The earnings miss on ANI per share is notable, but the record FRE and strong AUM growth suggest the core asset management business is performing well. The GAAP loss is non-cash and tied to interest rate moves. Watch for commentary on the Q4 earnings call regarding the trajectory of SRE margins and the pace of capital deployment, as the cost of funds headwind in Retirement Services bears monitoring.
Price Chart
Executive Summary
Apollo reported Q3 2026 Adjusted Net Income (ANI) of $1.293 billion ($2.07 per share), below the consensus estimate of $2.20 per share. The miss was driven by a GAAP net loss of $1.057 billion from unrealized mark-to-market losses in the Retirement Services segment due to higher interest rates. However, core Fee Related Earnings (FRE) grew 23% YoY to a record $802 million, and Spread Related Earnings excluding notable items rose 7% YoY to $909 million, signaling strong underlying business momentum.
Key Financial Metrics
Key Facts
- Adjusted Net Income (ANI) of $1.293 billion, or $2.07 per share, missed consensus of $2.20 per share.
- GAAP net loss attributable to common stockholders was $1.057 billion, or $(1.78) per share, driven by unrealized mark-to-market losses in Retirement Services.
- Record Fee Related Earnings (FRE) of $802 million, up 23% year-over-year, driven by record fee-related revenue and margin expansion.
- Spread Related Earnings (SRE) excluding notable items was $909 million, up 7% year-over-year.
- Total AUM reached $1.074 trillion, up 18% year-over-year, with $53 billion in quarterly inflows.
- Record quarterly origination of $114 billion.
- The company repurchased $143 million of stock in Q3 and has $2.89 billion remaining on its buyback authorization.
- A quarterly dividend of $0.5625 per share was declared.
Financial Impact
ANI of $1.293B missed consensus by approximately $0.13 per share; GAAP net loss of $1.057B driven by $3.418B in investment-related losses in Retirement Services.
Risk Factors
- Higher interest rates continue to pressure the Retirement Services segment through unrealized mark-to-market losses and higher cost of funds.
- Spread Related Earnings (SRE) declined 3.1% YoY on a reported basis, and net spread compression is ongoing.
- The GAAP net loss may spook investors focused on headline earnings despite the non-cash nature of the charges.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001858681-26-000063 |
| Document: apo-20261103.htm | 0001858681-26-000063 |
| Document: erex9913q2026.htm | 0001858681-26-000063 |
| Document: 0001858681-26-000063-index-headers.html | 0001858681-26-000063 |
| Document: 0001858681-26-000063-index.html | 0001858681-26-000063 |
| Document: 0001858681-26-000063.txt | 0001858681-26-000063 |
| 8-K Data (Synthetic) | 0001858681-26-000063 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 4, 2026 today | 144 | $116.87 | awaiting T+5 | awaiting T+5 | $122.76 (+5.04%) |
Nov 4, 2026 today | 144 | $122.47 | awaiting T+5 | awaiting T+5 | $122.76 (+0.24%) |
Nov 3, 2026 1d ago | 8-K | No price | awaiting T+5 | awaiting T+5 | No price |
Nov 3, 2026 1d ago | Press Release | $113.55 | awaiting T+5 | awaiting T+5 | $122.76 (+8.11%) |
Oct 30, 2026 5d ago | 8-K | $115.84 | awaiting T+5 | awaiting T+5 | $122.76 (+5.97%) |
Oct 27, 2026 8d ago | SC 13G/A | $113.45 $122.76 | ▲ +8.21% | ▲ +8.92% | $122.76 (+8.21%) |
Oct 20, 2026 15d ago | 8-K | $111.69 $114.26 | ▲ +2.30% | ▲ +2.74% | $122.76 (+9.91%) |
Oct 16, 2026 19d ago | Institutional Cluster | $110.95 $115.24 | ▼ −3.87% | ▼ −4.01% | $122.76 (−10.64%) |
Oct 5, 2026 4w ago | 8-K | $115.95 $116.28 | ▲ +0.28% | ▲ +0.42% | $122.76 (+5.87%) |
Sep 29, 2026 5w ago | Press Release | $116.06 $115.55 | ▼ −0.44% | ▼ −2.35% | $122.76 (+5.77%) |
US Market Status
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