Apollo Global Management Reports $1.93 Billion Net Loss in Q1 2026

Apollo Global Management, Inc. reported a net loss of $1.93 billion for the first quarter of 2026, a significant decline from a net income of $418 million in the same period last year. This loss translates to a basic and diluted loss per share of $3.27, compared to earnings of $0.68 per share in the prior year. The company's total revenues for the quarter were $5.06 billion, down 8.8% from $5.55 billion in the first quarter of 2025. The decrease in revenue was primarily driven by a substantial drop in investment-related gains, which fell to a loss of $2.08 billion from a loss of $828 million a year earlier.

In terms of operational performance, Apollo's Asset Management segment generated $1.01 billion in revenues, slightly down from $1.05 billion in the previous year. Management fees increased by 37% to $696 million, largely due to the acquisition of Bridge and growth in fee-generating assets under management (AUM), which reached $1.03 trillion as of March 31, 2026. However, the segment faced challenges with investment income, which reported a loss of $77 million compared to a gain of $303 million in the prior year. The Retirement Services segment, primarily driven by Athene, reported revenues of $4.05 billion, a decrease from $4.50 billion, with net investment income rising to $5.14 billion, up 18.4% year-over-year.

Apollo's total assets increased to $467.53 billion as of March 31, 2026, compared to $460.95 billion at the end of 2025. The company’s cash and cash equivalents rose to $23.75 billion, up from $15.51 billion at the end of the previous year. The increase in cash was attributed to strong inflows from retirement services and capital contributions, despite significant cash outflows related to investment purchases and debt repayments. The company also reported a total debt of $14.22 billion, reflecting a slight increase from $13.36 billion at the end of 2025.

Looking ahead, Apollo remains focused on leveraging its strategic growth opportunities, particularly in the credit and equity markets. The company anticipates that the ongoing economic environment, characterized by rising interest rates and inflation, will continue to impact its investment performance and operational metrics. Management expressed confidence in its ability to navigate these challenges, citing a robust pipeline of investment opportunities and a commitment to maintaining strong liquidity. The company has also declared a cash dividend of $0.5625 per share of common stock, payable on May 29, 2026, and a dividend of $0.8438 per share of its Mandatory Convertible Preferred Stock, payable on July 31, 2026.