Apollo Global Management, Inc. (NYSE: APO) Earnings Preview and Investigation Update

Earnings Expectations - Analysts forecast an EPS of approximately $2.03–$2.04 and core revenue of around $1.19–$1.20 billion for Q4 2025, with consensus near $1.193–$1.20 billion, focusing on fee-related revenue and spread-related earnings as key operating metrics [1] 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 [2][4] Financial Performance - Apollo reported strong Q3 2025 results with GAAP net income of approximately $1.7 billion, or $2.82 per share, marking significant growth from $787 million, or $1.30 per share, in the prior-year period, driven by record fee-related earnings and robust spread-related earnings [3][5] Upcoming Earnings Release - Apollo 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, amid the ongoing investigation [4] Performance Highlights - Q3 2025 highlights included record fee-related earnings of $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), with analysts projecting a year-over-year EPS decline of about 8.6% but core revenue growth of around 24.8%–25% for Q4 [5] Valuation Metrics - Apollo's key valuation metrics include a trailing P/E ratio of around 17–19x, a price-to-sales ratio near 2.66, and a debt-to-equity ratio of approximately 0.95, indicating moderate leverage, with a current ratio of about 1.99 suggesting adequate short-term liquidity [6]