Filing Flows › Apollo Commercial Real Estate Finance (ARI) › Q2 2026 › vs Q1 2026
Apollo Commercial Real Estate Finance (ARI) Q2 2026 vs Q1 2026 (quarter over quarter)
Apollo Commercial Real Estate Finance's revenue fell $14.3M (-24%) from $58.6M in Q1 2026 to $44.4M in Q2 2026. Operating margin 58.1% against 45.1% (+13.0 pts).
Apollo Commercial Real Estate Finance, Q2 2026: revenue $44.4M (-37% year over year), operating margin 58.1%, net earnings $25.8M, operating cash flow $33.9M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 58.1% | 45.1% | +13.0 pts |
| Net margin | 58.1% | 44.7% | +13.4 pts |
| Free cash flow margin | 55.3% | -0.5% | +55.8 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $44.4M | $58.6M | −$14.3M | -24% |
| Operating profit | $25.8M | $26.5M | −$651K | -2% |
| Costs & expenses | $18.6M | $32.2M | −$13.6M | -42% |
| Pre-tax earnings | $25.8M | $26.5M | −$651K | -2% |
| General & admin | $5.8M | $6.0M | −$142K | -2% |
| Other operating costs | $12.8M | $26.2M | −$13.5M | -51% |
| Net earnings | $25.8M | $26.2M | −$448K | -2% |
| Income tax | $27K | $230K | −$203K | -88% |
| Depreciation & amortization | $4.6M | $4.0M | $650K | +16% |
| Share-based compensation | $3.0M | $3.0M | $0 | 0% |
| Working capital & other | $465K | −$20.7M | $21.2M | — |
| Operating cash flow | $33.9M | $12.6M | $21.4M | +170% |
| Free cash flow (OCF − capex) | $24.5M | −$271K | $24.8M | — |
| Capital expenditures | $9.4M | $12.8M | −$3.5M | -27% |
Questions
How much did Apollo Commercial Real Estate Finance's revenue grow quarter over quarter in Q2 2026?
Apollo Commercial Real Estate Finance's revenue fell $14.3M (-24%) from $58.6M in Q1 2026 to $44.4M in Q2 2026. Operating margin 58.1% against 45.1% (+13.0 pts).