Apollo Global Management falls after third-quarter earnings miss

What happened

Apollo Global Management (APO) fell 4.9% to close at $113.55 on November 3, 2026, after third-quarter results missed expectations. The company reported earnings per share of $2.07 against $2.19 expected, and GAAP earnings of $2.15 for the period ended September 30, 2026. Trading volume was elevated at 1.7 times its 20-day average as the market digested the quarterly disclosures and the earnings call transcript.

How big was the move

The stock’s decline outpaced the Financial Services sector, which fell 0.6% on the day, and contrasted with the S&P 500, which rose 0.4%. The one-day drop was 4.3 percentage points worse than the sector median and measured 2.4 times a typical daily move for this stock. Over the last five sessions the stock fell 0.6% while the S&P 500 over five sessions fell 2.0%.

The technical picture

The stock sits 0.9% below its 20-day moving average, 6.6% below its 50-day moving average and 7.8% below its 200-day moving average. The 50-day average is below the 200-day average, a sign of a weak longer-term trend. The relative strength index over 14 days is 45, in a neutral range between 30 and 70, and the stock is 25.9% below the 52-week high.

Volatility annualized over 60 days is 33%, which is lower than 65% of its own readings over five years. Over one month the stock fell 1.6%, over three months it fell 12.5% and over one year it fell 8.7%, leaving it 19.3 percentage points behind the S&P 500 for the year.

Fundamentals and valuation

Over the four quarters through June 30, 2026, revenue was $35.95 billion, which grew 41.4% from a year earlier. Diluted earnings per share for that period were $4.47, and earnings per share fell 16.4% from a year earlier. Gross margin was 84.5% versus 95.1% a year earlier, and operating margin was 24.1% compared with 28.2% a year earlier.

The stock’s free-cash-flow margin was 22.2%, and return on invested capital was 1.0%. The balance sheet shows net cash of $13.09 billion, while share count over one year increased by 3.3%.

On valuation, the stock trades at 25.4 times trailing earnings, a level higher than 76% of its own readings over the past five years and above the five-year median of 17.1 times earnings. Price to forward earnings is 13.1 times expected earnings and free-cash-flow yield is 11.7%.

Earnings and analyst expectations

The company’s November 3, 2026, report posted earnings per share of $2.07 against $2.19 expected, 5.5% below estimates. The earlier GAAP figure of $2.15 per share also missed the Zacks Consensus Estimate of $2.21. Apollo has had zero consecutive quarters beating estimates, though its average surprise over the last four reports is 4.0% above estimates.

Typical two-day reactions after recent reports showed the stock rose 0.2%, but this session produced a larger one-day decline. Analysts set a consensus price target of $136.00, which is 19.8% above the closing price. Twenty-eight analysts provide ratings and 82% rate the stock Buy or Strong Buy, giving a consensus rating of Buy. The next report is scheduled for February 8, 2027.

What to watch

• February 8, 2027: next scheduled earnings report
• The company’s full quarterly results and earnings call transcript released November 3, 2026
• Momentum indicators and whether the stock moves back above its 20-day moving average
• Progress on the European lending platform expansion and its effect on private credit origination