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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Apollo Global Management
Apollo Global Management (APO) investor relations material
Apollo Global Management Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Nov, 2026
Executive summary
Record FRE of $802M and SRE of $909M ex-notables; adjusted net income was $1.293B, while GAAP net loss attributable to common stockholders was $1.057B, primarily from interest-rate-driven unrealized losses.
Record quarterly originations of $114B, $53B of quarterly capital inflows and $270B of LTM client inflows; AUM reached $1.07T.
Disciplined secured origination and investments in private-market pricing, liquidity and services support growth beyond the 2029 plan.
Financial highlights
FRE rose 23% YoY to $802M; management fees increased 18% and capital solutions fees reached a record $290M.
SRE was $909M ex-notables; adjusted long-term return-basis SRE was $963M, up 9% YoY. Reported SRE was $844M after a $65M actuarial item.
Adjusted net income was $1.293B, or $2.07 per share; ex-notables ANI was $1.344B, or $2.15 per share. YTD ANI was $3.815B, or $6.12 per share.
FRE margin was 58.4%, versus 56.8% a year earlier; fee-related expenses increased ~15% YoY and the compensation ratio was 26.2%.
AUM increased 18% YoY to $1.07T; Fee-Generating AUM rose 28% to $880B.
Outlook and guidance
2026 targets remain 20%+ FRE growth and 10% SRE growth; Q4 SRE is expected to reach ~$1B on the ex-notables, 11% alternatives-return basis.
2027 targets include 20%+ FRE growth, 15%+ management-fee growth and 10% SRE growth, measured from 2026 SRE normalized to an 11% alternatives return; MFIC fee reductions are reflected.
Fund XI and Fund X combined are estimated to contribute ~2% to 2027 management-fee growth; origination-led ACS growth is expected to continue.
Planned investment of ~$350M over 24 months will fund data, systems and private-market services; management expects to meet targets while carrying the costs and sees margins holding along the way.
Record pipelines and business momentum support a robust 2026 close and strong 2027 setup.
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Latest events from Apollo Global Management
- A $2.1 billion GAAP loss contrasted with resilient adjusted earnings and $515 billion in AUM.APO
Q2 2022 - Innovation in private markets, origination, and technology is driving growth and global expansion.APOBank of America 31th Annual Financials CEO Conference
- Strong macro outlook and innovation in private asset solutions drive growth and fundraising.APOBarclays 24th Annual Global Financial Services Conference
- AMAPS delivers higher yields and diversification than CLOs, with enhanced transparency and risk controls.APOInvestor presentation
- Record AUM and robust growth targets position the firm as a leader in asset management and retirement services.APOInvestor presentation
- Record Q2 2026 earnings and $1.05T AUM, with strong inflows and a $0.5625 dividend declared.APOQ2 2026
- Strong U.S. fundamentals and origination focus drive growth in alternatives and retirement markets.APOBank of America Securities Financial Services Conference
- Record inflows and $785B AUM highlight strong Q1 2025 growth and strategic expansion.APOQ1 2025
- Record AUM, earnings, and inflows highlight robust growth and a positive outlook for 2025.APOQ4 2024
Next Apollo Global Management earnings date
Q4 20265 Feb, 2027
Apollo Global Management
Next Apollo Global Management earnings date
Q4 20265 Feb, 2027
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Frequently asked questions
Drivers of growth and returns
Apollo Global Management is a leading investment management firm that operates on a global scale. Specializing in alternative investments such as private equity, credit, and real estate, Apollo has built a strong reputation in the financial industry. With a focus on delivering attractive returns for its clients, the company employs a rigorous investment approach, leveraging its extensive industry knowledge and vast network.
Apollo is active in a highly competitive industry. Some of the most notable competitors to Apollo include behemoths of the industry such as Blackstone, as well as companies like The Carlyle Group and KKR.
Apollo's edge
Apollo's expertise lies in identifying unique investment opportunities and deploying capital strategically to generate value. As a trusted partner to institutional investors, corporations, and individuals, Apollo Asset Management is recognized for its commitment to innovation, disciplined investment strategies, and a track record of success in the ever-evolving financial landscape.
A three-headed spear
In private equity, Apollo focuses on identifying potential investment opportunities in companies across industries and geographies. Through a combination of deep industry knowledge, rigorous due diligence, and active management, Apollo aims to create value and generate attractive returns for its investors. The firm actively engages with portfolio companies to implement strategic initiatives, improve operational efficiency, and drive long-term growth.
In credit investments, Apollo capitalizes on its expertise in distressed assets, leveraged loans, and structured credit. The firm analyzes credit risks, seeks out mispriced opportunities, and structures investment vehicles to provide attractive risk-adjusted returns. Apollo's credit team employs a flexible and opportunistic approach, allowing them to invest in a wide range of credit instruments, including corporate debt and high-yield bonds. Apollo also has a significant presence in the real estate sector. The firm invests in various real estate assets, including residential, commercial, hospitality, and infrastructure.
Different client types
Apollo has a diverse client base consisting of three main types of customers. Firstly, institutional investors such as pension funds and endowments seek Apollo's expertise to achieve their long-term investment objectives. Secondly, corporations and businesses turn to Apollo for strategic advice, capital solutions, and investment partnerships. Lastly, Apollo serves high-net-worth individuals and families, providing tailored investment solutions to preserve and grow their wealth. This diversified client base contributes to Apollo's revenue streams, as it allows the firm to generate income from management fees, carried interest, advisory services, and performance-based incentives across various asset classes and investment strategies.