Apollo Global Management Inc - Ordinary Shares - Class A (New)
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+ FollowMarket Cap$68.41B
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Earnings Call Q3 2026
November 3, 2026 - AI Summary
Record earnings + strong growth (good): Apollo reported Q3 2026 record FRE of $802m (+23% YoY, +2% QoQ) and record SRE ex-notables of $909m (with $963m on an adjusted long-term return basis). Adjusted net income was $1.3bn ($2.07/sh) and $2.15/sh ex-notables—showing both fee strength and solid retirement spread performance.
Fee engines remain powerful; ACS pipeline supports 2026 growth (good + forecast):
- Management fees grew 18% YoY (+2% QoQ) with AUM and fee-generating AUM up 18% and 28%.
- Capital solutions/ACS fees were a new high: $290m, 6 straight quarters >$200m, supported by record origination of $114bn in the quarter.
- Origination was mostly debt ($98bn) and >80% investment grade (avg BBB+).
- Management reiterated it expects ~20%+ FRE growth in 2026 and ~10% SRE growth in 2026 (also noting Q4 expected SRE earnings of ~$1bn on the same basis).
Athene/SRE dynamics: generally solid, but notables created a headwind (bad/surprising):
- SRE ex-notables was strong, but the reported SRE included a $65m unfavorable actuarial assumption update tied to revised income rider usage expectations—described as typical and at the lower end of industry range.
- Net spread ex-notables was 114 bps, with improvement attributed to higher fixed income yields and better alts returns, offset by higher cost of funds and runoff of low-cost liabilities.
- Management emphasized that adjusted net spread would have been 121 bps, within the previous full-year outlook (120–125 bps).
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$113.36
7.7% downside
Current Fair Value
7.7% downsideOvervalued by 7.7% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $68.41 Billion |
|---|---|
| Enterprise Value | $55.32 Billion |
| Annual dividend | $2.15 |
| Dividend yield | 1.85% |
| Earnings per Share | $5.58 |
| Beta | 1.58 |
| Outstanding Shares | 592,000,000 |
Return
| Return on Equity | 8.81% |
|---|---|
| Return on Assets | 0.37% |
| Return on Invested Capital | 2.31% |
Valuation & Multiples
| P/E Ratio | 25.07 |
|---|---|
| PEG | 20.07 |
| Price to Sales | 2.01 |
| Price to Book Ratio | 1.75 |
| Enterprise Value to Revenue | 1.53 |
| Enterprise Value to EBIT | 4.94 |
| Enterprise Value to Net Income | 29 |
| Total Debt to Enterprise | 0.25 |
| Debt to Equity | 0.65 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 3, 2026
EPS Estimate
$2.19
Consensus analyst estimateRevenue Estimate
$5.79 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 8, 2027
EPS Estimate
$2.42
Consensus analyst estimateRevenue Estimate
$6.12 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.17, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.1655▼ 83.25% |
|---|---|
| Total Calls | 42,300▼ 99.75% |
| Total Puts | 7,000▼ 99.96% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.40%▼ 63.61% |
|---|---|
| Total Invested | $1.65B▼ 96.43% |
| Investors Holding | 391▼ 857.00% |
About Apollo Global Management Inc
2,949 employees
CEO: Leon Black
apollo global management, llc and its subsidiaries ("apollo") is a leading global alternative investment manager. we are contrarian, value-oriented investors in private equity, credit and real estate, with significant distressed expertis...