APO 10-Q Quarterly Reports

Apollo Global Management, Inc. (APO) reported robust financial performance for the nine months ended September 30, 2025. Total revenues grew to $22.19 billion, a 6.5% increase year-over-year, primarily driven by strong performance in both the Asset Management and Retirement Services segments. Asset Management saw a significant 23.3% rise in management fees, bolstered by the acquisition of Bridge and organic growth within its credit and equity strategies, contributing to Fee Related Earnings (FRE) growth. The Retirement Services segment, primarily Athene, delivered a substantial increase in net investment income, up 22.2%, due to growth in its investment portfolio and favorable interest rate environments for new deployments. This drove a 4.7% increase in Spread Related Earnings (SRE). However, Principal Investing Income (PII) experienced a decline of 15.9%, largely due to lower realized performance fees and a rise in principal investing compensation. Total assets grew to $449.54 billion, reflecting the company's expanding AUM and the impact of the Bridge acquisition. The company maintained a solid liquidity position with $21.2 billion in cash and cash equivalents across its operations.

Apollo Global Management, Inc. (APO) reported its financial results for the quarter ended June 30, 2025. The company experienced a notable increase in total revenues driven by its Asset Management segment, which saw strong growth in management fees. However, total revenues for the six-month period declined due to a significant drop in investment-related gains (losses) within the Retirement Services segment, primarily attributed to unfavorable foreign exchange impacts and changes in hedging derivatives. The Retirement Services segment, operated by Athene, showed growth in net investment income, but faced higher costs due to increased interest expenses and policy and other operating expenses. The company's equity-based compensation expense, a significant operating cost, saw a slight increase in the quarter but a decrease year-over-year for the six-month period, influenced by the phasing out of certain one-time grants. Despite some headwinds, the company's overall segment income saw a substantial increase for both the three and six-month periods, driven by the robust performance of its Asset Management and Retirement Services segments.

Apollo Global Management, Inc. (APO) reported its first quarter 2025 results, showcasing continued growth across its diversified business segments. Total revenues for the quarter were $5.55 billion, a decrease from the prior year's $7.04 billion, primarily due to a significant decline in investment-related gains (losses) in the Retirement Services segment, which swung from a gain of $1.68 billion to a loss of $828 million. Despite this, the Asset Management segment demonstrated resilience with revenues growing slightly to $1.05 billion, driven by higher management and advisory fees. The Retirement Services segment reported an increase in net investment income, reflecting growth in Athene's investment portfolio and higher interest rates. Net income attributable to Apollo Global Management, Inc. common stockholders decreased year-over-year to $418 million ($0.68 per diluted share) from $1.40 billion ($2.28 per diluted share) in Q1 2024. This decline was largely influenced by the aforementioned investment-related losses in the Retirement Services segment and higher operating expenses, particularly in compensation and benefits. However, Fee Related Earnings (FRE) from the Asset Management segment increased by 21.0% to $559 million, indicating strong fee-generating revenue growth and operational efficiency. The company's total AUM also saw robust growth, reaching $785.2 billion as of March 31, 2025, up from $751.0 billion at the end of 2024, signaling continued investor confidence and successful capital deployment.

Apollo Global Management, Inc. (APO) reported its third-quarter results for the period ending September 29, 2024. The company demonstrated strong growth across its segments, with total revenues reaching $7.8 billion, a significant increase driven by the Retirement Services segment. This growth was primarily fueled by a substantial rise in investment-related gains and net investment income, reflecting favorable market conditions and Athene's expanding investment portfolio. The Asset Management segment also showed resilience, with management fees and advisory and transaction fees contributing positively. Fee Related Earnings (FRE) for Asset Management grew by 12.5% year-over-year, underscoring the segment's stable revenue generation. While expenses increased across both segments, largely due to higher compensation, operating expenses, and actuarial adjustments in Retirement Services, the company's overall profitability remained robust. Net income attributable to common stockholders was $787 million for the quarter. The company's liquidity position appears solid, with significant cash and cash equivalents and available credit facilities. Apollo continues to execute on its capital allocation strategy, including share repurchases and dividend payments, reflecting confidence in its ongoing performance.

