Apollo Global Management, Inc. (APO) · Oct 5, 2026 · Earnings

Apollo earnings preview shows $375M alternative income, mixed returns

Alternative NII $375M — $375M pre-tax; 10% annualized return vs. $350M and 9% in Q2

Apollo’s earnings preview points to higher third-quarter alternative investment income, but Athene’s main portfolio return slipped and remains below its long-term target.

Apollo is building an integrated alternative-asset-management and retirement-services platform: its Athene business supplies retirement products while Apollo manages a growing private-markets and credit investment engine. Apollo reported approximately $1.05 trillion of assets under management at June 30, 2026, with Retirement Services and Asset Management both described as major growth platforms.

Alternative investment income is improving sequentially, but not decisively. Apollo preliminarily estimates third-quarter alternative net investment income of $375 million, up from $350 million in the second quarter, with the annualized return rising to 10% from 9%. The filing provides no reliable external consensus benchmark, so the cleanest comparison is Apollo’s own prior-quarter disclosure, which reported $350 million and a 9% return.

Metric	Q3 2026 preliminary	Q2 2026 preliminary	Read-through
Alternative net investment income	$375M pre-tax (Item 7.01—Reg FD Disclosure)	$350M pre-tax (Item 7.01—Reg FD Disclosure)	Higher sequentially
Annualized return on alternative net investments	10% (Item 7.01—Reg FD Disclosure)	9% (Item 7.01—Reg FD Disclosure)	Improved, but below the 11% long-term reference
Athene pooled investment vehicle	9% (Item 7.01—Reg FD Disclosure)	10% (Item 7.01—Reg FD Disclosure)	Weaker in the largest pool
Athene other alternative investments	11% (Item 7.01—Reg FD Disclosure)	6% (Item 7.01—Reg FD Disclosure)	Meaningful offset and improvement

The mix is more important than the headline increase. The large pooled vehicle, which contains most of Athene’s alternative portfolio, generated a lower estimated return of 9% versus 10% in the prior quarter. The improvement came from other alternative investments, including retirement-services platforms, where returns rose to 11% from 6%. 〔0〕

This is not a clean earnings beat. The update is useful because it gives an early read on a component of Spread Related Earnings before the November 3 earnings release, but it does not provide total Segment Income, EPS, cash flow, or management guidance. The 10% return also remains below the 11% long-term expected average return referenced in Apollo’s second-quarter materials, which had implied additional alternative income at that target level.

The disclosure is partly expected, not a strategic reset. Apollo has used the same type of pre-release alternative-income update before, including its July 1, 2026 second-quarter filing, so the format and the existence of an early Athene readout were already familiar.

Bottom line: Apollo’s alternative-income engine is running better than in the second quarter, but the improvement is moderate and uneven. The filing modestly advances the retirement-services earnings story rather than changing it, because the largest portfolio’s return slipped and overall performance remains below the long-term target.

What to watch next

Third-quarter earnings release, November 3

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Apollo earnings preview shows $375M alternative income, mixed returns

What to watch next

More Apollo Global Management, Inc. news

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