Apollo Global Management, Inc.

APO 10-Q · Q3 2025

APO Q3 2025 request

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Income Statement

Income Statement
Metric Q3 2025 Q3 2024 YoY
Revenue (Q)
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Asset Management1 606 476 +27.3%
Asset Management1 · Asset Management 863 710 +21.5%
Asset Management1 · Retirement Services 351 320 +9.7%
Investment Advice 378 181 +108.8%
Investment Advice · Asset Management 212 159 +33.3%
Management Service Incentive 51 35 +45.7%
Property Management Development And Other Fees (Q)
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Asset Management 8
Net Investment Income (Q)
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Asset Management 444 230 +93.0%
Retirement Services 5,013 4,101 +22.2%
Retirement Services · Variable Interest Entity Primary Beneficiary 7 22 -68.2%
Retirement Services · Variable Interest Entity Primary Beneficiary 41 30 +36.7%
Retirement Services · Variable Interest Entity Primary Beneficiary -5 -9 +44.4%
Retirement Services · Variable Interest Entity Primary Beneficiary 54 39 +38.5%
Retirement Services · Variable Interest Entity Primary Beneficiary 97 82 +18.3%
Premiums Earned Net (Q)
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Retirement Services 117 389 -69.9%
Insurance Commissions And Fees (Q)
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Retirement Services 292 267 +9.4%
Gain Loss On Investments (Q)
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Asset Management · Consolidated Entity Excluding Vie 78 15 +420.0%
Asset Management · Variable Interest Entity Primary Beneficiary 35 44 -20.5%
Retirement Services 2,254 1,539 +46.5%
Retirement Services · Variable Interest Entity Primary Beneficiary 557 470 +18.5%
Net Investment Income And Gain Loss On Investments (Q)
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Retirement Services 654 552 +18.5%
Other Income (Q)
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Retirement Services 6 3 +100.0%
Revenue 9,823 7,773 +26.4%
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Asset Management 1,487 922 +61.3%
Asset Management and Retirement Segments 5,146 4,343 +18.5%
Asset Management · Operating Segments 1,148 926 +24.0%
Principal Investing · Operating Segments 219 348 -37.1%
Retirement Services 8,336 6,851 +21.7%
Retirement Services · Operating Segments 3,779 3,069 +23.1%
Retirement Services · Variable Interest Entity Primary Beneficiary 654 552 +18.5%
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Operating Segments 5,146 4,343 +18.5%
Labor And Related Expense (Q)
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Asset Management 761 605 +25.8%
Interest Expense Operating (Q)
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Asset Management 64 55 +16.4%
General & Administrative (Q)
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Asset Management 409 326 +25.5%
Interest Sensitive Contract Benefits Expense (Q)
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Retirement Services 4,164 2,599 +60.2%
Policyholder Benefits And Claims Incurred Net (Q)
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Retirement Services 613 793 -22.7%
Market Risk Benefit Change In Fair Value Gain Loss (Q)
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Retirement Services 131 524 -75.0%
Deferred Policy Acquisition Costs And Present Value Of Future Profits Amortization1 (Q)
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Retirement Services 355 244 +45.5%
Other Cost And Expense Operating (Q)
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Asset Management · Operating Segments 192 157 +22.3%
Principal Investing · Operating Segments 14 17 -17.6%
Retirement Services 573 670 -14.5%
Retirement Services · Operating Segments 107 112 -4.5%
Operating Expenses 7,070 5,816 +21.6%
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Asset Management 1,234 986 +25.2%
Retirement Services 5,836 4,830 +20.8%
Gain Loss On Investments Excluding V I E (Q)
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Asset Management 78 15 +420.0%
Gain Loss On Investments Primary Beneficiary (Q)
