APO US S&P 500Russell 1000 Earnings call · transcribed from the recording
Apollo Global Management (APO) · Q3 2026 results and valuation
Share price: $122.95 · 2026-11-11
Apollo Global Management is an alternative asset manager and retirement services provider. The company provides credit and equity investment strategies, as well as capital solutions, to a global client base. It operates primarily in the United States with a global presence. Source: 10-K annual report (2026-02-25)
Results Q3 2026 vs Q2 2026 · previous quarter · published 3 Nov 2026 and 4 Aug 2026
Net income turned to a loss from a profit last quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Turned loss
Net income vs Q2 2026
Outlook given
Net income -1.06B vs 1.36B
Revenue −57.5%
2 · How management spoke
Typical
Less upbeat than 57% of company calls
Answers to analysts: restrained, in line with the script.
Last call it was different: the answers were more upbeat than the script.
3 · What stood out
Guidance
Looking specifically to 2027, Apollo Global Management expects 20% plus FRE growth, underpinned by 15% plus management fee growth, as well as…
Valuation
Is Apollo Global Management undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (3-year revenue growth), the model's fair value is $130.83 a share — the stock trades 6% below it. Today's price assumes 8.6% growth a year.
Current price
$122.95
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+8.6% for 10 yrs
Fair value / share
$130.83
Buy below
$98.12
Price vs fair value
Undervalued 6%
Price vs buy-below price
Overvalued 25%
Management expects
Growth +20% · from the Q3 2026 report: “Looking specifically to 2027, we expect 20% plus FRE growth, underpinned by 15% plus management fee growth, as well as continued growth in origination-led ACS…”
A guidance figure for growth, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
-
Figure
Origination for the quarter was $114 billion, incredibly active across all channels, very active pipeline across most sectors and geographies...
-
Fading
Strong organic growth, in line and slightly improved core spreads.
Source quote
“Strong organic growth, in line and slightly improved core spreads. The results were 5% up quarter-on-quarter, 11% year-over-year on the same basis. In short, we're seeing momentum across the business.”
-
Fading
Strong investment performance
Source quote
“Strong investment performance builds that trust and fuels growth over time. To sustain our growth and capture the opportunity ahead, we must remain focused on what's most critical, delivering excess return per unit of risk. Across our platform, we are delivering.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Taken all together, Q3 was punctuated by record origination, strong flows, strong and solid investment performance.”
“Those are the kinds of things that open up new profit opportunities and new growth opportunities for our industry, provided that they are willing to make the investments and to...”
“In the quarter, FRE drivers included 18% year-over-year growth in management fees, driven by third-party fundraising across credit and equity strategies, strong capital deployment, and growth at Athene and Athora.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-09-30)
| Metric | Q3 2026period end 2026-09-30 | Q2 2026period end 2026-06-30 | Change | Q3 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 4.74B | 11.15B | −57.5% | 9.82B | −51.8% |
| Operating income | -1.47B | 2.48B | Turned loss | 2.90B | Turned loss |
| Net income | -1.06B | 1.36B | Turned loss | 1.74B | Turned loss |
| EPS | -1.78 | 2.15 | Turned loss | 2.78 | Turned loss |
| P/E | 12-mo loss | 42.1 | — | 19.4 | — |
Topics
Most discussed now
- New Mark will offer some brief opening highlights, then pass to Jim and Martin, and return for closing perspective.
- New Apollo Global Management sees a similarly favorable dynamic at work, which will benefit not just us, but the entire industry.
- New You will hear more from us going forward about redesigned comp systems that further drives alignment, this kind of thinking,...
- In the credit business, you only get interest in principal, and therefore, if a company wants you to hold concentrated...
- Notable contributors to this fee stream in the quarter included Apollo Global Management's infrastructure and hybrid businesses, as well as…
Faded since Q2 2026
- Fading In hybrid, Apollo Global Management's hybrid value strategy has generated low to mid-teens returns since inception and is clearly scaling…
- Fading Every one of these asset manager purchases is, yes, it can be accretive.
- Fading When you look at some of the businesses Apollo Global Management has built and for instance, take sports, the magnitude of what it is...
- Dropped At the same time, you've recently been talking about a lot of competition in the retail annuity space, yet your...
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
Apollo Global Management estimates alternative net investment income of approximately $375 million (pre-tax) for the third quarter ended September 30, 2026, representing an estimated 10% annualized return.
- Regulation FD disclosure · SEC 8-K
Athene Holding Ltd. made the 'Athene Asset Risk & Stress Considerations, September 2026 Update' presentation available on its website.
- Regulation FD disclosure · SEC 8-K
Apollo Global Management, Inc. posted an 'Apollo Multi-Asset Prime Securities (AMAPS) Overview Presentation' on its website as a Regulation FD disclosure.
- Regulation FD disclosure · SEC 8-K
Athene Holding Ltd. will host a Fixed Income Investor call on August 13, 2026, to provide updates on business trends, new business origination, the investment portfolio, and capital.
- Regulation FD disclosure · SEC 8-K
Athene Holding Ltd. made a presentation titled 'Overview of Athene’s Corporate Structure' available on its website as a Regulation FD disclosure.