Apollo Global Management, Inc.

What they do

Apollo operates through three reportable segments: Asset Management, Retirement Services, and Principal Investing. The Asset Management segment focuses on credit and equity investing strategies, earning fees for managing client assets. Retirement Services (Athene) provides retirement savings products and solutions to institutions. Principal Investing involves the company's own capital deployment.

Revenue drivers

• Asset Management - Credit — Largest strategy with $749.2 billion AUM as of December 31, 2025, spanning direct origination, asset-backed finance, opportunistic credit, and multi-credit. Generates management and performance fees.
• Asset Management - Equity — Private equity and other equity strategies contribute fees and capital solutions fees from monitoring and deployment activity alongside the private equity franchise.
• Retirement Services (Athene) — Provides retirement savings products, generating spread income and fee income. Record earnings in Q2 2026 contributed to overall performance.
• Capital Solutions — Growing business that earns capital solutions fees as part of corporate solutions and origination capabilities, complementing traditional asset management fees.

Recent performance

In the second quarter of 2026, Apollo reported record earnings across Asset Management and Retirement Services. Quarterly revenue was $11.15 billion for the three months ended June 30, 2026, up from $9.82 billion in the prior quarter. Annual revenue for 2025 was $32.05 billion with net income of $3.40 billion. As of June 30, 2026, total assets were $494.05 billion, with shareholder equity of $21.01 billion and cash of $28.42 billion.

Strategy

Apollo emphasizes a contrarian, value-oriented investment approach focused on downside protection. The company is modernizing private markets by enhancing transparency, improving liquidity, and broadening access. Management highlights the breadth of origination capabilities and a 'principal mindset' to shape the evolving market. The business operates in an integrated manner across credit, equity, and retirement services to serve clients across the capital structure.

Risks

• Market and economic volatility — Downturns or uncertainty in financial markets could adversely impact investment valuations, fundraising, and performance fees across Apollo's credit and equity strategies.
• Interest rate fluctuations — Changes in interest rates affect the spread income of Athene's retirement services and the performance of floating-rate credit assets, potentially reducing profitability.
• Competition — Apollo operates in highly competitive markets for alternative assets and retirement products, which could pressure fee rates and asset growth.
• Geopolitical and regulatory risk — International trade barriers, political developments, geopolitical tensions, and regulatory changes could disrupt operations or increase compliance costs.

Outlook

Management expects continued growth driven by record earnings momentum and the expansion of the asset management platform. The company aims to capitalize on increasing demand for capital and its origination capabilities. Apollo declared a quarterly dividend of $0.5625 per share for Q2 2026, reflecting confidence in cash flow generation, though future dividends remain at the board's discretion.