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Asset Management 35 44 -20.5%
Other Non-Operating Income (Expense) (Q)
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Asset Management 33 70 -52.9%
Non-Operating Income (Expense) (Q)
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Asset Management 146 129 +13.2%
Income Before Taxes 2,899 2,086 +39.0%
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Asset Management and Retirement Segments 1,573 1,465 +7.4%
Income Tax Expense (Benefit) -438 -317 -38.2%
Net Income 2,461 1,769 +39.1%
Net Income Loss Attributable To Noncontrolling Interest -725 -958 +24.3%
Net Income 1,736 811 +114.1%
Preferred Stock Dividends Income Statement Impact -24 -24 0.0%
Net Income Loss Available To Common Stockholders Basic 1,712 787 +117.5%
Net Income Loss Available To Common Stockholders Diluted 1,712 787 +117.5%
EPS (Basic) 2.82 1.3 +116.9%
EPS (Diluted) 2.78 1.29 +115.5%
Wtd Avg Shares (Basic) 589.4 585.4 +0.7%
Wtd Avg Shares (Diluted) 607.8 588.5 +3.3%
Comprehensive Income 2,937 3,158 -7.0%
Interest And Other Income (Q)
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Asset Management · Variable Interest Entity Primary Beneficiary 35 46 -23.9%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents (Q)
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Asset Management · Consolidated Entity Excluding Variable Interest Entities VIE 2,768
Asset Management · Fair Value Inputs Level1 2,768
Asset Management · Fair Value Inputs Level1 448
Asset Management · Fair Value Measurements Recurring 2,768
Asset Management · Variable Interest Entity Primary Beneficiary 448
Asset Management · Variable Interest Entity Primary Beneficiary 448
Retirement Services · Consolidated Entity Excluding Variable Interest Entities VIE 14,183
Retirement Services · Variable Interest Entity Primary Beneficiary 1,016
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Consolidated Entity Excluding Vie 16,951 16,253 +4.3%
Variable Interest Entity Primary Beneficiary 1,464 407 +259.7%
Other Receivables Net Current (Q)
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Asset Management 892
Asset Management · Consolidated Entity Excluding Variable Interest Entities VIE 871
Asset Management · Due from Employees and Former Employees 107
Asset Management · Due from portfolio companies 57
Asset Management · Investment funds 728
Asset Management · Variable Interest Entity Primary Beneficiary 21
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Employee Loans · Due from Employees and Former Employees 8
Employee Loans, Profit Sharing Distributions · Due from Employees and Former Employees 92
Indemnification Liability · Related Party 0.4
Sale of Investment · Investment funds 14
Short-Term Investments (Q)
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Retirement Services · Consolidated Entity Excluding Vie 205 1,426 -85.6%
Non-Current Assets
Goodwill (Q)
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Asset Management 1,828
Retirement Services 4,072
Total Assets 449,543 368,689 +21.9%
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Asset Management 20,469 14,456 +41.6%
Asset Management · Operating Segments 5,004 2,314 +116.2%
Principal Investing · Operating Segments 11,344 10,205 +11.2%
Retirement Services 429,074 354,233 +21.1%
Retirement Services · Operating Segments 420,289 348,604 +20.6%
Show Consolidation Items breakouts
Material Reconciling Items 12,906 7,566 +70.6%
Operating Segments 436,637 361,123 +20.9%
Other Assets
Restricted Cash And Cash Equivalents (Q)
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Asset Management 19
Asset Management · Fair Value Inputs Level1 19
Asset Management · Fair Value Measurements Recurring 19
Retirement Services 2,767
Retirement Services · Fair Value Inputs Level1 2,767
Retirement Services · Fair Value Measurements Recurring 2,767
Show Legal Entity breakouts
Athene Holding Limited 2,784
Investments (Q)
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Asset Management · Consolidated Entity Excluding Variable Interest Entities VIE 6,288
Asset Management · Consolidated Entity Excluding Vie 6,288
Asset Management · Variable Interest Entity Primary Beneficiary 4,646
