It has been about a month since the last earnings report for Apollo Global Management Inc. (APO). Shares have added about 0.5% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Apollo Global Management due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Apollo Global Management Inc. before we dive into how investors and analysts have reacted as of late.
Apollo Global Q1 Earnings Miss Estimates, AUM Surpasses $1T
Apollo Global first-quarter 2026 adjusted net income (ANI) per share of $1.94 missed the Zacks Consensus Estimate of $1.98. The metric increased from the year-ago adjusted net income of $1.82.
Results were adversely affected by rising expenses. However, record fee-related earnings and an increased assets under management balance were positive.
The results include certain items. After considering those, the net loss attributable to Apollo Global (GAAP basis) was $1.93 billion against net income of $418 million in the prior-year quarter.
Quarterly Revenues & Expenses Rise
Total segment revenues were $1.26 billion, surpassing the Zacks Consensus Estimate by 3.39%. The metric rose from $978 million in the year-ago quarter.
Total expenses for combined segments rose 27.4% year over year to $534 million in the reported quarter.
AUM Balance Rises
Fee-generating AUM increased 40% on a year-over-year basis to $836 billion. The rise was driven by strong capital formation across institutional and global wealth channels, $65 billion from Athora’s acquisition of Pension Insurance Corporation and $42 billion from a fee basis adjustment related to Redding Ridge, partially offset by outflows and realization activity.
As of March 31, 2026, total AUM was $1.03 trillion, up 31% on a year-over-year basis. Total AUM benefited from $222 billion of inflows from Asset Management and $78 billion of gross inflows from Retirement Services, as well as mark-to-market appreciation. This was partially offset by $64 billion of outflows, primarily driven by normal course run-off at Athene, and $26 billion of realization activity.
Capital & Liquidity Position
As of March 31, 2026, Apollo Global had cash and cash equivalents of $3.56 billion, and debt of $6.26 billion.
Capital Distribution Update
The company announced a quarterly cash dividend of 56.25 cents per share with its earnings release. This dividend will be paid out on May 29, 2026, to shareholders of record as of May 19.
Apollo Global repurchased $866 million of shares in the first quarter, including shares bought to substantially offset dilution from seasonally elevated share issuances under equity incentive plans and opportunistic share repurchases. Over the last 12 months, the company repurchased $1.5 billion of common stock and distributed more than $1 billion of common stock dividends.
How Have Estimates Been Moving Since Then?
It turns out, estimates revision have trended downward during the past month.
VGM Scores
Currently, Apollo Global Management has a subpar Growth Score of D, a score with the same score on the momentum front. Charting a somewhat similar path, the stock has a score of C on the value side, putting it in the middle 20% 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 downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Apollo Global Management has a Zacks Rank #4 (Sell). We expect a below average 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, T. Rowe Price (TROW), a stock from the same industry, has gained 3.3%. The company reported its results for the quarter ended March 2026 more than a month ago.
T. Rowe reported revenues of $1.86 billion in the last reported quarter, representing a year-over-year change of +5.3%. EPS of $2.52 for the same period compares with $2.23 a year ago.
T. Rowe is expected to post earnings of $2.31 per share for the current quarter, representing a year-over-year change of +3.1%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.2%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for T. Rowe. Also, the stock has a VGM Score of B.
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Apollo Global Management Inc. (APO): Free Stock Analysis Report
T. Rowe Price Group, Inc. (TROW): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).