Filing Flows › Apollo Commercial Real Estate Finance (ARI) › Q2 2026 › vs Q2 2025
Apollo Commercial Real Estate Finance (ARI) Q2 2026 vs Q2 2025 (year over year)
Apollo Commercial Real Estate Finance's revenue fell $26.5M (-37%) from $70.9M in Q2 2025 to $44.4M in Q2 2026. Operating margin 58.1% against 29.4% (+28.7 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 58.1% | 29.4% | +28.7 pts |
| Net margin | 58.1% | 29.3% | +28.8 pts |
| Free cash flow margin | 55.3% | 43.3% | +12.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $44.4M | $70.9M | −$26.5M | -37% |
| Operating profit | $25.8M | $20.9M | $5.0M | +24% |
| Costs & expenses | $18.6M | $50.0M | −$31.5M | -63% |
| Pre-tax earnings | $25.8M | $20.9M | $5.0M | +24% |
| General & admin | $5.8M | $6.6M | −$751K | -11% |
| Other operating costs | $12.8M | $43.5M | −$30.7M | -71% |
| Net earnings | $25.8M | $20.7M | $5.0M | +24% |
| Income tax | $27K | $116K | −$89K | -77% |
| Depreciation & amortization | $4.6M | $2.5M | $2.1M | +83% |
| Share-based compensation | $3.0M | $3.4M | −$353K | -10% |
| Working capital & other | $465K | $36.6M | −$36.1M | -99% |
| Operating cash flow | $33.9M | $63.2M | −$29.3M | -46% |
| Free cash flow (OCF − capex) | $24.5M | $30.7M | −$6.2M | -20% |
| Capital expenditures | $9.4M | $32.5M | −$23.1M | -71% |
Questions
How much did Apollo Commercial Real Estate Finance's revenue grow year over year in Q2 2026?
Apollo Commercial Real Estate Finance's revenue fell $26.5M (-37%) from $70.9M in Q2 2025 to $44.4M in Q2 2026. Operating margin 58.1% against 29.4% (+28.7 pts).