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Sentiment · FY2026 Q2
Apollo posted record FRE of $728 million or $1.17 per share up 30% year-over-year, though GAAP revenue and earnings declined significantly due to investment return volatility impacting SRE mark-to-market results. Retirement Services experienced spread compression as equity market declines reduced Athene's portfolio returns. The fee-related business demonstrated its resilience and independence from market-sensitive investment income.
Competitive Dynamics | Credit | Subscriber Growth | Demand | M&A | Capital Allocation | Innovation & R&D | Regulation Policy | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 3 | 2 | 1 | 3 | 2 | 1 | |
| 2025Q1 | 4 | 2 | 2 | 3 | 1 | 2 | ||
| 2025Q2 | 3 | 2 | 4 | 2 | 1 | 1 | 2 | 1 |
| 2025Q3 | 3 | 5 | 4 | 1 | 1 | 1 | 1 | 2 |
| 2025Q4 | 5 | 5 | 4 | 2 | 1 | 2 | 1 | |
| 2026Q1 | 2 | 3 | 3 | 1 | 2 | 3 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Competitive Dynamics | 3 | 4 | 3 | 3 | 5 | 2 |
| Credit | 3 | 2 | 2 | 5 | 5 | 3 |
| Subscriber Growth | 2 | 2 | 4 | 4 | 4 | |
| Demand | 1 | 3 | 2 | 1 | 2 | 3 |
| M&A | 3 | 1 | 1 | 1 | 1 | 1 |
| Capital Allocation | 2 | 1 | 1 | 2 | 2 | |
| Innovation & R&D | 2 | 2 | 1 | 3 | ||
| Regulation Policy | 1 | 1 | 2 | 1 | 1 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Glenn Schorr | Evercore ISI | 7 (14%) |
| Alex Blostein | Goldman Sachs | 7 (14%) |
| Patrick Davitt | Autonomous Research | 7 (14%) |
| Bill Katz | TD Cowen | 7 (14%) |
| Steve Chubak | Wolfe Research | 5 (0%) |
| Brennan Hawken | BMO Capital Markets | 5 (40%) |
| Ken Worthington | JPMorgan | 5 (0%) |
| Ben Budish | Barclays | 5 (0%) |
| Mike Cyprys | Morgan Stanley | 5 (0%) |
| Mike Brown | UBS | 5 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 1 | 7 (14%) |
| Autonomous Research | 1 | 7 (14%) |
| TD Cowen | 1 | 7 (14%) |
| Evercore ISI | 1 |
| 7 (14%) |
| Piper Sandler | 4 | 6 (17%) |
| Raymond James | 1 | 5 (0%) |
| Wolfe Research | 1 | 5 (0%) |
| Barclays | 1 | 5 (0%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $5.28B | -52.2% | $2.39 | -48.6% | 36.4% | 27.2% |
| FY2025 Q1 | $5.55B | -21.2% | $0.68 | -70.2% | 27.6% | 7.7% |
| FY2025 Q2 | $6.81B | +13.2% | $1.02 | -24.4% | 21.3% | 9.2% |
| FY2025 Q3 | $9.82B | +26.4% | $2.78 | +115.5% | 32.3% | 17.7% |
| FY2025 Q4 | $8.11B | +53.6% | $2.78 | +16.3% | 52.6% | 20.8% |
| FY2026 Q1 | $4.93B | -11.1% | $-3.24 | -576.5% | 6.7% | -38.6% |
| FY2026 Q2 | $11.15B | +63.7% | $2.15 | +110.8% | 21.6% | 12.2% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What APO and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We also announced a definitive agreement with Apollo Funds for a $1.25 billion strategic minority investment in Medical-Surgical Solutions, representing approximately 13% minority interest and valuing NewCo at approximately $13 billion of total enterprise value.”
Apollo is making a $1.25 billion strategic minority investment (~13%) in McKesson's Medical-Surgical Solutions carve-out, valuing NewCo at ~$13 billion.
“includes some of the world's largest asset managers, including Apollo Funds, Arc Invest, BlackRock, Janus Henderson Investors”
Apollo participated as a strategic investor in Circle's Arc token presale, which raised $222 million at a $3 billion fully diluted network value.
“Our land banking relationships with no Rose, Angelo Gordon, Domain, Parstone, Apollo and others continue to function extremely well, providing just-in-time home site delivery in support of our manufacturing model.”
Apollo is named among Lennar's land banking counterparties providing just-in-time home site delivery, a read-through to Apollo's real-estate/land-banking capital deployment with homebuilders.
“our investment-grade public and private credit ETF, developed in partnership with Apollo Global Management, reach a new high watermark during January with AUM of over $800 million”
State Street's public/private credit ETF developed with Apollo Global Management reached over $800M AUM, a positive read-through for the SSGA-Apollo partnership.
“A meaningful development during the quarter was the launch of ICE Private Credit Intelligence with Apollo as our anchor partner.”
Apollo is the anchor partner for ICE's new Private Credit Intelligence data platform, reinforcing Apollo's central role as private credit institutionalizes.
“Lastly, we raised $1 billion in equity from Apollo as part of a programmatic venture that strives to ultimately deliver Realty Income's dependable income to the massive insurance and annuity market.”
Apollo committed $1B of equity into a programmatic JV with Realty Income targeting insurance/annuity capital; read-through on Apollo deploying perpetual capital into net-lease real estate.
“on insurance, for example, we talked about a relationship with Marsh and Apollo as well to build out insurance.”
Apollo Global is named as a partner in Uber's AV insurance build-out, a modest read-through on Apollo's involvement in AV risk financing.
“we've definitely seen an uptick in activity with Aflac and Prudential doing some deals.”
An analyst noted increased deal activity by Prudential in the Japanese insurance market, a competitive dynamic for Apollo/Athene.
“we've definitely seen an uptick in activity with Aflac and Prudential doing some deals.”
An analyst noted increased deal activity by Aflac in the Japanese insurance market, where it competes with Apollo/Athene.
“in connection with the support of State Street's product that mixed for the first time public and private investment grade, we began market making.”
Apollo began market-making in private assets in support of a State Street product blending public and private investment grade, a distribution partnership for State Street.
“our venture with ICE will bring greater transparency and consistency of data to this market.”
Apollo's venture with Intercontinental Exchange (ICE) will assign ICE IDs to private assets, a data/standardization partnership expanding ICE's role in private markets.
“Intel and AB InBev are 2 examples that have gone full cycle from origination to repayment.”
AB InBev was an Apollo high-grade capital solutions client whose financing went full cycle from origination to repayment.
“On Intel specifically, they came to us with a need, we solved it as principal. And as their financial position evolved, they repaid the financing, netting a $3 billion gain for us and our clients.”
Intel was an Apollo financing client that repaid its financing as its financial position improved, netting Apollo and clients a $3 billion gain, a positive read on Intel's recovery.
“First, we provided a $19 billion bridge commitment in support of Paramount's acquisition of Warner Bros.”
Warner Bros. is the target of Paramount's acquisition, which Apollo is helping finance with a $19 billion bridge commitment.
“First, we provided a $19 billion bridge commitment in support of Paramount's acquisition of Warner Bros.”
Apollo provided a $19 billion bridge commitment financing Paramount's acquisition of Warner Bros., positioning Paramount as a large-scale M&A financing client.