A month has gone by since the last earnings report for Apollo Global Management Inc. (APO). Shares have lost about 18.3% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Apollo Global Management due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.
Apollo Q4 Earnings Top Estimates, AUM Increases Y/Y
Apollo’s fourth-quarter 2025 adjusted net income (ANI) per share of $2.47 surpassed the Zacks Consensus Estimate of $2.03. Further, the reported figure compared favorably with the year-ago adjusted net income of $2.22.
Results were primarily aided by an increased assets under management balance. However, rising expenses acted as a headwind in the quarter.
The results include certain items. After considering those, net income attributable to Apollo Global (GAAP basis) was $660 million, which declined from $1.46 billion in the prior-year quarter.
For 2025, ANI per share was $8.38, which surpassed the Zacks Consensus Estimate of $7.94. This compares favorably with $7.43 reported in the prior year. GAAP net income attributable to Apollo Global was $3.39 billion, which declined 24.2% year over year.
Quarterly Revenues & Expenses Rise
Total revenues were $1.2 billion, up 30.3% year over year. Also, it topped the Zacks Consensus Estimate by 4.4%.
Full-year revenues were $4.5 billion, which increased 22.3% year over year. The top line beat the Zacks Consensus Estimate of $4.4 billion.
Total expenses for combined segments rose 25.3% year over year to $218 million in the reported quarter.
Global’s AUM Balance Rises
Fee-earnings AUM increased 24.6% on a year-over-year basis to $709 billion. The rise was driven by strong management fee growth and record capital solutions fees. Asset Management contributed $104 billion in inflows, driven by fundraising across institutional and global wealth channels, as well as $21 billion related to the acquisition of Bridge Investment Holdings, while Retirement Services contributed $83 billion to gross inflows, driven by robust organic growth.
As of Dec. 31, 2025, total AUM was $938 billion, up 24.9% on a year-over-year basis. Total AUM benefited from $145 billion in inflows from
Asset Management and $83 billion in gross inflows from Retirement Services, partially offset by $60 billion in outflows, driven by normal course activity at Athene and $22 billion from realization activity.
Capital & Liquidity Position Weak
As of Dec. 31, 2025, Apollo Global had cash and cash equivalents of $3.3 billion and debt of $5.5 billion.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a upward trend in fresh estimates.
VGM Scores
Currently, Apollo Global Management has a subpar Growth Score of D, a grade with the same score on the momentum front. However, the stock was allocated a score of B on the value side, putting it in the top 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Apollo Global Management has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Apollo Global Management is part of the Zacks Financial - Investment Management industry. Over the past month, MSCI (MSCI), a stock from the same industry, has gained 6.7%. The company reported its results for the quarter ended December 2025 more than a month ago.
MSCI reported revenues of $822.53 million in the last reported quarter, representing a year-over-year change of +10.6%. EPS of $4.66 for the same period compares with $4.18 a year ago.
MSCI is expected to post earnings of $4.38 per share for the current quarter, representing a year-over-year change of +9.5%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.3%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for MSCI. Also, the stock has a VGM Score of D.
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This article originally published on Zacks Investment Research (zacks.com).