$1.9 billion.
That was Apollo’s net loss for the three months ended March 31, after $1.7 billion of net income in the comparable period. Revenue nearly halved to $5.1 billion from $9.8 billion, and diluted earnings per share swung from $2.78 to negative $3.27.
The less dramatic number is operating cash flow: $1.6 billion, down from $2.6 billion. That is still a meaningful cash contribution, but it fell by less than revenue and did not prevent the bottom line from turning sharply negative. The filing shows a larger decline in revenue than in operating cash flow, while investment activity and funding costs also changed materially.
Apollo said other income was negative $97 million, compared with negative $25 million a year earlier. The company attributed the change mainly to lower gains from investment activities at consolidated variable-interest entities and in other investment activities, partly offset by higher other income.
"Other income (loss) was $(97) million in 2026, a decrease of $72 million from $(25) million in 2025, primarily driven by a decrease in net gains (losses) from investment activities of consolidated VIEs of $226 million and a decrease in net gains (losses) from investment activities of $94 million, respectively, partially offset by an increase in other income (loss), net of $248 million."
10-Q 2026-05-07
That passage describes one component of the earnings swing without describing a similar collapse in operating cash. It also leaves the period’s investment results as an important moving part in any comparison of Apollo’s profits.
The recurring change was financing costs. Interest and other financing costs rose to $153 million from $130 million, which Apollo linked to additional long-term debt issued in the second quarter of 2025 and a higher average short-term repurchase-agreement balance. The increase was partly offset by lower preferred-stock dividends after Athene redeemed Series C preferred stock.
"The decrease in SRE was primarily driven by an increase in cost of funds and interest and other financing costs, partially offset by an increase in net investment earnings."
10-Q 2026-05-07
Apollo’s cost of funds rose to 3.79% from 3.46%. Policy and other operating expenses also climbed to $626 million from $542 million, driven by higher interest expense and policy acquisition expenses tied to significant growth. In other words, the period carried both weaker investment-related income and a higher cost base.
Cash was not passive. Apollo said investing cash use primarily reflected purchases of investments, mainly available-for-sale securities and mortgage loans, funded by significant cash inflows from Athene’s growth. That deployment, alongside lower investment payables net of receivables and derivative settlements, helps explain why operating cash flow and investing cash activity tell different parts of the period’s story.
Athene’s role matters because Apollo repeatedly discloses its mortgage-lending footprint. The company said Athene acquired mortgage loans through acquisitions, reinsurance arrangements, and an active program for new loans. The latest period therefore combines growth-related asset deployment with higher funding costs, rather than presenting a simple revenue decline.
Apollo’s annual results show how large the business has become and how uneven the path can be: revenue rose from $2.4 billion in 2020 to $32.0 billion in 2025, while annual net margin moved from negative 17.9% in 2022 to 10.9% last year. The latest three-month loss adds another sharp turn to that record, but operating cash flow gives readers a separate measure to track.
Apollo’s next quarterly report will make the comparison more useful if it shows whether the $1.6 billion of operating cash flow holds up alongside investment activity results and the 3.79% cost of funds.