8.8%$5.059B$5.548B
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: Source: 10-Q Income Statement
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 (Basic)
$-3.27
-580.88% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-Q 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: 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: 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: Source: 10-Q Cash Flow Statement
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Upgrade to unlockAPO'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: Source: 10-Q Income Statement & Cash Flow Statement
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Upgrade to unlockReported EPS of $1.94 versus the $1.95 analyst consensus — a -0.5% miss for Q1 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $5.06B | $5.55B | -8.81% |
Net Income | $-1.91B | $442M | -531.22% |
EPS (Basic) | $-3.27 | $0.68 | -580.88% |
EPS (Diluted) | $-3.27 | $0.68 | -580.88% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $467.53B | $395.05B | +18.35% |
Total Liabilities | $428B | $362.7B | +18.00% |
Stockholders' Equity | $19.95B | $17.98B | +10.99% |
Long-Term Debt | $14.22B | $10.58B | +34.39% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $1.62B | $1.01B | +60.08% |
Investing Cash Flow | $-8.33B | $-16.89B | +50.65% |
Financing Cash Flow | $9.87B | $14.27B | -30.84% |
Share Buybacks | $632M | $193M | +227.46% |
D&A | $397M | $308M | +28.90% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Net Margin | -37.7% | — | — |
ROE | -9.6% | — | — |
ROA | -0.4% | — | — |
Debt to Equity | $21.452 | — | — |
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APO reported a net loss of -$1.906B in Q1 FY2026, compared to a profit of $442M in Q1 FY2025. However, operating cash flow was a positive $1.620B, strongly suggesting the loss was driven by non-cash items such as unrealized mark-to-market losses on investments rather than deterioration in the underlying business.
The headline story was a dramatic swing to a -$1.906B net loss from +$442M profit, with revenue declining 8.8% to $5.059B. On the positive side, operating cash flow surged +60.1% to $1.620B and share buybacks accelerated +227.5% to $632M, signaling management confidence in the business.
APO's revenue declined 8.8% year-over-year to $5.059B in Q1 FY2026, down from $5.548B in Q1 FY2025. This reflects the cyclical sensitivity of alternative asset management and insurance investment income to market conditions.
APO's balance sheet expanded significantly with total assets growing +18.3% to $467.530B, though long-term debt rose +34.4% to $14.220B and the debt-to-equity ratio stands at an elevated 21.45x. Stockholders' equity grew +11.0% to $19.951B, and strong operating cash flow of $1.620B supports near-term liquidity despite the reported net loss.
Yes, APO repurchased $632M of shares in Q1 FY2026, a +227.5% increase compared to $193M in Q1 FY2025. This aggressive buyback activity suggests management views the current share price as attractive despite the headline net loss.