Filing Flows › Apollo Global Management (APO) › Q2 2026 › vs Q2 2025
Apollo Global Management (APO) Q2 2026 vs Q2 2025 (year over year)
Apollo Global Management's revenue rose $4.3B (+64%) from $6.8B in Q2 2025 to $11.2B in Q2 2026. The biggest changes: Retirement Services +$3.8B (+67%); Asset Management +$520M (+47%). Operating margin 22.3% against 12.4% (+9.9 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 22.3% | 12.4% | +9.9 pts |
| Net margin | 12.2% | 9.2% | +3.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Retirement Services | $9.5B | $5.7B | $3.8B | +67% |
| Asset Management | $1.6B | $1.1B | $520M | +47% |
| Revenue | $11.2B | $6.8B | $4.3B | +64% |
| Operating profit | $2.5B | $845M | $1.6B | +194% |
| Costs & expenses | $8.7B | $6.0B | $2.7B | +45% |
| Pre-tax earnings | $2.5B | $845M | $1.6B | +194% |
| Net earnings | $1.4B | $630M | $731M | +116% |
| Minority interests | $728M | $212M | $516M | +243% |
| Income tax | $396M | $3.0M | $393M | 132× |
| Depreciation & amortization | $414M | $332M | $82.0M | +25% |
| Share-based compensation | $246M | $166M | $80.0M | +48% |
| Working capital & other | $860M | $134M | $726M | +542% |
| Operating cash flow | $2.9B | $1.3B | $1.6B | +128% |
Questions
How much did Apollo Global Management's revenue grow year over year in Q2 2026?
Apollo Global Management's revenue rose $4.3B (+64%) from $6.8B in Q2 2025 to $11.2B in Q2 2026.
What drove Apollo Global Management's revenue change in Q2 2026?
Retirement Services +$3.8B (+67%); Asset Management +$520M (+47%).