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APOS

Apollo Global Management, Inc.

APOS

Apollo Global Management, Inc. • NYSE
$26.46 ▲ 0.15% (+0.04)
Market Cap $15.36 B
52w High $27.49
52w Low $24.89
Dividend Yield 1.43%
P/E 0
Volume 14.12K
Outstanding Shares 580.42M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $9.759B ▲ $1.17B ▲ $1.736B ▲ 17.789% ▲ $2.91 ▲ $0
Q2-2025 $6.754B ▲ $972M ▼ $630M ▲ 9.328% ▲ $1.03 ▼ $0
Q1-2025 $5.488B $1.053B $442M 8.054% $2.42 $0

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $21.201B ▲ $449.543B ▲ $409.746B ▲ $23.137B ▲
Q2-2025 $191M ▲ $341.419B ▲ $385.689B ▲ $19.321B ▲
Q1-2025 $175M ▼ $317.877B ▼ $21.136B ▼ $17.976B ▲
Q4-2024 $18.302B $377.895B $346.915B $17.253B

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 $630M ▲ $1.262B ▲ $-19.629B ▼ $17.815B ▲ $-542M ▲ $1.262B ▲
Q1-2025 $442M $1.012B $-16.888B $14.274B $-1.599B $1.012B

Revenue by Products

Product Q1-2025Q2-2025
Asset Management Segment
Asset Management Segment
 $1.05Bn ▲$1.11Bn ▲
Retirement Services Segment
Retirement Services Segment
 $4.50Bn ▲$5.71Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Apollo’s latest income statement shows a business that is very profitable at the operating level. The firm converts a large share of its revenue into operating profit, which suggests strong fee economics and good cost discipline for an asset manager. However, the gap between operating profit and net income is noticeable, likely reflecting the usual swings in investment gains, compensation, and other non‑operating items that are common in alternative asset management. Overall, current profitability looks strong, but investors should expect earnings to be volatile from year to year as markets move.

Balance Sheet

Balance Sheet The balance sheet appears solid and relatively conservative. The company is mostly funded by equity with little to no financial debt at the corporate level, which gives it resilience in tougher markets. Cash is present but not abundant, implying Apollo leans on steady fee inflows rather than large cash buffers. As an asset manager, much of the economic value it controls sits off its own balance sheet in client funds, so the reported assets mainly reflect its operating platform and investments rather than the full scale of the franchise.

Cash Flow

Cash Flow Cash generation from the core business looks healthy, with operating cash flow closely matching free cash flow. Capital spending needs are minimal, which is typical for an asset‑light asset manager that relies more on people and technology than on physical assets. This means a high proportion of cash generated is available for dividends, buybacks, or reinvestment in new strategies and technology, subject to management’s choices. The caveat is that the data covers only a very short period, so the long‑term stability of cash flow cannot be fully judged.

Competitive Edge

Competitive Edge Apollo holds a powerful position in alternative asset management, supported by very large assets under management, a deep global network, and strong brand recognition. Its merger with Athene gives it a sizable and relatively stable base of long‑duration capital, which is a key advantage over traditional private equity peers that depend more on periodic fundraising. The firm’s proprietary deal‑origination platforms help it find complex, less competitive opportunities that are hard for others to access. At the same time, the industry is highly competitive, with other mega‑managers pushing into the same areas, and performance is tightly linked to credit cycles, interest rates, and investor appetite for alternatives. Regulatory scrutiny, reputational risk, and the complexity of insurance and private credit structures are ongoing challenges to monitor.

Innovation and R&D

Innovation and R&D Apollo’s “R&D” is centered on new strategies, technology, and product design rather than labs or patents. It is investing heavily in data infrastructure, cloud tools, and AI‑driven analytics to improve sourcing, risk assessment, and portfolio management. Its integration of Athene and focus on permanent capital is itself an innovative business model in the asset management space. Apollo has also been a leader in hybrid value strategies and in designing flexible capital solutions that sit between traditional debt and equity. Its push to open private markets and private credit to individual investors, and its work on a marketplace for trading private credit, show a willingness to reshape how alternatives are accessed and traded. The opportunity is large, but execution risk is meaningful, particularly around building new platforms, managing technology and data risks, and educating a broader base of investors.

Summary

Taken together, Apollo looks like a highly profitable, asset‑light financial platform with a strong franchise in alternative investments and credit. The business currently enjoys robust operating margins, a conservative balance sheet, and solid cash conversion, although earnings can be bumpy and the snapshot is based on limited history. Its scale, permanent capital base through Athene, and differentiated origination engine create a wide, if competitive, moat. Apollo is pushing the industry forward through data‑driven investment processes, hybrid capital solutions, expansion into retail channels, and attempts to bring more liquidity to private credit. The main uncertainties are tied to market cycles, regulatory and reputational risks, and the challenge of executing ambitious growth and technology plans without missteps. Overall, it is a powerful, innovative player in a structurally growing but cyclical and complex segment of financial services.