Apollo Global Management (APO) Q2 2026 earnings summary

Executive summary

• Achieved record earnings in both Asset Management and Retirement Services for Q2 2026, with adjusted net income of $1.3B ($2.11 per share), reflecting strong business scale and quality.

• Total assets under management reached $1.05 trillion as of June 30, 2026, up 25% year-over-year, driven by robust inflows and strategic acquisitions.

• Origination volumes reached $74B in Q2, with a robust pipeline and $50B of signed deals to benefit future quarters.

• Capital formation hit a record $60B in organic inflows, split between $38B in asset management and $22B in Athene.

• Positioned as a leader in modernizing private markets through enhanced transparency, daily pricing, and market making.

Financial highlights

• Fee-related earnings reached a record $785M, up 25% YoY and 8% QoQ; spread-related earnings were $877M, up 11% YoY and 5% QoQ.

• Management fees grew 23% YoY and 5% QoQ; perpetual capital represents 60% of total AUM and 70% of fee-generating AUM.

• FRE margin reached 58.5%, up 80 bps sequentially and 120 bps YoY.

• Athene’s gross invested assets grew 14% YoY to $414B; year-to-date inflows at $42B.

• Realized a $700M gain from the Intel repayment within Athene’s GAAP results.

Outlook and guidance

• On track to achieve 2026 growth outlook for FRE and SRE, with embedded momentum for 2027.

• Maintaining full-year target of 10% SRE growth, assuming 11% ALT return.

• Expecting to deliver 20%+ FRE growth for the year, with strong forward earnings indicators.

• Management highlights continued strong demand for private market solutions and expects ongoing growth in origination and capital formation.

• Strategic focus remains on transparency, liquidity, and broadening access to private markets.