Apollo Global Management
APO NYSE Asset Management & Custody Banks Financials FY2020–FY2025
Apollo Global Management's revenue rose 22.7% to $32.0 billion in fiscal 2025. Its net margin was 10.9%, down from 17.5% a year earlier. It paid out $2.0 billion in dividends and buybacks. The diluted share count fell 1.7%.
About these figures. Apollo's current holding company was formed when it merged with the retirement insurer Athene in January 2022; its filings go back to 2020, with balance-sheet figures from 2021. Figures before 2022 are Apollo's alone, without Athene. Apollo's cash flow statement doesn't show its spending on property and equipment as a line of its own, so capital spending and free cash flow are left blank.
What Apollo Global Management does
Apollo manages money for pension funds, insurers, wealthy individuals and other investors, mostly in private investments that do not trade on stock exchanges, and through its Athene subsidiary it sells retirement savings products. It had $938.4 billion of assets under management at the end of 2025, and it does most of its business in the United States.
Apollo reports three segments. Asset Management earns fees for running investment funds and accounts. Most of its money is in credit, $749.2 billion, such as loans it makes directly to companies and loans backed by mortgages, consumer debt and aircraft. Its equity business, with $189.2 billion, buys companies through private equity funds and invests in real estate and infrastructure. Retirement Services is Athene, which sells annuities, contracts that pay a set or index-linked return, and earns the difference between what it earns investing that money and what it pays out; Apollo manages Athene's investments. Principal Investing holds Apollo's own share of fund profits, known as performance fees, and its own investments, which swing more from year to year. Apollo says it competes with other investment managers for investors' money and for deals, and Athene competes with insurers and reinsurers.
About 4,130 people worked in Asset Management and about 2,010 in Retirement Services at the end of 2025. In September 2025 Apollo bought Bridge, a real estate fund manager focused on US housing and industrial buildings.
- Legal name
- APOLLO GLOBAL MANAGEMENT, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001858681-26-000013
0001858681
Revenue and margins
Apollo Global Management had $32.0B of revenue in fiscal 2025, up 22.7% on the year before.
Net income and earnings per share
From fiscal 2020 to 2025, diluted EPS grew 66.0% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Apollo Global Management returned $2.0B to shareholders in fiscal 2025. The diluted share count fell 1.7%.
Value Apollo Global Management yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $7.2B and divides by 593.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 41.3x · peers 26.4x · sector 13.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Apollo Global Management can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $917M | $9.0B | $17.7B | $17.1B | $20.6B |
| Debt incl. finance leases | $3.1B | $6.5B | $8.1B | $10.6B | $13.4B |
| Net debt / EBITDA | 0.4x | — | −1.4x | −0.7x | −0.8x |
| Debt / equity | 0.8x | — | — | — | 0.6x |
| Interest coverage | 36.2x | −18.1x | 21.8x | 16.7x | 11.8x |
| Total assets | $30.5B | $257.2B | $313.5B | $377.9B | $460.9B |
| Total liabilities | $18.5B | $241.8B | $288.2B | $346.9B | $418.4B |
| Shareholders' equity | $3.8B | $6.6B | $14.0B | $17.3B | $23.3B |
| Net debt (− = net cash) | $2.2B | −$2.5B | −$9.6B | −$6.5B | −$7.2B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$9.8M