Asset Management · Variable Interest Entity Primary Beneficiary 4,646
Retirement Services · Consolidated Entity Excluding Variable Interest Entities VIE 312,358
Retirement Services · Consolidated Entity Excluding Variable Interest Entities VIE 33,640
Retirement Services · Variable Interest Entity Primary Beneficiary 26,886
Show Geography breakouts
East North Central · Commercial Loan 1,810
East South Central · Commercial Loan 426
GB · Commercial Loan 2,874
International, Other [Member] · Commercial Loan 3,734
Middle Atlantic · Commercial Loan 10,074
Mountain · Commercial Loan 1,572
New England · Commercial Loan 1,086
Non Us · Commercial Loan 6,608
Pacific · Commercial Loan 6,106
South Atlantic · Commercial Loan 6,465
US · Commercial Loan 30,831
West North Central · Commercial Loan 523
West South Central · Commercial Loan 2,769
Show Financial Instrument breakouts
Commercial Loan 37,439
Commercial Loan · Apartment Building 14,906
Commercial Loan · Hotel 2,865
Commercial Loan · Industrial Property 8,244
Commercial Loan · Office Building 4,529
Commercial Loan · Other Property 4,897
Commercial Loan · Retail Site 1,998
Show Legal Entity breakouts
Athene · Athora Holding Ltd. (Athora) 1,478
Athene · Venerable Insurance and Annuity Company 674
Other Assets (Q)
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Asset Management · Consolidated Entity Excluding Variable Interest Entities VIE 3,466 2,512 +38.0%
Asset Management · Variable Interest Entity Primary Beneficiary 114 124 -8.1%
Retirement Services · Consolidated Entity Excluding Variable Interest Entities VIE 15,541 13,130 +18.4%
Retirement Services · Variable Interest Entity Primary Beneficiary 293 192 +52.6%
Reinsurance Recoverables (Q)
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Retirement Services 9,948 7,454 +33.5%
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Athene · Catalina 5.9 3.4 +73.5%
Deferred Policy Acquisition Costs Deferred Sales Inducement Costs And Present Value Of Future Insurance Profits Net 8,370 6,971 +20.1%
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Retirement Services 8,370 6,971 +20.1%
Non-Current Liabilities
Accounts Payable And Accrued Liabilities Current And Noncurrent (Q)
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Asset Management 4,326 3,908 +10.7%
Asset Management · Consolidated Entity Excluding Variable Interest Entities VIE 3,104
Other Accrued Liabilities Current And Noncurrent (Q)
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Asset Management 1,169
Asset Management · Due from portfolio companies 185
Asset Management · Due to TRA holders 767
Asset Management · Investment funds 217
Long-Term Debt 12,631
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Asset Management 4,775
Asset Management · 2.65%, Two Thousand Thirty Senior Notes [Member] 497
Asset Management · 5.15% 2035 Senior Notes 494
Asset Management · 6.25% 2054 Senior Notes 741
Asset Management · 6.38% 2033 Senior Notes 493
Asset Management · 6.63% 2054 Subordinated Notes 493
Asset Management · 7.63% 2053 Subordinated Notes 585
Asset Management · Two Thousand Forty Eight Senior Notes [Member] 297
Asset Management · Two Thousand Twenty Nine Senior Notes [Member] 675
Asset Management · Two Thousand Twenty Six Senior Notes [Member] 500
Retirement Services 7,856
Retirement Services · 3.45% 2052 Notes 504
Retirement Services · 3.50% 2031 Notes 518
Retirement Services · 3.95% 2051 Notes 544
Retirement Services · 4.13% 2028 Notes 1,038
Retirement Services · 5.88% 2034 Notes 585
Retirement Services · 6.15% 2030 Notes 568
Retirement Services · 6.25% 2054 Senior Notes 982
Retirement Services · 6.63% 2054 Subordinated Notes 592
Retirement Services · 6.63% 2055 Senior Notes 979
Retirement Services · 6.65% 2033 Notes 396
Retirement Services · 6.88% 2055 Subordinated Notes 592
Retirement Services · 7.25% 2064 Subordinated Notes 558
Total Liabilities 409,746 337,148 +21.5%
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Asset Management 13,374 9,720 +37.6%
Retirement Services 396,372 327,428 +21.1%
Other Liabilities
Other Liabilities (Q)
