Apollo's first quarter 2026 earnings see AUM surpass $1 trillion and Fee-Related Earnings grow 30%, though EPS slightly misses estimates.

Apollo reported first quarter 2026 Adjusted Net Income of $1.2 billion, or $1.94 per share, slightly missing consensus estimates of $1.98. The company achieved a major milestone, with Assets Under Management (AUM) growing 31% year-over-year to surpass $1 trillion. The firm reported a GAAP Net Loss of $1.9 billion, primarily due to a one-time, non-cash tax expense of $1.7 billion.

Key Highlights

• Assets Under Management (AUM) surpassed the $1 trillion milestone, reaching $1.03 trillion, a 31% increase year-over-year, driven by record inflows.
• Fee-Related Earnings (FRE) grew 30% from the prior year to a record $728 million, supported by a 24% increase in management fees and a 60% increase in capital solutions fees.
• The quarter was marked by record total inflows of $115 billion, which included a significant $65 billion contribution from Athora's acquisition of Pension Insurance Corporation (PIC).