<div id="readability-page-1">03:11 PM EST, 02/10/2026 (MT Newswires) -- Apollo Global Management's ( APO ) Q4 adjusted net income beat expectations, driven roughly equally by stronger-than-expected performance income and a favorable tax rate, Oppenheimer said in a Tuesday note.The brokerage noted that fee-related earnings of $1.11 per share were slightly below Oppenheimer's forecast due to higher operating costs, while base management fees were in line with expectations.Spread-related earnings of $865 million modestly exceeded Oppenheimer's estimate and were roughly flat quarter over quarter. Apollo's $24 billion cash and Treasury buffer weighed on near-term earnings but positions the company to capitalize on potential market dislocations.Oppenheimer highlighted that fee-related earnings and carry continue to grow their share of total earnings, with fee-related earnings up 21.4% year over year and 23.3% for the quarter.The brokerage highlighted 20% year-over-year growth in assets under management excluding the Bridge acquisition. The firm also highlighted strategic opportunities, including Apollo's about $6 billion sports capital fund, which could drive future origination and fee income.Oppenheimer views Apollo as only moderately undervalued relative to peers and has a perform rating on the stock.Price: 133.29, Change: -0.66, Percent Change: -0.49 MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</div>

根據 Oppenheimer 的報告，Apollo Global Management 第四季度的調整後淨收入超出預期，主要得益於強勁的業績收入和有利的税率。由於運營成本上升，費用相關收益略低於預期，而利差相關收益則超出預期。該公司指出，管理資產同比增長 20%，並強調了戰略機會，包括一個 60 億美元的體育資本基金。Oppenheimer 對 Apollo 維持 “表現” 評級，認為其相對於同行而言略顯低估

奧本海默表示，Apollo Global 第四季度的業績超預期是由業績收入推動的