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Retirement Services · Consolidated Entity Excluding Variable Interest Entities VIE 14,180 9,597 +47.8%
Retirement Services · Variable Interest Entity Primary Beneficiary 1,692 1,354 +25.0%
Show Legal Entity breakouts
Athene · ADIP 320
Athene · Athora Holding Ltd. (Athora) 2.7 540 -99.5%
Athene · Athora Holding Ltd. (Athora) 65 61 +6.6%
Athene · Atlas 1.4 3 -53.3%
Athene · Atlas 4.6 2.4 +91.7%
Athene · Catalina 136 257 -47.1%
Athene · Skylign Aviation Holdings, LP 159
Athene · Venerable Insurance and Annuity Company 140
Athene · Wheels, Inc. [Member] 37
Show Related Party Transaction breakouts
Equity Commitments · Related Party 82 356 -77.0%
Policyholder Contract Deposits 309,737 245,436 +26.2%
Show Product Lines breakouts
Deferred Fixed Annuity 106,173 82,348 +28.9%
Funding Agreements 83,607 50,397 +65.9%
Indexed Annuity 103,655 96,772 +7.1%
Other Investment-type and other 9,069 8,348 +8.6%
Reconciling items 7,233 7,571 -4.5%
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Retirement Services 309,737
Liability For Future Policy Benefits 49,006 52,962 -7.5%
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Payout Annuities with Life Contingencies 41,909 44,705 -6.3%
Reconciling items 5,668 6,038 -6.1%
Total 43,338 46,924 -7.6%
Whole Life Insurance 1,429 2,219 -35.6%
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Retirement Services 49,006
Market Risk Benefit Liability Amount 4,835 4,402 +9.8%
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Deferred Fixed Annuity 204 201 +1.5%
Indexed Annuity 4,631 4,201 +10.2%
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Retirement Services 4,835
Retirement Services · Fair Value Inputs Level3 4,835
Retirement Services · Fair Value Measurements Recurring 4,835
Payables For Collateral On Derivatives And Securities To Repurchase (Q)
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Retirement Services 9,066 7,952 +14.0%
Stockholders' Equity
Preferred Stock Value 1,398 1,398 0.0%
Additional Paid-In Capital 16,925 15,073 +12.3%
Retained Earnings 7,306 4,865 +50.2%
Accumulated Other Comprehensive Income -2,492 -3,473 +28.2%
Total Stockholders' Equity 23,137 17,863 +29.5%
Minority Interest 16,660 13,663 +21.9%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 39,797 31,526 +26.2%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent 11 32 -65.6%
Accumulated Other Comprehensive Income -2,492 -3,473 +28.2%
Accumulated Translation Adjustment 30 17 +76.5%
Additional Paid In Capital 16,925 15,073 +12.3%
Aoci Gain Loss Debt Securities Available For Sale With Allowance For Credit Loss Parent -267 -295 +9.5%
Aoci Gain Loss Debt Securities Available For Sale Without Allowance For Credit Loss Parent -6,083 -6,191 +1.7%
Noncontrolling Interest 16,660 13,663 +21.9%
Parent 23,137 17,863 +29.5%
Preferred Stock 1,398 1,398 0.0%
Remeasurement gains (losses) on future policy benefits related to discount rate 4,004 3,023 +32.5%
Remeasurement gains (losses) on market risk benefits related to credit risk -187 -59 -216.9%
Retained Earnings 7,306 4,865 +50.2%
Total Liabilities & Equity 449,543 368,689 +21.9%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Stock-Based Compensation 523 478 +9.4%
Investment Income Net -1,119 -1,010 -10.8%
Gain Loss On Investments And Derivatives -2,754 -3,607 +23.6%
Depreciation & Amortization 1,040 779 +33.5%
Accretion Amortization Of Discounts And Premiums Investments -135 -47 -187.2%
Policy Acquisition Costs Deferred -1,493 -1,191 -25.4%
Other Non-Cash Items 357 210 +70.0%
Increase Decrease In Consolidation Operating Activities -23 248 -109.3%
Increase Decrease In Trading Securities -4,554 -4,836 +5.8%
Increase Decrease From Sale Of Investments 2,498 4,738 -47.3%
Increase Decrease In Interest Sensitive Contract Liabilities 5,867 4,948 +18.6%
Increase Decrease In Insurance Liabilities -1,521 -1,135 -34.0%
Increase Decrease In Other Operating Capital Net -350 -1,029 +66.0%
Net Cash from Operations 2,577 3,257 -20.9%
Investing Activities
Payments To Acquire Investments And Contributions To Equity Method Investments -5,991 -3,402 -76.1%
Purchases of Investments -70,985 -63,058 -12.6%
Payments To Acquire Notes Receivable -25,977 -19,319 -34.5%
