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ATHS

Athene Holding Ltd. 7.250% Fixe

ATHS

Athene Holding Ltd. 7.250% Fixe • NYSE
$25.22 ▲ 0.12% (+0.03)
Market Cap $5.14 B
52w High $26.25
52w Low $24.01
Dividend Yield 1.81%
P/E 0
Volume 21.79K
Outstanding Shares 203.80M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $7.998B ▲ $0 $1.259B ▲ 15.741% ▲ $5.9 ▲ $88M ▼
Q2-2025 $5.359B ▲ $0 $464M ▼ 8.658% ▼ $2.18 ▲ $652M ▼
Q1-2025 $4.186B ▲ $0 ▼ $465M ▼ 11.108% ▼ $1.97 ▼ $934M ▼
Q4-2024 $3.782B ▼ $14M ▲ $1.015B ▲ 26.838% ▲ $4.55 ▲ $1.15B ▼
Q3-2024 $6.522B $12M $625M 9.583% $2.64 $1.675B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $14.205B ▲ $365.225B ▲ $26.722B ▲ $338.503B ▲
Q2-2025 $10.345B ▼ $341.969B ▲ $24.357B ▲ $317.612B ▲
Q1-2025 $11.094B ▼ $318.357B ▼ $21.136B ▼ $17.519B ▲
Q4-2024 $13.316B ▼ $363.343B ▲ $337.469B ▲ $16.36B ▼
Q3-2024 $13.892B $354.966B $327.855B $17.445B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.146B ▲ $4.973B ▲ $-4.905B ▲ $3.201B ▼ $0 ▲ $4.973B ▲
Q2-2025 $712M ▲ $1.056B ▲ $-19.572B ▼ $17.338B ▲ $-1.168B ▼ $-3.281B ▼
Q1-2025 $465M ▼ $426M ▲ $-16.344B ▼ $15.064B ▼ $-851M ▼ $426M ▲
Q4-2024 $1.015B ▲ $386M ▼ $-16.045B ▼ $15.068B ▲ $-597M ▼ $386M ▼
Q3-2024 $625M $780M $-13.975B $13.392B $202M $780M

Five-Year Company Overview

Income Statement

Income Statement Revenue and profits have grown over time but have been quite uneven from year to year, with one clearly weak year in the middle of the period. Most years are solidly profitable, which is important for a financial firm backing long-term obligations, but the swings in earnings show that results can be sensitive to markets, interest rates, and investment performance. Overall, the business looks capable of generating healthy earnings, but not in a smooth, predictable pattern.

Balance Sheet

Balance Sheet The balance sheet has expanded steadily, with total assets climbing each year, which signals growing scale in its retirement and annuity operations. Cash reserves have stayed relatively stable, while debt has crept up but still appears small compared with the overall asset base. Shareholders’ equity dipped during the weak earnings year and then recovered and moved higher, suggesting the company has rebuilt its capital cushion. Overall, the balance sheet looks stronger today than it did a few years ago, though it is still exposed to the usual insurance and investment risks.

Cash Flow

Cash Flow Cash generated from operations has been positive every year, which is a good sign for the durability of the business model. That said, operating cash flow peaked a few years ago and has since come down, pointing to some volatility that likely reflects shifting investment flows, claims experience, and interest-rate conditions. With virtually no spending on physical assets, free cash flow closely tracks operating cash flow and remains positive, giving the company flexibility, but investors should recognize that cash generation is not on a straight upward path.

Competitive Edge

Competitive Edge Athene’s main edge comes from its tight relationship with Apollo Global Management, which gives it access to specialized investments and private-market deals that many peers cannot easily tap. This can support higher returns on its asset base and make its annuity offerings more attractive. The company also benefits from a broad mix of business lines—retail annuities, pension risk transfers, reinsurance, and institutional deals—which spreads its opportunity set. At the same time, this model relies heavily on investment performance, risk management, and regulatory goodwill, so competitive strength is closely tied to how well it navigates credit and liquidity risks over time.

Innovation and R&D

Innovation and R&D Innovation is focused on product design and digital process improvements rather than classic laboratory-style R&D. Athene has been simplifying annuity choices with features like preset allocations and refining its flagship products to be easier to understand and sell. On the technology side, it is pushing paperless processing, faster onboarding, and experimenting with artificial intelligence for marketing and client engagement. These steps aim to cut friction for advisors and policyholders, though details on deeper proprietary tech or advanced risk-modeling tools are less visible from public information.

Summary

Athene sits at the intersection of insurance and asset management, using investment skill and a strong partner network to serve the growing retirement market. Financially, it shows a pattern of generally solid profitability, expanding assets, and consistent positive cash flow, but with noticeable year-to-year swings that reflect market and rate sensitivity. Its balance sheet is larger and better capitalized than a few years ago, while its competitive position is strengthened by the Apollo relationship and a diversified product set. Innovation is practical and customer-facing, focused on simpler products and more digital, faster processes, rather than heavy formal R&D. For holders of the ATHS preferred security, the company’s long-term ability to manage investment risk, maintain capital strength, and keep innovating in annuities is more important than any single year’s results.