Apollo Reports Q3 2026 Earnings: Record FRE of $802M, AUM Reaches $1.07 Trillion

Financial Results Overview

Apollo Global Management, Inc. reported its third quarter 2026 financial results, characterized by continued expansion in fee-earning assets and robust non-GAAP operating earnings alongside GAAP unrealized investment adjustments.

Key Financial Metrics

• Total AUM: $1.074 trillion, up 18% year-over-year, supported by $53 billion of gross inflows in 3Q'26 and $270 billion over the trailing twelve months.
• Fee-Generating AUM (FGAUM): $880 billion, representing a 28% increase year-over-year.
• Fee Related Earnings (FRE): Reached a record $802 million ($1.28 per share), an increase of 23.0% YoY from $652 million in 3Q'25, with an FRE margin of 58.4%.
• Spread Related Earnings (SRE): $844 million ($1.35 per share); excluding notable items, SRE stood at $909 million ($1.46 per share), up 7.4% YoY.
• Principal Investing Income (PII): $52 million ($0.08 per share), up from $50 million in 3Q'25.
• Adjusted Net Income (ANI): $1.293 billion ($2.07 per share), compared to $1.357 billion ($2.17 per share) in 3Q'25.
• GAAP Net Income (Loss): Net loss attributable to common stockholders was $(1,057) million ($(1.78) per share), primarily reflecting mark-to-market losses on certain fixed income and alternative investments within the Retirement Services segment impacted by interest rate fluctuations.

Capital Return and Liquidity

• Dividend: Declared a quarterly cash dividend of $0.5625 per share of common stock, payable on November 30, 2026, to holders of record as of November 18, 2026.
• Share Repurchases: Utilized $143 million to repurchase 1.12 million shares during the third quarter at an average price of $127.71 per share; $2.89 billion remains under the current board repurchase authorization.
• Dry Powder: Available capital stood at $82 billion at quarter-end, of which $65 billion has future management fee-earning potential.