Filing Flows › Apollo Commercial Real Estate Finance (ARI) › Q1 2026 › vs Q1 2025
Apollo Commercial Real Estate Finance (ARI) Q1 2026 vs Q1 2025 (year over year)
Apollo Commercial Real Estate Finance's revenue fell $7.2M (-11%) from $65.8M in Q1 2025 to $58.6M in Q1 2026. Operating margin 45.1% against 39.7% (+5.5 pts).
Apollo Commercial Real Estate Finance, Q1 2026: revenue $58.6M (-11% year over year), operating margin 45.1%, net earnings $26.2M, operating cash flow $12.6M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Operating margin | 45.1% | 39.7% | +5.5 pts |
| Net margin | 44.7% | 39.5% | +5.2 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $58.6M | $65.8M | −$7.2M | -11% |
| Operating profit | $26.5M | $26.1M | $350K | +1% |
| Costs & expenses | $32.2M | $39.7M | −$7.5M | -19% |
| Pre-tax earnings | $26.5M | $26.1M | $350K | +1% |
| General & admin | $6.0M | $6.7M | −$700K | -11% |
| Other operating costs | $26.2M | $33.1M | −$6.8M | -21% |
| Net earnings | $26.2M | $26.0M | $236K | +0.9% |
| Income tax | $230K | $116K | $114K | +98% |
| Depreciation & amortization | $4.0M | $2.5M | $1.5M | +62% |
| Share-based compensation | $3.0M | $3.4M | −$383K | -11% |
| Working capital & other | $20.7M | −$7.4M | $28.1M | — |
| Operating cash flow | $12.6M | $39.3M | −$26.8M | -68% |
| Capital expenditures | $12.8M | $24.9M | −$12.0M | -48% |
| Negative free cash flow (OCF − capex) | $271K | −$14.4M | $14.7M | — |
Questions
How much did Apollo Commercial Real Estate Finance's revenue grow year over year in Q1 2026?
Apollo Commercial Real Estate Finance's revenue fell $7.2M (-11%) from $65.8M in Q1 2025 to $58.6M in Q1 2026. Operating margin 45.1% against 39.7% (+5.5 pts).