Apollo Q3 FY2026: record FRE, GAAP loss, ANI EPS miss
Apollo’s Q3 FY2026 was a split-screen quarter: record fee earnings and $1.07 trillion AUM, but a $1.06 billion GAAP net loss and ANI EPS of $2.07 below the $2.2249 consensus. Read it as strong operating fees offset by mark-to-market pain in Retirement Services, not as a simple revenue miss; revenue fell to $4.74 billion largely because investment related losses hit the top line.
1 · Expected vs. Actual
Free preview belowGAAP EPS was -$1.78, while the non-GAAP ANI EPS that management emphasizes was $2.07. Against the $2.2249 consensus, ANI EPS missed by about 7.0%. The GAAP loss was primarily tied to unrealized mark-to-market losses on certain Retirement Services investments as rates rose.
Revenue was $4.74 billion, down 51.8% from $9.82 billion a year earlier and down 57.5% from $11.15 billion in the prior quarter. The collapse was driven by a $3.42 billion investment related loss in Retirement Services, while management fees still rose to $1.02 billion. That mix matters: fee revenue held up, but mark-to-market swings moved the top line.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-05
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