Filing Flows › Apollo Global Management (APO) › Q2 2026 › vs Q1 2026
Apollo Global Management (APO) Q2 2026 vs Q1 2026 (quarter over quarter)
Apollo Global Management's revenue rose $6.1B (+120%) from $5.1B in Q1 2026 to $11.2B in Q2 2026. The biggest changes: Retirement Services +$5.5B (+135%); Asset Management +$616M (+61%). Operating margin 22.3% against 5.6% (+16.7 pts).
Apollo Global Management, Q2 2026: revenue $11.2B (+64% year over year), operating margin 22.3%, net earnings $1.4B, operating cash flow $2.9B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 22.3% | 5.6% | +16.7 pts |
| Net margin | 12.2% | -37.7% | +49.9 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Retirement Services | $9.5B | $4.0B | $5.5B | +135% |
| Asset Management | $1.6B | $1.0B | $616M | +61% |
| Revenue | $11.2B | $5.1B | $6.1B | +120% |
| Operating profit | $2.5B | $283M | $2.2B | +778% |
| Costs & expenses | $8.7B | $4.8B | $3.9B | +81% |
| Pre-tax earnings | $2.5B | $283M | $2.2B | +778% |
| Net earnings | $1.4B | −$1.9B | $3.3B | — |
| Minority interests | $728M | $495M | $233M | +47% |
| Income tax | $396M | $1.7B | −$1.3B | -77% |
| Depreciation & amortization | $414M | $397M | $17.0M | +4% |
| Share-based compensation | $246M | $232M | $14.0M | +6% |
| Working capital & other | $860M | $2.9B | −$2.0B | -70% |
| Operating cash flow | $2.9B | $1.6B | $1.3B | +78% |
Questions
How much did Apollo Global Management's revenue grow quarter over quarter in Q2 2026?
Apollo Global Management's revenue rose $6.1B (+120%) from $5.1B in Q1 2026 to $11.2B in Q2 2026.
What drove Apollo Global Management's revenue change in Q2 2026?
Retirement Services +$5.5B (+135%); Asset Management +$616M (+61%).