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Apollo Global Management vs Blackstone: APO and BX compared
Apollo Global Management is the larger company: $4.7B of revenue in its latest quarter (Q3 2026) against $3.1B for Blackstone (Q3 2026). Blackstone is growing faster (-0.8% against -52% a year earlier). Blackstone is more profitable, with an operating margin of 46.9% against -30.9%.
Where the money goes: APO and BX
Apollo Global Management (APO) · Q3 2026
Apollo Global Management, Q3 2026: revenue $4.7B (-52% year over year), operating margin -30.9%, net loss $1.1B, operating cash flow $136M. The chart follows the revenue to costs, profit and cash.
Blackstone (BX) · Q3 2026
Blackstone, Q3 2026: revenue $3.1B (-0.8% year over year), operating margin 46.9%, net earnings $662M, operating cash flow $2.0B. The chart follows the revenue to costs, profit and cash.
| Apollo Global Management (APO) | Blackstone (BX) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $4.7B | $3.1B |
| Revenue growth, Y/Y | -52% | -0.8% |
| Operating margin | -30.9% | 46.9% |
| Net earnings | −$1.1B | $662M |
| Net margin | -23.7% | 21.6% |
| Operating cash flow | $136M | $2.0B |
| Free cash flow | — | $1.9B |
| Market value | $70.7B | $95.6B |
| P/E | 98.7× | 13.9× |
| Analysts’ mean target | $148.20 | $138.86 |
Where the revenue comes from
Apollo Global Management
- Retirement Services: $3.5B (73%)
- Asset Management: $1.3B (27%)
Questions
Which is bigger, Apollo Global Management or Blackstone?
Apollo Global Management is the larger company: $4.7B of revenue in its latest quarter (Q3 2026) against $3.1B for Blackstone (Q3 2026).
Is Apollo Global Management or Blackstone growing faster?
Blackstone is growing faster (-0.8% against -52% a year earlier).
Which is more profitable, Apollo Global Management or Blackstone?
Blackstone is more profitable, with an operating margin of 46.9% against -30.9%.
More: Apollo Global Management earnings · how Apollo Global Management makes money · Blackstone earnings · how Blackstone makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.