3 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 14, 2026 | Martin KellyChief Financial Officer | Sold | 3,000 | $140.85 | $0.4M | Form 4 |
| May 27, 2026 | John P. ZitoCo-President (see Remarks) | Sold | 48,644 | $130.66 | $6.4M | Form 4 |
| May 14, 2026 | Martin KellyChief Financial Officer | Sold | 7,000 | $134.64 | $0.9M | Form 4 |
| Dec 10, 2025 | Whitney ChatterjeeChief Legal Officer | Sold | 8,500 | $146.03 | $1.2M | Form 4 |
| Dec 1, 2025 | Martin KellyChief Financial Officer | Sold | 6,000 | $131.41 | $0.8M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✕ |
| Current ratio rose | — | — | — |
| Share count didn't rise | ✕ | ✕ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✕ | ✕ | ✓ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −0.5% | 0.4% | −0.9% |
| Altman Z'' | — | — | — |
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|---|---|---|---|---|---|---|---|---|
| Apollo Global Management APO | $68.8B | 22.7% | — | — | — | 41.3x | — | |
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| Corebridge Financial CRBG | $15.5B | −1.2% | — | — | — | 21.5x | — | Compare → |
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6 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $2.4B | $6.0B | $11.0B | $32.6B | $26.1B | $32.0B |
| Interest expense | $133M | $138M | $222M | $268M | $474M | $618M |
| Pretax income | $553M | $4.9B | −$4.2B | $5.6B | $7.4B | $6.7B |
| Income tax | $86.0M | $594M | −$739M | −$923M | $1.1B | $1.3B |
| Net income | $157M | $1.8B | −$2.0B | $5.0B | $4.6B | $3.5B |
| Diluted EPS | $0.44 | $7.32 | −$3.43 | $8.28 | $7.33 | $5.54 |
| Diluted shares | 0.23B | 0.24B | 0.58B | 0.59B | 0.60B | 0.59B |
| Cash flow | ||||||
| Cash from operations | −$1.6B | $1.1B | $3.8B | $6.3B | $3.3B | $7.2B |
| Depreciation and amortization | $19.0M | $27.0M | $529M | $803M | $1.1B | $1.4B |
| Stock-based compensation | $213M | $1.2B | $540M | $1.0B | $721M | $789M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $99.0M |
| Share buybacks | $92.0M | $299M | $635M | $561M | $890M | $773M |
| Dividends paid | $550M | $517M | $962M | $1.0B | $1.1B | $1.2B |
| Dividends and buybacks | $642M | $816M | $1.6B | $1.6B | $2.0B | $2.0B |
| Balance sheet | ||||||
| Cash and short-term investments | $1.6B | $917M | $9.0B | $17.7B | $17.1B | $20.6B |
| Total debt | — | $3.1B | $6.5B | $8.1B | $10.6B | $13.4B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Total assets | — | $30.5B | $257.2B | $313.5B | $377.9B | $460.9B |
| Total liabilities | — | $18.5B | $241.8B | $288.2B | $346.9B | $418.4B |
| Shareholders' equity | $5.5B | $3.8B | $6.6B | $14.0B | $17.3B | $23.3B |
| Margins | ||||||
| EBITDA margin | 30.0% | 84.5% | −31.9% | 20.4% | 34.4% | 27.2% |
| Net margin | 6.7% | 30.9% | −17.9% | 15.5% | 17.5% | 10.9% |
| Returns | ||||||
| Return on assets | — | — | −1.4% | 1.8% | 1.3% | 0.8% |
| Growth | ||||||
| Revenue growth | — | 152.8% | 84.3% | 197.6% | −20.0% | 22.7% |
| Net income growth | — | 1,071.3% | −206.6% | — | −9.3% | −23.7% |
| EPS growth | — | 1,563.6% | −146.9% | — | −11.5% | −24.4% |
| Share count change | — | 4.0% | 147.2% | 0.7% | 2.6% | −1.7% |
| Financial health | ||||||
| Net debt / EBITDA | — | 0.4x | — | −1.4x | −0.7x | −0.8x |
| Debt / equity | — | 0.8x | — | — | — | 0.6x |
| Interest coverage | 5.2x | 36.2x | −18.1x | 21.8x | 16.7x | 11.8x |
| Capital allocation | ||||||
| Stock comp / revenue | 9.1% | 19.9% | 4.9% | 3.1% | 2.8% | 2.5% |
| Quality scores | ||||||
| Accruals ratio | — | — | −4.0% | −0.5% | 0.4% | −0.9% |
Source: SEC EDGAR XBRL filings (CIK 0001858681). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.