Apollo Global Management earnings: third quarter 2026

Apollo Global Management, which manages money for clients and runs a large retirement-savings insurance business, reported its third quarter of 2026 on 3 November. The fee business grew strongly. The official result was a loss of $1.78 per share, caused by a $3.4 billion paper loss on the insurer's investments, which the company puts down to higher interest rates. Its own adjusted profit, which leaves such swings out, was $2.07 per share and held close to last year. ¹

Against what analysts expected

Apollo's adjusted earnings per share of $2.07 were about 1.5% above the $2.04 that analysts expected on average, according to Nasdaq's earnings calendar, which puts the quarter in line with forecasts. Leaving out a one-off insurance adjustment, the figure was $2.15, about 5% above. ¹²

The strong points

• The profit Apollo makes from the fees it charges to manage clients' money rose 23% from a year ago, to $802 million. ¹
• Apollo arranged a record $114 billion of new loans and investments in the quarter. ¹
• Leaving out a one-off adjustment, the insurance business's earnings rose to $909 million from $846 million a year ago. ¹

The weak points

• On the official accounts Apollo made a loss of $1.78 per share, against a profit of $2.78 a year earlier, because its insurer's investments fell in value on paper. ¹
• Even on the company's own adjusted measure, profit per share was only level with a year ago once one-off items are removed, at $2.15 against $2.14. ¹
• The insurer's core return, what its investments earn minus what it pays savers, slipped to $1,098 million from $1,118 million a year ago. ¹

What the company expects

• Apollo gave no figures for the coming quarter or the year. Its chief executive said only that he expects a strong end to 2026 and a strong 2027. ¹
• Management says its pipeline of deals is at record levels across the business, without saying what that means for earnings. ¹

Our verdict on the quarter

A strong report. Fee profit grew strongly and adjusted earnings came in about where analysts expected, even though the official result was a loss driven by paper investment losses and the company gave no figures for what comes next.

The results as published

• The results release itself
• The filing it came with (SEC)
• The previous results, for what it forecast then

Notes

1. Apollo Global Management's results release, 3 November 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 3 November 2026. ↩