| APO |
Report |
Adjusted net income per share |
BEAT |
pred ~$2.23 vs. cons $2.15 |
MEDIUM |
| APO |
Report |
Fee-related earnings |
BEAT |
pred ~$776M vs. cons $764M |
MEDIUM |
| APO |
Report |
Spread-related earnings |
BEAT |
pred ~$852M vs. cons $837M |
MEDIUM |
| APO |
Guide |
2026 fee-related earnings growth |
UNCHANGED |
guide ~20%+ vs. cons 20% (FY2026) |
HIGH |
| APO |
Guide |
2026 spread-related earnings growth |
UNCHANGED |
guide ~10% vs. cons 10% (FY2026) |
MEDIUM |
| APO |
Guide |
Alternative-investment return assumption underlying SRE outlook |
UNCHANGED |
guide ~11% vs. cons 11% (FY2026) |
MEDIUM |
| APO |
Guide |
Athene normalized net spread |
UNCHANGED |
guide ~120-125 bps vs. cons 123 bps (FY2026) |
MEDIUM |
| APO |
Return |
Day-1 residual (stock − beta × S&P 500) |
+2.0% |
— |
MEDIUM |
| APO |
Return |
5-day cumulative residual |
-0.5% (FADE) |
The ~$2.23 EPS beat versus $2.15 consensus and stronger FRE/SRE should initially support the shares, but the already-preannounced 9% alternative return remains below the 11% assumption supporting FY2026 SRE guidance. Reaffirming 10% SRE growth without raising the return assumption leaves second-half SRE math demanding and is likely to pull out-period estimates modestly lower after the initial beat. |
MEDIUM |