10-KPeriod: FY2025

Apollo Global Management, Inc. Annual Report, Year Ended Dec 31, 2025

Filed February 25, 2026For Securities:APOAPOSAPO-PA

Summary

Apollo Global Management, Inc. (APO) reported a robust fiscal year 2025, demonstrating significant growth across its core business segments. The Asset Management segment saw a substantial increase in Assets Under Management (AUM) to $938.4 billion, driven by strong net flows and the acquisition of Bridge, with management fees rising by 25.2% year-over-year. The Retirement Services segment, operated by Athene, also experienced considerable growth, with total revenues increasing by 23.3% to $27.0 billion, largely due to a 22.4% rise in net investment income driven by portfolio expansion and favorable interest rate environments. Principal Investing Income (PII) showed a 24.7% increase, reflecting improved realized performance fees. The company maintained a strong liquidity position, with $18.3 billion in unrestricted cash and cash equivalents, supporting its strategic initiatives and dividend payments.

Financial Highlights

37 data points
Beta

Revenue

$32.05B

Net Income

$3.40B

10.6% Net Margin

EPS (Diluted)

$5.54

Total Assets

$460.95B

Cash & Equivalents

$20.59B

Free Cash Flow

$7.25B

Financial Statements
Beta
Revenue$32.05B
Operating Expenses$25.29B
Interest Expense$618.00M
Net Income$3.40B
EPS (Basic)$5.58
EPS (Diluted)$5.54
Shares Outstanding (Basic)589.45M
Shares Outstanding (Diluted)593.66M

Key Highlights

  • 1Total AUM grew to $938.4 billion as of December 31, 2025, a 25.0% increase year-over-year, driven by net flows and the Bridge acquisition.
  • 2Asset Management segment revenues increased by 19.7% to $5.0 billion, with management fees up 25.2% to $2.4 billion.
  • 3Retirement Services segment revenues increased by 23.3% to $27.0 billion, primarily driven by a 22.4% increase in net investment income.
  • 4Fee Related Earnings (FRE) for the Asset Management segment increased by 22.5% to $2.5 billion.
  • 5Spread Related Earnings (SRE) for the Retirement Services segment increased by 4.2% to $3.4 billion.
  • 6Principal Investing Income (PII) increased by 24.7% to $338 million.
  • 7The company maintained a strong liquidity position with $18.3 billion in unrestricted cash and cash equivalents as of December 31, 2025.

Frequently Asked Questions

Apollo Global Management reported strong financial performance in 2025, with total revenues reaching $32.0 billion, a 22.7% increase year-over-year. Net income attributable to common stockholders was $3.4 billion, although this represented a decrease from the prior year due to various factors including higher expenses and investment-related losses.

The acquisition of Bridge, completed in September 2025, contributed positively to Apollo's financial results, particularly in the Asset Management segment. It led to an increase in management fees from Bridge funds and added $34.2 billion to the equity strategy's AUM. The acquisition also resulted in the recognition of $1.6 billion in goodwill.

Growth in Athene's Retirement Services segment was driven by strong net flows, higher interest rates on new asset deployments compared to the existing portfolio, and earlier deployment of assets. Net investment income increased significantly due to portfolio growth and favorable market conditions, while premiums also saw a substantial boost from a whole life block reinsurance transaction.

Apollo manages interest rate risk by matching the duration of liabilities with assets, utilizing asset liability management modeling, and investing in floating-rate securities. They also employ hedging strategies. Credit risk is managed through fundamental credit analysis, diversification, concentration limits, and rigorous monitoring of counterparty exposures, particularly for derivative and reinsurance activities.