Apollo Global Management, Inc. (APO) reported its second-quarter 2024 financial results, showcasing strong growth across its core businesses. The Asset Management segment saw a significant increase in revenues, driven by higher investment income and advisory fees, reflecting growth in assets under management and increased activity in its credit solutions business. The Retirement Services segment, operated by Athene, experienced a substantial rise in net investment income, demonstrating effective deployment of capital in a higher interest rate environment, although premium revenues saw a notable decline, primarily due to a reduction in pension group annuity premiums. Overall, the company demonstrated robust financial performance, with total revenues for the quarter reflecting the contributions from both segments. Total assets under management grew to $696.3 billion. The company's balance sheet remains strong, with ample liquidity and available credit facilities. Management highlighted the strategic importance of capital deployment and disciplined investing as key drivers for future growth and profitability. The company also maintained a positive outlook on the alternative investment market.

Apollo Global Management, Inc. (APO) reported strong financial results for the first quarter of 2024, driven by robust performance across its Asset Management and Retirement Services segments. Total revenues increased by 32.8% year-over-year to $7.04 billion, primarily fueled by a significant 36.9% rise in net investment income within the Retirement Services segment. This growth was supported by an expanding investment portfolio and higher interest rates. Fee Related Earnings (FRE) for the Asset Management segment also showed healthy growth, increasing by 16.4% to $462 million, indicating strong management fee generation and growth in Assets Under Management (AUM). Net income attributable to Apollo Global Management, Inc. common stockholders surged by 38.9% to $1.40 billion. The company's strategic focus on its core businesses, coupled with favorable market conditions, contributed to this performance. Apollo's AUM grew to $671 billion, demonstrating continued investor confidence and effective capital deployment. The company's liquidity remains strong, with substantial cash reserves and available credit facilities, positioning it well for future growth and strategic initiatives.

Apollo Global Management, Inc. (APO) reported strong financial performance for the nine months ended September 30, 2023, driven by significant growth in its Asset Management and Retirement Services segments. Total revenues increased substantially to $21.6 billion, a jump from $6.1 billion in the prior year period, largely due to a significant increase in net investment income within the Retirement Services segment, which benefited from higher interest rates and portfolio growth. The Asset Management segment also saw robust revenue growth, with management fees and advisory/transaction fees showing considerable increases, reflecting higher Assets Under Management (AUM). Fee Related Earnings (FRE) for Asset Management grew by 29% year-over-year, highlighting the company's ability to generate consistent, fee-based income. From a profitability perspective, Apollo generated net income attributable to common stockholders of $2.3 billion for the first nine months of 2023, a significant improvement from a net loss of $2.6 billion in the same period last year. This turnaround was bolstered by strong investment income and a substantial reduction in investment-related losses within the Retirement Services segment. The company maintained a strong liquidity position, with ample cash and available funds from credit facilities to support ongoing operations and strategic initiatives. Overall, the report indicates a period of substantial growth and improved profitability for Apollo Global Management, driven by strong performance across its core business segments.

Apollo Global Management, Inc. (APO) reported strong financial results for the second quarter and first half of 2023, driven by robust growth across its Asset Management and Retirement Services segments. Total revenues surged, reflecting increased management and advisory fees in Asset Management, and significant growth in premiums and net investment income within Retirement Services. The company's net income attributable to common stockholders turned positive, reaching $599 million for the quarter and $1.6 billion for the first half, a substantial improvement compared to the prior year's net loss. This performance underscores the successful integration of Athene and the effectiveness of Apollo's diversified business model. The company maintained a strong liquidity position, with significant cash and cash equivalents available to support ongoing operations and strategic initiatives. Key highlights for investors include substantial year-over-year revenue growth, driven by both organic growth and market appreciation across investment strategies. The Asset Management segment saw Fee Related Earnings (FRE) increase by 29.6% year-over-year, showcasing the growing predictable revenue stream. Retirement Services demonstrated strong performance with a 75.6% increase in Spread Related Earnings (SRE), driven by improved net investment income and a wider net investment spread. The company also reported a significant increase in Assets Under Management (AUM), reaching $617.1 billion, reflecting successful capital raising and positive market movements. The company's robust balance sheet and strong cash flow generation provide a solid foundation for future growth and shareholder returns.

