Apollo Global Management, Inc. Q2 2026 Filing Summary
Business Context and Reporting Period
This Form 10-Q covers the quarterly period ended June 30, 2026. Apollo Global Management, Inc. operates as a global alternative asset manager and retirement services provider through three reportable segments: Asset Management, Retirement Services (Athene), and Principal Investing. A significant corporate development during the period was the completion of the acquisition of Bridge Investment Group Holdings Inc. on September 2, 2025, with results included in the financial statements from that date forward.
Key Financial Metrics
| Metric | Q2 2026 (3 Months) | Q2 2025 (3 Months) | YTD 2026 (6 Months) | YTD 2025 (6 Months) |
|---|---|---|---|---|
| Total Revenues | $11.15 billion | $6.81 billion | $16.21 billion | $12.36 billion |
| Net Income (GAAP) | $2.09 billion | $842 million | $678 million | $1.78 billion |
| Net Income Attributable to AGM | $1.36 billion | $630 million | $(545 million) | $1.07 billion |
| Diluted EPS | $2.15 | $0.99 | $(1.06) | $1.67 |
| Segment Income | $1.68 billion | $1.50 billion | $3.20 billion | $2.87 billion |
| Adjusted Net Income (ANI) | $1.31 billion | $1.18 billion | $2.52 billion | $2.30 billion |
| Total Assets | $494.0 billion | $460.9 billion (Dec 2025) | — | — |
| Assets Under Management (AUM) | $1.05 trillion | $839.6 billion (Jun 2025) | — | — |
Material Changes vs. Prior Period
- Revenue Growth: Total revenues increased 63.7% year-over-year for the quarter, driven primarily by a $3.0 billion increase in Retirement Services investment-related gains and a $520 million increase in Asset Management revenues.
- Retirement Services Performance: Investment-related gains surged to $2.99 billion in Q2 2026 from a loss of $5 million in Q2 2025. This was driven by a favorable change in the fair value of indexed annuity hedging derivatives (linked to a 14.9% increase in the S&P 500) and a $673 million gain from the early call of an investment in AP Grange.
- Asset Management Growth: Fee-Related Earnings (FRE) rose 25.2% to $785 million, fueled by higher management fees from the Bridge acquisition and increased subscriptions across credit and equity strategies.
- YTD Net Income Decline: Despite strong Q2 results, YTD 2026 net income attributable to AGM was a loss of $545 million compared to $1.07 billion in YTD 2025. This was primarily due to a $1.7 billion non-cash valuation allowance recorded in Q1 2026 against Bermuda deferred tax assets following the revocation of ACRA's election to be subject to Bermuda Corporate Income Tax.
- Share Repurchases: The company repurchased 5.9 million shares of common stock for $729 million during the first six months of 2026.
Guidance, Outlook, and Risks
- Market Environment: Management notes that U.S. economic activity remains resilient, though inflation is elevated (3.5% annual rate as of June 30, 2026). Interest rates remain elevated, with the 10-year Treasury yield at 4.44%.
- Bridge Integration: The acquisition of Bridge is expected to drive future growth in Fee-Related Earnings through enhanced origination capabilities and scale.
- Tax Position: The company expects favorable long-term tax implications from the revocation of the Bermuda CIT election, despite the near-term non-cash charge.
- Risks: Key risks include volatility in financial markets affecting performance fees, interest rate fluctuations impacting Athene's net investment spread, and potential reversals of performance fees if fund investments decline. The company also faces ongoing litigation regarding historical payments to former managing partners and securities class actions related to public statements.
Key Facts for Investor Verification
- Bridge Acquisition Impact: Verify the specific contribution of Bridge to Q2 2026 management fees and the integration progress.
- Retirement Services Volatility: Confirm the sustainability of the $3.0 billion investment-related gain in Q2, which was heavily influenced by equity market performance and a one-time AP Grange call gain.
- Tax Provision Anomaly: Review the $1.7 billion valuation allowance charge in Q1 2026 and the company's assessment of future tax liabilities under the new Pillar Two regime.
- Performance Fee Reversals: Monitor the $5.6 billion of cumulative performance fees subject to potential reversal if fund investments were to become worthless, and the $163 million general partner obligation to return previously distributed fees.
- Debt Maturities: Note the repayment of $500 million in 2026 Senior Notes in May 2026 and the issuance of $750 million in 2036 Senior Notes in March 2026.