Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Apollo Global Management, Inc. (APO) Halal?

FAIL

Apollo Global Management, Inc. · NYSE: APO · Financials

The short answer

No - Apollo Global Management, Inc. (APO) fails this Shariah stock screen at two gates. The Q2 2026 10-Q names Retirement Services, conducted by Athene, as a full reportable segment: Athene issues, reinsures and acquires retirement savings products, a conventional life/annuity insurance business (about 85.4% of Q2 2026 consolidated revenue) that is non-compliant under standard screens. Retirement Services net investment income of $5,350M is about 47.97% of revenue ($11,153M), far above the 5% ceiling. Interest-bearing debt of $13,727M ($5,895M Asset Management plus $7,832M Retirement Services, excluding policy liabilities) is about 20.33% of its ~$67.5B market cap ($114.34, October 2, 2026), so the debt gate passes. Zoya flags APO not Shariah-compliant and Musaffa rates it not halal; no ShariaPortfolio rating was found - honestly reported as absent, not invented.

Gate 1 — Business activity: FAIL

Apollo Global Management, Inc. (NYSE: APO) describes itself in its Q2 2026 10-Q as a high-growth, global alternative asset manager and a retirement services provider. It reports three reportable segments: Asset Management, Retirement Services and Principal Investing. The Retirement Services business is conducted by Athene - described as "a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products" - and the balance sheet reflects a conventional insurer: $344,593M of interest sensitive contract liabilities, $48,241M of future policy benefits, $5,283M of market risk benefits, plus universal life benefits and closed-block life benefits (AmerUs and ILICO). Conventional life/annuity insurance is a non-compliant core business under standard AAOIFI-style screens, and it is material: Retirement Services generated $9,526M of the $11,153M consolidated revenues in Q2 2026 - about 85.4%. Gate 1 fails. Facts only.

Gate 2 — Debt and cash: PASS

Per Apollo's Q2 2026 10-Q (quarter ended June 30, 2026), interest-bearing debt totals $13,727M - $5,895M of Asset Management debt plus $7,832M of Retirement Services debt (insurance policy liabilities such as interest sensitive contract liabilities and future policy benefits are not counted as debt). Against a market cap of about $67.5B ($114.34 on October 2, 2026; 590,543,159 shares outstanding per the 10-Q cover), debt divided by market cap is about 20.33%, below the ~33% ceiling. Cash and cash equivalents total $26,815M ($3,415M Asset Management plus $1,272M of its consolidated VIEs, $21,957M Retirement Services plus $171M of its consolidated VIEs) - about 39.71% of market cap. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: FAIL

Apollo's Q2 2026 10-Q discloses Retirement Services net investment income of $5,350M against consolidated Total Revenues of $11,153M - about 47.97% of revenue, far above the 5% non-compliant income ceiling. The MD&A segment reconciliation corroborates: non-GAAP net investment earnings of $4,034M (about 36.17% of total revenues), driven by Athene's average net invested assets. Gate 3 fails. Facts only.

Key figures used

Frequently asked questions

What does Apollo Global Management do?

Apollo Global Management, Inc. (NYSE: APO), based in New York, describes itself in its Q2 2026 10-Q as a high-growth, global alternative asset manager and a retirement services provider. Its asset management business focuses on two investing strategies, credit and equity, raising and managing funds and accounts for pension, endowment, sovereign wealth and insurance clients. Its retirement services business is conducted by Athene, a financial services company specializing in issuing, reinsuring and acquiring retirement savings products, and the filing reports three reportable segments: Asset Management, Retirement Services and Principal Investing.

Why does Apollo Global fail this Shariah stock screen?

Apollo Global fails this screen at the first gate - the business-activity gate - and its non-compliant income gate fails too. The Q2 2026 10-Q discloses Retirement Services (conducted by Athene) as a full reportable segment: Athene issues, reinsures and acquires retirement savings products, and the balance sheet carries $344.6B of interest sensitive contract liabilities, $48.2B of future policy benefits and $5.3B of market risk benefits, with universal life and closed-block life benefits as well. Conventional life/annuity insurance is a non-compliant core business under standard AAOIFI-style screens, and it is material: Retirement Services generated about 85.4% of consolidated revenues in Q2 2026 ($9,526M of $11,153M). Both third-party screeners that cover APO agree: Zoya flags it not Shariah-compliant and Musaffa rates it not halal (both checked October 2026). This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

What is Apollo Global's interest-bearing debt ratio?

Per Apollo's Q2 2026 10-Q (quarter ended June 30, 2026), interest-bearing debt totals $13,727M - $5,895M of Asset Management debt plus $7,832M of Retirement Services debt (insurance policy liabilities such as interest sensitive contract liabilities and future policy benefits are not counted as debt). Against a market cap of about $67.5B ($114.34 on October 2, 2026; 590,543,159 shares outstanding per the 10-Q cover), debt divided by market cap is about 20.33% - below the ~33% ceiling. Cash and cash equivalents total $26,815M ($3,415M Asset Management plus $1,272M of its consolidated VIEs, $21,957M Retirement Services plus $171M of its consolidated VIEs) - about 39.71% of market cap. Gate 2 passes; the screen fails on the business-activity and income gates, not on debt.

What is Apollo Global's non-compliant income ratio?

Apollo's Q2 2026 10-Q discloses Retirement Services net investment income of $5,350M against consolidated Total Revenues of $11,153M - about 47.97% of revenue, far above the 5% non-compliant income ceiling. The MD&A segment reconciliation corroborates this: non-GAAP net investment earnings of $4,034M (about 36.17% of total revenues) plus alternative net investment income, with the Athene portfolio driven by Athene's average net invested assets. The financial gate fails alongside the business-activity gate.

Do Zoya, Musaffa, or ShariaPortfolio cover Apollo Global?

Zoya covers APO and flags it not Shariah-compliant (its APO page cites the FY2025 annual report - revenue $32,049,000,000 and interest income $131,000,000, about 0.41% of the combined total - though the page's as-of date did not render when checked October 2, 2026). Musaffa covers APO as not halal as of October 2026 under its AAOIFI methodology. No ShariaPortfolio screening page or rating for APO was found - reported as absent, not invented. This page applies the screen directly from Apollo's own filings and reports these positions honestly.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).