Revenue Decline
Total revenue fell 8.8% year-over-year to $5.059B in Q1 FY2026 from $5.548B in the prior-year period, signaling headwinds in fee-related or investment income streams.
Source: 10-Q Income Statement
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
APO reported a sharp net loss of -$1.906B in Q1 FY2026, reversing a $442M profit a year ago, driven by a -8.8% revenue decline to $5.059B, even as operating cash flow surged +60.1% to $1.620B.
Revenue
$5.06B
-8.81% YoY
EPS (Diluted)
-$3.27
-580.88% YoY
Source: SEC XBRL
Apollo Global Management (APO) reported Q1 FY2026 revenue of $5.06B, down 8.8% year over year. Operating cash flow was $1.62B, up 60.1% year over year. APO's fiscal Q1 FY2026 corresponds to calendar Q1 2026.
Last 4 quarters: 2 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 2.11 | 2.20 | Miss -3.9% |
| Mar 2026This filing | 1.94 | 1.95 | Miss -0.5% |
| Dec 2025 | 2.47 | 2.07 | Beat +19.3% |
| Sep 2025 | 2.17 | 1.93 | Beat +12.4% |
Adjusted (non-GAAP) EPS of $1.94 versus the $1.95 analyst consensus — a -0.5% miss for Mar 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was -$3.27.
Compiled by AI from this SEC filing
Total revenue fell 8.8% year-over-year to $5.059B in Q1 FY2026 from $5.548B in the prior-year period, signaling headwinds in fee-related or investment income streams.
Source: 10-Q Income Statement
APO swung to a net loss of -$1.906B from a net income of $442M in Q1 FY2025, a -531.2% deterioration, likely reflecting mark-to-market losses or significant non-cash charges on investment portfolios.
Source: 10-Q Income Statement
Despite the reported net loss, operating cash flow improved significantly by +60.1% to $1.620B, suggesting the net loss may be driven by non-cash items rather than underlying business deterioration.
Source: 10-Q Cash Flow Statement
Total assets grew +18.3% to $467.530B and total liabilities rose +18.0% to $427.997B, reflecting continued growth in Apollo's insurance and asset management platforms, with long-term debt up +34.4% to $14.220B.
Source: 10-Q Balance Sheet
Share repurchases surged +227.5% year-over-year to $632M, indicating management's confidence in the long-term value of the business despite the near-term reported loss.
Source: 10-Q Cash Flow Statement
Compiled by AI from this SEC filing · 2 high, 3 medium, 0 low
APO's net loss of -$1.906B despite positive operating cash flow of $1.620B suggests significant unrealized investment losses or fair-value adjustments. As a large alternative asset manager with substantial insurance liabilities, mark-to-market swings can cause dramatic reported earnings volatility that may not reflect true economic performance.
Source: 10-Q Income Statement & Cash Flow Statement
The debt-to-equity ratio stands at an elevated 21.45x, and long-term debt increased +34.4% to $14.220B year-over-year. This high leverage, common in insurance-linked asset managers, amplifies sensitivity to interest rate changes and credit market conditions.
Source: 10-Q Balance Sheet
ROE deteriorated to -9.55% from a positive level in the prior year, driven by the net loss. Sustained negative returns on equity could pressure the stock and raise questions about capital allocation efficiency if the trend persists beyond one quarter.
Source: 10-Q Income Statement & Balance Sheet
Financing cash flow dropped -30.8% to $9.872B, suggesting reduced capital inflows from debt issuances or insurance premium deposits. This could constrain future investment capacity if the trend continues.
Source: 10-Q Cash Flow Statement
Revenue declined -8.8% YoY to $5.059B, reflecting the cyclical nature of alternative asset management and insurance investment income. Fee revenues and realized gains can be highly sensitive to market conditions, creating earnings unpredictability.
Source: 10-Q Income Statement
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 5.06 $B | 5.55 $B | -8.81% |
Net Income $B | -1.91 $B | 0.44 $B | -531.22% |
EPS (Basic) $ | -3.27 $ | 0.68 $ | -580.88% |
EPS (Diluted) $ | -3.27 $ | 0.68 $ | -580.88% |
Answers draw on this SEC filing and the data on this page
Apollo Global Management posted strong second-quarter results, driven by surging Retirement Services revenue and asset management AUM growth, though performance fee volatility remains a risk.
APO (Apollo Global Management) delivered strong revenue growth of 22.7% to $32.0B in FY2025, but net income declined 22.1% to $3.5B, while operating cash flow more than doubled to $7.2B, reflecting the firm's expanding alternative asset management and insurance platform.
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