Q2 2026 Earnings

Reported August 4, 2026NEW

Quarter Comparison

Revenue

Operating Income

Net Margin

Income Statement

Cash Flow Statement

Balance Sheet

Operating metrics disclosed this quarter

Read from the filing itself — XBRL does not carry these, so no standard financial dataset has them.

Fee-Generating AUM Inflows
$51.24
The following tables summarize changes in Fee-Generating AUM for Apollo’s investing strategies within the Asset Management segment: Three months ended June 30, 2026 2025 (In millions) Credit Equity Total Credit Equity Total Change in Fee-Generating AUM1: Beginning of Period $ 732,020 $ 103,847 $ 835,867 $ 522,844 $ 72,314 $ 595,158 Inflows 48,149 3,092 51,241 38,424 5,804 44,228 Outflows2 (16,860) (1,915) (18,775) (9,429) (929) (10,358) Other, net4 (9,146) — (9,146) — — — Net Flows 22,143 1,177 23,320 28,995 4,875 33,870 Realizations (2,533) (1,676) (4,209) (1,132) (1,359) (2,491) Market Activity3 2,500 531 3,031 11,332 439 11,771 End of Period $ 754,130 $ 103,879 $ 858,009 $ 562,039 $ 76,269 $ 638,308 1 At the individual strategy level, inflows include new subscriptions, commitments, capital raised, other increases in available capital, purchases, acquisitions and portfolio company appreciation. Outflows represent redemptions, other decreases in available capital and portfolio company depreciation. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income.
Fee-Generating AUM Net Flows
$23.32
The following tables summarize changes in Fee-Generating AUM for Apollo’s investing strategies within the Asset Management segment: Three months ended June 30, 2026 2025 (In millions) Credit Equity Total Credit Equity Total Change in Fee-Generating AUM1: Beginning of Period $ 732,020 $ 103,847 $ 835,867 $ 522,844 $ 72,314 $ 595,158 Inflows 48,149 3,092 51,241 38,424 5,804 44,228 Outflows2 (16,860) (1,915) (18,775) (9,429) (929) (10,358) Other, net4 (9,146) — (9,146) — — — Net Flows 22,143 1,177 23,320 28,995 4,875 33,870 Realizations (2,533) (1,676) (4,209) (1,132) (1,359) (2,491) Market Activity3 2,500 531 3,031 11,332 439 11,771 End of Period $ 754,130 $ 103,879 $ 858,009 $ 562,039 $ 76,269 $ 638,308 1 At the individual strategy level, inflows include new subscriptions, commitments, capital raised, other increases in available capital, purchases, acquisitions and portfolio company appreciation. Outflows represent redemptions, other decreases in available capital and portfolio company depreciation. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income.

Fee-Generating AUM Outflows

$18.78

The following tables summarize changes in Fee-Generating AUM for Apollo’s investing strategies within the Asset Management segment: Three months ended June 30, 2026 2025 (In millions) Credit Equity Total Credit Equity Total Change in Fee-Generating AUM1: Beginning of Period $ 732,020 $ 103,847 $ 835,867 $ 522,844 $ 72,314 $ 595,158 Inflows 48,149 3,092 51,241 38,424 5,804 44,228 Outflows2 (16,860) (1,915) (18,775) (9,429) (929) (10,358) Other, net4 (9,146) — (9,146) — — — Net Flows 22,143 1,177 23,320 28,995 4,875 33,870 Realizations (2,533) (1,676) (4,209) (1,132) (1,359) (2,491) Market Activity3 2,500 531 3,031 11,332 439 11,771 End of Period $ 754,130 $ 103,879 $ 858,009 $ 562,039 $ 76,269 $ 638,308 1 At the individual strategy level, inflows include new subscriptions, commitments, capital raised, other increases in available capital, purchases, acquisitions and portfolio company appreciation. Outflows represent redemptions, other decreases in available capital and portfolio company depreciation. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income.

