Apollo Global Management, Inc.APO
Apollo Global Management, Inc. Financial Overview 2022–2025
Updated Jul 10, 2026Apollo Global Management pushed its total Assets Under Management (AUM) to a massive $938.4 billion by the end of FY2025, a 25.0% year-over-year jump fueled by robust capital deployment and the acquisition of Bridge. This rapid accumulation of assets underscores the power of Apollo’s integrated model: feeding alternative credit and equity strategies directly into the massive liability base of its Athene retirement services platform to generate highly predictable fee and spread-related income.
The firm's scale has transformed dramatically over the last four years, as total Assets Under Management expanded from $547.6 billion in FY2022 to $938.4 billion in FY2025. This scale directly translates to cash flow. In FY2025, Fee Related Earnings (FRE) inside the Asset Management segment climbed 22.5% to $2.5 billion, while Retirement Services revenues jumped 23.3% to $27.0 billion. The retirement segment also delivered a steady $3.4 billion in Spread Related Earnings (SRE) during the year, insulated by a larger investment portfolio and higher interest rate yields. Apollo pairs this operational profitability with fortress liquidity, holding $18.3 billion in unrestricted cash and cash equivalents.
This dual-engine growth across asset management and insurance has rewarded shareholders significantly following a net loss of -$3.43 EPS in FY2022. By the close of FY2025, Apollo generated $5.54 EPS and commanded an $83.8 billion market cap, with shares priced at $144.76 and trading at a 26.1x P/E ratio.
Recent Developments (Q4 2025 and Q1 2026)
Apollo's momentum hit a roadblock in Q1 2026, posting a net loss of -$1.9 billion, or -$3.27 per share. This reversal was fueled by -$2.1 billion in investment-related losses within Retirement Services, stemming from adverse fair value changes in mortgage loans and hedging derivatives. Despite this drag, core operations expanded. Management fees surged 37% and Fee Related Earnings jumped 30.2% to $728 million. The firm also optimized its capital structure by issuing $750 million in senior notes and authorizing a new $4.0 billion share repurchase program. Separately, the board announced the passing of independent director David Simon in March 2026.
Bulls argue underlying fee generation remains exceptional, with preliminary estimates indicating a resilient 9% annualized return on alternative net investments for Q2 2026. Bears warn Apollo’s insurance liabilities leave earnings highly exposed to interest rate volatility. Trading at 23.1x earnings as of May 7, 2026, shares appear reasonably valued if mark-to-market headwinds subside.
What to watch: execution of the $4.0 billion buyback program; stabilization of fair value marks within the retirement portfolio.
Rev
$32.05B
FY2025
NI
$3.40B
FY2025
EPS$APO
$5.58
FY2025
OCF
$7.25B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
Apollo Global Management, Inc. 8-K Report, Financial Results (Jul 1, 2026)
Apollo Global Management, Inc. (APO) has pre-released preliminary estimates for its alternative net investment income for the second quarter ended June 30, 2026. The company anticipates alternative net investment income to be approximately $350 million on a pre-tax basis, representing an estimated annualized return of 9% on its alternative net investments. This disclosure provides investors with an early look at key performance metrics ahead of the official earnings release scheduled for August 4, 2026. Investors should note that these figures are preliminary and subject to change as final financial closing procedures are completed. The company explicitly cautions against relying solely on this information, as actual results could differ materially. The preliminary results are not audited and should not be considered indicative of future performance or a substitute for the full financial statements prepared under U.S. GAAP. The disclosure offers insights into the performance of Apollo's Retirement Services segment, specifically highlighting the contribution of Athene.
Apollo Global Management, Inc. 8-K Report, Shareholder Vote Results (Jun 9, 2026)
Apollo Global Management, Inc. (APO) held its 2026 Annual Meeting of Stockholders on June 8, 2026. The primary outcomes of the meeting involved the election of the Board of Directors, advisory votes on executive compensation, and the ratification of the independent auditor. All proposed matters were approved by the stockholders, indicating a generally stable governance environment and continued confidence in the current leadership and external audit firm. Key outcomes include the election of all thirteen director nominees for a one-year term and the approval, on an advisory basis, of the named executive officers' compensation. The company also received stockholder approval for an annual "say-on-pay" vote frequency. The appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, was also ratified.
Apollo Global Management, Inc. 8-K Report, Regulation FD Disclosure (May 15, 2026)
Apollo Global Management, Inc. (APO) announced via an 8-K filing on May 15, 2026, that its subsidiary, Athene Holding Ltd., will be hosting a Fixed Income Investor call. The primary purpose of this call is to provide investors with an update on Athene's business operations, including current business trends, new business origination, the performance and composition of its investment portfolio, and its capital position. This event offers a direct channel for investors to gain insights into a key segment of Apollo's business directly from Athene's senior management.
Apollo Global Management, Inc. 8-K Report, Financial Results (May 6, 2026)
Apollo Global Management, Inc. (APO) filed a Form 8-K on May 6, 2026, to report its financial results for the first quarter ended March 31, 2026. The filing primarily serves to provide investors with access to the company's earnings release and presentation, which contain the detailed financial performance data and strategic updates for the period. Investors should refer to the attached exhibits for a comprehensive understanding of Apollo's Q1 2026 performance. While the 8-K itself does not disclose the specific financial metrics, it directs stakeholders to Exhibits 99.1 (Summary Press Release) and 99.2 (Earnings Presentation). These documents are crucial for investors seeking insights into key performance indicators, asset under management (AUM) growth, investment strategies, profitability, and any forward-looking guidance. The filing emphasizes that the information furnished is not deemed "filed" for purposes of Section 18 of the Exchange Act, a standard disclosure for such filings.
Apollo Global Management, Inc. 8-K Report, Regulation FD Disclosure (May 1, 2026)
Apollo Global Management, Inc. (APO) has filed an 8-K to disclose that its subsidiary, Athene Holding Ltd., has released three investor presentations on its investor relations website. These presentations, titled "Alternatives Portfolio Spotlight May 2026," "Asset Portfolio Compendium May 2026," and "'Affiliated' and 'Related Party' Assets May 2026," provide an updated look into Athene's investment strategies and asset management. Investors seeking to understand the performance and composition of Athene's portfolios, particularly its alternative and affiliated/related party assets, will find this information relevant.
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