Q2 2026 Revenue down 37% year over year to $44.4M · 58¢ of every $1 of revenue kept as net profit · operating margin 58.1%
Apollo Commercial Real Estate Finance made $44.4M in Q2 2026 (-37% Y/Y). Operating margin 58.1%, net earnings $25.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.
Revenue$44.4M
Year over year-37%
Operating margin58.1%
Net earnings$25.8M
Operating cash flow$33.9M
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 $44.4M in Q2 2026, down 37% year over year and down 24% from the previous quarter.
Operating profit was $25.8M, a 58.1% margin (up 28.7 points year over year). Total costs fell 63% while revenue fell 37%. Net earnings were $25.8M, up 24% year over year. The effective tax rate was 0.1%.
Operating cash flow was $33.9M (down 46% year over year), 132% of net earnings. Non-cash charges added back $4.6M of depreciation and amortization and $3.0M of share-based compensation. Capital expenditures of $9.4M left free cash flow of $24.5M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Aug 10, 2026
$44.4M
-37%
58.1%
$25.8M
$33.9M
Q1 2026
10-Q
Apr 28, 2026
$58.6M
-11%
45.1%
$26.2M
$12.6M
Q4 2025
10-K
Feb 10, 2026
$73.3M
+4%
39.7%
$29.2M
$8.2M
Q3 2025
10-Q
Oct 30, 2025
$61.6M
-14%
82.8%
$50.8M
$31.7M
Q2 2025
10-Q
Jul 29, 2025
$70.9M
-13%
29.4%
$20.7M
$63.2M
Q1 2025
10-Q
Apr 24, 2025
$65.8M
-18%
39.7%
$26.0M
$39.3M
Q4 2024
10-K
Feb 10, 2025
$70.5M
-16%
57.9%
$40.7M
$49.9M
Charts
Latest (Q2 2026): Y/Y -37%, Q/Q -24%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q2 2026): Net income $25.8M, Operating cash flow $33.9M.-6.2% since FY2020: buybacks shrank the count.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
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
Apollo Commercial Real Estate Finance, Inc. is a corporation that has elected to be taxed as a REIT for U.S. federal income tax purposes and primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings and other commercial real estate-related debt investments. These asset classes are referred to as our target assets. We are externally managed and advised by the Manager, an indirect subsidiary of Apollo Global Management, Inc. (together with its subsidiaries, "Apollo"), a global, high-growth alternative asset manager with assets under management of approximately $938.4 billion as of December 31, 2025. The Manager is led by an experienced team of senior real estate professionals who have significant experience in underwriting and structuring commercial real estate financing transactions.
In its own words, from its 10-K, filed Feb 10, 2026.
Apollo Commercial Real Estate Finance against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -37% against the peers' median +11%. Operating margin: 58.1% against the peers' median 20.6%.