Fee-Generating AUM Realizations

$4.21

Total AUM Inflows

$59.68

The following tables summarize changes in total AUM for Apollo’s investing strategies within the Asset Management segment: Three months ended June 30, 2026 2025 (In millions) Credit Equity Total Credit Equity Total Change in Total AUM1: Beginning of Period $ 834,132 $ 192,235 $ 1,026,367 $ 641,345 $ 143,813 $ 785,158 Inflows 48,703 10,973 59,676 52,250 8,828 61,078 Outflows2 (24,158) (476) (24,634) (16,528) (399) (16,927) Other, net4 (9,871) — (9,871) — — — Net Flows 14,674 10,497 25,171 35,722 8,429 44,151 Realizations (2,984) (8,332) (11,316) (1,548) (3,881) (5,429) Market Activity3 3,520 3,537 7,057 14,054 1,671 15,725 End of Period $ 849,342 $ 197,937 $ 1,047,279 $ 689,573 $ 150,032 $ 839,605 1 At the individual strategy level, inflows include new subscriptions, commitments, capital raised, other increases in available capital, purchases, acquisitions and portfolio company appreciation. Outflows represent redemptions, other decreases in available capital and portfolio company depreciation. Realizations represent fund distributions of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income.

Total AUM Net Flows

$25.17

Total AUM Outflows

$24.63

Total AUM Realizations

$11.32

Perpetual Capital AUM Excluding Athene and Athora

$83.95

Perpetual Capital The following table summarizes the investment record for the perpetual capital vehicles we manage, excluding Athene and Athora-related assets. Total Returns (In millions) IPO Year1 Total AUM For the Three Months Ended June 30, 2026 For the Three Months Ended June 30, 2025 For the Six Months Ended June 30, 2026 For the Six Months Ended June 30, 2025 ADS2 N/A $ 30,598 2 % 2 % 2 % 4 % MidCap FinCo3 N/A 13,927 2 % 4 % 3 % 8 % MFIC4,5 2004 3,533 (7) % 1 % (7) % (1) % ADREF6 N/A 4,506 3 % — % 5 % — % ADCF6 N/A 2,438 1 % 3 % 2 % 5 % ARIS6 N/A 2,421 1 % 1 % 3 % 3 % Other7 N/A 26,526 N/A N/A N/A N/A Total $ 83,949

AUM Managed or Advised for Athene

$415.7

Apollo, through its consolidated subsidiary, ISG, provides asset management services to Athene with respect to assets in the accounts owned by or related to Athene (“Athene Accounts”), including asset allocation services, direct asset management services, asset and liability matching management, mergers and acquisitions, asset diligence, hedging and other asset management services and receives management fees for providing these services. We also provide sub-allocation services with respect to a portion of the assets in the Athene Accounts. Apollo, through its asset management business, managed or advised $415.7 billion, $366.8 billion and $392.2 billion of AUM on behalf of Athene as of June 30, 2026, June 30, 2025 and December 31, 2025, respectively.

AUM Managed or Advised for Athora

$120.9

Apollo, through ISGI, provides investment advisory services to Athora with respect to certain of its assets (“Athora Accounts”). We broadly refer to “Athora Sub-Advised” assets as those assets in the Athora Accounts which we explicitly sub-advise, as well as those assets in the Athora Accounts which are invested directly in funds and investment vehicles Apollo manages. We refer to the portion of the Athora AUM that is not Athora Sub-Advised AUM as “Athora Non-Sub Advised” AUM. See note 16 to the condensed consolidated financial statements for more details regarding the fee arrangements with respect to the assets in the Athora Accounts. Apollo managed or advised $120.9 billion, $58.7 billion and $57.2 billion of AUM on behalf of Athora as of June 30, 2026, June 30, 2025 and December 31, 2025, respectively.

