Filing Flows › Apollo Commercial Real Estate Finance (ARI) › Q1 2026
Apollo Commercial Real Estate Finance (ARI) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 28, 2026
Apollo Commercial Real Estate Finance (ARI) reported revenue of $58.6M for the first quarter 2026 (Q1 2026), -11% from a year earlier and -20% from the quarter before. Operating margin was 45.1%, net earnings $26.2M (44.7% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $58.6M | -20% | -11% |
| Operating profit | $26.5M | -9% | +1% |
| Net earnings | $26.2M | -10% | +0.9% |
| Operating cash flow | $12.6M | +52% | -68% |
What changed
Revenue was $58.6M in Q1 2026, down 11% year over year and down 20% from the previous quarter.
Operating profit was $26.5M, a 45.1% margin (up 5.5 points year over year). Total costs fell 19% while revenue fell 11%. Net earnings were $26.2M, up 1% year over year. The effective tax rate was 0.9%.
Operating cash flow was $12.6M (down 68% year over year), 48% of net earnings. Non-cash charges added back $4.0M of depreciation and amortization and $3.0M of share-based compensation. Working capital and other items used $20.7M. Capital expenditures of $12.8M exceeded it, leaving free cash flow of −$271K.
Questions
What was Apollo Commercial Real Estate Finance's revenue in the first quarter 2026?
Apollo Commercial Real Estate Finance (ARI) reported revenue of $58.6M for the first quarter 2026 (Q1 2026), -11% from a year earlier and -20% from the quarter before.
Was Apollo Commercial Real Estate Finance profitable in the first quarter 2026?
Operating profit was $26.5M (45.1% of revenue) and net earnings $26.2M.
Source: Apollo Commercial Real Estate Finance 10-Q on SEC EDGAR.