Apollo Global Management, Inc. APO

Financials SIC 6282 - Investment Advice NAICS Finance and Insurance › Securities, Commodity Contracts, and Other Financial Investments and Related Activities › Other Financial Investment Activities › Portfolio Management and Investment Advice derived NYSE

Founded in 1990, Apollo is a high-growth, global alternative asset manager and a retirement services provider. Apollo conducts its business primarily in the U.S. through the following three reportable segments: Asset Management, Retirement Services and Principal Investing. These business segments are differentiated based on the investment services they provide as well as varying investing strategies.

Our Asset Management segment focuses on credit and equity investing strategies. These strategies reflect the range of investment capabilities across our platform based on relative risk and return. As an asset manager, we earn fees for providing investment management services and expertise to our client base. The amount of fees charged for managing these assets depends on the underlying investment strategy, liquidity profile, and, ultimately, our ability to generate returns for our clients. We also earn capital solutions fees as part of our growing capital solutions business and as part of monitoring and deployment activity alongside our sizable private equity franchise. After expenses, we call the resulting earning stream "Fee Related Earnings" or "FRE", which represents the primary performance measure for the Asset Management segment. As of December 31, 2025, we had total AUM of $938.4 billion.

Last close 112.83 2026-10-23
Market cap $66.63B 2026-06-30 share count
52-week range 99.56 - 153.29

Valuation FY2025 figures against the last close

P/S2.1x
P/E20.4x
P/FCF9.2x
EV/EBITDA—
Dividend yield1.8%
Diluted EPS5.54

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Retirement Services
  • Asset Management
Revenue by segment, 2 categories over 3 years. The same figures are in the table below. FY2025 Retirement Services, FY2025: 27B (84.4%) 84% Retirement Services Asset Management, FY2025: 5B (15.6%) 16% Asset Management FY2024 Retirement Services, FY2024: 21.9B (84.0%) 84% Asset Management, FY2024: 4.2B (16.0%) 16% FY2023 Retirement Services, FY2023: 29.1B (89.3%) 89% Asset Management, FY2023: 3.5B (10.7%) 11%
Segment FY2025FY2024FY2023
Retirement Services $27.05B $21.94B $29.14B
Asset Management $5.00B $4.18B $3.51B

As the company reported it, from the “Segments - Schedule of Financial Data for Reportable Segments (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Revenue $32.05B$26.11B$32.64B$10.97B$5.95B$2.35B—
Total operating expenses $25.29B$18.98B$27.33B$15.91B$4.11B$1.58B—
Pre-tax income $6.68B$7.43B$5.59B-$4.25B$4.86B$553.0M—
Income tax $1.28B$1.06B$923.0M$739.0M$594.0M$86.0M—
Net income $3.40B$4.48B$5.00B-$1.96B$1.80B$157.0M—
EPS, basic 5.587.398.32-3.437.320.44—
EPS, diluted 5.547.338.28-3.437.320.44—
Shares, diluted (wtd. avg.) 593.7M604.0M588.8M584.7M236.6M227.5M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Cash and equivalents $20.59B$17.11B$17.69B$11.13B$2.09B$2.47B$1.62B
Goodwill $5.92B$4.33B$4.33B$4.32B$117.0M——
Total assets $460.95B$377.89B$313.49B$257.22B$30.50B——
Long-term debt $13.36B$10.59B$8.09B$6.47B$3.13B——
Total liabilities $418.43B$346.92B$288.24B$241.82B$18.54B——
Retained earnings $7.63B$6.02B$2.97B-$1.01B$1.14B——
Total equity $23.34B$17.25B$25.23B$14.37B$10.19B$5.51B$3.04B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Operating cash flow $7.25B$3.25B$6.32B$3.79B$1.06B-$1.62B—
Depreciation and amortisation $1.43B$1.07B$803.0M$529.0M$27.0M$19.0M—
Stock-based compensation $789.0M$721.0M$1.03B$540.0M$1.18B$213.0M—
Investing cash flow -$63.97B-$61.80B-$42.41B-$23.44B-$1.55B-$838.0M—
Financing cash flow $60.20B$57.97B$42.64B$28.71B$109.0M$3.30B—
Dividends paid $1.20B$1.09B$1.01B$962.0M$517.0M$550.0M—
Buybacks $773.0M$890.0M$561.0M$635.0M$299.0M$92.0M—

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-177321.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -10B 0 10B 20B 30B 40B Revenue, FY2020: 2.4B Net income, FY2020: 157M Revenue, FY2021: 6B Net income, FY2021: 1.8B Revenue, FY2022: 11B Net income, FY2022: -2B Revenue, FY2023: 32.6B Net income, FY2023: 5B Revenue, FY2024: 26.1B Net income, FY2024: 4.5B Revenue, FY2025: 32B Net income, FY2025: 3.4B FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $2.35B $5.95B $10.97B $32.64B $26.11B $32.05B
Gross profit — — — — — — —
Net income — $157.0M $1.80B -$1.96B $5.00B $4.48B $3.40B

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Shareholder vote Item 5.07
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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