Apollo Global Management, Inc. (NYSE:APO) reported second-quarter 2026 results that featured stronger-than-expected revenue, although earnings came in slightly below Wall Street forecasts.
Despite the earnings miss, investors responded positively to the company’s record fee growth and expanding assets under management, sending the stock 2.67% higher in pre-market trading.
Revenue Tops Expectations While EPS Falls Short
Apollo posted adjusted earnings of $2.11 per share for the quarter ended June 30, below the analyst consensus estimate of $2.19.
Revenue, however, climbed to $11.15 billion, far exceeding market expectations of $5.6 billion and rising sharply from $6.81 billion in the same period last year.
The results reflected continued momentum across the firm’s asset management and retirement services businesses.
Fee-Related Earnings Reach Record Levels
The company generated record Fee Related Earnings (FRE) of $785 million during the quarter, representing year-over-year growth of 25%.
The increase was driven by record fee-related revenue and continued margin expansion.
Spread Related Earnings (SRE) also reached a record $877 million, up 7% from a year earlier, supported by sustained organic growth.
Combined FRE and SRE totalled approximately $1.7 billion for the quarter.
Assets Under Management Continue to Expand
Apollo’s assets under management increased 25% year over year to $1.05 trillion.
The company attracted $60 billion of inflows during the quarter and $298 billion over the past 12 months, highlighting continued demand for its investment strategies.
Management fee revenue rose 23% to $1.0 billion, while capital solutions fees increased 28% to a record quarterly total of $277 million.
The FRE margin also improved, expanding by 120 basis points to 58.5%.
Origination Activity Remains Strong
Quarterly origination volume reached $74 billion.
Organic inflows totalled a record $60 billion, including $38 billion from the Asset Management division and $22 billion from Retirement Services.
The results underscored the company’s continued ability to grow across multiple business lines.
Apollo Increases Shareholder Returns
Apollo declared a quarterly cash dividend of $0.5625 per share, payable on August 31 to shareholders of record as of August 19.
During the quarter, the company also repurchased $102 million of its own shares, including $73 million to offset share dilution and an additional $29 million through opportunistic buybacks.
Apollo Global Management stock price
