Apollo Global Swings to 3Q Loss on Investment-Related Losses

By Connor Hart

Apollo Global Management posted lower revenue and swung to a loss in the third quarter, weighed down by investment-related losses at its retirement-services unit amid higher interest rates.

The alternative asset manager on Tuesday reported a net loss attributable to common stockholders of $1.06 billion, or $1.78 a share, compared with net income of $1.71 billion, or $2.78 a share, a year earlier.

Stripping out one-time and non-operating items, adjusted net income came in at $1.29 billion, or $2.07 a share. Excluding notable items, adjusted net earnings were $2.15 a share.

Analysts polled by FactSet expected adjusted earnings of $2.19 a share in the latest period.

Total revenue fell 52% to $4.74 billion from $9.82 billion in the prior-year period, hit by $3.42 billion in investment-related losses within its retirement services arm. Analysts had anticipated $5.79 billion in revenue for the latest quarter.

"Behind record pipelines and tangible momentum across the business, our core earnings power is growing and poised for a robust close to 2026 with a strong setup for 2027," Chief Executive Marc Rowan said.

Apollo's net gains from investment activities stood at $20 million in the latest quarter, down from $78 million a year ago.

Total assets under management increased to $1.074 trillion, buoyed by inflows of $53 billion. Asset management inflows of $35 billion were driven by institutional services and global wealth, while retirement services inflows of $19 billion were lifted by strength across retail and funding agreements, the firm said.

Fee-related earnings rose to $802 million from $652 million, while spread-related earnings--which are tied to Apollo's retirement-services business--climbed to $909 million from $846 million, excluding notable items.

Write to Connor Hart at connor.hart@wsj.com

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November 03, 2026 06:38 ET (11:38 GMT)