FMP
Apollo Global Management, Inc. (NYSE: APO) Earnings Preview and Investigation Update
Feb 06, 2026
Earnings Expectations: Analysts forecast an EPS of approximately $2.03-$2.04 and core revenue of around $1.19-$1.20 billion (consensus near $1.193-$1.20B) for the upcoming Q4 2025 quarter. This "revenue" figure primarily reflects fee-related revenue and spread-related earnings from the asset management and retirement services businesses, which analysts track as the key operating metric (distinct from volatile GAAP total revenue, which can exceed several billion due to investment gains/losses).
Investigation Impact: An ongoing investigation by Pomerantz LLP into potential securities fraud follows revelations of discussions between Apollo executives and Jeffrey Epstein regarding tax arrangements, contradicting prior statements of no business dealings with Epstein.
Financial Performance: Despite the recent controversy, Apollo reported strong results in the third quarter of 2025, with GAAP net income attributable to common stockholders of approximately $1.7 billion, or $2.82 per share. This marked significant growth from $787 million, or $1.30 per share, in the prior-year period, fueled by record fee-related earnings and robust spread-related earnings.
Apollo Global Management, Inc. (NYSE: APO) is a leading alternative asset manager and retirement services provider. The company is scheduled to release its Q4 2025 and full-year 2025 earnings on February 9, 2026, before market open, with a conference call at 8:30 AM ET. This comes amid the Pomerantz LLP investigation triggered by a February 1, 2026, Financial Times report on executive discussions with Jeffrey Epstein in the 2010s on tax matters. The disclosure contributed to a stock price drop of $7.69 (about 5.7%), closing at $126.85 on February 3, 2026.
Despite the headwinds, Apollo's underlying performance remains solid. Q3 2025 highlights included record fee-related earnings ($652 million, up 23% YoY), near-record spread-related earnings, $82 billion in inflows, and total assets under management reaching $908 billion (up 24% YoY). For the upcoming Q4 report, analysts project a year-over-year EPS decline of about 8.6% but core revenue growth of around 24.8%-25%. The consensus EPS estimate has seen a modest downward revision (roughly 1% over the past month), which could influence investor sentiment and stock reaction.
Apollo's key valuation metrics include a trailing price-to-earnings (P/E) ratio of around 17-19x (fluctuating with price and TTM EPS), a price-to-sales ratio near 2.66, and a debt-to-equity ratio of approximately 0.95 (indicating moderate leverage). The current ratio stands at about 1.99, suggesting adequate short-term liquidity. Investors will monitor these closely, along with any updates on the investigation, ahead of the February 9 release.
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