Payments To Acquire Investment Funds -2,434 -1,895 -28.4%
Payments To Acquire Held To Maturity Securities -451
Payments For Derivative Instrument Investing Activities -4,973 -2,845 -74.8%
Proceeds From Sales Maturities And Repayments Of Investments And Distributions From Equity Method Investments 61,369 45,089 +36.1%
Payments To Acquire Businesses Net Of Cash Acquired 99
Other Investing Activities -411 -121 -239.7%
Net Cash from Investing -49,754 -45,551 -9.2%
Financing Activities
Proceeds From Issuance Of Long Term Debt 4,702 6,124 -23.2%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 2,611 4,035 -35.3%
Repayments Of Long Term Debt -2,199 -4,494 +51.1%
Share Repurchases -533 -788 +32.4%
Payments Of Dividends Common Stock -890 -815 -9.2%
Payments Of Dividends Preferred Stock And Preference Stock -73 -73 0.0%
Payments To Minority Shareholders -1,315 -859 -53.1%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary -325 -73 -345.2%
Proceeds From Minority Shareholders 2,197 2,476 -11.3%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 1,901 1,646 +15.5%
Proceeds From Annuities And Investment Certificates 69,269 57,013 +21.5%
Repayments Of Annuities And Investment Certificates -16,821 -16,054 -4.8%
Payments For Proceeds From Derivative Instrument Financing Activities -2,586 416 -721.6%
Proceeds From Payments For Other Financing Activities -498 -719 +30.7%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary -88
Net Cash from Financing 51,253 42,227 +21.4%
Supplemental
Income Taxes Paid 527 639 -17.5%
Interest Paid 804 611 +31.6%
Noncash Or Part Noncash Acquisition Investments Acquired (YTD)
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Asset Management 61 3 +1933.3%
Non Cash Capital Increases Related To Share Based Compensation (YTD)
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Asset Management 407 393 +3.6%
Noncash Issuance Of Warrants (YTD)
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Asset Management 54
Non Cash Issuance Of Restricted Shares (YTD)
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Asset Management 35 24 +45.8%
Non Cash Issuance Of Common Stock To Donor Advise Fund (YTD)
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Asset Management 200
Deposits On Investment Policies And Contracts (YTD)
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Retirement Services -1,388 -3,152 +56.0%
Withdrawals On Investment Policies And Contracts (YTD)
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Retirement Services 4,402 6,092 -27.7%
Payments To Acquire Investments Operating Activities (YTD)
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Asset Management · Variable Interest Entity Primary Beneficiary -4,554 -4,836 +5.8%
Retirement Services · Variable Interest Entity Primary Beneficiary -4,348 -2,346 -85.3%
Proceeds From Sale Maturity And Collections Of Investments (YTD)
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Asset Management · Variable Interest Entity Primary Beneficiary 2,498 4,738 -47.3%
Retirement Services · Variable Interest Entity Primary Beneficiary 2,897 334 +767.4%
Principal Repayments On Debt And Repurchase Of Debt (YTD)
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary -1,729 -3,922 +55.9%
Net Assets Deconsolidated From Consolidated Variable Interest Entities And Funds Investments At Fair Value -549 148 -470.9%
Net Assets Deconsolidated From Consolidated Variable Interest Entities And Funds Other Assets -14 19 -173.7%
Net Assets Deconsolidated From Consolidated Variable Interest Entities And Funds Other Liabilities 88 -169 +152.1%
Net Assets Deconsolidated From Consolidated Variable Interest Entities And Funds Noncontrolling Interest 442 41 +978.0%
Net Assets Deconsolidated From Consolidated Variable Interest Entities And Funds Equity 56 -84 +166.7%
Restricted Cash And Cash Equivalents At Carrying Value 2,786 967 +188.1%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 13 3 +333.3%
Net Change in Cash 4,089 -64 +6489.1%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 21,201 17,627 +20.3%

Values in millions USD. Source: SEC EDGAR 10-Q filing.

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