01—Abstract
Summary
Summary of the 10-Q filed November 10, 2025. Cited figures are marked; the original filing is the authoritative source.
Apollo Global Management, Inc. (APO) reported robust financial performance for the nine months ended September 30, 2025.
Total revenues grew to $22.19 billiona, 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%b 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 billionc, 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.
02—Key points
Key Highlights
- Total revenues increased by 6.5% year-over-year to $22.19 billion for the nine months ended September 30, 2025.
- Asset Management Fee Related Earnings (FRE) grew by 21.8% to $1.84 billion, driven by higher management and capital solutions fees, and the successful integration of Bridge.
- Retirement Services Spread Related Earnings (SRE) increased by 4.7% to $2.50 billion, supported by higher net investment income and strategic capital management fees, despite increased cost of funds.
- Total Assets under Management (AUM) reached $908.37 billion at September 30, 2025, marking an 8.2% increase quarter-over-quarter, largely due to the Bridge acquisition and strong net flows.
- Net income attributable to Apollo Global Management, Inc. common stockholders for the nine months ended September 30, 2025, was $2.74 billion, a decrease of 9.2% compared to the prior year period, impacted by lower investment-related gains and a decrease in other income.
- The company reported strong operating cash flow of $2.58 billion for the nine months ended September 30, 2025.
- The acquisition of Bridge Investment Group Holdings Inc. in September 2025 contributed to AUM growth and was accounted for as a business combination, resulting in $1.56 billion of goodwill.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 10, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $9.82B$7.77B | +26.4% |
| Operating Expenses | $7.07B$5.82B | +21.6% |
| Interest Expense | $166.00M$120.00M | +38.3% |
| Net Income | $1.71B$787.00M | +117.5% |
| EPS (Basic) | $2.82$1.30 | +116.9% |
| EPS (Diluted) | $2.78$1.29 | +115.5% |
| Shares Outstanding (Basic) | 589.38M585.38M | +0.7% |
| Shares Outstanding (Diluted) | 607.82M588.54M | +3.3% |
05—Questions
Frequently Asked Questions
What was the primary driver of the increase in Asset Management revenues?
The primary driver of the increase in Asset Management revenues was a significant rise in management fees, up 23.3% year-over-year, and advisory and transaction fees, up 37.8%. This growth was significantly boosted by the acquisition of Bridge Investment Group Holdings Inc. and strong organic growth across the company's credit and equity strategies.
How did the Retirement Services segment perform, and what were the key factors influencing its results?
The Retirement Services segment, operated by Athene, showed a 22.2% increase in net investment income, contributing to a 4.7% rise in Spread Related Earnings (SRE). This performance was driven by substantial growth in Athene's investment portfolio, higher rates on new deployments reflecting the current interest rate environment, and favorable performance in alternative investments. However, costs, such as cost of funds and interest expenses, also increased, partially offsetting the gains.
What impact did the Bridge acquisition have on Apollo's financial results?
The acquisition of Bridge Investment Group Holdings Inc. in September 2025 had a material impact, contributing to AUM growth and being accounted for as a business combination. It led to a significant increase in management fees and was a key driver of the 34.2% increase in equity strategy AUM. The acquisition also resulted in the recognition of $1.56 billion in goodwill and related transaction costs impacting expenses.
How did the company's liquidity and cash flow position fare during the period?
Apollo Global Management maintained a strong liquidity position. Operating activities generated $2.58 billion in cash flow for the nine months ended September 30, 2025. The company reported $21.2 billion in total cash and cash equivalents, restricted cash, and cash equivalents held at consolidated variable interest entities at the end of the period. The company has access to significant credit facilities, including the AGM credit facility and AHL credit facility, which remained undrawn, providing substantial liquidity.
06—Continue