The slight EPS miss may cause minor selling pressure at the open, but the record fee income and strong AUM growth provide a fundamental bid. Traders should watch the conference call for commentary on capital deployment and the outlook for SRE margins. The $3.03B remaining in the buyback authorization provides downside support.
Price Chart
Executive Summary
Apollo reported Q2 2026 GAAP net income of $1.336B ($2.18/share) vs. consensus EPS of $2.16, a slight miss. However, the core non-GAAP metric, Adjusted Net Income (ANI), came in at $1.314B ($2.11/share), also slightly below consensus. The headline miss is offset by record Fee Related Earnings (FRE) of $785M (+25% YoY) and record Spread Related Earnings (SRE) of $877M (+7% YoY), driven by strong organic growth and AUM reaching $1.05T. The stock is likely to trade flat to slightly down on the EPS miss, but the strong underlying fee income and capital formation provide a supportive floor.
Key Financial Metrics
Key Facts
- GAAP Net Income attributable to common stockholders was $1.336B ($2.18/share) for Q2 2026.
- Adjusted Net Income (ANI) was $1.314B ($2.11/share), slightly below the consensus estimate of $2.16.
- Record Fee Related Earnings (FRE) of $785M, up 25% YoY, driven by record fee-related revenue and margin expansion.
- Record Spread Related Earnings (SRE) of $877M, up 7% YoY, driven by strong organic growth.
- Total AUM reached $1.05 trillion, up 25% YoY, with $60B in quarterly inflows.
- The company repurchased $102M of common stock in Q2 and declared a $0.5625 per share dividend.
- Net Balance Sheet Value improved to $2.533B ($4.06/share) from $2.163B ($3.47/share) in Q1.
Financial Impact
EPS of $2.11 missed consensus of $2.16 by approximately 2.3%, a modest miss. Record FRE and SRE of $1.662B combined show strong operational momentum.
Risk Factors
- Slight EPS miss vs consensus could lead to short-term profit-taking.
- Principal Investing Income (PII) was weak at $16M, down 66% YoY, reflecting a slow exit environment.
- Cost of funds at Retirement Services continues to rise, compressing net spread (1.14% vs 1.22% YoY).
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001858681-26-000036 |
| Document: apo-20260804.htm | 0001858681-26-000036 |
| Document: erex9912q2026.htm | 0001858681-26-000036 |
| Document: 0001858681-26-000036-index-headers.html | 0001858681-26-000036 |
| Document: 0001858681-26-000036-index.html | 0001858681-26-000036 |
| Document: 0001858681-26-000036.txt | 0001858681-26-000036 |
| 8-K Data (Synthetic) | 0001858681-26-000036 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 16d ago | Press Release | $124.53 $124.36 | ▼ −0.14% | ▼ −2.70% | $114.02 (−8.44%) |
Aug 24, 2026 5w ago | 8-K | $132.79 $136.58 | ▲ +2.85% | ▲ +2.39% | $114.02 (−14.14%) |
Aug 11, 2026 7w ago | 8-K | $140.28 $133.85 | ▼ −4.58% | ▼ −4.18% | $114.02 (−18.72%) |
Aug 8, 2026 7w ago | 144 | $132.02 $134.54 | ▼ −1.91% | ▼ −1.96% | $114.02 (+13.63%) |
Aug 4, 2026 8w ago | 8-K | $133.20 $140.28 | ▲ +5.32% | ▲ +5.42% | $114.02 (−14.40%) |
Aug 3, 2026 8w ago | Press Release | $133.20 $140.28 | ▲ +5.32% | ▲ +5.42% | $114.02 (−14.40%) |
Jul 20, 2026 10w ago | Institutional Cluster | $118.40 $124.24 | ▲ +4.93% | ▲ +6.16% | $114.02 (−3.70%) |
Jun 2, 2026 17w ago | Press Release | $124.35 $131.14 | ▲ +5.46% | ▲ +9.28% | $114.02 (−8.31%) |
May 12, 2026 20w ago | Press Release | $131.93 $134.07 | ▲ +1.62% | ▲ +1.54% | $114.02 (−13.58%) |
May 11, 2026 20w ago | Press Release | $130.46 $134.07 | ▲ +2.77% | ▲ +2.85% | $114.02 (−12.60%) |
US Market Status
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