Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
APO (Apollo Global Management) delivered strong revenue growth of 22.7% to $32.0B in FY2025, but net income declined 22.1% to $3.5B, while operating cash flow more than doubled to $7.2B, reflecting the firm's expanding alternative asset management and insurance platform.
Revenue
$32.05B
+22.73% YoY
EPS (Diluted)
$5.54
-24.42% YoY
Source: SEC XBRL
Apollo Global Management (APO) reported FY2025 revenue of $32.05B, up 22.7% year over year. Operating cash flow was $7.25B, up 122.7% year over year.
Last 4 quarters: 2 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 2.11 | 2.20 | Miss -3.9% |
| Mar 2026 | 1.94 | 1.95 | Miss -0.5% |
| Dec 2025This filing | 2.47 | 2.07 | Beat +19.3% |
| Sep 2025 | 2.17 | 1.93 | Beat +12.4% |
Reported EPS of $2.47 versus the $2.07 analyst consensus — a +19.3% beat for Dec 2025.
Compiled by AI from this SEC filing
Total revenue grew 22.7% year-over-year from $26.1B to $32.0B in FY2025, reflecting continued growth across Apollo's asset management and retirement services (Athene) segments as AUM expansion and fee income increased.
Source: 10-K Income Statement (XBRL Financial Data)
Net income declined 22.1% from $4.5B to $3.5B, and basic EPS fell 24.5% from $7.39 to $5.58, suggesting higher costs, mark-to-market impacts, or increased minority interest expenses offset revenue gains.
Source: 10-K Income Statement (XBRL Financial Data)
Operating cash flow surged 122.7% from $3.3B to $7.2B, a significant improvement that indicates stronger cash generation from core operations and potentially favorable working capital movements within the insurance and asset management businesses.
Source: 10-K Cash Flow Statement (XBRL Financial Data)
Total assets grew 22.0% to $461.0B and total liabilities rose 20.6% to $418.4B, consistent with the capital-intensive nature of Apollo's retirement services platform (Athene), which holds large investment portfolios to back insurance liabilities.
Source: 10-K Balance Sheet (XBRL Financial Data)
Stockholders' equity increased 35.3% from $17.3B to $23.3B, suggesting retained earnings accumulation and/or equity issuances, even as the firm continued returning capital via $773M in share buybacks during FY2025.
Source: 10-K Balance Sheet & Cash Flow Statement (XBRL Financial Data)
Compiled by AI from this SEC filing · 2 high, 2 medium, 1 low
Apollo's debt-to-equity ratio stands at approximately 17.9x, reflecting the highly leveraged nature of its insurance subsidiary Athene, which uses policyholder liabilities to fund its investment portfolio. While this is structurally typical for insurance businesses, it creates significant sensitivity to credit market dislocations and interest rate movements that could impair asset values relative to liabilities.
Source: 10-K Balance Sheet (XBRL Financial Data)
Net income fell 22.1% despite revenue growing 22.7%, highlighting that Apollo's earnings are subject to significant volatility from unrealized gains and losses on investment portfolios, performance allocations, and principal investments. This disconnect between revenue and net income can make earnings difficult to predict for investors.
Source: 10-K Income Statement (XBRL Financial Data)
Investing cash outflows were -$64.0B in FY2025, funded largely by $60.2B in financing inflows, indicating Apollo is continuously deploying large amounts of capital into investments. If credit markets deteriorate or deal flow slows, the firm's ability to generate returns on deployed capital could be impaired.
Source: 10-K Cash Flow Statement (XBRL Financial Data)
With ROA of only 0.76% on a $461B asset base, Apollo's profitability per dollar of assets is thin, which is characteristic of insurance-linked balance sheets but means that even modest deterioration in investment performance or credit losses could meaningfully impact net income.
Source: 10-K Balance Sheet & Income Statement (XBRL Financial Data)
Share repurchases declined 13.1% from $890M to $773M in FY2025, potentially signaling that capital is being prioritized for business investment and balance sheet growth over shareholder returns, which may disappoint income-focused investors.
Source: 10-K Cash Flow Statement (XBRL Financial Data)
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 32.05 $B | 26.11 $B | +22.73% |
Net Income $B | 3.49 $B | 4.48 $B | -22.05% |
EPS (Basic) $ | 5.58 $ | 7.39 $ | -24.49% |
EPS (Diluted) $ | 5.54 $ | 7.33 $ | -24.42% |
Answers draw on this SEC filing and the data on this page
Apollo Global Management posted strong second-quarter results, driven by surging Retirement Services revenue and asset management AUM growth, though performance fee volatility remains a risk.
APO reported a sharp net loss of -$1.906B in Q1 FY2026, reversing a $442M profit a year ago, driven by a -8.8% revenue decline to $5.059B, even as operating cash flow surged +60.1% to $1.620B.
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