Apollo Global Management (APO) Q3 2026 earnings summary

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.