Apollo Global Management, Inc. (APO) · Nov 3, 2026 · Earnings

Apollo earnings miss as fee growth offsets weaker spread income

Miss — ANI per share $2.07 vs ~$2.20-$2.21 consensus

Apollo’s third-quarter earnings show record fee growth and inflows, but adjusted EPS missed consensus as Athene’s spread income weakened.

Apollo is in the middle of scaling a large alternative-asset and retirement-services platform: the prior-quarter setup was already above $1 trillion of AUM, with credit, Athene and perpetual capital driving the expansion. The headline result missed the market’s earnings bar. Adjusted Net Income was $2.07 per share versus published expectations around $2.20-$2.21, a roughly 6% shortfall. The miss matters because Apollo’s key earnings measure was below consensus even though the company’s operating narrative remained strong.

	3Q'26	3Q'25	Consensus
ANI per share (Financial Highlights)	$2.07	$2.17	~$2.20-$2.21
FRE (Total Segment Earnings)	$802M	$652M
SRE (Total Segment Earnings)	$844M	$871M
SRE excluding notable items (Total Segment Earnings)	$909M	$846M
Total AUM (Financial Highlights)	$1,074B	$908B

The underlying asset-management engine was better than the EPS headline. Fee Related Earnings rose 23% year over year to a record $802 million, while capital-solutions fees reached a fourth consecutive quarterly record at $290 million; that points to healthy fundraising, origination and fee-bearing growth rather than a deterioration in the core asset-management franchise.

Athene’s spread business was the offset. Reported SRE fell 3% year over year to $844 million, and net spread narrowed to 1.06% from 1.24% as funding costs rose faster than investment income. Excluding the $65 million annual assumption-review item, SRE grew 7% to $909 million, so the weakness is partly non-recurring—but the underlying spread still compressed to 1.14% from 1.21%. This is the main reason strong FRE did not translate into a consensus-level earnings print.

Capital formation and scale continued to advance. Apollo generated $53 billion of quarterly inflows, reached $1.074 trillion of AUM, and lifted fee-generating AUM to $880 billion. The growth is meaningful for the longer-term business model, although the filing says $65 billion of the last-twelve-month inflows came from Athora’s acquisition of PIC, so not all of the momentum was organic.

GAAP results look much worse than operating earnings because of rate-driven marks. Apollo reported a $1.1 billion common-stockholder net loss, primarily from unrealized mark-to-market losses in Retirement Services tied to higher interest rates. That is economically important for reported book value and volatility, but it does not overturn the recurring fee-growth story by itself.

Bottom line: Apollo’s franchise kept expanding and its fee engine delivered a genuinely strong quarter, but weaker Athene spreads left adjusted earnings below consensus. The event is mixed, leaning slightly negative: the long-term growth story is intact, while near-term earnings conversion is less clean than expected.

What to watch next

Fourth-quarter results, early February 2027

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

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Apollo earnings miss as fee growth offsets weaker spread income

What to watch next

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