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.
来源: Source: 10-Q Income Statement
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AI核心结论
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.
营业收入
$5.06B
同比 -8.81%
每股收益（基本）
$-3.27
同比 -580.88%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Apollo Global Management (APO) Q1 FY2026 营收 $5.06B，同比下降 8.8%。 净亏损 $1.91B，稀释每股收益 -$3.27。
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.
来源: 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.
来源: 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.
来源: 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.
来源: 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.
来源: Source: 10-Q Cash Flow Statement
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.
来源: 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.
来源: 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.
来源: 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.
来源: 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.
来源: Source: 10-Q Income Statement
Q1 FY2026 实际 EPS $1.94，分析师一致预期 $1.95，不及预期 -0.5%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $5.06B | $5.55B | -8.81% |
净利润 | $-1.91B | $442M | -531.22% |
每股收益（基本） | $-3.27 | $0.68 | -580.88% |
每股收益（稀释） | $-3.27 | $0.68 | -580.88% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $467.53B | $395.05B | +18.35% |
总负债 | $428B | $362.7B | +18.00% |
股东权益 | $19.95B | $17.98B | +10.99% |
长期债务 | $14.22B | $10.58B | +34.39% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $1.62B | $1.01B | +60.08% |
投资活动现金流 | $-8.33B | $-16.89B | +50.65% |
筹资活动现金流 | $9.87B | $14.27B | -30.84% |
股票回购 | $632M | $193M | +227.46% |
折旧及摊销 | $397M | $308M | +28.90% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
净利率 | -37.7% | — | — |
净资产收益率 | -9.6% | — | — |
总资产收益率 | -0.4% | — | — |
资产负债率 | $21.452 | — | — |
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.