Filing Flows › Apollo Global Management (APO) › How it makes money
How Apollo Global Management (APO) makes money
Apollo Global Management (APO) made $4.7B of revenue in the third quarter 2026 (Q3 2026), -52% from a year earlier. Retirement Services brought in $3.5B (73%); Asset Management brought in $1.3B (27%).
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Retirement Services | $3.5B | 72.9% | -64% | -59% |
| Asset Management | $1.3B | 27.1% | -21% | -14% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $4.7B | 100.0% |
| Operating cash flow | $136M | 2.9% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $4.7B | -52% |
| Q2 2026 | $11.2B | +64% |
| Q1 2026 | $5.1B | -9% |
| Q4 2025 | $9.9B | +87% |
| Q3 2025 | $9.8B | +26% |
| Q2 2025 | $6.8B | +13% |
| Q1 2025 | $5.5B | -21% |
From Apollo Global Management's 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does Apollo Global Management make money?
Apollo Global Management (APO) made $4.7B of revenue in the third quarter 2026 (Q3 2026), -52% from a year earlier. Retirement Services brought in $3.5B (73%); Asset Management brought in $1.3B (27%).
What is Apollo Global Management's biggest business?
Retirement Services: $3.5B in the third quarter 2026, 73% of revenue, -59% from a year earlier.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.