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, 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.
Apollo Global Management, Inc. 8-K Report, Regulation FD Disclosure (Aug 11, 2026)
Apollo Global Management, Inc. (APO) has filed an 8-K report to disclose that its subsidiary, Athene Holding Ltd., has made a presentation available on its website. This presentation, titled "Overview of Athene’s Corporate Structure," offers insights into the organizational framework of Athene. Investors interested in understanding the operational and structural details of Athene, a significant component of Apollo's business, should review this publicly accessible material. While this filing primarily serves as a Regulation FD disclosure and the content is furnished rather than filed, it signals Athene's proactive approach to transparency regarding its corporate structure. Investors should note that this information is being made available to ensure broad dissemination and compliance with disclosure regulations. Further details regarding Athene's structure may provide context for its performance and strategic initiatives within the broader Apollo Global Management portfolio.
Apollo Global Management, Inc. 8-K Report, Financial Results (Aug 4, 2026)
Apollo Global Management, Inc. (APO) has filed an 8-K report on August 4, 2026, to announce its financial results for the second quarter ended June 30, 2026. The report primarily serves to incorporate by reference the company's earnings press release and presentation, which contain the detailed financial and operational performance data for the period. Investors should refer to these attached exhibits for specific figures related to revenue, profitability, assets under management, and other key performance indicators. While the 8-K itself does not provide the granular details, it signals that Apollo has disclosed its quarterly performance and strategic updates. The furnished information is crucial for investors to assess the company's trajectory, the effectiveness of its investment strategies, and its overall financial health. The company emphasizes that this information is furnished, not filed, meaning it's not subject to certain liabilities under the Exchange Act unless expressly incorporated into other filings.
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