Apollo Global Management (APO) Q1 2026 earnings summary

Executive summary

• Achieved record fee-related earnings (FRE) of $728M, up 30% year-over-year, and surpassed $1.03 trillion in assets under management as of March 31, 2026, driven by strong inflows, innovation, and margin expansion.

• Adjusted Net Income was $1.2B ($1.94 per share) for Q1 2026, while GAAP net loss attributable to common stockholders was $1.93B due to a $1.7B Bermuda deferred tax asset valuation allowance.

• Declared a cash dividend of $0.5625 per common share and $0.8438 per mandatory convertible preferred share for Q1 2026.

• Capital formation reached $115B, including $65B from Athora’s acquisition of Pension Insurance Corporation (PIC), and robust origination activity of $71B in Q1.

• Continued focus on innovation and discipline across investment grade credit, retirement solutions, and new product development.

Financial highlights

• FRE reached $728M, SRE $719M, and adjusted net income $1.2B, with EPS of $1.94; GAAP net loss was $1.9B due to a one-time $1.7B Bermuda tax expense.

• Total AUM reached $1.03T, up 31% year-over-year, with fee-generating AUM at $836B.

• Management fees grew 24% year-over-year, capital solutions fees up 60%, and ACS fees exceeded $200M for the fourth consecutive quarter.

• Record quarterly inflows of $115B and $300B over the last twelve months.

• Principal Investing Income rose to $75M, driven by higher realized performance fees.

Outlook and guidance

• Reaffirmed 2026 outlook: 20% FRE growth and 10% SRE growth, assuming 11% alts return; management expects continued AUM growth supported by institutional demand and strategic acquisitions.

• Expect net spread stabilization in Athene’s portfolio, maintaining 120-125 bps range for the year.

• Anticipate continued strong inflows and origination pipeline across all business segments.

• Management highlighted ongoing innovation, discipline, and client trust as drivers for future growth.

• Cautioned that future dividends are at the board's discretion and not guaranteed.