Apollo Global Management, Inc. (APO) reported a strong first quarter for 2023, demonstrating significant growth and profitability across its business segments. The company's Asset Management segment saw substantial increases in management and advisory fees, driven by higher assets under management (AUM) and strategic acquisitions. Fee Related Earnings (FRE) grew robustly, indicating efficient operations within this segment. The Retirement Services segment, primarily driven by Athene, also showed impressive performance with a significant rise in net investment income, benefiting from a larger investment portfolio and higher interest rates. Investment-related gains also rebounded significantly, contributing positively to overall revenues. Despite a challenging market environment with rising interest rates and economic volatility, Apollo managed its expenses effectively, with compensation and benefits decreasing year-over-year for the Asset Management segment, though overall expenses rose due to the Retirement Services segment's growth and operational costs. The company maintained a solid liquidity position, with substantial cash and cash equivalents, and credit facilities available to support its operations and strategic initiatives. Key financial highlights include a significant increase in total revenues, driven by both the Asset Management and Retirement Services segments. The Asset Management segment's Fee Related Earnings (FRE) saw a considerable increase, reflecting strong growth in management and advisory fees. In the Retirement Services segment, Net Investment Income saw a substantial rise, bolstered by a growing investment portfolio and higher interest rates. This segment also experienced a notable rebound in Investment Related Gains (Losses), positively impacting its overall revenue. While total expenses increased, largely due to the expansion of the Retirement Services business and associated operating costs, the company managed its Asset Management compensation expenses effectively, reporting a decrease year-over-year. Apollo's liquidity remains strong, supported by substantial cash reserves and credit facilities, enabling continued investment in growth and strategic opportunities.

Apollo Global Management, Inc. (APO) reported its third quarter 2022 results, highlighting significant growth in its Retirement Services segment following the merger with Athene. Total revenues saw a substantial increase of 176.3% year-over-year for the three months ended September 30, 2022, reaching $2.98 billion. This growth was largely driven by the Retirement Services segment, which generated $2.5 billion in revenues, primarily from premiums and net investment income. The Asset Management segment experienced a decrease in revenues to $477 million from $1.08 billion in the prior year's quarter, primarily due to lower investment income, reflecting challenging market conditions impacting investment valuations. Despite the decline in investment income, management fees remained robust, supported by growth in Assets Under Management (AUM) and increased advisory and transaction fees. The company's Adjusted Segment Income (ASI) increased by 8.9% year-over-year to $992.8 million, demonstrating the overall operational strength and diversification across its business segments. Financially, the company reported a net loss attributable to common stockholders of $(876) million for the quarter, a shift from a net income of $249 million in the prior year. This was largely influenced by significant investment-related losses within the Retirement Services segment, totaling $(2.8) billion. The company's balance sheet reflects a substantial increase in total assets to $250.3 billion as of September 30, 2022, primarily due to the consolidation of Athene's assets. The company maintains a strong liquidity position with $10.9 billion in unrestricted cash and cash equivalents.

Apollo Global Management, Inc. reported a net loss of $2.05 billion for the second quarter of 2022, a significant shift from the $658 million net income in the same period last year. This decline was largely driven by a substantial downturn in investment income, particularly within the Asset Management segment, which experienced a $1.0 billion decrease year-over-year due to equity market volatility and declines in performance allocations across several key funds. The Retirement Services segment also faced headwinds, reporting a significant investment-related loss of $5.8 billion primarily due to unfavorable market conditions affecting its investment portfolio, including a notable impact from its hedging derivatives and mortgage loans. Despite the overall net loss, the company's Fee Related Earnings (FRE) from its Asset Management segment showed resilience, increasing by 7.0% year-over-year, indicating stable fee-generating revenue streams. Spread Related Earnings (SRE) from the Retirement Services segment also grew, underscoring the steady income generated from its insurance and annuity products. The company's total Assets Under Management (AUM) remained robust at $514.8 billion, reflecting continued investor confidence. However, the significant investment losses, particularly in the Retirement Services segment, highlight the sensitivity of the company's performance to broader market fluctuations.

Apollo Global Management, Inc. (APO) reported its first quarter 2022 results, marked by the significant consolidation of Athene following their merger on January 1, 2022. This merger substantially altered the company's financial statements, leading to a reported net loss attributable to common stockholders of $870 million, or $(1.50) per diluted share, a notable shift from the net income of $679 million, or $2.81 per diluted share, in the prior year's comparable quarter. The reported loss is largely influenced by $4.2 billion in investment-related losses and a substantial increase in expenses related to the Retirement Services segment. Despite the net loss, the Asset Management segment showed resilience with Fee Related Earnings (FRE) increasing by 2.8% year-over-year to $310.0 million, driven by growth in management and advisory fees. Total Assets Under Management (AUM) grew to $512.8 billion. Investors should note the significant impact of Athene's integration, the prevailing market volatility affecting investment income, and the substantial equity-based compensation expenses that contributed to the net loss.