Apollo Global Management Q3 2026 Earnings Miss as Record Origination and AUM Growth Offset by GAAP Loss

Apollo Global Management reported third-quarter 2026 adjusted earnings per share of $2.07, missing Wall Street consensus estimates of $2.20 by $0.13 and falling 5% from the prior year. GAAP EPS came in at a loss of $1.78, with the company posting a GAAP net loss of $1.1 billion driven by unrealized mark-to-market losses in its Retirement Services segment. Adjusted net income excluding notable items was $2.15 per share, roughly flat against $2.14 a year earlier.

Fee-Related Earnings rose 23% year over year to $802 million, fueled by record fee-related revenue, and came in slightly above the $789.1 million analyst estimate. Spread-Related Earnings of $844 million declined 3% year over year. Total AUM grew 18% to $1.07 trillion, just below the $1.08 trillion consensus, while fee-generating AUM reached $880 billion against an estimate of $881.67 billion. Gross inflows for the quarter totaled $53 billion, and total origination hit a record $114 billion. Principal Investing Income rose 4% year over year to $52 million. Apollo maintained its quarterly dividend at $0.5625 per share.

Shares slid on the day of the report, reflecting the adjusted EPS miss and the GAAP net loss. Looking ahead, Apollo said it plans to spend approximately $350 million to enhance private credit trading infrastructure, part of a broader effort to bring greater price transparency and liquidity to the sector.