Apollo Realty Income Solutions earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 11, 2026
Q2 2026 Revenue up 135% year over year to $19.4M · 72¢ of every $1 of revenue kept as net profit · operating margin 188.5%
Apollo Realty Income Solutions made $19.4M in Q2 2026 (+135% Y/Y). Operating margin 188.5%, net earnings $14.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 11, 2026.
Revenue$19.4M
Year over year+135%
Operating margin188.5%
Net earnings$14.0M
Operating cash flow$27.0M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $19.4M in Q2 2026, up 135% year over year and up 18% from the previous quarter.
Operating profit was $36.6M, a 188.5% margin (down 165.8 points year over year). Of the extra revenue versus Q2 2025, 66% reached operating profit, below the 354% margin then. Net earnings were $14.0M, down 10% year over year. The effective tax rate was 0.0%.
Operating cash flow was $27.0M (up 19% year over year), 178% of net income including minority interests. Non-cash charges added back $8.4M of depreciation and amortization. Working capital and other items added $3.4M. Capital expenditures of $325.5M exceeded it, leaving free cash flow of −$298.5M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Aug 11, 2026
$19.4M
+135%
188.5%
$14.0M
$27.0M
Q1 2026
10-Q
May 8, 2026
$16.4M
+163%
208.4%
$13.5M
$25.4M
Q4 2025
10-K
Mar 10, 2026
$12.2M
+84%
272.7%
$15.6M
$24.5M
Q3 2025
10-Q
Nov 6, 2025
$10.3M
+63%
317.6%
$16.2M
$26.0M
Q2 2025
10-Q
Aug 12, 2025
$8.3M
+63%
354.3%
$15.6M
$22.7M
Q1 2025
10-Q
May 7, 2025
$6.3M
+71%
394.6%
$13.9M
$19.5M
Q4 2024
10-K
Mar 21, 2025
$6.6M
+100%
473.9%
$14.2M
$19.8M
Charts
Latest (Q2 2026): Y/Y +135%, Q/Q +18%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q2 2026): Net income $15.2M, Operating cash flow $27.0M.+60.2% since FY2023: more shares outstanding (issuance, stock pay); earlier years scaled for the 3-for-1 split before FY2024.Cash $58.5M, short-term investments —, long-term debt $350M at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Apollo Realty Income Solutions, Inc. ("ARIS") is a non-listed, perpetual life, Maryland corporation formed in September 2021 to invest primarily in a portfolio of diversified income-oriented commercial real estate primarily in the United States. We expect to execute an asset-focused strategy that targets primarily substantially stabilized commercial real estate assets that have attractive long-term fundamentals and to a lesser extent real estate debt or real estate-related securities. These asset classes are referred to as our target assets.
In its own words, from its 10-K, filed Mar 10, 2026.
Apollo Realty Income Solutions against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +135% against the peers' median +14%. Operating margin: 188.5% against the peers' median 20.6%.