v3.26.1
Segments (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Financial Data for Reportable Segments
The following presents financial data for the Company’s reportable segments.

Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
Asset Management
Management fees$1,001 $816 $1,953 $1,586 
Capital solutions fees and other, net277 216 523 370 
Fee-related performance fee65 63 129 117 
Fee-related compensation (343)(279)(676)(538)
Other operating expenses(215)(189)(416)(349)
Fee Related Earnings785 627 1,513 1,186 
Retirement Services
Fixed income and other net investment income3,686 3,179 7,237 6,093 
Alternative net investment income348 319 558 634 
Strategic capital management fees37 32 73 61 
Cost of funds(2,942)(2,470)(5,749)(4,680)
Other operating expenses(111)(107)(229)(221)
Interest and other financing costs(141)(132)(294)(262)
Spread Related Earnings 877 821 1,596 1,625 
Principal Investing
Realized performance fees130 219 487 409 
Realized investment income27 13 73 41 
Principal investing compensation(123)(168)(436)(356)
Other operating expenses(18)(17)(33)(33)
Principal Investing Income 16 47 91 61 
Segment Income$1,678 $1,495 $3,200 $2,872 

Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
Segment Revenue
Asset Management1
$1,343 $1,095 $2,605 $2,073 
Retirement Services4,071 3,530 7,868 6,788 
Principal Investing157 232 560 450 
Total Segment Revenue$5,571 $4,857 $11,033 $9,311 

(In millions)June 30, 2026December 31, 2025
Segment Assets
Asset Management$5,223 $5,026 
Retirement Services460,225 430,122 
Principal Investing11,837 11,527 
Total Assets$477,285 $446,675 
1 Includes intersegment management fees from Retirement Services of $386 million and $358 million for the three months ended June 30, 2026 and 2025 respectively, and $785 million and $719 million for the six months ended June 30, 2026 and 2025 respectively.
Schedule of Reconciliation of Income Before Income Tax Provision to Segments
The following presents the reconciliation of Segment Income and Segment Revenue to income (loss) before income tax (provision) benefit and total revenues reported in the condensed consolidated statements of operations:

Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
Segment Income$1,678 $1,495 $3,200 $2,872 
Asset Management Adjustments:
Equity-based profit sharing expense1,5
(71)(38)(123)(68)
Equity-based compensation(129)(102)(285)(201)
Net income (loss) attributable to non-controlling interests in consolidated entities698 266 953 815 
Unrealized performance fees5
320 (28)(101)91
Unrealized profit sharing expense5
(152)43 55 (62)
HoldCo interest and other financing costs2
(53)(36)(98)(70)
Unrealized principal investment (income) loss5
(45)11 (165)9 
Unrealized net gains (losses) from investment activities5
28 (293)(29)(354)
Transaction-related costs, restructuring and other non-operating expenses3
(117)(70)(186)(346)
Retirement Services Adjustments:
Investment gains (losses), net of offsets23 (509)(673)(358)
Non-operating change in insurance liabilities and related derivatives4
358 149 316 (218)
Integration, restructuring and other non-operating items(41)(32)(74)(62)
Equity-based compensation(12)(11)(22)(22)
Income (loss) before income tax (provision) benefit$2,485 $845 $2,768 $2,026 
1 Equity-based profit sharing expense includes stock-based grants that are tied to realized performance within the Principal Investing segment.
2 Represents interest and other financing costs related to AGM not attributable to any specific segment.
3 Transaction-related costs, restructuring and other non-operating expenses includes: (a) contingent consideration, certain equity-based charges, amortization of intangible assets and certain other expenses associated with acquisitions; (b) gains (losses) from changes in the tax receivable agreement liability; (c) merger-related transaction and integration costs associated with Company’s merger with Athene and (d) other non-operating expenses, including the issuance of shares of AGM common stock for charitable contributions. In the six months ended June 30, 2025, other non-operating expenses includes $200 million in charitable contributions related to the issuance of shares to the Apollo DAF in February 2025.
4 Includes change in fair values of derivatives and embedded derivatives, non-operating change in funding agreements, change in fair value of market risk benefits, and non-operating change in liability for future policy benefits.
5 Represents adjustments that primarily impact the Principal Investing segment.
Schedule of Reconciliation of Consolidated Revenues to Total Asset Management Fee Related Revenues
Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
Segment Revenues$5,571 $4,857 $11,033 $9,311 
Asset Management Adjustments:
Adjustments related to consolidated funds and VIEs1
279 157 484 252 
Performance fees2
323 (26)(96)96 
Principal investment income (loss)2
(73)3 (215)2 
Equity awards granted by unconsolidated related parties, reimbursable expenses and other1
238 162 510 306 
Retirement Services Adjustments:
Premiums, product charges, investment related gains (losses) and other retirement services revenue3
3,462 381 1,886 (50)
Change in fair value of reinsurance assets106 65 200 128 
Forward points adjustment on foreign exchange derivative hedges(19)(26)(47)(50)
Held-for-trading amortization46 40 103 69 
Reinsurance impacts30 39 57 79 
ACRA non-controlling interests on net investment earnings1,311 1,159 2,560 2,233 
Other retirement services adjustments(121)3 (263)(14)
Total Revenues$11,153 $6,814 $16,212 $12,362 
1 Represents advisory fees, management fees and performance fees earned from consolidated VIEs which are eliminated in consolidation. Includes non-cash
revenues related to equity awards granted by unconsolidated related parties to employees of the Company and certain compensation and administrative related expense reimbursements.
2 Represents adjustments that primarily impact the Principal Investing segment.
3 Refer to the condensed consolidated statements of operations for a breakout of individual items.
Schedule of Reconciliation of Total Reportable Segment Assets to Total Assets
The following table presents the reconciliation of the Company’s total reportable segment assets to total assets:

(In millions)June 30, 2026December 31, 2025
Total reportable segment assets$477,285 $446,675 
Adjustments1
16,763 14,274 
Total Assets$494,048 $460,949 
1 Represents the addition of assets of consolidated funds and VIEs and consolidation elimination adjustments.