Net Floating Rate Assets

$2.3

Athene addresses interest rate risk through managing the duration of the liabilities it sources with assets it acquires through asset liability management (“ALM”) modeling. As part of its investment strategy, Athene purchases floating rate investments, which are expected to perform well in a rising interest rate environment and are expected to underperform in a declining rate environment. Athene manages its interest rate risk in a declining rate environment through hedging activity or the issuance of additional floating rate liabilities to lower its overall net floating rate position. As of June 30, 2026, Athene’s net invested asset portfolio included $71.2 billion of floating rate assets, or 23% of its net invested assets, and its net reserve liabilities included $68.9 billion of floating rate liabilities at notional, or 22% of its net invested assets, resulting in $2.3 billion of net floating rate assets, or 1% of its net invested assets. Athene’s floating rate asset position includes floating rate investments and cash and cash equivalents on a net invested asset basis, adjusted for net investment payables/receivables and cash posted as collateral for derivative transactions.

Deferred Annuity Liabilities Subject to Surrender Penalty

87.0%

Athene’s policyholder obligations are generally long-term in nature. However, policyholders may elect to withdraw some or all of their account value in amounts that exceed Athene’s estimates and assumptions over the life of an annuity contract. Athene includes provisions within its annuity policies, such as surrender charges and market value adjustments (“MVAs”), which are intended to protect it from early withdrawals. As of June 30, 2026 and December 31, 2025, approximately 87% and 85%, respectively, of Athene’s deferred annuity liabilities were subject to penalty upon surrender. In addition, as of each of June 30, 2026 and December 31, 2025, approximately 69% of policies contained MVAs that may also have the effect of limiting early withdrawals if interest rates increase but may encourage early withdrawals by effectively subsidizing a portion of surrender charges when interest rates decrease. As of June 30, 2026, approximately 36% of Athene’s net reserve liabilities were generally non-surrenderable, including buy-out pension group annuities other than those that can be withdrawn as lump sums, funding agreements, payout annuities and guaranteed investment contracts, while 54% were subject to penalty upon surrender.

Net Reserve Liabilities Generally Non-Surrenderable

36.0%

Net Reserve Liabilities Subject to Surrender Penalty

54.0%

Policies Containing Market Value Adjustments

69.0%

Policyholder Account Deposits

$42.03

The following represents a rollforward of the policyholder account balance by product within interest sensitive contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve. Six months ended June 30, 2026 (In millions, except percentages) Traditional Deferred Annuities Indexed Annuities Funding Agreements Other Investment-type Total Balance at December 31, 2025 $ 109,201 $ 105,317 $ 85,555 $ 8,821 $ 308,894 Deposits 17,694 8,656 14,249 1,433 42,032 Policy charges (1) (426) — — (427) Surrenders and withdrawals (4,402) (5,830) (47) (52) (10,331) Benefit payments (747) (811) (7,020) (133) (8,711) Interest credited 2,644 2,329 1,900 133 7,006 Foreign exchange (156) — (312) (177) (645) Other — — (318) (64) (382) Balance at June 30, 2026 $ 124,233 $ 109,235 $ 94,007 $ 9,961 $ 337,436 Weighted average crediting rate 4.7 % 2.8 % 4.5 % 3.1 %

Policyholder Benefit Payments

$8.71

Policyholder Surrenders and Withdrawals

$10.33

Investment-Grade Share of AFS Portfolio

97.8%

Athene’s investment portfolio consists largely of high-quality fixed maturity securities, loans and short-term investments, as well as additional opportunistic holdings in investment funds and other instruments, including equity holdings. Fixed maturity securities and loans include publicly issued corporate bonds, government and other sovereign bonds, privately placed corporate bonds and loans, mortgage loans, CMBS, RMBS, CLOs and ABS. A significant majority of Athene’s AFS portfolio, 97.8% and 97.3% as of June 30, 2026 and December 31, 2025, respectively, was invested in assets considered investment grade with an NAIC designation of 1 or 2.

