Apollo Global Management

APO · NYSE · Financials · Financials, fiscal 2020 to 2025

APO · Last close · October 26, 2026

$114.37

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%.

APOLLO GLOBAL MANAGEMENT, INC. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001858681-26-000013 Updated October 9, 2026

Revenue

$32.0B

22.7%

Net margin

10.9%

6.6 pts

Net income

$3.5B

23.7%

Free cash flow

—

Return on equity

—

Market cap

$69.8B

Oct 26 close

P/E

41.9x

On $2.73 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

Market turmoil and economic uncertainty that could hurt fund returns, fundraising and the value of its investments.
Uneven profits, because performance fees depend on when and how well investments are sold.
Athene could face cash needs it cannot meet quickly, or a credit rating cut that makes its products less attractive.
Heavy and growing regulation of its funds and insurance businesses, and possible conflicts of interest.
Intense competition for investors' money, good deals and skilled staff.

From Apollo Global Management's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2020 to 2025, earnings per share grew 66.0% a year and net income 86.0% a year, as new shares raised the share count by 161% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for Apollo Global Management's filings doesn't give both for any year, so free cash flow is left out.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Apollo Global Management yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Apollo Global Management's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Apollo Global Management's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow, as its free cash flow was not available) of $5.8B, net cash of $7.2B at December 31, 2025 and 594 million diluted shares, from its filings. The scenarios are fitted to Apollo Global Management: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 43.0% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Asset Management & Custody Banks), plus 1 point for unsteady results (a loss in fiscal 2022); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Apollo Global Management's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 11% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $114.37
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Apollo Global Management's earnings per share of $2.73 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 26.6×, the middle of Apollo Global Management's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: BlackRock, Corebridge Financial, Blackstone.

Earnings growth in the years ahead (% a year) Starts at Apollo Global Management's revenue growth over the last 3 years, 43.0% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $114.37
Value at this multiple, against the last close: —
Apollo Global Management's P/E at the last close: 41.9×

Company	Last close	Earnings per share	P/E today
Apollo Global ManagementAPO	$114.37	$2.73	41.9×
BlackRockBLK	$1,127.66	$41.78	27.0×
BlackstoneBX	$119.06	$4.47	26.6×
Corebridge FinancialCRBG	$34.66	$1.59	21.8×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	0.9	9.0	17.7	17.1	20.6
Debt incl. finance leases	3.1	6.5	8.1	10.6	13.4
Net debt (negative means net cash)	2.2	−2.5	−9.6	−6.5	−7.2
Net debt to EBITDA	0.4x	—	−1.4x	−0.7x	−0.8x
Debt to equity	0.8x	—	—	—	0.6x
Interest coverage	36.2x	−18.1x	21.8x	16.7x	11.8x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Apollo Global Management shares on the open market, and 3 insiders sold $9.8 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 14, 2026	Martin KellyChief Financial Officer	Sold	3,000	$140.85	$422,550	Form 4
May 27, 2026	John P. ZitoCo-President (see Remarks)	Sold	48,644	$130.66	$6.4 million	Form 4
May 14, 2026	Martin KellyChief Financial Officer	Sold	7,000	$134.64	$942,480	Form 4
Dec 10, 2025	Whitney ChatterjeeChief Legal Officer	Sold	8,500	$146.03	$1.2 million	Form 4
Dec 1, 2025	Martin KellyChief Financial Officer	Sold	6,000	$131.41	$788,460	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Fail	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Pass
F-score	—	—	—
Accruals ratio	−0.5%	0.4%	−0.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Apollo Global Management side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Apollo Global Management	FY25	22.7%	—	—	—	−0.8x	—
BlackRock	FY25	18.7%	29.1%	14.7%	10.5%	0.2x	—	Compare
KKR	FY25	−11.0%	—	—	—	—	—	Compare
Corebridge Financial	FY25	−1.2%	—	—	—	—	—	Compare
Blackstone	FY25	9.2%	—	31.5%	22.1%	1.3x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

6 years of figures

Fiscal year	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2.4	6.0	11.0	32.6	26.1	32.0
Revenue growth	—	152.8%	84.3%	197.6%	−20.0%	22.7%
Gross profit	—	—	—	—	—	—
Research and development	—	—	—	—	—	—
Operating income	—	—	—	—	—	—
Net income	0.2	1.8	−2.0	5.0	4.6	3.5
Diluted EPS (US$)	0.44	7.32	−3.43	8.28	7.33	5.54
Diluted shares (millions)	228	237	585	589	604	594
Cash flow
Cash from operations	−1.6	1.1	3.8	6.3	3.3	7.2
Capital expenditure	—	—	—	—	—	—
Free cash flow	—	—	—	—	—	—
Dividends paid	0.6	0.5	1.0	1.0	1.1	1.2
Share buybacks	0.1	0.3	0.6	0.6	0.9	0.8
Acquisitions	0.0	0.0	0.0	0.0	0.0	0.1
Stock-based compensation	0.2	1.2	0.5	1.0	0.7	0.8
Balance sheet at fiscal year end
Cash and short-term investments	1.6	0.9	9.0	17.7	17.1	20.6
Debt incl. finance leases	—	3.1	6.5	8.1	10.6	13.4
Total assets	—	30.5	257.2	313.5	377.9	460.9
Total liabilities	—	18.5	241.8	288.2	346.9	418.4
Shareholders' equity	5.5	3.8	6.6	14.0	17.3	23.3
Margins and ratios
Gross margin	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—
Net margin	6.7%	30.9%	−17.9%	15.5%	17.5%	10.9%
Free cash flow margin	—	—	—	—	—	—
Return on capital	—	—	—	—	—	—
Return on equity	—	—	—	—	—	—
Return on assets	—	—	−1.4%	1.8%	1.3%	0.8%
Net debt to EBITDA	—	0.4x	—	−1.4x	−0.7x	−0.8x

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Apollo Global Management's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Apollo Global Management.