10-KPeriod: FY2024

Apollo Global Management, Inc. Annual Report, Year Ended Dec 31, 2024

Filed February 24, 2025For Securities:APOAPOSAPO-PA

Summary

Apollo Global Management, Inc. (APO) reported strong performance for the fiscal year ending December 31, 2024, with total revenues reaching $26.1 billion, a decrease of 20.0% from the prior year, primarily driven by a significant drop in premiums within its Retirement Services segment. However, the Asset Management segment demonstrated robust growth, with revenues increasing by 19.1% to $4.2 billion, fueled by higher management fees, advisory and transaction fees, and investment income. Fee Related Earnings (FRE) for the Asset Management segment saw a healthy increase of 16.7% to $2.1 billion. The Retirement Services segment's net investment income rose by 30.1% to $15.7 billion, supporting a 3.7% increase in Spread Related Earnings (SRE) to $3.2 billion, despite higher costs of funds. Principal Investing Income (PII) more than doubled, reaching $271 million, driven by a substantial increase in realized performance fees. The company's total assets grew to $377.9 billion, supported by strong capital deployment and growth across its platforms. Apollo also declared a quarterly common stock dividend of $0.4625 per share, signaling confidence in its ongoing financial performance and commitment to shareholder returns.

Financial Highlights

37 data points
Beta

Revenue

$26.11B

Net Income

$4.48B

17.2% Net Margin

EPS (Diluted)

$7.33

Total Assets

$377.89B

Cash & Equivalents

$17.11B

Free Cash Flow

$3.25B

Financial Statements
Beta
Revenue$26.11B
Operating Expenses$18.98B
Interest Expense$474.00M
Net Income$4.48B
EPS (Basic)$7.39
EPS (Diluted)$7.33
Shares Outstanding (Basic)586.07M
Shares Outstanding (Diluted)604.04M

Key Highlights

  • 1Total Revenues decreased by 20.0% to $26.1 billion, primarily due to a decline in Retirement Services premiums.
  • 2Asset Management segment revenues increased by 19.1% to $4.2 billion, driven by growth in management fees, advisory/transaction fees, and investment income.
  • 3Fee Related Earnings (FRE) for Asset Management grew 16.7% to $2.1 billion.
  • 4Retirement Services segment's net investment income increased 30.1% to $15.7 billion, contributing to a 3.7% rise in Spread Related Earnings (SRE) to $3.2 billion.
  • 5Principal Investing Income (PII) surged by 226.5% to $271 million, primarily due to higher realized performance fees.
  • 6Total Assets under management grew to $751.0 billion as of December 31, 2024.
  • 7Apollo declared a quarterly common stock dividend of $0.4625 per share, payable on February 28, 2025.

Frequently Asked Questions

Apollo's total revenue for the fiscal year ended December 31, 2024, was $26.1 billion, representing a 20.0% decrease compared to the prior year. This decrease was primarily driven by a significant decline in premiums within the Retirement Services segment, offset partially by strong growth in the Asset Management segment's revenues, which increased by 19.1% to $4.2 billion due to higher management fees, advisory and transaction fees, and investment income.

The Asset Management segment demonstrated strong performance, with revenues growing 19.1% to $4.2 billion. Fee Related Earnings (FRE), a key performance measure for this segment, increased by 16.7% to $2.1 billion, indicating robust growth in recurring fee-generating activities. Assets Under Management (AUM) also saw substantial growth, reaching $751.0 billion as of December 31, 2024.

Despite a decrease in premiums, the Retirement Services segment saw a 30.1% increase in net investment income to $15.7 billion. This improvement, coupled with strategic capital management fees, led to a 3.7% increase in Spread Related Earnings (SRE) to $3.2 billion, showcasing Athene's ability to generate earnings from its investment portfolio despite higher costs of funds.

Apollo declared a quarterly common stock dividend of $0.4625 per share, signaling confidence in its financial stability and commitment to returning capital to shareholders. The company also has an active share repurchase program, authorized to repurchase up to $3.0 billion of its common stock, which can be used to opportunistically reduce its share count or offset the dilutive impact of equity awards.

The filing mentions several legal proceedings, including a shareholder derivative complaint challenging payments related to corporate recapitalization and SEC inquiries regarding record retention. While Apollo believes the claims in these actions are without merit and no reasonable estimate of loss can be made, investors should monitor these developments. The company also settled an SEC matter with a $8.5 million penalty.