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
All APO Financial Metrics(39)
Income Statement
Balance Sheet
Cash Flow
Recent SEC Filings
Apollo Global Management, Inc. 8-K Report, Financial Results (Oct 5, 2026)
Apollo Global Management, Inc. (APO) has issued a Current Report on Form 8-K to provide preliminary estimates for its alternative net investment income for the third quarter ended September 30, 2026. The company anticipates generating approximately $375 million in pre-tax alternative net investment income, projecting an annualized return of 10% on its alternative net investments. This disclosure is made in advance of the official quarterly earnings release and financial supplement, which are scheduled for November 3, 2026.
Apollo Global Management, Inc. 8-K Report, Regulation FD Disclosure (Sep 21, 2026)
Apollo Global Management, Inc. (APO) has filed an 8-K to disclose that its subsidiary, Athene Holding Ltd., has released an updated presentation titled “Athene Asset Risk & Stress Considerations, September 2026 Update.” This presentation is available on Athene's investor relations website. While this filing is primarily for disclosure purposes under Regulation FD and the information furnished is not deemed "filed" for liability purposes under Section 18 of the Exchange Act, it signifies an ongoing effort by Athene to provide transparency regarding its asset risk and stress testing methodologies. Investors should monitor this presentation for insights into how Athene is managing and assessing potential risks within its asset portfolio, which can have implications for Apollo's overall financial performance and stability.
Apollo Global Management, Inc. 8-K Report, Regulation FD Disclosure (Aug 24, 2026)
Apollo Global Management, Inc. (APO) has filed an 8-K to announce the posting of a presentation titled “Apollo Multi-Asset Prime Securities (AMAPS) Overview Presentation” on its Investor Relations website. This filing serves to publicly disclose information related to the AMAPS product, ensuring broad access for investors and stakeholders. While the 8-K itself does not contain substantive financial data or strategic operational updates, it directs investors to a specific investor presentation. This suggests that the AMAPS Overview Presentation is intended to provide detailed insights into this particular product offering, which may be of interest to investors focused on Apollo's diverse investment strategies and product suite. Investors seeking further information should access the presentation directly via the provided website link.
Apollo Global Management, Inc. 8-K Report, Regulation FD Disclosure (Aug 13, 2026)
Apollo Global Management, Inc. (APO) is filing this Form 8-K primarily to announce an upcoming Fixed Income Investor call hosted by its subsidiary, Athene Holding Ltd., on August 13, 2026. This call will provide an update on Athene's business operations, including current trends, new business origination, its investment portfolio, and capital position. Investors seeking insights into Athene's performance and strategy will find this call and the accompanying presentation valuable.
Apollo Global Management, Inc. 8-K/A Report, Shareholder Vote Results (Aug 12, 2026)
Apollo Global Management, Inc. (APO) has filed an 8-K/A amendment to its previous filing dated June 9, 2026. This amendment specifically addresses the frequency of future "say-on-pay" advisory votes, which pertain to the compensation of the company's named executive officers. No other aspects of the original report have been altered.
View all 8-K filings →