Filing Flows › Apollo Commercial Real Estate Finance (ARI) › Q1 2026 › vs Q4 2025
Apollo Commercial Real Estate Finance (ARI) Q1 2026 vs Q4 2025 (quarter over quarter)
Apollo Commercial Real Estate Finance's revenue fell $14.6M (-20%) from $73.3M in Q4 2025 to $58.6M in Q1 2026. Operating margin 45.1% against 39.7% (+5.4 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 Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Operating margin | 45.1% | 39.7% | +5.4 pts |
| Net margin | 44.7% | 39.9% | +4.9 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $58.6M | $73.3M | −$14.6M | -20% |
| Operating profit | $26.5M | $29.1M | −$2.6M | -9% |
| Costs & expenses | $32.2M | $44.2M | −$12.0M | -27% |
| Pre-tax earnings | $26.5M | $29.1M | −$2.6M | -9% |
| General & admin | $6.0M | $7.5M | −$1.6M | -21% |
| Other operating costs | $26.2M | $36.6M | −$10.4M | -28% |
| Net earnings | $26.2M | $29.2M | −$3.0M | -10% |
| Income tax | $230K | −$135K | $365K | — |
| Depreciation & amortization | $4.0M | $3.4M | $578K | +17% |
| Share-based compensation | $3.0M | $3.4M | −$338K | -10% |
| Working capital & other | $20.7M | $27.7M | −$7.1M | -25% |
| Operating cash flow | $12.6M | $8.2M | $4.3M | +52% |
| Capital expenditures | $12.8M | $18.4M | −$5.5M | -30% |
| Negative free cash flow (OCF − capex) | $271K | $10.1M | −$9.8M | -97% |
Questions
How much did Apollo Commercial Real Estate Finance's revenue grow quarter over quarter in Q1 2026?
Apollo Commercial Real Estate Finance's revenue fell $14.6M (-20%) from $73.3M in Q4 2025 to $58.6M in Q1 2026. Operating margin 45.1% against 39.7% (+5.4 pts).