Apollo Global Management (APO) Q2 FY2026 earnings: revenue $11.2 billion, up 63.7% on the year

Apollo Global Management, Inc. (APO) reported revenue of $11.2 billion for Q2 FY2026, the quarter ended 30 June 2026, up 63.7% on the same quarter a year earlier. Net income was $1.4 billion, up 116.0% on the year, and diluted earnings per share $2.15. The figures are the company's own, from the 10-Q it filed with the SEC on 10 August 2026.

Revenue

$11.2 billion

+63.7% on the year · +120.5% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

21.6%

16.1% a year earlier

Q3 FY2024Q2 FY2026

Net income

$1.4 billion

+116.0% on the year

Q3 FY2024Q2 FY2026

Diluted EPS

$2.15

+117.2% on the year

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Record earnings in two segments: Management said the second quarter produced record earnings across Asset Management and Retirement Services, and that this reflects the quality and growing scale of the business.
Asset management spans credit to equity: Management described its asset management business as seeking to provide clients excess return at every point along the risk-reward spectrum, from investment grade credit to private equity.
Athene provides retirement savings products: Through Athene, the retirement services business offers a suite of retirement savings products and acts as a solutions provider to institutions.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	11,153	5,059	6,814	+120.5%	+63.7%
Operating income	2,412	380	1,096	+534.7%	+120.1%
Operating margin	21.6%	7.5%	16.1%
Interest expense	190	179	143	+6.1%	+32.9%
Pre-tax income	2,485	283	845	+778.1%	+194.1%
Income tax	396	1,694	3.0	-76.6%	+13,100.0%
Effective tax rate	15.9%	598.6%	0.4%
Net income	1,361	-1,906	630		+116.0%
Net margin	12.2%	-37.7%	9.2%
Diluted EPS	$2.15	-$3.27	$0.99		+117.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	2,881	1,620	1,262	+77.8%	+128.3%
Cash from investing	-15,537	-8,334	-19,629
Cash from financing	17,326	9,872	17,815	+75.5%	-2.7%
Depreciation and amortisation	414	397	332	+4.3%	+24.7%
Share-based compensation	246	232	166	+6.0%	+48.2%
Buybacks	97.0	632	0.0	-84.7%
Dividends paid	342	312	306	+9.6%	+11.8%
Dividend per share	$0.56	$0.51	$0.51	+10.3%	+10.3%
Diluted shares, weighted	610m	595m	590m	+2.6%	+3.4%
Shares outstanding at period end	576m	577m	572m	-0.1%	+0.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	21,006	19,951	19,321	+5.3%	+8.7%
Non-controlling interest	20,476	19,582	14,540	+4.6%	+40.8%
Redeemable equity	0.0	0.0	0.0
Debt	13,727	14,220	12,144	-3.5%	+13.0%
Other liabilities	438,839	413,777	373,545	+6.1%	+17.5%
Total liabilities and equity	494,048	467,530	419,550	+5.7%	+17.8%
Securities held for sale or to maturity	229,841	219,474	210,289	+4.7%	+9.3%
Cash and equivalents	28,417	23,748	14,971	+19.7%	+89.8%
Other assets	235,790	224,308	194,290	+5.1%	+21.4%
Total assets	494,048	467,530	419,550	+5.7%	+17.8%

Questions

What was Apollo Global Management's revenue in Q2 FY2026?

Apollo Global Management (APO) reported revenue of $11.2 billion for Q2 FY2026, the quarter ended 30 June 2026, up 63.7% on the same quarter a year earlier.

How much did Apollo Global Management earn in Q2 FY2026?

Net income for Q2 FY2026 was $1.4 billion, up 116.0% on the year, and diluted earnings per share $2.15.

When did Apollo Global Management report Q2 FY2026 results?

Apollo Global Management filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 10 August 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 †	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,195	862	2,286	2,979	4,841	5,301	13,702	2,595	11,046	7,040	6,018	7,773	5,283	5,548	6,814	9,823	9,864	5,059	11,153	4,739
Operating income	-502	-1,922	-3,167	-1,042	1,188	1,727	871	844	1,871	2,149	1,434	1,957	1,592	1,206	1,096	2,753	1,705	380	2,412	-1,470
Operating margin	-42%	-223%	-139%	-35%	25%	33%	6%	33%	17%	31%	24%	25%	30%	22%	16%	28%	17%	8%	22%	-31%
Interest expense	34.7	56.0	54.0	55.0	57.0	61.0	62.0	66.0	79.0	94.0	119	120	141	135	143	166	174	179	190	195
Pre-tax income	709	-1,544	-2,987	-945	1,230	1,791	951	883	1,961	2,187	1,438	2,086	1,724	1,181	845	2,899	1,752	283	2,485	-1,466
Tax rate	13%	n/a	n/a	n/a	18%	14%	21%	28%	-83%	19%	18%	15%	4%	21%	0%	15%	34%	599%	16%	n/a
Net income	244	-401	-1,637	-563	640	1,010	599	682	2,756	1,427	853	811	1,486	442	630	1,736	684	-1,906	1,361	-1,057
Net margin	20%	-47%	-72%	-19%	13%	19%	4%	26%	25%	20%	14%	10%	28%	8%	9%	18%	7%	-38%	12%	-22%
Diluted EPS	$0.80	-$0.70	-$2.82	-$0.98	$0.98	$1.66	$1.00	$1.10	$4.52	$2.28	$1.35	$1.29	$2.41	$0.68	$0.99	$2.78	$1.09	-$3.27	$2.15	-$1.78
Operating cash flow	-1,073	-3,993	3,973	2,344	1,465	1,071	3,551	-364	2,064	70.0	1,333	1,854	-4.0	1,012	1,262	303	4,669	1,620	2,881	136
Capital expenditure	37.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Free cash flow	-1,110	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Buybacks	98.7	226	211	26.0	172	458	77.0	0.0	26.0	260	75.0	453	102	193	0.0	340	240	632	97.0	118
Dividends paid	128	229	229	264	240	241	256	256	259	259	279	277	277	278	306	306	311	312	342	351
Shares outstanding	n/a	570m	571m	573m	570m	567m	567m	568m	568m	569m	570m	566m	566m	570m	572m	580m	579m	577m	576m	591m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 10 August 2026: the filing.