It has been about a month since the last earnings report for Apollo Global Management Inc. (APO). Shares have added about 0.6% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Apollo Global Management due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important catalysts.
Apollo Q3 Earnings Beat Estimates, AUM Increase Y/Y
Apollo third-quarter 2025 adjusted net income per share of $2.17 surpassed the Zacks Consensus Estimate of $1.77. Further, the reported figure compared favorably with the year-ago adjusted net income of $1.85.
Results were primarily aided by an increased assets under management balance. The acquisition of Bride Investment Holdings provides Apollo Global with immediate scale in real estate equity and enhances its origination capabilities across secular growth areas. However, rising expenses acted as headwinds in the quarter.
The results include certain items. After considering those, net income attributable to Apollo Global (GAAP basis) was $1.71 billion, which surged from $787 million in the prior-year quarter.
Quarterly Revenues & Expenses Rise
Total revenues were $1.1 billion, up 23.9% year over year. Also, it topped the Zacks Consensus Estimate by 4.6%.
Total expenses for combined segments rose 22.3% year over year to $192 million in the reported quarter.
AUM Balance Rises
Fee-earnings AUM increased 24.3% on a year-over-year basis to $685 billion. The rise was driven by strong management fee growth and record capital solutions fees. Asset Management contributed $98 billion in inflows, driven by fundraising across institutional and global wealth channels, as well as $21 billion related to the acquisition of Bridge Investment Holdings, while Retirement Services contributed $84 billion to gross inflows, driven by robust organic growth.
As of Sept. 30, 2025, total AUM was $908 billion, up 23.9% on a year-over-year basis. Total AUM benefited from $136 billion in inflows from Asset Management and $84 billion in gross inflows from Retirement Services, partially offset by $61 billion in outflows, driven by normal course activity at Athene and $21 billion from realization activity.
Capital & Liquidity Position Weak
As of Sept. 30, 2025, Apollo Global had cash and cash equivalents of $2.8 billion, and debt of $4.8 billion.
Outlook
2025
Apollo expects fee-related earnings growth to be towards the higher end of the previously stated range of 15% to 20%.
2029
Apollo expects fee-related earnings to witness 20% average annual growth by 2029, while spread-related earnings are projected to witness 10% average annual growth by 2029.
Management projects $15 in ANI per share for 2029.
By 2029, Apollo expects to grow its total AUM to $1.5 trillion by scaling its private equity business.
Equity AUM is expected to reach $270 billion by 2029.
The company expects to expand its Global Wealth Management business to more than $150 billion by 2029.
Apollo anticipates generating $21 billion in capital by 2029.
How Have Estimates Been Moving Since Then?
Since the earnings release, investors have witnessed a upward trend in estimates review.
VGM Scores
At this time, Apollo Global Management has a poor Growth Score of F, however its Momentum Score is doing a bit better with a D. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Apollo Global Management has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Apollo Global Management is part of the Zacks Financial - Investment Management industry. Over the past month, Ameriprise Financial Services (AMP), a stock from the same industry, has gained 2.4%. The company reported its results for the quarter ended September 2025 more than a month ago.
Ameriprise reported revenues of $4.61 billion in the last reported quarter, representing a year-over-year change of +6%. EPS of $9.92 for the same period compares with $8.83 a year ago.
Ameriprise is expected to post earnings of $10.16 per share for the current quarter, representing a year-over-year change of +8.6%. Over the last 30 days, the Zacks Consensus Estimate has changed +1%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Ameriprise. Also, the stock has a VGM Score of A.
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Apollo Global Management Inc. (APO): Free Stock Analysis Report Ameriprise Financial, Inc. (AMP): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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