Apollo Global Management (APO) Research

Forward Estimates

EPS Estimates

Current Qtr

$2.20

$2.07$2.36

vs $1.92+14.7%

15 analysts

Next Qtr

$2.33

$2.24$2.44

vs $2.17+7.1%

14 analysts

Current Yr

$8.88

$7.98$9.20

vs $8.38+6.0%

18 analysts

Next Yr

$10.61

$9.74$11.26

vs $8.88+19.5%

18 analysts

Revenue Estimates

Current Qtr

$1.35B

$1.33B$1.40B

vs $1.09B+23.7%

5 analysts

Next Qtr

$1.40B

$1.37B$1.44B

vs $1.15B+22.2%

5 analysts

Current Yr

$5.48B

$5.42B$5.58B

vs $4.46B+22.8%

5 analysts

Next Yr

$6.28B

$5.84B$6.55B

vs $5.48B+14.5%

6 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for APO on EDGAR.

APO filing events and research context
Filed	Item	Context
May 7, 2026	mda_quarterly	Apollo’s Principal Investing segment earnings rose to $75 million for the quarter ended March 31, 2026, up from $14 million in the prior-year period. This increase was driven by a $167 million rise in realized performance fees, primarily from Fund X and portfolio company sales, and an $18 million increase in realized investment income, including a recovery of a previously impaired Bridge loan receivable. These gains were partially offset by a $125 million increase in principal investing compensation expense. While Adjusted Net Income grew to $1.2 billion, the company reported a GAAP Net Loss of $1.4 billion, primarily due to a $1.7 billion valuation allowance against Bermuda deferred tax assets following OECD Pillar Two tax guidance. Within Asset Management, equity strategies such as opportunistic buyouts and corporate carve-outs drove performance, with Fund X generating a 32% gross IRR. Credit AUM reached $28.3 billion. Athene’s retirement services segment manages $300.3 billion in net invested assets, utilizing highly rated bonds and cash to manage liquidity. Key operational risks include the inherent volatility of performance-fee-driven earnings and the impact of evolving international tax regulations on deferred tax assets.
Feb 25, 2026	business	Apollo operates within a stringent global regulatory framework overseen by the SEC, FINRA, and EU authorities, with increasing scrutiny on private fund management and sustainability disclosures. The company’s retirement services business, primarily through Athene, is now classified as an Internationally Active Insurance Group (IAIG), subjecting it to rigorous global capital standards. Athene also faces legal headwinds from ERISA-related class actions concerning pension group annuity transfers, which may impair customer inflows and increase regulatory oversight. Financial risks are compounded by complex global taxation, specifically the OECD’s BEPS 2.0 Pillar Two initiative and the Bermuda Corporate Income Tax. The latter necessitated a $1.7 billion equity reduction for ACRA following the revocation of a specific tax election. Additionally, Apollo faces physical climate risks due to significant real estate concentrations in weather-prone regions, including California and the U.S. Gulf Coast. From a capital structure perspective, the company is subject to potential dilution from the mandatory conversion of Preferred Stock scheduled for July 2026. Cybersecurity is managed as a core operational risk through an integrated enterprise risk management framework focusing on technical safeguards and third-party risk.
Feb 25, 2026	mda	Principal Investing Income (PII) rose to $338 million in 2025, driven by realized performance fees from Fund X, HVF II, and Accord+, alongside gains from the partial sale of Global Business Travel Group, Inc. These gains were partially offset by $892 million in principal investing compensation. Adjusted Net Income for 2025 was $5.195 billion. The company maintains a robust liquidity position with $18.3 billion in unrestricted cash and $5.1 billion in available credit facilities. Athene, the retirement services segment, reported net invested assets of $292.4 billion and a consolidated RBC ratio of 441%, reflecting strong organic growth and capital sufficiency. Investment activity remains focused on corporate carve-outs and opportunistic buyouts, particularly within Fund X and Fund IX. A critical upcoming financial impact includes a $1.7 billion valuation allowance in Q1 2026 following the revocation of ACRA’s Bermuda CIT election in response to OECD Pillar Two guidance. Overall financial performance remains sensitive to the cyclical nature of performance fees and the company's ability to raise new investor capital to grow assets under management.

Filed

Item

Context

May 7, 2026

mda_quarterly

Apollo’s Principal Investing segment earnings rose to $75 million for the quarter ended March 31, 2026, up from $14 million in the prior-year period. This increase was driven by a $167 million rise in realized performance fees, primarily from Fund X and portfolio company sales, and an $18 million increase in realized investment income, including a recovery of a previously impaired Bridge loan receivable. These gains were partially offset by a $125 million increase in principal investing compensation expense. While Adjusted Net Income grew to $1.2 billion, the company reported a GAAP Net Loss of $1.4 billion, primarily due to a $1.7 billion valuation allowance against Bermuda deferred tax assets following OECD Pillar Two tax guidance. Within Asset Management, equity strategies such as opportunistic buyouts and corporate carve-outs drove performance, with Fund X generating a 32% gross IRR. Credit AUM reached $28.3 billion. Athene’s retirement services segment manages $300.3 billion in net invested assets, utilizing highly rated bonds and cash to manage liquidity. Key operational risks include the inherent volatility of performance-fee-driven earnings and the impact of evolving international tax regulations on deferred tax assets.

Feb 25, 2026

business

Apollo operates within a stringent global regulatory framework overseen by the SEC, FINRA, and EU authorities, with increasing scrutiny on private fund management and sustainability disclosures. The company’s retirement services business, primarily through Athene, is now classified as an Internationally Active Insurance Group (IAIG), subjecting it to rigorous global capital standards. Athene also faces legal headwinds from ERISA-related class actions concerning pension group annuity transfers, which may impair customer inflows and increase regulatory oversight. Financial risks are compounded by complex global taxation, specifically the OECD’s BEPS 2.0 Pillar Two initiative and the Bermuda Corporate Income Tax. The latter necessitated a $1.7 billion equity reduction for ACRA following the revocation of a specific tax election. Additionally, Apollo faces physical climate risks due to significant real estate concentrations in weather-prone regions, including California and the U.S. Gulf Coast. From a capital structure perspective, the company is subject to potential dilution from the mandatory conversion of Preferred Stock scheduled for July 2026. Cybersecurity is managed as a core operational risk through an integrated enterprise risk management framework focusing on technical safeguards and third-party risk.

Feb 25, 2026

mda

Principal Investing Income (PII) rose to $338 million in 2025, driven by realized performance fees from Fund X, HVF II, and Accord+, alongside gains from the partial sale of Global Business Travel Group, Inc. These gains were partially offset by $892 million in principal investing compensation. Adjusted Net Income for 2025 was $5.195 billion. The company maintains a robust liquidity position with $18.3 billion in unrestricted cash and $5.1 billion in available credit facilities. Athene, the retirement services segment, reported net invested assets of $292.4 billion and a consolidated RBC ratio of 441%, reflecting strong organic growth and capital sufficiency. Investment activity remains focused on corporate carve-outs and opportunistic buyouts, particularly within Fund X and Fund IX. A critical upcoming financial impact includes a $1.7 billion valuation allowance in Q1 2026 following the revocation of ACRA’s Bermuda CIT election in response to OECD Pillar Two guidance. Overall financial performance remains sensitive to the cyclical nature of performance fees and the company's ability to raise new investor capital to grow assets under management.

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