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 (Basic)
$5.58
-24.49% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K 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: 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: 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: Source: 10-K Cash Flow Statement (XBRL Financial Data)
2 more insights available
Upgrade to unlockApollo'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: Source: 10-K Balance Sheet (XBRL Financial Data)
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $2.47 versus the $2.07 analyst consensus — a +19.3% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $32.05B | $26.11B | +22.73% |
Net Income | $3.49B | $4.48B | -22.05% |
EPS (Basic) | $5.58 | $7.39 | -24.49% |
EPS (Diluted) | $5.54 | $7.33 | -24.42% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $460.95B | $377.89B | +21.98% |
Total Liabilities | $418.43B | $346.92B | +20.62% |
Stockholders' Equity | $23.34B | $17.25B | +35.29% |
Long-Term Debt | $13.36B | $10.59B | +26.22% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $7.25B | $3.25B | +122.75% |
Investing Cash Flow | $-63.97B | $-61.8B | -3.51% |
Financing Cash Flow | $60.2B | $57.97B | +3.84% |
Share Buybacks | $773M | $890M | -13.15% |
D&A | $1.43B | $1.07B | +33.12% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Net Margin | 10.9% | — | — |
ROE | 15.0% | — | — |
ROA | 0.8% | — | — |
Debt to Equity | $17.927 | — | — |
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APO reported FY2025 revenue of $32.0B, up 22.7% year-over-year, but net income fell 22.1% to $3.5B, with basic EPS declining to $5.58 from $7.39. The standout positive was operating cash flow surging 122.7% to $7.2B, reflecting strong underlying cash generation from the firm's asset management and insurance platform.
Despite revenue growing 22.7% to $32.0B, APO's net income declined 22.1% to $3.5B in FY2025, suggesting that investment mark-to-market losses, higher operating costs, or increased minority interest charges more than offset top-line gains. This type of earnings volatility is common for alternative asset managers with large principal investment portfolios.
APO's total assets grew 22.0% to $461.0B and total liabilities rose 20.6% to $418.4B, reflecting continued growth in its insurance subsidiary Athene's investment portfolio. Stockholders' equity increased a strong 35.3% to $23.3B, improving the firm's equity base even as overall leverage remained high at a debt-to-equity ratio of approximately 17.9x.
Yes — APO's operating cash flow more than doubled, rising 122.7% from $3.3B to $7.2B in FY2025, which was the strongest cash flow metric in the filing. However, the firm also deployed -$64.0B in investing activities, funded by $60.2B in financing inflows, reflecting the capital-intensive nature of its insurance and credit investment business.
The key risks include APO's very high financial leverage (debt-to-equity of ~17.9x driven by Athene's insurance liabilities), significant net income volatility from mark-to-market investment portfolios, and heavy reliance on continuous capital market access to fund $64B in annual investing outflows. Additionally, the low ROA of 0.76% means even modest credit deterioration could meaningfully impact profitability.