Apollo misses Q3 profit estimates, revenue also trails expectations

Apollo (APO) said on Nov. 3 that its adjusted net income for the third quarter ended Sept. 30 came to $1.29 billion, or $2.07 per share, missing the $2.22 consensus estimate compiled by Finnhub.

Revenue also fell short. Total revenue was $4.74 billion, below the $5.86 billion estimate for the period.

On a GAAP basis, the company posted a net loss attributable to Apollo Global Management common stockholders of $1.1 billion, or $1.78 per share. The company said the loss was driven primarily by unrealized mark-to-market losses on certain investments within the Retirement Services segment, resulting from higher interest rates.

Net income has swung sharply in recent quarters, from a profit of $684.0 million in the fourth quarter of 2025 to a loss of $1.91 billion in the first quarter of 2026, according to its SEC filings.

Here's how the company did:

• Adjusted net income per share: $2.07, against $2.17 a year earlier and a $2.22 consensus estimate
• Adjusted net income: $1.29 billion, against $1.36 billion a year earlier
• Total revenue: $4.74 billion, against $9.82 billion a year earlier and a $5.86 billion estimate

Chairman and Chief Executive Officer Marc Rowan said, “Our strong third quarter results reflect the flywheel of our model, which starts with originating increasing amounts of good assets.”

Rowan added that origination reached a new high of $114 billion in the quarter, and that activity over the last twelve months exceeded $350 billion.

Segment results

Fee Related Earnings, the measure for the asset management business, rose to $802 million, up 23% from $652 million a year earlier. The company attributed the growth to record quarterly fee related revenue and margin expansion.

Management fees increased 18% from a year earlier to $1.02 billion. Capital solutions fees and other, net grew 37% to $290 million, a fourth consecutive quarterly record, the company said.

Spread Related Earnings, the measure for the Retirement Services segment, totaled $844 million, compared with $871 million a year earlier. Excluding notable items, which the company said reflect the result of Athene's annual assumption unlocking review, Spread Related Earnings were $909 million, up 7% from a year earlier.

Principal Investing Income was $52 million, compared with $50 million a year earlier.

Total assets under management reached $1.07 trillion, up 18% from a year earlier. The company said inflows were $53 billion in the quarter and $270 billion over the last twelve months.

Capital returns

The company repurchased $143 million of common stock in the quarter, including $68 million to substantially offset dilution. It had $2.89 billion remaining under its share repurchase authorization at quarter end.

Apollo declared a cash dividend of 56.25 cents per share for the third quarter. The dividend is payable on Nov. 30 to holders of record at the close of business on Nov. 18.

The company said it returned a total of $1.5 billion of capital to stockholders over the last twelve months through dividends and opportunistic share repurchases.