10-QPeriod: Q3 FY2025

Apollo Global Management, Inc. Quarterly Report for Q3 Ended Sep 30, 2025

Filed November 10, 2025For Securities:APOAPOSAPO-PA

Summary

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.

Financial Highlights

35 data points
Beta

Revenue

$9.82B

Net Income

$1.71B

17.4% Net Margin

EPS (Diluted)

$2.78

Total Assets

$449.54B

Cash & Equivalents

$21.20B

Free Cash Flow

$303.00M

Financial Statements
Beta
Revenue$9.82B
Operating Expenses$7.07B
Interest Expense$166.00M
Net Income$1.71B
EPS (Basic)$2.82
EPS (Diluted)$2.78
Shares Outstanding (Basic)589.38M
Shares Outstanding (Diluted)607.82M

Key Highlights

  • 1Total revenues increased by 6.5% year-over-year to $22.19 billion for the nine months ended September 30, 2025.
  • 2Asset 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.
  • 3Retirement 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.
  • 4Total 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.
  • 5Net 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.
  • 6The company reported strong operating cash flow of $2.58 billion for the nine months ended September 30, 2025.
  • 7The 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.

Frequently Asked Questions

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.

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.

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.

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.