Apollo Global Management, Inc. reported a $1.057 billion loss attributable to common stockholders for the third quarter of 2026, attributing most of it to unrealized declines in certain retirement-services investments as interest rates rose.
The loss was $1.78 per share. In the same quarter of 2025, Apollo posted a $1.712 billion profit attributable to common stockholders, equal to basic earnings of $2.82 per share; diluted earnings were $2.78. The comparison marks a reversal in the company’s reported bottom line.
Apollo also reported $1.293 billion in adjusted net income, or $2.07 per share, under a company-defined non-GAAP measure. That was down from $1.357 billion in the year-earlier quarter. Unlike the stockholder-attributable net loss, adjusted net income remained positive; the company presented the two figures as separate measures of quarterly performance.
Apollo’s earnings release listed $3.418 billion in investment-related losses in its retirement-services business for the quarter, compared with $2.254 billion in gains a year earlier. Apollo said higher interest rates primarily resulted in unrealized valuation losses on certain investments.
Assets under management reached $1.074 trillion as of Sept. 30, up 18% from a year earlier. Apollo reported $53 billion in quarterly inflows. Fee-related earnings rose 23% to $802 million, while spread-related earnings were $844 million, down from $871 million a year earlier. The figures show growth in the asset base and fee-related earnings alongside a decrease in spread-related earnings.
The results diverged by measure: assets under management and fee-related earnings rose, but adjusted net income and spread-related earnings were lower than a year earlier. Apollo presented adjusted net income separately from the net loss attributable to common stockholders, describing it as non-GAAP.
Apollo declared a dividend of $0.5625 per common share, payable Nov. 30 to shareholders of record Nov. 18. The company disclosed the results in a Nov. 3 Form 8-K filing with the Securities and Exchange Commission.
