Companies · APO
Apollo Global Management
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Nov 5, 2026
Apollo Q3 2026 10-Q: Segment Income Rises to $1.70B on Realized Carry Acceleration; GAAP Loss Driven by $2.66B Investment Mark-to-Market in Retirement Services
Apollo's Q3 2026 Segment Income of $1.70 billion exceeded the prior-year quarter's $1.57 billion, driven by accelerating realized performance fees from Fund X and ACS-related revenue, with nine-month Segment Income of $4.90 billion running ahead of the $4.45 billion recorded in the first nine months of 2025. The GAAP net loss of $1.06 billion attributable to common stockholders is entirely a function of $2.66 billion in retirement services investment losses net of offsets — a mark-to-market swing in Athene's portfolio, not an operating deterioration. A $1.7 billion valuation allowance against Bermuda deferred tax assets, recorded in Q1 2026 following ACRA's election revocation from the Bermuda CIT regime, compressed reported equity but management frames the long-term tax position as improved.
Tone: mixedRevenue
$32B
APO 10-K · FY 2025
Employees
6,140
Revenue FY2024
$26.1B
Founded
1990
Profile
APO 10-K Item 1 · Feb 25, 2026Apollo Global Management is a high-growth, global alternative asset manager and retirement services provider founded in 1990. The firm operates through three segments — Asset Management, Retirement Services (via Athene), and Principal Investing — managing $938.4 billion in AUM as of December 31, 2025. Apollo's integrated platform spans credit and equity investing strategies, direct origination, and retirement savings products including annuities and funding agreements.
Read filing description ↓ Collapse description ↑
Founded in 1990, Apollo is a high-growth, global alternative asset manager and a retirement services provider. Apollo conducts its business primarily in the U.S. through the following three reportable segments: Asset Management, Retirement Services and Principal Investing. These business segments are differentiated based on the investment services they provide as well as varying investing strategies. Our Asset Management segment focuses on credit and equity investing strategies. These strategies reflect the range of investment capabilities across our platform based on relative risk and return. As an asset manager, we earn fees for providing investment management services and expertise to our client base. Credit is our largest asset management strategy with $749.2 billion of AUM as of December 31, 2025. Our equity strategy represents $189.2 billion of AUM as of December 31, 2025. Our retirement services business is conducted by Athene, a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs. Athene's primary product line is annuities, which include fixed rate, indexed, payout and group annuities issued in connection with pension group annuity transactions and defined contribution plans. Our Principal Investing segment is comprised of our realized performance fee income, realized investment income earned from our balance sheet investments, and certain allocable expenses related to corporate functions supporting the entire company. We have a contrarian, value-oriented investment approach, emphasizing downside protection, and the preservation of capital.
Primary products
- Credit strategies (Direct Origination, Asset-Backed Finance, Opportunistic Credit, Multi-Credit)
- Equity strategies (Corporate Private Equity, Hybrid Value, AAA, Real Estate Equity, Infrastructure and Clean Transition Equity)
- Fixed Rate Annuities
- Fixed Indexed Annuities
- Registered Index-Linked Annuities (RILAs)
- Payout Annuities
Business segments
End markets
Geographies
Named customers
“Athene believes that its leading presence in the retirement services market, diverse range of capabilities and broad distribution network uniquely position it to effectively serve consumers' increasing demand for retirement solutions.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased $5.935 billion in 2025 versus 2024, driven by growth across Asset Management revenues and Retirement Services revenues, partially offset by changes in net investment income and VIE revenues.
The rest of APO is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.