Apollo's second quarter adjusted EPS of $2.11 beat estimates, but Fee Related Earnings missed expectations.

Apollo reported second quarter 2026 Adjusted Net Income of $1.3 billion, or $2.11 per share, and Fee Related Earnings (FRE) of $785 million. Total assets under management grew 25% year-over-year to $1.05 trillion, benefiting from strong capital inflows.

Key Highlights

• Fee Related Earnings (FRE) grew 25% year-over-year to a record $785 million, driven by a 23% increase in fee-related revenue.
• The Retirement Services segment generated record Spread Related Earnings (SRE) of $877 million, up 7% from the prior year, benefiting from strong organic growth.
• The company attracted record organic inflows of $60 billion during the quarter, including $38 billion in Asset Management and $22 billion in Retirement Services.