Summary
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.
Financial Highlights
34 data points| Revenue | $5.55B |
| Operating Expenses | $4.34B |
| Interest Expense | $135.00M |
| Net Income | $442.00M |
| EPS (Basic) | $0.68 |
| EPS (Diluted) | $0.68 |
| Shares Outstanding (Basic) | 587.26M |
| Shares Outstanding (Diluted) | 592.98M |
Key Highlights
- 1Total Revenues decreased by 21.2% to $5.55 billion, primarily due to a significant decrease in Investment Related Gains (Losses) in the Retirement Services segment.
- 2Net Income Attributable to Apollo Global Management, Inc. common stockholders decreased by 70.2% to $418 million ($0.68 per diluted share) from $1.40 billion ($2.28 per diluted share) in the prior year period.
- 3Fee Related Earnings (FRE) from the Asset Management segment increased by 21.0% to $559 million, driven by higher management fees and capital solutions fees.
- 4Total Assets Under Management (AUM) grew by 4.5% to $785.2 billion as of March 31, 2025, reflecting strong net flows and market activity across credit and equity strategies.
- 5The Retirement Services segment saw a significant decrease in Interest Sensitive Contract Benefits, mainly due to favorable changes in FIA embedded derivatives, while Net Investment Income increased by 18.7% due to portfolio growth and higher yields.
- 6Equity-based compensation expense decreased by 21.6% to $138 million, primarily due to a reduction in amortization of certain RSUs.
- 7The company reported a significant increase in its Principal Investing Income (PII), which grew to $14 million from $21 million due to higher realized performance fees, though this segment's income remains volatile.