Funding Agreement Weighted Average Crediting Rate

4.5%

Indexed Annuity Weighted Average Crediting Rate

2.8%

Other Investment-Type Weighted Average Crediting Rate

3.1%

Traditional Deferred Annuity Weighted Average Crediting Rate

4.7%

Gross Liability Outflows

$20.9

Total investments, including related parties and consolidated VIEs $ 409,026 100.0 % $ 386,052 100.0 % Athene’s total investments, including related parties and consolidated VIEs, were $409.0 billion and $386.1 billion as of June 30, 2026 and December 31, 2025, respectively. The $23.0 billion increase was primarily driven by significant growth from gross organic inflows of $41.8 billion in excess of gross liability outflows of $20.9 billion, reinvestment of earnings, an increase in consolidated VIE investments and an increase in derivative assets. The increase in consolidated VIE investments was primarily related to an increase in investment funds attributable to net contributions from third-party investors into AAA and AAA Lux and favorable performance of the underlying assets within AAA and AAA Lux, partially offset by the impact on investments from the deconsolidation of a VIE. The increase in derivative assets was primarily related to Athene’s call options due to favorable equity market performance in 2026, as well as favorable impacts from derivative swap and forward contracts. These impacts were partially offset by unrealized losses on investments, including foreign exchange impacts, and a decrease in short-term repurchase agreements outstanding. The unrealized losses on investments during the six months ended June 30, 2026 included AFS securities of $1.7 billion, as well as unrealized losses on mortgage loans, attributable to an increase in U.S. Treasury rates in 2026. The unrealized foreign exchange losses on foreign-denominated assets were primarily attributable to the strengthening of the U.S. dollar against foreign currencies in 2026.

Gross Organic Inflows

$41.8

Net Liability Outflows

$16.2

Net Invested Assets The following summarizes Athene’s net invested assets: June 30, 2026 December 31, 2025 (In millions, except percentages) Net invested assets $ 314,090 100.0 % $ 292,414 100.0 % 1 See “Managing Business Performance - Key Segment and Non-U.S. GAAP Performance Measures” for the definition of net invested assets. Athene’s net invested assets were $314.1 billion and $292.4 billion as of June 30, 2026 and December 31, 2025, respectively. As of June 30, 2026, corporate securities included $24.1 billion of private placements, which represented 7.7% of Athene’s net invested assets. The $21.7 billion increase in net invested assets was primarily driven by growth from net organic inflows of $33.1 billion in excess of net liability outflows of $16.2 billion, the reinvestment of earnings and favorable alternative investment performance. These impacts were partially offset by a decrease in net short-term repurchase agreements outstanding in 2026 and the payment of common and preferred stock dividends. In managing its business, Athene utilizes net invested assets as presented in the above table. Net invested assets do not correspond to Athene’s total investments, including related parties, on the condensed consolidated statements of financial condition, as discussed previously in “Managing Business Performance — Key Segment and Non-U.S. GAAP Performance Measures.” Net invested assets represent Athene’s investments that directly back its net reserve liabilities and surplus assets. Athene believes this view of its portfolio provides a view of the assets for which it has economic exposure. Athene adjusts the presentation for assumed and ceded reinsurance transactions to include or exclude the underlying investments based upon the contractual transfer of economic exposure to such underlying investments. Athene also adjusts for VIEs to show the net investment in the funds, which are included in the alternative investments line above, as well as adjusting for the allowance for credit losses. Net invested assets include Athene’s proportionate share of ACRA investments, based on its economic ownership, but exclude the proportionate share of investments associated with the non-controlling interests. Net invested assets is utilized by management to evaluate Athene’s investment portfolio. Net invested assets is used in the computation of net investment earned rate, which allows Athene to analyze the profitability of its investment portfolio. Net invested assets is also used in Athene’s risk management processes for asset purchases, product design and underwriting, stress scenarios, liquidity and ALM.

Net Organic Inflows

$33.1

Net Invested Assets

$314.09