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Apollo Global Management (APO) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Apollo Global Management (APO) Q3 2026 earnings results →
Q3 2026 Revenue down 52% year over year to $4.7B · 24¢ of every $1 of revenue lost · operating margin -30.9%
Apollo Global Management made $4.7B in Q3 2026 (-52% Y/Y): Retirement Services $3.5B, Asset Management $1.3B. Operating margin -30.9%, net loss $1.1B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $4.7B in Q3 2026, down 52% year over year and down 58% from the previous quarter. Retirement Services was the largest line at 73% of revenue. Retirement Services lost $4.9B year over year (down 59%), 96% of the total change.
Operating costs exceeded revenue by $1.5B, an operating margin of -30.9%. Total costs fell 10% while revenue fell 52%. The quarter ended with a net loss of $1.1B, after a profit of $2.1B the previous quarter. Minority interests bore $0.07B of it: to shareholders the quarter was a loss of $1.1B.
Operating cash flow was $0.14B (down 55% year over year). Non-cash charges added back $0.54B of depreciation and amortization and $0.24B of share-based compensation. Working capital and other items added $0.48B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $4.7B | -52% | -30.9% | −$1.1B | $136M |
| Q2 2026 | 10-Q | Aug 10, 2026 | $11.2B | +64% | 22.3% | $1.4B | $2.9B |
| Q1 2026 | 10-Q | May 7, 2026 | $5.1B | -9% | 5.6% | −$1.4B | $1.6B |
| Q4 2025 | 10-K | Feb 25, 2026 | $9.9B | +87% | 17.8% | $684M | $4.7B |
| Q3 2025 | 10-Q | Nov 10, 2025 | $9.8B | +26% | 29.5% | $1.7B | $303M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $6.8B | +13% | 12.4% | $630M | $1.3B |
| Q1 2025 | 10-Q | May 7, 2025 | $5.5B | -21% | 21.3% | $442M | $1.0B |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Apollo Global Management
Founded in 1990, Apollo is a high-growth, global alternative asset manager and a retirement services provider. Apollo conducts its business primarily in the U.S. through the following three reportable segments: Asset Management, Retirement Services and Principal Investing. These business segments are differentiated based on the investment services they provide as well as varying investing strategies. Our Asset Management segment focuses on credit and equity investing strategies. These strategies reflect the range of investment capabilities across our platform based on relative risk and return. As an asset manager, we earn fees for providing investment management services and expertise to our client base. The amount of fees charged for managing these assets depends on the underlying investment strategy, liquidity profile, and, ultimately, our ability to generate returns for our clients.
In its own words, from its 10-K, filed Feb 25, 2026.
Apollo Global Management against its Investment Advice peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -52% against the peers' median +6%. Operating margin: -30.9% against the peers' median 24.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| APO Apollo Global Management | Q3 2026 | $4.7B | -52% | -30.9% |
| KKR KKR | Q2 2026 | $5.7B | +12% | 24.0% |
| AMP Ameriprise Financial | Q3 2026 | $5.2B | +6% | 28.9% |
| BX Blackstone | Q3 2026 | $3.1B | -0.8% | 46.9% |
| BEN Franklin Templeton | Q4 FY26 | $2.4B | +4% | 14.6% |
| TROW Price T Rowe Group | Q3 2026 | $2.0B | +6% | 38.4% |
| IVZ Invesco | Q3 2026 | $1.9B | +14% | 23.3% |
| BAM Brookfield Asset Management | Q2 2026 | $1.8B | +61% | 62.4% |
| ARES Ares Management | Q3 2026 | $1.3B | +9% | 13.1% |
Source: Apollo Global Management 10-Q on SEC EDGAR · CIK 1858681 · Investment Advice
Guidance and outlook
13F: who owns APO and who is buying
More on APO
- How Apollo Global Management makes money: revenue by segment
- Apollo Global Management next earnings date and what analysts expect
- Apollo Global Management stock forecast, price target and fair value
- Who owns Apollo Global Management stock: holders, funds and Congress trades
- Apollo Global Management guidance and outlook
- Apollo Global Management recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results