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APO

Apollo Global Management, Inc.

APO

Apollo Global Management, Inc. • NYSE
$131.85 ▲ 1.21% (+1.58)
Market Cap $76.53 B
52w High $189.49
52w Low $102.58
Dividend Yield 1.99%
P/E 19.22
Volume 1.38M
Outstanding Shares 580.42M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $9.823B ▲ $6.275B ▲ $1.736B ▲ 17.673% ▲ $2.91 ▲ $3.393B ▲
Q2-2025 $6.814B ▲ $5.036B ▲ $630M ▲ 9.246% ▲ $1.03 ▲ $1.256B ▼
Q1-2025 $5.548B ▲ $3.689B ▲ $425M ▼ 7.66% ▼ $0.68 ▼ $1.57B ▼
Q4-2024 $5.283B ▼ $3.072B ▼ $1.439B ▲ 27.238% ▲ $2.42 ▲ $2.112B ▼
Q3-2024 $7.773B $5.226B $782M 10.06% $1.29 $2.449B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $245.964B ▲ $449.543B ▲ $409.746B ▲ $23.137B ▲
Q2-2025 $231.466B ▲ $419.55B ▲ $385.689B ▲ $19.321B ▲
Q1-2025 $216.431B ▲ $395.045B ▲ $362.701B ▲ $17.976B ▲
Q4-2024 $205.98B ▲ $377.895B ▲ $346.915B ▲ $17.253B ▼
Q3-2024 $205.015B $368.689B $337.148B $17.863B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.461B ▲ $303M ▼ $-13.237B ▲ $19.164B ▲ $6.23B ▲ $303M ▼
Q2-2025 $842M ▼ $1.262B ▲ $-19.629B ▼ $17.815B ▲ $-542M ▲ $1.262B ▲
Q1-2025 $938M ▼ $1.012B ▲ $-16.888B ▼ $14.274B ▼ $-1.599B ▼ $1.012B ▲
Q4-2024 $1.662B ▼ $-4M ▼ $-16.25B ▼ $15.745B ▲ $-515M ▼ $-4M ▼
Q3-2024 $1.769B $1.854B $-14.466B $12.251B $-356M $1.854B

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Asset Management Segment
Asset Management Segment
 $920.00M ▲$1.17Bn ▲$1.05Bn ▼$60.00M ▼
Retirement Services Segment
Retirement Services Segment
 $6.85Bn ▲$4.12Bn ▼$4.50Bn ▲$270.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue and profits have grown strongly over the last five years, but with meaningful ups and downs along the way. The business scaled rapidly coming out of 2020, hit a rough patch in 2022 with operating and net losses, then bounced back with much healthier profitability in 2023 and 2024. That pattern is typical for alternative asset managers, where results are heavily influenced by investment gains, losses, and deal timing. Overall, the direction of travel has been positive: higher revenue, stronger operating profits, and a more substantial earnings base than a few years ago, even if year‑to‑year volatility is part of the story.

Balance Sheet

Balance Sheet Apollo’s balance sheet has transformed from a relatively lean manager into a much larger, more complex platform, largely due to the integration of Athene and related activities. Total assets have multiplied, cash on hand has risen, and equity has expanded several times over, indicating a thicker capital cushion and greater scale. Reported debt is meaningful but has not grown nearly as fast as assets and equity, suggesting that financial leverage has become more balanced over time. The firm now looks more like a large, capital‑rich financial platform than a light, fee‑only asset manager, which brings both strength and added complexity.

Cash Flow

Cash Flow Cash generation has improved noticeably over the period. After a weak cash year in 2020, operating cash flow turned positive and then strong, especially in 2022 and 2023, before easing somewhat in 2024 but remaining healthy. Free cash flow broadly tracks this pattern, helped by very low capital spending needs, which is typical for an asset‑light, people‑driven business. The main takeaway is that Apollo can convert much of its economic performance into actual cash over time, while short‑term swings in markets and deal activity still create bumps from year to year.

Competitive Edge

Competitive Edge Apollo holds a powerful position in global alternative asset management, built around scale, diversification, and a differentiated funding model. Its combination of private equity, credit, and real assets gives it flexibility to shift toward the most attractive opportunities as markets change. The tie‑up with Athene is central: steady, long‑duration insurance capital gives Apollo a relatively stable funding base that many rivals do not have, which is especially useful in volatile credit markets. Its focus on originating its own deals, maintaining significant dry powder, and running a lean cost structure further bolsters its edge. The flip side is that it operates in intensely competitive arenas—private credit, infrastructure, and alternatives more broadly—where many large players are chasing similar opportunities and where regulation and interest‑rate cycles can quickly reshape the landscape.

Innovation and R&D

Innovation and R&D In finance, “R&D” shows up as new strategies, technologies, and products rather than traditional labs, and Apollo is very active on that front. It is leaning heavily into data and artificial intelligence to improve investment decisions and risk management. The creation of Atlas SP Partners in structured credit, investments in fintech platforms like Vega’s AltOS and Lyra, and the push to open private markets to a broader set of investors all reflect a willingness to rethink how capital is raised and deployed. Apollo is also positioning itself in two large secular themes: the build‑out of AI‑related digital infrastructure and the global energy transition, with sizable ambitions in clean energy and climate capital. These initiatives can deepen its moat if execution is strong, though they also expose the firm to newer areas where competition, technology risk, and policy changes are significant.

Summary

Apollo has evolved from a traditional alternative asset manager into a broad, capital‑intensive platform with multiple earnings engines. The income statement shows strong growth but also clear cyclicality and mark‑to‑market noise, which are inherent to its business model. The balance sheet is now large and well‑capitalized, giving the firm firepower and resilience but also making it more intertwined with credit and insurance markets. Cash flows have trended healthier, backing up the headline profits over time. Competitively, Apollo benefits from diversification, deep credit expertise, proprietary origination, and the Athene relationship, while facing fierce industry competition and sensitivity to macro and regulatory shifts. Its technology investments, product innovation, and focus on AI infrastructure and climate capital signal a forward‑leaning strategy. Overall, Apollo looks like a scaled, innovative, but inherently volatile franchise whose performance will remain closely tied to credit cycles, interest rates, and its ability to continue executing in new growth areas.

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